COVER
COVER - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 02, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14.4 | ||
Entity Common Stock, Shares Outstanding | 218,672,432 | ||
Documents Incorporated by Reference | The registrant incorporates by reference its definitive Proxy Statement with respect to its 2024 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 | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | Dec. 31, 2022 | |
Investments in real estate: | |||
Land, buildings and improvements — net lease and other | $ 12,095,458 | $ 13,338,857 | |
Land, buildings and improvements — operating properties | 1,256,249 | 1,095,892 | |
Net investments in finance leases and loans receivable | 1,514,923 | 771,761 | |
In-place lease intangible assets and other | 2,308,853 | 2,659,750 | |
Above-market rent intangible assets | 706,773 | 833,751 | |
Investments in real estate | 17,882,256 | 18,700,011 | |
Accumulated depreciation and amortization | (3,005,479) | (3,269,057) | |
Assets held for sale, net | 37,122 | 57,944 | |
Net investments in real estate | 14,913,899 | 15,488,898 | |
Equity method investments | 354,261 | 327,502 | |
Cash and cash equivalents | 633,860 | 167,996 | |
Other assets, net | 1,096,474 | 1,080,227 | |
Goodwill | 978,289 | 1,037,412 | |
Total assets | [1] | 17,976,783 | 18,102,035 |
Debt: | |||
Senior unsecured notes, net | 6,035,686 | 5,916,400 | |
Unsecured term loans, net | 1,125,564 | 552,539 | |
Unsecured revolving credit facility | 403,785 | 276,392 | |
Non-recourse mortgages, net | 579,147 | 1,132,417 | |
Debt, net | 8,144,182 | 7,877,748 | |
Accounts payable, accrued expenses and other liabilities | 615,750 | 623,843 | |
Below-market rent and other intangible liabilities, net | 136,872 | 184,584 | |
Deferred income taxes | 180,650 | 178,959 | |
Dividends payable | 192,332 | 228,257 | |
Total liabilities | [1] | 9,269,786 | 9,093,391 |
Commitments and contingencies (Note 13) | |||
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; 218,671,874 and 210,620,949 shares, respectively, issued and outstanding | 219 | 211 | |
Additional paid-in capital | 11,784,461 | 11,706,836 | |
Distributions in excess of accumulated earnings | (2,891,424) | (2,486,633) | |
Deferred compensation obligation | 62,046 | 57,012 | |
Accumulated other comprehensive loss | (254,867) | (283,780) | |
Total stockholders’ equity | 8,700,435 | 8,993,646 | |
Noncontrolling interests | 6,562 | 14,998 | |
Total equity | 8,706,997 | 9,008,644 | |
Total liabilities and equity | $ 17,976,783 | $ 18,102,035 | |
[1] See Note 2 for details related to variable interest entities (“VIEs”). |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
W. P. Carey stockholders’ equity: | ||
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock shares, issued (in shares) | 218,671,874 | 210,620,949 |
Common stock shares, outstanding (in shares) | 218,671,874 | 210,620,949 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate: | |||
Lease revenues | $ 1,427,376 | $ 1,301,617 | $ 1,177,438 |
Income from finance leases and loans receivable | 107,173 | 74,266 | 67,555 |
Investment Management: | |||
Total revenues | 1,741,358 | 1,479,086 | 1,331,524 |
Operating Expenses | |||
Depreciation and amortization | 574,212 | 503,403 | 475,989 |
General and administrative | 96,027 | 88,952 | 81,888 |
Operating property expenses | 95,141 | 27,054 | 9,848 |
Impairment charges — real estate | 86,411 | 39,119 | 24,246 |
Reimbursable tenant costs | 81,939 | 73,622 | 62,417 |
Property expenses, excluding reimbursable tenant costs | 44,451 | 50,753 | 47,898 |
Stock-based compensation expense | 34,504 | 32,841 | 24,881 |
Merger and other expenses | 4,954 | 19,387 | (4,546) |
Reimbursable costs from affiliates | 368 | 2,518 | 4,035 |
Impairment charges — Investment Management goodwill | 0 | 29,334 | 0 |
Total operating expenses | 1,018,007 | 866,983 | 726,656 |
Other Income and Expenses | |||
Gain on sale of real estate, net | 315,984 | 43,476 | 40,425 |
Interest expense | (291,852) | (219,160) | (196,831) |
Other gains and (losses) | (36,184) | 96,038 | (12,885) |
Non-operating income | 21,442 | 30,309 | 13,860 |
Earnings (losses) from equity method investments | 19,575 | 29,509 | (10,829) |
Gain on change in control of interests | 0 | 33,931 | 0 |
Total other income and expenses | 28,965 | 14,103 | (166,260) |
Income before income taxes | 752,316 | 626,206 | 438,608 |
Provision for income taxes | (44,052) | (27,724) | (28,486) |
Net Income | 708,264 | 598,482 | 410,122 |
Net loss (income) attributable to noncontrolling interests | 70 | 657 | (134) |
Net Income Attributable to W. P. Carey | $ 708,334 | $ 599,139 | $ 409,988 |
Basic Earnings Per Share (usd per share) | $ 3.29 | $ 3 | $ 2.25 |
Diluted Earnings Per Share (usd per share) | $ 3.28 | $ 2.99 | $ 2.24 |
Weighted-Average Shares Outstanding | |||
Basic (in shares) | 215,369,777 | 199,633,802 | 182,486,476 |
Diluted (in shares) | 215,760,496 | 200,427,124 | 183,127,098 |
Real Estate | |||
Real Estate: | |||
Lease revenues | $ 1,427,376 | $ 1,301,617 | $ 1,177,438 |
Operating property revenues | 180,257 | 59,230 | 13,478 |
Other lease-related income | 23,333 | 32,988 | 53,655 |
Investment Management: | |||
Operating property revenues | 180,257 | 59,230 | 13,478 |
Total revenues | 1,738,139 | 1,468,101 | 1,312,126 |
Operating Expenses | |||
Impairment charges — Investment Management goodwill | 0 | ||
Investment Management | |||
Real Estate: | |||
Operating property revenues | 3,219 | 10,985 | 19,398 |
Investment Management: | |||
Operating property revenues | 3,219 | 10,985 | 19,398 |
Operating Expenses | |||
Impairment charges — Investment Management goodwill | 29,334 | ||
Investment Management | Asset management revenue | |||
Real Estate: | |||
Operating property revenues | 2,184 | 8,467 | 15,363 |
Investment Management: | |||
Operating property revenues | 2,184 | 8,467 | 15,363 |
Investment Management | Other advisory income and reimbursements | |||
Real Estate: | |||
Operating property revenues | 667 | 0 | 0 |
Investment Management: | |||
Operating property revenues | 667 | 0 | 0 |
Investment Management | Reimbursable costs from affiliates | |||
Real Estate: | |||
Operating property revenues | 368 | 2,518 | 4,035 |
Investment Management: | |||
Operating property revenues | $ 368 | $ 2,518 | $ 4,035 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive Income | |||
Net Income | $ 708,264 | $ 598,482 | $ 410,122 |
Other Comprehensive Income (Loss) | |||
Foreign currency translation adjustments derecognized in connection with the Spin-Off | 35,664 | 0 | 0 |
Unrealized (loss) gain on derivative instruments | (26,429) | 19,732 | 35,305 |
Foreign currency translation adjustments | 19,758 | (63,149) | (35,736) |
(Reclassification of unrealized gain on investments to net income) / Unrealized gain on investments | 0 | (18,688) | 18,688 |
Net current period other comprehensive income (loss) | 28,993 | (62,105) | 18,257 |
Comprehensive Income | 737,257 | 536,377 | 428,379 |
Amounts Attributable to Noncontrolling Interests | |||
Net loss (income) | 70 | 657 | (134) |
Foreign currency translation adjustments | (80) | (5) | 0 |
Unrealized gain on derivative instruments | 0 | 0 | (21) |
Comprehensive (income) loss attributable to noncontrolling interests | (10) | 652 | (155) |
Comprehensive Income Attributable to W. P. Carey | $ 737,247 | $ 537,029 | $ 428,224 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total W. P. Carey Stockholders | $0.001 Par Value Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Deferred Compensation Obligation | Accumulated Other Comprehensive Loss | Noncontrolling interest |
Balance - beginning 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 - beginning of period (in shares) at Dec. 31, 2020 | 175,401,757 | |||||||
W.P. Carey Stockholders | ||||||||
Shares issued under forward equity, net | 697,044 | 697,044 | $ 10 | 697,034 | ||||
Shares issued under forwards equity, net (in shares) | 9,798,209 | |||||||
Shares issued under our prior ATM Program, net | 340,066 | 340,066 | $ 5 | 340,061 | ||||
Shares issued under ATM Program, net (in 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 (in shares) | 119,268 | |||||||
Shares issued upon purchases under employee share purchase plan | 305 | 305 | 305 | |||||
Shares issued upon purchases under employee share purchase plan (in 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 (loss) | ||||||||
Foreign currency translation adjustments | (35,736) | (35,736) | (35,736) | |||||
Unrealized loss on derivative instruments | 35,305 | 35,284 | 35,284 | 21 | ||||
Reclassification of unrealized gain on investments to net income | 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 (in shares) at Dec. 31, 2021 | 190,013,751 | |||||||
W.P. Carey Stockholders | ||||||||
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger | 1,205,750 | 1,205,750 | $ 14 | 1,205,736 | ||||
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger (in shares) | 13,786,302 | |||||||
Shares issued under forward equity, net | 284,202 | 284,202 | $ 4 | 284,198 | ||||
Shares issued under forwards equity, net (in shares) | 3,925,000 | |||||||
Shares issued under our prior ATM Program, net | 218,101 | 218,101 | $ 3 | 218,098 | ||||
Shares issued under ATM Program, net (in shares) | 2,740,295 | |||||||
Shares issued upon delivery of vested restricted share awards | (6,612) | (6,612) | (6,612) | |||||
Shares issued upon delivery of vested restricted share awards (in shares) | 152,830 | |||||||
Shares issued upon purchases under employee share purchase plan | 205 | 205 | 205 | |||||
Shares issued upon purchases under employee share purchase plan (in shares) | 2,771 | |||||||
Amortization of stock-based compensation expense | 32,841 | 32,841 | 32,841 | |||||
Deferral of vested shares, net | 0 | (6,696) | 6,696 | |||||
Acquisition of noncontrolling interests | 14,367 | 14,367 | ||||||
Distributions to noncontrolling interests | (413) | (413) | ||||||
Contributions from noncontrolling interests | 30 | 30 | ||||||
Dividends declared | (859,655) | (859,655) | 1,380 | (861,541) | 506 | |||
Net income | 598,482 | 599,139 | 599,139 | (657) | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (63,149) | (63,154) | (63,154) | 5 | ||||
Unrealized loss on derivative instruments | 19,732 | 19,732 | 19,732 | |||||
Reclassification of unrealized gain on investments to net income | (18,688) | (18,688) | (18,688) | |||||
Balance - end of period at Dec. 31, 2022 | $ 9,008,644 | 8,993,646 | $ 211 | 11,706,836 | (2,486,633) | 57,012 | (283,780) | 14,998 |
Balance - end of period (in shares) at Dec. 31, 2022 | 210,620,949 | 210,620,949 | ||||||
W.P. Carey Stockholders | ||||||||
Shares issued under forward equity, net | $ 633,842 | 633,842 | $ 8 | 633,834 | ||||
Shares issued under forwards equity, net (in shares) | 7,826,840 | |||||||
Shares issued upon delivery of vested restricted share awards | (13,679) | (13,679) | (13,679) | |||||
Shares issued upon delivery of vested restricted share awards (in shares) | 218,266 | |||||||
Shares issued upon purchases under employee share purchase plan | 347 | 347 | 347 | |||||
Shares issued upon purchases under employee share purchase plan (in shares) | 5,819 | |||||||
Distributions in connection with the Spin-Off (Note 3) | (777,272) | (772,866) | (578,818) | (229,712) | 35,664 | (4,406) | ||
Amortization of stock-based compensation expense | 34,504 | 34,504 | 34,504 | |||||
Deferral of vested shares, net | 0 | (4,521) | 4,521 | |||||
Acquisition of noncontrolling interests | 0 | 3,663 | 3,663 | (3,663) | ||||
Distributions to noncontrolling interests | (3,263) | (3,263) | ||||||
Contributions from noncontrolling interests | 2,886 | 2,886 | ||||||
Dividends declared | (880,605) | (880,605) | 2,295 | (883,413) | 513 | |||
Net income | 708,264 | 708,334 | 708,334 | (70) | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 19,758 | 19,678 | 19,678 | 80 | ||||
Unrealized loss on derivative instruments | (26,429) | (26,429) | (26,429) | |||||
Reclassification of unrealized gain on investments to net income | 0 | |||||||
Balance - end of period at Dec. 31, 2023 | $ 8,706,997 | $ 8,700,435 | $ 219 | $ 11,784,461 | $ (2,891,424) | $ 62,046 | $ (254,867) | $ 6,562 |
Balance - end of period (in shares) at Dec. 31, 2023 | 218,671,874 | 218,671,874 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Distributions declared per share (usd per share) | $ 0.860 | $ 4.067 | $ 4.242 | $ 4.205 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows — Operating Activities | |||
Net income | $ 708,264 | $ 598,482 | $ 410,122 |
Adjustments to net income: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 594,166 | 519,741 | 490,722 |
Gain on sale of real estate, net | (315,984) | (43,476) | (40,425) |
Impairment charges — real estate | 86,411 | 39,119 | 24,246 |
Straight-line rent adjustments | (75,435) | (57,988) | (50,565) |
Stock-based compensation expense | 34,504 | 32,841 | 24,881 |
Amortization of rent-related intangibles and deferred rental revenue | 33,958 | 43,249 | 56,910 |
Increase (decrease) in allowance for credit losses | 29,074 | (24,976) | 266 |
(Earnings) losses from equity method investments | (19,575) | (29,509) | 10,829 |
Distributions of earnings from equity method investments | 18,588 | 30,236 | 15,471 |
Net realized and unrealized losses (gains) on extinguishment of debt, equity securities, foreign currency exchange rate movements, and other | 9,059 | (76,202) | 15,505 |
Deferred income tax benefit | (199) | (8,071) | (4,703) |
Gain on change in control of interests | 0 | (33,931) | 0 |
Impairment charges — Investment Management goodwill | 0 | 29,334 | 0 |
Asset management revenue received in shares of Managed Programs | 0 | (1,024) | (12,528) |
Net changes in other operating assets and liabilities | (29,399) | (14,269) | (14,252) |
Net Cash Provided by Operating Activities | 1,073,432 | 1,003,556 | 926,479 |
Cash Flows — Investing Activities | |||
Purchases of real estate | (1,211,397) | (1,145,734) | (1,306,858) |
Proceeds from sales of real estate | 446,402 | 234,652 | 163,638 |
Funding for real estate construction, redevelopments, and other capital expenditures on real estate | (121,625) | (104,441) | (113,616) |
Capital contributions to equity method investments | (38,219) | (93,416) | (107,552) |
Proceeds from repayment of loans receivable | 28,000 | 34,000 | 0 |
Other investing activities, net | (24,487) | (19,767) | (19,631) |
Return of capital from equity method investments | 10,484 | 7,102 | 13,955 |
Tenant-funded escrow for investing activities | 4,959 | 0 | 0 |
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger | 0 | (423,435) | 0 |
Cash and restricted cash acquired in connection with the CPA:18 Merger | 0 | 331,063 | 0 |
Proceeds from redemption of WLT preferred stock and cash exchanged for WLT common stock (Note 10) | 0 | 147,625 | 0 |
Proceeds from repayment of short-term loans to affiliates | 0 | 26,000 | 62,048 |
Funding of short-term loans to affiliates | 0 | (26,000) | (41,000) |
Investments in loans receivable | 0 | (20,180) | (217,711) |
Net Cash Used in Investing Activities | (905,883) | (1,052,531) | (1,566,727) |
Cash Flows — Financing Activities | |||
Proceeds from Unsecured Revolving Credit Facility | 2,551,578 | 2,079,420 | 2,000,639 |
Repayments of Unsecured Revolving Credit Facility | (2,439,754) | (2,168,392) | (1,663,869) |
Dividends paid | (916,530) | (835,257) | (764,281) |
Proceeds from shares issued under forward equity, net of selling costs | 633,785 | 284,259 | 697,044 |
Proceeds from Unsecured Term Loans | 542,330 | 283,139 | 0 |
Proceeds in connection with the Spin-Off | 343,885 | 0 | 0 |
Scheduled payments of mortgage principal | (296,886) | (127,230) | (64,290) |
Prepayments of mortgage principal | (99,844) | (10,381) | (745,124) |
Payment of financing costs | (13,875) | (2,371) | (11,295) |
Payments for withholding taxes upon delivery of equity-based awards | (13,679) | (6,612) | (3,822) |
Distributions to noncontrolling interests | (3,263) | (413) | (145) |
Contributions from noncontrolling interests | 2,886 | 30 | 0 |
Other financing activities, net | 1,929 | 8,839 | 4,606 |
Proceeds from issuance of Senior Unsecured Notes | 0 | 334,775 | 1,385,059 |
Proceeds from shares issued under our prior ATM Program, net of selling costs | 0 | 218,081 | 339,968 |
Redemption of Senior Unsecured Notes | 0 | 0 | (617,442) |
Net Cash Provided by Financing Activities | 292,562 | 57,887 | 557,048 |
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 | 7,719 | (2,721) | (10,629) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 467,830 | 6,191 | (93,829) |
Cash and cash equivalents and restricted cash, beginning of year | 224,141 | 217,950 | 311,779 |
Cash and cash equivalents and restricted cash, end of year | $ 691,971 | $ 224,141 | $ 217,950 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - CPA 18 MERGER (Parenthetical) $ in Thousands | Aug. 01, 2022 USD ($) |
CPA 18 Merger | |
Total Consideration | |
Fair value of W. P. Carey shares of common stock issued | $ 1,205,750 |
Cash consideration paid | 423,297 |
Cash paid for fractional shares | 138 |
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger | 88,299 |
Estimate of consideration expected to be transferred | 1,746,058 |
Assets Acquired at Fair Value | |
Land, buildings and improvements — net lease and other | 881,613 |
Land, buildings and improvements — operating properties | 1,000,447 |
Net investments in finance leases and loans receivable | 38,517 |
In-place lease and other intangible assets | 224,458 |
Above-market rent intangible assets | 61,090 |
Assets held for sale | 85,026 |
Goodwill | 172,346 |
Other assets, net (excluding restricted cash) | 25,229 |
Liabilities Assumed at Fair Value | |
Non-recourse mortgages, net | 900,173 |
Accounts payable, accrued expenses and other liabilities | 90,035 |
Below-market rent and other intangible liabilities | 16,836 |
Deferred income taxes | 52,320 |
Amounts attributable to noncontrolling interests | 14,367 |
Net assets acquired excluding cash and restricted cash | 1,414,995 |
Cash and cash equivalents and restricted cash acquired | 331,063 |
CPA 18 Merger | Jointly owned investments | |
Total Consideration | |
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger | $ 28,574 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS - SPINOFF (Parenthetical) - Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff $ in Thousands | Nov. 01, 2023 USD ($) |
Impact of the Spin-Off | |
Total assets derecognized (excluding cash and cash equivalents and restricted cash) | $ 1,361,616 |
Total liabilities and equity derecognized | (438,913) |
Total non-cash assets, liabilities, and equity derecognized | 922,703 |
Reduction to Additional paid-in capital | (578,818) |
Proceeds in connection with the Spin-Off | $ 343,885 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2023 | |
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 that are leased 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. In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties (“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of 87 office properties retained by us (the “Office Sale Program”), which is targeted to be completed in the first half of 2024. On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP ( Note 3 ). Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the “NLOP Advisory Agreements”). On August 1, 2022, a non-traded REIT that we previously advised, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”) merged with and into one of our indirect subsidiaries (the “CPA:18 Merger”) ( Note 4 ). At December 31, 2023, we were the advisor to Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties in Europe ( Note 5 ). We refer to CPA:18 – Global (prior to the CPA:18 Merger) and CESH collectively as the “Managed Programs.” 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, 2023, our portfolio was comprised of our full or partial ownership interests in 1,424 properties, totaling approximately 173 million square feet (unaudited), substantially all of which were net leased to 336 tenants, with a weighted-average lease term of 11.7 years and an occupancy rate of 98.1% (unaudited). In addition, at December 31, 2023, our portfolio was comprised of full or partial ownership interests in 96 operating properties, including 89 self-storage properties, five hotels, and two student housing properties, totaling approximately 7.3 million square feet (unaudited). Investment Management — We manage the real estate investment portfolios for NLOP and CESH, for which we earn asset management revenue and other advisory income and reimbursements. We may also be entitled to receive certain distributions pursuant to our advisory arrangements with CESH. At December 31, 2023, NLOP’s portfolio was comprised of its full or partial ownership interests in 55 properties. At December 31, 2023, CESH wholly owned one build-to-suit project. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 (excluding the CPA:18 Merger). Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Under the cost approach, the fair value of real estate is based on estimated costs to construct a vacant building with similar characteristics. Under the income approach, we use either the discounted cash flow method or the direct capitalization method. For the discounted cash flow method, 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. For the direct capitalization method, the fair value of real estate is determined (i) by the stabilized estimated net operating income for each property in the portfolio and (ii) 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; • capitalization rates to be applied to an estimate of market rent at the beginning and/or 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 — For acquired properties that do not qualify as sale-leaseback transactions, w e 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. For acquired properties with tenants in place, we record in-place lease intangible assets based on the estimated value ascribed to the avoidance of costs of leasing the properties for the remaining primary in-place lease terms. 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 finance leases and loans receivable on the consolidated balance sheets. Rent payments from these investments are included within Income from finance 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. 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 equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate 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 depended on the timing and form of liquidity events for the Managed Programs ( Note 4 , Note 5 ). 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 net asset values. 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 The allowance for credit losses, which is recorded as a reduction to Net investments in finance leases and loans receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 7 ), 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. If we determine that a finance lease no longer shares risk characteristics with other finance leases in the pool, we evaluate the finance lease for expected credit losses on an individual basis. 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, 2023 and 2022, we considered 21 and 16 entities to be VIEs, respectively, of which we consolidated 15 and 11, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): December 31, 2023 2022 Land, buildings and improvements — net lease and other $ 237,858 $ 590,390 Land, buildings and improvements — operating properties 39,422 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 40,650 72,070 Above-market rent intangible assets 6,828 33,634 Accumulated depreciation and amortization (23,580) (176,379) Total assets 947,509 843,500 Non-recourse mortgages, net $ 59,715 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 101,047 199,633 At December 31, 2023 and 2022, our six and five unconsolidated VIEs, respectively, included our interests in (i) three unconsolidated real estate investments, 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, 2023 and 2022, the net carrying amount of our investments in these entities was $729.8 million and $693.4 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. In addition, we have a variable interest in NLOP, which we also deem a VIE, as of December 31, 2023, due to our guarantee of a non-recourse mortgage loan with approximately $19 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off ( Note 3 ); we do not expect to have to perform under this guarantee. Should we have to perform, the Separation and Distribution Agreement (as defined in Note 3 ) includes an indemnification provision, for which we could recover any amounts paid under the guarantee. 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 and financing 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 6 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. Net investments in sales-type leases are accounted for under ASC 842, Leases . Upon lease commencement or lease modification, we assess lease classification to determine whether the lease should be classified as an operating, direct financing, or sales-type lease. If the lease is determined to be a sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease payments receivable and the unguaranteed residual value, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered a gain on sale of real estate and recognized upon execution of the lease. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. Amounts due from affiliates are now included within Other assets, net in the consolidated balance sheets. Previously, such amounts were included within Due from affiliates in the consolidated balance sheets. 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. 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, 2023 2022 2021 Cash and cash equivalents $ 633,860 $ 167,996 $ 165,427 Restricted cash (a) 58,111 56,145 52,523 Total cash and cash equivalents and restricted cash $ 691,971 $ 224,141 $ 217,950 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. Real Estate and Operating Real Estate — 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. 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 10 ), our investment in shares of Guggenheim Credit Income Fund (“GCIF”) ( Note 10 ), 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 6 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 7 ). 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 $76.2 million, $12.0 million, and $7.2 million for the years ended December 31, 2023, 2022, and 2021, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023 ( Note 6 ); eight of these properties were sold during year ended December 31, 2023 ( Note 17 )). 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 Recognition, Investment Management Operations — We earn asset management revenue in connection with providing services to the Managed Programs and NLOP. We earn asset management revenue from property management, leasing, and advisory services performed. We earn other advisory income and reimbursements from NLOP for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash. 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. Revenue from contracts under ASC 606 from our Investment Management segm |
NLOP Spin-Off
NLOP Spin-Off | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
NLOP Spin-Off | NLOP Spin-Off Spin-Off On November 1, 2023, we completed the Spin-Off of 59 office properties into NLOP ( Note 1 ). The Spin-Off was accomplished via a pro rata dividend of one NLOP common share for every 15 shares of WPC common stock outstanding. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, for which we serve as advisor pursuant to the NLOP Advisory Agreements executed in connection with the Spin-Off, as described below in further detail. On the date of the Spin-Off, NLOP’s portfolio of 59 office properties totaled approximately 9.3 million leasable square feet (including 0.6 million of operating square footage for a parking garage at a domestic property) (unaudited) primarily leased to 62 corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the United States, with the balance in Europe. NLOP’s portfolio generated ABR totaling approximately $145 million as of September 30, 2023. We also derecognized non-recourse mortgages encumbering ten properties totaling $164.7 million. The following table summarizes assets, liabilities, and equity derecognized in connection with the Spin-Off (in thousands): Assets Investments in real estate: Land, buildings and improvements — net lease and other $ 1,299,400 In-place lease and other intangible assets 373,631 Above-market rent intangible assets 58,426 Investments in real estate 1,731,457 Accumulated depreciation and amortization (454,768) Net investments in real estate 1,276,689 Cash and cash equivalents and restricted cash 9,141 Other assets, net (excluding restricted cash) 70,472 Goodwill ( Note 8 ) 61,737 Less: impairment charges ( Note 10 ) (47,282) Total assets $ 1,370,757 Liabilities and Equity Non-recourse mortgages, net $ 164,743 Accounts payable, accrued expenses and other liabilities 54,199 Below-market rent and other intangible liabilities 11,799 Deferred income taxes 9,718 Total liabilities 240,459 Distributions in excess of accumulated earnings 229,712 Accumulated other comprehensive loss (35,664) Noncontrolling interests 4,406 Total equity 198,454 Total liabilities and equity $ 438,913 The following table summarizes the impact to the components of Total equity in connection with the Spin-Off (in thousands): Impact to Total Equity Total assets derecognized (excluding cash and cash equivalents and restricted cash) $ (1,361,616) Total liabilities derecognized 240,459 Net assets derecognized (1,121,157) Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described below under “Debt Facility”) 343,885 Impact to Total equity $ (777,272) Impact to Components of Total Equity Distributions in excess of accumulated earnings derecognized $ (229,712) Accumulated other comprehensive income derecognized 35,664 Noncontrolling interests derecognized (4,406) Reduction to Additional paid-in capital (578,818) Impact to Total equity $ (777,272) NLOP Agreements Pursuant to the NLOP Advisory Agreements, which we entered into on November 1, 2023, we provide NLOP with strategic management services, including asset management, property disposition support, and various related services. NLOP will pay us an asset management fee of approximately $7.5 million annually, which will be proportionately reduced following the disposition of a portfolio property. Such fees are included in Asset management revenue on our consolidated statements of income. In addition, NLOP will reimburse us a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters. Such amounts are included in Other advisory income and reimbursements on our consolidated statements of income. On October 31, 2023, we entered into a Separation and Distribution Agreement, which set forth the various individual transactions to be consummated that comprised the Separation and the Distribution, including the assets transferred to and liabilities assumed by NLOP. On October 31, 2023, we also entered into a Tax Matters Agreement, which governs the respective rights, responsibilities, and obligations of us and NLOP after the Distribution, with respect to tax liabilities and benefits, the preparation and filing of tax returns, the control of audits and other tax proceedings, tax covenants, tax indemnification, cooperation, and information sharing. Debt Facility In September 2023, NLOP entered into a new $455 million debt facility, which was executed by NLOP and funded upon the closing of the Spin-Off on November 1, 2023 (the “NLOP Financing Arrangements”). Approximately $343.9 million of this amount (net of (i) transaction expenses and (ii) cash and cash equivalents and restricted cash derecognized) was retained by us in connection with the Spin-Off. Spin-Off Costs In connection with the Spin-Off, we have incurred approximately $61.6 million in total costs, comprised of (i) $10.0 million of advisory fees, which is included in Merger and other expenses on our consolidated statements of income ($4.9 million of such fees were recognized during 2022 and $5.1 million were recognized during the year ended December 31, 2023); and (ii) $51.6 million of additional Spin-Off related costs (including $14.4 million of financing costs incurred in connection with the NLOP Financing Arrangements), which were reimbursed to us by NLOP in connection with the Spin-Off. 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 or, in certain instances, when we sell a property back to the tenant. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. In addition, we implemented the Office Sale Program in September 2023, which is targeted to be completed in the first half of 2024 ( Note 1 ). All property dispositions are recorded within our Real Estate segment and are also discussed in Note 6 . These dispositions exclude properties contributed to NLOP in the Spin-Off ( Note 3 ). 2023 — During the year ended December 31, 2023, we sold 31 properties for total proceeds, net of selling costs, of $446.4 million, and recognized a net gain on these sales totaling $80.7 million (inclusive of income taxes totaling $1.6 million recognized upon sale). Eight of the properties sold during 2023 were hotel operating properties. This disposition activity includes the sale of eight properties under the Office Sale Program for total proceeds, net of selling costs, of $216.9 million, resulting in a net gain on these sales totaling $3.6 million. 2022 — During the year ended December 31, 2022, we sold 23 properties for total proceeds, net of selling costs, of $234.7 million, and recognized a net gain on these sales totaling $43.5 million (inclusive of income taxes totaling $5.3 million recognized upon sale). This disposition activity included two properties acquired in the CPA:18 Merger, one of which was classified as assets held for sale and sold in August 2022 ( Note 4 ). 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). |
Merger with CPA_18 _ Global
Merger with CPA:18 – Global | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Merger with CPA:18 – Global | Merger with CPA:18 – Global CPA:18 Merger On February 27, 2022, we and certain of our subsidiaries entered into a merger agreement with CPA:18 – Global, pursuant to which CPA:18 – Global would merge with and into one of our indirect subsidiaries in exchange for shares of our common stock and cash, subject to approval by the stockholders of CPA:18 – Global. The CPA:18 Merger and related transactions were approved by the stockholders of CPA:18 – Global on July 26, 2022 and completed on August 1, 2022. At the effective time of the CPA:18 Merger, each share of CPA:18 – Global common stock issued and outstanding immediately prior to the effective time of the CPA:18 Merger was canceled and, in exchange for cancellation of such share, the rights attaching to such share were converted automatically into the right to receive (i) 0.0978 shares of our common stock and (ii) $3.00 in cash, which we refer to herein as the Merger Consideration. Each share of CPA:18 – Global common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:18 Merger was automatically canceled and retired, and ceased to exist, for no Merger Consideration. In exchange for the 141,099,002 shares of CPA:18 – Global common stock that we and our subsidiaries did not previously own, we paid total merger consideration of approximately $1.6 billion, consisting of (i) the issuance of 13,786,302 shares of our common stock with a fair value of $1.2 billion, based on the closing price of our common stock on August 1, 2022 of $87.46 per share, (ii) cash consideration of $423.3 million, and (iii) cash of $0.1 million paid in lieu of issuing any fractional shares of our common stock. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our pre-closing advisory agreement with CPA:18 – Global. Immediately prior to the closing of the CPA:18 Merger, CPA:18 – Global’s portfolio was comprised of full or partial ownership interests in 42 leased properties (including seven properties in which we already owned a partial ownership interest), substantially all of which were net leased with a weighted-average lease term of 7.0 years, an occupancy rate of 99.3% (unaudited), and an estimated contractual minimum annualized base rent (“ABR”) totaling $81.0 million, as well as 65 self-storage operating properties and two student housing operating properties totaling 5.1 million square feet (unaudited). The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $900.2 million with a weighted-average annual interest rate of 5.1% as of August 1, 2022. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues, operating property revenues, and net income from properties acquired were $42.7 million, $39.2 million, and $12.3 million, respectively. Two of the net lease properties that we acquired in the CPA:18 Merger were classified as Assets held for sale, with an aggregate fair value of $85.0 million at acquisition. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues from these properties totaled $4.9 million. We sold one of these properties in August 2022 for total proceeds, net of selling costs, of $44.5 million, and recognized a loss on sale of $0.2 million ( Note 17 ). We sold the other property in October 2023 for total proceeds, net of selling costs, of $29.5 million ( Note 17 ). Purchase Price Allocation We accounted for the CPA:18 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in the combined company upon completion of the CPA:18 Merger. Costs related to the CPA:18 Merger have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $17.2 million for the year ended December 31, 2022. The purchase price was allocated to the assets acquired and liabilities assumed, based upon their fair values at August 1, 2022. See Consolidated Statements of Cash Flows — Supplemental Non-Cash Investing and Financing Activities for a summary of the estimated fair values of the assets acquired and liabilities assumed in the CPA:18 Merger. Goodwill The $172.3 million of goodwill recorded in the CPA:18 Merger was primarily due to the premium we paid over CPA:18 – Global’s estimated fair value. Management believes the premium is supported by several factors, including that the CPA:18 Merger (i) concludes our exit from the non-traded REIT business, (ii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iii) enhances certain portfolio metrics, and (iv) adds an attractive portfolio of self-storage operating properties. The fair value of the 13,786,302 shares of our common stock issued in the CPA:18 Merger as part of the consideration paid for CPA:18 – Global of $1.6 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:18 Merger, in a manner consistent with the methodology described above. Goodwill is not deductible for income tax purposes. Equity Investments During the third quarter of 2022, we recognized a gain on change in control of interests of approximately $22.5 million, which was the difference between the carrying value of approximately $65.8 million and the fair value of approximately $88.3 million of our previously held equity interest in 8,556,732 shares of CPA:18 – Global’s common stock. The CPA:18 Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the four jointly owned investments that occurred, we recorded a gain on change in control of interests of approximately $11.4 million during the third quarter of 2022, which was the difference between our carrying values and the fair values of our previously held equity interests on August 1, 2022 of approximately $17.2 million and approximately $28.6 million, respectively. Subsequent to the CPA:18 Merger, we consolidate these wholly owned investments. Pro Forma Financial Information (Unaudited) The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the years ended December 31, 2022 and 2021. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on that date, nor does it purport to represent the results of operations for future periods. (in thousands) Years Ended December 31, 2022 2021 Pro forma total revenues $ 1,590,233 $ 1,509,828 |
Agreements and Transactions wit
Agreements and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
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 and NLOP We currently have advisory arrangements with CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain fund management expenses. Upon completion of the CPA:18 Merger on August 1, 2022 ( Note 4 ), our advisory agreements with CPA:18 – Global were terminated, and we ceased earning revenue from CPA:18 – Global. The NLOP Advisory Agreements are described in Note 3 . The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs, NLOP, and Watermark Lodging Trust, Inc. (“WLT”) (a former affiliate) for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2023 2022 2021 Asset management revenue (a) $ 2,184 $ 8,467 $ 15,363 Other advisory income and reimbursements (a) 667 — — Reimbursable costs from affiliates (a) 368 2,518 4,035 Distributions of Available Cash (b) — 8,746 7,345 Interest income on loans to affiliates (c) — 112 120 $ 3,219 $ 19,843 $ 26,863 Years Ended December 31, 2023 2022 2021 NLOP $ 1,912 $ — $ — CESH 1,307 1,989 3,713 CPA:18 – Global — 17,854 22,867 WLT (reimbursed transition services) — — 283 $ 3,219 $ 19,843 $ 26,863 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Earnings (losses) 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 due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands): December 31, 2023 2022 Asset management fees receivable $ 1,349 $ 386 Accounts receivable 768 329 Reimbursable costs 59 204 $ 2,176 $ 919 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 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 agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. Under the advisory agreement with NLOP, we earn an asset management fee of approximately $7.5 million annually, which will be proportionately reduced following the disposition of a portfolio property. 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. Other Advisory Income and Reimbursements Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash. Reimbursable Costs from Affiliates CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred. Distributions of Available Cash We were entitled to receive distributions of up to 10% of the Available Cash (as defined in CPA:18 – Global’s partnership agreement) from the operating partnership of CPA:18 – Global, payable quarterly in arrears. After completion of the CPA:18 Merger on August 1, 2022 ( Note 4 ), we no longer receive distributions of Available Cash from CPA:18 – Global. Back-End Fees and Interests in the Managed Programs Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include or may include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our advisory agreement and partnership agreement with CPA:18 – Global ( Note 4 ). Other Transactions with Affiliates Loans to Affiliates From time to time, our board of directors (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. In July 2022, CPA:18 – Global repaid the $16.0 million principal outstanding balance on its line of credit in full. The loan agreement with CPA:18 – Global was terminated upon completion of the CPA:18 Merger on August 1, 2022. No such line of credit with CESH existed during the reporting period. Other At December 31, 2023, we owned interests in eight jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining four investments under the equity method of accounting ( Note 9 ). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option ( Note 9 ). |
Land, Buildings and Improvement
Land, Buildings and Improvements and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
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 — Net Lease and Other 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, 2023 2022 Land $ 2,248,300 $ 2,400,002 Buildings and improvements 9,801,596 10,916,630 Real estate under construction 45,562 22,225 Less: Accumulated depreciation (1,509,730) (1,672,091) $ 10,585,728 $ 11,666,766 During 2023, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 3.6% to $1.1050 from $1.0666. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other increased by $129.9 million from December 31, 2022 to December 31, 2023. See Note 3 for a description of land, buildings and improvements derecognized in connection with the Spin-Off. See Note 7 for a description of land, buildings and improvements reclassified to net investments in sales-type leases during the year ended December 31, 2023. On January 31, 2023, the master lease expired on certain hotel properties previously classified as net-lease properties, which converted to operating properties. As a result, in February 2023, we reclassified 12 consolidated hotel properties with an aggregate carrying value of $164.6 million from Land, buildings and improvements — net lease and other to Land, buildings and improvements — operating properties. Effective as of that time, we began recognizing operating property revenues and expenses from these properties, whereas previously we recognized lease revenues from these properties. In connection with changes in lease classifications due to extensions of the underlying leases, we reclassified five properties with an aggregate carrying value of $25.4 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during 2023 ( Note 7 ). As discussed in Note 4 , we acquired 39 consolidated properties subject to existing operating leases in the CPA:18 Merger, which increased the carrying value of our Land, buildings and improvements — net lease and other by $881.6 million during the year ended December 31, 2022. Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $325.8 million, $299.4 million, and $286.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Acquisitions of Real Estate During 2023 During 2023, 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) Various, United States 6 1/12/2023 Industrial $ 64,861 Various, Italy (5 properties) and Spain (3 properties) (a) 8 3/23/2023 Industrial 79,218 Various, Canada 11 4/1/2023 Industrial, Warehouse 467,811 Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties) (b) 9 4/18/2023 Industrial 97,952 Various, United States 9 5/5/2023; 5/26/2023 Retail (Car Wash) 39,713 Various, United States 4 6/15/2023 Education (Medical School) 139,092 Dothan, Alabama and Queensbury, New York 2 10/24/2023; 10/26/2023 Retail (Car Wash) 8,658 Various, United States (c) 7 11/17/2023 Retail (Car Wash) 35,577 Various, Italy (7 properties), Spain (3 properties), and Germany (1 property) (a) 11 11/29/2023 Industrial, Warehouse 157,095 Houston, Texas 1 12/5/2023 Warehouse 61,610 San Diego, California 2 12/11/2023 Industrial, Research & Development 13,324 Phoenix, Arizona 1 12/22/2023 Retail 13,791 71 $ 1,178,702 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own. (c) We also entered into a purchase agreement to acquire four additional retail (car wash) facilities leased to this tenant totaling $20.3 million, which is expected to be completed in 2024. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 212,594 Buildings and improvements 774,131 Intangible assets: In-place lease (weighted-average expected life of 21.2 years) 185,878 Right-of-use assets: Finance lease (a) 12,981 Prepaid rent liabilities (6,882) $ 1,178,702 __________ (a) Represents consideration paid to acquire a leasehold interest in land, buildings and improvements. The lease was determined to be a finance lease due to our intention to acquire the land, buildings and improvements upon lease expiration. These assets are included in In-place lease intangible assets and other in the consolidated balance sheets. Acquisitions of Real Estate During 2022 — We entered into 23 investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.2 billion, including land of $145.1 million, buildings of $853.0 million, in-place lease intangibles of $152.9 million, below-market rent intangibles of $7.0 million, and ROU assets of $12.3 million. These investments exclude properties acquired in the CPA:18 Merger ( Note 4 ). Acquisitions of Real Estate During 2021 — We entered into 28 investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.3 billion, including land of $191.0 million, buildings of $946.9 million, net lease intangibles of $188.9 million, land lease ROU assets of $6.0 million, above-market ground lease intangibles, net, of $4.2 million (included within ROU assets), prepaid rent liabilities of $15.4 million, and operating lease liabilities of $6.0 million. Real Estate Under Construction — Net Lease and Operating Properties During 2023, we capitalized real estate under construction totaling $92.5 million. The number of construction projects in progress with balances included in real estate under construction was 11 and eight as of December 31, 2023 and 2022, respectively. Aggregate unfunded commitments totaled approximately $71.8 million and $61.1 million as of December 31, 2023 and 2022, respectively. During 2023, 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) Evansville, Indiana and Lawrence, Kansas Renovation 2 3/23/2023 Industrial $ 20,637 Pleasanton, California Redevelopment 1 8/21/2023 Laboratory 13,905 Chattanooga, Tennessee Expansion 1 11/20/2023 Warehouse 26,128 4 $ 60,670 During 2022, we completed six construction projects, at a total cost of $148.1 million. During 2021, we completed four construction projects, at a total cost of $88.2 million. During 2023, we committed to fund four redevelopment or expansion projects, for an aggregate amount of $84.1 million. We currently expect to complete the projects in 2024 and 2025. Capitalized interest incurred during construction was $0.6 million, $1.3 million, and $2.5 million for the years ended December 31, 2023, 2022, and 2021 respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During 2023, we sold 20 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $197.5 million from December 31, 2022 to December 31, 2023 ( Note 17 ). Other Lease-Related Income 2023 — For the year ended December 31, 2023, Other lease-related income on our consolidated statements of income included: (i) lease termination income totaling $11.9 million received from two tenants in connection with the sales of the properties they occupied and (ii) other lease-related settlements totaling $9.1 million. 2022 — For the year ended December 31, 2022, Other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $17.6 million; (ii) lease termination income totaling $12.4 million received from two tenants; and (iii) income from a parking garage attached to one of our net-leased properties totaling $1.6 million. 2021 — For the year ended December 31, 2021, Other lease-related income 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. 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, 2023 2022 2021 Lease income — fixed $ 1,254,340 $ 1,160,942 $ 1,066,250 Lease income — variable (a) 173,036 140,675 111,188 Total operating lease income $ 1,427,376 $ 1,301,617 $ 1,177,438 __________ (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, 2023 are as follows (in thousands): Years Ending December 31, Total 2024 $ 1,179,313 2025 1,166,318 2026 1,129,855 2027 1,088,488 2028 1,058,295 Thereafter 10,565,084 Total $ 16,187,353 See Note 6 for scheduled future lease payments to be received under non-cancelable direct financing leases and sales-type 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, 2023 2022 2021 Fixed lease cost $ 15,518 $ 15,087 $ 16,426 Variable lease cost 1,731 1,086 1,149 Total lease cost $ 17,249 $ 16,173 $ 17,575 During the years ended December 31, 2023, 2022, and 2021, we received sublease income totaling approximately $4.9 million, $4.6 million, and $5.1 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 2023 2022 Operating ROU assets — land leases In-place lease intangible assets and other $ 114,080 $ 123,834 Finance ROU assets — land and building leases In-place lease intangible assets and other 26,034 12,598 Operating ROU assets — office leases Other assets, net 54,730 56,674 Total operating ROU assets $ 194,844 $ 193,106 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 138,733 $ 146,302 Weighted-average remaining lease term — operating leases 23.8 years 25.8 years Weighted-average discount rate — operating leases 6.6 % 6.8 % Number of land lease arrangements — operating leases 66 72 Number of land and building lease arrangements — finance leases 2 1 Number of office space arrangements 4 4 Lease term range (excluding extension options not reasonably certain of being exercised) <1 – 98 years <1 – 99 years Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $16.1 million, $15.8 million, and $13.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. During the year ended December 31, 2023, we acquired a leasehold interest in land, buildings and improvements for $13.0 million, which is included in Net cash used in investing activities on the consolidated statements of cash flows. The lease was determined to be a finance lease due to our intention to acquire the land, buildings and improvements upon lease expiration in 20 years. During the year ended December 31, 2023, we recognized $0.2 million of rent expense for this finance lease, which is included in Depreciation and amortization on our consolidated statements of income. We assumed seven land lease arrangements in the CPA:18 Merger, for which we are the lessee. As a result, we capitalized (i) ROU assets totaling $24.5 million (comprised of below-market ground lease intangibles totaling $17.9 million and land lease ROU assets totaling $6.6 million), which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $6.6 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. 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, 2023 is as follows (in thousands): Years Ending December 31, Total 2024 $ 13,706 2025 13,892 2026 13,847 2027 14,036 2028 13,924 Thereafter 227,376 Total lease payments 296,781 Less: amount of lease payments representing interest (158,048) Present value of future lease payments/lease obligations $ 138,733 Land, Buildings and Improvements — Operating Properties At December 31, 2023, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. At December 31, 2022, Land, buildings and improvements — operating properties consisted of our investments in 75 consolidated self-storage properties, two consolidated student housing properties, and one consolidated hotel. Below is a summary of our Land, buildings and improvements — operating properties (in thousands): December 31, 2023 2022 Land $ 150,084 $ 122,317 Buildings and improvements 1,104,635 955,009 Real estate under construction 1,530 18,566 Less: Accumulated depreciation (80,057) (28,295) $ 1,176,192 $ 1,067,597 As described above under Land, Buildings and Improvements — Net Lease and Other , on January 31, 2023, the master lease expired on certain hotel properties previously classified as net-lease properties, which converted to operating properties. As a result, in February 2023, we reclassified 12 consolidated hotel properties with an aggregate carrying value of $164.6 million from Land, buildings and improvements — net lease and other to Land, buildings and improvements — operating properties. We sold eight of these hotel properties during the third and fourth quarters of 2023. As a result of these dispositions, the carrying value of our Land, buildings and improvements — operating properties decreased by $89.7 million from December 31, 2022 to December 31, 2023 ( Note 17 ). During the year ended December 31, 2023, the U.S. dollar weakened against the British pound sterling, resulting in an increase of $5.1 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2022 to December 31, 2023. During the year ended December 31, 2023, we completed a student housing development project and reclassified $25.5 million from real estate under construction to buildings and improvements attributable to operating properties. Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $29.8 million, $11.6 million, and $2.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. During the year ended December 31, 2023, we entered into the following self-storage operating property 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 Little Rock, Arkansas (a) 1 6/22/2023 Self-Storage $ 6,166 Houston, Texas 1 8/25/2023 Self-Storage 13,120 Knoxville and Springfield, Tennessee 2 12/8/2023 Self-Storage 15,580 Bastrop, Texas 1 12/15/2023 Self-Storage 12,443 5 $ 47,309 __________ (a) We also committed to fund $3.6 million for an expansion at this facility, which is expected to be completed in the first quarter of 2024. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 13,547 Buildings and improvements 31,923 Intangible assets: In-place lease (weighted-average expected life of 0.5 years) 1,839 $ 47,309 For the year ended December 31, 2023, Land, buildings and improvements — operating properties revenues totaling $180.3 million were comprised of $164.5 million in lease revenues and $15.8 million in other income (such as food and beverage revenue) from 80 consolidated self-storage properties, 13 consolidated hotels, and two consolidated student housing properties. For the year ended December 31, 2022, Land, buildings and improvements — operating properties revenues totaling $59.2 million were comprised of $54.4 million in lease revenues and $4.8 million in other income (such as food and beverage revenue) from 75 consolidated self-storage, two consolidated student housing properties and one consolidated hotel. For the year ended December 31, 2021, Land, buildings and improvements — operating properties revenues totaling $13.5 million were comprised of $11.2 million in lease revenues and $2.3 million in other income from ten consolidated self-storage properties and one consolidated hotel. 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. We earn student housing operating revenue primarily from leases of one year or less with individual students. Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): December 31, 2023 2022 Land, buildings and improvements — net lease and other $ 46,986 $ 47,134 In-place lease intangible assets and other 5,222 10,854 Above-market rent intangible assets 8,374 3,210 Accumulated depreciation and amortization (23,460) (3,254) Assets held for sale, net $ 37,122 $ 57,944 At December 31, 2023, we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $37.1 million. We sold both of these properties in January 2024 for gross proceeds of $36.6 million ( Note 19 ). At December 31, 2022, we had three properties classified as Assets held for sale, net, with an aggregate carrying value of $57.9 million. These properties were sold in 2023. |
