W. P. Carey (WPC) 10-K 12 Feb 25 2024 FY Annual report Financial data

COVER

COVER - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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			$ 12
Entity Common Stock, Shares Outstanding		218,849,396
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2025 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	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
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, 2024	Dec. 31, 2023
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 12,842,869	$ 12,095,458
Land, buildings and improvements — operating properties		1,198,676	1,256,249
Net investments in finance leases and loans receivable		798,259	1,514,923
In-place lease intangible assets and other		2,297,572	2,308,853
Above-market rent intangible assets		665,495	706,773
Investments in real estate		17,802,871	17,882,256
Accumulated depreciation and amortization		(3,222,396)	(3,005,479)
Assets held for sale, net		0	37,122
Net investments in real estate		14,580,475	14,913,899
Equity method investments		301,115	354,261
Cash and cash equivalents		640,373	633,860
Other assets, net		1,045,218	1,096,474
Goodwill		967,843	978,289
Total assets	[1]	17,535,024	17,976,783
Debt:
Senior unsecured notes, net		6,505,907	6,035,686
Unsecured term loans, net		1,075,826	1,125,564
Unsecured revolving credit facility		55,448	403,785
Non-recourse mortgages, net		401,821	579,147
Debt, net		8,039,002	8,144,182
Accounts payable, accrued expenses and other liabilities		596,994	615,750
Below-market rent intangible liabilities, net		119,831	136,872
Deferred income taxes		147,461	180,650
Dividends payable		197,612	192,332
Total liabilities	[1]	9,100,900	9,269,786
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; 218,848,844 and 218,671,874 shares, respectively, issued and outstanding		219	219
Additional paid-in capital		11,805,179	11,784,461
Distributions in excess of accumulated earnings		(3,203,974)	(2,891,424)
Deferred compensation obligation		78,503	62,046
Accumulated other comprehensive loss		(250,232)	(254,867)
Total stockholders’ equity		8,429,695	8,700,435
Noncontrolling interests		4,429	6,562
Total equity		8,434,124	8,706,997
Total liabilities and equity		$ 17,535,024	$ 17,976,783
[1] See Note 2 for details related to variable interest entities (“VIEs”).

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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)	218,848,844	218,671,874
Common stock shares, outstanding (in shares)	218,848,844	218,671,874

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate:
Lease revenues	$ 1,331,788	$ 1,427,376	$ 1,301,617
Income from finance leases and loans receivable	73,262	107,173	74,266
Investment Management:
Total revenues	1,583,018	1,741,358	1,479,086
Operating Expenses
Depreciation and amortization	487,724	574,212	503,403
General and administrative	98,969	96,395	91,470
Operating property expenses	70,866	95,141	27,054
Reimbursable tenant costs	55,975	81,939	73,622
Property expenses, excluding reimbursable tenant costs	49,677	44,451	50,753
Impairment charges — real estate	43,595	86,411	39,119
Stock-based compensation expense	40,894	34,504	32,841
Merger and other expenses	4,457	4,954	19,387
Impairment charges — investment management goodwill	0	0	29,334
Total operating expenses	852,157	1,018,007	866,983
Other Income and Expenses
Interest expense	(277,367)	(291,852)	(219,160)
Other gains and (losses)	(137,988)	(36,184)	96,038
Gain on sale of real estate, net	74,822	315,984	43,476
Non-operating income	52,236	21,442	30,309
Gain on change in control of interests	31,849	0	33,931
Earnings from equity method investments	17,926	19,575	29,509
Total other income and expenses	(238,522)	28,965	14,103
Income before income taxes	492,339	752,316	626,206
Provision for income taxes	(31,709)	(44,052)	(27,724)
Net Income	460,630	708,264	598,482
Net loss attributable to noncontrolling interests	209	70	657
Net Income Attributable to W. P. Carey	$ 460,839	$ 708,334	$ 599,139
Basic Earnings Per Share (usd per share)	$ 2.09	$ 3.29	$ 3
Diluted Earnings Per Share (usd per share)	$ 2.09	$ 3.28	$ 2.99
Weighted-Average Shares Outstanding
Basic (in shares)	220,168,325	215,369,777	199,633,802
Diluted (in shares)	220,520,457	215,760,496	200,427,124
Owned Real Estate
Real Estate:
Lease revenues	$ 1,331,788	$ 1,427,376	$ 1,301,617
Income from finance leases and loans receivable	73,262	107,173	74,266
Operating property revenues	146,813	180,257	59,230
Other lease-related income	20,334	23,333	32,988
Investment Management:
Operating property revenues	146,813	180,257	59,230
Total revenues	1,572,197	1,738,139	1,468,101
Investment Management
Investment Management:
Total revenues	10,821	3,219	10,985
Asset management revenue
Real Estate:
Operating property revenues	6,597	2,184	8,467
Investment Management:
Operating property revenues	6,597	2,184	8,467
Other advisory income and reimbursements
Real Estate:
Operating property revenues	4,224	1,035	2,518
Investment Management:
Operating property revenues	$ 4,224	$ 1,035	$ 2,518

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Comprehensive Income
Net Income	$ 460,630	$ 708,264	$ 598,482
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivative instruments	10,624	(26,429)	19,732
Foreign currency translation adjustments	(6,281)	19,758	(63,149)
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)	0	35,664	0
Reclassification of unrealized gain on investments to net income	0	0	(18,688)
Net current period other comprehensive income (loss)	4,343	28,993	(62,105)
Comprehensive Income	464,973	737,257	536,377
Amounts Attributable to Noncontrolling Interests
Net loss	209	70	657
Foreign currency translation adjustments	292	(80)	(5)
Comprehensive loss (income) attributable to noncontrolling interests	501	(10)	652
Comprehensive Income Attributable to W. P. Carey	$ 465,474	$ 737,247	$ 537,029

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, 2021	$ 7,583,451	$ 7,581,785	$ 190	$ 9,977,686	$ (2,224,231)	$ 49,810	$ (221,670)	$ 1,666
Balance - beginning 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 forward 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 our prior 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)
Unrealized (loss) gain on derivative instruments	19,732	19,732					19,732
Foreign currency translation adjustments	(63,149)	(63,154)					(63,154)	5
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
W.P. Carey Stockholders
Shares issued under forward equity, net	633,842	633,842	$ 8	633,834
Shares issued under forward equity, net (in shares)			7,826,840
Shares issued upon delivery of vested restricted share awards	(13,679)	(13,679)	$ 0	(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	$ 0	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)
Unrealized (loss) gain on derivative instruments	(26,429)	(26,429)					(26,429)
Foreign currency translation adjustments	19,758	19,678					19,678	80
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
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	$ (6,950)	(6,950)		(6,950)
Shares issued upon delivery of vested restricted share awards (in shares)			171,705
Shares issued upon purchases under employee share purchase plan	268	268		268
Shares issued upon purchases under employee share purchase plan (in shares)			5,265
Amortization of stock-based compensation expense	40,894	40,894		40,894
Deferral of vested shares, net	0			(14,543)		14,543
Distributions to noncontrolling interests	(2,255)							(2,255)
Contributions from noncontrolling interests	623							623
Dividends declared	(770,426)	(770,426)		1,049	(773,389)	1,914
Net income	460,630	460,839			460,839			(209)
Other comprehensive income (loss)
Unrealized (loss) gain on derivative instruments	10,624	10,624					10,624
Foreign currency translation adjustments	(6,281)	(5,989)					(5,989)	(292)
Reclassification of unrealized gain on investments to net income	0
Balance - end of period at Dec. 31, 2024	$ 8,434,124	$ 8,429,695	$ 219	$ 11,805,179	$ (3,203,974)	$ 78,503	$ (250,232)	$ 4,429
Balance - end of period (in shares) at Dec. 31, 2024	218,848,844		218,848,844

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 0.880	$ 3.490	$ 4.067	$ 4.242