Finance Receivables
Finance Receivables | 12 Months Ended |
Dec. 31, 2023 | |
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 finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables. See Note 2 and Note 6 for information on ROU operating lease assets recognized in our consolidated balance sheets. Finance Receivables Net investments in finance leases and loans receivable are summarized as follows (in thousands): Maturity Date December 31, 2023 2022 Net investments in sales-type leases (a) 2024 – 2034 $ 835,734 $ — Net investments in direct financing leases (b) 2024 – 2036 431,328 498,313 Sale-leaseback transactions accounted for as loans receivable (c) 2038 – 2052 236,611 234,198 Secured loans receivable (d) 2024 11,250 39,250 $ 1,514,923 $ 771,761 __________ (a) These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2023 or 2022. (b) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases. (c) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $0.8 million as of December 31, 2023. No such allowance was recorded as of December 31, 2022. (d) Amounts are net of allowance for credit losses of $2.1 million as of both December 31, 2023 and 2022. During the year ended December 31, 2023, the U.S. dollar weakened against the euro, resulting in a $27.7 million increase in the carrying value of Net investments in finance leases and loans receivable from December 31, 2022 to December 31, 2023. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2023 2022 Lease payments receivable $ 285,512 $ 332,618 Unguaranteed residual value 434,234 470,839 719,746 803,457 Less: unearned income (251,441) (296,411) Less: allowance for credit losses (a) (36,977) (8,733) $ 431,328 $ 498,313 __________ (a) During the years ended December 31, 2023 and 2022, we recorded a net allowance for credit losses of $28.2 million and a net release of allowance for credit losses of $3.9 million, respectively, on our net investments in direct financing leases due to (i) the declining financial position of one of our top ten tenants during the year ended December 31, 2023 and (ii) changes in credit quality for certain other tenants, which was included within Other gains and (losses) in our consolidated statements of income. 2023 — Income from direct financing leases, which is included in Income from finance leases and loans receivable in the consolidated financial statements, was $49.9 million for the year ended December 31, 2023. During the year ended December 31, 2023, we reclassified five properties with a carrying value of $25.4 million from Net investments in finance leases and loans receivable to Real estate in connection with changes in lease classifications due to extensions of the underlying leases ( Note 6 ). 2022 — Income from direct financing leases, which is included in Income from finance leases and loans receivable in the consolidated financial statements, was $53.0 million for the year ended December 31, 2022. As discussed in Note 4 , we acquired one consolidated property subject to a direct financing lease in the CPA:18 Merger, which increased the carrying value of our Net investments in finance leases and loans receivable by $10.5 million during the year ended December 31, 2022. 2021 — Income from direct financing leases, which was included in Income from finance leases and loans receivable in the consolidated financial statements, was $63.2 million for the year ended December 31, 2021. Net Investments in Sales-Type Leases On February 28, 2023, the tenant occupying our portfolio of 78 net-lease self-storage properties located in the United States provided notice of its intention to exercise its option to repurchase the properties. The purchase price will be calculated using the U.S. CPI as of the closing date. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $451.4 million on our consolidated balance sheets (based on the present value of remaining rents and estimated purchase price, using the CPI rates as of the exercise notice date), since the tenant provided notice of its intention to exercise its purchase option. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $393.7 million from Land, buildings and improvements — net lease and other, (ii) $36.6 million from In-place lease intangible assets and other, (iii) $22.4 million from Above-market rent intangible assets, (iv) $18.5 million from Below-market rent and other intangible liabilities, net, and (v) $159.0 million from Accumulated depreciation and amortization. We recognized an aggregate Gain on sale of real estate, net, of $176.2 million during the year ended December 31, 2023 related to this transaction. We sold a portion of this portfolio in February 2024 ( Note 19 ). On October 16, 2023, the tenant occupying an industrial/office facility located in Nagold, Germany, provided notice of its intention to exercise its option to repurchase the property. In accordance with ASC 842, Leases , we reclassified this net-lease asset to net investments in sales-type leases totaling $20.6 million on our consolidated balance sheets (based on the estimated purchase price and the foreign currency exchange rate of the euro on the date of notice), since the tenant provided notice of its intention to exercise its purchase option. In connection with this transaction, we reclassified $20.6 million from net investments in direct financing leases to net investments in sales-type leases (both are included within Net investments in finance leases and loans receivable on our consolidated balance sheets). No gain or loss on sale of real estate was recognized related to this transaction. On October 31, 2023, we entered into an agreement to sell our portfolio of 70 office properties located in Spain to the tenant occupying the properties. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $348.6 million on our consolidated balance sheets (based on the estimated purchase price and the foreign currency exchange rate of the euro on the agreement date), since this agreement resulted in a lease modification. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $269.0 million from Land, buildings and improvements — net lease and other, (ii) $57.4 million from In-place lease intangible assets and other, (iii) $21.7 million from Other assets, net, and (iv) $76.4 million from Accumulated depreciation and amortization. We recognized an aggregate Gain on sale of real estate, net, of $59.1 million during the year ended December 31, 2023 related to this transaction, reflecting balances of $14.6 million within Deferred income taxes and $3.2 million within Accounts payable, accrued expenses and other liabilities for this investment. This investment was sold in January 2024 ( Note 19 ). Earnings from our net investments in sales-type leases are included in Income from finance leases and loans receivable in the consolidated financial statements, and totaled $38.1 million for the year ended December 31, 2023. Prior to this reclassification to net investments in sales-type leases, earnings from this investment were recognized in Lease revenues in the consolidated financial statements. Net investments in sales-type leases is summarized as follows (in thousands): December 31, 2023 2022 Lease payments receivable (a) $ 849,881 $ — 849,881 — Less: unearned income (14,147) — $ 835,734 $ — __________ (a) Includes estimated purchase price and total rents owed. 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 and sales-type leases at December 31, 2023 are as follows (in thousands): Years Ending December 31, Total 2024 (a) $ 896,949 2025 44,102 2026 42,939 2027 41,713 2028 34,737 Thereafter 74,953 Total $ 1,135,393 __________ (a) Includes $849.9 million for the net investments in sales-type leases described above, representing the estimated purchase prices of the investments plus remaining rents. One investment was sold in January 2024 for gross proceeds of approximately $359 million ( Note 19 ). See Note 6 for scheduled future lease payments to be received under non-cancelable operating leases. Loans Receivable In August 2023, one of our secured loans receivable was repaid to us for $28.0 million. In connection with this repayment, we received an $0.6 million prepayment penalty from the borrower, which was included in Income from finance leases and loans receivable in the consolidated financial statements for the year ended December 31, 2023. This secured loan receivable was initially acquired in the CPA:18 Merger ( Note 4 ). During the year ended December 31, 2023, we recorded an allowance for credit losses of $0.8 million on our sale-leaseback transactions accounted for as loans receivable due to changes in economic conditions. In September 2022, one of our secured loans receivable was repaid to us for $34.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $10.5 million since the loan principal was fully repaid. During the year ended December 31, 2022, we entered into one sale-leaseback, which was deemed to be a loan receivable, at a cost of $19.8 million During the year ended December 31, 2021, we entered into three sale-leasebacks, which were deemed to be loans receivable, at a total cost of $217.0 million. Earnings from our loans receivable are included in Income from finance leases and loans receivable in the consolidated financial statements, and totaled $19.1 million, $21.2 million, and $4.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. During the year ended December 31, 2023, we reclassified certain assets to net investments in sales-type leases (which are considered finance receivables), as described above under Net Investments in Sales-Type Leases . At both December 31, 2023 and 2022, no material balances of our finance receivables were past due. Other than the lease extensions noted above under Net Investments in Direct Financing Leases , there were no material modifications of finance receivables during the year ended December 31, 2023. 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. A summary of our finance receivables by internal credit quality rating, excluding our 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 2023 2022 2023 2022 1 – 3 18 19 $ 1,338,877 $ 664,761 4 8 8 215,953 117,833 5 — — — — $ 1,554,830 $ 782,594 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill And Intangible Assets Liabilities Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year 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 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. Net lease intangibles recorded in connection with property acquisitions during the year ended December 31, 2023 are described in Note 6 . In connection with certain business combinations, including the CPA:18 Merger ( Note 4 ), 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, 2021 $ 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 Acquisition of CPA:18 – Global ( Note 4 ) 172,346 — 172,346 Foreign currency translation adjustments (7,129) — (7,129) Impairment charges ( Note 10 ) — (29,334) (29,334) Balance at December 31, 2022 1,037,412 — 1,037,412 Allocation of goodwill distributed to NLOP ( Note 3 ) (61,737) — (61,737) Foreign currency translation adjustments 2,614 — 2,614 Balance at December 31, 2023 $ 978,289 $ — $ 978,289 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 (i) our annual test for impairment in October 2023 and (ii) a test for impairment in connection with the Spin-Off in November 2023, for goodwill recorded in our Real Estate segment and found no impairment indicated. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2023 2022 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 $ 20,745 $ (19,569) $ 1,176 $ 19,812 $ (19,144) $ 668 20,745 (19,569) 1,176 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,168,739 (934,138) 1,234,601 2,523,318 (1,061,235) 1,462,083 Above-market rent 706,773 (481,554) 225,219 833,751 (507,436) 326,315 2,875,512 (1,415,692) 1,459,820 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 978,289 — 978,289 1,037,412 — 1,037,412 Total intangible assets $ 3,874,546 $ (1,435,261) $ 2,439,285 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (203,413) $ 66,541 $ (136,872) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (203,413) $ 66,541 $ (136,872) $ (309,871) $ 125,287 $ (184,584) During 2023, the U.S. dollar weakened against the euro, resulting in an increase of $18.8 million in the carrying value of our net intangible assets from December 31, 2022 to December 31, 2023. See Note 3 for a description of intangible assets and liabilities derecognized in connection with the Spin-Off. See Note 7 for a description of intangible assets and liabilities reclassified to net investments in sales-type leases during the year ended December 31, 2023. Net amortization of intangibles, including the effect of foreign currency translation, was $247.5 million, $229.2 million, and $236.6 million for the years ended December 31, 2023, 2022, and 2021, 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 and in-place lease intangibles is included in Depreciation and amortization. Based on the intangible assets and liabilities recorded at December 31, 2023, 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 2024 $ 22,580 $ 131,143 $ 153,723 2025 19,957 117,599 137,556 2026 15,918 107,938 123,856 2027 12,654 102,445 115,099 2028 11,470 92,572 104,042 Thereafter 5,768 684,080 689,848 Total $ 88,347 $ 1,235,777 $ 1,324,124 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments We own interests in certain unconsolidated real estate investments with third parties and in the Managed Programs. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences) or at fair value by electing the equity method fair value option available under GAAP. We classify distributions received from equity method investments using the cumulative earnings approach. 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. Interests in Unconsolidated Real Estate Investments We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. Operating results of our unconsolidated real estate investments are included in the Real Estate segment. The following table sets forth our ownership interests in our equity method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands): Ownership Interest at Carrying Value at December 31, Lessee/Fund/Description Co-owner December 31, 2023 2023 2022 Las Vegas Retail Complex (a) Third Party N/A $ 235,979 $ 196,352 Johnson Self Storage Third Party 90% 63,934 65,707 Kesko Senukai (b) Third Party 70% 28,860 38,569 Harmon Retail Corner (c) Third Party 15% 24,229 24,649 $ 353,002 $ 325,277 __________ (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) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. We received aggregate distributions of $29.1 million, $27.8 million, and $18.6 million from our unconsolidated real estate investments for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, the aggregate unamortized basis differences on our unconsolidated real estate investments were $18.0 million and $19.1 million, respectively. Las Vegas Retail Complex On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million for a retail complex in Las Vegas, Nevada, at an interest rate of 6.0% and term of 36 months. Through December 31, 2023, we funded $231.4 million, with the remaining amount expected to be funded in 2024. 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 . Equity income from this investment was $12.8 million and $10.1 million for the years ended December 31, 2023 and 2022, respectively, which was recognized within Earnings (losses) from equity method investments in our consolidated statements of income. 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. CPA:18 – Global — We received distributions from this investment during the years ended December 31, 2022 and 2021 of $1.6 million and $3.5 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2022 and 2021 of $8.7 million and $7.3 million, respectively ( Note 5 ). CESH — We have elected to account for our investment in 2.43% of 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, 2023 is based on the estimated fair value of our investment as of September 30, 2023. The carrying amount of our investment in CESH was $1.3 million and $2.2 million as of December 31, 2023 and 2022, respectively. We received distributions from this investment during the years ended December 31, 2023, 2022, and 2021 of $1.2 million, $1.2 million, and $1.3 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
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 11 ). 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 9 ). 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, 2022 and 2021, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics totaling $38.6 million and $76.3 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, 2022, we received cash dividends of $4.3 million from our investment in shares of Lineage Logistics, which was recorded within Non-operating income in the consolidated financial statements. The fair value of this investment was $404.9 million at both December 31, 2023 and 2022. 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, 2023, we received liquidating distributions from our investment in shares of GCIF totaling $1.0 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). The fair value of our investment in shares of GCIF was $0.8 million and $1.7 million at December 31, 2023 and 2022, respectively. Investment in Preferred Shares of WLT — 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). 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. In January 2022, in connection with this redemption, we reclassified this $18.7 million unrealized gain from Accumulated other comprehensive loss to Other gains and (losses) in the consolidated financial statements ( Note 14 ). During the year ended December 31, 2022, we received cash dividends of $0.9 million from our investment in preferred shares of WLT, which was recorded within Non-operating income in the consolidated financial statements. Investment in Common Shares of WLT — In January 2022, we reclassified our investment in 12,208,243 shares of common stock of WLT from equity method investments to equity securities, since we no longer had significant influence over WLT, following the redemption of our investment in preferred shares of WLT, as described above. As a result, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 3 because it is not traded in an active market. We recognized non-cash unrealized gains of $49.2 million on our investment in shares of common stock of WLT during the year ended December 31, 2022, reflecting the most recently published net asset value of WLT, which was recorded within Other gains and (losses) in the consolidated financial statements. WLT completed its previously announced sale to private real estate funds in October 2022 and we received $82.6 million in cash proceeds. Upon completion of this transaction, we have no remaining interest in WLT. 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, 2023 or 2022. 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, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 6,035,686 $ 5,598,423 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 579,147 572,553 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 12 ) includes unamortized deferred financing costs of $21.0 million and $25.9 million at December 31, 2023 and 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at both December 31, 2023 and 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.1 million and $24.1 million at December 31, 2023 and 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.3 million and $10.3 million at December 31, 2023 and 2022, respectively. (c) For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes ( Note 12 )), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category. (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 12 ), but excluding finance receivables ( Note 7 ), had fair values that approximated their carrying values at both December 31, 2023 and 2022. 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, including investments impacted by the Spin-Off and Office Sale Program ( Note 1 ). 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, 2023 2022 2021 Fair Value Impairment Fair Value Impairment Fair Value Impairment Impairment Charges Real estate and intangibles $ 1,182,551 $ 86,411 $ 32,497 $ 39,119 $ 29,494 $ 24,246 Investment Management goodwill — — — 29,334 — — Equity method investments — — — — 8,175 6,830 $ 86,411 $ 68,453 $ 31,076 Impairment charges, and their related triggering events and fair value measurements, recognized during 2023, 2022, and 2021 were as follows: Real Estate and Intangibles The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income. 2023 — During the year ended December 31, 2023, we recorded an impairment charge of $47.3 million related to the 59 properties that were contributed to NLOP in the Spin-Off ( Note 3 ). The fair value measurements for certain of these properties were determined by estimating discounted cash flows using the following unobservable inputs: • Market rents ranging from $6 per square foot to $65 per square foot; • Cash flow discount rates ranging from 6.5% to 12.0%; and • Terminal capitalization rates ranging from 5.5% to 12.0%. Additionally, the fair value measurements for certain of these properties approximated their estimated selling prices. The fair value measurements for the non-recourse mortgages encumbering certain of the properties that were contributed to NLOP were determined 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. In addition, during the year ended December 31, 2023, we recognized impairment charges totaling $39.1 million on three office properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. We sold one of these properties in October 2023. 2022 — During the year ended December 31, 2022, we recognized impairment charges totaling $39.1 million on 11 properties in order to reduce their carrying values to their estimated fair values, as follows: • $12.4 million on three properties based on their estimated selling prices; we sold one of these properties in August 2022, one in March 2023, and one in January 2024 ( Note 19 ); • $10.9 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2023. The fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (14.0%) and terminal capitalization rate (11.0%); we sold this property in November 2023; • $9.3 million on six Pendragon PLC properties in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for the properties were determined using a direct capitalization rate analysis; the capitalization rate for the various scenarios ranged from 4.75% to 10.00%. In March 2022, we entered into a transaction to restructure certain leases with Pendragon PLC (a tenant at certain automotive dealerships in the United Kingdom). Under this restructuring, we extended the leases on 30 properties by 11 years (no change to rent) and entered into an agreement to dispose of 12 properties, with the tenant continuing to pay rent until the earlier of sale date or certain specified dates over the following 12 months; four of these properties were sold during 2022; and • $6.5 million on a property due to a potential property vacancy. 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 former 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); we sold this property in September 2022; 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; we sold this property in March 2023. Investment Management Goodwill The impairment charges described below are reflected within Impairment charges — Investment Management goodwill in our consolidated statements of income. 2022 — During the year ended December 31, 2022, we recognized an impairment charge of $29.3 million on goodwill within our Investment Management segment in order to reduce its carrying value to its estimated fair value of $0, since future Investment Management cash flows are expected to be minimal following the CPA:18 Merger ( Note 4 ). Equity Method Investments The other-than-temporary impairment charges described below are reflected within Earnings (losses) from equity method investments in our consolidated statements of income. 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%). |
Risk Management and Use of Deri
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 12 ) 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, and other securities, 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, 2023 and 2022, 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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 14,103 $ 32,631 $ — $ — Interest rate swaps Other assets, net 995 2,679 — — Interest rate cap Other assets, net — 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (4,029) (1,445) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,678) — 15,098 35,324 (5,707) (1,445) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net — 3,950 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (217) (248) — 3,950 (217) (248) Total derivatives $ 15,098 $ 39,274 $ (5,924) $ (1,693) 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 2023 2022 2021 Foreign currency collars $ (21,112) $ 13,013 $ 29,805 Interest rate swaps (3,270) 3,068 4,198 Interest rate caps (9) 16 6 Total $ (24,391) $ 16,097 $ 34,009 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, 2023 2022 2021 Foreign currency collars Non-operating income $ 14,874 $ 17,483 $ 854 Interest rate swaps and caps (b) Interest expense 1,956 (167) (932) Total $ 16,830 $ 17,316 $ (78) __________ (a) Excludes net losses of $2.0 million, net gains of $3.6 million, and net gains of $1.3 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2023, 2022, and 2021, respectively. (b) 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 12 ). 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, 2023, we estimate that an additional $0.9 million and $7.1 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 in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2023 2022 2021 Interest rate swaps Interest expense $ (2,076) $ 171 $ 1,592 Foreign currency collars Non-operating income (389) 6,574 1,503 Derivatives Not in Cash Flow Hedging Relationships Stock warrants Other gains and (losses) (3,950) (650) (1,200) Foreign currency collars Other gains and (losses) 32 (248) — Total $ (6,383) $ 5,847 $ 1,895 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 have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans ( Note 12 ), 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, 2023 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 4 513,092 EUR $ (1,411) Interest rate swaps 4 31,011 USD 728 $ (683) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2023, 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 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 59 months or less. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 63 288,000 EUR $ 8,458 Foreign currency collars 41 26,500 GBP 1,616 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 4 20,000 EUR (217) $ 9,857 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, 2023. At December 31, 2023, our total credit exposure and the maximum exposure to any single counterparty was $10.3 million and $2.6 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, 2023, 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 $5.9 million and $1.7 million at December 31, 2023 and 2022, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2023 or 2022, we could have been required to settle our obligations under these agreements at their aggregate termination value of $6.0 million and $1.7 million, respectively. Net Investment Hedges Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 12 ) 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 (losses) gains related to non-derivative net investment hedges were $(121.8) million, $214.3 million, and $255.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Term Loan Agreement On April 24, 2023, we entered into a €500.0 million unsecured term loan maturing on April 24, 2026 (our “Unsecured Term Loan due 2026”), comprised of (i) a €300.0 million term loan (our “Term Loan due 2026”) and (ii) a €200.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2026”), which was drawn in full at closing. The Unsecured Term Loan due 2026 borrowing rate pursuant to the credit agreement is 85 basis points over EURIBOR, based on our credit ratings of BBB+ and Baa1. In conjunction with the closing of the Unsecured Term Loan due 2026, we executed variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through the end of 2024, in the absence of any change to our credit ratings from their current levels of BBB+ and Baa1 ( Note 11 ). The Unsecured Term Loan due 2026 was incorporated into the Senior Unsecured Credit Facility in December 2023. Senior Unsecured Credit Facility In January 2023, we entered into a Third Amendment to the credit agreement to transition from LIBOR to SOFR ( Note 2 ). On December 14, 2023, we amended and restated our multi-currency Senior Unsecured Credit Facility to (i) increase the capacity of our unsecured revolving credit facility (our “Unsecured Revolving Credit Facility”) from $1.8 billion to $2.0 billion and extend the maturity of this facility by four years to February 14, 2029, and (ii) refinance our £270.0 million term loan (our “GBP Term Loan due 2028”) and our €215.0 million term loan (our “EUR Term Loan due 2028”) by extending the maturity date of each term loan by three years to February 14, 2028, with an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2026 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.” As of December 31, 2023, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement. At December 31, 2023, our Unsecured Revolving Credit Facility had available capacity of approximately $1.6 billion (net of amounts reserved for standby letters of credit totaling $6.5 million). We incur an annual facility fee of 0.15% of the total commitment on our Unsecured Revolving Credit Facility based on our credit ratings of BBB+ and Baa1, 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): Senior Unsecured Credit Facility Interest Rate at December 31, 2023 (a) Maturity Date at December 31, 2023 Principal Outstanding Balance at 2023 2022 Unsecured Term Loans: (b) Unsecured Term Loan due 2026 — borrowing in euros (c) 4.34% 4/24/2026 $ 552,500 $ — GBP Term Loan due 2028 — borrowing in British pounds sterling (d) SONIA + 0.85% 2/14/2028 343,306 324,695 EUR Term Loan due 2028 — borrowing in euros (e) EURIBOR + 0.85% 2/14/2028 237,575 229,319 1,133,381 554,014 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.775% 2/14/2029 386,750 258,117 Borrowing in Japanese yen (f) TIBOR + 0.775% 2/14/2029 17,035 18,275 403,785 276,392 $ 1,537,166 $ 830,406 __________ (a) The applicable interest rate at December 31, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) Balances exclude unamortized discount of $7.4 million and $1.5 million at December 31, 2023 and 2022, respectively, and unamortized deferred financing costs of $0.4 million at December 31, 2023. (c) Interest rate is subject to variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through December 31, 2024. (d) SONIA means Sterling Overnight Index Average. (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 $6.1 billion at December 31, 2023 (the “Senior Unsecured Notes”). We redeemed the €500.0 million of 2.0% Senior Notes due 2023 in March 2021. In connection with this redemption, we paid a “make-whole” amount of $26.2 million (based on the exchange rate of the euro as of the date of redemption) and recognized a loss on extinguishment of $28.2 million, which is included within Other gains and (losses) on our consolidated statements of income for the year ended December 31, 2021. Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. 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, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2023 2022 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 552,500 533,300 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.25% Senior Notes due 2026 10/9/2018 € 500,000 2.25 % 4/9/2026 552,500 533,300 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 552,500 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 552,500 533,300 3.85% Senior Notes due 2029 6/14/2019 $ 325,000 3.85 % 7/15/2029 325,000 325,000 3.41% Senior Notes due 2029 9/28/2022 € 150,000 3.41 % 9/28/2029 165,750 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 580,125 559,965 2.4% Senior Notes due 2031 10/14/2020 $ 500,000 2.4 % 2/1/2031 500,000 500,000 2.45% Senior Notes due 2032 10/15/2021 $ 350,000 2.45 % 2/1/2032 350,000 350,000 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 221,000 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 6,076,875 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $21.1 million and $25.9 million, and unamortized discount totaling $20.1 million and $24.1 million at December 31, 2023 and 2022, respectively. Covenants The credit agreements for our Senior Unsecured Credit Facility, 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 for our Senior Unsecured Credit Facility 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, 2023. We may make unlimited Restricted Payments (as defined in the credit agreement for our Senior Unsecured Credit Facility), 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 for our Senior Unsecured Credit Facility, 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, 2023, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.6% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.5% and 5.6%, respectively), with maturity dates ranging from January 2024 to April 2039. See Note 3 for a description of non-recourse mortgages derecognized in connection with the Spin-Off. CPA:18 Merger In connection with the CPA:18 Merger on August 1, 2022 ( Note 4 ), we assumed property-level debt comprised of non-recourse mortgage loans with fair values totaling $900.2 million and recorded an aggregate fair market value net discount of $13.1 million. The fair market value net discount will be amortized to interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 5.1% on the merger date. Repayments During 2023 During the year ended December 31, 2023, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $268.1 million, and (ii) prepaid non-recourse mortgage loans totaling $99.8 million. We recognized an aggregate net loss on extinguishment of debt of $3.5 million on these repayments, 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 4.9%. Repayments During 2022 During the year ended December 31, 2022, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $104.7 million and (ii) prepaid non-recourse mortgage loans totaling $10.4 million. We recognized an aggregate net loss on extinguishment of debt of $1.3 million on these repayments, 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 4.4%. Interest Paid For the years ended December 31, 2023, 2022, and 2021, interest paid was $269.7 million, $191.0 million, and $190.8 million, respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2023, the U.S. dollar weakened against the euro, resulting in an increase of $161.4 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2022 to December 31, 2023. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2023 are as follows (in thousands): Years Ending December 31, Total 2024 $ 1,278,749 2025 707,259 2026 1,547,876 2027 553,168 2028 1,134,088 Thereafter through 2039 2,976,345 Total principal payments 8,197,485 Unamortized discount, net (31,817) Unamortized deferred financing costs (21,486) Total $ 8,144,182 Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At December 31, 2023, 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, 2023 | |
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, 2023 2022 2021 Ordinary income $ 3.8233 $ 4.0329 $ 3.3300 Return of capital 0.8671 0.1718 0.5407 Capital gains 0.3443 0.0273 0.3253 Total dividends paid (a) $ 5.0347 $ 4.2320 $ 4.1960 __________ (a) Amount for the year ended December 31, 2023 includes a distribution of $0.7627 per share representing the taxable distribution of shares of NLOP that occurred in conjunction with the Spin-Off on November 1, 2023 ( Note 3 ). The per share distribution rate is based on the exchange ratio of one share of NLOP distributed for every 15 shares of WPC held and the fair market value of NLOP shares distributed in the Spin-Off, which was determined to be $11.44 per NLOP share, using a three-day volume weighted average price. During the fourth quarter of 2023, our Board declared a quarterly dividend of $0.860 per share, which was paid on January 16, 2024 to stockholders of record as of December 29, 2023. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands) : Years Ended December 31, 2023 2022 2021 Net income – basic and diluted $ 708,334 $ 599,139 $ 409,988 Weighted-average shares outstanding – basic 215,369,777 199,633,802 182,486,476 Effect of dilutive securities 390,719 793,322 640,622 Weighted-average shares outstanding – diluted 215,760,496 200,427,124 183,127,098 For the years ended December 31, 2023, 2022, and 2021, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant. Acquisitions of Noncontrolling Interests On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the year ended December 31, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. On July 18, 2023, we acquired the remaining 10% interest in a domestic jointly owned investment (which we already consolidated) from the noncontrolling interest holders for $2.4 million, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an adjustment of approximately $2.5 million to Additional paid-in capital in our consolidated statements of equity for the three and year ended December 31, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. ATM Program On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on August 9, 2019. The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands): Years Ended December 31, 2023 2022 2021 Shares of common stock issued — 2,740,295 4,690,073 Weighted-average price per share $ — $ 80.79 $ 73.42 Net proceeds $ — $ 218,081 $ 339,968 Forward Equity We settled the ATM Forwards in full prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. The forward sale price that we received upon physical settlement of the ATM Forwards was (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards. We determined that our ATM Forwards met the criteria for equity classification and were therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. 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 (the “Equity Forwards”). 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 settled all of our Equity Forwards during the reporting period. The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Years Ended December 31, 2023 2022 2021 Shares of common stock delivered 7,826,840 3,925,000 9,798,209 Net proceeds $ 633,785 $ 284,259 $ 697,044 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, 2021 $ (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) Other comprehensive loss before reclassifications 37,048 (63,149) — (26,101) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (17,483) — — (17,483) Interest expense 167 — — 167 Other gains and (losses) ( Note 10 ) — — (18,688) (18,688) Total (17,316) — (18,688) (36,004) Net current period other comprehensive loss 19,732 (63,149) (18,688) (62,105) Net current period other comprehensive income attributable to noncontrolling interests — (5) — (5) Balance at December 31, 2022 36,079 (319,859) — (283,780) Other comprehensive income before reclassifications (9,599) 19,758 — 10,159 Other comprehensive income derecognized in connection with the Spin-Off ( N ote 3 ) — 35,664 — 35,664 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (14,874) — — (14,874) Interest expense (1,956) — — (1,956) Total (16,830) — — (16,830) Net current period other comprehensive income (26,429) 55,422 — 28,993 Net current period other comprehensive income attributable to noncontrolling interests — (80) — (80) Balance at December 31, 2023 $ 9,650 $ (264,517) $ — $ (254,867) See Note 11 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented. |
Stock-Based and Other Compensat
Stock-Based and Other Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based and Other Compensation | Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2023, we maintained the stock-based compensation plans described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $34.5 million, $32.8 million, and $24.9 million for the years ended December 31, 2023, 2022, and 2021, respectively, which was included in Stock-based compensation expense in the consolidated financial statements. The tax (expense) benefit recognized by us related to these awards totaled $(4.3) million and $0.8 million for the years ended December 31, 2022 and 2021, respectively. No such benefit was recorded during the year ended December 31, 2023. The tax (expenses) benefits for the years ended December 31, 2022 and 2021 were reflected as a deferred tax (expense) benefit within Provision for income taxes in the consolidated financial statements. 2017 Share Incentive Plan We maintain the 2017 Share Incentive Plan, which authorizes the issuance of up to 4,000,000 shares of our common stock. The 2017 Share Incentive Plan provides for the grant of various stock- and cash-based awards, including (i) share options, (ii) RSUs, (iii) PSUs, (iv) RSAs, and (v) dividend equivalent rights. At December 31, 2023, 1,646,877 shares remained available for issuance under the 2017 Share Incentive Plan, which is more fully described in the 2019 Annual Report. Nonvested RSAs, RSUs, and PSUs at December 31, 2023 and changes during the years ended December 31, 2023 , 2022, and 2021 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, 2021 260,977 $ 74.75 262,013 $ 88.99 Granted 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 306,994 71.21 398,255 86.86 Granted 235,348 80.28 144,311 104.97 Vested (a) (154,028) 72.80 (165,615) 92.16 Forfeited (12,016) 75.93 (4,262) 98.26 Adjustment (b) — — 159,092 80.90 Nonvested at December 31, 2022 376,298 74.78 531,781 89.14 Granted (c) 260,193 82.43 150,989 144.54 Vested (a) (173,883) 76.50 (218,147) 104.65 Forfeited (3,581) 82.58 (3,487) 107.72 Adjustment (b) (11,669) 80.75 65,277 113.99 Nonvested at December 31, 2023 (d) 447,358 $ 77.69 526,413 $ 105.92 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2023, 2022, and 2021 was $36.1 million, $26.5 million, and $21.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2023 and 2022, we had an obligation to issue 1,196,955 and 1,181,947 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $62.0 million and $57.0 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 a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2023, we used a risk-free interest rate of 3.8%, an expected volatility rate of 38.2%, and assumed a dividend yield of zero. (d) At December 31, 2023, total unrecognized compensation expense related to these awards was approximately $41.9 million, with an aggregate weighted-average remaining term of 1.9 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. In connection with the Spin-Off ( Note 3 ), each RSU and PSU outstanding at November 1, 2023 received an equitable adjustment equal to the ratio of the five-day volume weighted average per-share price of our common stock prior to the Spin-Off divided by the five-day volume weighted average per-share of our common stock following the Spin-Off. Concurrently, our Board approved amending the performance vesting conditions assigned to the 2021 and 2022 PSU outstanding awards. The equitable adjustment and the amended performance vesting conditions were considered modifications in accordance with the provisions of ASC 718, Compensation-Stock Compensation . As a result, we compared the fair value of each award immediately prior to the modification to the fair value immediately after the modification to measure incremental compensation cost, if any. The modification resulted in minimal incremental fair value. The table above is inclusive of these adjustments. 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, 2023, 2022, and 2021 was less than $0.1 million. Cash received from purchases under the ESPP during the years ended December 31, 2023, 2022, and 2021 was $0.3 million, $0.2 million, and $0.3 million, respectively. 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 2023, 2022, and 2021, 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 $33,000 for 2023, $30,500 for 2022, and $29,000 for 2021. For the years ended December 31, 2023, 2022, and 2021, amounts expensed for contributions to the trust were $2.6 million, $2.3 million, and $2.2 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, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Provision The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2023 2022 2021 Federal Current $ (291) $ 5,329 $ (405) Deferred — 13 17 (291) 5,342 (388) State and Local Current 3,456 3,388 3,008 Deferred — — (30) 3,456 3,388 2,978 Foreign Current 41,085 27,077 30,599 Deferred (198) (8,083) (4,703) 40,887 18,994 25,896 Total Provision for Income Taxes $ 44,052 $ 27,724 $ 28,486 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Pre-tax income attributable to taxable subsidiaries (a) $ 73,669 $ 55,604 $ 37,861 Federal provision at statutory tax rate (21%) $ 15,471 $ 11,677 $ 7,951 Change in valuation allowance 9,970 8,082 13,178 State and local taxes, net of federal benefit 3,517 2,920 2,713 Non-deductible expense 3,201 6,972 3,148 Rate differential 1,357 (387) (232) Windfall tax benefit — (1,896) (1,375) Other 10,536 356 3,103 Total provision for income taxes $ 44,052 $ 27,724 $ 28,486 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2022 includes taxable income, recognized in connection with the CPA:18 Merger, associated with the accelerated vesting of shares previously issued by CPA:18 – Global to us for asset management services performed. Deferred Income Taxes Deferred income taxes at December 31, 2023 and 2022 consist of the following (in thousands): December 31, 2023 2022 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 52,375 $ 63,454 Basis differences — foreign investments 35,553 62,099 Unearned and deferred compensation — 643 Other 1,017 1,242 Total deferred tax assets 88,945 127,438 Valuation allowance (69,800) (106,185) Net deferred tax assets 19,145 21,253 Deferred Tax Liabilities Basis differences — foreign investments (181,277) (179,761) Total deferred tax liabilities (181,277) (179,761) Net Deferred Tax Liability $ (162,132) $ (158,508) 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; 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:18 Merger, and thus could not be applied to reduce future income tax liabilities. As of December 31, 2023, U.S. federal and state net operating loss carryforwards were $17.3 million and $11.3 million, respectively, which will begin to expire in 2033. As of December 31, 2023, net operating loss carryforwards in foreign jurisdictions were $70.2 million, which will begin to expire in 2024. 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 $18.5 million and $20.5 million at December 31, 2023 and 2022, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $180.7 million and $179.0 million at December 31, 2023 and 2022, 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, 2023 2022 Beginning balance $ 6,218 $ 5,994 Decrease due to lapse in statute of limitations (1,622) (2,847) Addition based on tax positions related to the prior year 369 543 Foreign currency translation adjustments 221 (407) Decrease due to Spin-Off (117) — Addition based on tax positions related to the current year 43 241 Increase due to CPA:18 Merger — 2,694 Ending balance $ 5,112 $ 6,218 At December 31, 2023 and 2022, 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, 2023 and 2022, we had approximately $1.3 million and $1.6 million, respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $38.6 million, $42.6 million, and $44.3 million for the years ended December 31, 2023, 2022, and 2021, 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 Prior to the CPA:18 Merger, we conducted our investment management services in our Investment Management segment through TRSs. Our use of TRSs enabled us to engage in certain businesses while complying with the REIT qualification requirements and also allowed 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 were also subject to taxation. 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 2018 through 2022 or any ongoing audits remain open to adjustment in the major tax jurisdictions. |
Property Dispositions
Property Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | NLOP Spin-Off Spin-Off On November 1, 2023, we completed the Spin-Off of 59 office properties into NLOP ( Note 1 ). The Spin-Off was accomplished via a pro rata dividend of one NLOP common share for every 15 shares of WPC common stock outstanding. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, for which we serve as advisor pursuant to the NLOP Advisory Agreements executed in connection with the Spin-Off, as described below in further detail. On the date of the Spin-Off, NLOP’s portfolio of 59 office properties totaled approximately 9.3 million leasable square feet (including 0.6 million of operating square footage for a parking garage at a domestic property) (unaudited) primarily leased to 62 corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the United States, with the balance in Europe. NLOP’s portfolio generated ABR totaling approximately $145 million as of September 30, 2023. We also derecognized non-recourse mortgages encumbering ten properties totaling $164.7 million. The following table summarizes assets, liabilities, and equity derecognized in connection with the Spin-Off (in thousands): Assets Investments in real estate: Land, buildings and improvements — net lease and other $ 1,299,400 In-place lease and other intangible assets 373,631 Above-market rent intangible assets 58,426 Investments in real estate 1,731,457 Accumulated depreciation and amortization (454,768) Net investments in real estate 1,276,689 Cash and cash equivalents and restricted cash 9,141 Other assets, net (excluding restricted cash) 70,472 Goodwill ( Note 8 ) 61,737 Less: impairment charges ( Note 10 ) (47,282) Total assets $ 1,370,757 Liabilities and Equity Non-recourse mortgages, net $ 164,743 Accounts payable, accrued expenses and other liabilities 54,199 Below-market rent and other intangible liabilities 11,799 Deferred income taxes 9,718 Total liabilities 240,459 Distributions in excess of accumulated earnings 229,712 Accumulated other comprehensive loss (35,664) Noncontrolling interests 4,406 Total equity 198,454 Total liabilities and equity $ 438,913 The following table summarizes the impact to the components of Total equity in connection with the Spin-Off (in thousands): Impact to Total Equity Total assets derecognized (excluding cash and cash equivalents and restricted cash) $ (1,361,616) Total liabilities derecognized 240,459 Net assets derecognized (1,121,157) Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described below under “Debt Facility”) 343,885 Impact to Total equity $ (777,272) Impact to Components of Total Equity Distributions in excess of accumulated earnings derecognized $ (229,712) Accumulated other comprehensive income derecognized 35,664 Noncontrolling interests derecognized (4,406) Reduction to Additional paid-in capital (578,818) Impact to Total equity $ (777,272) NLOP Agreements Pursuant to the NLOP Advisory Agreements, which we entered into on November 1, 2023, we provide NLOP with strategic management services, including asset management, property disposition support, and various related services. NLOP will pay us an asset management fee of approximately $7.5 million annually, which will be proportionately reduced following the disposition of a portfolio property. Such fees are included in Asset management revenue on our consolidated statements of income. In addition, NLOP will reimburse us a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters. Such amounts are included in Other advisory income and reimbursements on our consolidated statements of income. On October 31, 2023, we entered into a Separation and Distribution Agreement, which set forth the various individual transactions to be consummated that comprised the Separation and the Distribution, including the assets transferred to and liabilities assumed by NLOP. On October 31, 2023, we also entered into a Tax Matters Agreement, which governs the respective rights, responsibilities, and obligations of us and NLOP after the Distribution, with respect to tax liabilities and benefits, the preparation and filing of tax returns, the control of audits and other tax proceedings, tax covenants, tax indemnification, cooperation, and information sharing. Debt Facility In September 2023, NLOP entered into a new $455 million debt facility, which was executed by NLOP and funded upon the closing of the Spin-Off on November 1, 2023 (the “NLOP Financing Arrangements”). Approximately $343.9 million of this amount (net of (i) transaction expenses and (ii) cash and cash equivalents and restricted cash derecognized) was retained by us in connection with the Spin-Off. Spin-Off Costs In connection with the Spin-Off, we have incurred approximately $61.6 million in total costs, comprised of (i) $10.0 million of advisory fees, which is included in Merger and other expenses on our consolidated statements of income ($4.9 million of such fees were recognized during 2022 and $5.1 million were recognized during the year ended December 31, 2023); and (ii) $51.6 million of additional Spin-Off related costs (including $14.4 million of financing costs incurred in connection with the NLOP Financing Arrangements), which were reimbursed to us by NLOP in connection with the Spin-Off. 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 or, in certain instances, when we sell a property back to the tenant. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. In addition, we implemented the Office Sale Program in September 2023, which is targeted to be completed in the first half of 2024 ( Note 1 ). All property dispositions are recorded within our Real Estate segment and are also discussed in Note 6 . These dispositions exclude properties contributed to NLOP in the Spin-Off ( Note 3 ). 2023 — During the year ended December 31, 2023, we sold 31 properties for total proceeds, net of selling costs, of $446.4 million, and recognized a net gain on these sales totaling $80.7 million (inclusive of income taxes totaling $1.6 million recognized upon sale). Eight of the properties sold during 2023 were hotel operating properties. This disposition activity includes the sale of eight properties under the Office Sale Program for total proceeds, net of selling costs, of $216.9 million, resulting in a net gain on these sales totaling $3.6 million. 2022 — During the year ended December 31, 2022, we sold 23 properties for total proceeds, net of selling costs, of $234.7 million, and recognized a net gain on these sales totaling $43.5 million (inclusive of income taxes totaling $5.3 million recognized upon sale). This disposition activity included two properties acquired in the CPA:18 Merger, one of which was classified as assets held for sale and sold in August 2022 ( Note 4 ). 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). |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Revenues Lease revenues $ 1,427,376 $ 1,301,617 $ 1,177,438 Income from finance leases and loans receivable 107,173 74,266 67,555 Operating property revenues 180,257 59,230 13,478 Other lease-related income 23,333 32,988 53,655 1,738,139 1,468,101 1,312,126 Operating Expenses Depreciation and amortization 574,212 503,403 475,989 General and administrative 96,027 88,952 81,888 Operating property expenses 95,141 27,054 9,848 Impairment charges — real estate 86,411 39,119 24,246 Reimbursable tenant costs 81,939 73,622 62,417 Property expenses, excluding reimbursable tenant costs 44,451 50,753 47,898 Stock-based compensation expense 34,504 32,841 24,881 Merger and other expenses 4,954 19,384 (4,597) 1,017,639 835,128 722,570 Other Income and Expenses Gain on sale of real estate, net 315,984 43,476 40,425 Interest expense (291,852) (219,160) (196,831) Other gains and (losses) (36,427) 97,149 (13,676) Non-operating income 21,429 30,289 13,778 Earnings (losses) from equity method investments in real estate 19,575 16,221 (19,649) Gain on change in control of interests — 11,405 — 28,709 (20,620) (175,953) Income before income taxes 749,209 612,353 413,603 Provision for income taxes (44,442) (21,407) (28,703) Net Income from Real Estate 704,767 590,946 384,900 Net loss (income) attributable to noncontrolling interests 70 657 (134) Net Income from Real Estate Attributable to W. P. Carey $ 704,837 $ 591,603 $ 384,766 Investment Management Years Ended December 31, 2023 2022 2021 Revenues Asset management revenue $ 2,184 $ 8,467 $ 15,363 Other advisory income and reimbursements 667 — — Reimbursable costs from affiliates 368 2,518 4,035 3,219 10,985 19,398 Operating Expenses Reimbursable costs from affiliates 368 2,518 4,035 Impairment charges — Investment Management goodwill — 29,334 — Merger and other expenses — 3 51 368 31,855 4,086 Other Income and Expenses Other gains and (losses) 243 (1,111) 791 Non-operating income 13 20 82 Gain on change in control of interests — 22,526 — Earnings from equity method investments in the Managed Programs — 13,288 8,820 256 34,723 9,693 Income before income taxes 3,107 13,853 25,005 Benefit from (provision for) income taxes 390 (6,317) 217 Net Income from Investment Management Attributable to W. P. Carey $ 3,497 $ 7,536 $ 25,222 Total Company Years Ended December 31, 2023 2022 2021 Revenues $ 1,741,358 $ 1,479,086 $ 1,331,524 Operating expenses 1,018,007 866,983 726,656 Other income and expenses 28,965 14,103 (166,260) Provision for income taxes (44,052) (27,724) (28,486) Net loss (income) attributable to noncontrolling interests 70 657 (134) Net income attributable to W. P. Carey $ 708,334 $ 599,139 $ 409,988 Total Assets at December 31, 2023 2022 Real Estate $ 17,966,126 $ 18,077,155 Investment Management 10,657 24,880 Total Company $ 17,976,783 $ 18,102,035 Our portfolio is comprised of domestic and international investments. At December 31, 2023, our international investments within our Real Estate segment were comprised of investments in Poland, Germany, Spain, the Netherlands, the United Kingdom, Canada, Italy, France, Denmark, Croatia, Norway, Mexico, Finland, Belgium, Lithuania, Mauritius, Hungary, Slovakia, Portugal, the Czech Republic, Sweden, Austria, Japan, Latvia, and Estonia. No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2023, 2022, or 2021, or at least 10% of our total long-lived assets at December 31, 2023 or 2022. 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, 2023 2022 2021 Revenues Domestic $ 1,151,644 $ 985,763 $ 860,961 International 586,495 482,338 451,165 Total $ 1,738,139 $ 1,468,101 $ 1,312,126 December 31, 2023 2022 Long-lived Assets Domestic $ 9,049,540 $ 10,053,422 International 5,864,359 5,435,476 Total $ 14,913,899 $ 15,488,898 Equity Investments in Real Estate Domestic $ 324,142 $ 286,708 International 28,860 38,569 Total $ 353,002 $ 325,277 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisitions In January 2024, we completed two acquisitions totaling approximately $177.1 million. They are as follows: • $29.6 million for two properties, a supermarket and its associated gas station, in Doncaster, United Kingdom; and • $147.5 million for a portfolio of five industrial facilities in Italy. Dispositions Office Sale Program In January 2024, we sold 71 properties pursuant to the Office Sale Program for gross proceeds of $387.8 million, including a portfolio of 70 government office properties located in Spain ( Note 1 , Note 7 ). The other property was classified as held for sale as of December 31, 2023 ( Note 6 ). Net-Lease Self-Storage Dispositions In February 2024, we sold 16 net-lease self-storage properties leased to the same tenant for gross proceeds of $88.5 million. The remaining 62 properties in this portfolio are expected to be sold in multiple tranches during the first quarter of 2024 ( Note 7 ). Other Dispositions In January and February 2024, we sold three other properties for gross proceeds of $14.5 million. One of these properties was classified as held for sale as of December 31, 2023 ( Note 6 ). Dividend from our Investment in Shares of Lineage Logistics In January 2024, we received a cash dividend of $3.0 million from our investment in shares of Lineage Logistics ( Note 10 ). Mortgage Loan Repayments In February 2024, we repaid at maturity two non-recourse mortgage loans totaling approximately $60.1 million. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022, and 2021 (in thousands) Description Balance at Other Additions Deductions Balance at Year Ended December 31, 2023 Valuation reserve for deferred tax assets $ 106,185 $ 19,107 $ (55,492) $ 69,800 Year Ended December 31, 2022 Valuation reserve for deferred tax assets $ 108,812 $ 34,894 $ (37,521) $ 106,185 Year Ended December 31, 2021 Valuation reserve for deferred tax assets $ 86,069 $ 40,895 $ (18,152) $ 108,812 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 (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 Real Estate Subject to Operating Leases Industrial facilities in Erlanger, KY $ — $ 1,526 $ 21,427 $ 2,966 $ (84) $ 1,526 $ 24,309 $ 25,835 $ 15,989 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 3,814 1964; 1983 Jan. 1998 15 yrs. Warehouse facility in Commerce, CA — 4,905 11,898 — (3,043) 4,573 9,187 13,760 6,279 1948 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 650 1973 Jan. 1998 40 yrs. Industrial facilities in Sylmar, CA — 2,052 5,322 — (1,889) 1,494 3,991 5,485 2,603 1962; 1979 Jan. 1998 40 yrs. Retail facilities in the United States — 9,382 — 238 14,483 9,025 15,078 24,103 11,286 Various Jan. 1998 15 yrs. Land in Glendora, CA — 1,135 — — 17 1,152 — 1,152 — N/A Jan. 1998 N/A Warehouse facility in Doraville, GA — 3,288 9,864 17,079 (11,410) 3,288 15,533 18,821 3,308 2016 Jan. 1998 40 yrs. Warehouse facility in Corpus Christi, TX — 3,490 72,497 3,513 (77,927) 288 1,285 1,573 835 1989 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 17,537 1989 Jan. 1998 40 yrs. Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892) 328 1,929 2,257 1,700 1969 Jan. 1998 15 yrs. Industrial facility in Romulus, MI — 454 6,411 525 — 454 6,936 7,390 3,461 1970 Jan. 1998 10 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123) 4,371 11,836 16,207 7,425 1994 Apr. 1998 40 yrs. Industrial facility in Winston-Salem, NC — 1,860 12,539 3,075 (7,325) 925 9,224 10,149 6,051 1980 Sep. 2002 40 yrs. Warehouse facility in Greenfield, IN — 2,807 10,335 223 (8,383) 967 4,015 4,982 2,431 1995 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 1,195 (155) 337 11,920 12,257 5,155 1969 Sep. 2004 40 yrs. Land in San Leandro, CA — 1,532 — — — 1,532 — 1,532 — N/A Dec. 2006 N/A Retail facility in Austin, TX — 1,725 5,168 — — 1,725 5,168 6,893 3,098 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland — 3,600 10,306 — (3,913) 2,763 7,230 9,993 2,867 2007 Dec. 2007 40 yrs. Warehouse facility in Mallorca, Spain — 11,109 12,636 — (1,780) 10,257 11,708 21,965 3,973 2008 Jun. 2010 40 yrs. Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH — 4,403 20,298 — (3,870) 2,589 18,242 20,831 6,553 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Land in Irvine, CA — 4,173 — — — 4,173 — 4,173 — N/A Sep. 2012 N/A Industrial facility in Alpharetta, GA — 2,198 6,349 1,247 — 2,198 7,596 9,794 2,967 1997 Sep. 2012 30 yrs. Warehouse facility in St. Petersburg, FL — 3,280 24,627 4,675 (20,393) 1,814 10,375 12,189 3,794 1996 Sep. 2012 30 yrs. Retail facility in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 3,510 2003 Sep. 2012 30 yrs. Research and development facility in San Diego, CA — 7,804 16,729 5,939 (832) 7,804 21,836 29,640 8,476 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 734 1999 Sep. 2012 30 yrs. Warehouse facilities in the United States — 16,386 84,668 14,997 — 16,386 99,665 116,051 33,568 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 4,109 1948; 1989 Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 2,202 1974; 1989 Sep. 2012 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Industrial facility in Mooresville, NC — 756 9,775 — — 756 9,775 10,531 3,624 1997 Sep. 2012 30 yrs. Industrial facility in McCalla, AL — 960 14,472 42,662 (254) 2,076 55,764 57,840 14,475 2004 Sep. 2012 31 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 2,259 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY 617 — 19,990 — — — 19,990 19,990 7,252 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 3,061 1989; 1995 Sep. 2012 31 yrs. Education facility in Rancho Cucamonga, CA and laboratory facility in Exton, PA — 14,006 33,683 9,659 (20,142) 6,638 30,568 37,206 9,521 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 7,456 Various Sep. 2012 31 yrs. Industrial and warehouse facility in Mesquite, TX — 2,702 13,029 1,450 — 2,702 14,479 17,181 928 1972 Sep. 2012 31 yrs. Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY — 6,080 23,424 546 — 6,080 23,970 30,050 8,465 1990; 1994; 2000 Sep. 2012 31 yrs. Retail facility in Memphis, TN — 4,877 4,258 5,215 (2,353) 2,027 9,970 11,997 5,003 1990 Sep. 2012 31 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA 578 3,333 8,270 116 — 3,333 8,386 11,719 2,984 1989; 1996 Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 16,339 4,196 23,148 — — 4,196 23,148 27,344 7,787 2005 Sep. 2012 33 yrs. Laboratory facility in Pleasanton, CA — 3,675 7,468 14,855 — 3,675 22,323 25,998 2,809 2000 Sep. 2012 40 yrs. Office facility in Chicago, IL — 2,169 19,010 83 (72) 2,169 19,021 21,190 6,726 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 448 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 1,701 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783) 216 3,249 3,465 1,148 1997 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT — 2,183 11,340 2,254 — 2,183 13,594 15,777 4,572 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 (145) 478 4,087 4,565 1,444 1989 Sep. 2012 31 yrs. Specialty facility in Paris, France — 23,387 43,450 703 (9,432) 20,095 38,013 58,108 12,958 1975 Sep. 2012 32 yrs. Retail facilities in Poland — 26,564 72,866 — (14,035) 22,785 62,610 85,395 29,617 Various Sep. 2012 23 - 34 yrs. Industrial facilities in Danbury, CT and Bedford, MA — 3,519 16,329 43 — 3,519 16,372 19,891 6,157 1965; 1980 Sep. 2012 29 yrs. Industrial facility in Brownwood, TX — 722 6,268 — — 722 6,268 6,990 2,089 1964 Sep. 2012 15 yrs. Industrial facility in Rochester, MN — 809 14,236 3,351 — 809 17,587 18,396 1,198 1997 Sep. 2012 31 yrs. Office facility in Salford, United Kingdom — — 30,012 — (9,122) — 20,890 20,890 6,405 1997 Sep. 2013 40 yrs. Office facility in Mönchengladbach, Germany 27,300 2,154 6,917 50,626 (2,678) 2,122 54,897 57,019 11,162 2015 Dec. 2013 40 yrs. Retail facility in Houston, TX — 2,430 2,270 — — 2,430 2,270 4,700 1,004 1995 Jan. 2014 23 yrs. Retail facility in St. Charles, MO — 1,966 1,368 1,658 — 1,966 3,026 4,992 1,329 1987 Jan. 2014 27 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Aurora, CO — 737 2,609 — — 737 2,609 3,346 819 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 2,588 1999 Jan. 2014 26 yrs. Industrial facility in Albuquerque, NM — 2,467 3,476 715 — 2,467 4,191 6,658 1,609 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936) 4,388 6,903 11,291 2,616 1981 Jan. 2014 26 yrs. Industrial facility in Lexington, NC — 2,185 12,058 — (2,519) 494 11,230 11,724 4,012 2003 Jan. 2014 28 yrs. Industrial facility in Dallas, TX — 3,190 10,010 — — 3,190 10,010 13,200 451 1968 Jan. 2014 32 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 20,636 — 4,005 64,828 68,833 19,478 1911; 1967; 1982 Jan. 2014 24 yrs. Industrial facilities in Colton, CA; Bonner Springs, KS; Eagan, MN; and Dallas, TX — 8,451 25,457 — 11,200 8,451 36,657 45,108 9,183 Various Jan. 2014 17 - 34 yrs. Retail facility in Torrance, CA — 8,412 12,241 2,468 (77) 8,335 14,709 23,044 5,863 1973 Jan. 2014 25 yrs. Warehouse facility in Houston, TX — 6,578 424 560 — 6,578 984 7,562 733 1978 Jan. 2014 27 yrs. Warehouse facility in Norwich, CT — 3,885 21,342 — 2 3,885 21,344 25,229 7,492 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 3,394 2005 Jan. 2014 28 yrs. Warehouse facility in Whitehall, PA — 7,435 9,093 27,148 (9,545) 6,983 27,148 34,131 1,721 2021 Jan. 2014 40 yrs. Retail facility in York, PA — 3,776 10,092 — (6,413) 527 6,928 7,455 2,035 2005 Jan. 2014 34 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 — (3,219) 4,284 1,974 6,258 703 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 781 (111) 1,642 6,621 8,263 2,347 2000 Jan. 2014 26 yrs. Industrial facility in Chandler, AZ; and industrial and warehouse facility in Englewood, CO 857 4,306 7,235 — 3 4,306 7,238 11,544 2,372 1978; 1987 Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 510 1,274 3,505 525 (107) 1,274 3,923 5,197 1,407 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 1,299 1955; 1966; 1970 Jan. 2014 32 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 5,218 1962 Jan. 2014 23 yrs. Retail facility in Midlothian, VA — 2,824 16,618 — — 2,824 16,618 19,442 2,969 2000 Jan. 2014 40 yrs. Specialty facility in Laramie, WY — 1,966 18,896 — — 1,966 18,896 20,862 6,456 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 9,132 1996 Jan. 2014 23 yrs. Land in Sunnyvale, CA — 9,297 24,086 — (26,077) 7,306 — 7,306 — N/A Jan. 2014 N/A Industrial facilities in Hampton, NH — 8,990 7,362 — — 8,990 7,362 16,352 2,406 1976 Jan. 2014 30 yrs. Industrial facilities in France — 36,306 5,212 3,114 4,799 25,290 24,141 49,431 3,810 Various Jan. 2014 23 yrs. Retail facility in Lombard, IL — 5,087 8,578 — — 5,087 8,578 13,665 3,230 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN — 1,578 29,415 2,176 — 1,578 31,591 33,169 9,873 1997 Jan. 2014 30 yrs. Retail facility in Kennesaw, GA — 2,849 6,180 5,530 (76) 2,773 11,710 14,483 4,563 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS — 1,487 13,417 — — 1,487 13,417 14,904 5,051 1997 Jan. 2014 26 yrs. Industrial facility in Tolland, CT — 1,817 5,709 — 11 1,817 5,720 7,537 2,068 1968 Jan. 2014 28 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Warehouse facilities in Lincolnton, NC and Mauldin, SC — 1,962 9,247 — — 1,962 9,247 11,209 3,265 1988; 1996 Jan. 2014 28 yrs. Retail facilities in Germany — 81,109 153,927 10,510 (138,475) 27,233 79,838 107,071 26,426 Various Jan. 2014 Various Laboratory facility in The Woodlands, TX — 3,204 24,997 — — 3,204 24,997 28,201 7,868 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 6,064 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY 5,446 674 7,971 — — 674 7,971 8,645 3,526 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 6,650 1954; 1997 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands — 1,143 5,648 131 (1,276) 928 4,718 5,646 1,604 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 1,751 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ — 2,932 2,001 — 14 2,932 2,015 4,947 735 1966 Jan. 2014 27 yrs. Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 514 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 3,058 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 538 1950 Jan. 2014 27 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 — — 965 4,113 5,078 1,209 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 2,796 Various Jan. 2014 28 yrs. Industrial facility in Salisbury, NC — 1,499 8,185 — — 1,499 8,185 9,684 2,924 2000 Jan. 2014 28 yrs. Industrial facility in Twinsburg, OH — 2,831 10,565 386 (6,975) 1,293 5,514 6,807 2,000 1991 Jan. 2014 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (1,441) 1,560 6,219 7,779 1,974 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 5,658 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 913 2000 Jan. 2014 31 yrs. Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 1,196 1983; 2002 Jan. 2014 31 - 33 yrs. Specialty facility in Blairsville, PA — 1,631 23,163 — — 1,631 23,163 24,794 7,718 2005 Jan. 2014 33 yrs. Education facility in Mooresville, NC — 1,795 15,955 — — 1,795 15,955 17,750 1,465 2002 Jan. 2014 33 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 26,827 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facility in Muskogee, OK — 554 4,353 — (3,437) 158 1,312 1,470 397 1992 Jan. 2014 33 yrs. Industrial facility in Richmond, MO — 2,211 8,505 747 — 2,211 9,252 11,463 3,293 1996 Jan. 2014 28 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (3,105) 5,011 8,378 13,389 3,258 1975 Jan. 2014 26 yrs. Warehouse facility in Phoenix, AZ — 6,747 21,352 380 — 6,747 21,732 28,479 7,901 1996 Jan. 2014 28 yrs. Land in Calgary, Canada — 3,721 — — (582) 3,139 — 3,139 — N/A Jan. 2014 N/A SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Kearney, MO; York, NE; Walbridge, OH; Rocky Mount, VA; and Martinsburg, WV — 4,816 31,712 1,078 — 4,816 32,790 37,606 1,168 Various Jan. 2014 31 yrs. Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX — 955 4,779 — — 955 4,779 5,734 1,528 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 1,960 1,492 12,233 — — 1,492 12,233 13,725 3,923 1996 Jan. 2014 31 yrs. Warehouse facility in Carlsbad, CA — 3,230 5,492 158 — 3,230 5,650 8,880 2,309 1999 Jan. 2014 24 yrs. Retail facility in Pensacola, FL — 1,746 — — 5,181 1,746 5,181 6,927 516 2001 Jan. 2014 33 yrs. Retail facility in Port St. Lucie, FL — 4,654 2,576 — — 4,654 2,576 7,230 934 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 157 (925) 98 4,583 4,681 1,357 2000 Jan. 2014 32 yrs. Industrial facility in Monheim, Germany — 2,500 5,727 — (391) 2,386 5,450 7,836 385 1992 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 2,463 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 3,877 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 6,772 1996 Jan. 2014 16 yrs. Industrial facility in Mesa, AZ — 2,888 4,282 — — 2,888 4,282 7,170 1,558 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY — 3,486 11,413 — — 3,486 11,413 14,899 4,352 1981 Jan. 2014 26 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 2,185 1993 Jan. 2014 33 yrs. Warehouse facility in Elk Grove Village, IL — 4,037 7,865 — — 4,037 7,865 11,902 1,536 1980 Jan. 2014 22 yrs. Research and development facility in Washington, MI — 4,085 7,496 — — 4,085 7,496 11,581 2,269 1990 Jan. 2014 33 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 6,987 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA — — 13,715 — — — 13,715 13,715 4,070 2005 Jan. 2014 34 yrs. Industrial facility in Sankt Ingbert, Germany — 2,226 17,460 — 314 2,261 17,739 20,000 1,933 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 3,016 1969; 1974; 1984 Jan. 2014 27 yrs. Office facility in Tinton Falls, NJ — 1,958 7,993 725 — 1,958 8,718 10,676 2,780 2001 Jan. 2014 31 yrs. Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 439 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary — 14,601 21,915 — (6,874) 11,852 17,790 29,642 8,640 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83) 453 3,976 4,429 774 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO — 574 3,999 — — 574 3,999 4,573 1,010 2012 Jan. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 221 — 7,962 32,977 40,939 9,066 2008 May 2014 40 yrs. Laboratory facility in Westborough, MA — 3,409 37,914 53,065 — 3,409 90,979 94,388 15,252 1992 Aug. 2014 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Research and development facility in Andover, MA — 3,980 45,120 323 — 3,980 45,443 49,423 11,154 2013 Oct. 2014 40 yrs. Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 3,525 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (2,625) 1,912 19,052 20,964 5,052 2014 Dec. 2014 38 yrs. Retail facilities in the United Kingdom — 66,319 230,113 277 (88,095) 44,895 163,719 208,614 48,872 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 20,842 (1,418) — 53,359 53,359 10,205 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — 552 2,928 19,308 22,236 4,726 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — (3,784) 2,542 15,026 17,568 3,527 2015 Jun. 2015 40 yrs. Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — (187) 9,379 15,721 25,100 3,850 2008; 2010 Aug. 2015 40 yrs. Net-lease hotels in the United States — — 49,190 17,396 — 17,396 49,190 66,586 11,802 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. Retail facilities in the Netherlands — 5,698 38,130 79 1,264 5,862 39,309 45,171 9,917 Various Nov. 2015 30 - 40 yrs. Specialty facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 3,373 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 15,333 — 5,090 50,054 55,144 12,548 1998 Apr. 2016 38 yrs. Industrial facilities in the United States — 66,845 87,575 65,400 (56,525) 49,672 113,623 163,295 31,830 Various Apr. 2016 Various Industrial facilities in North Dumfries and Ottawa, Canada — 17,155 10,665 — (18,393) 5,847 3,580 9,427 1,753 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 31,111 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 3,495 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 3,379 Various Nov. 2016 28 - 35 yrs. Industrial facilities in Queretaro and San Juan del Rio, Mexico — 5,152 12,614 2,440 — 5,152 15,054 20,206 2,530 Various Dec. 2016 28 - 40 yrs. Industrial facility in Chicago, IL — 2,222 2,655 3,511 — 2,222 6,166 8,388 2,050 1985 Jun. 2017 30 yrs. Industrial facility in Zawiercie, Poland — 395 102 10,378 (573) 374 9,928 10,302 1,412 2018 Aug. 2017 40 yrs. Industrial facility in Radomsko, Poland — 1,718 59 37,496 731 1,630 38,374 40,004 2,704 2018 Nov. 2017 40 yrs. Warehouse facility in Sellersburg, IN — 1,016 3,838 — — 1,016 3,838 4,854 781 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 10,931 1995; 2004 Mar. 2018 36 - 40 yrs. Warehouse facilities in Denmark — 20,304 185,481 — (14,902) 19,001 171,882 190,883 29,557 Various Jun. 2018 25 - 41 yrs. Retail facilities in the Netherlands — 38,475 117,127 — (7,924) 36,516 111,162 147,678 21,546 Various Jul. 2018 26 - 30 yrs. Industrial facility in Oostburg, WI — 786 6,589 — — 786 6,589 7,375 1,526 2002 Jul. 2018 35 yrs. Warehouse facility in Kampen, Netherlands — 3,251 12,858 126 (750) 3,100 12,385 15,485 2,722 1976 Jul. 2018 26 yrs. Warehouse facility in Azambuja, Portugal — 13,527 35,631 28,051 (3,988) 12,912 60,309 73,221 9,122 1994 Sep. 2018 28 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Amsterdam, Moordrecht, and Rotterdam, Netherlands — 2,582 18,731 11,338 (934) 2,507 29,210 31,717 4,732 Various Oct. 2018 27 - 37 yrs. Warehouse facility in Bad Wünnenberg, Germany — 2,916 39,687 — (22,500) 1,266 18,837 20,103 2,542 1996 Oct. 2018 40 yrs. Industrial facility in Norfolk, NE — 802 3,686 — — 802 3,686 4,488 646 1975 Oct. 2018 40 yrs. Retail facilities in Phoenix, AZ and Columbia, MD — 18,286 33,030 — — 18,286 33,030 51,316 4,532 2006 Oct. 2018 40 yrs. Retail facility in Gorzow, Poland — 1,736 8,298 — (302) 1,684 8,048 9,732 1,197 2008 Oct. 2018 40 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX — 6,460 49,462 — — 6,460 49,462 55,922 7,349 Various Oct. 2018 40 yrs. Industrial facility in Glendale Heights, IL — 4,237 45,484 — — 4,237 45,484 49,721 4,195 1991 Oct. 2018 38 yrs. Industrial facilities in Mayodan, Sanford, and Stoneville, NC — 3,505 20,913 — — 3,505 20,913 24,418 2,877 1992; 1997; 1998 Oct. 2018 29 yrs. Warehouse facility in Dillon, SC — 3,424 43,114 — — 3,424 43,114 46,538 6,405 2001 Oct. 2018 40 yrs. Specialty facility in Birmingham, United Kingdom — 7,383 7,687 — (240) 7,266 7,564 14,830 1,026 2009 Oct. 2018 40 yrs. Retail facilities in Spain — 17,626 44,501 — (1,870) 17,096 43,161 60,257 6,041 Various Oct. 2018 40 yrs. Warehouse facility in Gadki, Poland — 1,376 6,137 — (226) 1,335 5,952 7,287 841 2011 Oct. 2018 40 yrs. Warehouse facility in Zagreb, Croatia — 15,789 33,287 — (1,478) 15,313 32,285 47,598 6,632 2001 Oct. 2018 26 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 3,439 1,295 13,384 — — 1,295 13,384 14,679 1,820 1990; 1997 Oct. 2018 40 yrs. Retail facility in Las Vegas, NV — — 79,720 — — — 79,720 79,720 10,319 2012 Oct. 2018 40 yrs. Industrial facilities in the United States — 20,517 14,135 — 30,060 22,585 42,127 64,712 4,598 Various Oct. 2018 40 yrs. Warehouse facility in Bowling Green, KY — 2,652 51,915 72,976 (11) 2,652 124,880 127,532 10,960 2011 Oct. 2018 40 yrs. Warehouse facilities in the United Kingdom — 6,791 2,315 — (145) 6,683 2,278 8,961 346 Various Oct. 2018 40 yrs. Industrial facility in Evansville, IN — 180 22,095 — — 180 22,095 22,275 2,929 2009 Oct. 2018 40 yrs. Warehouse facility in Elorrio, Spain — 7,858 12,728 — (619) 7,622 12,345 19,967 1,931 1996 Oct. 2018 40 yrs. Industrial and office facilities in Elberton, GA — 879 2,014 — — 879 2,014 2,893 375 1997; 2002 Oct. 2018 40 yrs. Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia — 5,549 12,408 1,691 5,937 6,602 18,983 25,585 3,711 2000; 2002; 2003 Oct. 2018 26 yrs. Office and warehouse facilities in the United States — 42,793 193,666 — — 42,793 193,666 236,459 27,795 Various Oct. 2018 40 yrs. Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands — 37,755 91,666 4,787 (3,872) 36,619 93,717 130,336 12,321 Various Oct. 2018 40 yrs. Warehouse facilities in Oxnard and Watsonville, CA — 22,453 78,814 — — 22,453 78,814 101,267 10,781 1975; 1994; 2002 Oct. 2018 40 yrs. Retail facilities in Italy — 75,492 138,280 7,242 (7,124) 73,219 140,671 213,890 20,168 Various Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Land in Hudson, NY — 2,405 — — — 2,405 — 2,405 — N/A Oct. 2018 N/A Land in Chicago, IL — 9,887 — — — 9,887 — 9,887 — N/A Oct. 2018 N/A Industrial facility in Fraser, MI — 1,346 9,551 — — 1,346 9,551 10,897 1,345 2012 Oct. 2018 40 yrs. Net-lease self-storage facilities in the United States — 19,583 108,971 — — 19,583 108,971 128,554 15,973 Various Oct. 2018 40 yrs. Warehouse facility in Middleburg Heights, OH — 542 2,507 — — 542 2,507 3,049 341 2002 Oct. 2018 40 yrs. Net-lease self-storage facility in Fort Worth, TX — 691 6,295 — — 691 6,295 6,986 944 2004 Oct. 2018 40 yrs. Retail facilities in Delnice, Pozega, and Sesvete, Croatia — 5,519 9,930 1,403 (651) 5,353 10,848 16,201 2,211 2011 Oct. 2018 27 yrs. Retail facility in Orlando, FL — 6,262 25,134 430 — 6,371 25,455 31,826 3,338 2011 Oct. 2018 40 yrs. Industrial facility in Avon, OH — 1,447 5,564 — — 1,447 5,564 7,011 821 2001 Oct. 2018 40 yrs. Industrial facility in Chimelow, Poland — 6,158 28,032 — (1,029) 5,973 27,188 33,161 3,853 2012 Oct. 2018 40 yrs. Net-lease self-storage facility in Fayetteville, NC — 1,839 4,654 — — 1,839 4,654 6,493 890 2001 Oct. 2018 40 yrs. Retail facilities in the United States — 19,529 42,318 — (7,938) 17,297 36,612 53,909 5,267 Various Oct. 2018 40 yrs. Education facilities in Montgomery, AL and Savannah, GA — 5,508 12,032 — — 5,508 12,032 17,540 1,705 1969; 2002 Oct. 2018 40 yrs. Office facilities in St. Louis, MO — 1,297 5,362 7,951 — 1,836 12,774 14,610 2,049 1995; 1999 Oct. 2018; Aug. 2021 40 yrs. Warehouse facility in Zary, Poland — 2,062 10,034 — (365) 2,000 9,731 11,731 1,414 2013 Oct. 2018 40 yrs. Industrial facilities in San Antonio, TX and Sterling, VA — 3,198 23,981 78,728 (462) 6,767 98,678 105,445 9,761 1980; 2020 Oct. 2018; Dec. 2018 40 yrs. Industrial facility in Elk Grove Village, IL — 5,511 10,766 2,413 — 5,511 13,179 18,690 1,491 1961 Oct. 2018 40 yrs. Industrial facility in Portage, WI 3,693 3,450 7,797 — — 3,450 7,797 11,247 1,218 1970 Oct. 2018 40 yrs. Warehouse facility in Saitama Prefecture, Japan — 13,507 25,301 6,639 (13,574) 10,286 21,587 31,873 2,828 2007 Oct. 2018 40 yrs. Retail facility in Dallas, TX — 2,977 16,168 — — 2,977 16,168 19,145 2,148 1913 Oct. 2018 40 yrs. Retail facilities in Croatia — 9,000 13,002 1,415 (5,178) 7,568 10,671 18,239 1,932 Various Oct. 2018 29 - 37 yrs. Retail facility in Northbrook, IL — — 493 447 — — 940 940 291 2007 Oct. 2018 40 yrs. Education facility in Chicago, IL — 18,510 163 — (16,859) 1,793 21 1,814 13 2015 Oct. 2018 40 yrs. Warehouse facility in Dillon, SC — 3,516 44,933 — — 3,516 44,933 48,449 6,625 2013 Oct. 2018 40 yrs. Net-lease self-storage facilities in New York City, NY — 29,223 77,202 714 — 29,223 77,916 107,139 10,156 Various Oct. 2018 40 yrs. Net-lease self-storage facility in Hilo, HI — 769 12,869 — — 769 12,869 13,638 1,687 2007 Oct. 2018 40 yrs. Net-lease self-storage facility in Clearwater, FL — 1,247 5,733 — — 1,247 5,733 6,980 856 2001 Oct. 2018 40 yrs. Warehouse facilities in Gadki, Poland — 10,422 47,727 57 (1,751) 10,108 46,347 56,455 6,662 2007; 2010 Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2023 (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 Net-lease self-storage facility in Orlando, FL — 1,070 8,686 — — 1,070 8,686 9,756 1,222 2000 Oct. 2018 40 yrs. Retail facility in Lewisville, TX — 3,485 11,263 — — 3,485 11,263 14,748 1,558 2004 Oct. 2018 40 yrs. Research and development facility in Wageningen, Netherlands — 5,227 18,793 — (447) 5,070 18,503 23,573 2,620 2013 Oct. 2018 40 yrs. Net-lease self-storage facility in Palm Coast, FL — 1,994 4,982 — — 1,994 4,982 6,976 871 2001 Oct. 2018 40 yrs. Net-lease self-storage facility in Holiday, FL — 1,730 4,213 — — 1,730 4,213 5,943 719 1975 Oct. 2018 40 yrs. Research and development facility in Drunen, Netherlands — 2,316 9,370 — (351) 2,247 9,088 11,335 1,253 2014 Oct. 2018 40 yrs. Industrial facility New Concord, OH 1,189 958 2,309 — — 958 2,309 3,267 388 1999 Oct. 2018 40 yrs. Retail facility in Gelsenkirchen, Germany — 2,178 17,097 — (580) 2,112 16,583 18,695 2,280 2000 Oct. 2018 40 yrs. Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland — 8,782 53,575 — (1,877) 8,518 51,962 60,480 7,740 1995; 2000 Oct. 2018 40 yrs. Warehouse facility in Sered, Slovakia — 3,428 28,005 — (946) 3,325 27,162 30,487 3,771 2004 Oct. 2018 40 yrs. Industrial facility in Tuchomerice, Czech Republic — 7,864 27,006 — (1,050) 7,627 26,193 33,820 3,589 1998 Oct. 2018 40 yrs. Office facility in Warsaw, Poland 29,901 — 44,990 42 (15,734) — 29,298 29,298 5,833 2015 Oct. 2018 40 yrs. Warehouse facility in Kaunas, Lithuania 35,382 10,199 47,391 — (1,734) 9,892 45,964 55,856 6,451 2008 Oct. 2018 40 yrs. Specialty facility in Jacksonville, FL 11,429 906 17,020 — — 906 17,020 17,926 2,275 2015 Oct. 2018 40 yrs. Warehouse facilities in Houston, TX — 791 1,990 — — 791 1,990 2,781 291 1972 Oct. 2018 40 yrs. Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV — 2,868 37,571 — — 2,868 37,571 40,439 5,613 Various Oct. 2018 40 yrs. Warehouse facility in Perrysburg, OH — 806 11,922 — — 806 11,922 12,728 1,839 1974 Oct. 2018 40 yrs. Warehouse facility in Dillon, SC — 620 46,319 434 — 620 46,753 47,373 5,591 2019 Oct. 2018 40 yrs. Warehouse facility in Zabia Wola, Poland 14,476 4,742 23,270 5,636 (983) 4,599 28,066 32,665 3,831 1999 Oct. 2018 40 yrs. Laboratory facility in Buffalo Grove, IL — 2,224 6,583 — — 2,224 6,583 8,807 929 1992 Oct. 2018 40 yrs. Warehouse facilities in McHenry, IL — 5,794 21,141 — — 5,794 21,141 26,935 4,412 1990; 1999 Dec. 2018 27 - 28 yrs. Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI — 23,267 9,166 — — 23,267 9,166 32,433 1,826 Various Dec. 2018; Dec. 2019 35 - 40 yrs. Warehouse facility in Kilgore, TX — 3,002 36,334 14,096 (6) 3,002 50,424 53,426 6,885 2007 Dec. 2018 37 yrs. Industrial facility in San Luis Potosi, Mexico — 2,787 12,945 — — 2,787 12,945 15,732 1,906 2009 Dec. 2018 39 yrs. Industrial facility in Legnica, Poland — 995 9,787 6,007 (523) 963 15,303 16,266 2,495 2002 Dec. 2018 29 yrs. Industrial facility |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 (dollars in thousands) Interest Rate Final Maturity Date Carrying Amount Description Financing agreement — observation wheel 7.5 % Jun. 2024 $ 11,250 $ 11,250 Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2023 2022 2021 Beginning balance $ 39,250 $ 24,143 $ 24,143 Repayments (28,000) (34,000) — Acquisition through CPA:18 Merger ( Note 7 ) — 28,000 — Gain on repayment of secured loan receivable — 10,613 — Change in allowance for credit losses ( Note 7 ) — 10,494 — Ending balance $ 11,250 $ 39,250 $ 24,143 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 708,334 | $ 599,139 | $ 409,988 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 (excluding the CPA:18 Merger). Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Under the cost approach, the fair value of real estate is based on estimated costs to construct a vacant building with similar characteristics. Under the income approach, we use either the discounted cash flow method or the direct capitalization method. For the discounted cash flow method, 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. For the direct capitalization method, the fair value of real estate is determined (i) by the stabilized estimated net operating income for each property in the portfolio and (ii) 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; • capitalization rates to be applied to an estimate of market rent at the beginning and/or 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 — For acquired properties that do not qualify as sale-leaseback transactions, w e 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. For acquired properties with tenants in place, we record in-place lease intangible assets based on the estimated value ascribed to the avoidance of costs of leasing the properties for the remaining primary in-place lease terms. 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 finance leases and loans receivable on the consolidated balance sheets. Rent payments from these investments are included within Income from finance 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. 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 equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. |
Goodwill | Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. Such a triggering event within our Investment Management segment depended on the timing and form of liquidity events for the Managed Programs ( Note 4 , Note 5 ). 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 net asset values. 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 The allowance for credit losses, which is recorded as a reduction to Net investments in finance leases and loans receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 7 ), 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. If we determine that a finance lease no longer shares risk characteristics with other finance leases in the pool, we evaluate the finance lease for expected credit losses on an individual basis. 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, 2023 and 2022, we considered 21 and 16 entities to be VIEs, respectively, of which we consolidated 15 and 11, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands): December 31, 2023 2022 Land, buildings and improvements — net lease and other $ 237,858 $ 590,390 Land, buildings and improvements — operating properties 39,422 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 40,650 72,070 Above-market rent intangible assets 6,828 33,634 Accumulated depreciation and amortization (23,580) (176,379) Total assets 947,509 843,500 Non-recourse mortgages, net $ 59,715 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 101,047 199,633 At December 31, 2023 and 2022, our six and five unconsolidated VIEs, respectively, included our interests in (i) three unconsolidated real estate investments, 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, 2023 and 2022, the net carrying amount of our investments in these entities was $729.8 million and $693.4 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. In addition, we have a variable interest in NLOP, which we also deem a VIE, as of December 31, 2023, due to our guarantee of a non-recourse mortgage loan with approximately $19 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off ( Note 3 ); we do not expect to have to perform under this guarantee. Should we have to perform, the Separation and Distribution Agreement (as defined in Note 3 ) includes an indemnification provision, for which we could recover any amounts paid under the guarantee. |
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 and financing 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 6 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. Net investments in sales-type leases are accounted for under ASC 842, Leases . Upon lease commencement or lease modification, we assess lease classification to determine whether the lease should be classified as an operating, direct financing, or sales-type lease. If the lease is determined to be a sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease payments receivable and the unguaranteed residual value, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered a gain on sale of real estate and recognized upon execution of the lease. |
Reclassifications | Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. Amounts due from affiliates are now included within Other assets, net in the consolidated balance sheets. Previously, such amounts were included within Due from affiliates in the consolidated balance sheets. |
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. |
Restricted Cash | Restricted Cash — |
Real Estate and Operating Real Estate | Real Estate and Operating Real Estate — 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. |
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 10 ), our investment in shares of Guggenheim Credit Income Fund (“GCIF”) ( Note 10 ), 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 | 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 6 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 7 ). 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 $76.2 million, $12.0 million, and $7.2 million for the years ended December 31, 2023, 2022, and 2021, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023 ( Note 6 ); eight of these properties were sold during year ended December 31, 2023 ( Note 17 )). 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 Recognition, Investment Management Operations — We earn asset management revenue in connection with providing services to the Managed Programs and NLOP. We earn asset management revenue from property management, leasing, and advisory services performed. We earn other advisory income and reimbursements from NLOP for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash. 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. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 5 . |
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. |
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. Prior to the CPA:18 Merger, we conducted our Investment Management operations primarily through TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 16 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). |
Earnings Per Share | Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders 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 and ATM 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. |
Goodwill and Intangible Assets, Intangible Assets | We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year 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 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. |
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. |
Reference Rate Reform | Reference Rate Reform — Durin g the first quarter of 2023, we applied the guidance in ASC 848, Reference Rate Reform and elected the practical expedient to transition certain contracts that reference London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”), including our Senior Unsecured Credit Facility ( Note 12 ) and certain derivative instruments. The application of this guidance did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Land, buildings and improvements — net lease and other $ 237,858 $ 590,390 Land, buildings and improvements — operating properties 39,422 143,390 Net investments in finance leases and loans receivable 595,524 144,103 In-place lease intangible assets and other 40,650 72,070 Above-market rent intangible assets 6,828 33,634 Accumulated depreciation and amortization (23,580) (176,379) Total assets 947,509 843,500 Non-recourse mortgages, net $ 59,715 $ 132,950 Below-market rent and other intangible liabilities, net 32 18,891 Total liabilities 101,047 199,633 |
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, 2023 2022 2021 Cash and cash equivalents $ 633,860 $ 167,996 $ 165,427 Restricted cash (a) 58,111 56,145 52,523 Total cash and cash equivalents and restricted cash $ 691,971 $ 224,141 $ 217,950 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. |
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, 2023 2022 2021 Cash and cash equivalents $ 633,860 $ 167,996 $ 165,427 Restricted cash (a) 58,111 56,145 52,523 Total cash and cash equivalents and restricted cash $ 691,971 $ 224,141 $ 217,950 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. |