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows — Operating Activities
Net income	$ 460,630	$ 708,264	$ 598,482
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	507,101	594,166	519,741
Net realized and unrealized losses (gains) on extinguishment of debt, equity securities, foreign currency exchange rate movements, and other	120,962	9,059	(76,202)
Straight-line rent adjustments	(83,094)	(75,435)	(57,988)
Gain on sale of real estate, net	(74,822)	(315,984)	(43,476)
Impairment charges — real estate	43,595	86,411	39,119
Stock-based compensation expense	40,894	34,504	32,841
Gain on change in control of interests	(31,849)	0	(33,931)
Increase (decrease) in allowance for credit losses	27,629	29,074	(14,363)
Amortization of rent-related intangibles and deferred rental revenue	24,477	33,958	43,249
Distributions of earnings from equity method investments	21,066	18,588	30,236
Earnings from equity method investments	(17,926)	(19,575)	(29,509)
Gain on repayment of secured loan receivable	(10,650)	0	(10,613)
Deferred income tax benefit	(4,245)	(199)	(8,071)
Impairment charges — investment management goodwill	0	0	29,334
Asset management revenue received in shares of CPA:18 – Global	0	0	(1,024)
Proceeds from sales of net investments in sales-type leases	806,812	0	0
Net changes in other operating assets and liabilities	2,532	(29,399)	(14,269)
Net Cash Provided by Operating Activities	1,833,112	1,073,432	1,003,556
Cash Flows — Investing Activities
Purchases of real estate	(1,128,809)	(1,211,397)	(1,145,734)
Proceeds from sales of real estate	409,487	446,402	234,652
Investments in loans receivable	(270,380)	0	(20,180)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(135,327)	(121,625)	(104,441)
Proceeds from repayment of loans receivable	24,000	28,000	34,000
Capital contributions to equity method investments	(16,760)	(38,219)	(93,416)
Other investing activities, net	(12,170)	(24,487)	(19,767)
(Release) receipt of tenant-funded escrow for investing activities	(4,959)	4,959	0
Return of capital from equity method investments	1,026	10,484	7,102
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger	0	0	(423,435)
Cash and restricted cash acquired in connection with the CPA:18 Merger	0	0	331,063
Proceeds from redemption of WLT preferred stock and cash exchanged for WLT common stock (Note 10)	0	0	147,625
Proceeds from repayment of short-term loans to affiliates	0	0	26,000
Funding of short-term loans to affiliates	0	0	(26,000)
Net Cash Used in Investing Activities	(1,133,892)	(905,883)	(1,052,531)
Cash Flows — Financing Activities
Proceeds from issuance of Senior Unsecured Notes	1,725,886	0	334,775
Repayments of Unsecured Revolving Credit Facility	(1,566,439)	(2,439,754)	(2,168,392)
Proceeds from Unsecured Revolving Credit Facility	1,229,189	2,551,578	2,079,420
Repayment of Senior Unsecured Notes	(1,044,500)	0	0
Dividends paid	(765,146)	(916,530)	(835,257)
Payments of mortgage principal	(231,506)	(396,730)	(137,611)
Payment of financing costs	(14,559)	(13,875)	(2,371)
Other financing activities, net	(12,811)	1,929	8,839
Payments for withholding taxes upon delivery of equity-based awards	(6,950)	(13,679)	(6,612)
Distributions to noncontrolling interests	(2,255)	(3,263)	(413)
Contributions from noncontrolling interests	623	2,886	30
Proceeds from shares issued under forward equity, net of selling costs	0	633,785	284,259
Proceeds from Unsecured Term Loans	0	542,330	283,139
Proceeds in connection with the Spin-Off	0	343,885	0
Proceeds from shares issued under our prior ATM Program, net of selling costs	0	0	218,081
Net Cash (Used in) Provided by Financing Activities	(688,468)	292,562	57,887
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	(12,022)	7,719	(2,721)
Net (decrease) increase in cash and cash equivalents and restricted cash	(1,270)	467,830	6,191
Cash and cash equivalents and restricted cash, beginning of year	691,971	224,141	217,950
Cash and cash equivalents and restricted cash, end of year	$ 690,701	$ 691,971	$ 224,141

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 intangible assets and other	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 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, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey” or the “Company”) 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 certain office properties retained by us (the “Office Sale Program”), which was completed in 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, 2024, 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 ). Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that are leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. The consolidated operating results are regularly reviewed, in the aggregate, by the chief operating decision maker (“CODM”) to evaluate performance and allocate resources. The CODM is our Chief Executive Officer. Accordingly, all operations have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our consolidated balance sheets. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business ( Note 18 ). 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, 2024, our portfolio was comprised of our full or partial ownership interests in 1,555 properties, totaling approximately 176 million square feet (unaudited), substantially all of which were net leased to 355 tenants, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6% (unaudited). In addition, at December 31, 2024, our portfolio was comprised of full ownership interests in 84 operating properties, including 78 self-storage properties, four hotels, and two student housing properties, totaling approximately 6.4 million square feet (unaudited).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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 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. 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 property with goodwill, we allocate a portion of the property’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 property. 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 method investments, 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 (for example, the CPA:18 Merger ( Note 4 , Note 8 ) and the Spin-Off ( Note 3 , Note 8 )). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate fair value of the Company. We calculate the estimated fair value of the Company by utilizing our market capitalization. Impairments, if any, will be the difference between the Company’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. During the year ended December 31, 2024, we had a net decrease of seven entities classified as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling interest in a jointly owned investment, partly offset by acquisitions and the funding of new construction loans ( Note 7 , Note 9 ). At December 31, 2024 and 2023, we considered 14 and 21 entities to be VIEs, respectively, of which we consolidated nine and 15, 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, 2024 2023 Land, buildings and improvements — net lease and other $ 468,484 $ 237,858 Land, buildings and improvements — operating properties — 39,422 Net investments in finance leases and loans receivable 144,103 595,524 In-place lease intangible assets and other 67,764 40,650 Above-market rent intangible assets 3,757 6,828 Accumulated depreciation and amortization (19,391) (23,580) Total assets 671,402 947,509 Non-recourse mortgages, net $ 47,853 $ 59,715 Below-market rent intangible liabilities, net 25 32 Total liabilities 72,521 101,047 At December 31, 2024 and 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) two and three unconsolidated real estate investments, respectively, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value, and (iii) one unconsolidated construction loan investment, which we accounted for as a secured loan receivable, as of December 31, 2024. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, 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 ). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of December 31, 2024. As of December 31, 2024 and 2023, the net carrying amount of our investments in these entities was $576.2 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. Leases As a Lessee : Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating 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. Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income. 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 (i) security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes, and (ii) funds designated for future 1031 Exchange transactions. 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, 2024 2023 2022 Cash and cash equivalents $ 640,373 $ 633,860 $ 167,996 Restricted cash (a) 50,328 58,111 56,145 Total cash and cash equivalents and restricted cash $ 690,701 $ 691,971 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2024 includes $14.6 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions. 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, straight-line rent adjustments, 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 (a cold storage REIT) ( 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. Investment in Shares of Lineage — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,546,547 shares of Lineage, which is included in Other assets, net in the consolidated financial statements ( Note 10 ). 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 transferred this investment from Level 3 to Level 2 within the fair value hierarchy during the third quarter of 2024 because Lineage became a publicly traded company during that period. Although its share price is actively traded on an open market, we make an adjustment to the value of our investment based on the promote value that the sponsor of our investment is entitled to. Since we were a legacy investor in Lineage prior to their public offering completed in July 2024, our ownership interest is subject to settlement at the discretion of Lineage over a three-year period, during which we will have the option to settle our investment in the form of cash or common stock. If our investment is not settled by Lineage during the three-year period, our investment will convert to common shares. 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 revenues earned from our affiliates ( Note 5 ). Revenue from contracts primarily represented hotel operating property revenues of $43.0 million, $76.2 million, and $12.0 million for the years ended December 31, 2024, 2023, and 2022, respectively, generated from 13 hotels located in the United States (12 of which were recla

NLOP Spin-Off

NLOP Spin-Off	12 Months Ended
	Dec. 31, 2024
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 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, which was initially set at an annual amount of approximately $7.5 million and is being reduced proportionately following the disposition of each 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 implemented the Office Sale Program in September 2023, which was completed in 2024 ( Note 1 ). All property dispositions are also discussed in Note 6 and Note 7 . These dispositions exclude properties contributed to NLOP in the Spin-Off ( Note 3 ). 2024 — During the year ended December 31, 2024, we sold 176 properties for total proceeds, net of selling costs, of $1.2 billion, and recognized a net gain on these sales totaling $68.4 million (inclusive of income taxes totaling $7.3 million recognized upon sale). One of the properties sold during 2024 was a hotel operating property. This disposition activity for the year ended December 31, 2024 includes the sale of 78 properties under the Office Sale Program for total proceeds, net of selling costs, of $524.8 million, resulting in a net gain on these sales totaling $3.9 million. 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 ).

Merger with CPA_18 _ Global

Merger with CPA:18 – Global	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 year ended December 31, 2022. 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) Year Ended December 31, 2022 Pro forma total revenues $ 1,590,233