NLOP Spin-Off (Tables)
NLOP Spin-Off (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes assets, liabilities, and equity derecognized in connection with the Spin-Off (in thousands): Assets Investments in real estate: Land, buildings and improvements — net lease and other $ 1,299,400 In-place lease and other intangible assets 373,631 Above-market rent intangible assets 58,426 Investments in real estate 1,731,457 Accumulated depreciation and amortization (454,768) Net investments in real estate 1,276,689 Cash and cash equivalents and restricted cash 9,141 Other assets, net (excluding restricted cash) 70,472 Goodwill ( Note 8 ) 61,737 Less: impairment charges ( Note 10 ) (47,282) Total assets $ 1,370,757 Liabilities and Equity Non-recourse mortgages, net $ 164,743 Accounts payable, accrued expenses and other liabilities 54,199 Below-market rent and other intangible liabilities 11,799 Deferred income taxes 9,718 Total liabilities 240,459 Distributions in excess of accumulated earnings 229,712 Accumulated other comprehensive loss (35,664) Noncontrolling interests 4,406 Total equity 198,454 Total liabilities and equity $ 438,913 The following table summarizes the impact to the components of Total equity in connection with the Spin-Off (in thousands): Impact to Total Equity Total assets derecognized (excluding cash and cash equivalents and restricted cash) $ (1,361,616) Total liabilities derecognized 240,459 Net assets derecognized (1,121,157) Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described below under “Debt Facility”) 343,885 Impact to Total equity $ (777,272) Impact to Components of Total Equity Distributions in excess of accumulated earnings derecognized $ (229,712) Accumulated other comprehensive income derecognized 35,664 Noncontrolling interests derecognized (4,406) Reduction to Additional paid-in capital (578,818) Impact to Total equity $ (777,272) |
Merger with CPA_18 _ Global (Ta
Merger with CPA:18 – Global (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Pro Forma Financial Information | The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the years ended December 31, 2022 and 2021. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on that date, nor does it purport to represent the results of operations for future periods. (in thousands) Years Ended December 31, 2022 2021 Pro forma total revenues $ 1,590,233 $ 1,509,828 |
Agreements and Transactions w_2
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, NLOP, and Watermark Lodging Trust, Inc. (“WLT”) (a former affiliate) for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2023 2022 2021 Asset management revenue (a) $ 2,184 $ 8,467 $ 15,363 Other advisory income and reimbursements (a) 667 — — Reimbursable costs from affiliates (a) 368 2,518 4,035 Distributions of Available Cash (b) — 8,746 7,345 Interest income on loans to affiliates (c) — 112 120 $ 3,219 $ 19,843 $ 26,863 Years Ended December 31, 2023 2022 2021 NLOP $ 1,912 $ — $ — CESH 1,307 1,989 3,713 CPA:18 – Global — 17,854 22,867 WLT (reimbursed transition services) — — 283 $ 3,219 $ 19,843 $ 26,863 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Earnings (losses) 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 due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands): December 31, 2023 2022 Asset management fees receivable $ 1,349 $ 386 Accounts receivable 768 329 Reimbursable costs 59 204 $ 2,176 $ 919 |
Land, Buildings and Improveme_2
Land, Buildings and Improvements and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Land $ 2,248,300 $ 2,400,002 Buildings and improvements 9,801,596 10,916,630 Real estate under construction 45,562 22,225 Less: Accumulated depreciation (1,509,730) (1,672,091) $ 10,585,728 $ 11,666,766 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 212,594 Buildings and improvements 774,131 Intangible assets: In-place lease (weighted-average expected life of 21.2 years) 185,878 Right-of-use assets: Finance lease (a) 12,981 Prepaid rent liabilities (6,882) $ 1,178,702 __________ (a) Represents consideration paid to acquire a leasehold interest in land, buildings and improvements. The lease was determined to be a finance lease due to our intention to acquire the land, buildings and improvements upon lease expiration. These assets are included in In-place lease intangible assets and other in the consolidated balance sheets. December 31, 2023 2022 Land $ 150,084 $ 122,317 Buildings and improvements 1,104,635 955,009 Real estate under construction 1,530 18,566 Less: Accumulated depreciation (80,057) (28,295) $ 1,176,192 $ 1,067,597 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 13,547 Buildings and improvements 31,923 Intangible assets: In-place lease (weighted-average expected life of 0.5 years) 1,839 $ 47,309 |
Schedule of Real Estate Acquired | During 2023, 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) Various, United States 6 1/12/2023 Industrial $ 64,861 Various, Italy (5 properties) and Spain (3 properties) (a) 8 3/23/2023 Industrial 79,218 Various, Canada 11 4/1/2023 Industrial, Warehouse 467,811 Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties) (b) 9 4/18/2023 Industrial 97,952 Various, United States 9 5/5/2023; 5/26/2023 Retail (Car Wash) 39,713 Various, United States 4 6/15/2023 Education (Medical School) 139,092 Dothan, Alabama and Queensbury, New York 2 10/24/2023; 10/26/2023 Retail (Car Wash) 8,658 Various, United States (c) 7 11/17/2023 Retail (Car Wash) 35,577 Various, Italy (7 properties), Spain (3 properties), and Germany (1 property) (a) 11 11/29/2023 Industrial, Warehouse 157,095 Houston, Texas 1 12/5/2023 Warehouse 61,610 San Diego, California 2 12/11/2023 Industrial, Research & Development 13,324 Phoenix, Arizona 1 12/22/2023 Retail 13,791 71 $ 1,178,702 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own. (c) We also entered into a purchase agreement to acquire four additional retail (car wash) facilities leased to this tenant totaling $20.3 million, which is expected to be completed in 2024. During the year ended December 31, 2023, we entered into the following self-storage operating property 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 Little Rock, Arkansas (a) 1 6/22/2023 Self-Storage $ 6,166 Houston, Texas 1 8/25/2023 Self-Storage 13,120 Knoxville and Springfield, Tennessee 2 12/8/2023 Self-Storage 15,580 Bastrop, Texas 1 12/15/2023 Self-Storage 12,443 5 $ 47,309 __________ (a) We also committed to fund $3.6 million for an expansion at this facility, which is expected to be completed in the first quarter of 2024. |
Schedule of Real Estate Under Construction | During 2023, 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) Evansville, Indiana and Lawrence, Kansas Renovation 2 3/23/2023 Industrial $ 20,637 Pleasanton, California Redevelopment 1 8/21/2023 Laboratory 13,905 Chattanooga, Tennessee Expansion 1 11/20/2023 Warehouse 26,128 4 $ 60,670 |
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, 2023 2022 2021 Lease income — fixed $ 1,254,340 $ 1,160,942 $ 1,066,250 Lease income — variable (a) 173,036 140,675 111,188 Total operating lease income $ 1,427,376 $ 1,301,617 $ 1,177,438 __________ (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, 2023 are as follows (in thousands): Years Ending December 31, Total 2024 $ 1,179,313 2025 1,166,318 2026 1,129,855 2027 1,088,488 2028 1,058,295 Thereafter 10,565,084 Total $ 16,187,353 |
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, 2023 2022 2021 Fixed lease cost $ 15,518 $ 15,087 $ 16,426 Variable lease cost 1,731 1,086 1,149 Total lease cost $ 17,249 $ 16,173 $ 17,575 |
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 2023 2022 Operating ROU assets — land leases In-place lease intangible assets and other $ 114,080 $ 123,834 Finance ROU assets — land and building leases In-place lease intangible assets and other 26,034 12,598 Operating ROU assets — office leases Other assets, net 54,730 56,674 Total operating ROU assets $ 194,844 $ 193,106 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 138,733 $ 146,302 Weighted-average remaining lease term — operating leases 23.8 years 25.8 years Weighted-average discount rate — operating leases 6.6 % 6.8 % Number of land lease arrangements — operating leases 66 72 Number of land and building lease arrangements — finance leases 2 1 Number of office space arrangements 4 4 Lease term range (excluding extension options not reasonably certain of being exercised) <1 – 98 years <1 – 99 years |
Undiscounted Cash Flows - Operating Lease | A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2023 is as follows (in thousands): Years Ending December 31, Total 2024 $ 13,706 2025 13,892 2026 13,847 2027 14,036 2028 13,924 Thereafter 227,376 Total lease payments 296,781 Less: amount of lease payments representing interest (158,048) Present value of future lease payments/lease obligations $ 138,733 |
Disclosure of Assets Held-for-sale, Net | Below is a summary of our properties held for sale (in thousands): December 31, 2023 2022 Land, buildings and improvements — net lease and other $ 46,986 $ 47,134 In-place lease intangible assets and other 5,222 10,854 Above-market rent intangible assets 8,374 3,210 Accumulated depreciation and amortization (23,460) (3,254) Assets held for sale, net $ 37,122 $ 57,944 |
Finance Receivables (Tables)
Finance Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Capital Leases Net Investment in Direct Financing Leases | Finance Receivables Net investments in finance leases and loans receivable are summarized as follows (in thousands): Maturity Date December 31, 2023 2022 Net investments in sales-type leases (a) 2024 – 2034 $ 835,734 $ — Net investments in direct financing leases (b) 2024 – 2036 431,328 498,313 Sale-leaseback transactions accounted for as loans receivable (c) 2038 – 2052 236,611 234,198 Secured loans receivable (d) 2024 11,250 39,250 $ 1,514,923 $ 771,761 __________ (a) These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2023 or 2022. (b) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases. (c) These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases . Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $0.8 million as of December 31, 2023. No such allowance was recorded as of December 31, 2022. (d) Amounts are net of allowance for credit losses of $2.1 million as of both December 31, 2023 and 2022. During the year ended December 31, 2023, the U.S. dollar weakened against the euro, resulting in a $27.7 million increase in the carrying value of Net investments in finance leases and loans receivable from December 31, 2022 to December 31, 2023. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2023 2022 Lease payments receivable $ 285,512 $ 332,618 Unguaranteed residual value 434,234 470,839 719,746 803,457 Less: unearned income (251,441) (296,411) Less: allowance for credit losses (a) (36,977) (8,733) $ 431,328 $ 498,313 __________ (a) During the years ended December 31, 2023 and 2022, we recorded a net allowance for credit losses of $28.2 million and a net release of allowance for credit losses of $3.9 million, respectively, on our net investments in direct financing leases due to (i) the declining financial position of one of our top ten tenants during the year ended December 31, 2023 and (ii) changes in credit quality for certain other tenants, which was included within Other gains and (losses) in our consolidated statements of income. |
Schedule of Capital Leases Net Investment In Sale-Type Leases | Net investments in sales-type leases is summarized as follows (in thousands): December 31, 2023 2022 Lease payments receivable (a) $ 849,881 $ — 849,881 — Less: unearned income (14,147) — $ 835,734 $ — __________ (a) Includes estimated purchase price and total rents owed. |
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 and sales-type leases at December 31, 2023 are as follows (in thousands): Years Ending December 31, Total 2024 (a) $ 896,949 2025 44,102 2026 42,939 2027 41,713 2028 34,737 Thereafter 74,953 Total $ 1,135,393 __________ (a) Includes $849.9 million for the net investments in sales-type leases described above, representing the estimated purchase prices of the investments plus remaining rents. One investment was sold in January 2024 for gross proceeds of approximately $359 million ( Note 19 ). See Note 6 for scheduled future lease payments to be received under non-cancelable operating leases. |
Schedule of Financing Receivable Credit Quality Indicators Superscript Information | A summary of our finance receivables by internal credit quality rating, excluding our 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 2023 2022 2023 2022 1 – 3 18 19 $ 1,338,877 $ 664,761 4 8 8 215,953 117,833 5 — — — — $ 1,554,830 $ 782,594 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2021 $ 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 Acquisition of CPA:18 – Global ( Note 4 ) 172,346 — 172,346 Foreign currency translation adjustments (7,129) — (7,129) Impairment charges ( Note 10 ) — (29,334) (29,334) Balance at December 31, 2022 1,037,412 — 1,037,412 Allocation of goodwill distributed to NLOP ( Note 3 ) (61,737) — (61,737) Foreign currency translation adjustments 2,614 — 2,614 Balance at December 31, 2023 $ 978,289 $ — $ 978,289 |
Schedule of Intangible Assets and Goodwill | Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2023 2022 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 $ 20,745 $ (19,569) $ 1,176 $ 19,812 $ (19,144) $ 668 20,745 (19,569) 1,176 19,812 (19,144) 668 Lease Intangibles: In-place lease 2,168,739 (934,138) 1,234,601 2,523,318 (1,061,235) 1,462,083 Above-market rent 706,773 (481,554) 225,219 833,751 (507,436) 326,315 2,875,512 (1,415,692) 1,459,820 3,357,069 (1,568,671) 1,788,398 Goodwill Goodwill 978,289 — 978,289 1,037,412 — 1,037,412 Total intangible assets $ 3,874,546 $ (1,435,261) $ 2,439,285 $ 4,414,293 $ (1,587,815) $ 2,826,478 Finite-Lived Intangible Liabilities Below-market rent $ (203,413) $ 66,541 $ (136,872) $ (293,160) $ 125,287 $ (167,873) Indefinite-Lived Intangible Liabilities Below-market purchase option — — — (16,711) — (16,711) Total intangible liabilities $ (203,413) $ 66,541 $ (136,872) $ (309,871) $ 125,287 $ (184,584) |
Schedule of Finite Lived Intangible Assets Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2023, 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 2024 $ 22,580 $ 131,143 $ 153,723 2025 19,957 117,599 137,556 2026 15,918 107,938 123,856 2027 12,654 102,445 115,099 2028 11,470 92,572 104,042 Thereafter 5,768 684,080 689,848 Total $ 88,347 $ 1,235,777 $ 1,324,124 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | 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/Fund/Description Co-owner December 31, 2023 2023 2022 Las Vegas Retail Complex (a) Third Party N/A $ 235,979 $ 196,352 Johnson Self Storage Third Party 90% 63,934 65,707 Kesko Senukai (b) Third Party 70% 28,860 38,569 Harmon Retail Corner (c) Third Party 15% 24,229 24,649 $ 353,002 $ 325,277 __________ (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) This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 6,035,686 $ 5,598,423 $ 5,916,400 $ 5,238,588 Non-recourse mortgages, net (a) (b) (d) 3 579,147 572,553 1,132,417 1,109,449 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 12 ) includes unamortized deferred financing costs of $21.0 million and $25.9 million at December 31, 2023 and 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at both December 31, 2023 and 2022. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $20.1 million and $24.1 million at December 31, 2023 and 2022, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.3 million and $10.3 million at December 31, 2023 and 2022, respectively. (c) For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes ( Note 12 )), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category. (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, 2023 2022 2021 Fair Value Impairment Fair Value Impairment Fair Value Impairment Impairment Charges Real estate and intangibles $ 1,182,551 $ 86,411 $ 32,497 $ 39,119 $ 29,494 $ 24,246 Investment Management goodwill — — — 29,334 — — Equity method investments — — — — 8,175 6,830 $ 86,411 $ 68,453 $ 31,076 |
Risk Management and Use of De_2
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Foreign currency collars Other assets, net $ 14,103 $ 32,631 $ — $ — Interest rate swaps Other assets, net 995 2,679 — — Interest rate cap Other assets, net — 14 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (4,029) (1,445) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,678) — 15,098 35,324 (5,707) (1,445) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net — 3,950 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (217) (248) — 3,950 (217) (248) Total derivatives $ 15,098 $ 39,274 $ (5,924) $ (1,693) |
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 2023 2022 2021 Foreign currency collars $ (21,112) $ 13,013 $ 29,805 Interest rate swaps (3,270) 3,068 4,198 Interest rate caps (9) 16 6 Total $ (24,391) $ 16,097 $ 34,009 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, 2023 2022 2021 Foreign currency collars Non-operating income $ 14,874 $ 17,483 $ 854 Interest rate swaps and caps (b) Interest expense 1,956 (167) (932) Total $ 16,830 $ 17,316 $ (78) __________ (a) Excludes net losses of $2.0 million, net gains of $3.6 million, and net gains of $1.3 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2023, 2022, and 2021, respectively. (b) 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 12 ). |
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 in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2023 2022 2021 Interest rate swaps Interest expense $ (2,076) $ 171 $ 1,592 Foreign currency collars Non-operating income (389) 6,574 1,503 Derivatives Not in Cash Flow Hedging Relationships Stock warrants Other gains and (losses) (3,950) (650) (1,200) Foreign currency collars Other gains and (losses) 32 (248) — Total $ (6,383) $ 5,847 $ 1,895 |
Schedule of Derivative Instruments | The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2023 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 4 513,092 EUR $ (1,411) Interest rate swaps 4 31,011 USD 728 $ (683) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2023, as applicable. The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2023 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2023 Designated as Cash Flow Hedging Instruments Foreign currency collars 63 288,000 EUR $ 8,458 Foreign currency collars 41 26,500 GBP 1,616 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 4 20,000 EUR (217) $ 9,857 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Unsecured Credit Facilities | The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Senior Unsecured Credit Facility Interest Rate at December 31, 2023 (a) Maturity Date at December 31, 2023 Principal Outstanding Balance at 2023 2022 Unsecured Term Loans: (b) Unsecured Term Loan due 2026 — borrowing in euros (c) 4.34% 4/24/2026 $ 552,500 $ — GBP Term Loan due 2028 — borrowing in British pounds sterling (d) SONIA + 0.85% 2/14/2028 343,306 324,695 EUR Term Loan due 2028 — borrowing in euros (e) EURIBOR + 0.85% 2/14/2028 237,575 229,319 1,133,381 554,014 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.775% 2/14/2029 386,750 258,117 Borrowing in Japanese yen (f) TIBOR + 0.775% 2/14/2029 17,035 18,275 403,785 276,392 $ 1,537,166 $ 830,406 __________ (a) The applicable interest rate at December 31, 2023 was based on the credit rating for our Senior Unsecured Notes of BBB+/Baa1. (b) Balances exclude unamortized discount of $7.4 million and $1.5 million at December 31, 2023 and 2022, respectively, and unamortized deferred financing costs of $0.4 million at December 31, 2023. (c) Interest rate is subject to variable-to-fixed interest rate swaps that fix the total per annum interest rate at 4.34% through December 31, 2024. (d) SONIA means Sterling Overnight Index Average. (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, 2023 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2023 2022 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 552,500 533,300 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.25% Senior Notes due 2026 10/9/2018 € 500,000 2.25 % 4/9/2026 552,500 533,300 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 552,500 533,300 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 552,500 533,300 3.85% Senior Notes due 2029 6/14/2019 $ 325,000 3.85 % 7/15/2029 325,000 325,000 3.41% Senior Notes due 2029 9/28/2022 € 150,000 3.41 % 9/28/2029 165,750 159,990 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 580,125 559,965 2.4% Senior Notes due 2031 10/14/2020 $ 500,000 2.4 % 2/1/2031 500,000 500,000 2.45% Senior Notes due 2032 10/15/2021 $ 350,000 2.45 % 2/1/2032 350,000 350,000 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 221,000 213,320 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 $ 6,076,875 $ 5,966,475 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $21.1 million and $25.9 million, and unamortized discount totaling $20.1 million and $24.1 million at December 31, 2023 and 2022, respectively. |
Scheduled Debt Principal Payments | Scheduled debt principal payments as of December 31, 2023 are as follows (in thousands): Years Ending December 31, Total 2024 $ 1,278,749 2025 707,259 2026 1,547,876 2027 553,168 2028 1,134,088 Thereafter through 2039 2,976,345 Total principal payments 8,197,485 Unamortized discount, net (31,817) Unamortized deferred financing costs (21,486) Total $ 8,144,182 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Ordinary income $ 3.8233 $ 4.0329 $ 3.3300 Return of capital 0.8671 0.1718 0.5407 Capital gains 0.3443 0.0273 0.3253 Total dividends paid (a) $ 5.0347 $ 4.2320 $ 4.1960 __________ (a) Amount for the year ended December 31, 2023 includes a distribution of $0.7627 per share representing the taxable distribution of shares of NLOP that occurred in conjunction with the Spin-Off on November 1, 2023 ( Note 3 ). The per share distribution rate is based on the exchange ratio of one share of NLOP distributed for every 15 shares of WPC held and the fair market value of NLOP shares distributed in the Spin-Off, which was determined to be $11.44 per NLOP share, using a three-day volume weighted average price. |
Earnings Per Share Reconciliation | The following table summarizes basic and diluted earnings (dollars in thousands) : Years Ended December 31, 2023 2022 2021 Net income – basic and diluted $ 708,334 $ 599,139 $ 409,988 Weighted-average shares outstanding – basic 215,369,777 199,633,802 182,486,476 Effect of dilutive securities 390,719 793,322 640,622 Weighted-average shares outstanding – diluted 215,760,496 200,427,124 183,127,098 |
Schedule of Stockholders Equity | The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands): Years Ended December 31, 2023 2022 2021 Shares of common stock issued — 2,740,295 4,690,073 Weighted-average price per share $ — $ 80.79 $ 73.42 Net proceeds $ — $ 218,081 $ 339,968 The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Years Ended December 31, 2023 2022 2021 Shares of common stock delivered 7,826,840 3,925,000 9,798,209 Net proceeds $ 633,785 $ 284,259 $ 697,044 |
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, 2021 $ (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) Other comprehensive loss before reclassifications 37,048 (63,149) — (26,101) Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (17,483) — — (17,483) Interest expense 167 — — 167 Other gains and (losses) ( Note 10 ) — — (18,688) (18,688) Total (17,316) — (18,688) (36,004) Net current period other comprehensive loss 19,732 (63,149) (18,688) (62,105) Net current period other comprehensive income attributable to noncontrolling interests — (5) — (5) Balance at December 31, 2022 36,079 (319,859) — (283,780) Other comprehensive income before reclassifications (9,599) 19,758 — 10,159 Other comprehensive income derecognized in connection with the Spin-Off ( N ote 3 ) — 35,664 — 35,664 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (14,874) — — (14,874) Interest expense (1,956) — — (1,956) Total (16,830) — — (16,830) Net current period other comprehensive income (26,429) 55,422 — 28,993 Net current period other comprehensive income attributable to noncontrolling interests — (80) — (80) Balance at December 31, 2023 $ 9,650 $ (264,517) $ — $ (254,867) |
Stock-Based and Other Compens_2
Stock-Based and Other Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted and Conditional Award Activity | Nonvested RSAs, RSUs, and PSUs at December 31, 2023 and changes during the years ended December 31, 2023 , 2022, and 2021 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, 2021 260,977 $ 74.75 262,013 $ 88.99 Granted 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 306,994 71.21 398,255 86.86 Granted 235,348 80.28 144,311 104.97 Vested (a) (154,028) 72.80 (165,615) 92.16 Forfeited (12,016) 75.93 (4,262) 98.26 Adjustment (b) — — 159,092 80.90 Nonvested at December 31, 2022 376,298 74.78 531,781 89.14 Granted (c) 260,193 82.43 150,989 144.54 Vested (a) (173,883) 76.50 (218,147) 104.65 Forfeited (3,581) 82.58 (3,487) 107.72 Adjustment (b) (11,669) 80.75 65,277 113.99 Nonvested at December 31, 2023 (d) 447,358 $ 77.69 526,413 $ 105.92 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2023, 2022, and 2021 was $36.1 million, $26.5 million, and $21.4 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2023 and 2022, we had an obligation to issue 1,196,955 and 1,181,947 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $62.0 million and $57.0 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 a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2023, we used a risk-free interest rate of 3.8%, an expected volatility rate of 38.2%, and assumed a dividend yield of zero. (d) At December 31, 2023, total unrecognized compensation expense related to these awards was approximately $41.9 million, with an aggregate weighted-average remaining term of 1.9 years. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2023 2022 2021 Federal Current $ (291) $ 5,329 $ (405) Deferred — 13 17 (291) 5,342 (388) State and Local Current 3,456 3,388 3,008 Deferred — — (30) 3,456 3,388 2,978 Foreign Current 41,085 27,077 30,599 Deferred (198) (8,083) (4,703) 40,887 18,994 25,896 Total Provision for Income Taxes $ 44,052 $ 27,724 $ 28,486 |
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, 2023 2022 2021 Pre-tax income attributable to taxable subsidiaries (a) $ 73,669 $ 55,604 $ 37,861 Federal provision at statutory tax rate (21%) $ 15,471 $ 11,677 $ 7,951 Change in valuation allowance 9,970 8,082 13,178 State and local taxes, net of federal benefit 3,517 2,920 2,713 Non-deductible expense 3,201 6,972 3,148 Rate differential 1,357 (387) (232) Windfall tax benefit — (1,896) (1,375) Other 10,536 356 3,103 Total provision for income taxes $ 44,052 $ 27,724 $ 28,486 __________ (a) Pre-tax income attributable to taxable subsidiaries for 2022 includes taxable income, recognized in connection with the CPA:18 Merger, associated with the accelerated vesting of shares previously issued by CPA:18 – Global to us for asset management services performed. |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes at December 31, 2023 and 2022 consist of the following (in thousands): December 31, 2023 2022 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 52,375 $ 63,454 Basis differences — foreign investments 35,553 62,099 Unearned and deferred compensation — 643 Other 1,017 1,242 Total deferred tax assets 88,945 127,438 Valuation allowance (69,800) (106,185) Net deferred tax assets 19,145 21,253 Deferred Tax Liabilities Basis differences — foreign investments (181,277) (179,761) Total deferred tax liabilities (181,277) (179,761) Net Deferred Tax Liability $ (162,132) $ (158,508) |
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, 2023 2022 Beginning balance $ 6,218 $ 5,994 Decrease due to lapse in statute of limitations (1,622) (2,847) Addition based on tax positions related to the prior year 369 543 Foreign currency translation adjustments 221 (407) Decrease due to Spin-Off (117) — Addition based on tax positions related to the current year 43 241 Increase due to CPA:18 Merger — 2,694 Ending balance $ 5,112 $ 6,218 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Revenues Lease revenues $ 1,427,376 $ 1,301,617 $ 1,177,438 Income from finance leases and loans receivable 107,173 74,266 67,555 Operating property revenues 180,257 59,230 13,478 Other lease-related income 23,333 32,988 53,655 1,738,139 1,468,101 1,312,126 Operating Expenses Depreciation and amortization 574,212 503,403 475,989 General and administrative 96,027 88,952 81,888 Operating property expenses 95,141 27,054 9,848 Impairment charges — real estate 86,411 39,119 24,246 Reimbursable tenant costs 81,939 73,622 62,417 Property expenses, excluding reimbursable tenant costs 44,451 50,753 47,898 Stock-based compensation expense 34,504 32,841 24,881 Merger and other expenses 4,954 19,384 (4,597) 1,017,639 835,128 722,570 Other Income and Expenses Gain on sale of real estate, net 315,984 43,476 40,425 Interest expense (291,852) (219,160) (196,831) Other gains and (losses) (36,427) 97,149 (13,676) Non-operating income 21,429 30,289 13,778 Earnings (losses) from equity method investments in real estate 19,575 16,221 (19,649) Gain on change in control of interests — 11,405 — 28,709 (20,620) (175,953) Income before income taxes 749,209 612,353 413,603 Provision for income taxes (44,442) (21,407) (28,703) Net Income from Real Estate 704,767 590,946 384,900 Net loss (income) attributable to noncontrolling interests 70 657 (134) Net Income from Real Estate Attributable to W. P. Carey $ 704,837 $ 591,603 $ 384,766 Investment Management Years Ended December 31, 2023 2022 2021 Revenues Asset management revenue $ 2,184 $ 8,467 $ 15,363 Other advisory income and reimbursements 667 — — Reimbursable costs from affiliates 368 2,518 4,035 3,219 10,985 19,398 Operating Expenses Reimbursable costs from affiliates 368 2,518 4,035 Impairment charges — Investment Management goodwill — 29,334 — Merger and other expenses — 3 51 368 31,855 4,086 Other Income and Expenses Other gains and (losses) 243 (1,111) 791 Non-operating income 13 20 82 Gain on change in control of interests — 22,526 — Earnings from equity method investments in the Managed Programs — 13,288 8,820 256 34,723 9,693 Income before income taxes 3,107 13,853 25,005 Benefit from (provision for) income taxes 390 (6,317) 217 Net Income from Investment Management Attributable to W. P. Carey $ 3,497 $ 7,536 $ 25,222 Total Company Years Ended December 31, 2023 2022 2021 Revenues $ 1,741,358 $ 1,479,086 $ 1,331,524 Operating expenses 1,018,007 866,983 726,656 Other income and expenses 28,965 14,103 (166,260) Provision for income taxes (44,052) (27,724) (28,486) Net loss (income) attributable to noncontrolling interests 70 657 (134) Net income attributable to W. P. Carey $ 708,334 $ 599,139 $ 409,988 Years Ended December 31, 2023 2022 2021 Revenues Domestic $ 1,151,644 $ 985,763 $ 860,961 International 586,495 482,338 451,165 Total $ 1,738,139 $ 1,468,101 $ 1,312,126 |
Reconciliation of Assets from Segment to Consolidated | Total Assets at December 31, 2023 2022 Real Estate $ 17,966,126 $ 18,077,155 Investment Management 10,657 24,880 Total Company $ 17,976,783 $ 18,102,035 December 31, 2023 2022 Long-lived Assets Domestic $ 9,049,540 $ 10,053,422 International 5,864,359 5,435,476 Total $ 14,913,899 $ 15,488,898 Equity Investments in Real Estate Domestic $ 324,142 $ 286,708 International 28,860 38,569 Total $ 353,002 $ 325,277 |
Business and Organization - Nar
Business and Organization - Narratives (Details) ft² in Millions | 12 Months Ended | ||
Dec. 31, 2023 ft² tenant property | Nov. 01, 2023 ft² property | Sep. 30, 2023 property | |
Office | Spinoff | |||
Real Estate Properties | |||
Number of real estate properties (property) | 87 | ||
Office | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | NLOP | |||
Real Estate Properties | |||
Number of real estate properties (property) | 59 | ||
Square footage of real estate properties | ft² | 9.3 | ||
Hotel | |||
Real Estate Properties | |||
Number of real estate properties (property) | 5 | ||
Real Estate | |||
Real Estate Properties | |||
Number of real estate properties (property) | 1,424 | ||
Square footage of real estate properties | ft² | 173 | ||
Number of tenants (tenant) | tenant | 336 | ||
Operating lease term (in years) | 11 years 8 months 12 days | ||
Occupancy rate | 98.10% | ||
Real Estate | Operating Properties | |||
Real Estate Properties | |||
Number of real estate properties (property) | 96 | ||
Square footage of real estate properties | ft² | 7.3 | ||
Real Estate | Self Storage | |||
Real Estate Properties | |||
Number of real estate properties (property) | 89 | ||
Real Estate | Hotel | |||
Real Estate Properties | |||
Number of real estate properties (property) | 5 | ||
Real Estate | Student Housing Properties | |||
Real Estate Properties | |||
Number of real estate properties (property) | 2 | ||
Investment Management | Net Lease Operating Property | |||
Real Estate Properties | |||
Number of real estate properties (property) | 55 | ||
Investment Management | Operating Properties | Affiliated Entity | CESH | Built to suit | |||
Real Estate Properties | |||
Number of real estate properties (property) | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) vie property | Dec. 31, 2023 USD ($) vie property reporting_unit | Dec. 31, 2022 USD ($) vie | Dec. 31, 2021 USD ($) | |
Basis of Consolidation | ||||
Variable interest entities consolidated, count | vie | 15 | 15 | 11 | |
Variable interest entities, count | vie | 21 | 21 | 16 | |
Variable interest entities unconsolidated, count | vie | 6 | 6 | 5 | |
Equity method investments | $ | $ 354,261 | $ 354,261 | $ 327,502 | |
Hotel | ||||
Basis of Consolidation | ||||
Number of properties (property) | property | 5 | 5 | ||
Real Estate | ||||
Basis of Consolidation | ||||
Number of reporting units (reporting units) | reporting_unit | 1 | |||
Operating property revenues | $ | $ 180,257 | 59,230 | $ 13,478 | |
Number of properties (property) | property | 1,424 | 1,424 | ||
Real Estate | Hotel | ||||
Basis of Consolidation | ||||
Number of properties (property) | property | 5 | 5 | ||
Number of properties sold (property) | property | 8 | 8 | ||
Real Estate | Hotel | Domestic | ||||
Basis of Consolidation | ||||
Number of properties (property) | property | 13 | 13 | ||
Real Estate | Hotel | ||||
Basis of Consolidation | ||||
Operating property revenues | $ | $ 76,200 | 12,000 | $ 7,200 | |
Real Estate | Hotel | Domestic | Adjustment | ||||
Basis of Consolidation | ||||
Number of properties (property) | property | 12 | 12 | ||
Internal Use Software Development Costs | Minimum | ||||
Basis of Consolidation | ||||
Property, plant and equipment, useful life | 3 years | 3 years | ||
Internal Use Software Development Costs | Maximum | ||||
Basis of Consolidation | ||||
Property, plant and equipment, useful life | 7 years | 7 years | ||
Buildings and improvements | Maximum | ||||
Basis of Consolidation | ||||
Property, plant and equipment, useful life | 40 years | 40 years | ||
Furniture and Fixtures | Maximum | ||||
Basis of Consolidation | ||||
Property, plant and equipment, useful life | 40 years | 40 years | ||
Equipment | Maximum | ||||
Basis of Consolidation | ||||
Property, plant and equipment, useful life | 40 years | 40 years | ||
Variable Interest Entity | ||||
Basis of Consolidation | ||||
Principle amount of debt derecognized | $ | $ 19,000 | $ 19,000 | ||
Equity method investments | $ | $ 729,800 | $ 729,800 | $ 693,400 | |
Managed Programs | ||||
Basis of Consolidation | ||||
Variable interest entities unconsolidated, count | vie | 2 | 2 | 2 | |
Real Estate | ||||
Basis of Consolidation | ||||
Variable interest entities unconsolidated, count | vie | 3 | 3 | 3 | |
Equity method investments | $ | $ 353,002 | $ 353,002 | $ 325,277 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Land, buildings and improvements — net lease and other | $ 12,095,458 | $ 13,338,857 | |
Land, buildings and improvements — operating properties | 1,256,249 | 1,095,892 | |
Net investments in finance leases and loans receivable | 1,514,923 | 771,761 | |
In-place lease intangible assets and other | 2,308,853 | 2,659,750 | |
Above-market rent intangible assets | 706,773 | 833,751 | |
Accumulated depreciation and amortization | (3,005,479) | (3,269,057) | |
Total assets | [1] | 17,976,783 | 18,102,035 |
Liabilities | |||
Non-recourse mortgages, net | 579,147 | 1,132,417 | |
Below-market rent and other intangible liabilities, net | 136,872 | 184,584 | |
Total liabilities | [1] | 9,269,786 | 9,093,391 |
Variable Interest Entity | |||
Assets | |||
Land, buildings and improvements — net lease and other | 237,858 | 590,390 | |
Land, buildings and improvements — operating properties | 39,422 | 143,390 | |
Net investments in finance leases and loans receivable | 595,524 | 144,103 | |
In-place lease intangible assets and other | 40,650 | 72,070 | |
Above-market rent intangible assets | 6,828 | 33,634 | |
Accumulated depreciation and amortization | (23,580) | (176,379) | |
Total assets | 947,509 | 843,500 | |
Liabilities | |||
Non-recourse mortgages, net | 59,715 | 132,950 | |
Below-market rent and other intangible liabilities, net | 32 | 18,891 | |
Total liabilities | $ 101,047 | $ 199,633 | |
[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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 633,860 | $ 167,996 | $ 165,427 | |
Restricted cash | 58,111 | 56,145 | 52,523 | |
Total cash and cash equivalents and restricted cash | $ 691,971 | $ 224,141 | $ 217,950 | $ 311,779 |
NLOP Spin-Off (Details)
NLOP Spin-Off (Details) $ / shares in Units, ft² in Millions | 12 Months Ended | 24 Months Ended | |||
Nov. 01, 2023 USD ($) ft² investment $ / shares | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Non-recourse mortgages, net | $ 579,147,000 | $ 1,132,417,000 | $ 579,147,000 | ||
Line of credit, maximum borrowing amount | 4,350,000,000 | 4,350,000,000 | |||
Financing cost | 21,486,000 | 21,486,000 | |||
Affiliated Entity | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Annual management fee | $ 7,500,000 | ||||
Fee income | $ 4,000,000 | ||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Share conversion rate | $ / shares | $ 0.0667 | ||||
Business exit costs | $ 61,600,000 | ||||
Advisory fees | $ 5,100,000 | $ 4,900,000 | 10,000,000 | ||
Business disposal costs, reimbursable | 51,600,000 | ||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | NLOP | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Number of encumbered properties | property | 10 | ||||
Annual base rent | $ 145,000,000 | ||||
Non-recourse mortgages, net | $ 164,743,000 | $ 164,700,000 | $ 164,700,000 | ||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Office | NLOP | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Square footage of real estate properties | ft² | 9.3 | ||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Corporation | NLOP | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Number of tenants | investment | 62 | ||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Parking Garage | NLOP | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Square footage of real estate properties | ft² | 0.6 | ||||
Net Lease Office Properties Financing Arrangements | Secured Debt | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Financing cost | $ 14,400,000 | ||||
Line of Credit | Net Lease Office Properties Debt Facility | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | |||||
Line of credit, maximum borrowing amount | $ 455,000,000 | ||||
Proceeds from line of credit | $ 343,900,000 |
NLOP Spin-Off - Summary of Asse
NLOP Spin-Off - Summary of Assets, Liabilities, and Equity Derecognized in Connection with the Spin-off (Details)) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in real estate: | ||||||
Land, buildings and improvements — net lease and other | $ 12,095,458 | $ 13,338,857 | ||||
In-place lease intangible assets and other | 2,308,853 | 2,659,750 | ||||
Above-market rent intangible assets | 706,773 | 833,751 | ||||
Investments in real estate | 17,882,256 | 18,700,011 | ||||
Accumulated depreciation and amortization | (3,005,479) | (3,269,057) | ||||
Net investments in real estate | 14,913,899 | 15,488,898 | ||||
Cash and cash equivalents | 691,971 | 224,141 | $ 217,950 | $ 311,779 | ||
Other assets, net | 1,096,474 | 1,080,227 | ||||
Goodwill | 978,289 | 1,037,412 | 901,529 | 910,818 | ||
Total assets | [1] | 17,976,783 | 18,102,035 | |||
Liabilities and Equity | ||||||
Non-recourse mortgages, net | 579,147 | 1,132,417 | ||||
Accounts payable, accrued expenses and other liabilities | 615,750 | 623,843 | ||||
Below-market rent and other intangible liabilities, net | 136,872 | 184,584 | ||||
Deferred income taxes | 180,650 | 178,959 | ||||
Total liabilities | [1] | 9,269,786 | 9,093,391 | |||
Distributions in excess of accumulated earnings | 2,891,424 | 2,486,633 | ||||
Accumulated other comprehensive loss | (254,867) | (283,780) | ||||
Noncontrolling interests | 6,562 | 14,998 | ||||
Total equity | 8,706,997 | $ 9,008,644 | $ 7,583,451 | $ 6,878,369 | ||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | NLOP | ||||||
Investments in real estate: | ||||||
Land, buildings and improvements — net lease and other | $ 1,299,400 | |||||
In-place lease intangible assets and other | 373,631 | |||||
Above-market rent intangible assets | 58,426 | |||||
Investments in real estate | 1,731,457 | |||||
Accumulated depreciation and amortization | (454,768) | |||||
Net investments in real estate | 1,276,689 | |||||
Cash and cash equivalents | 9,141 | |||||
Other assets, net | 70,472 | |||||
Goodwill | 61,737 | |||||
Less: impairment charges (Note 10) | (47,282) | |||||
Total assets | 1,370,757 | |||||
Liabilities and Equity | ||||||
Non-recourse mortgages, net | $ 164,700 | 164,743 | ||||
Accounts payable, accrued expenses and other liabilities | 54,199 | |||||
Below-market rent and other intangible liabilities, net | 11,799 | |||||
Deferred income taxes | 9,718 | |||||
Total liabilities | 240,459 | |||||
Distributions in excess of accumulated earnings | 229,712 | |||||
Accumulated other comprehensive loss | (35,664) | |||||
Noncontrolling interests | 4,406 | |||||
Total equity | 198,454 | |||||
Total liabilities and equity | $ 438,913 | |||||
[1] See Note 2 for details related to variable interest entities (“VIEs”). |
NLOP Spin-Off - Impact to the c
NLOP Spin-Off - Impact to the components of Total equity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 01, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Liabilities | [1] | $ (9,269,786) | $ (9,093,391) | |
Distributions in excess of accumulated earnings | (2,891,424) | (2,486,633) | ||
Accumulated other comprehensive loss | 254,867 | 283,780 | ||
Equity, Attributable to Noncontrolling Interest Derecognized | (6,562) | (14,998) | ||
Reduction to Additional paid-in capital | $ (11,784,461) | $ (11,706,836) | ||
NLOP | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Impact to Total equity | $ (777,272) | |||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Total assets derecognized (excluding cash and cash equivalents and restricted cash) | (1,361,616) | |||
Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described below under “Debt Facility”) | 343,885 | |||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | NLOP | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ||||
Total assets derecognized (excluding cash and cash equivalents and restricted cash) | (1,361,616) | |||
Liabilities | (240,459) | |||
Net assets derecognized | (1,121,157) | |||
Less: Proceeds in connection with the Spin-Off, reflecting cash and cash equivalents and restricted cash derecognized (described below under “Debt Facility”) | 343,885 | |||
Impact to Total equity | (777,272) | |||
Distributions in excess of accumulated earnings | (229,712) | |||
Accumulated other comprehensive loss | 35,664 | |||
Equity, Attributable to Noncontrolling Interest Derecognized | (4,406) | |||
Reduction to Additional paid-in capital | $ (578,818) | |||
[1] See Note 2 for details related to variable interest entities (“VIEs”). |
Merger with CPA_18 _ Global - N
Merger with CPA:18 – Global - Narratives (Details) $ / shares in Units, $ in Thousands, ft² in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||
Aug. 01, 2022 USD ($) ft² property investment $ / shares shares | Feb. 09, 2024 USD ($) | Jan. 31, 2024 USD ($) property | Oct. 31, 2023 USD ($) | Aug. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) property shares | Dec. 31, 2023 USD ($) ft² property shares | Dec. 31, 2022 USD ($) property shares | Dec. 31, 2021 USD ($) | Aug. 31, 2022 property | Jul. 31, 2022 shares | Dec. 31, 2020 USD ($) | |
Business Acquisition | |||||||||||||
Common stock shares, outstanding (in shares) | shares | 210,620,949 | 218,671,874 | 210,620,949 | ||||||||||
Non-recourse mortgages, net | $ 1,132,417 | $ 579,147 | $ 1,132,417 | ||||||||||
Debt instrument weighted average interest rate (percent) | 4.60% | ||||||||||||
Proceeds from sales of real estate | $ 446,402 | 234,652 | $ 163,638 | ||||||||||
Goodwill | $ 1,037,412 | 978,289 | 1,037,412 | 901,529 | $ 910,818 | ||||||||
Gain on change in control of interests | 0 | 33,931 | 0 | ||||||||||
Subsequent Event | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 2 | ||||||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||||
Business Acquisition | |||||||||||||
Proceeds from sales of real estate | 446,400 | 234,700 | 163,600 | ||||||||||
Gain on sale of real estate, net | $ 80,700 | $ 43,500 | 40,400 | ||||||||||
Discontinued Operations, Disposed of by Sale | Subsequent Event | |||||||||||||
Business Acquisition | |||||||||||||
Proceeds from sales of real estate | $ 14,500 | ||||||||||||
Discontinued Operations, Held-for-sale | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 3 | 2 | 3 | ||||||||||
Discontinued Operations, Held-for-sale | Subsequent Event | |||||||||||||
Business Acquisition | |||||||||||||
Proceeds from sales of real estate | $ 36,600 | ||||||||||||
Real Estate | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 1,424 | ||||||||||||
Operating lease term (in years) | 11 years 8 months 12 days | ||||||||||||
Occupancy rate | 98.10% | ||||||||||||
Square footage of real estate properties | ft² | 173 | ||||||||||||
Goodwill | $ 1,037,412 | $ 978,289 | $ 1,037,412 | $ 872,195 | $ 881,484 | ||||||||
Real Estate | Discontinued Operations, Held-for-sale | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 1 | ||||||||||||
CPA:18 | Affiliated Entity | |||||||||||||
Business Acquisition | |||||||||||||
Jointly owned investments, count | investment | 4 | ||||||||||||
Real Estate | CPA:18 | Affiliated Entity | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 7 | ||||||||||||
Operating Properties | Real Estate | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 96 | ||||||||||||
Square footage of real estate properties | ft² | 7.3 | ||||||||||||
Self Storage | Real Estate | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 89 | ||||||||||||
CPA:18 | |||||||||||||
Business Acquisition | |||||||||||||
Common stock shares, outstanding (in shares) | shares | 141,099,002 | ||||||||||||
Number of real estate properties (property) | property | 42 | ||||||||||||
Operating lease term (in years) | 7 years | ||||||||||||
Occupancy rate | 99.30% | ||||||||||||
Contractual minimum annualized base rent | $ 81,000 | ||||||||||||
Non-recourse mortgages, net | $ 900,200 | ||||||||||||
Debt instrument weighted average interest rate (percent) | 5.10% | ||||||||||||
CPA:18 | Self Storage | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 65 | ||||||||||||
CPA:18 | Student Housing | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 2 | ||||||||||||
CPA:18 | |||||||||||||
Business Acquisition | |||||||||||||
Share price (usd per share) | $ / shares | $ 87.46 | ||||||||||||
Fair value of W. P. Carey shares of common stock issued | $ 1,600,000 | ||||||||||||
Shares issued as compensation in acquisition (in shares) | shares | 13,786,302 | ||||||||||||
Fair value of shares issued | $ 1,200,000 | ||||||||||||
Cash paid for fractional shares | 423,300 | ||||||||||||
Actual revenue from acquiree | 42,700 | ||||||||||||
Actual net loss from acquiree | 12,300 | ||||||||||||
Merger related costs | $ 17,200 | ||||||||||||
Goodwill | 172,300 | ||||||||||||
Gain on change in control of interests | $ 22,500 | ||||||||||||
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger | 88,300 | ||||||||||||
CPA:18 | Jointly owned investments | |||||||||||||
Business Acquisition | |||||||||||||
Gain on change in control of interests | $ 11,400 | ||||||||||||
CPA:18 | Carrying Value | |||||||||||||
Business Acquisition | |||||||||||||
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger | 65,800 | ||||||||||||
CPA:18 | Carrying Value | Jointly owned investments | |||||||||||||
Business Acquisition | |||||||||||||
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger | 17,200 | ||||||||||||
CPA:18 | Fair Value | Jointly owned investments | |||||||||||||
Business Acquisition | |||||||||||||
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger | $ 28,600 | ||||||||||||
CPA:18 | Operating Properties | |||||||||||||
Business Acquisition | |||||||||||||
Square footage of real estate properties | ft² | 5.1 | ||||||||||||
CPA:18 | Operating Properties | Real Estate | |||||||||||||
Business Acquisition | |||||||||||||
Actual revenue from acquiree | 39,200 | ||||||||||||
CPA:18 | $0.001 Par Value Common Stock | |||||||||||||
Business Acquisition | |||||||||||||
Share conversion rate (usd per share) | $ / shares | $ 0.0978 | ||||||||||||
Share price (usd per share) | $ / shares | $ 3 | ||||||||||||
Shares of acquiree held prior to merger (in shares) | shares | 8,556,732 | ||||||||||||
CPA 18 Merger | |||||||||||||
Business Acquisition | |||||||||||||
Fair value of W. P. Carey shares of common stock issued | $ 1,205,750 | ||||||||||||
Cash paid for fractional shares | 138 | ||||||||||||
Assets held for sale | 85,026 | ||||||||||||
Goodwill | 172,346 | ||||||||||||
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger | $ 88,299 | ||||||||||||
CPA 18 Merger | Discontinued Operations, Disposed of by Sale | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 1 | ||||||||||||
Proceeds from sales of real estate | $ 29,500 | $ 44,500 | |||||||||||
Gain on sale of real estate, net | $ (200) | ||||||||||||
CPA 18 Merger | Discontinued Operations, Held-for-sale | |||||||||||||
Business Acquisition | |||||||||||||
Number of real estate properties (property) | property | 2 | ||||||||||||
Assets held for sale | $ 85,000 | ||||||||||||
CPA 18 Merger | Jointly owned investments | |||||||||||||
Business Acquisition | |||||||||||||
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger | $ 28,574 | ||||||||||||
CPA 18 Merger | Real Estate | |||||||||||||
Business Acquisition | |||||||||||||
Lease revenues | $ 4,900 |
Merger with CPA_18 _ Global - P
Merger with CPA:18 – Global - Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition, Pro Forma Information | ||
Pro forma total revenues | $ 1,590,233 | $ 1,509,828 |
Agreements and Transactions w_3
Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction | |||
Interest income on deferred acquisition fees and loans to affiliates | $ 21,442 | $ 30,309 | $ 13,860 |
Total revenues | 1,741,358 | 1,479,086 | 1,331,524 |
Affiliated Entity | |||
Related Party Transaction | |||
Distributions of Available Cash | 0 | 8,746 | 7,345 |
Interest income on deferred acquisition fees and loans to affiliates | 0 | 112 | 120 |
Total revenues | 3,219 | 19,843 | 26,863 |
Asset management revenue | Affiliated Entity | |||
Related Party Transaction | |||
Operating property revenues | 2,184 | 8,467 | 15,363 |