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements and Partnership Agreements with NLOP, CESH, and CPA:18 – Global We currently have advisory arrangements with NLOP and CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses. The NLOP Advisory Agreements are described in Note 3 . 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 following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from NLOP, CESH, and CPA:18 – Global for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2024 2023 2022 Asset management revenue (a) (b) $ 6,597 $ 2,184 $ 8,467 Administrative reimbursements (a) (c) 4,000 667 — Reimbursable costs from affiliates (a) (c) 224 368 2,518 Distributions of Available Cash (d) — — 8,746 Interest income on loans to affiliates (e) — — 112 $ 10,821 $ 3,219 $ 19,843 Years Ended December 31, 2024 2023 2022 NLOP $ 10,243 $ 1,912 $ — CESH 578 1,307 1,989 CPA:18 – Global — — 17,854 $ 10,821 $ 3,219 $ 19,843 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management revenue in the consolidated statements of income. (c) Included within Other advisory income and reimbursements in the consolidated statements of income. (d) Included within Earnings from equity method investments in the consolidated statements of income. (e) 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, 2024 2023 Asset management fees receivable $ 554 $ 1,349 Accounts receivable 462 768 Reimbursable costs 73 59 $ 1,089 $ 2,176 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, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each 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. Administrative 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 CPA:18 – Global and CESH 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 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 and Related Parties 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 investment programs we have sponsored, 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 or NLOP existed during the reporting period. Other At December 31, 2024, we owned interests in seven jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four such investments and account for the remaining three 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, 2024
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, 2024 2023 Land $ 2,398,409 $ 2,248,300 Buildings and improvements 10,388,418 9,801,596 Real estate under construction 56,042 45,562 Less: Accumulated depreciation (1,701,892) (1,509,730) $ 11,140,977 $ 10,585,728 During 2024, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 6.0% to $1.0389 from $1.1050. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other decreased by $210.0 million from December 31, 2023 to December 31, 2024. On September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these properties, whereas previously we recognized Operating property revenues and expenses from these properties. In addition, in connection with the net lease agreements described above, in September 2024, we reclassified nine self-storage properties from Equity method investments and recorded $84.4 million in Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these properties ( Note 9 ). In connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations, we reclassified 17 properties with an aggregate carrying value of $120.9 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during 2024 ( Note 7 ). During the year ended December 31, 2024, we reclassified two properties classified as Land, buildings and improvements — net lease and other to Net investments in finance leases and loans receivable since we entered into an agreement to sell the properties to the tenant. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $6.8 million from December 31, 2023 to December 31, 2024 ( Note 7 ). See Note 3 for a description of land, buildings and improvements derecognized in connection with the Spin-Off. 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 $292.9 million, $325.8 million, and $299.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. Acquisitions of Real Estate During 2024 During 2024, 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) Doncaster, United Kingdom (a) 2 1/9/2024 Retail $ 30,055 Various, Italy (a) 5 1/30/2024 Industrial, Warehouse 148,130 Laval, Canada (a) 1 3/26/2024 Industrial 2,604 Commercial Point, Ohio 1 4/5/2024 Warehouse 94,220 Tucson, Arizona 1 5/13/2024 Warehouse 38,784 Portfolio Acquisition: Various, United States 5 5/15/2024 Industrial, Warehouse 44,400 Various, United States 4 5/15/2024 Industrial 23,330 Sylacauga, Alabama 1 5/15/2024 Industrial 5,852 Moxee, Washington and La Porte, Indiana (b) 2 6/26/2024 Industrial 37,019 Various, North Carolina (b) 3 7/23/2024 Industrial, Retail 18,260 Neenah, Wisconsin (b) 1 7/23/2024 Industrial 19,868 Alexandria, Canada (a) (b) 1 8/6/2024 Warehouse 26,030 Tillsonburg and Oldcastle, Canada (b) 2 8/6/2024 Industrial 15,919 Portfolio Total 19 190,678 Mesa and Laveen, Arizona 2 6/3/2024 Retail 26,964 Various, Poland (a) 123 7/25/2024; 9/18/2024 Retail 31,508 Las Vegas, Nevada 1 8/2/2024 Retail 12,471 West Des Moines, Iowa 1 8/9/2024 Retail 21,063 Various, United States 3 10/1/2024 Retail (Car Wash) 15,259 Lebanon, Indiana 1 10/17/2024 Industrial 58,289 Shelbyville, Kentucky 1 10/18/2024 Industrial 99,572 Stockton, California 1 11/27/2024 Land 55,073 Weehawken, New Jersey 1 11/27/2024 Specialty (Datacenter) 97,244 Various, United States (c) 106 Various Retail 201,160 Manchester, United Kingdom (a) 1 12/13/2024 Retail 25,873 Yarnfield, United Kingdom (a) 1 12/19/2024 Education 23,329 271 $ 1,172,276 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling $66.0 million ( Note 12 ). (c) This investment was completed in several tranches during November and December 2024, with properties located across 21 U.S. states. The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 219,411 Buildings and improvements 772,346 Intangible assets and liabilities: In-place lease (weighted-average expected life of 14.8 years) 166,054 Above-market rent (expected life of 14.4 years) 7,093 Below-market rent (expected life of 12.8 years) (408) Right-of-use assets: Land lease right-of-use assets 4,346 Below-market ground lease intangibles 3,549 Debt discount and deferred financing costs on non-recourse mortgage loans assumed 4,231 Operating lease liabilities (4,346) $ 1,172,276 Acquisitions of Real Estate During 2023 — We entered into 12 investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.2 billion, including land of $212.6 million, buildings of $774.1 million, in-place lease intangibles of $185.9 million, ROU assets of $13.0 million, and prepaid rent liabilities of $6.9 million. 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 ). Real Estate Under Construction — Net Lease and Operating Properties During 2024, we capitalized real estate under construction totaling $96.3 million. The number of construction projects in progress with balances included in real estate under construction was four and 11 as of December 31, 2024 and 2023, respectively. Aggregate unfunded commitments totaled approximately $72.1 million and $71.8 million as of December 31, 2024 and 2023, respectively. During 2024, 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 Salisbury, North Carolina Expansion 1 3/8/2024 Industrial $ 14,737 Little Rock, Arkansas Expansion 1 4/10/2024 Self-Storage (Operating) 3,280 Irvine, California Redevelopment 1 6/27/2024 Industrial 15,222 Washington, Michigan Redevelopment 1 12/13/2024 Research and Development 36,290 Atlanta, Georgia Redevelopment 1 12/31/2024 Warehouse 17,520 5 $ 87,049 During 2023, we completed four construction projects, at a total cost of $60.7 million. During 2022, we completed six construction projects, at a total cost of $148.1 million. During 2024, we committed to fund four construction projects, for an aggregate amount of $95.8 million. We currently expect to complete the projects in 2025 and 2026. Capitalized interest incurred during construction was $1.0 million, $0.6 million, and $1.3 million for the years ended December 31, 2024, 2023, and 2022 respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During 2024, we sold 25 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 $281.1 million from December 31, 2023 to December 31, 2024 ( Note 17 ). Other Lease-Related Income 2024 — For the year ended December 31, 2024, Other lease-related income on our consolidated statements of income included: (i) lease termination income totaling $7.0 million received from one tenant and (ii) other lease-related settlements totaling $11.8 million. 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. 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, 2024 2023 2022 Lease income — fixed $ 1,186,730 $ 1,254,340 $ 1,160,942 Lease income — variable (a) 145,058 173,036 140,675 Total operating lease income $ 1,331,788 $ 1,427,376 $ 1,301,617 __________ (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, 2024 are as follows (in thousands): Years Ending December 31, Total 2025 $ 1,260,864 2026 1,254,010 2027 1,217,122 2028 1,190,048 2029 1,138,578 Thereafter 11,103,738 Total $ 17,164,360 See Note 7 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, 2024 2023 2022 Fixed lease cost $ 15,550 $ 15,518 $ 15,087 Variable lease cost 1,992 1,731 1,086 Total lease cost $ 17,542 $ 17,249 $ 16,173 During the years ended December 31, 2024, 2023, and 2022, we received sublease income totaling approximately $5.0 million, $4.9 million, and $4.6 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 2024 2023 Operating ROU assets — land leases In-place lease intangible assets and other $ 115,156 $ 114,080 Finance ROU assets — land and building leases In-place lease intangible assets and other 25,253 26,034 Operating ROU assets — office leases Other assets, net 51,319 54,730 Total operating ROU assets $ 191,728 $ 194,844 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 143,274 $ 138,733 Weighted-average remaining lease term — operating leases 23.4 years 23.8 years Weighted-average discount rate — operating leases 6.8 % 6.6 % Number of land lease arrangements — operating leases 72 66 Weighted-average remaining lease term — finance leases (a) 56.4 years 58.6 years Number of land and building lease arrangements — finance leases 2 2 Number of office space arrangements 4 4 Remaining lease term range (excluding extension options not reasonably certain of being exercised) <1 – 95 years <1 – 98 years __________ (a) There are no related lease liabilities for our finance ROU assets. Therefore, there is no applicable weighted-average discount rate for such assets. Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $16.2 million, $16.1 million, and $15.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. 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, 2024 is as follows (in thousands): Years Ending December 31, Total 2025 $ 14,805 2026 15,057 2027 15,279 2028 15,169 2029 14,291 Thereafter 228,739 Total lease payments 303,340 Less: amount of lease payments representing interest (160,066) Present value of future lease payments/lease obligations $ 143,274 Land, Buildings and Improvements — Operating Properties At December 31, 2024, Land, buildings and improvements — operating properties consisted of our investments in 78 consolidated self-storage properties, four consolidated hotels, and two consolidated student housing 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. Below is a summary of our Land, buildings and improvements — operating properties (in thousands): December 31, 2024 2023 Land $ 144,871 $ 150,084 Buildings and improvements 1,053,805 1,104,635 Real estate under construction — 1,530 Less: Accumulated depreciation (100,575) (80,057) $ 1,098,101 $ 1,176,192 As described above under Land, Buildings and Improvements — Net Lease and Other , on September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing Lease revenues from these properties, whereas previously we recognized Operating property revenues and expenses from these properties. During the year ended December 31, 2024, the U.S. dollar strengthened against the British pound sterling, resulting in a decrease of $1.4 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2023 to December 31, 2024. During the year ended December 31, 2024, we sold one hotel operating property, which was classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $14.6 million from December 31, 2023 to December 31, 2024 ( Note 17 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $28.7 million, $29.8 million, and $11.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. During the year ended December 31, 2024, we entered into the following self-storage operating property investment, which was deemed to be a real estate asset acquisition (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Dayton, Ohio 1 8/19/2024 Self-Storage $ 7,408 1 $ 7,408 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 1,729 Buildings and improvements 5,291 Intangible assets: In-place lease (expected life of 0.5 years) 388 $ 7,408 Acquisitions of Operating Real Estate During 2023 — We entered into four self-storage operating property investments, which were deemed to be real estate asset acquisitions, at a total cost of $47.3 million, including land of $13.5 million, buildings of $31.9 million, and in-place lease intangibles of $1.8 million. For the year ended December 31, 2024, Land, buildings and improvements — operating properties revenues totaling $146.8 million were comprised of $136.5 million in lease revenues and $10.3 million in other income (such as food and beverage revenue) from 81 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. 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 from 75 consolidated self-storage properties, two consolidated student housing 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, 2024 2023 Land, buildings and improvements — net lease and other $ — $ 46,986 In-place lease intangible assets and other — 5,222 Above-market rent intangible assets — 8,374 Accumulated depreciation and amortization — (23,460) Assets held for sale, net $ — $ 37,122 At December 31, 2023, we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $37.1 million. These properties were sold in January 2024.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 Sale-leaseback transactions accounted for as loans receivable (a) 2038 – 2054 $ 451,813 $ 236,611 Net investments in direct financing leases (b) 2025 – 2036 277,698 431,328 Net investments in sales-type leases (c) 2025 36,891 835,734 Secured loans receivable (d) 2025 31,857 11,250 $ 798,259 $ 1,514,923 __________ (a) 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 $14.3 million and $0.8 million as of December 31, 2024 and 2023, respectively. (b) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases . (c) These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2024 or 2023. (d) Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. No such allowance was recorded as of December 31, 2024. During the year ended December 31, 2024, the U.S. dollar strengthened against the euro, resulting in a $24.0 million decrease in the carrying value of Net investments in finance leases and loans receivable from December 31, 2023 to December 31, 2024. Income from finance leases and loans receivable is summarized as follows (in thousands): Years Ended December 31, 2024 2023 2022 Net investments in direct financing leases $ 34,375 $ 49,950 $ 53,017 Sale-leaseback transactions accounted for as loans receivable 22,754 14,715 13,569 Net investments in sales-type leases 13,280 38,109 — Secured loans receivable 2,853 4,399 7,680 $ 73,262 $ 107,173 $ 74,266 Loans Receivable During the year ended December 31, 2024, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Investment Various, Italy (a) 4 3/26/2024 Industrial, Warehouse $ 83,890 Nueva Leon, Mexico 4 10/15/2024; 12/11/2024 Industrial 98,580 Various, Poland (a) (b) 11 11/14/2024; 12/18/2024 Industrial 56,150 19 $ 238,620 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) In connection with this acquisition, we capitalized (i) land lease ROU assets totaling $0.7 million, which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $0.7 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. During the year ended December 31, 2022, we entered into one sale-leaseback, which was deemed to be a loan receivable, at a total cost of $19.8 million. During the years ended December 31, 2024 and 2023, we recorded allowance for credit losses of $13.5 million and $0.8 million, respectively, on our sale-leaseback transactions accounted for as loans receivables due to changes in economic conditions. In November 2024, we entered into an agreement to fund a construction loan of $25.0 million for a mixed-use complex in Las Vegas, Nevada, at an interest rate of SOFR plus 3.0% (with a floor of 6.5%) and with a maturity date of November 2025, with two one-year extension options. During the fourth quarter of 2024, we funded $15.0 million, with the remaining amount expected to be funded in 2025. This loan will be treated as a secured loan receivable for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables . As of December 31, 2024, this secured loan receivable had a carrying value of $15.0 million and was included in Net investments in finance leases and loans receivable in our consolidated balance sheets. In November 2024, we entered into an agreement to fund a construction loan of $23.4 million for a retail project in Las Vegas, Nevada, at an interest rate of 8.0% and with a maturity date of December 2025, with two one-year extension options. During the fourth quarter of 2024, we funded $16.8 million, with the remaining amount expected to be funded in 2025. This loan will be treated as a secured loan receivable for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables . As of December 31, 2024, this secured loan receivable had a carrying value of $16.8 million and was included in Net investments in finance leases and loans receivable in our consolidated balance sheets. In June 2024, in connection with a property disposition, we provided financing to the buyer of $15.0 million with an interest rate of 15.0%. In September 2024, this secured loan receivable was repaid to us for $15.0 million. In March 2024, a secured loan receivable was repaid to us for $24.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $2.1 million since the loan principal was fully repaid. In addition, we collected $1.4 million of unpaid interest related to a prior year upon repayment of this secured loan receivable, which was included in Income from finance leases and loans receivable on the consolidated statements of income for the year ended December 31, 2024. 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 ). 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. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2024 2023 Lease payments receivable $ 178,639 $ 285,512 Unguaranteed residual value 273,502 434,234 452,141 719,746 Less: unearned income (150,383) (251,441) Less: allowance for credit losses (a) (24,060) (36,977) $ 277,698 $ 431,328 __________ (a) During the years ended December 31, 2024 and 2023, we recorded a net allowance for credit losses of $16.2 million and $28.2 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2024, we reduced the allowance for credit losses balance by $29.2 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below. 2024 — During the year ended December 31, 2024, we reclassified 17 properties with a carrying value of $120.9 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations ( Note 6 ). In addition, during the year ended December 31, 2024, we sold one property accounted for as a direct financing lease that had a net carrying value of $5.8 million. 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. 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. 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 within Net investments in finance leases and loans receivable (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. 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. During the year ended December 31, 2024, we completed the sale of this portfolio. The purchase price was calculated using the U.S. CPI as of the closing date. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $451.4 million from December 31, 2023 to December 31, 2024 ( Note 17 ). 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. 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 within Net investments in finance leases and loans receivable (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. We recognized an aggregate Gain on sale of real estate, net, of $59.1 million during the three months ended December 31, 2023 related to this transaction. During the year ended December 31, 2024, we completed the sale of this portfolio. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $359.3 million from December 31, 2023 to December 31, 2024 ( Note 17 ). On July 10, 2024, we entered into an agreement to sell two properties located in the Netherlands 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 $17.3 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) $9.2 million from Land, buildings and improvements — net lease and other, (ii) $3.0 million from In-place lease intangible assets and other, (iii) $0.2 million from Above-market rent intangible assets, (iv) $3.8 million from Accumulated depreciation and amortization, and (v) $2.3 million from Other assets, net. We recognized an aggregate Gain on sale of real estate, net, of $6.4 million during the year ended December 31, 2024 related to this transaction. We sold these properties in January 2025 ( Note 19 ). Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in the consolidated financial statements. Net investments in sales-type leases is summarized as follows (in thousands): December 31, 2024 2023 Lease payments receivable (a) $ 36,938 $ 849,881 36,938 849,881 Less: unearned income (47) (14,147) $ 36,891 $ 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, 2024 are as follows (in thousands): Years Ending December 31, Total 2025 (a) $ 69,427 2026 31,414 2027 30,248 2028 23,541 2029 20,933 Thereafter 40,014 Total $ 215,577 __________ (a) Includes $36.9 million for the net investments in sales-type leases described above, representing the estimated purchase prices of the investments plus remaining rents. One such investment (comprising two properties) was sold in January 2025 for gross proceeds of approximately $16.6 million ( Note 19 ). See Note 6 for scheduled future lease payments to be received under non-cancelable operating leases. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both December 31, 2024 and 2023, no material balances of our finance receivables were past due. Other than the lease extensions, new leases, and lease expirations noted above under Net Investments in Direct Financing Leases , there were no material modifications of finance receivables during the year ended December 31, 2024. 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 2024 2023 2024 2023 1 – 3 18 18 $ 575,361 $ 1,338,877 4 7 8 254,864 215,953 5 1 — 6,411 — $ 836,636 $ 1,554,830

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2024
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 intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements. Net lease intangibles recorded in connection with property acquisitions during the year ended December 31, 2024 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 following table presents a reconciliation of our goodwill (in thousands): Goodwill Balance at January 1, 2022 $ 901,529 Acquisition of CPA:18 – Global ( Note 4 ) 172,346 Impairment charges ( Note 10 ) (29,334) Foreign currency translation adjustments (7,129) Balance at December 31, 2022 1,037,412 Allocation of goodwill distributed to NLOP ( Note 3 ) (61,737) Foreign currency translation adjustments 2,614 Balance at December 31, 2023 978,289 Foreign currency translation adjustments (10,446) Balance at December 31, 2024 $ 967,843 Current accounting guidance requires that we test for the recoverability of goodwill at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment in October 2024 and found no impairment indicated. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2024 2023 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 $ 2,778 $ (999) $ 1,779 $ 20,745 $ (19,569) $ 1,176 2,778 (999) 1,779 20,745 (19,569) 1,176 Lease Intangibles: In-place lease 2,157,163 (938,574) 1,218,589 2,168,739 (934,138) 1,234,601 Above-market rent 665,495 (481,355) 184,140 706,773 (481,554) 225,219 2,822,658 (1,419,929) 1,402,729 2,875,512 (1,415,692) 1,459,820 Goodwill Goodwill 967,843 — 967,843 978,289 — 978,289 Total intangible assets $ 3,793,279 $ (1,420,928) $ 2,372,351 $ 3,874,546 $ (1,435,261) $ 2,439,285 Finite-Lived Intangible Liabilities Below-market rent $ (197,971) $ 78,140 $ (119,831) $ (203,413) $ 66,541 $ (136,872) Total intangible liabilities $ (197,971) $ 78,140 $ (119,831) $ (203,413) $ 66,541 $ (136,872) During 2024, the U.S. dollar strengthened against the euro, resulting in a decrease of $22.9 million in the carrying value of our net intangible assets from December 31, 2023 to December 31, 2024. 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, 2024. Net amortization of intangibles, including the effect of foreign currency translation, was $186.7 million, $247.5 million, and $229.2 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024, 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 (Increase) in Lease Revenues Increase to Amortization Total 2025 $ 19,177 $ 125,679 $ 144,856 2026 14,392 117,110 131,502 2027 12,373 111,677 124,050 2028 11,159 102,470 113,629 2029 10,885 93,043 103,928 Thereafter (3,677) 670,389 666,712 Total $ 64,309 $ 1,220,368 $ 1,284,677