Other advisory income and reimbursements | Affiliated Entity | |||
Related Party Transaction | |||
Operating property revenues | 667 | 0 | 0 |
Reimbursable costs from affiliates | Affiliated Entity | |||
Related Party Transaction | |||
Operating property revenues | $ 368 | $ 2,518 | $ 4,035 |
Agreements and Transactions w_4
Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction | |||
Revenues | $ 1,741,358 | $ 1,479,086 | $ 1,331,524 |
Affiliated Entity | |||
Related Party Transaction | |||
Revenues | 3,219 | 19,843 | 26,863 |
Affiliated Entity | NLOP | |||
Related Party Transaction | |||
Revenues | 1,912 | 0 | 0 |
Affiliated Entity | CESH | |||
Related Party Transaction | |||
Revenues | 1,307 | 1,989 | 3,713 |
Affiliated Entity | CPA:18 – Global | |||
Related Party Transaction | |||
Revenues | 0 | 17,854 | 22,867 |
Affiliated Entity | WLT (reimbursed transition services) | |||
Related Party Transaction | |||
Revenues | $ 0 | $ 0 | $ 283 |
Agreements and Transactions w_5
Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction | ||
Due from affiliates | $ 1,096,474 | $ 1,080,227 |
Affiliated Entity | ||
Related Party Transaction | ||
Asset management fees receivable | 1,349 | 386 |
Accounts receivable | 768 | 329 |
Reimbursable costs | 59 | 204 |
Due from affiliates | $ 2,176 | $ 919 |
Agreements and Transactions w_6
Agreements and Transactions with Related Parties - Narratives (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 01, 2023 USD ($) | Jul. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) investment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | |||||
Percentage of Available cash distribution to advisor | 10% | ||||
Proceeds from repayment of short-term loans to affiliates | $ 0 | $ 26,000 | $ 62,048 | ||
Number of jointly owned investments | investment | 8 | ||||
Jointly owned investment, accounted for under the equity method investments | investment | 4 | ||||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Fee income | $ 4,000 | ||||
Annual management fee | 7,500 | ||||
Other Entity | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned investment, accounted for under the equity method investments | investment | 4 | ||||
Corporate Property Associates Eighteen | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from repayment of short-term loans to affiliates | $ 16,000 | ||||
CESH | Gross asset fair value | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Percentage of asset management fees earned, percentage | 1% | ||||
NLOP | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Fee income | $ 4,000 | ||||
Annual management fee | $ 7,500 |
Land, Buildings and Improveme_3
Land, Buildings and Improvements and Assets Held for Sale - Assets Subject To Operating Leases (Details) - Operating real estate - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate Investment Property At Cost | ||
Less: Accumulated depreciation | $ (1,509,730) | $ (1,672,091) |
Net property subject to operating lease | 10,585,728 | 11,666,766 |
Land | ||
Real Estate Investment Property At Cost | ||
Gross property subject to operating lease | 2,248,300 | 2,400,002 |
Buildings and improvements | ||
Real Estate Investment Property At Cost | ||
Gross property subject to operating lease | 9,801,596 | 10,916,630 |
Real estate under construction | ||
Real Estate Investment Property At Cost | ||
Gross property subject to operating lease | $ 45,562 | $ 22,225 |
Land, Buildings and Improveme_4
Land, Buildings and Improvements and Assets Held for Sale - Net Lease and Other Narratives (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) property $ / € | Dec. 31, 2022 USD ($) property $ / € | Dec. 31, 2021 USD ($) property | Feb. 28, 2023 USD ($) property | Aug. 01, 2022 USD ($) | |
Property, Plant and Equipment | |||||
Increase in value of balance sheet item due to foreign currency translation | $ 19,758 | $ (63,149) | $ (35,736) | ||
Land, buildings and improvements — net lease and other | 12,095,458 | $ 13,338,857 | |||
CPA 18 Merger | |||||
Property, Plant and Equipment | |||||
Land, buildings and improvements — net lease and other | $ 881,600 | $ 881,613 | |||
Real Estate | |||||
Property, Plant and Equipment | |||||
Number of properties (property) | property | 1,424 | ||||
Adjustment | |||||
Property, Plant and Equipment | |||||
Net investments in direct financing leases | $ (25,400) | ||||
Land, buildings and improvements — net lease and other | $ 25,400 | ||||
Adjustment | Real Estate Investment Property, Net, Real Estate Leased | |||||
Property, Plant and Equipment | |||||
Number of properties (property) | property | 5 | ||||
Hotels | Adjustment | |||||
Property, Plant and Equipment | |||||
Land, buildings and improvements — net lease and other | $ 164,600 | ||||
Hotels | Adjustment | Real Estate | |||||
Property, Plant and Equipment | |||||
Number of properties (property) | property | 12 | ||||
Real Estate Subject to Operating Leases | |||||
Property, Plant and Equipment | |||||
Increase in value of balance sheet item due to foreign currency translation | $ 129,900 | ||||
Number of properties (property) | property | 71 | 23 | 28 | ||
Depreciation | $ 325,800 | $ 299,400 | $ 286,400 | ||
Land, Buildings and Improvements — Operating Leases | |||||
Property, Plant and Equipment | |||||
Increase in value of balance sheet item due to foreign currency translation | $ 5,100 | ||||
Number of properties (property) | property | 5 | ||||
Depreciation | $ 29,800 | $ 11,600 | $ 2,700 | ||
Land, Buildings and Improvements — Operating Leases | CPA 18 Merger | |||||
Property, Plant and Equipment | |||||
Number of properties (property) | property | 39 | ||||
Land, Buildings and Improvements — Operating Leases | Hotels | |||||
Property, Plant and Equipment | |||||
Number of properties (property) | property | 1 | ||||
EUR | |||||
Property, Plant and Equipment | |||||
Increase (decrease) in exchange rate | 3.60% | ||||
Foreign currency exchange rate | $ / € | 1.1050 | 1.0666 |
Land, Buildings and Improveme_5
Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Oct. 26, 2023 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Feb. 28, 2023 USD ($) property | Aug. 31, 2022 property | Aug. 01, 2022 USD ($) lease | |
Investments in real estate | ||||||||
Total capitalized costs | $ 1,211,397 | $ 1,145,734 | $ 1,306,858 | |||||
Capitalized construction cost | $ 92,500 | |||||||
Construction projects in progress (property) | property | 11 | 8 | ||||||
Unfunded commitment | $ 71,800 | $ 71,800 | $ 61,100 | |||||
Capitalized interest | 600 | 1,300 | 2,500 | |||||
Lease termination income | 11,900 | 12,400 | 41,000 | |||||
End lease related settlement | 9,100 | 17,600 | 9,800 | |||||
Sublease Income | 4,900 | 4,600 | 5,100 | |||||
Cash paid for operating lease liabilities | 16,100 | 15,800 | 13,900 | |||||
Finance lease expense | 200 | |||||||
Assets held for sale, net | 37,122 | 37,122 | 57,944 | |||||
Land, buildings and improvements — net lease and other | $ 12,095,458 | $ 12,095,458 | 13,338,857 | |||||
CPA 18 Merger | ||||||||
Investments in real estate | ||||||||
Number of lease arrangements acquired (lease) | lease | 7 | |||||||
Right-of-use assets | $ 24,500 | |||||||
Lease liability | 6,600 | |||||||
CPA 18 Merger | Below Market Lease | ||||||||
Investments in real estate | ||||||||
Right-of-use assets | 17,900 | |||||||
Real Estate | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 1,424 | 1,424 | ||||||
Lease termination income | 1,600 | |||||||
Other income | 1,900 | |||||||
Operating property revenues | $ 180,257 | 59,230 | 13,478 | |||||
Real Estate | Occupancy | ||||||||
Investments in real estate | ||||||||
Operating property revenues | 164,500 | 54,400 | 11,200 | |||||
Real Estate | Food and beverage | ||||||||
Investments in real estate | ||||||||
Operating property revenues | $ 15,800 | $ 4,800 | $ 2,300 | |||||
Discontinued Operations, Disposed of by Sale | ||||||||
Investments in real estate | ||||||||
Number of properties sold (property) | property | 31 | 23 | 24 | |||||
Discontinued Operations, Disposed of by Sale | CPA 18 Merger | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 1 | |||||||
Land, buildings and improvements | Discontinued Operations, Disposed of by Sale | ||||||||
Investments in real estate | ||||||||
Other real estate, period increase (decrease) | $ (197,500) | |||||||
Number of properties sold (property) | property | 20 | |||||||
Construction in progress | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 4 | 4 | ||||||
Construction projects completed (property) | property | 6 | 4 | ||||||
Total capitalized costs | $ 60,670 | $ 148,100 | $ 88,200 | |||||
Land | CPA 18 Merger | ||||||||
Investments in real estate | ||||||||
Right-of-use assets | $ 6,600 | |||||||
Hotel | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 5 | 5 | ||||||
Hotel | Real Estate | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 5 | 5 | ||||||
Number of properties sold (property) | property | 8 | 8 | ||||||
Hotel | Land, buildings and improvements | Real Estate | ||||||||
Investments in real estate | ||||||||
Decrease in operating properties | $ 89,700 | $ 89,700 | ||||||
Real Estate Subject to Operating Leases | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 8,658 | $ 1,178,702 | $ 1,200,000 | $ 1,300,000 | ||||
Number of properties (property) | property | 71 | 71 | 23 | 28 | ||||
Real Estate Subject to Operating Leases | Above Market Ground Lease | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 4,200 | |||||||
Real Estate Subject to Operating Leases | Prepaid Rent Liability | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 13,000 | |||||||
Lease term (in years) | 20 years | 20 years | ||||||
Real Estate Subject to Operating Leases | Land | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 212,594 | $ 145,100 | 191,000 | |||||
Real Estate Subject to Operating Leases | Building | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | 853,000 | 946,900 | ||||||
Real Estate Subject to Operating Leases | Net lease intangible | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | 188,900 | |||||||
Real Estate Subject to Operating Leases | Land Lease Right Of Use Assets | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | 6,000 | |||||||
Real Estate Subject to Operating Leases | Prepaid rent | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | 15,400 | |||||||
Real Estate Subject to Operating Leases | Operating Lease Liability | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 6,000 | |||||||
Real Estate Subject to Operating Leases | Right Of Use Assets | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 12,300 | |||||||
Land, Buildings and Improvements — Operating Leases | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 47,309 | |||||||
Number of properties (property) | property | 5 | 5 | ||||||
Land, Buildings and Improvements — Operating Leases | CPA 18 Merger | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 39 | 39 | ||||||
Land, Buildings and Improvements — Operating Leases | Land | ||||||||
Investments in real estate | ||||||||
Total capitalized costs | $ 13,547 | |||||||
Self Storage | Consolidated properties | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 80 | 80 | 75 | 10 | ||||
Self Storage | Land, Buildings and Improvements — Operating Leases | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 80 | 80 | 75 | |||||
Student Housing | Consolidated properties | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 2 | 2 | ||||||
Student Housing | Land, Buildings and Improvements — Operating Leases | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 2 | 2 | 2 | |||||
Build To Suit | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 4 | 4 | ||||||
Commitments | $ 84,100 | $ 84,100 | ||||||
Hotels | Consolidated properties | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 13 | 13 | 1 | 1 | ||||
Hotels | Land, Buildings and Improvements — Operating Leases | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 1 | |||||||
Adjustment | Student Housing | ||||||||
Investments in real estate | ||||||||
Land, buildings and improvements — net lease and other | $ 25,500 | $ 25,500 | ||||||
Adjustment | Hotels | ||||||||
Investments in real estate | ||||||||
Land, buildings and improvements — net lease and other | $ 164,600 | |||||||
Adjustment | Hotels | Real Estate | ||||||||
Investments in real estate | ||||||||
Number of properties (property) | property | 12 |
Land, Buildings and Improveme_6
Land, Buildings and Improvements and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 22, 2023 USD ($) property | Dec. 11, 2023 USD ($) property | Dec. 05, 2023 USD ($) property | Nov. 29, 2023 USD ($) property | Nov. 17, 2023 USD ($) property | Oct. 26, 2023 USD ($) | Jun. 15, 2023 USD ($) property | Apr. 18, 2023 USD ($) property | Apr. 01, 2023 USD ($) property | Mar. 23, 2023 USD ($) property | Jan. 12, 2023 USD ($) property | May 26, 2023 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Oct. 24, 2023 property | May 05, 2023 property | |
Property, Plant and Equipment | |||||||||||||||||
Payment to acquire real estate | $ | $ 1,211,397 | $ 1,145,734 | $ 1,306,858 | ||||||||||||||
Various, United States | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 4 | ||||||||||||||||
Various, Industrial Properties in Italy | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 7 | 5 | |||||||||||||||
Various, Industrial Properties in Spain | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 3 | 3 | |||||||||||||||
Various, Canada | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 3 | ||||||||||||||||
Various, Industrial Properties in Mexico | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 2 | ||||||||||||||||
Various, Industrial Properties in Germany | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 1 | ||||||||||||||||
Operating lease | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 71 | 23 | 28 | ||||||||||||||
Payment to acquire real estate | $ | $ 8,658 | $ 1,178,702 | $ 1,200,000 | $ 1,300,000 | |||||||||||||
Operating lease | Various, United States | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 7 | 4 | 6 | 9 | |||||||||||||
Payment to acquire real estate | $ | $ 35,577 | $ 139,092 | $ 64,861 | $ 39,713 | |||||||||||||
Operating lease | Various, United States | Scenario, Plan | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 4 | ||||||||||||||||
Payment to acquire real estate | $ | $ 20,300 | ||||||||||||||||
Operating lease | Various, Industrial Properties in Italy and Spain | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 8 | ||||||||||||||||
Payment to acquire real estate | $ | $ 79,218 | ||||||||||||||||
Operating lease | Various, Canada | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 11 | ||||||||||||||||
Payment to acquire real estate | $ | $ 467,811 | ||||||||||||||||
Operating lease | Various, Industrial Properties in Various, United States, Canada and Mexico | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 9 | ||||||||||||||||
Payment to acquire real estate | $ | $ 97,952 | ||||||||||||||||
Payments for capital improvements | $ | $ 3,100 | ||||||||||||||||
Operating lease | Various, Industrial Properties in Dothan, Alabama and Queensbury, New York | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 2 | ||||||||||||||||
Operating lease | Various, Industrial Properties in Italy, Spain and Germany | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 11 | ||||||||||||||||
Payment to acquire real estate | $ | $ 157,095 | ||||||||||||||||
Operating lease | Various, Industrial Properties in Houston and Texas | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 1 | ||||||||||||||||
Payment to acquire real estate | $ | $ 61,610 | ||||||||||||||||
Operating lease | Various, Industrial Properties in San Diego and California | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 2 | ||||||||||||||||
Payment to acquire real estate | $ | $ 13,324 | ||||||||||||||||
Operating lease | Various, Industrial Properties in Phoenix and Arizona | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Number of real estate properties (property) | 1 | ||||||||||||||||
Payment to acquire real estate | $ | $ 13,791 |
Land, Buildings and Improveme_7
Land, Buildings and Improvements, and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 26, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 1,211,397 | $ 1,145,734 | $ 1,306,858 | |
Operating lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 8,658 | 1,178,702 | 1,200,000 | 1,300,000 |
Operating lease | Prepaid Rent Liability | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | 6,882 | |||
Operating lease | Below Market Lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | 7,000 | |||
Operating lease | In-place lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 185,878 | 152,900 | ||
Finite lived intangible assets useful life (in years) | 21 years 2 months 12 days | |||
Operating lease | Finance Lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 12,981 | |||
Operating real estate | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | 47,309 | |||
Operating real estate | In-place lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 1,839 | |||
Finite lived intangible assets useful life (in years) | 6 months | |||
Land | Operating lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 212,594 | $ 145,100 | $ 191,000 | |
Land | Operating real estate | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | 13,547 | |||
Buildings and improvements | Operating lease | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | 774,131 | |||
Buildings and improvements | Operating real estate | ||||
Property, Plant and Equipment | ||||
Payment to acquire real estate | $ 31,923 |
Land, Buildings and Improveme_8
Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in progress $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment | |||
Number of real estate properties (property) | property | 4 | ||
Total Capitalized Costs | $ | $ 60,670 | $ 148,100 | $ 88,200 |
Evansville, Indiana and Lawrence, Kansas | |||
Property, Plant and Equipment | |||
Number of real estate properties (property) | property | 2 | ||
Total Capitalized Costs | $ | $ 20,637 | ||
Pleasanton, California | |||
Property, Plant and Equipment | |||
Number of real estate properties (property) | property | 1 | ||
Total Capitalized Costs | $ | $ 13,905 | ||
Chattanooga, Tennessee | |||
Property, Plant and Equipment | |||
Number of real estate properties (property) | property | 1 | ||
Total Capitalized Costs | $ | $ 26,128 |
Land, Buildings and Improveme_9
Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Lease Income [Abstract] | |||
Lease income — fixed | $ 1,254,340 | $ 1,160,942 | $ 1,066,250 |
Lease income — variable | 173,036 | 140,675 | 111,188 |
Total operating lease income | $ 1,427,376 | $ 1,301,617 | $ 1,177,438 |
Land, Buildings and Improvem_10
Land, Buildings and Improvements and Assets Held for Sale - Schedule of Future Minimum Lease Payments to be Received (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Scheduled Future Lease Payments to be Received | |
2024 | $ 1,179,313 |
2025 | 1,166,318 |
2026 | 1,129,855 |
2027 | 1,088,488 |
2028 | 1,058,295 |
Thereafter | 10,565,084 |
Total | $ 16,187,353 |
Land, Buildings and Improvem_11
Land, Buildings and Improvements and Assets Held for Sale - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | |||
Fixed lease cost | $ 15,518 | $ 15,087 | $ 16,426 |
Variable lease cost | 1,731 | 1,086 | 1,149 |
Total lease cost | $ 17,249 | $ 16,173 | $ 17,575 |
Land, Buildings and Improvem_12
Land, Buildings and Improvements and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands | Dec. 31, 2023 USD ($) lease | Dec. 31, 2022 USD ($) lease |
Lessee, Lease, Description | ||
Finance lease, right of use asset | $ 26,034 | $ 12,598 |
Total operating ROU assets | 194,844 | 193,106 |
Operating lease liabilities | $ 138,733 | $ 146,302 |
Weighted-average remaining lease term — operating leases | 23 years 9 months 18 days | 25 years 9 months 18 days |
Weighted-average discount rate — operating leases (percent) | 6.60% | 6.80% |
Operating Lease, Liability, Statement of Financial Position | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | In-place lease intangible assets and other | In-place lease intangible assets and other |
Minimum | ||
Lessee, Lease, Description | ||
Operating lease contract term | 1 year | 1 year |
Maximum | ||
Lessee, Lease, Description | ||
Operating lease contract term | 98 years | 99 years |
Land | ||
Lessee, Lease, Description | ||
Operating lease, right of use asset | $ 114,080 | $ 123,834 |
Operating lease right of use asset, (lease) | lease | 66 | 72 |
Finance lease right of use asset, (lease) | lease | 2 | 1 |
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 | ||
Operating lease, right of use asset | $ 54,730 | $ 56,674 |
Operating lease right of use asset, (lease) | lease | 4 | 4 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other assets, net | Other assets, net |
Land, Buildings and Improvem_13
Land, Buildings and Improvements and Assets Held for Sale - Undiscounted Cash Flows - Operating Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due | ||
2024 | $ 13,706 | |
2025 | 13,892 | |
2026 | 13,847 | |
2027 | 14,036 | |
2028 | 13,924 | |
Thereafter | 227,376 | |
Total lease payments | 296,781 | |
Less: amount of lease payments representing interest | (158,048) | |
Present value of future lease payments/lease obligations | $ 138,733 | $ 146,302 |
Land, Buildings and Improvem_14
Land, Buildings and Improvements and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate Properties | ||
Land, buildings and improvements — operating properties | $ 1,256,249 | $ 1,095,892 |
Less: Accumulated depreciation | (3,005,479) | (3,269,057) |
Real estate under construction | ||
Real Estate Properties | ||
Land, buildings and improvements — operating properties | 1,530 | 18,566 |
Land, Buildings and Improvements — Operating Leases | ||
Real Estate Properties | ||
Less: Accumulated depreciation | (80,057) | (28,295) |
Investments in real estate | 1,176,192 | 1,067,597 |
Land, Buildings and Improvements — Operating Leases | Land | ||
Real Estate Properties | ||
Land, buildings and improvements — operating properties | 150,084 | 122,317 |
Land, Buildings and Improvements — Operating Leases | Buildings and improvements | ||
Real Estate Properties | ||
Land, buildings and improvements — operating properties | $ 1,104,635 | $ 955,009 |
Land, Buildings and Improvem_15
Land, Buildings and Improvements, and Assets Held for Sale - Operating Property Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 15, 2023 USD ($) property | Dec. 08, 2023 USD ($) property | Nov. 17, 2023 USD ($) property | Oct. 26, 2023 USD ($) | Aug. 25, 2023 USD ($) property | Jun. 22, 2023 USD ($) property | Jun. 15, 2023 USD ($) property | Jan. 12, 2023 USD ($) property | May 26, 2023 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | May 05, 2023 property | Apr. 18, 2023 property | |
Real Estate Properties | ||||||||||||||
Payment to acquire real estate | $ 1,211,397 | $ 1,145,734 | $ 1,306,858 | |||||||||||
Operating real estate | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 5 | |||||||||||||
Payment to acquire real estate | $ 47,309 | |||||||||||||
Real Estate Subject to Operating Leases | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 71 | 23 | 28 | |||||||||||
Payment to acquire real estate | $ 8,658 | $ 1,178,702 | $ 1,200,000 | $ 1,300,000 | ||||||||||
Little Rock, Arkansas | Operating real estate | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 1 | |||||||||||||
Payment to acquire real estate | $ 6,166 | |||||||||||||
Funding commitment | $ 3,600 | |||||||||||||
Houston, Texas | Operating real estate | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 1 | |||||||||||||
Payment to acquire real estate | $ 13,120 | |||||||||||||
Knoxville and Springfield, Tennessee | Operating real estate | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 2 | |||||||||||||
Payment to acquire real estate | $ 15,580 | |||||||||||||
Bastrop, Texas | Operating real estate | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 1 | |||||||||||||
Payment to acquire real estate | $ 12,443 | |||||||||||||
Various, United States | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 4 | |||||||||||||
Various, United States | Real Estate Subject to Operating Leases | ||||||||||||||
Real Estate Properties | ||||||||||||||
Number of properties (property) | property | 7 | 4 | 6 | 9 | ||||||||||
Payment to acquire real estate | $ 35,577 | $ 139,092 | $ 64,861 | $ 39,713 |
Land, Buildings and Improvem_16
Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale, Net (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 USD ($) property | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | |
Long Lived Assets Held-for-sale | ||||
Accumulated depreciation and amortization | $ (23,460) | $ (3,254) | ||
Assets held for sale, net | 37,122 | 57,944 | ||
Proceeds from sales of real estate | 446,402 | 234,652 | $ 163,638 | |
Subsequent Event | ||||
Long Lived Assets Held-for-sale | ||||
Number of properties (property) | property | 2 | |||
Discontinued Operations, Held-for-sale | ||||
Long Lived Assets Held-for-sale | ||||
Assets held for sale, net | $ 37,100 | $ 57,900 | ||
Number of properties (property) | property | 2 | 3 | ||
Discontinued Operations, Held-for-sale | Subsequent Event | ||||
Long Lived Assets Held-for-sale | ||||
Proceeds from sales of real estate | $ 36,600 | |||
In-place lease | ||||
Long Lived Assets Held-for-sale | ||||
Assets Held-for-sale, gross | $ 5,222 | $ 10,854 | ||
Above-market rent intangible assets | ||||
Long Lived Assets Held-for-sale | ||||
Assets Held-for-sale, gross | 8,374 | 3,210 | ||
Land, buildings and improvements — net lease and other | ||||
Long Lived Assets Held-for-sale | ||||
Assets Held-for-sale, gross | $ 46,986 | $ 47,134 |
Finance Receivables - Direct Fi
Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss | ||
Sale-leaseback transactions accounted for as loans receivable | $ 236,611 | $ 234,198 |
Secured loans receivable | 11,250 | 39,250 |
Net investment In lease and loans receivable | 1,514,923 | 771,761 |
Loans receivable, allowance For credit losses | 2,100 | 2,100 |
Loans Receivable | ||
Financing Receivable, Allowance for Credit Loss | ||
Allowance for credit loss | 800 | |
Sales-type leases | ||
Financing Receivable, Allowance for Credit Loss | ||
Net investments in direct financing leases | 835,734 | 0 |
Net investments in direct financing leases | ||
Financing Receivable, Allowance for Credit Loss | ||
Net investments in direct financing leases | $ 431,328 | $ 498,313 |
Finance Receivables - Net Inves
Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss | |||
Allowance (release) for credit loss | $ 29,074 | $ (24,976) | $ 266 |
Net investments in direct financing leases | |||
Financing Receivable, Allowance for Credit Loss | |||
Lease payments receivable | 285,512 | 332,618 | |
Unguaranteed residual value | 434,234 | 470,839 | |
Gross minimum lease payments receivable | 719,746 | 803,457 | |
Less: unearned income | (251,441) | (296,411) | |
Less: allowance for credit losses | (36,977) | (8,733) | |
Net investments in direct financing leases | 431,328 | 498,313 | |
Financing Receivable | |||
Financing Receivable, Allowance for Credit Loss | |||
Allowance (release) for credit loss | $ 28,200 | $ (3,900) |
Finance Receivables - Narrative
Finance Receivables - Narratives (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2023 USD ($) property | Oct. 16, 2023 USD ($) | Feb. 28, 2023 USD ($) property | Aug. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | |
Finance Receivables | |||||||||
Foreign currency translation adjustments | $ 19,758 | $ (63,149) | $ (35,736) | ||||||
Interest income from direct financing leases | 49,900 | 53,000 | 63,200 | ||||||
Reclassification of net-lease assets to net investments | $ 451,400 | ||||||||
Gain on sale of real estate, net | 315,984 | 43,476 | 40,425 | ||||||
Income from finance leases and loans receivable | 107,173 | 74,266 | 67,555 | ||||||
Proceeds from prepayment penalty | $ 600 | 600 | |||||||
Proceeds from repayment of loans receivable | $ 28,000 | $ 34,000 | 28,000 | 34,000 | 0 | ||||
Allowance for loans receivable | 800 | 800 | |||||||
Release of allowance for credit losses | $ 10,500 | ||||||||
Sales leaseback , loans receivable | 849,881 | 849,881 | 0 | ||||||
Interest income from loans receivable | 19,100 | $ 21,200 | $ 4,300 | ||||||
Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Number of real estate properties (property) | property | 70 | ||||||||
Reclassification of net-lease assets to net investments | $ 348,600 | ||||||||
Gain on sale of real estate, net | 59,100 | ||||||||
Real Associated With Sales Lease Back | |||||||||
Finance Receivables | |||||||||
Number of real estate properties (property) | loan | 1 | 3 | |||||||
Sales leaseback , loans receivable | $ 19,800 | $ 217,000 | |||||||
Reduced Depreciation | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | $ 159,000 | ||||||||
CPA 18 Merger | |||||||||
Finance Receivables | |||||||||
Net investments in direct financing leases and loans receivable | 10,500 | ||||||||
Adjustment | |||||||||
Finance Receivables | |||||||||
Net investments in direct financing leases | (25,400) | (25,400) | |||||||
Land, buildings and improvements — net lease and other | 25,400 | 25,400 | |||||||
Net investments in direct financing leases | |||||||||
Finance Receivables | |||||||||
Net investments in direct financing leases | $ 431,328 | $ 431,328 | $ 498,313 | ||||||
Net investments in direct financing leases | Adjustment | |||||||||
Finance Receivables | |||||||||
Number of real estate properties (property) | property | 78 | 5 | 5 | ||||||
Land, buildings and improvements — net lease and other | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | $ 393,700 | ||||||||
Land, buildings and improvements — net lease and other | Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 269,000 | ||||||||
In-place lease | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 36,600 | ||||||||
In-place lease | Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 57,400 | ||||||||
Above-market rent intangible assets | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 22,400 | ||||||||
Net Lease Asset | Adjustment | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | $ 20,600 | ||||||||
Sales Type Lease | |||||||||
Finance Receivables | |||||||||
Gain on sale of real estate, net | 176,200 | ||||||||
Income from finance leases and loans receivable | $ 38,100 | ||||||||
Sales Type Lease | Adjustment | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | $ 20,600 | ||||||||
Other assets, net | Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 21,700 | ||||||||
Deferred Income Taxes | Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 14,600 | ||||||||
Other Current Liabilities | Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | 3,200 | ||||||||
Accumulated depreciation and amortization | Properties Located In Spain | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | $ 76,400 | ||||||||
Below-Market Rent and Other Intangible Liabilities, Net | |||||||||
Finance Receivables | |||||||||
Reclassification of net-lease assets to net investments | $ 18,500 | ||||||||
Net investments in direct financing leases | |||||||||
Finance Receivables | |||||||||
Foreign currency translation adjustments | $ 27,700 |
Finance Receivables - Net Inv_2
Finance Receivables - Net Investments in Sale-type Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Lease payments receivable | $ 849,881 | $ 0 |
Lease payments receivable including unearned income | 849,881 | 0 |
Less: unearned income | (14,147) | 0 |
Net receivables (difference between undiscounted cash flows and discounted cash flows) | $ 835,734 | $ 0 |
Finance Receivables - Scheduled
Finance Receivables - Scheduled Future Minimum Rents (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Jan. 31, 2024 | Dec. 31, 2023 | |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity | ||
2024 | $ 896,949 | |
2025 | 44,102 | |
2026 | 42,939 | |
2027 | 41,713 | |
2028 | 34,737 | |
Thereafter | 74,953 | |
Total | 1,135,393 | |
Accounts, Notes, Loans and Financing Receivable | ||
Net investments in sales-type leases | 896,949 | |
Subsequent Event | ||
Accounts, Notes, Loans and Financing Receivable | ||
Sale of investment | $ 359,000 | |
Sales Type Lease | ||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity | ||
2024 | 849,900 | |
Accounts, Notes, Loans and Financing Receivable | ||
Net investments in sales-type leases | $ 849,900 |
Finance Receivables - Internal
Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands | Dec. 31, 2023 USD ($) tenant | Dec. 31, 2022 USD ($) tenant |
Credit Quality Of Finance Receivables | ||
Net investments in direct financing leases | $ 1,554,830 | $ 782,594 |
Internally Assigned Grade1 thru 3 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants (tenant) | tenant | 18 | 19 |
Net investments in direct financing leases | $ 1,338,877 | $ 664,761 |
Internally Assigned Grade 4 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants (tenant) | tenant | 8 | 8 |
Net investments in direct financing leases | $ 215,953 | $ 117,833 |
Internally Assigned Grade 5 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants (tenant) | tenant | 0 | 0 |
Net investments in direct financing leases | $ 0 | $ 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net | |||
Impairment charge | $ 0 | $ 29,334 | $ 0 |
Foreign currency translation adjustments | 19,758 | (63,149) | (35,736) |
Amortization of intangible assets | 247,500 | 229,200 | $ 236,600 |
Investment Management | |||
Finite-Lived Intangible Assets, Net | |||
Impairment charge | $ 29,334 | ||
Net intangible assets | |||
Finite-Lived Intangible Assets, Net | |||
Foreign currency translation adjustments | $ 18,800 | ||
Minimum | |||
Finite-Lived Intangible Assets, Net | |||
Finite lived intangible assets useful life (in years) | 1 year | ||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | |||
Balance - beginning of period | $ 1,037,412 | $ 901,529 | $ 910,818 |
Foreign currency translation adjustments | 2,614 | (7,129) | (9,289) |
Acquisition of CPA:18 – Global (Note 4) | 172,346 | ||
Impairment charges (Note 10) | 0 | (29,334) | 0 |
Allocation of goodwill distributed to NLOP (Note 3) | (61,737) | ||
Balance - end of period | 978,289 | 1,037,412 | 901,529 |
Real Estate | |||
Goodwill | |||
Balance - beginning of period | 1,037,412 | 872,195 | 881,484 |
Foreign currency translation adjustments | 2,614 | (7,129) | (9,289) |
Acquisition of CPA:18 – Global (Note 4) | 172,346 | ||
Impairment charges (Note 10) | 0 | ||
Allocation of goodwill distributed to NLOP (Note 3) | (61,737) | ||
Balance - end of period | 978,289 | 1,037,412 | 872,195 |
Investment Management | |||
Goodwill | |||
Balance - beginning of period | 0 | 29,334 | 29,334 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Acquisition of CPA:18 – Global (Note 4) | 0 | ||
Impairment charges (Note 10) | (29,334) | ||
Allocation of goodwill distributed to NLOP (Note 3) | 0 | ||
Balance - end of period | $ 0 | $ 0 | $ 29,334 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets | ||
Accumulated Amortization | $ (1,435,261) | $ (1,587,815) |
Goodwill | ||
Total intangible assets, gross | 3,874,546 | 4,414,293 |
Total intangible assets, net | 2,439,285 | 2,826,478 |
Finite-Lived Intangible Liabilities | ||
Less: accumulated amortization | 66,541 | 125,287 |
Indefinite-Lived Intangible Liabilities | ||
Total intangible liabilities, gross | (203,413) | (309,871) |
Total intangible liabilities, net | (136,872) | (184,584) |
Below-market purchase option | ||
Indefinite-Lived Intangible Liabilities | ||
Indefinite-lived intangible liabilities | 0 | (16,711) |
Below-market rent | ||
Finite-Lived Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | (203,413) | (293,160) |
Less: accumulated amortization | 66,541 | 125,287 |
Net amortizable intangible liabilities | (136,872) | (167,873) |
Goodwill | ||
Goodwill | ||
Indefinite-lived intangible assets | 978,289 | 1,037,412 |
Contracts including internal software development costs | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 20,745 | 19,812 |
Accumulated Amortization | (19,569) | (19,144) |
Net Carrying Amount | 1,176 | 668 |
Internal-use software development costs | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 20,745 | 19,812 |
Accumulated Amortization | (19,569) | (19,144) |
Net Carrying Amount | 1,176 | 668 |
Lease intangibles | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 2,875,512 | 3,357,069 |
Accumulated Amortization | (1,415,692) | (1,568,671) |
Net Carrying Amount | 1,459,820 | 1,788,398 |
In-place lease | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 2,168,739 | 2,523,318 |
Accumulated Amortization | (934,138) | (1,061,235) |
Net Carrying Amount | 1,234,601 | 1,462,083 |
Above-market rent | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 706,773 | 833,751 |
Accumulated Amortization | (481,554) | (507,436) |
Net Carrying Amount | $ 225,219 | $ 326,315 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Net | |
2024 | $ 153,723 |
2025 | 137,556 |
2026 | 123,856 |
2027 | 115,099 |
2028 | 104,042 |
Thereafter | 689,848 |
Total | 1,324,124 |
Net Decrease in Lease Revenues | |
Net | |
2024 | 22,580 |
2025 | 19,957 |
2026 | 15,918 |
2027 | 12,654 |
2028 | 11,470 |
Thereafter | 5,768 |
Total | 88,347 |
Increase to Amortization | |
Net | |
2024 | 131,143 |
2025 | 117,599 |
2026 | 107,938 |
2027 | 102,445 |
2028 | 92,572 |
Thereafter | 684,080 |
Total | $ 1,235,777 |
Equity Method Investments - Equ
Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in Programs | ||
Equity Investments in Real Estate | $ 354,261 | $ 327,502 |
Real Estate | ||
Investments in Programs | ||
Equity Investments in Real Estate | 353,002 | 325,277 |
Real Estate | Third Party | Las Vegas Retail Complex | Affiliated Entity | ||
Investments in Programs | ||
Equity Investments in Real Estate | $ 235,979 | 196,352 |
Real Estate | Third Party | Johnson Self Storage | Affiliated Entity | ||
Investments in Programs | ||
Equity method investment, ownership (as a percent) | 90% | |
Equity Investments in Real Estate | $ 63,934 | 65,707 |
Real Estate | Third Party | Kesko Senukai | Affiliated Entity | ||
Investments in Programs | ||
Equity method investment, ownership (as a percent) | 70% | |
Equity Investments in Real Estate | $ 28,860 | 38,569 |
Real Estate | Third Party | Harmon Retail Corner | Affiliated Entity | ||
Investments in Programs | ||
Equity method investment, ownership (as a percent) | 15% | |
Equity Investments in Real Estate | $ 24,229 | $ 24,649 |
Equity Method Investments - Nar
Equity Method Investments - Narratives (Details) $ in Thousands | 12 Months Ended | |||
Jun. 10, 2021 USD ($) unit | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Investments in REITs | ||||
Distributions of earnings from equity method investments | $ 18,588 | $ 30,236 | $ 15,471 | |
Equity Investments in Real Estate | 354,261 | 327,502 | ||
Equity method investments | ||||
Investments in REITs | ||||
Interest income | 12,800 | 10,100 | ||
Real Estate | ||||
Investments in REITs | ||||
Equity Investments in Real Estate | 353,002 | 325,277 | ||
Real Estate | Unconsolidated Properties | ||||
Investments in REITs | ||||
Distributions of earnings from equity method investments | 29,100 | 27,800 | 18,600 | |
Aggregate unamortized basis difference on equity investments | 18,000 | 19,100 | ||
CESH | ||||
Investments in REITs | ||||
Equity Investments in Real Estate | $ 1,300 | 2,200 | ||
Equity method investment, ownership (as a percent) | 2.43% | |||
Las Vegas Retail Complex | Real Estate | Third Party | Affiliated Entity | ||||
Investments in REITs | ||||
Equity Investments in Real Estate | $ 235,979 | 196,352 | ||
Las Vegas Retail Complex | Real Estate | Third Party | Construction Commitment | Affiliated Entity | ||||
Investments in REITs | ||||
Commitments | $ 261,900 | |||
Debt instrument stated interest rate (percentage) | 6% | |||
Debt instrument term | 36 months | |||
Equity Investments in Real Estate | $ 231,400 | |||
Number of net leased units | unit | 2 | |||
Equity purchase option percentage | 47.50% | |||
Affiliated Entity | CPA:18 – Global | ||||
Investments in REITs | ||||
Distributions of earnings from equity method investments | 1,600 | 3,500 | ||
Affiliated Entity | Corporate Property Associates Eighteen Operating Partner | ||||
Investments in REITs | ||||
Distributions of earnings from equity method investments | 8,700 | 7,300 | ||
Affiliated Entity | CESH | ||||
Investments in REITs | ||||
Distributions of earnings from equity method investments | $ 1,200 | $ 1,200 | $ 1,300 |
Fair Value Measurements - Narra
Fair Value Measurements - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques | |||||
Equity method investments | $ 354,261 | $ 327,502 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | |||
Unrealized gain on investment | $ 0 | $ (18,688) | $ 18,688 | ||
Investment in Lineage Logisitics | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Net investment income | 4,300 | ||||
Investment in Lineage Logisitics | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Unrealized gain (loss) on investment | 38,600 | $ 76,300 | |||
Fair value of investments | 404,900 | 404,900 | |||
GCIF | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Proceeds from liquidation distribution | (1,000) | ||||
Equity method investments | 800 | 1,700 | |||
WLT (reimbursed transition services) | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Unrealized gain (loss) on investment | 49,200 | ||||
Preferred stock, shares issued (in shares) | 1,300,000 | ||||
Proceeds from the sales of investment in preferred shares | $ 82,600 | ||||
WLT (reimbursed transition services) | Affiliated Entity | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Proceeds from the sales of investment in preferred shares | $ 65,000 | ||||
Preferred stock liquidation preference (usd per share) | $ 50 | ||||
Unrealized gain on investment | $ 18,700 | ||||
WLT (reimbursed transition services) | Common stock | Affiliated Entity | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Shares owned (in shares) | 12,208,243 | ||||
WLT (reimbursed transition services) | Level 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques | |||||
Net investment income | $ 900 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Unamortized deferred financing costs | $ 21,486 | |
Unamortized discount | 31,817 | |
Carrying Value | Level 2 | Senior Unsecured Notes, net | ||
Liabilities: | ||
Debt instrument, fair value | 6,035,686 | $ 5,916,400 |
Unamortized deferred financing costs | 21,000 | 25,900 |
Unamortized discount | 20,100 | 24,100 |
Carrying Value | Level 3 | Non-recourse mortgage, net | ||
Liabilities: | ||
Debt instrument, fair value | 579,147 | 1,132,417 |
Unamortized deferred financing costs | 100 | 100 |
Unamortized discount | 4,300 | 10,300 |
Fair Value | Level 2 | Senior Unsecured Notes, net | ||
Liabilities: | ||
Debt instrument, fair value | 5,598,423 | 5,238,588 |
Fair Value | Level 3 | Non-recourse mortgage, net | ||
Liabilities: | ||
Debt instrument, fair value | $ 572,553 | $ 1,109,449 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment Disclosure | |||
Impairment Charges | $ 86,411 | $ 68,453 | $ 31,076 |
Real estate and intangibles | |||
Impairment Disclosure | |||
Fair Value Measurements | 1,182,551 | 32,497 | 29,494 |
Impairment Charges | 86,411 | 39,119 | 24,246 |
Investment Management goodwill | |||
Impairment Disclosure | |||
Fair Value Measurements | 0 | 0 | 0 |
Impairment Charges | 0 | 29,334 | 0 |
Equity method investments | |||
Impairment Disclosure | |||
Fair Value Measurements | 0 | 0 | 8,175 |
Impairment Charges | $ 0 | $ 0 | $ 6,830 |
Fair Value Measurements - Imp_2
Fair Value Measurements - Impairment Narratives (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2024 property | Mar. 31, 2023 property | Aug. 31, 2022 property | Mar. 31, 2022 property | Dec. 31, 2023 USD ($) property $ / ft² | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Sep. 30, 2022 $ / ft² | |
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment charges — real estate | $ 86,411 | $ 39,119 | $ 24,246 | |||||
Impairment charges — Investment Management goodwill | $ 0 | 29,334 | 0 | |||||
Investment Management Segment | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment charges — Investment Management goodwill | 29,334 | |||||||
Goodwill, fair value | $ 0 | |||||||
Discontinued Operations, Held-for-sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Number of properties (property) | property | 2 | 3 | ||||||
Subsequent Event | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Number of properties (property) | property | 2 | |||||||
Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 86,411 | $ 68,453 | 31,076 | |||||
Real estate and intangibles | Pendragon PLC | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Number of properties (property) | property | 30 | |||||||
Lease extension term | 11 years | |||||||
Real estate and intangibles | Pendragon PLC | Discontinued Operations, Held-for-sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Number of properties (property) | property | 12 | |||||||
Number of properties sold | property | 4 | |||||||
Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 86,411 | $ 39,119 | 24,246 | |||||
Number of properties (property) | property | 2 | |||||||
Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Pendragon PLC | Discontinued Operations, Held-for-sale | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 9,300 | |||||||
Number of properties (property) | property | 6 | |||||||
Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | Pendragon PLC | Discontinued Operations, Held-for-sale | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.0475 | |||||||
Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | Pendragon PLC | Discontinued Operations, Held-for-sale | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.1000 | |||||||
Equity method investments | Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 0 | 0 | 6,830 | |||||
Asset impairment charges | $ 6,800 | |||||||
Equity method investments | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Equity measurement input (percent) | 0.0575 | |||||||
Equity method investments | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Residual Discount Rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Equity measurement input (percent) | 0.0750 | |||||||
Equity method investments | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Residual Capitalization Rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Equity measurement input (percent) | 0.0675 | |||||||
Eleven Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 39,100 | $ 39,100 | ||||||
Number of properties (property) | property | 3 | 11 | ||||||
Impaired properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 12,400 | |||||||
Number of properties (property) | property | 3 | |||||||
Number of properties sold | property | 1 | 1 | ||||||
Impaired properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Subsequent Event | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Number of properties sold | property | 1 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 10,900 | $ 16,300 | ||||||
Capital expenditure (usd per sqft) | $ / ft² | 100 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Market rent (usd per sqft) | $ / ft² | 10 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Market rent (usd per sqft) | $ / ft² | 11 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.140 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.0700 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.0900 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.110 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.0600 | |||||||
Potentially vacant properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.0700 | |||||||
Vacant properties | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment charges — real estate | $ 6,500 | $ 7,900 | ||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Impairment Charges | $ 47,300 | |||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Market rent (usd per sqft) | $ / ft² | 6 | |||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Market rent (usd per sqft) | $ / ft² | 65 | |||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.065 | |||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Cashflow Discount Rate | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.120 | |||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | Minimum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.055 | |||||||
Spinoff Properties | Real estate and intangibles | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Terminal Capitalization Rate | Maximum | ||||||||
Fair Value Measurement Inputs and Valuation Techniques | ||||||||
Real estate measurement input (percent) | 0.120 |
Risk Management and Use of De_3
Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Derivative Instruments | |||
Cash collateral | $ 0 | $ 0 | |
Net gains (losses) recognized in other comprehensive income | (24,391,000) | 16,097,000 | $ 34,009,000 |
Amount reclassified from other comprehensive income | $ 16,830,000 | 17,316,000 | (78,000) |
Derivative, remaining maturity | 59 months | ||
Maximum exposure on derivatives | $ 10,300,000 | ||
Derivatives, net liability position | 5,900,000 | 1,700,000 | |
Aggregate termination value for immediate settlement | 6,000,000 | 1,700,000 | |
Other comprehensive income foreign currency gain (loss) | (121,800,000) | 214,300,000 | 255,900,000 |
Individual Counterparty | |||
Summary of Derivative Instruments | |||
Maximum exposure on derivatives | 2,600,000 | ||
Interest expense | |||
Summary of Derivative Instruments | |||
Estimated amount reclassified from OCI to income, derivatives | (900,000) | ||
Other Income | |||
Summary of Derivative Instruments | |||
Estimated amount reclassified from OCI to income, derivatives | 7,100,000 | ||
Designated as Cash Flow Hedging Instruments | Interest rate swaps | |||
Summary of Derivative Instruments | |||
Net gains (losses) recognized in other comprehensive income | (3,270,000) | 3,068,000 | 4,198,000 |
Designated as Cash Flow Hedging Instruments | Interest expense | Interest rate swaps | |||
Summary of Derivative Instruments | |||
Amount reclassified from other comprehensive income | 3,100,000 | ||
Equity method investments | Designated as Cash Flow Hedging Instruments | |||
Summary of Derivative Instruments | |||
Net gains (losses) recognized in other comprehensive income | $ (2,000,000) | $ 3,600,000 | $ 1,300,000 |
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, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value | ||
Derivative assets, fair value | $ 15,098 | $ 39,274 |
Liability derivatives, fair value | (5,924) | (1,693) |
Designated as Cash Flow Hedging Instruments | ||
Derivatives, Fair Value | ||
Derivative assets, fair value | 15,098 | 35,324 |
Liability derivatives, fair value | (5,707) | (1,445) |
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other assets, net | ||
Derivatives, Fair Value | ||
Derivative assets, fair value | 14,103 | 32,631 |
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Liability derivatives, fair value | (4,029) | (1,445) |
Designated as Cash Flow Hedging Instruments | Interest rate swaps | Other assets, net | ||
Derivatives, Fair Value | ||
Derivative assets, fair value | 995 | 2,679 |
Designated as Cash Flow Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Liability derivatives, fair value | (1,678) | 0 |
Designated as Cash Flow Hedging Instruments | Interest rate caps | Other assets, net | ||
Derivatives, Fair Value | ||
Derivative assets, fair value | 0 | 14 |
Not Designated as Cash Flow Hedging Instruments | ||
Derivatives, Fair Value | ||
Derivative assets, fair value | 0 | 3,950 |
Liability derivatives, fair value | (217) | (248) |
Not Designated as Cash Flow Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Liability derivatives, fair value | (217) | (248) |
Not Designated as Cash Flow Hedging Instruments | Stock warrants | Other assets, net | ||
Derivatives, Fair Value | ||
Derivative assets, fair value | $ 0 | $ 3,950 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) | |||
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income | $ (24,391) | $ 16,097 | $ 34,009 |
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 | (21,112) | 13,013 | 29,805 |
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 | (3,270) | 3,068 | 4,198 |
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 | $ (9) | $ 16 | $ 6 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 16,830 | $ 17,316 | $ (78) |
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 | 14,874 | 17,483 | 854 |
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps and caps | Interest expense | |||
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion) | |||
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income | $ 1,956 | $ (167) | $ (932) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Total | $ (6,383) | $ 5,847 | $ 1,895 |
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Gain (loss) on hedging activity | (2,076) | 171 | 1,592 |
Derivatives Not 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 | (389) | 6,574 | 1,503 |
Not Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other gains and (losses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | 32 | (248) | 0 |
Not Designated as Cash Flow Hedging Instruments | Stock warrants | Other gains and (losses) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ (3,950) | $ (650) | $ (1,200) |
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, 2023 EUR (€) derivative | Dec. 31, 2023 USD ($) derivative |
Derivative Disclosure | ||
Fair value | $ (683) | |
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | EUR | ||
Derivative Disclosure | ||
Number of Instruments | derivative | 4 | 4 |
Notional Amount | € | € 513,092 | |
Fair value | $ (1,411) | |
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | USD | ||
Derivative Disclosure | ||
Number of Instruments | derivative | 4 | 4 |
Notional Amount | $ 31,011 | |
Fair value | $ 728 |
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, 2023 EUR (€) derivative | Dec. 31, 2023 USD ($) derivative | Dec. 31, 2023 GBP (£) derivative |
Derivative Disclosure | |||
Fair value, foreign currency derivatives | $ 9,857 | ||
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR | |||
Derivative Disclosure | |||
Number of Instruments | derivative | 63 | 63 | 63 |
Notional Amount | € | € 288,000 | ||
Fair value, foreign currency derivatives | $ 8,458 | ||
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | GBP | |||
Derivative Disclosure | |||
Number of Instruments | derivative | 41 | 41 | 41 |
Notional Amount | £ | £ 26,500 | ||
Fair value, foreign currency derivatives | $ 1,616 | ||
Not Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR | |||
Derivative Disclosure | |||
Number of Instruments | derivative | 4 | 4 | 4 |
Notional Amount | € | € 20,000 | ||
Fair value, foreign currency derivatives | $ (217) |
Debt - Narratives (Details)
Debt - Narratives (Details) | 12 Months Ended | |||||||||||
Dec. 14, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 14, 2023 EUR (€) | Dec. 14, 2023 GBP (£) | Dec. 13, 2023 USD ($) | Apr. 24, 2023 EUR (€) | Apr. 24, 2023 GBP (£) | Aug. 01, 2022 USD ($) | Mar. 31, 2021 EUR (€) | |
Senior Unsecured Notes | ||||||||||||
Maximum borrowing capacity | $ 4,350,000,000 | |||||||||||
Non Recourse Debt | ||||||||||||
Debt instrument weighted average interest rate (percent) | 4.60% | 4.60% | ||||||||||
Non-recourse mortgages, net | $ 579,147,000 | $ 1,132,417,000 | ||||||||||
Prepayments of mortgage principal | 99,844,000 | 10,381,000 | $ 745,124,000 | |||||||||
Scheduled payments of mortgage principal | 296,886,000 | 127,230,000 | 64,290,000 | |||||||||
Interest paid | 269,700,000 | 191,000,000 | 190,800,000 | |||||||||
Foreign currency translation adjustments | $ 19,758,000 | (63,149,000) | (35,736,000) | |||||||||
CPA:18 | ||||||||||||
Non Recourse Debt | ||||||||||||
Debt instrument weighted average interest rate (percent) | 5.10% | |||||||||||
Non-recourse mortgages, net | $ 900,200,000 | |||||||||||
Unamortized discount | $ 13,100,000 | |||||||||||
Fixed interest rate | ||||||||||||
Non Recourse Debt | ||||||||||||
Debt instrument weighted average interest rate (percent) | 4.50% | 4.50% | ||||||||||
Variable interest rate | ||||||||||||
Non Recourse Debt | ||||||||||||
Debt instrument weighted average interest rate (percent) | 5.60% | 5.60% | ||||||||||
Senior Unsecured Notes | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Principal Amount | $ 6,100,000,000 | |||||||||||
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 | Euro Senior Note 2.0% Due 2023 | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Debt instrument stated interest rate (percentage) | 2% | |||||||||||
Principal Amount | € | € 500,000,000 | |||||||||||
Senior Unsecured Notes | 0.95% Senior Notes due 2030 | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Debt instrument stated interest rate (percentage) | 0.95% | 0.95% | ||||||||||
Principal Amount | € | € 525,000,000 | |||||||||||
Redemption premium | 26,200,000 | |||||||||||
Loss on extinguishment of debt | $ 28,200,000 | |||||||||||
Non-Recourse Debt | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Loss on extinguishment of debt | $ 3,500,000 | $ 1,300,000 | ||||||||||
Non Recourse Debt | ||||||||||||
Debt instrument weighted average interest rate (percent) | 4.90% | 4.40% | 4.90% | |||||||||
Prepayments of mortgage principal | $ 99,800,000 | $ 10,400,000 | ||||||||||
Scheduled payments of mortgage principal | 268,100,000 | $ 104,700,000 | ||||||||||
Foreign currency translation adjustments | 161,400,000 | |||||||||||
Unsecured Revolving Credit Facility: | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Line of credit facility, available | $ 1,600,000,000 | |||||||||||
Debt instrument borrowing capacity fee (percentage) | 0.15% | |||||||||||
Unsecured Revolving Credit Facility: | USD | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Maximum borrowing capacity | $ 2,000,000,000 | $ 1,800,000,000 | ||||||||||
Debt instrument extension term (years) | 4 years | |||||||||||
Unsecured Revolving Credit Facility: | EUR | EURIBOR | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Variable interest rate (percentage) | 0.775% | |||||||||||
Unsecured Term Loans: (b) | GBP | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Maximum borrowing capacity | £ | £ 270,000,000 | |||||||||||
Unsecured Term Loans: (b) | EUR | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Maximum borrowing capacity | € | € 215,000,000 | € 500,000,000 | ||||||||||
Effective interest rate (as a percent) | 4.34% | 4.34% | ||||||||||
Unsecured Term Loans: (b) | EUR | EURIBOR | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Debt instrument stated interest rate (percentage) | 0.85% | 0.85% | ||||||||||
Variable interest rate (percentage) | 4.34% | |||||||||||
Unsecured Term Loans: (b) | Delayed Draw Term Loan Due 2026 | EUR | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Maximum borrowing capacity | € | € 200,000,000 | |||||||||||
Unsecured Term Loans: (b) | Term Loan Due 2026 | GBP | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Maximum borrowing capacity | £ | £ 300,000,000 | |||||||||||
Standby Letters of Credit | ||||||||||||
Senior Unsecured Notes | ||||||||||||
Line of credit facility, available | $ 6,500,000 |
Debt - Summary of Senior Unsecu
Debt - Summary of Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 1,537,166 | $ 830,406 |
Unamortized discount (premium) | 31,817 | |
Financing cost | 21,486 | |
Unsecured Term Loans: (b) | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | 1,133,381 | 554,014 |
Unamortized discount (premium) | 7,400 | 1,500 |
Unsecured Term Loans: (b) | GBP | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 343,306 | 324,695 |
Unsecured Term Loans: (b) | GBP | SONIA | ||
Senior Unsecured Credit Facility | ||
Variable interest rate (percentage) | 0.85% | |
Unsecured Term Loans: (b) | EUR | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 552,500 | 0 |
Unsecured Term Loans: (b) | EUR | Term Loan Due 2026 | ||
Senior Unsecured Credit Facility | ||
Financing cost | 400 | |
Unsecured Term Loans: (b) | EUR | Delayed Draw Term Loan Due 2028 | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 237,575 | 229,319 |
Unsecured Term Loans: (b) | EUR | EURIBOR | ||
Senior Unsecured Credit Facility | ||
Variable interest rate (percentage) | 4.34% | |
Unsecured Term Loans: (b) | EUR | EURIBOR | Delayed Draw Term Loan Due 2028 | ||
Senior Unsecured Credit Facility | ||
Variable interest rate (percentage) | 0.85% | |
Unsecured Revolving Credit Facility: | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 403,785 | 276,392 |
Unsecured Revolving Credit Facility: | EUR | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 386,750 | 258,117 |
Unsecured Revolving Credit Facility: | EUR | EURIBOR | ||
Senior Unsecured Credit Facility | ||
Variable interest rate (percentage) | 0.775% | |
Unsecured Revolving Credit Facility: | JPY | ||
Senior Unsecured Credit Facility | ||
Debt outstanding | $ 17,035 | $ 18,275 |
Unsecured Revolving Credit Facility: | JPY | TIBOR | ||
Senior Unsecured Credit Facility | ||
Variable interest rate (percentage) | 0.775% |
Debt - Summary of Senior Unse_2
Debt - Summary of Senior Unsecured Notes (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Senior Unsecured Notes | |||
Unamortized deferred financing costs | $ 21,486,000 | ||
Unamortized discount (premium) | 31,817,000 | ||
Senior Unsecured Notes | |||
Senior Unsecured Notes | |||
Principal Amount | 6,100,000,000 | ||
Principal outstanding | 6,076,875,000 | $ 5,966,475,000 | |
Unamortized deferred financing costs | 21,100,000 | 25,900,000 | |
Unamortized discount (premium) | $ 20,100,000 | 24,100,000 | |
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 | $ 552,500,000 | 533,300,000 | |
Senior Unsecured Notes | 4.0% Senior Notes due 2025 | |||
Senior Unsecured Notes | |||
Coupon Rate | 4% | 4% | |
Principal Amount | $ 450,000,000 | ||
Principal outstanding | $ 450,000,000 | 450,000,000 | |
Senior Unsecured Notes | 2.25% Senior Notes due 2026 | |||
Senior Unsecured Notes | |||
Coupon Rate | 2.25% | 2.25% | |
Principal Amount | € | € 500,000,000 | ||
Principal outstanding | $ 552,500,000 | 533,300,000 | |
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 | $ 552,500,000 | 533,300,000 | |
Senior Unsecured Notes | 1.35% Senior Notes due 2028 | |||
Senior Unsecured Notes | |||
Coupon Rate | 1.35% | 1.35% | |
Principal Amount | € | € 500,000,000 | ||
Principal outstanding | $ 552,500,000 | 533,300,000 | |
Senior Unsecured Notes | 3.85% 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 | 3.41% Senior Notes due 2029 | |||
Senior Unsecured Notes | |||
Coupon Rate | 3.41% | 3.41% | |
Principal Amount | € | € 150,000,000 | ||
Principal outstanding | $ 165,750,000 | 159,990,000 | |
Senior Unsecured Notes | 0.95% Senior Notes due 2030 | |||
Senior Unsecured Notes | |||
Coupon Rate | 0.95% | 0.95% | |
Principal Amount | € | € 525,000,000 | ||
Principal outstanding | $ 580,125,000 | 559,965,000 | |
Senior Unsecured Notes | 2.4% 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 | 2.45% Senior Notes due 2032 | |||
Senior Unsecured Notes | |||
Coupon Rate | 2.45% | 2.45% | |
Principal Amount | $ 350,000,000 | ||
Principal outstanding | $ 350,000,000 | 350,000,000 | |
Senior Unsecured Notes | 3.7% Senior Notes due 2032 | |||
Senior Unsecured Notes | |||
Coupon Rate | 3.70% | 3.70% | |
Principal Amount | $ 200,000,000 | ||
Principal outstanding | $ 221,000,000 | 213,320,000 | |
Senior Unsecured Notes | 2.25% Senior Notes due 2033 | |||
Senior Unsecured Notes | |||
Coupon Rate | 2.25% | 2.25% | |
Principal Amount | $ 425,000,000 | ||
Principal outstanding | $ 425,000,000 | $ 425,000,000 |
Debt - Scheduled Debt Principal
Debt - Scheduled Debt Principal Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Long-term Debt, by Maturity | |
2024 | $ 1,278,749 |
2025 | 707,259 |
2026 | 1,547,876 |
2027 | 553,168 |
2028 | 1,134,088 |
Thereafter through 2039 | 2,976,345 |
Total principal payments | 8,197,485 |
Unamortized discount, net | (31,817) |
Unamortized deferred financing costs | (21,486) |
Total | $ 8,144,182 |
Equity - Distributions (Details
Equity - Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 01, 2023 | |
Dividends Payable | |||||
Total dividends paid (usd per share) | $ 5.0347 | $ 4.2320 | $ 4.1960 | ||
Distributions declared per share (usd per share) | $ 0.860 | 4.067 | 4.242 | 4.205 | |
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |||||
Dividends Payable | |||||
Total dividends paid (usd per share) | 11.44 | ||||
Share conversion rate | $ 0.0667 | ||||
Ordinary income | |||||
Dividends Payable | |||||
Total dividends paid (usd per share) | 3.8233 | 4.0329 | 3.3300 | ||
Return of capital | |||||
Dividends Payable | |||||
Total dividends paid (usd per share) | 0.8671 | 0.1718 | 0.5407 | ||
Capital gains | |||||
Dividends Payable | |||||
Total dividends paid (usd per share) | 0.3443 | $ 0.0273 | $ 0.3253 | ||
Taxable Portion | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | |||||
Dividends Payable | |||||
Total dividends paid (usd per share) | $ 0.7627 |
Equity - Basic and Diluted Earn
Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Net income – basic and diluted | $ 708,334 | $ 599,139 | $ 409,988 |
Net income – basic and diluted | $ 708,334 | $ 599,139 | $ 409,988 |
Weighted-average shares outstanding – basic (in shares) | 215,369,777 | 199,633,802 | 182,486,476 |
Effect of dilutive securities (in shares) | 390,719 | 793,322 | 640,622 |
Weighted-average shares outstanding – diluted (in shares) | 215,760,496 | 200,427,124 | 183,127,098 |
Equity - Acquisition of Noncont
Equity - Acquisition of Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 18, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | May 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Acquisition of noncontrolling interests | $ 0 | $ 14,367 | ||
Additional Paid-in Capital | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Acquisition of noncontrolling interests | 3,663 | |||
International Jointly Owned Investments | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Remaining acquired amount (percent) | 3% | |||
Ownership interest parent (percent) | 100% | |||
International Jointly Owned Investments | Additional Paid-in Capital | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Acquisition of noncontrolling interests | 1,200 | |||
Domestic Jointly Owned Investments | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Remaining acquired amount (percent) | 10% | |||
Ownership interest parent (percent) | 100% | |||
Domestic Jointly Owned Investments | Additional Paid-in Capital | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Payments to acquire additional interest | $ 2,400 | |||
Acquisition of noncontrolling interests | $ 2,500 |
Equity - ATM Program (Details)
Equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 02, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Net proceeds | $ 218,101 | $ 340,066 | ||
$0.001 Par Value Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Shares issued under ATM Program, net (in shares) | 2,740,295 | 4,690,073 | ||
Net proceeds | $ 3 | $ 5 | ||
ATM | $0.001 Par Value Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Aggregate gross sale price | $ 1,000,000 | |||
Shares issued under ATM Program, net (in shares) | 0 | 2,740,295 | 4,690,073 | |
Weighted average share price (usd per share) | $ 0 | $ 80.79 | $ 73.42 | |
Net proceeds | $ 0 | $ 218,081 | $ 339,968 |
Equity - Settlement of Equity F
Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net proceeds | $ 218,101 | $ 340,066 | |
Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued under ATM Program, net (in shares) | 2,740,295 | 4,690,073 | |
Net proceeds | $ 3 | $ 5 | |
Common stock | Underwriting Agreement | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued under ATM Program, net (in shares) | 7,826,840 | 3,925,000 | 9,798,209 |
Net proceeds | $ 633,785 | $ 284,259 | $ 697,044 |
Equity - Reclassifications Out
Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Balance - beginning of period | $ 9,008,644 | $ 7,583,451 | $ 6,878,369 |
Foreign currency translation adjustments derecognized in connection with the Spin-Off | 35,664 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Interest expense | 291,852 | 219,160 | 196,831 |
Non-operating income | (21,442) | (30,309) | (13,860) |
Other gains and (losses) (Note 10) | 36,184 | (96,038) | 12,885 |
Net current period other comprehensive income (loss) | 28,993 | (62,105) | 18,257 |
Balance - end of period | 8,706,997 | 9,008,644 | 7,583,451 |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Other comprehensive income (loss) before reclassifications | 10,159 | (26,101) | 18,179 |
Foreign currency translation adjustments derecognized in connection with the Spin-Off | 35,664 | ||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | (16,830) | (36,004) | 78 |
Net current period other comprehensive income (loss) | 28,993 | (62,105) | 18,257 |
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Interest expense | (1,956) | 167 | 932 |
Non-operating income | (14,874) | (17,483) | (854) |
Other gains and (losses) (Note 10) | (18,688) | ||
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Other comprehensive income (loss) before reclassifications | 19,758 | (63,149) | (35,736) |
Foreign currency translation adjustments derecognized in connection with the Spin-Off | 35,664 | ||
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) | 55,422 | (63,149) | (35,736) |
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Interest expense | 0 | 0 | 0 |
Non-operating income | 0 | 0 | 0 |
Other gains and (losses) (Note 10) | 0 | ||
Gains and (Losses) on Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 18,688 |
Foreign currency translation adjustments derecognized in connection with the Spin-Off | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | 0 | (18,688) | 0 |
Net current period other comprehensive income (loss) | 0 | (18,688) | 18,688 |
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Interest expense | 0 | 0 | 0 |
Non-operating income | 0 | 0 | 0 |
Other gains and (losses) (Note 10) | (18,688) | ||
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Balance - beginning of period | (283,780) | (221,670) | (239,906) |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Balance - end of period | (254,867) | (283,780) | (221,670) |
Gains and (Losses) on Derivative Instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Balance - beginning of period | 36,079 | 16,347 | (18,937) |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Balance - end of period | 9,650 | 36,079 | 16,347 |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Balance - beginning of period | (319,859) | (256,705) | (220,969) |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Balance - end of period | (264,517) | (319,859) | (256,705) |
Gains and (Losses) on Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Balance - beginning of period | 0 | 18,688 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Balance - end of period | 0 | 0 | 18,688 |
Noncontrolling Interest | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Net current period other comprehensive income attributable to noncontrolling interests | (80) | (5) | (21) |
Gains and (Losses) on Derivative Instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||
Other comprehensive income (loss) before reclassifications | (9,599) | 37,048 | 35,227 |
Foreign currency translation adjustments derecognized in connection with the Spin-Off | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive income (loss) | (16,830) | (17,316) | 78 |
Net current period other comprehensive income (loss) | (26,429) | 19,732 | 35,305 |
Net current period other comprehensive income attributable to noncontrolling interests | 0 | 0 | (21) |
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Interest expense | (1,956) | 167 | 932 |
Non-operating income | (14,874) | (17,483) | (854) |
Other gains and (losses) (Note 10) | 0 | ||
Foreign Currency Translation Adjustments | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Net current period other comprehensive income attributable to noncontrolling interests | (80) | (5) | 0 |
Gains and (Losses) on Investments | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Net current period other comprehensive income attributable to noncontrolling interests | $ 0 | $ 0 | $ 0 |
Stock-Based and Other Compens_3
Stock-Based and Other Compensation - Narratives (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 34,504,000 | $ 32,841,000 | $ 24,881,000 |
Employee service share-based compensation, tax (expense) benefit from compensation expense | (4,300,000) | 800,000 | |
Options vested during the period, aggregate intrinsic value | 36,100,000 | 26,500,000 | 21,400,000 |
Deferred compensation obligation | $ 62,046,000 | 57,012,000 | |
Deferred Profit Sharing | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Maximum percentage of annual contribution allowed by employees | 10% | ||
Maximum annual contribution per employee, amount | $ 33,000 | 30,500 | 29,000 |
Profit sharing expense | $ 2,600,000 | 2,300,000 | 2,200,000 |
2017 Share Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares authorized for grant (in shares) | shares | 4,000,000 | ||
Shares available for grant (in shares) | shares | 1,646,877 | ||
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% | ||
Share based compensation, effective share purchase price for participant | 90% | ||
Proceeds from stock plans | $ 300,000 | $ 200,000 | $ 300,000 |
Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock options required to be issued (in shares) | shares | 1,196,955 | 1,181,947 | |
Deferred compensation obligation | $ 62,000,000 | $ 57,000,000 | |
Fair value assumptions expected dividend rate | 0% | ||
Unrecognized stock based compensation expense | $ 41,900,000 | ||
Weighted-average remaining term | 1 year 10 months 24 days | ||
Long Term Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Risk free interest rate | 3.80% | ||
Fair value assumptions expected volatility rate | 38.20% | ||
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_4
Stock-Based and Other Compensation - Rollforward of Nonvested RSAs, RSUs, and PSUs (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RSA and RSU Awards | |||
Shares | |||
Nonvested, beginning balance (in shares) | 376,298 | 306,994 | 260,977 |
Granted (in shares) | 260,193 | 235,348 | 194,940 |
Vested (in shares) | (173,883) | (154,028) | (137,267) |
Forfeited (in shares) | (3,581) | (12,016) | (11,656) |
Adjustments (in shares) | (11,669) | 0 | 0 |
Nonvested, ending balance (in shares) | 447,358 | 376,298 | 306,994 |
Weighted-Average Grant Date Fair Value | |||
Nonvested, beginning balance, weighted average grant date fair value (usd per share) | $ 74.78 | $ 71.21 | $ 74.75 |
Granted, weighted average grant date fair value (usd per share) | 82.43 | 80.28 | 66.40 |
Vested, weighted average grant date fair value (usd per share) | 76.50 | 72.80 | 71.99 |
Forfeited, weighted average grant date fair value (usd per share) | 82.58 | 75.93 | 60.98 |
Adjustments, weighted average grant date fair value (usd per share) | 80.75 | 0 | 0 |
Nonvested, weighted average grant date fair value (usd per share) | $ 77.69 | $ 74.78 | $ 71.21 |
PSU Awards | |||
Shares | |||
Nonvested, beginning balance (in shares) | 531,781 | 398,255 | 262,013 |
Granted (in shares) | 150,989 | 144,311 | 134,290 |
Vested (in shares) | (218,147) | (165,615) | (151,678) |
Forfeited (in shares) | (3,487) | (4,262) | (16,463) |
Adjustments (in shares) | 65,277 | 159,092 | 170,093 |
Nonvested, ending balance (in shares) | 526,413 | 531,781 | 398,255 |
Weighted-Average Grant Date Fair Value | |||
Nonvested, beginning balance, weighted average grant date fair value (usd per share) | $ 89.14 | $ 86.86 | $ 88.99 |
Granted, weighted average grant date fair value (usd per share) | 144.54 | 104.97 | 86.19 |
Vested, weighted average grant date fair value (usd per share) | 104.65 | 92.16 | 76.04 |
Forfeited, weighted average grant date fair value (usd per share) | 107.72 | 98.26 | 93.91 |
Adjustments, weighted average grant date fair value (usd per share) | 113.99 | 80.90 | 71.17 |
Nonvested, weighted average grant date fair value (usd per share) | $ 105.92 | $ 89.14 | $ 86.86 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | |||
Current | $ (291) | $ 5,329 | $ (405) |
Deferred | 0 | 13 | 17 |
Federal income taxes | (291) | 5,342 | (388) |
State and Local | |||
Current | 3,456 | 3,388 | 3,008 |
Deferred | 0 | 0 | (30) |
State and local taxes | 3,456 | 3,388 | 2,978 |
Foreign | |||
Current | 41,085 | 27,077 | 30,599 |
Deferred | (198) | (8,083) | (4,703) |
Foreign income taxes | 40,887 | 18,994 | 25,896 |
Total provision for income taxes | $ 44,052 | $ 27,724 | $ 28,486 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount | |||
Pre-tax income (loss) attributable to taxable subsidiaries | $ 73,669 | $ 55,604 | $ 37,861 |
Federal provision at statutory tax rate (21%) | 15,471 | 11,677 | 7,951 |
Change in valuation allowance | 9,970 | 8,082 | 13,178 |
State and local taxes, net of federal benefit | 3,517 | 2,920 | 2,713 |
Non-deductible expense | 3,201 | 6,972 | 3,148 |
Rate differential | 1,357 | (387) | (232) |
Windfall tax benefit | 0 | (1,896) | (1,375) |
Other | 10,536 | 356 | 3,103 |
Total provision for income taxes | $ 44,052 | $ 27,724 | $ 28,486 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency | |||
Net operating loss carry forward, foreign | $ 70,200 | ||
Deferred income taxes | 180,650 | $ 178,959 | |
Accrued interest related to uncertain tax positions | 1,300 | 1,600 | |
Income taxes paid | 38,600 | 42,600 | $ 44,300 |
Other assets, net | |||
Income Tax Contingency | |||
Deferred income taxes | 18,500 | $ 20,500 | |
Federal | |||
Income Tax Contingency | |||
Net operating loss carry forward | 17,300 | ||
State and local | |||
Income Tax Contingency | |||
Net operating loss carry forward | $ 11,300 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets | ||
Net operating loss and other tax credit carryforwards | $ 52,375 | $ 63,454 |
Basis differences — foreign investments | 35,553 | 62,099 |
Unearned and deferred compensation | 0 | 643 |
Other | 1,017 | 1,242 |
Total deferred tax assets | 88,945 | 127,438 |
Valuation allowance | (69,800) | (106,185) |
Net deferred tax assets | 19,145 | 21,253 |
Deferred Tax Liabilities | ||
Basis differences — foreign investments | (181,277) | (179,761) |
Total deferred tax liabilities | (181,277) | (179,761) |
Net Deferred Tax Liability | $ (162,132) | $ (158,508) |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits | ||
Beginning balance | $ 6,218 | $ 5,994 |
Decrease due to lapse in statute of limitations | (1,622) | (2,847) |
Addition based on tax positions related to the prior year | 369 | 543 |
Foreign currency translation adjustments | 221 | |
Foreign currency translation adjustments | (407) | |
Decrease due to Spin-Off | (117) | 0 |
Addition based on tax positions related to the current year | 43 | 241 |
Increase due to CPA:18 Merger | 0 | 2,694 |
Ending balance | $ 5,112 | $ 6,218 |
Property Dispositions - Narrati
Property Dispositions - Narratives (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 property | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | |
Discontinued Operation Additional Disclosures | ||||
Proceeds from sales of real estate | $ 446,402 | $ 234,652 | $ 163,638 | |
Hotel | Real Estate | ||||
Discontinued Operation Additional Disclosures | ||||
Number of properties sold (property) | property | 8 | 8 | ||
Discontinued Operations, Disposed of by Sale | ||||
Discontinued Operation Additional Disclosures | ||||
Number of properties sold (property) | property | 31 | 23 | 24 | |
Proceeds from sales of real estate | $ 446,400 | $ 234,700 | $ 163,600 | |
Gain (loss) on sale of real estate, net of tax | 80,700 | 43,500 | 40,400 | |
Gains losses on sales of investment real estate tax | $ 1,600 | $ 5,300 | $ 4,700 | |
Discontinued Operations, Held-for-sale | Office Sales Program | ||||
Discontinued Operation Additional Disclosures | ||||
Number of properties sold (property) | property | 8 | |||
Proceeds from sales of real estate | $ 216,900 | |||
Gain (loss) on sale of real estate, net of tax | $ 3,600 |
Segment Reporting - Narratives
Segment Reporting - Narratives (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information | |||
Number of business segments | segment | 2 | ||
Impairment charges — Investment Management goodwill | $ 0 | $ 29,334 | $ 0 |
Investment Management Segment | |||
Segment Reporting Information | |||
Impairment charges — Investment Management goodwill | $ 29,334 |
Segment Reporting - Income From
Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Lease revenues | $ 1,427,376 | $ 1,301,617 | $ 1,177,438 |
Income from finance leases and loans receivable | 107,173 | 74,266 | 67,555 |
Total revenues | 1,741,358 | 1,479,086 | 1,331,524 |
Operating Expenses | |||
Depreciation and amortization | 574,212 | 503,403 | 475,989 |
General and administrative | 96,027 | 88,952 | 81,888 |
Operating property expenses | 95,141 | 27,054 | 9,848 |
Impairment charges — real estate | 86,411 | 39,119 | 24,246 |
Reimbursable tenant costs | 81,939 | 73,622 | 62,417 |
Property expenses, excluding reimbursable tenant costs | 44,451 | 50,753 | 47,898 |
Stock-based compensation expense | 34,504 | 32,841 | 24,881 |
Merger and other expenses | 4,954 | 19,387 | (4,546) |
Total operating expenses | 1,018,007 | 866,983 | 726,656 |
Other Income and Expenses | |||
Gain on sale of real estate, net | 315,984 | 43,476 | 40,425 |
Interest expense | (291,852) | (219,160) | (196,831) |
Other gains and (losses) | (36,184) | 96,038 | (12,885) |
Non-operating income | 21,442 | 30,309 | 13,860 |
Earnings (losses) from equity method investments in real estate | 19,575 | 29,509 | (10,829) |
Gain on change in control of interests | 0 | 33,931 | 0 |
Total other income and expenses | 28,965 | 14,103 | (166,260) |
Income before income taxes | 752,316 | 626,206 | 438,608 |
Provision for income taxes | (44,052) | (27,724) | (28,486) |
Net Income | 708,264 | 598,482 | 410,122 |
Net loss (income) attributable to noncontrolling interests | 70 | 657 | (134) |
Net Income Attributable to W. P. Carey | 708,334 | 599,139 | 409,988 |
Real Estate | |||
Revenues | |||
Lease revenues | 1,427,376 | 1,301,617 | 1,177,438 |
Operating property revenues | 180,257 | 59,230 | 13,478 |
Other lease-related income | 23,333 | 32,988 | 53,655 |
Total revenues | 1,738,139 | 1,468,101 | 1,312,126 |
Real Estate | Operating Segments | |||
Revenues | |||
Lease revenues | 1,427,376 | 1,301,617 | 1,177,438 |
Income from finance leases and loans receivable | 107,173 | 74,266 | 67,555 |
Operating property revenues | 180,257 | 59,230 | 13,478 |
Other lease-related income | 23,333 | 32,988 | 53,655 |
Total revenues | 1,738,139 | 1,468,101 | 1,312,126 |
Operating Expenses | |||
Depreciation and amortization | 574,212 | 503,403 | 475,989 |
General and administrative | 96,027 | 88,952 | 81,888 |
Operating property expenses | 95,141 | 27,054 | 9,848 |
Impairment charges — real estate | 86,411 | 39,119 | 24,246 |
Reimbursable tenant costs | 81,939 | 73,622 | 62,417 |
Property expenses, excluding reimbursable tenant costs | 44,451 | 50,753 | 47,898 |
Stock-based compensation expense | 34,504 | 32,841 | 24,881 |
Merger and other expenses | 4,954 | 19,384 | (4,597) |
Total operating expenses | 1,017,639 | 835,128 | 722,570 |
Other Income and Expenses | |||
Gain on sale of real estate, net | 315,984 | 43,476 | 40,425 |
Interest expense | (291,852) | (219,160) | (196,831) |
Other gains and (losses) | (36,427) | 97,149 | (13,676) |
Non-operating income | 21,429 | 30,289 | 13,778 |
Earnings (losses) from equity method investments in real estate | 19,575 | 16,221 | (19,649) |
Gain on change in control of interests | 0 | 11,405 | 0 |
Total other income and expenses | 28,709 | (20,620) | (175,953) |
Income before income taxes | 749,209 | 612,353 | 413,603 |
Provision for income taxes | (44,442) | (21,407) | (28,703) |
Net Income | 704,767 | 590,946 | 384,900 |
Net loss (income) attributable to noncontrolling interests | 70 | 657 | (134) |
Net Income Attributable to W. P. Carey | $ 704,837 | $ 591,603 | $ 384,766 |
Segment Reporting - Income Fr_2
Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Management: | |||
Revenues | $ 1,741,358 | $ 1,479,086 | $ 1,331,524 |
Operating Expenses | |||
Reimbursable costs from affiliates | 368 | 2,518 | 4,035 |
Impairment charges — Investment Management goodwill | 0 | 29,334 | 0 |
Merger and other expenses | 4,954 | 19,387 | (4,546) |
Total operating expenses | 1,018,007 | 866,983 | 726,656 |
Other Income and Expenses | |||
Other gains and (losses) | (36,184) | 96,038 | (12,885) |
Non-operating income | 21,442 | 30,309 | 13,860 |
Gain on change in control of interests | 0 | 33,931 | 0 |
Earnings from equity method investments in the Managed Programs | 19,575 | 29,509 | (10,829) |
Total other income and expenses | 28,965 | 14,103 | (166,260) |
Income before income taxes | 752,316 | 626,206 | 438,608 |
Provision for income taxes | (44,052) | (27,724) | (28,486) |
Net Income Attributable to W. P. Carey | 708,334 | 599,139 | 409,988 |
Investment Management | |||
Investment Management: | |||
Operating property revenues | 3,219 | 10,985 | 19,398 |
Operating Expenses | |||
Impairment charges — Investment Management goodwill | 29,334 | ||
Investment Management | Operating Segments | |||
Investment Management: | |||
Revenues | 3,219 | 10,985 | 19,398 |
Operating Expenses | |||
Reimbursable costs from affiliates | 368 | 2,518 | 4,035 |
Impairment charges — Investment Management goodwill | 0 | 29,334 | 0 |
Merger and other expenses | 0 | 3 | 51 |
Total operating expenses | 368 | 31,855 | 4,086 |
Other Income and Expenses | |||
Other gains and (losses) | 243 | (1,111) | 791 |
Non-operating income | 13 | 20 | 82 |
Gain on change in control of interests | 0 | 22,526 | 0 |
Earnings from equity method investments in the Managed Programs | 0 | 13,288 | 8,820 |
Total other income and expenses | 256 | 34,723 | 9,693 |
Income before income taxes | 3,107 | 13,853 | 25,005 |
Provision for income taxes | 390 | (6,317) | 217 |
Net Income Attributable to W. P. Carey | 3,497 | 7,536 | 25,222 |
Investment Management | Asset management revenue | |||
Investment Management: | |||
Operating property revenues | 2,184 | 8,467 | 15,363 |
Investment Management | Asset management revenue | Operating Segments | |||
Investment Management: | |||
Operating property revenues | 2,184 | 8,467 | 15,363 |
Investment Management | Other advisory income and reimbursements | Operating Segments | |||
Investment Management: | |||
Operating property revenues | 667 | 0 | 0 |
Investment Management | Reimbursable costs from affiliates | |||
Investment Management: | |||
Operating property revenues | 368 | 2,518 | 4,035 |
Investment Management | Reimbursable costs from affiliates | Operating Segments | |||
Investment Management: | |||
Operating property revenues | $ 368 | $ 2,518 | $ 4,035 |
Segment Reporting - Total Compa
Segment Reporting - Total Company (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Revenues | $ 1,741,358 | $ 1,479,086 | $ 1,331,524 |
Operating expenses | 1,018,007 | 866,983 | 726,656 |
Other income and expenses | 28,965 | 14,103 | (166,260) |
Provision for income taxes | (44,052) | (27,724) | (28,486) |
Net loss (income) attributable to noncontrolling interests | 70 | 657 | (134) |
Net income attributable to W. P. Carey | $ 708,334 | $ 599,139 | $ 409,988 |
Segment Reporting - Segment Ass
Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Total assets | [1] | $ 17,976,783 | $ 18,102,035 |
Equity Investments in Real Estate | 354,261 | 327,502 | |
Real Estate | |||
Assets | |||
Long-lived assets | 14,913,899 | 15,488,898 | |
Real Estate | Operating Segments | |||
Assets | |||
Total assets | 17,966,126 | 18,077,155 | |
Equity Investments in Real Estate | 353,002 | 325,277 | |
Real Estate | Domestic | |||
Assets | |||
Long-lived assets | 9,049,540 | 10,053,422 | |
Real Estate | Domestic | Operating Segments | |||
Assets | |||
Equity Investments in Real Estate | 324,142 | 286,708 | |
Real Estate | International | |||
Assets | |||
Long-lived assets | 5,864,359 | 5,435,476 | |
Real Estate | International | Operating Segments | |||
Assets | |||
Equity Investments in Real Estate | 28,860 | 38,569 | |
Investment Management | Operating Segments | |||
Assets | |||
Total assets | $ 10,657 | $ 24,880 | |
[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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information Profit Loss | |||
Revenues | $ 1,741,358 | $ 1,479,086 | $ 1,331,524 |
Real Estate | |||
Segment Reporting Information Profit Loss | |||
Revenues | 1,738,139 | 1,468,101 | 1,312,126 |
Real Estate | Domestic | |||
Segment Reporting Information Profit Loss | |||
Revenues | 1,151,644 | 985,763 | 860,961 |
Real Estate | International | |||
Segment Reporting Information Profit Loss | |||
Revenues | $ 586,495 | $ 482,338 | $ 451,165 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 09, 2024 USD ($) loan property | Feb. 09, 2024 USD ($) property | Jan. 31, 2024 USD ($) property | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | |
Subsequent Events | ||||||
Purchases of real estate | $ 1,211,397 | $ 1,145,734 | $ 1,306,858 | |||
Proceeds from sales of real estate | 446,402 | 234,652 | 163,638 | |||
Dividends received | 18,588 | 30,236 | 15,471 | |||
Scheduled payments of mortgage principal | $ 296,886 | $ 127,230 | $ 64,290 | |||
Real Estate | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 1,424 | |||||
Subsequent Event | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 2 | |||||
Purchases of real estate | $ 177,100 | |||||
Dividends received | $ 3,000 | |||||
Number of loans repaid (loan) | loan | 2 | |||||
Scheduled payments of mortgage principal | $ 60,100 | |||||
Subsequent Event | Supermarket in Doncaster | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 2 | |||||
Purchases of real estate | $ 29,600 | |||||
Subsequent Event | Industrial Facilities in Italy | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 5 | |||||
Purchases of real estate | $ 147,500 | |||||
Discontinued Operations, Disposed of by Sale | ||||||
Subsequent Events | ||||||
Number of properties sold (property) | property | 31 | 23 | 24 | |||
Proceeds from sales of real estate | $ 446,400 | $ 234,700 | $ 163,600 | |||
Discontinued Operations, Disposed of by Sale | Subsequent Event | ||||||
Subsequent Events | ||||||
Number of properties sold (property) | property | 3 | |||||
Proceeds from sales of real estate | $ 14,500 | |||||
Discontinued Operations, Disposed of by Sale | Subsequent Event | NLOP | ||||||
Subsequent Events | ||||||
Number of properties sold (property) | property | 71 | |||||
Proceeds from sales of real estate | $ 387,800 | |||||
Discontinued Operations, Disposed of by Sale | Subsequent Event | Government Properties in Sapain | ||||||
Subsequent Events | ||||||
Number of properties sold (property) | property | 70 | |||||
Discontinued Operations, Disposed of by Sale | Subsequent Event | Self-storage Properties | ||||||
Subsequent Events | ||||||
Number of properties sold (property) | property | 16 | |||||
Proceeds from sales of real estate | $ 88,500 | |||||
Discontinued Operations, Held-for-sale | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 2 | 3 | ||||
Discontinued Operations, Held-for-sale | Real Estate | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 1 | |||||
Discontinued Operations, Held-for-sale | Subsequent Event | ||||||
Subsequent Events | ||||||
Proceeds from sales of real estate | $ 36,600 | |||||
Discontinued Operations, Held-for-sale | Subsequent Event | Self-storage Properties | ||||||
Subsequent Events | ||||||
Number of properties (property) | property | 62 | 62 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 106,185 | $ 108,812 | $ 86,069 |
Other Additions | 19,107 | 34,894 | 40,895 |
Deductions | (55,492) | (37,521) | (18,152) |
Balance at End of Year | $ 69,800 | $ 106,185 | $ 108,812 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Accumulated amortization (finite lived intangible assets) | $ 1,435,261 | $ 1,587,815 |
Accumulated amortization (intangible liabilities) | 66,541 | 125,287 |
Sale-leaseback transactions accounted for as loans receivable | 236,611 | 234,198 |
Secured loans receivable | 11,250 | 39,250 |
Assets held for sale, net | 37,122 | 57,944 |
Real estate under construction | 47,100 | |
Federal income taxes | 15,900,000 | |
Sales-type leases | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Net investments in direct financing leases | 835,734 | 0 |
Lease intangibles | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Finite-lived intangible liabilities, gross | 203,400 | |
Accumulated amortization (intangible liabilities) | 66,500 | |
Lease intangibles | ||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||
Gross Carrying Amount | 2,875,512 | 3,357,069 |
Accumulated amortization (finite lived intangible assets) | $ 1,415,692 | $ 1,568,671 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Subject to Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 361,073,000 | |||
Initial Cost to Company | ||||
Land | 2,436,311,000 | |||
Buildings | 9,311,273,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,013,029,000 | |||
Increase (Decrease) in Net Investments | (710,717,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,248,300,000 | |||
Buildings | 9,801,596,000 | |||
Total | 12,049,896,000 | $ 13,316,632,000 | $ 11,677,185,000 | $ 10,736,752,000 |
Accumulated Depreciation | 1,509,730,000 | 1,672,091,000 | 1,448,020,000 | 1,206,912,000 |
Real Estate 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 | $ 15,989,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,814,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in 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 | (3,043,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,573,000 | |||
Buildings | 9,187,000 | |||
Total | 13,760,000 | |||
Accumulated Depreciation | $ 6,279,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 650,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,603,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in the United States | ||||
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 | 14,483,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,025,000 | |||
Buildings | 15,078,000 | |||
Total | 24,103,000 | |||
Accumulated Depreciation | $ 11,286,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real Estate Subject to Operating Leases | Land 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 | 17,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,152,000 | |||
Buildings | 0 | |||
Total | 1,152,000 | |||
Accumulated Depreciation | 0 | |||
Real Estate 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 | $ 3,308,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | 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 | (77,927,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 288,000 | |||
Buildings | 1,285,000 | |||
Total | 1,573,000 | |||
Accumulated Depreciation | $ 835,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | |||
Real Estate 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 | $ 17,537,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,700,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real Estate 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 | $ 3,461,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 10 years | |||
Real Estate 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 | $ 7,425,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in 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 | (7,325,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 925,000 | |||
Buildings | 9,224,000 | |||
Total | 10,149,000 | |||
Accumulated Depreciation | $ 6,051,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,431,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 5,155,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | |||
Real Estate Subject to Operating Leases | Retail 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 | $ 3,098,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate 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 | (3,913,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,763,000 | |||
Buildings | 7,230,000 | |||
Total | 9,993,000 | |||
Accumulated Depreciation | $ 2,867,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,780,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,257,000 | |||
Buildings | 11,708,000 | |||
Total | 21,965,000 | |||
Accumulated Depreciation | $ 3,973,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 6,553,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Land 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 | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,173,000 | |||
Buildings | 0 | |||
Total | 4,173,000 | |||
Accumulated Depreciation | 0 | |||
Real Estate 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 | $ 2,967,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Warehouse facility 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 | 4,675,000 | |||
Increase (Decrease) in Net Investments | (20,393,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,814,000 | |||
Buildings | 10,375,000 | |||
Total | 12,189,000 | |||
Accumulated Depreciation | $ 3,794,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Retail facility 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 | $ 3,510,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Research and development 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 | 5,939,000 | |||
Increase (Decrease) in Net Investments | (832,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,804,000 | |||
Buildings | 21,836,000 | |||
Total | 29,640,000 | |||
Accumulated Depreciation | $ 8,476,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 734,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Warehouse facilities in the United States | ||||
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 | 14,997,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 16,386,000 | |||
Buildings | 99,665,000 | |||
Total | 116,051,000 | |||
Accumulated Depreciation | $ 33,568,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 4,109,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 2,202,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 3,624,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 14,475,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 2,259,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Greenwood, IN and Buffalo, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 617,000 | |||
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 | $ 7,252,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 3,061,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Education facility in Rancho Cucamonga, CA and laboratory facility in 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 | 9,659,000 | |||
Increase (Decrease) in Net Investments | (20,142,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,638,000 | |||
Buildings | 30,568,000 | |||
Total | 37,206,000 | |||
Accumulated Depreciation | $ 9,521,000 | |||
Real Estate Subject to Operating Leases | Education facility in Rancho Cucamonga, CA and laboratory facility in 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 | |||
Real Estate Subject to Operating Leases | Education facility in Rancho Cucamonga, CA and laboratory facility in 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 | |||
Real Estate 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 | $ 7,456,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | 1,450,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,702,000 | |||
Buildings | 14,479,000 | |||
Total | 17,181,000 | |||
Accumulated Depreciation | $ 928,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | 546,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,080,000 | |||
Buildings | 23,970,000 | |||
Total | 30,050,000 | |||
Accumulated Depreciation | $ 8,465,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Retail facility in Memphis, TN | ||||
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 | (2,353,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,027,000 | |||
Buildings | 9,970,000 | |||
Total | 11,997,000 | |||
Accumulated Depreciation | $ 5,003,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Warehouse facilities in Oceanside, CA and Concordville, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 578,000 | |||
Initial Cost to Company | ||||
Land | 3,333,000 | |||
Buildings | 8,270,000 | |||
Cost Capitalized Subsequent to Acquisition | 116,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,333,000 | |||
Buildings | 8,386,000 | |||
Total | 11,719,000 | |||
Accumulated Depreciation | $ 2,984,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in La Vista, NE | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 16,339,000 | |||
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 | $ 7,787,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate Subject to Operating Leases | Laboratory 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 | 14,855,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,675,000 | |||
Buildings | 22,323,000 | |||
Total | 25,998,000 | |||
Accumulated Depreciation | $ 2,809,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 6,726,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 448,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 1,701,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 1,148,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | 2,254,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,183,000 | |||
Buildings | 13,594,000 | |||
Total | 15,777,000 | |||
Accumulated Depreciation | $ 4,572,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 1,444,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Specialty 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 | (9,432,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,095,000 | |||
Buildings | 38,013,000 | |||
Total | 58,108,000 | |||
Accumulated Depreciation | $ 12,958,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (14,035,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 22,785,000 | |||
Buildings | 62,610,000 | |||
Total | 85,395,000 | |||
Accumulated Depreciation | $ 29,617,000 | |||
Real Estate Subject to Operating Leases | Retail facilities in Poland | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Poland | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real Estate 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 | 43,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,519,000 | |||
Buildings | 16,372,000 | |||
Total | 19,891,000 | |||
Accumulated Depreciation | $ 6,157,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate 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 | $ 2,089,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real Estate 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 | 3,351,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 809,000 | |||
Buildings | 17,587,000 | |||
Total | 18,396,000 | |||
Accumulated Depreciation | $ 1,198,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | (9,122,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 20,890,000 | |||
Total | 20,890,000 | |||