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments Interests in Unconsolidated Real Estate Investments and CESH We own interests in certain unconsolidated real estate investments with third parties and in CESH. 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. 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. We account for our interest in CESH under the equity method because, as its advisor, we do not exert control over, but we do have the ability to exercise significant influence over, CESH. The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands): Carrying Value at December 31, Lessee/Fund/Description Ownership Interest 2024 2023 Las Vegas Retail Complex (a) (b) N/A $ 248,972 $ 235,979 Kesko Senukai (c) 70.00% 26,773 28,860 Harmon Retail Corner (b) 15.00% 24,169 24,229 CESH (d) 2.43% 1,201 1,259 Johnson Self Storage (e) 90.00% — 63,934 $ 301,115 $ 354,261 __________ (a) See “Las Vegas Retail Complex” below for discussion of this equity method investment. (b) 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. (c) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (d) We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. (e) See “Johnson Self Storage” below for discussion of this equity method investment. We received aggregate distributions of $22.1 million, $29.1 million, and $27.8 million from our unconsolidated real estate investments for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, the aggregate unamortized basis differences on our unconsolidated real estate investments were $16.5 million and $18.0 million, respectively. We received distributions from CESH of $1.2 million during both the years ended December 31, 2023 and 2022. We did not receive a distribution from CESH during the year ended December 31, 2024. 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, 2024, we funded $247.7 million (including $16.3 million during the year ended December 31, 2024), with the remaining amount expected to be funded in 2025. 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 $13.2 million, $12.8 million, and $10.1 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income. Johnson Self Storage On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment for $10.5 million, bringing our ownership interest to 100%. This investment comprised nine self-storage operating properties. Following this acquisition, we consolidate the investment. Due to this change in control, we recorded a gain on change in control of interests of approximately $31.8 million during the third quarter of 2024, which was the difference between our carrying value and the fair value of our previously held equity interest on September 1, 2024 of approximately $62.9 million and approximately $94.7 million, respectively. In addition, on September 1, 2024, we entered into net lease agreements for these nine self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified these nine self-storage properties from Equity method investments and recorded the following amounts: (i) $84.4 million to Land, buildings and improvements — net lease and other, and (ii) $20.6 million to In-place lease intangible assets and other. Effective as of that date, we began recognizing Lease revenues from these properties. CPA:18 – Global Prior to the CPA:18 Merger ( Note 4 ), we owned an interest in CPA:18 – Global and accounted for this interest under the equity method because, as its advisor, we did not exert control over, but we did have the ability to exercise significant influence over, CPA:18 – Global. We received distributions from this investment during the year ended December 31, 2022 of $1.6 million. We received distributions from our investment in the CPA:18 – Global operating partnership during the year ended December 31, 2022 of $8.7 million ( Note 5 ).

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
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, and interest rate caps ( Note 11 ). The valuation of our derivative instruments 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. 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 — Refer to Note 2 for information about the accounting treatment of our investment in 5,546,547 shares of Lineage, which is classified as Level 2 as of December 31, 2024 . During the years ended December 31, 2024 and 2022, we recognized non-cash unrealized (losses) gains on our investment in shares of Lineage totaling $(134.0) million and $38.6 million, respectively, due to a (lower) higher closing share price, which was recorded within Other gains and (losses) in the consolidated financial statements. We did not recognize such gains (losses) during the year ended December 31, 2023. In addition, during the years ended December 31, 2024 and 2022, we recognized dividends of $7.9 million and $4.3 million, respectively, from our investment in shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. We did not recognize such dividends during the year ended December 31, 2023. The fair value of this investment was $270.9 million and $404.9 million at December 31, 2024 and 2023, respectively, which is reflected in Other assets, net in the consolidated financial statements. Investment in Preferred Shares of WLT — In January 2022, Watermark Lodging Trust, Inc. (“WLT”) (a former affiliate) 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. Other than the transfer of our investment in shares of Lineage from Level 3 to Level 2 noted above, 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, 2024 or 2023. 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, 2024 December 31, 2023 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 6,505,907 $ 6,232,889 $ 6,035,686 $ 5,598,423 Non-recourse mortgages, net (a) (b) (d) 3 401,821 400,508 579,147 572,553 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 12 ) includes unamortized deferred financing costs of $30.2 million and $21.0 million at December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.5 million and less than $0.1 million at December 31, 2024 and 2023, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.9 million and $20.1 million at December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.4 million and $4.3 million at December 31, 2024 and 2023, 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 and Unsecured Term Loan due 2026 ( Note 12 ), but excluding finance receivables ( Note 7 ), had fair values that approximated their carrying values at both December 31, 2024 and 2023. 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, 2024 2023 2022 Fair Value Impairment Fair Value Impairment Fair Value Impairment Impairment Charges Real estate $ 110,485 $ 43,595 $ 1,182,551 $ 86,411 $ 32,497 $ 39,119 Investment management goodwill — — — — — 29,334 $ 43,595 $ 86,411 $ 68,453 Impairment charges, and their related triggering events and fair value measurements, recognized during 2024, 2023, and 2022 were as follows: Real Estate The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income. 2024 — During the year ended December 31, 2024, we recognized impairment charges totaling $23.0 million on four properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. Two of these properties were sold in July 2024. In addition, during the year ended December 31, 2024, we recognized impairment charges totaling $20.6 million on two properties leased to the same tenant due to changes in expected cash flows related to a tenant bankruptcy, in order to reduce their carrying values to their estimated fair values. The fair value measurements for these properties were determined by using the following unobservable inputs: • Comparable vacant sale prices ranging from $35 per square foot to $36 per square foot; and • Six months of estimated net cash flows ranging from $0.5 million to $1.0 million. 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 all of these properties during 2023 and 2024. 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; • $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 two of these properties were sold during 2024; and • $6.5 million on a property due to a potential property vacancy. 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 related to our investment management operations 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 ).