Accumulated Depreciation | $ 6,405,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Office facility in Mönchengladbach, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 27,300,000 | |||
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 | (2,678,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,122,000 | |||
Buildings | 54,897,000 | |||
Total | 57,019,000 | |||
Accumulated Depreciation | $ 11,162,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail 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 | $ 1,004,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real Estate Subject to Operating Leases | Retail 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 | 1,658,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,966,000 | |||
Buildings | 3,026,000 | |||
Total | 4,992,000 | |||
Accumulated Depreciation | $ 1,329,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 819,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate 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 | $ 2,588,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | 715,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,467,000 | |||
Buildings | 4,191,000 | |||
Total | 6,658,000 | |||
Accumulated Depreciation | $ 1,609,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 2,616,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | $ 4,012,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Subject to Operating Leases | 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 | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,190,000 | |||
Buildings | 10,010,000 | |||
Total | 13,200,000 | |||
Accumulated Depreciation | $ 451,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate 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 | |||
Real Estate 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 | 20,636,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,005,000 | |||
Buildings | 64,828,000 | |||
Total | 68,833,000 | |||
Accumulated Depreciation | $ 19,478,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; Eagan, MN; and Dallas, TX | ||||
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 | 11,200,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,451,000 | |||
Buildings | 36,657,000 | |||
Total | 45,108,000 | |||
Accumulated Depreciation | $ 9,183,000 | |||
Real Estate Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; Eagan, MN; and Dallas, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 17 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Colton, CA; Bonner Springs, KS; Eagan, MN; and Dallas, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real Estate 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 | 2,468,000 | |||
Increase (Decrease) in Net Investments | (77,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,335,000 | |||
Buildings | 14,709,000 | |||
Total | 23,044,000 | |||
Accumulated Depreciation | $ 5,863,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real Estate Subject to Operating Leases | Warehouse 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 | $ 733,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 7,492,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | $ 3,394,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | 27,148,000 | |||
Increase (Decrease) in Net Investments | (9,545,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,983,000 | |||
Buildings | 27,148,000 | |||
Total | 34,131,000 | |||
Accumulated Depreciation | $ 1,721,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,035,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real Estate 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 | (3,219,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,284,000 | |||
Buildings | 1,974,000 | |||
Total | 6,258,000 | |||
Accumulated Depreciation | $ 703,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | $ 2,347,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Chandler, AZ; and industrial and warehouse facility in Englewood, CO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 857,000 | |||
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 | $ 2,372,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Cynthiana, KY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 510,000 | |||
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 | $ 1,407,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 1,299,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate 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 | $ 5,218,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real Estate Subject to Operating Leases | Retail facility 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 | $ 2,969,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty 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 | $ 6,456,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate 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 | $ 9,132,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real Estate Subject to Operating Leases | Land 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 | (26,077,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,306,000 | |||
Buildings | 0 | |||
Total | 7,306,000 | |||
Accumulated Depreciation | 0 | |||
Real Estate 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 | $ 2,406,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in 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 | 3,114,000 | |||
Increase (Decrease) in Net Investments | 4,799,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 25,290,000 | |||
Buildings | 24,141,000 | |||
Total | 49,431,000 | |||
Accumulated Depreciation | $ 3,810,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real Estate 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 | $ 3,230,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | 2,176,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,578,000 | |||
Buildings | 31,591,000 | |||
Total | 33,169,000 | |||
Accumulated Depreciation | $ 9,873,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | $ 4,563,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | $ 5,051,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate Subject to Operating Leases | Industrial 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 | $ 2,068,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | $ 3,265,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (138,475,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 27,233,000 | |||
Buildings | 79,838,000 | |||
Total | 107,071,000 | |||
Accumulated Depreciation | 26,426,000 | |||
Real Estate Subject to Operating Leases | Laboratory 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 | $ 7,868,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate 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 | $ 6,064,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Amherst, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,446,000 | |||
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 | $ 3,526,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real Estate 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 | $ 6,650,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Gorinchem, Netherlands | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,143,000 | |||
Buildings | 5,648,000 | |||
Cost Capitalized Subsequent to Acquisition | 131,000 | |||
Increase (Decrease) in Net Investments | (1,276,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 928,000 | |||
Buildings | 4,718,000 | |||
Total | 5,646,000 | |||
Accumulated Depreciation | $ 1,604,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | $ 1,751,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 735,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 514,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 3,058,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 538,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 1,209,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 2,796,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | $ 2,924,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Twinsburg, OH | ||||
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 | (6,975,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,293,000 | |||
Buildings | 5,514,000 | |||
Total | 6,807,000 | |||
Accumulated Depreciation | $ 2,000,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | (1,441,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,560,000 | |||
Buildings | 6,219,000 | |||
Total | 7,779,000 | |||
Accumulated Depreciation | $ 1,974,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 5,658,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 913,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 1,196,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate Subject to Operating Leases | Specialty 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 | $ 7,718,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate Subject to Operating Leases | Education facility in Mooresville, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
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 | $ 1,465,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate 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 | $ 26,827,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 397,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate 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 | $ 3,293,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | (3,105,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,011,000 | |||
Buildings | 8,378,000 | |||
Total | 13,389,000 | |||
Accumulated Depreciation | $ 3,258,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | $ 7,901,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | (582,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,139,000 | |||
Buildings | 0 | |||
Total | 3,139,000 | |||
Accumulated Depreciation | 0 | |||
Real Estate Subject to Operating Leases | Industrial facilities in Kearney, MO; York, NE; Walbridge, OH; Rocky Mount, VA; and Martinsburg, WV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 4,816,000 | |||
Buildings | 31,712,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,078,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,816,000 | |||
Buildings | 32,790,000 | |||
Total | 37,606,000 | |||
Accumulated Depreciation | $ 1,168,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
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 | $ 1,528,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Buffalo Grove, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,960,000 | |||
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 | $ 3,923,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject to Operating Leases | Warehouse 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 | 158,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,230,000 | |||
Buildings | 5,650,000 | |||
Total | 8,880,000 | |||
Accumulated Depreciation | $ 2,309,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real Estate Subject to Operating Leases | Retail facility 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 | $ 516,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate Subject to Operating Leases | Retail facility 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 | $ 934,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | 157,000 | |||
Increase (Decrease) in Net Investments | (925,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 98,000 | |||
Buildings | 4,583,000 | |||
Total | 4,681,000 | |||
Accumulated Depreciation | $ 1,357,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate 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 | (391,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,386,000 | |||
Buildings | 5,450,000 | |||
Total | 7,836,000 | |||
Accumulated Depreciation | $ 385,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate 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 | $ 2,463,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real Estate 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 | $ 3,877,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Real Estate 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 | $ 6,772,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 16 years | |||
Real Estate 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 | $ 1,558,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 4,352,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | $ 2,185,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate 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 | $ 1,536,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | |||
Real Estate Subject to Operating Leases | Research and development 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 | $ 2,269,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate 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 | $ 6,987,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate Subject to Operating Leases | Education facility in Sacramento, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
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 | $ 4,070,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real Estate 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 | 314,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,261,000 | |||
Buildings | 17,739,000 | |||
Total | 20,000,000 | |||
Accumulated Depreciation | $ 1,933,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Real Estate 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 | $ 3,016,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 2,780,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate 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 | $ 439,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate 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 | (6,874,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,852,000 | |||
Buildings | 17,790,000 | |||
Total | 29,642,000 | |||
Accumulated Depreciation | $ 8,640,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Real Estate 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 | $ 774,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Real Estate 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 | $ 1,010,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 9,066,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 15,252,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Research and development 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 | $ 11,154,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,525,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (2,625,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,912,000 | |||
Buildings | 19,052,000 | |||
Total | 20,964,000 | |||
Accumulated Depreciation | $ 5,052,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (88,095,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 44,895,000 | |||
Buildings | 163,719,000 | |||
Total | 208,614,000 | |||
Accumulated Depreciation | $ 48,872,000 | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | |||
Real Estate 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 | 20,842,000 | |||
Increase (Decrease) in Net Investments | (1,418,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 53,359,000 | |||
Total | 53,359,000 | |||
Accumulated Depreciation | $ 10,205,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 552,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,928,000 | |||
Buildings | 19,308,000 | |||
Total | 22,236,000 | |||
Accumulated Depreciation | $ 4,726,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (3,784,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,542,000 | |||
Buildings | 15,026,000 | |||
Total | 17,568,000 | |||
Accumulated Depreciation | $ 3,527,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (187,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,379,000 | |||
Buildings | 15,721,000 | |||
Total | 25,100,000 | |||
Accumulated Depreciation | $ 3,850,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Net-lease hotels in the United States | ||||
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 | $ 11,802,000 | |||
Real Estate Subject to Operating Leases | Net-lease hotels in the United States | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Subject to Operating Leases | Net-lease hotels in the United States | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in the 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 | 1,264,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,862,000 | |||
Buildings | 39,309,000 | |||
Total | 45,171,000 | |||
Accumulated Depreciation | $ 9,917,000 | |||
Real Estate Subject to Operating Leases | Retail facilities in the Netherlands | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject to Operating Leases | Retail facilities in the Netherlands | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty 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 | $ 3,373,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 12,548,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in 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 | (56,525,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 49,672,000 | |||
Buildings | 113,623,000 | |||
Total | 163,295,000 | |||
Accumulated Depreciation | 31,830,000 | |||
Real Estate Subject to Operating Leases | Industrial facilities in North Dumfries and Ottawa, Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 17,155,000 | |||
Buildings | 10,665,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (18,393,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,847,000 | |||
Buildings | 3,580,000 | |||
Total | 9,427,000 | |||
Accumulated Depreciation | $ 1,753,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | $ 31,111,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 3,495,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 3,379,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | 2,440,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,152,000 | |||
Buildings | 15,054,000 | |||
Total | 20,206,000 | |||
Accumulated Depreciation | $ 2,530,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 2,050,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate 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 | (573,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 374,000 | |||
Buildings | 9,928,000 | |||
Total | 10,302,000 | |||
Accumulated Depreciation | $ 1,412,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 37,496,000 | |||
Increase (Decrease) in Net Investments | 731,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,630,000 | |||
Buildings | 38,374,000 | |||
Total | 40,004,000 | |||
Accumulated Depreciation | $ 2,704,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 781,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Real Estate 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 | $ 10,931,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate Subject to Operating Leases | Warehouse facilities in 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 | (14,902,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,001,000 | |||
Buildings | 171,882,000 | |||
Total | 190,883,000 | |||
Accumulated Depreciation | $ 29,557,000 | |||
Real Estate Subject to Operating Leases | Warehouse facilities in Denmark | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real Estate Subject to Operating Leases | Warehouse facilities in Denmark | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 41 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (7,924,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 36,516,000 | |||
Buildings | 111,162,000 | |||
Total | 147,678,000 | |||
Accumulated Depreciation | $ 21,546,000 | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | |||
Real Estate 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 | $ 1,526,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate 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 | (750,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,100,000 | |||
Buildings | 12,385,000 | |||
Total | 15,485,000 | |||
Accumulated Depreciation | $ 2,722,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate 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 | 28,051,000 | |||
Increase (Decrease) in Net Investments | (3,988,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,912,000 | |||
Buildings | 60,309,000 | |||
Total | 73,221,000 | |||
Accumulated Depreciation | $ 9,122,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate 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 | (934,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,507,000 | |||
Buildings | 29,210,000 | |||
Total | 31,717,000 | |||
Accumulated Depreciation | $ 4,732,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate Subject to Operating Leases | Warehouse facility in Bad Wünnenberg, 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 | (22,500,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,266,000 | |||
Buildings | 18,837,000 | |||
Total | 20,103,000 | |||
Accumulated Depreciation | $ 2,542,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 646,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail 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 | $ 4,532,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (302,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,684,000 | |||
Buildings | 8,048,000 | |||
Total | 9,732,000 | |||
Accumulated Depreciation | $ 1,197,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 0 | |||
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 | $ 7,349,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 4,195,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate 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 | $ 2,877,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate 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 | $ 6,405,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty 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 | (240,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,266,000 | |||
Buildings | 7,564,000 | |||
Total | 14,830,000 | |||
Accumulated Depreciation | $ 1,026,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (1,870,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 17,096,000 | |||
Buildings | 43,161,000 | |||
Total | 60,257,000 | |||
Accumulated Depreciation | $ 6,041,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (226,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,335,000 | |||
Buildings | 5,952,000 | |||
Total | 7,287,000 | |||
Accumulated Depreciation | $ 841,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,478,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 15,313,000 | |||
Buildings | 32,285,000 | |||
Total | 47,598,000 | |||
Accumulated Depreciation | $ 6,632,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Middleburg Heights and Union Township, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,439,000 | |||
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 | $ 1,820,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 10,319,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in the United States | ||||
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 | $ 4,598,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 72,976,000 | |||
Increase (Decrease) in Net Investments | (11,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,652,000 | |||
Buildings | 124,880,000 | |||
Total | 127,532,000 | |||
Accumulated Depreciation | $ 10,960,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facilities in the 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 | (145,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,683,000 | |||
Buildings | 2,278,000 | |||
Total | 8,961,000 | |||
Accumulated Depreciation | $ 346,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,929,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (619,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,622,000 | |||
Buildings | 12,345,000 | |||
Total | 19,967,000 | |||
Accumulated Depreciation | $ 1,931,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 375,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 1,691,000 | |||
Increase (Decrease) in Net Investments | 5,937,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,602,000 | |||
Buildings | 18,983,000 | |||
Total | 25,585,000 | |||
Accumulated Depreciation | $ 3,711,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate Subject to Operating Leases | Office and warehouse facilities in 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 | $ 27,795,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 4,787,000 | |||
Increase (Decrease) in Net Investments | (3,872,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 36,619,000 | |||
Buildings | 93,717,000 | |||
Total | 130,336,000 | |||
Accumulated Depreciation | $ 12,321,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 10,781,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (7,124,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 73,219,000 | |||
Buildings | 140,671,000 | |||
Total | 213,890,000 | |||
Accumulated Depreciation | $ 20,168,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 1,345,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Net-lease self-storage facilities in 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 | $ 15,973,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 341,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 944,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 1,403,000 | |||
Increase (Decrease) in Net Investments | (651,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,353,000 | |||
Buildings | 10,848,000 | |||
Total | 16,201,000 | |||
Accumulated Depreciation | $ 2,211,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate 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 | $ 3,338,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 821,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,029,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,973,000 | |||
Buildings | 27,188,000 | |||
Total | 33,161,000 | |||
Accumulated Depreciation | $ 3,853,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 890,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in the United States | ||||
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 | (7,938,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 17,297,000 | |||
Buildings | 36,612,000 | |||
Total | 53,909,000 | |||
Accumulated Depreciation | $ 5,267,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Education facilities in Montgomery, AL and Savannah, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
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 | $ 1,705,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,049,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Zary, Poland | ||||
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 | (365,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,000,000 | |||
Buildings | 9,731,000 | |||
Total | 11,731,000 | |||
Accumulated Depreciation | $ 1,414,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 78,728,000 | |||
Increase (Decrease) in Net Investments | (462,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,767,000 | |||
Buildings | 98,678,000 | |||
Total | 105,445,000 | |||
Accumulated Depreciation | $ 9,761,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 2,413,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,511,000 | |||
Buildings | 13,179,000 | |||
Total | 18,690,000 | |||
Accumulated Depreciation | $ 1,491,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Portage, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,693,000 | |||
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 | $ 1,218,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 6,639,000 | |||
Increase (Decrease) in Net Investments | (13,574,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,286,000 | |||
Buildings | 21,587,000 | |||
Total | 31,873,000 | |||
Accumulated Depreciation | $ 2,828,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,148,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | (5,178,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,568,000 | |||
Buildings | 10,671,000 | |||
Total | 18,239,000 | |||
Accumulated Depreciation | $ 1,932,000 | |||
Real Estate Subject to Operating Leases | Retail facilities in Croatia | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Croatia | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Real Estate Subject to Operating Leases | Retail 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 | 447,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 940,000 | |||
Total | 940,000 | |||
Accumulated Depreciation | $ 291,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Education facility 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 | (16,859,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,793,000 | |||
Buildings | 21,000 | |||
Total | 1,814,000 | |||
Accumulated Depreciation | $ 13,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 6,625,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 714,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 29,223,000 | |||
Buildings | 77,916,000 | |||
Total | 107,139,000 | |||
Accumulated Depreciation | $ 10,156,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,687,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 856,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,751,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,108,000 | |||
Buildings | 46,347,000 | |||
Total | 56,455,000 | |||
Accumulated Depreciation | $ 6,662,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,222,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,558,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Research and development 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 | (447,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,070,000 | |||
Buildings | 18,503,000 | |||
Total | 23,573,000 | |||
Accumulated Depreciation | $ 2,620,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 871,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 719,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Research and development 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 | (351,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,247,000 | |||
Buildings | 9,088,000 | |||
Total | 11,335,000 | |||
Accumulated Depreciation | $ 1,253,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility New Concord, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,189,000 | |||
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 | $ 388,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facility in Gelsenkirchen, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,178,000 | |||
Buildings | 17,097,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (580,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,112,000 | |||
Buildings | 16,583,000 | |||
Total | 18,695,000 | |||
Accumulated Depreciation | $ 2,280,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,877,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,518,000 | |||
Buildings | 51,962,000 | |||
Total | 60,480,000 | |||
Accumulated Depreciation | $ 7,740,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (946,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,325,000 | |||
Buildings | 27,162,000 | |||
Total | 30,487,000 | |||
Accumulated Depreciation | $ 3,771,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,050,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,627,000 | |||
Buildings | 26,193,000 | |||
Total | 33,820,000 | |||
Accumulated Depreciation | $ 3,589,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Office facility in Warsaw, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 29,901,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 44,990,000 | |||
Cost Capitalized Subsequent to Acquisition | 42,000 | |||
Increase (Decrease) in Net Investments | (15,734,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 29,298,000 | |||
Total | 29,298,000 | |||
Accumulated Depreciation | $ 5,833,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Kaunas, Lithuania | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 35,382,000 | |||
Initial Cost to Company | ||||
Land | 10,199,000 | |||
Buildings | 47,391,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,734,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,892,000 | |||
Buildings | 45,964,000 | |||
Total | 55,856,000 | |||
Accumulated Depreciation | $ 6,451,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty facility in Jacksonville, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 11,429,000 | |||
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 | $ 2,275,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 291,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 5,613,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,839,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 5,591,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Zabia Wola, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 14,476,000 | |||
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 | (983,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,599,000 | |||
Buildings | 28,066,000 | |||
Total | 32,665,000 | |||
Accumulated Depreciation | $ 3,831,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Laboratory 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 | $ 929,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 4,412,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 1,826,000 | |||
Real Estate 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 | |||
Real Estate 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 | |||
Real Estate 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 | $ 6,885,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Real Estate 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 | $ 1,906,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Real Estate 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 | (523,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 963,000 | |||
Buildings | 15,303,000 | |||
Total | 16,266,000 | |||
Accumulated Depreciation | $ 2,495,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate 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 | (545,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,109,000 | |||
Buildings | 14,316,000 | |||
Total | 18,425,000 | |||
Accumulated Depreciation | $ 2,709,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate 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 | 4,177,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,396,000 | |||
Buildings | 27,435,000 | |||
Total | 29,831,000 | |||
Accumulated Depreciation | $ 4,276,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 4,830,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 4,642,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 990,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 72,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 15,999,000 | |||
Total | 15,999,000 | |||
Accumulated Depreciation | $ 1,638,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 999,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,004,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,233,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,906,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 21,027,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,678,000 | |||
Buildings | 72,049,000 | |||
Total | 76,727,000 | |||
Accumulated Depreciation | $ 9,039,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,841,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,278,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 72,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,253,000 | |||
Buildings | 11,006,000 | |||
Total | 14,259,000 | |||
Accumulated Depreciation | $ 1,204,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,401,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,707,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,240,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 3,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,698,000 | |||
Buildings | 9,228,000 | |||
Total | 10,926,000 | |||
Accumulated Depreciation | $ 1,016,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 147,000 | |||
Increase (Decrease) in Net Investments | (492,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,362,000 | |||
Buildings | 27,691,000 | |||
Total | 34,053,000 | |||
Accumulated Depreciation | $ 3,153,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,992,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 9,475,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,295,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (53,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,923,000 | |||
Buildings | 4,198,000 | |||
Total | 6,121,000 | |||
Accumulated Depreciation | $ 601,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Huddersfield, United Kingdom | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 8,659,000 | |||
Buildings | 29,752,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,423,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,338,000 | |||
Buildings | 28,650,000 | |||
Total | 36,988,000 | |||
Accumulated Depreciation | $ 3,038,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Newark, United Kingdom | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 21,869,000 | |||
Buildings | 74,777,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (3,098,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 21,168,000 | |||
Buildings | 72,380,000 | |||
Total | 93,548,000 | |||
Accumulated Depreciation | $ 7,213,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (4,271,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,909,000 | |||
Buildings | 36,843,000 | |||
Total | 49,752,000 | |||
Accumulated Depreciation | $ 2,677,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,620,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 24,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,033,000 | |||
Buildings | 8,806,000 | |||
Total | 9,839,000 | |||
Accumulated Depreciation | $ 863,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,631,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,642,000 | |||
Buildings | 39,664,000 | |||
Total | 44,306,000 | |||
Accumulated Depreciation | $ 3,782,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 4,174,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,782,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,165,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,557,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in 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 | 239,000 | |||
Increase (Decrease) in Net Investments | (5,061,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 32,321,000 | |||
Buildings | 54,224,000 | |||
Total | 86,545,000 | |||
Accumulated Depreciation | $ 4,300,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,857,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 20,517,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,154,000 | |||
Buildings | 43,410,000 | |||
Total | 48,564,000 | |||
Accumulated Depreciation | $ 2,688,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,462,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,618,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty facilities 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 | $ 36,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,103,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,876,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,300,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Research and development facility in Wageningen, Netherlands | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,429,000 | |||
Buildings | 5,777,000 | |||
Cost Capitalized Subsequent to Acquisition | 18,658,000 | |||
Increase (Decrease) in Net Investments | 2,223,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,548,000 | |||
Buildings | 26,539,000 | |||
Total | 28,087,000 | |||
Accumulated Depreciation | $ 987,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (7,141,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 15,009,000 | |||
Buildings | 98,382,000 | |||
Total | 113,391,000 | |||
Accumulated Depreciation | $ 6,772,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,201,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (13,601,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 38,673,000 | |||
Buildings | 113,178,000 | |||
Total | 151,851,000 | |||
Accumulated Depreciation | $ 7,535,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty 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 | $ 1,436,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | 2,904,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 29,543,000 | |||
Total | 29,543,000 | |||
Accumulated Depreciation | $ 1,905,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,326,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,092,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 2,569,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,609,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 3,060,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 5,637,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,212,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,614,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 621,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (843,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,639,000 | |||
Buildings | 37,641,000 | |||
Total | 40,280,000 | |||
Accumulated Depreciation | $ 1,947,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (1,178,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 14,826,000 | |||
Buildings | 46,617,000 | |||
Total | 61,443,000 | |||
Accumulated Depreciation | $ 2,385,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | $ 1,608,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate 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 | (942,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,133,000 | |||
Buildings | 32,037,000 | |||
Total | 41,170,000 | |||
Accumulated Depreciation | $ 1,608,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty facilities in Flemington and 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 | 832,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,025,000 | |||
Buildings | 1,229,000 | |||
Total | 2,254,000 | |||
Accumulated Depreciation | $ 49,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Pleasant Prairie, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,443,000 | |||
Buildings | 16,532,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,443,000 | |||
Buildings | 16,532,000 | |||
Total | 17,975,000 | |||
Accumulated Depreciation | $ 816,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty facilities in Spain | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 26,735,000 | |||
Buildings | 99,822,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,647,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 26,176,000 | |||
Buildings | 97,734,000 | |||
Total | 123,910,000 | |||
Accumulated Depreciation | $ 4,666,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Denmark | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,295,000 | |||
Buildings | 35,898,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (206,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,260,000 | |||
Buildings | 35,727,000 | |||
Total | 38,987,000 | |||
Accumulated Depreciation | $ 1,539,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Laval, Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,014,000 | |||
Buildings | 16,037,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (828,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,848,000 | |||
Buildings | 15,375,000 | |||
Total | 19,223,000 | |||
Accumulated Depreciation | $ 718,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Chattanooga, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,063,000 | |||
Buildings | 36,645,000 | |||
Cost Capitalized Subsequent to Acquisition | 26,128,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,063,000 | |||
Buildings | 62,773,000 | |||
Total | 67,836,000 | |||
Accumulated Depreciation | $ 1,677,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Coatzacoalcos, Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 9,805,000 | |||
Buildings | 17,622,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,805,000 | |||
Buildings | 17,622,000 | |||
Total | 27,427,000 | |||
Accumulated Depreciation | $ 741,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Lowbanks, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,574,000 | |||
Buildings | 1,605,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,574,000 | |||
Buildings | 1,605,000 | |||
Total | 5,179,000 | |||
Accumulated Depreciation | $ 67,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Chicago, IL; Geismar, LA; and Nashville, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 9,300,000 | |||
Buildings | 26,945,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,300,000 | |||
Buildings | 26,945,000 | |||
Total | 36,245,000 | |||
Accumulated Depreciation | $ 1,111,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial and warehouse facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 9,847,000 | |||
Buildings | 88,227,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,847,000 | |||
Buildings | 88,227,000 | |||
Total | 98,074,000 | |||
Accumulated Depreciation | $ 3,596,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Denmark | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,228,000 | |||
Buildings | 31,774,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,406,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,322,000 | |||
Buildings | 33,086,000 | |||
Total | 35,408,000 | |||
Accumulated Depreciation | $ 1,285,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Medina, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,029,000 | |||
Buildings | 22,938,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,029,000 | |||
Buildings | 22,938,000 | |||
Total | 24,967,000 | |||
Accumulated Depreciation | $ 885,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Bree, Belgium | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 73,302,000 | |||
Cost Capitalized Subsequent to Acquisition | 42,000 | |||
Increase (Decrease) in Net Investments | 4,684,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 78,028,000 | |||
Total | 78,028,000 | |||
Accumulated Depreciation | $ 2,939,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Spain | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,906,000 | |||
Buildings | 12,825,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,479,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,315,000 | |||
Buildings | 13,895,000 | |||
Total | 19,210,000 | |||
Accumulated Depreciation | $ 503,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial and warehouse facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 27,543,000 | |||
Buildings | 192,197,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 27,543,000 | |||
Buildings | 192,197,000 | |||
Total | 219,740,000 | |||
Accumulated Depreciation | $ 6,898,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facilities in Denmark | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,690,000 | |||
Buildings | 33,703,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2,584,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,883,000 | |||
Buildings | 36,094,000 | |||
Total | 38,977,000 | |||
Accumulated Depreciation | $ 1,209,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Office facility in Austin, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 31,095,000 | |||
Buildings | 45,393,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 31,095,000 | |||
Buildings | 45,393,000 | |||
Total | 76,488,000 | |||
Accumulated Depreciation | $ 1,611,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Land in Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,849,000 | |||
Initial Cost to Company | ||||
Land | 3,873,000 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,873,000 | |||
Buildings | 0 | |||
Total | 3,873,000 | |||
Accumulated Depreciation | 0 | |||
Real Estate Subject to Operating Leases | Retail facilities in Croatia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 1,367,000 | |||
Buildings | 23,337,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,973,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,476,000 | |||
Buildings | 25,201,000 | |||
Total | 26,677,000 | |||
Accumulated Depreciation | $ 894,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse in Streetsboro, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,474,000 | |||
Initial Cost to Company | ||||
Land | 2,435,000 | |||
Buildings | 9,333,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,435,000 | |||
Buildings | 9,333,000 | |||
Total | 11,768,000 | |||
Accumulated Depreciation | $ 331,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse in University Park, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 47,216,000 | |||
Initial Cost to Company | ||||
Land | 15,377,000 | |||
Buildings | 63,299,000 | |||
Cost Capitalized Subsequent to Acquisition | 3,290,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 15,377,000 | |||
Buildings | 66,589,000 | |||
Total | 81,966,000 | |||
Accumulated Depreciation | $ 2,246,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Surprise, AZ; Temple, GA; and Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,390,000 | |||
Initial Cost to Company | ||||
Land | 2,994,000 | |||
Buildings | 26,100,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,994,000 | |||
Buildings | 26,100,000 | |||
Total | 29,094,000 | |||
Accumulated Depreciation | $ 926,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Jonesville, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 25,441,000 | |||
Initial Cost to Company | ||||
Land | 2,895,000 | |||
Buildings | 32,152,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,895,000 | |||
Buildings | 32,152,000 | |||
Total | 35,047,000 | |||
Accumulated Depreciation | $ 1,141,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Albany, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,174,000 | |||
Initial Cost to Company | ||||
Land | 3,108,000 | |||
Buildings | 12,220,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,108,000 | |||
Buildings | 12,220,000 | |||
Total | 15,328,000 | |||
Accumulated Depreciation | $ 434,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Dallas/Forth Worth, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,241,000 | |||
Initial Cost to Company | ||||
Land | 3,918,000 | |||
Buildings | 9,817,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,918,000 | |||
Buildings | 9,817,000 | |||
Total | 13,735,000 | |||
Accumulated Depreciation | $ 348,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Byron Center, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,366,000 | |||
Initial Cost to Company | ||||
Land | 1,925,000 | |||
Buildings | 10,098,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,925,000 | |||
Buildings | 10,098,000 | |||
Total | 12,023,000 | |||
Accumulated Depreciation | $ 358,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Net-lease hotel in Albion, Mauritius | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,363,000 | |||
Initial Cost to Company | ||||
Land | 7,633,000 | |||
Buildings | 29,274,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2,947,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,243,000 | |||
Buildings | 31,611,000 | |||
Total | 39,854,000 | |||
Accumulated Depreciation | $ 1,122,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Net-lease hotel in Munich, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 17,892,000 | |||
Buildings | 61,405,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 6,331,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,320,000 | |||
Buildings | 66,308,000 | |||