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023, 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, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Foreign currency collars Other assets, net $ 21,556 $ 14,103 $ — $ — Interest rate swaps Other assets, net 250 995 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (848) (1,678) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (50) (4,029) 21,806 15,098 (898) (5,707) Derivatives Not Designated as Hedging Instruments Foreign currency collars Other assets, net 1,696 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (217) 1,696 — — (217) Total derivatives $ 23,502 $ 15,098 $ (898) $ (5,924) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2024 2023 2022 Foreign currency collars $ 11,432 $ (21,112) $ 13,013 Interest rate swaps 154 (3,270) 3,068 Interest rate caps — (9) 16 Total $ 11,586 $ (24,391) $ 16,097 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, 2024 2023 2022 Foreign currency collars Non-operating income $ 8,695 $ 14,874 $ 17,483 Interest rate swaps and caps Interest expense 1,582 1,956 (167) Total $ 10,277 $ 16,830 $ 17,316 __________ (a) Excludes net losses of $1.0 million, net losses of $2.0 million, and net gains of $3.6 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2024, 2023, and 2022, respectively. 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, 2024, we estimate that an additional less than $0.1 million and $12.2 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months. 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, 2024 2023 2022 Foreign currency collars Non-operating income $ 3,826 $ (389) $ 6,574 Interest rate swaps Interest expense (1,691) (2,076) 171 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 1,913 32 (248) Stock warrants Other gains and (losses) — (3,950) (650) Total $ 4,048 $ (6,383) $ 5,847 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 that our consolidated subsidiaries had outstanding at December 31, 2024 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 (b) 4 530,938 EUR $ (848) Interest rate swap 1 11,695 USD 250 $ (598) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2024, as applicable. (b) Includes three interest rate swaps with an aggregate notional of €500 million and fair value of $0, which matured on December 31, 2024. 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 collars that we had outstanding at December 31, 2024 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2024 Designated as Cash Flow Hedging Instruments Foreign currency collars 48 273,000 EUR $ 20,401 Foreign currency collars 20 12,720 GBP 1,105 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 5 35,000 EUR 1,696 $ 23,202 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, 2024. At December 31, 2024, our total credit exposure and the maximum exposure to any single counterparty was $23.5 million and $4.5 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, 2024, 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 $0.9 million and $5.9 million at December 31, 2024 and 2023, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2024 or 2023, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.9 million and $6.0 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 gains (losses) related to non-derivative net investment hedges were $239.7 million, $(121.8) million, and $214.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Term Loan Agreement As of both December 31, 2024 and 2023, we had a €500.0 million unsecured term loan outstanding 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”). The Unsecured Term Loan due 2026 is incorporated into the Senior Unsecured Credit Facility, which is described below. Senior Unsecured Credit Facility As of both December 31, 2024 and 2023, we had a multi-currency senior unsecured credit facility, comprised of (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) a €215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). We have 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, 2024, 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, 2024, our Unsecured Revolving Credit Facility had available capacity of approximately $1.9 billion (net of amounts reserved for standby letters of credit totaling $4.9 million). We currently incur an annual facility fee of 0.125% of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1 or (ii) the “Leverage Ratio” (as defined in the credit agreement for our Senior Unsecured Credit Facility), which is included within Interest expense in our consolidated statements of income. The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands): Senior Unsecured Credit Facility Interest Rate at December 31, 2024 (a) Maturity Date at December 31, 2024 Principal Outstanding Balance at 2024 2023 Unsecured Term Loans: (b) Unsecured Term Loan due 2026 — borrowing in euros (c) 4.29% 4/24/2026 $ 519,450 $ 552,500 GBP Term Loan due 2028 — borrowing in British pounds sterling (d) SONIA + 0.80% 2/14/2028 338,290 343,306 EUR Term Loan due 2028 — borrowing in euros (e) EURIBOR + 0.80% 2/14/2028 223,363 237,575 1,081,103 1,133,381 Unsecured Revolving Credit Facility: Borrowing in British pounds sterling (d) SONIA + 0.725% 2/14/2029 40,094 — Borrowing in Japanese yen (f) TIBOR + 0.725% 2/14/2029 15,354 17,035 Borrowing in euros N/A 2/14/2029 — 386,750 55,448 403,785 $ 1,136,551 $ 1,537,166 __________ (a) The applicable interest rate at December 31, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1 or our Leverage Ratio. (b) Balances exclude unamortized discount of $5.0 million and $7.4 million at December 31, 2024 and 2023, respectively, and unamortized deferred financing costs of $0.2 million and $0.4 million at December 31, 2024 and 2023, respectively. (c) Interest rate was subject to variable-to-fixed interest rate swaps that fixed the total per annum interest rate at 4.29% inclusive of credit spread through December 31, 2024. These interest rate swaps expired on December 31, 2024, after which the Unsecured Term Loan due 2026 is subject to a variable interest rate based on EURIBOR. (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 $6.6 billion at December 31, 2024 (the “Senior Unsecured Notes”). On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These 4.25% Senior Notes due 2032 had an initial 8.2-year On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These 5.375% Senior Notes due 2034 had an initial 10.0-year On November 19, 2024, we completed an underwritten public offering of €600.0 million of 3.700% Senior Notes due 2034, at a price of 98.880% of par value. These 3.700% Senior Notes due 2034 had an initial 10.0-year 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 (except for our 3.41% Senior Notes due 2029 and 3.7% Senior Notes due 2032, which are subject to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2024 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2024 2023 4.6% Senior Notes due 2024 (b) 3/14/2014 $ 500,000 4.6 % 4/1/2024 $ — $ 500,000 2.25% Senior Notes due 2024 (c) 1/19/2017 € 500,000 2.25 % 7/19/2024 — 552,500 4.0% Senior Notes due 2025 (d) 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 519,450 552,500 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 519,450 552,500 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 519,450 552,500 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 155,835 165,750 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 545,422 580,125 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 4.25% Senior Notes due 2032 5/16/2024 € 650,000 4.25 % 7/23/2032 675,285 — 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 207,780 221,000 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 5.375% Senior Notes due 2034 6/28/2024 $ 400,000 5.375 % 6/30/2034 400,000 — 3.7% Senior Notes due 2034 11/19/2024 € 600,000 3.7 % 11/19/2034 623,340 — $ 6,566,012 $ 6,076,875 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $30.2 million and $21.1 million, and unamortized discount totaling $29.9 million and $20.1 million at December 31, 2024 and 2023, respectively. (b) In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity. (c) In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity. (d) In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity ( Note 19 ). 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, 2024. 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, 2024, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.6% (all of which had fixed rates), with maturity dates ranging from February 2025 to February 2033. During the year ended December 31, 2024, we assumed five non-recourse mortgage loans with an aggregate outstanding principal balance totaling $66.0 million in connection with the acquisitions of certain properties ( Note 6 ). These mortgage loans have a weighted-average fixed annual interest rate of 4.5% and maturity dates ranging from May 2027 to September 2029. 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 2024 During the year ended December 31, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $181.3 million, and (ii) prepaid non-recourse mortgage loans totaling $33.8 million. We recognized an aggregate net loss on extinguishment of debt of $0.1 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 4.5%. 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%. Interest Paid For the years ended December 31, 2024, 2023, and 2022, interest paid was $256.6 million, $269.7 million, and $191.0 million, respectively. Foreign Currency Exchange Rate Impact During the year ended December 31, 2024, the U.S. dollar strengthened against the euro and British pound sterling, resulting in a decrease of $280.6 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2023 to December 31, 2024. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2024 are as follows (in thousands): Years Ending December 31, Total 2025 (a) $ 669,459 2026 1,479,745 2027 529,329 2028 1,152,721 2029 547,983 Thereafter through 2034 3,730,015 Total principal payments 8,109,252 Unamortized discount, net (39,310) Unamortized deferred financing costs (30,940) Total $ 8,039,002 __________ (a) In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity ( Note 19 ). Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2024, 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, 2024
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, 2024 2023 2022 Ordinary income $ 3.0709 $ 3.8233 $ 4.0329 Capital gains 0.2363 0.3443 0.0273 Return of capital 0.1628 0.8671 0.1718 Total dividends paid (a) $ 3.4700 $ 5.0347 $ 4.2320 __________ (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 2024, our Board declared a quarterly dividend of $0.880 per share, which was paid on January 15, 2025 to stockholders of record as of December 31, 2024. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands) : Years Ended December 31, 2024 2023 2022 Net income – basic and diluted $ 460,839 $ 708,334 $ 599,139 Weighted-average shares outstanding – basic 220,168,325 215,369,777 199,633,802 Effect of dilutive securities 352,132 390,719 793,322 Weighted-average shares outstanding – diluted 220,520,457 215,760,496 200,427,124 For the years ended December 31, 2024, 2023, and 2022, 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 increase 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 increase of approximately $2.5 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. 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, 2024 2023 2022 Shares of common stock issued — — 2,740,295 Weighted-average price per share $ — $ — $ 80.79 Net proceeds $ — $ — $ 218,081 Forward Equity During 2023, 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, 2024 2023 2022 Shares of common stock delivered — 7,826,840 3,925,000 Net proceeds $ — $ 633,785 $ 284,259 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, 2022 $ 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 ( Note 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) Other comprehensive income before reclassifications 20,901 (6,281) — 14,620 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (8,695) — — (8,695) Interest expense (1,582) — — (1,582) Total (10,277) — — (10,277) Net current period other comprehensive income 10,624 (6,281) — 4,343 Net current period other comprehensive income attributable to noncontrolling interests — 292 — 292 Balance at December 31, 2024 $ 20,274 $ (270,506) $ — $ (250,232) 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, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based and Other Compensation	Stock-Based and Other Compensation Stock-Based Compensation At December 31, 2024, we maintained the stock-based compensation plans described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $40.9 million, $34.5 million, and $32.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, which was included in Stock-based compensation expense in the consolidated financial statements. The tax expense recognized by us related to these awards totaled $4.3 million for the year ended December 31, 2022. No such expense was recorded during the years ended December 31, 2024 and 2023. The tax expense for the year ended December 31, 2022 was reflected as a deferred tax expense within Provision for income taxes in the consolidated financial statements. Amended and Restated 2017 Share Incentive Plan In June 2024, our stockholders approved the Amended and Restated 2017 Share Incentive Plan (the “Plan”), which authorizes the issuance of up to 4,000,000 additional shares of our common stock and makes certain other changes. The Plan is more fully described in the registration statement on Form S-8 filed on June 14, 2024. The Plan provides for the grant of various stock- and cash-based awards, including (i) RSUs, (ii) PSUs, (iii) RSAs, and (iv) dividend equivalent rights. At December 31, 2024, 4,958,862 shares remained available for issuance under the Plan. Nonvested RSAs, RSUs, and PSUs at December 31, 2024 and changes during the years ended December 31, 2024 , 2023, and 2022 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, 2022 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 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 447,358 77.69 526,413 105.92 Granted (c) 300,657 63.11 213,645 82.95 Vested (a) (181,581) 74.99 (309,670) 86.19 Forfeited (6,831) 72.38 (3,364) 101.11 Adjustment (b) — — 124,509 80.73 Nonvested at December 31, 2024 (d) 559,603 $ 70.26 551,533 $ 101.20 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2024, 2023, and 2022 was $40.3 million, $36.1 million, and $26.5 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, 2024 and 2023, we had an obligation to issue 1,391,456 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.5 million and $62.0 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, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero. (d) At December 31, 2024, total unrecognized compensation expense related to these awards was approximately $38.3 million, with an aggregate weighted-average remaining term of 1.7 years. At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest (based upon the extent to which we have met and expect to meet the performance goals) and where appropriate, revise our estimate and associated expense. We do not 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 a predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the 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, 2024, 2023, and 2022 was less than $0.1 million. Cash received from purchases under the ESPP during the years ended December 31, 2024, 2023, and 2022 was $0.3 million, $0.3 million, and $0.2 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 2024, 2023, and 2022, 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 $33,000 for 2024, $33,000 for 2023, and $30,500 for 2022. For the years ended December 31, 2024, 2023, and 2022, amounts expensed for contributions to the trust were $2.8 million, $2.6 million, and $2.3 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, 2024
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, 2024 2023 2022 Federal Current $ (450) $ (291) $ 5,329 Deferred (71) — 13 (521) (291) 5,342 State and Local Current 2,209 3,456 3,388 2,209 3,456 3,388 Foreign Current 34,195 41,085 27,077 Deferred (4,174) (198) (8,083) 30,021 40,887 18,994 Total Provision for Income Taxes $ 31,709 $ 44,052 $ 27,724 A reconciliation of effective income tax for the periods presented is as follows (in thousands): Years Ended December 31, 2024 2023 2022 Pre-tax income attributable to taxable subsidiaries (a) $ 63,669 $ 73,669 $ 55,604 Federal provision at statutory tax rate (21%) $ 13,370 $ 15,471 $ 11,677 Non-deductible expense 6,227 3,201 6,972 Change in valuation allowance 3,215 9,970 8,082 Rate differential 2,712 1,357 (387) State and local taxes, net of federal benefit 2,382 3,517 2,920 Windfall tax benefit — — (1,896) Other 3,803 10,536 356 Total provision for income taxes $ 31,709 $ 44,052 $ 27,724 __________ (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, 2024 and 2023 consist of the following (in thousands): December 31, 2024 2023 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 47,134 $ 52,375 Basis differences — foreign investments 24,991 35,553 Other 953 1,017 Total deferred tax assets 73,078 88,945 Valuation allowance (55,488) (69,800) Net deferred tax assets 17,590 19,145 Deferred Tax Liabilities Basis differences — foreign investments (147,462) (181,277) Total deferred tax liabilities (147,462) (181,277) Net Deferred Tax Liability $ (129,872) $ (162,132) 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, 2024, U.S. federal and state net operating loss carryforwards were $17.7 million and $11.7 million, respectively, which will begin to expire in 2033. As of December 31, 2024, net operating loss carryforwards in foreign jurisdictions were $85.1 million, which will begin to expire in 2025. 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 $17.6 million and $18.5 million at December 31, 2024 and 2023, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $147.5 million and $180.7 million at December 31, 2024 and 2023, 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, 2024 2023 Beginning balance $ 5,112 $ 6,218 (Decrease) addition based on tax positions related to the prior year (1,379) 369 Decrease due to lapse in statute of limitations (745) (1,622) Foreign currency translation adjustments (156) 221 Addition based on tax positions related to the current year 77 43 Decrease due to Spin-Off — (117) Ending balance $ 2,909 $ 5,112 At December 31, 2024 and 2023, 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, 2024 and 2023, we had approximately $1.0 million and $1.3 million, respectively, of accrued interest related to uncertain tax positions. Income Taxes Paid Income taxes paid were $36.3 million, $38.6 million, and $42.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. REIT Qualification 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. Prior to the CPA:18 Merger, we conducted our investment management operations 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 2019 through 2023 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2024
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 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, which was initially set at an annual amount of approximately $7.5 million and is being reduced proportionately following the disposition of each 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 implemented the Office Sale Program in September 2023, which was completed in 2024 ( Note 1 ). All property dispositions are also discussed in Note 6 and Note 7 . These dispositions exclude properties contributed to NLOP in the Spin-Off ( Note 3 ). 2024 — During the year ended December 31, 2024, we sold 176 properties for total proceeds, net of selling costs, of $1.2 billion, and recognized a net gain on these sales totaling $68.4 million (inclusive of income taxes totaling $7.3 million recognized upon sale). One of the properties sold during 2024 was a hotel operating property. This disposition activity for the year ended December 31, 2024 includes the sale of 78 properties under the Office Sale Program for total proceeds, net of selling costs, of $524.8 million, resulting in a net gain on these sales totaling $3.9 million. 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 ).

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Reportable Segment Information The Company operates as one reportable segment. Our business is characterized as investing primarily in operationally-critical, single-tenant commercial real estate properties that are principally leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. Our consolidated operating results, including net income, are regularly reviewed, in the aggregate, by our CODM to evaluate performance and allocate resources, which can be found on our consolidated financial statements ( Note 1 , Note 2 ). Our revenues are largely derived from the long-term leases that we execute with tenants. These revenues are classified as either Lease revenues ( Note 6 ) or Income from finance leases and loans receivable ( Note 7 ) in accordance with ASC 842, Leases . Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided with the following significant expenses, which are included in our consolidated financial statements and require no additional disaggregation: General and administrative expenses, Property expenses, excluding reimbursable tenant costs, Interest expense, and Provision for income taxes. Geographic Information Our portfolio is comprised of domestic and international investments. At December 31, 2024, our international investments were comprised of investments in Austria, Belgium, Canada, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Japan, Latvia, Lithuania, Mauritius, Mexico, the Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, and the United Kingdom. No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2024, 2023, or 2022, or at least 10% of our total long-lived assets at December 31, 2024 or 2023. The following tables present the geographic information (in thousands): Years Ended December 31, 2024 2023 2022 Revenues Domestic $ 1,013,217 $ 1,154,863 $ 996,748 International 569,801 586,495 482,338 Total $ 1,583,018 $ 1,741,358 $ 1,479,086 December 31, 2024 2023 Long-lived Assets Domestic $ 9,273,858 $ 9,049,540 International 5,306,617 5,864,359 Total $ 14,580,475 $ 14,913,899 Equity Method Investments Domestic $ 273,141 $ 324,142 International 27,974 30,119 Total $ 301,115 $ 354,261

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Senior Unsecured Notes Repayment In February 2025, we repaid our $450 million of 4.0% senior notes due 2025 at maturity ( Note 12 ). Dispositions In January 2025, we sold four properties for gross proceeds totaling $19.5 million. Two of these properties were classified as net investments in sales-type leases as of December 31, 2024 ( Note 7 ). Mortgage Loan Repayments In January and February 2025, we repaid at maturity two non-recourse mortgage loans totaling approximately $25.8 million.

Schedule II _ Valuation and Qua

Schedule II — Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
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, 2024, 2023, and 2022 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2024 Valuation reserve for deferred tax assets $ 69,800 $ 6,731 $ (21,043) $ 55,488 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