Total | 85,628,000 | |||
Accumulated Depreciation | $ 2,353,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Plymouth, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,189,000 | |||
Initial Cost to Company | ||||
Land | 3,693,000 | |||
Buildings | 13,242,000 | |||
Cost Capitalized Subsequent to Acquisition | 457,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,693,000 | |||
Buildings | 13,699,000 | |||
Total | 17,392,000 | |||
Accumulated Depreciation | $ 490,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Net-lease hotel in Hamburg, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 16,479,000 | |||
Initial Cost to Company | ||||
Land | 7,328,000 | |||
Buildings | 17,467,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,981,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,914,000 | |||
Buildings | 18,862,000 | |||
Total | 26,776,000 | |||
Accumulated Depreciation | $ 669,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facility in Oslo, Norway | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 52,906,000 | |||
Initial Cost to Company | ||||
Land | 27,948,000 | |||
Buildings | 64,033,000 | |||
Cost Capitalized Subsequent to Acquisition | 930,000 | |||
Increase (Decrease) in Net Investments | (4,841,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 26,483,000 | |||
Buildings | 61,587,000 | |||
Total | 88,070,000 | |||
Accumulated Depreciation | $ 2,234,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Michalovce, Slovakia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,538,000 | |||
Buildings | 19,009,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,881,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,901,000 | |||
Buildings | 20,527,000 | |||
Total | 25,428,000 | |||
Accumulated Depreciation | $ 728,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Net-lease hotel in Stuttgart, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 31,276,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 2,497,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 33,773,000 | |||
Total | 33,773,000 | |||
Accumulated Depreciation | $ 1,198,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Menomonee Falls, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 11,677,000 | |||
Initial Cost to Company | ||||
Land | 2,726,000 | |||
Buildings | 17,453,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,726,000 | |||
Buildings | 17,453,000 | |||
Total | 20,179,000 | |||
Accumulated Depreciation | $ 619,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Iowa Falls, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,192,000 | |||
Initial Cost to Company | ||||
Land | 997,000 | |||
Buildings | 8,819,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 997,000 | |||
Buildings | 8,819,000 | |||
Total | 9,816,000 | |||
Accumulated Depreciation | $ 313,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Westlake, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,928,000 | |||
Buildings | 24,353,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,928,000 | |||
Buildings | 24,353,000 | |||
Total | 26,281,000 | |||
Accumulated Depreciation | $ 861,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Hebron, Ohio and warehouse facility in Strongsville, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,671,000 | |||
Buildings | 5,494,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,671,000 | |||
Buildings | 5,494,000 | |||
Total | 10,165,000 | |||
Accumulated Depreciation | $ 192,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Scarborough, Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,092,000 | |||
Buildings | 1,868,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,092,000 | |||
Buildings | 1,868,000 | |||
Total | 6,960,000 | |||
Accumulated Depreciation | $ 65,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty facilities in West Des Moines, IA and Clifton Park, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,229,000 | |||
Buildings | 17,080,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,229,000 | |||
Buildings | 17,080,000 | |||
Total | 20,309,000 | |||
Accumulated Depreciation | $ 593,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Orzinuovi, Italy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,473,000 | |||
Buildings | 9,892,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,289,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,731,000 | |||
Buildings | 10,923,000 | |||
Total | 13,654,000 | |||
Accumulated Depreciation | $ 369,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Specialty facilities in West Chester, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 559,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 559,000 | |||
Total | 559,000 | |||
Accumulated Depreciation | $ 24,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 11,117,000 | |||
Buildings | 41,107,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,117,000 | |||
Buildings | 41,107,000 | |||
Total | 52,224,000 | |||
Accumulated Depreciation | $ 1,059,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Romulus, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,788,000 | |||
Buildings | 33,353,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,788,000 | |||
Buildings | 33,353,000 | |||
Total | 36,141,000 | |||
Accumulated Depreciation | $ 838,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facility in Salisbury, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,308,000 | |||
Buildings | 13,082,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,308,000 | |||
Buildings | 13,082,000 | |||
Total | 14,390,000 | |||
Accumulated Depreciation | $ 329,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 11,503,000 | |||
Buildings | 42,967,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,503,000 | |||
Buildings | 42,967,000 | |||
Total | 54,470,000 | |||
Accumulated Depreciation | $ 1,042,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Italy and Spain | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 21,167,000 | |||
Buildings | 56,172,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Increase (Decrease) in Net Investments | 1,216,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 21,500,000 | |||
Buildings | 57,056,000 | |||
Total | 78,556,000 | |||
Accumulated Depreciation | $ 1,110,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial and warehouse facilities in Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 71,228,000 | |||
Buildings | 330,400,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 71,228,000 | |||
Buildings | 330,400,000 | |||
Total | 401,628,000 | |||
Accumulated Depreciation | $ 6,223,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial facilities in Canada, Mexico, and the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 11,873,000 | |||
Buildings | 55,997,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,873,000 | |||
Buildings | 55,997,000 | |||
Total | 67,870,000 | |||
Accumulated Depreciation | $ 990,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail (car wash) facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 9,511,000 | |||
Buildings | 32,777,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,511,000 | |||
Buildings | 32,777,000 | |||
Total | 42,288,000 | |||
Accumulated Depreciation | $ 468,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Education and specialty facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 11,973,000 | |||
Buildings | 90,101,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,973,000 | |||
Buildings | 90,101,000 | |||
Total | 102,074,000 | |||
Accumulated Depreciation | $ 1,234,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail (car wash) facilities in the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 8,120,000 | |||
Buildings | 22,857,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,120,000 | |||
Buildings | 22,857,000 | |||
Total | 30,977,000 | |||
Accumulated Depreciation | $ 70,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial and warehouse facilities in Italy, Germany, and Spain | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 40,752,000 | |||
Buildings | 97,622,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 819,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 40,993,000 | |||
Buildings | 98,200,000 | |||
Total | 139,193,000 | |||
Accumulated Depreciation | $ 222,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Warehouse facility in Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 18,999,000 | |||
Buildings | 27,199,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,999,000 | |||
Buildings | 27,199,000 | |||
Total | 46,198,000 | |||
Accumulated Depreciation | $ 50,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Industrial and research and development facilities in San Diego, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 5,739,000 | |||
Buildings | 6,397,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,739,000 | |||
Buildings | 6,397,000 | |||
Total | 12,136,000 | |||
Accumulated Depreciation | $ 9,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject to Operating Leases | Retail facility in Phoenix, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,729,000 | |||
Buildings | 9,201,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,729,000 | |||
Buildings | 9,201,000 | |||
Total | 10,930,000 | |||
Accumulated Depreciation | $ 6,000 | |||
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 | $ 9,353,000 | |||
Initial Cost to Company | ||||
Land | 67,608,000 | |||
Buildings | 529,219,000 | |||
Cost Capitalized Subsequent to Acquisition | 5,582,000 | |||
Increase (Decrease) in Net Investments | (171,081,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 431,328,000 | |||
Less: allowance for credit losses | (36,977,000) | |||
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 | (4,295,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,304,000 | |||
Direct Financing Method | Retail facility in Freehold, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 17,067,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (495,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,572,000 | |||
Direct Financing Method | Retail facilities in 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 | (60,775,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 119,395,000 | |||
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 | (1,864,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 12,640,000 | |||
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 | (122,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 22,478,000 | |||
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 | (881,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,801,000 | |||
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 | (364,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,036,000 | |||
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 | (3,918,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 16,895,000 | |||
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 | (3,844,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 7,042,000 | |||
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 | (1,105,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 5,971,000 | |||
Direct Financing Method | Industrial facilities in Fair Bluff, NC and Valencia, PA | ||||
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 | (37,179,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,461,000 | |||
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 | (19,043,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 51,794,000 | |||
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 | (532,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,617,000 | |||
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 | (523,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 14,735,000 | |||
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 | (1,926,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,034,000 | |||
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 | 3,129,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 94,613,000 | |||
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 | 36,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 2,056,000 | |||
Direct Financing Method | Industrial facility in Clarksville, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,705,000 | |||
Initial Cost to Company | ||||
Land | 1,680,000 | |||
Buildings | 10,180,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (253,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 11,607,000 | |||
Direct Financing Method | Industrial facility in Bluffton, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,592,000 | |||
Initial Cost to Company | ||||
Land | 503,000 | |||
Buildings | 3,407,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (57,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,853,000 | |||
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 | (166,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 5,811,000 | |||
Direct Financing Method | Warehouse in Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,056,000 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 10,517,000 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 73,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 10,590,000 | |||
Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 208,721,000 | |||
Initial Cost to Company | ||||
Land | 150,020,000 | |||
Buildings | 1,021,083,000 | |||
Personal Property | 3,622,000 | |||
Cost Capitalized Subsequent to Acquisition | 71,695,000 | |||
Increase (Decrease) in Net Investments | 8,299,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 150,084,000 | |||
Buildings | 1,095,520,000 | |||
Personal Property | 9,115,000 | |||
Total | 1,254,719,000 | 1,077,326,000 | 83,673,000 | 83,476,000 |
Accumulated Depreciation | 80,057,000 | $ 28,295,000 | $ 16,750,000 | $ 14,004,000 |
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 | 6,720,000 | |||
Increase (Decrease) in Net Investments | (314,000) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,874,000 | |||
Buildings | 31,296,000 | |||
Personal Property | 7,794,000 | |||
Total | 42,964,000 | |||
Accumulated Depreciation | $ 15,771,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating Real Estate | Newark, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,912,000 | |||
Buildings | 5,581,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 58,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,912,000 | |||
Buildings | 5,581,000 | |||
Personal Property | 58,000 | |||
Total | 10,551,000 | |||
Accumulated Depreciation | $ 1,720,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Operating Real Estate | Sacramento, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,690,000 | |||
Buildings | 18,472,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,690,000 | |||
Buildings | 18,472,000 | |||
Personal Property | 7,000 | |||
Total | 20,169,000 | |||
Accumulated Depreciation | $ 5,577,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Operating Real Estate | San Diego, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,899,000 | |||
Buildings | 33,729,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 19,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,899,000 | |||
Buildings | 33,729,000 | |||
Personal Property | 19,000 | |||
Total | 37,647,000 | |||
Accumulated Depreciation | $ 10,369,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
Operating Real Estate | Irvine, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,720,000 | |||
Buildings | 24,983,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 22,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,720,000 | |||
Buildings | 24,983,000 | |||
Personal Property | 22,000 | |||
Total | 28,725,000 | |||
Accumulated Depreciation | $ 8,164,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating Real Estate | Austin, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 12,994,000 | |||
Buildings | 60,006,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 68,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,994,000 | |||
Buildings | 60,033,000 | |||
Personal Property | 41,000 | |||
Total | 73,068,000 | |||
Accumulated Depreciation | $ 2,132,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Swansea, United Kingdom | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 32,884,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 59,389,000 | |||
Increase (Decrease) in Net Investments | 8,613,000 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 100,886,000 | |||
Personal Property | 0 | |||
Total | 100,886,000 | |||
Accumulated Depreciation | $ 2,860,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Loves Park, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,412,000 | |||
Buildings | 4,853,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 103,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,412,000 | |||
Buildings | 4,921,000 | |||
Personal Property | 35,000 | |||
Total | 6,368,000 | |||
Accumulated Depreciation | $ 969,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Cherry Valley, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,339,000 | |||
Buildings | 4,160,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 18,000 | |||
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 | 18,000 | |||
Total | 5,517,000 | |||
Accumulated Depreciation | $ 795,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Rockford, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 695,000 | |||
Buildings | 3,873,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 125,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 695,000 | |||
Buildings | 3,983,000 | |||
Personal Property | 15,000 | |||
Total | 4,693,000 | |||
Accumulated Depreciation | $ 687,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Rockford, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 87,000 | |||
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 | $ 122,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Rockford, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 454,000 | |||
Buildings | 4,724,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 454,000 | |||
Buildings | 4,733,000 | |||
Personal Property | 5,000 | |||
Total | 5,192,000 | |||
Accumulated Depreciation | $ 677,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Peoria, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 444,000 | |||
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 | 444,000 | |||
Buildings | 5,164,000 | |||
Personal Property | 18,000 | |||
Total | 5,626,000 | |||
Accumulated Depreciation | $ 1,074,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | East Peoria, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 268,000 | |||
Buildings | 3,290,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 108,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 268,000 | |||
Buildings | 3,374,000 | |||
Personal Property | 24,000 | |||
Total | 3,666,000 | |||
Accumulated Depreciation | $ 661,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Loves Park, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 721,000 | |||
Buildings | 2,973,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 27,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 721,000 | |||
Buildings | 3,000,000 | |||
Personal Property | 0 | |||
Total | 3,721,000 | |||
Accumulated Depreciation | $ 532,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Winder, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 338,000 | |||
Buildings | 1,310,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 107,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 338,000 | |||
Buildings | 1,375,000 | |||
Personal Property | 42,000 | |||
Total | 1,755,000 | |||
Accumulated Depreciation | $ 277,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Winder, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 821,000 | |||
Buildings | 3,180,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 43,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 821,000 | |||
Buildings | 3,198,000 | |||
Personal Property | 25,000 | |||
Total | 4,044,000 | |||
Accumulated Depreciation | $ 607,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Kissimmee, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,212,000 | |||
Initial Cost to Company | ||||
Land | 2,147,000 | |||
Buildings | 17,164,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,147,000 | |||
Buildings | 17,171,000 | |||
Personal Property | 4,000 | |||
Total | 19,322,000 | |||
Accumulated Depreciation | $ 610,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | St. Petersburg, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,656,000 | |||
Initial Cost to Company | ||||
Land | 1,505,000 | |||
Buildings | 16,229,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 43,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,505,000 | |||
Buildings | 16,254,000 | |||
Personal Property | 18,000 | |||
Total | 17,777,000 | |||
Accumulated Depreciation | $ 577,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Corpus Christi, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,525,000 | |||
Initial Cost to Company | ||||
Land | 904,000 | |||
Buildings | 10,779,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 163,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 904,000 | |||
Buildings | 10,897,000 | |||
Personal Property | 45,000 | |||
Total | 11,846,000 | |||
Accumulated Depreciation | $ 394,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Palm Desert, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,383,000 | |||
Initial Cost to Company | ||||
Land | 1,036,000 | |||
Buildings | 22,714,000 | |||
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 | 1,036,000 | |||
Buildings | 22,714,000 | |||
Personal Property | 0 | |||
Total | 23,750,000 | |||
Accumulated Depreciation | $ 806,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Kailua-Kona, HI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,493,000 | |||
Initial Cost to Company | ||||
Land | 1,425,000 | |||
Buildings | 12,267,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 59,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,425,000 | |||
Buildings | 12,317,000 | |||
Personal Property | 9,000 | |||
Total | 13,751,000 | |||
Accumulated Depreciation | $ 440,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Miami, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,811,000 | |||
Initial Cost to Company | ||||
Land | 3,680,000 | |||
Buildings | 7,215,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 729,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,680,000 | |||
Buildings | 7,926,000 | |||
Personal Property | 18,000 | |||
Total | 11,624,000 | |||
Accumulated Depreciation | $ 299,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Columbia, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,831,000 | |||
Initial Cost to Company | ||||
Land | 2,481,000 | |||
Buildings | 5,217,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,481,000 | |||
Buildings | 5,222,000 | |||
Personal Property | 4,000 | |||
Total | 7,707,000 | |||
Accumulated Depreciation | $ 185,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Kailua-Kona, HI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,266,000 | |||
Initial Cost to Company | ||||
Land | 2,889,000 | |||
Buildings | 16,397,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 207,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,889,000 | |||
Buildings | 16,542,000 | |||
Personal Property | 62,000 | |||
Total | 19,493,000 | |||
Accumulated Depreciation | $ 591,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Pompano Beach, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,823,000 | |||
Initial Cost to Company | ||||
Land | 1,227,000 | |||
Buildings | 10,897,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 465,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,227,000 | |||
Buildings | 11,316,000 | |||
Personal Property | 46,000 | |||
Total | 12,589,000 | |||
Accumulated Depreciation | $ 392,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Jensen Beach, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,209,000 | |||
Initial Cost to Company | ||||
Land | 1,544,000 | |||
Buildings | 15,841,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 177,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,544,000 | |||
Buildings | 16,001,000 | |||
Personal Property | 17,000 | |||
Total | 17,562,000 | |||
Accumulated Depreciation | $ 569,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Dickinson, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,996,000 | |||
Initial Cost to Company | ||||
Land | 1,952,000 | |||
Buildings | 8,826,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 46,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,952,000 | |||
Buildings | 8,857,000 | |||
Personal Property | 15,000 | |||
Total | 10,824,000 | |||
Accumulated Depreciation | $ 314,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Humble, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,694,000 | |||
Initial Cost to Company | ||||
Land | 813,000 | |||
Buildings | 6,459,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 36,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 813,000 | |||
Buildings | 6,459,000 | |||
Personal Property | 36,000 | |||
Total | 7,308,000 | |||
Accumulated Depreciation | $ 230,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Temecula, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,057,000 | |||
Initial Cost to Company | ||||
Land | 2,368,000 | |||
Buildings | 20,802,000 | |||
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 | 2,368,000 | |||
Buildings | 20,837,000 | |||
Personal Property | 0 | |||
Total | 23,205,000 | |||
Accumulated Depreciation | $ 738,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Cumming, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,665,000 | |||
Initial Cost to Company | ||||
Land | 655,000 | |||
Buildings | 10,455,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 20,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 655,000 | |||
Buildings | 10,455,000 | |||
Personal Property | 20,000 | |||
Total | 11,130,000 | |||
Accumulated Depreciation | $ 373,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Naples, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,994,000 | |||
Initial Cost to Company | ||||
Land | 6,826,000 | |||
Buildings | 20,254,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 263,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,826,000 | |||
Buildings | 20,493,000 | |||
Personal Property | 24,000 | |||
Total | 27,343,000 | |||
Accumulated Depreciation | $ 747,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Valrico, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,603,000 | |||
Initial Cost to Company | ||||
Land | 1,423,000 | |||
Buildings | 11,316,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 32,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,423,000 | |||
Buildings | 11,333,000 | |||
Personal Property | 15,000 | |||
Total | 12,771,000 | |||
Accumulated Depreciation | $ 404,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Tallahassee, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,905,000 | |||
Initial Cost to Company | ||||
Land | 1,534,000 | |||
Buildings | 14,416,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 46,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,534,000 | |||
Buildings | 14,444,000 | |||
Personal Property | 18,000 | |||
Total | 15,996,000 | |||
Accumulated Depreciation | $ 514,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Sebastian, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,817,000 | |||
Initial Cost to Company | ||||
Land | 529,000 | |||
Buildings | 7,917,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 38,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 529,000 | |||
Buildings | 7,955,000 | |||
Personal Property | 0 | |||
Total | 8,484,000 | |||
Accumulated Depreciation | $ 284,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Lady Lake, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,933,000 | |||
Initial Cost to Company | ||||
Land | 928,000 | |||
Buildings | 11,881,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 928,000 | |||
Buildings | 11,881,000 | |||
Personal Property | 11,000 | |||
Total | 12,820,000 | |||
Accumulated Depreciation | $ 422,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Panama City Beach, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,613,000 | |||
Initial Cost to Company | ||||
Land | 736,000 | |||
Buildings | 7,581,000 | |||
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 | 736,000 | |||
Buildings | 7,590,000 | |||
Personal Property | 3,000 | |||
Total | 8,329,000 | |||
Accumulated Depreciation | $ 270,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Hesperia, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,416,000 | |||
Buildings | 18,691,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 22,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,416,000 | |||
Buildings | 18,702,000 | |||
Personal Property | 11,000 | |||
Total | 20,129,000 | |||
Accumulated Depreciation | $ 666,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Hesperia, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 639,000 | |||
Buildings | 9,412,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 639,000 | |||
Buildings | 9,421,000 | |||
Personal Property | 0 | |||
Total | 10,060,000 | |||
Accumulated Depreciation | $ 334,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Hesperia, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 699,000 | |||
Buildings | 12,896,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 103,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 699,000 | |||
Buildings | 12,995,000 | |||
Personal Property | 4,000 | |||
Total | 13,698,000 | |||
Accumulated Depreciation | $ 464,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Highland, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,465,000 | |||
Buildings | 11,966,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,465,000 | |||
Buildings | 11,966,000 | |||
Personal Property | 13,000 | |||
Total | 13,444,000 | |||
Accumulated Depreciation | $ 426,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Lancaster, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 598,000 | |||
Buildings | 12,100,000 | |||
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 | 598,000 | |||
Buildings | 12,100,000 | |||
Personal Property | 0 | |||
Total | 12,698,000 | |||
Accumulated Depreciation | $ 429,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Rialto, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,502,000 | |||
Buildings | 16,924,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,502,000 | |||
Buildings | 16,924,000 | |||
Personal Property | 14,000 | |||
Total | 20,440,000 | |||
Accumulated Depreciation | $ 601,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Thousand Palms, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,465,000 | |||
Buildings | 17,632,000 | |||
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 | 2,465,000 | |||
Buildings | 17,642,000 | |||
Personal Property | 2,000 | |||
Total | 20,109,000 | |||
Accumulated Depreciation | $ 626,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Lilburn, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,331,000 | |||
Initial Cost to Company | ||||
Land | 1,555,000 | |||
Buildings | 6,225,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 29,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,555,000 | |||
Buildings | 6,236,000 | |||
Personal Property | 18,000 | |||
Total | 7,809,000 | |||
Accumulated Depreciation | $ 225,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Stockbridge GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,619,000 | |||
Initial Cost to Company | ||||
Land | 308,000 | |||
Buildings | 7,238,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 53,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 308,000 | |||
Buildings | 7,268,000 | |||
Personal Property | 23,000 | |||
Total | 7,599,000 | |||
Accumulated Depreciation | $ 263,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Louisville, KY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,582,000 | |||
Initial Cost to Company | ||||
Land | 3,115,000 | |||
Buildings | 13,908,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 147,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,115,000 | |||
Buildings | 14,026,000 | |||
Personal Property | 29,000 | |||
Total | 17,170,000 | |||
Accumulated Depreciation | $ 522,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | St. Peters, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,309,000 | |||
Initial Cost to Company | ||||
Land | 386,000 | |||
Buildings | 5,521,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 108,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 386,000 | |||
Buildings | 5,595,000 | |||
Personal Property | 34,000 | |||
Total | 6,015,000 | |||
Accumulated Depreciation | $ 207,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Crystal Lake, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,622,000 | |||
Initial Cost to Company | ||||
Land | 1,325,000 | |||
Buildings | 6,056,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,325,000 | |||
Buildings | 6,058,000 | |||
Personal Property | 2,000 | |||
Total | 7,385,000 | |||
Accumulated Depreciation | $ 215,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Las Vegas, NV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,345,000 | |||
Initial Cost to Company | ||||
Land | 717,000 | |||
Buildings | 20,963,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 216,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 717,000 | |||
Buildings | 21,156,000 | |||
Personal Property | 23,000 | |||
Total | 21,896,000 | |||
Accumulated Depreciation | $ 749,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Panama City Beach, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,151,000 | |||
Initial Cost to Company | ||||
Land | 666,000 | |||
Buildings | 17,086,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 50,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 666,000 | |||
Buildings | 17,104,000 | |||
Personal Property | 32,000 | |||
Total | 17,802,000 | |||
Accumulated Depreciation | $ 609,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Sarasota, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,203,000 | |||
Initial Cost to Company | ||||
Land | 1,076,000 | |||
Buildings | 13,597,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 19,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,076,000 | |||
Buildings | 13,602,000 | |||
Personal Property | 14,000 | |||
Total | 14,692,000 | |||
Accumulated Depreciation | $ 484,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Sarasota, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,804,000 | |||
Initial Cost to Company | ||||
Land | 638,000 | |||
Buildings | 10,175,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 43,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 638,000 | |||
Buildings | 10,197,000 | |||
Personal Property | 21,000 | |||
Total | 10,856,000 | |||
Accumulated Depreciation | $ 363,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Leesburg, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,406,000 | |||
Initial Cost to Company | ||||
Land | 1,272,000 | |||
Buildings | 5,888,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 33,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,272,000 | |||
Buildings | 5,910,000 | |||
Personal Property | 11,000 | |||
Total | 7,193,000 | |||
Accumulated Depreciation | $ 210,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Palm Bay, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,154,000 | |||
Initial Cost to Company | ||||
Land | 2,814,000 | |||
Buildings | 21,425,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 38,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,814,000 | |||
Buildings | 21,442,000 | |||
Personal Property | 21,000 | |||
Total | 24,277,000 | |||
Accumulated Depreciation | $ 762,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,617,000 | |||
Initial Cost to Company | ||||
Land | 1,878,000 | |||
Buildings | 8,719,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 85,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,878,000 | |||
Buildings | 8,801,000 | |||
Personal Property | 3,000 | |||
Total | 10,682,000 | |||
Accumulated Depreciation | $ 315,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Hudson, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,252,000 | |||
Initial Cost to Company | ||||
Land | 669,000 | |||
Buildings | 6,092,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 41,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 669,000 | |||
Buildings | 6,092,000 | |||
Personal Property | 41,000 | |||
Total | 6,802,000 | |||
Accumulated Depreciation | $ 218,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Las Vegas, NV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,341,000 | |||
Initial Cost to Company | ||||
Land | 918,000 | |||
Buildings | 12,355,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 101,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 918,000 | |||
Buildings | 12,455,000 | |||
Personal Property | 1,000 | |||
Total | 13,374,000 | |||
Accumulated Depreciation | $ 444,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Las Vegas, NV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,211,000 | |||
Initial Cost to Company | ||||
Land | 829,000 | |||
Buildings | 11,275,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 43,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 829,000 | |||
Buildings | 11,286,000 | |||
Personal Property | 32,000 | |||
Total | 12,147,000 | |||
Accumulated Depreciation | $ 403,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Ithaca, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,296,000 | |||
Initial Cost to Company | ||||
Land | 890,000 | |||
Buildings | 4,484,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 890,000 | |||
Buildings | 4,484,000 | |||
Personal Property | 10,000 | |||
Total | 5,384,000 | |||
Accumulated Depreciation | $ 160,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Kissimmee, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 626,000 | |||
Buildings | 13,147,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 15,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 626,000 | |||
Buildings | 13,160,000 | |||
Personal Property | 2,000 | |||
Total | 13,788,000 | |||
Accumulated Depreciation | $ 468,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | El Paso, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,707,000 | |||
Initial Cost to Company | ||||
Land | 2,126,000 | |||
Buildings | 5,628,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 73,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,126,000 | |||
Buildings | 5,701,000 | |||
Personal Property | 0 | |||
Total | 7,827,000 | |||
Accumulated Depreciation | $ 203,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | El Paso, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,544,000 | |||
Initial Cost to Company | ||||
Land | 1,053,000 | |||
Buildings | 4,583,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,053,000 | |||
Buildings | 4,588,000 | |||
Personal Property | 3,000 | |||
Total | 5,644,000 | |||
Accumulated Depreciation | $ 164,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | El Paso, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,615,000 | |||
Initial Cost to Company | ||||
Land | 994,000 | |||
Buildings | 7,451,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 108,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 994,000 | |||
Buildings | 7,556,000 | |||
Personal Property | 3,000 | |||
Total | 8,553,000 | |||
Accumulated Depreciation | $ 270,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | El Paso, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,632,000 | |||
Initial Cost to Company | ||||
Land | 1,295,000 | |||
Buildings | 6,318,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 36,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,295,000 | |||
Buildings | 6,354,000 | |||
Personal Property | 0 | |||
Total | 7,649,000 | |||
Accumulated Depreciation | $ 226,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | El Paso, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,429,000 | |||
Initial Cost to Company | ||||
Land | 587,000 | |||
Buildings | 3,121,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 587,000 | |||
Buildings | 3,121,000 | |||
Personal Property | 14,000 | |||
Total | 3,722,000 | |||
Accumulated Depreciation | $ 114,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | El Paso, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,721,000 | |||
Initial Cost to Company | ||||
Land | 1,143,000 | |||
Buildings | 5,894,000 | |||
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 | 1,143,000 | |||
Buildings | 5,986,000 | |||
Personal Property | 0 | |||
Total | 7,129,000 | |||
Accumulated Depreciation | $ 214,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Fernandina Beach, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,275,000 | |||
Initial Cost to Company | ||||
Land | 2,664,000 | |||
Buildings | 25,000,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 15,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,664,000 | |||
Buildings | 25,012,000 | |||
Personal Property | 3,000 | |||
Total | 27,679,000 | |||
Accumulated Depreciation | $ 888,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Kissimmee, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,451,000 | |||
Initial Cost to Company | ||||
Land | 2,149,000 | |||
Buildings | 6,223,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 174,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,149,000 | |||
Buildings | 6,388,000 | |||
Personal Property | 9,000 | |||
Total | 8,546,000 | |||
Accumulated Depreciation | $ 227,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,760,000 | |||
Initial Cost to Company | ||||
Land | 1,350,000 | |||
Buildings | 6,257,000 | |||
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 | 1,350,000 | |||
Buildings | 6,257,000 | |||
Personal Property | 12,000 | |||
Total | 7,619,000 | |||
Accumulated Depreciation | $ 223,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,960,000 | |||
Initial Cost to Company | ||||
Land | 1,112,000 | |||
Buildings | 8,044,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 82,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,112,000 | |||
Buildings | 8,094,000 | |||
Personal Property | 32,000 | |||
Total | 9,238,000 | |||
Accumulated Depreciation | $ 289,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Portland, OR | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,354,000 | |||
Initial Cost to Company | ||||
Land | 994,000 | |||
Buildings | 10,176,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 994,000 | |||
Buildings | 10,176,000 | |||
Personal Property | 1,000 | |||
Total | 11,171,000 | |||
Accumulated Depreciation | $ 361,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Greensboro, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,040,000 | |||
Initial Cost to Company | ||||
Land | 1,389,000 | |||
Buildings | 15,175,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 178,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,389,000 | |||
Buildings | 15,275,000 | |||
Personal Property | 78,000 | |||
Total | 16,742,000 | |||
Accumulated Depreciation | $ 546,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Avondale, LA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,425,000 | |||
Initial Cost to Company | ||||
Land | 1,154,000 | |||
Buildings | 9,090,000 | |||
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 | 1,154,000 | |||
Buildings | 9,090,000 | |||
Personal Property | 0 | |||
Total | 10,244,000 | |||
Accumulated Depreciation | $ 323,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Washington, D.C. | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,371,000 | |||
Buildings | 13,655,000 | |||
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 | 3,371,000 | |||
Buildings | 13,655,000 | |||
Personal Property | 0 | |||
Total | 17,026,000 | |||
Accumulated Depreciation | $ 484,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Kissimmee, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,770,000 | |||
Buildings | 7,034,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 36,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,770,000 | |||
Buildings | 7,052,000 | |||
Personal Property | 18,000 | |||
Total | 8,840,000 | |||
Accumulated Depreciation | $ 252,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Milford, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 951,000 | |||
Buildings | 11,935,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 951,000 | |||
Buildings | 11,935,000 | |||
Personal Property | 9,000 | |||
Total | 12,895,000 | |||
Accumulated Depreciation | $ 424,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Millsboro, DE | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,180,000 | |||
Buildings | 14,286,000 | |||
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 | 1,180,000 | |||
Buildings | 14,286,000 | |||
Personal Property | 0 | |||
Total | 15,466,000 | |||
Accumulated Depreciation | $ 507,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | New Castle, DE | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,110,000 | |||
Buildings | 15,787,000 | |||
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 | 1,110,000 | |||
Buildings | 15,787,000 | |||
Personal Property | 0 | |||
Total | 16,897,000 | |||
Accumulated Depreciation | $ 560,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Rehoboth, DE | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 8,079,000 | |||
Initial Cost to Company | ||||
Land | 1,565,000 | |||
Buildings | 18,284,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,565,000 | |||
Buildings | 18,284,000 | |||
Personal Property | 13,000 | |||
Total | 19,862,000 | |||
Accumulated Depreciation | $ 650,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 787,000 | |||
Buildings | 4,931,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 112,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 787,000 | |||
Buildings | 5,013,000 | |||
Personal Property | 30,000 | |||
Total | 5,830,000 | |||
Accumulated Depreciation | $ 186,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Gilroy, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,058,000 | |||
Buildings | 13,014,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 42,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,058,000 | |||
Buildings | 13,029,000 | |||
Personal Property | 27,000 | |||
Total | 16,114,000 | |||
Accumulated Depreciation | $ 465,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Little Rock, AR | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,703,000 | |||
Buildings | 4,358,000 | |||
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 | 1,703,000 | |||
Buildings | 4,358,000 | |||
Personal Property | 0 | |||
Total | 6,061,000 | |||
Accumulated Depreciation | $ 58,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,701,000 | |||
Buildings | 8,945,000 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,000 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,701,000 | |||
Buildings | 8,945,000 | |||
Personal Property | 14,000 | |||
Total | 12,660,000 | |||
Accumulated Depreciation | $ 80,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Knoxville, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,783,000 | |||
Buildings | 5,913,000 | |||
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 | 3,783,000 | |||
Buildings | 5,913,000 | |||
Personal Property | 0 | |||
Total | 9,696,000 | |||
Accumulated Depreciation | $ 10,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Springfield, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,587,000 | |||
Buildings | 3,651,000 | |||
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 | 1,587,000 | |||
Buildings | 3,651,000 | |||
Personal Property | 0 | |||
Total | 5,238,000 | |||
Accumulated Depreciation | $ 6,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate | Bastrop, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,772,000 | |||
Buildings | 9,055,000 | |||
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 | 2,772,000 | |||
Buildings | 9,055,000 | |||
Personal Property | 0 | |||
Total | 11,827,000 | |||
Accumulated Depreciation | $ 11,000 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Subject to Operating Leases | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Beginning balance | $ 13,316,632 | $ 11,677,185 | $ 10,736,752 |
Derecognition through the Spin-Off | (1,299,400) | 0 | 0 |
Acquisitions | 984,283 | 997,937 | 1,144,757 |
Dispositions | (256,339) | (165,516) | (80,129) |
Foreign currency translation adjustment | 132,686 | (269,272) | (267,018) |
Capital improvements | 54,667 | 29,419 | 14,589 |
Reclassification to assets held for sale | (46,985) | (13,093) | (10,628) |
Reclassification from real estate under construction | 40,479 | 147,982 | 86,179 |
Reclassification from direct financing leases | 25,460 | 67,001 | 76,929 |
Impairment charges | (17,885) | (36,624) | (24,246) |
Ending balance | 12,049,896 | 13,316,632 | 11,677,185 |
Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Beginning balance | 1,672,091 | 1,448,020 | 1,206,912 |
Depreciation expense | 326,719 | 298,972 | 286,347 |
Derecognition through the Spin-Off | (214,977) | 0 | 0 |
Foreign currency translation adjustment | 14,192 | (26,400) | (25,298) |
Dispositions | (58,861) | (47,463) | (17,582) |
Reclassification to assets held for sale | (16,539) | (1,038) | (2,359) |
Ending balance | 1,509,730 | 1,672,091 | 1,448,020 |
Real Estate Subject to Operating Leases | Sales Type Lease | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Reclassication | (662,674) | 0 | 0 |
Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Reclassification | (156,461) | 0 | 0 |
Real Estate Subject to Operating Leases | Operating Properties | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Reclassication | (221,028) | 0 | 0 |
Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Reclassification | (56,434) | 0 | 0 |
Real Estate Subject to Operating Leases | CPA 18 Merger | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Acquisitions | 0 | 881,613 | 0 |
Operating Real Estate | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Beginning balance | 1,077,326 | 83,673 | 83,476 |
Acquisitions | 45,469 | 0 | 0 |
Reclassication | 221,028 | 0 | 0 |
Dispositions | (124,237) | 0 | 0 |
Foreign currency translation adjustment | 5,088 | 3,526 | 0 |
Capital improvements | 4,593 | 1,146 | 197 |
Reclassification from real estate under construction | 25,452 | 66,820 | 0 |
Ending balance | 1,254,719 | 1,077,326 | 83,673 |
Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Beginning balance | 28,295 | 16,750 | 14,004 |
Depreciation expense | 29,840 | 11,541 | 2,746 |
Foreign currency translation adjustment | 68 | 4 | 0 |
Dispositions | (34,580) | 0 | 0 |
Reclassification | 56,434 | 0 | 0 |
Ending balance | 80,057 | 28,295 | 16,750 |
Operating Real Estate | CPA 18 Merger | |||
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Acquisitions | $ 0 | $ 922,161 | $ 0 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | ||||
Mortgage loans on real estate | $ 11,250 | $ 39,250 | $ 24,143 | $ 24,143 |
Financing agreement — observation wheel | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | ||||
Interest Rate (percent) | 7.50% | |||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate | |||
Beginning balance | $ 39,250 | $ 24,143 | $ 24,143 |
Repayments | (28,000) | (34,000) | 0 |
Acquisition through CPA:18 Merger (Note 7) | 0 | 28,000 | 0 |
Gain on repayment of secured loan receivable | 0 | 10,613 | 0 |
Allowance for credit losses | 0 | 10,494 | 0 |
Ending balance | $ 11,250 | $ 39,250 | $ 24,143 |