Schedule III _ Real Estate and

Schedule III — Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
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, 2024 (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 $ 16,573 1979; 1987 Jan. 1998 40 yrs. Industrial facilities in Thurmont, MD and Farmington, NY — 729 5,903 — — 729 5,903 6,632 4,208 1964; 1983 Jan. 1998 15 yrs. Warehouse facility in Commerce, CA — 4,905 11,898 — (3,043) 4,573 9,187 13,760 6,739 1948 Jan. 1998 40 yrs. Industrial facility in Goshen, IN — 239 940 — — 239 940 1,179 698 1973 Jan. 1998 40 yrs. Industrial facilities in Sylmar, CA — 2,052 5,322 — (1,889) 1,494 3,991 5,485 2,701 1962; 1979 Jan. 1998 40 yrs. Retail facilities in the United States — 9,382 — 238 14,027 9,025 14,622 23,647 12,272 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 3,820 2016 Jan. 1998 40 yrs. Warehouse facility in Corpus Christi, TX — 3,490 72,497 3,615 (77,927) 288 1,387 1,675 873 1989 Jan. 1998 40 yrs. Land in Irving and Houston, TX — 9,795 — — — 9,795 — 9,795 — N/A Jan. 1998 N/A Warehouse facility in Memphis, TN — 1,882 3,973 294 (3,892) 328 1,929 2,257 1,808 1969 Jan. 1998 15 yrs. Industrial facility in Romulus, MI — 454 6,411 525 — 454 6,936 7,390 4,156 1970 Jan. 1998 10 yrs. Retail facility in Bellevue, WA — 4,125 11,812 393 (123) 4,371 11,836 16,207 7,701 1994 Apr. 1998 40 yrs. Industrial facility in Winston-Salem, NC — 1,860 12,539 3,075 (7,325) 925 9,224 10,149 6,507 1980 Sep. 2002 40 yrs. Warehouse facility in Greenfield, IN — 2,807 10,335 223 (8,383) 967 4,015 4,982 2,575 1995 Sep. 2004 40 yrs. Warehouse facilities in Apopka, FL — 362 10,855 1,196 (3,330) 337 8,746 9,083 3,966 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 3,280 1995 Dec. 2006 29 yrs. Retail facility in Wroclaw, Poland — 3,600 10,306 — (4,510) 2,598 6,798 9,396 2,862 2007 Dec. 2007 40 yrs. Retail and warehouse facilities in Spain — 50,231 82,613 239 (13,026) 45,022 75,035 120,057 10,128 Various Various 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 7,194 1968; 1975; 1995 Sep. 2012; Jan. 2014 30 yrs. Industrial facility in Irvine, CA — 4,173 — 15,222 — 4,173 15,222 19,395 195 2024 Sep. 2012 40 yrs. Industrial facility in Alpharetta, GA — 2,198 6,349 1,247 — 2,198 7,596 9,794 3,260 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 4,175 1996 Sep. 2012 30 yrs. Retail facility in Baton Rouge, LA — 4,168 5,724 3,200 — 4,168 8,924 13,092 3,916 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 9,324 2002 Sep. 2012 30 yrs. Industrial facility in Richmond, CA — 895 1,953 — — 895 1,953 2,848 800 1999 Sep. 2012 30 yrs. Warehouse facilities in the United States — 16,386 84,668 15,024 — 16,386 99,692 116,078 37,302 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 4,494 1948; 1989 Sep. 2012 30 yrs. Industrial facilities in Chattanooga, TN — 558 5,923 — — 558 5,923 6,481 2,398 1974; 1989 Sep. 2012 30 yrs. Industrial facility in Mooresville, NC — 756 9,775 — — 756 9,775 10,531 3,947 1997 Sep. 2012 30 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 McCalla, AL — 960 14,472 42,662 (254) 2,076 55,764 57,840 16,236 2004 Sep. 2012 31 yrs. Industrial facility in Fort Smith, AZ — 1,063 6,159 — — 1,063 6,159 7,222 2,460 1982 Sep. 2012 30 yrs. Retail facilities in Greenwood, IN and Buffalo, NY — — 19,990 — — — 19,990 19,990 7,899 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 3,351 1989; 1995 Sep. 2012 31 yrs. Education facility in Rancho Cucamonga, CA and laboratory facility in Exton, PA — 14,006 33,683 10,450 (20,142) 6,638 31,359 37,997 10,892 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 4,281 — 6,559 23,359 29,918 8,258 Various Sep. 2012 31 yrs. Industrial and warehouse facility in Mesquite, TX — 2,702 13,029 1,700 — 2,702 14,729 17,431 1,455 1972 Sep. 2012 31 yrs. Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY — 6,080 23,424 810 — 6,080 24,234 30,314 9,242 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 5,591 1990 Sep. 2012 31 yrs. Warehouse facilities in Oceanside, CA and Concordville, PA — 3,333 8,270 1,258 — 3,333 9,528 12,861 3,250 1989; 1996 Sep. 2012 31 yrs. Warehouse facility in La Vista, NE 15,529 4,196 23,148 — — 4,196 23,148 27,344 8,482 2005 Sep. 2012 33 yrs. Laboratory facility in Pleasanton, CA — 3,675 7,468 14,855 — 3,675 22,323 25,998 3,457 2000 Sep. 2012 40 yrs. Office facility in Chicago, IL — 2,169 19,010 83 (72) 2,169 19,021 21,190 7,325 1910 Sep. 2012 31 yrs. Industrial facilities in Hollywood and Orlando, FL — 3,639 1,269 — — 3,639 1,269 4,908 488 1996 Sep. 2012 31 yrs. Warehouse facility in Golden, CO — 808 4,304 77 — 808 4,381 5,189 1,844 1998 Sep. 2012 30 yrs. Industrial facility in Texarkana, TX — 1,755 4,493 — (2,783) 216 3,249 3,465 1,250 1997 Sep. 2012 31 yrs. Industrial facility in South Jordan, UT — 2,183 11,340 2,609 — 2,183 13,949 16,132 5,073 1995 Sep. 2012 31 yrs. Warehouse facility in Ennis, TX — 478 4,087 145 (145) 478 4,087 4,565 1,573 1989 Sep. 2012 31 yrs. Specialty facility in Paris, France — 23,387 43,450 703 (12,907) 18,894 35,739 54,633 13,289 1975 Sep. 2012 32 yrs. Retail facilities in Poland — 26,564 72,866 — (19,143) 21,422 58,865 80,287 30,328 Various Sep. 2012 23 - 34 yrs. Industrial facilities in Danbury, CT and Bedford, MA — 3,519 16,329 43 (5,801) 1,667 12,423 14,090 5,087 1965; 1980 Sep. 2012 29 yrs. Industrial facility in Brownwood, TX — 722 6,268 — — 722 6,268 6,990 2,507 1964 Sep. 2012 15 yrs. Industrial facility in Rochester, MN — 809 14,236 4,387 — 809 18,623 19,432 1,892 1997 Sep. 2012 31 yrs. Retail facilities in Germany — 16,146 83,746 — (4,032) 15,494 80,366 95,860 2,466 Various Sep. 2012 29 yrs. Retail facility in Houston, TX — 2,430 2,270 — — 2,430 2,270 4,700 1,106 1995 Jan. 2014 23 yrs. Retail facility in St. Charles, MO — 1,966 1,368 1,980 — 1,966 3,348 5,314 1,560 1987 Jan. 2014 27 yrs. Industrial facility in Aurora, CO — 737 2,609 1,206 — 737 3,815 4,552 959 1985 Jan. 2014 32 yrs. Warehouse facility in Burlington, NJ — 3,989 6,213 377 — 3,989 6,590 10,579 2,853 1999 Jan. 2014 26 yrs. Industrial facility in Albuquerque, NM — 2,467 3,476 715 — 2,467 4,191 6,658 1,777 1993 Jan. 2014 27 yrs. Industrial facility in North Salt Lake, UT — 10,601 17,626 — (16,936) 4,388 6,903 11,291 2,880 1981 Jan. 2014 26 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 Lexington, NC — 2,185 12,058 601 (2,519) 494 11,831 12,325 4,493 2003 Jan. 2014 28 yrs. Industrial facility in Dallas, TX — 3,190 10,010 — — 3,190 10,010 13,200 769 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 22,743 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 10,436 Various Jan. 2014 17 - 34 yrs. Retail facility in Torrance, CA — 8,412 12,241 6,137 (76) 8,335 18,379 26,714 6,579 1973 Jan. 2014 25 yrs. Warehouse facility in Houston, TX — 6,578 424 560 — 6,578 984 7,562 827 1978 Jan. 2014 27 yrs. Warehouse facility in Norwich, CT — 3,885 21,342 — 2 3,885 21,344 25,229 8,249 1960 Jan. 2014 28 yrs. Warehouse facility in Norwich, CT — 1,437 9,669 — — 1,437 9,669 11,106 3,737 2005 Jan. 2014 28 yrs. Warehouse facility in Whitehall, PA — 7,435 9,093 27,358 (9,545) 6,983 27,358 34,341 2,470 2021 Jan. 2014 40 yrs. Retail facility in York, PA — 3,776 10,092 — (6,413) 527 6,928 7,455 2,241 2005 Jan. 2014 34 yrs. Warehouse facilities in Atlanta, GA and Elkwood, VA — 5,356 4,121 17,520 (3,220) 4,284 19,493 23,777 775 1975 Jan. 2014 28 yrs. Warehouse facility in Harrisburg, NC — 1,753 5,840 781 (111) 1,642 6,621 8,263 2,623 2000 Jan. 2014 26 yrs. Industrial facility in Chandler, AZ; and industrial and warehouse facility in Englewood, CO — 4,306 7,235 224 3 4,306 7,462 11,768 2,614 1978; 1987 Jan. 2014 30 yrs. Industrial facility in Cynthiana, KY 168 1,274 3,505 525 (107) 1,274 3,923 5,197 1,557 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 1,876 1955; 1966; 1970 Jan. 2014 32 yrs. Industrial facility in Columbia, SC — 2,843 11,886 — — 2,843 11,886 14,729 5,745 1962 Jan. 2014 23 yrs. Retail facility in Midlothian, VA — 2,824 16,618 — — 2,824 16,618 19,442 3,582 2000 Jan. 2014 40 yrs. Specialty facility in Laramie, WY — 1,966 18,896 — — 1,966 18,896 20,862 6,994 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 10,055 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 2,649 1976 Jan. 2014 30 yrs. Industrial facilities in France — 36,306 5,212 4,034 1,812 23,777 23,587 47,364 4,385 Various Jan. 2014 23 yrs. Retail facility in Lombard, IL — 5,087 8,578 — — 5,087 8,578 13,665 3,556 1999 Jan. 2014 26 yrs. Warehouse facility in Plainfield, IN — 1,578 29,415 2,176 — 1,578 31,591 33,169 10,965 1997 Jan. 2014 30 yrs. Retail facility in Kennesaw, GA — 2,849 6,180 5,530 (76) 2,773 11,710 14,483 5,161 1999 Jan. 2014 26 yrs. Retail facility in Leawood, KS — 1,487 13,417 — — 1,487 13,417 14,904 5,562 1997 Jan. 2014 26 yrs. Industrial facility in Tolland, CT — 1,817 5,709 — 11 1,817 5,720 7,537 2,278 1968 Jan. 2014 28 yrs. Warehouse facilities in Lincolnton, NC and Mauldin, SC — 1,962 9,247 — — 1,962 9,247 11,209 3,595 1988; 1996 Jan. 2014 28 yrs. Retail facilities in Germany — 81,109 153,927 10,510 (141,305) 25,819 78,422 104,241 27,648 Various Jan. 2014 Various Laboratory facility in The Woodlands, TX — 3,204 24,997 1,186 — 3,204 26,183 29,387 8,663 1997 Jan. 2014 32 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 Valdosta, GA and Johnson City, TN — 1,080 14,998 1,841 — 1,080 16,839 17,919 6,734 1978; 1998 Jan. 2014 27 yrs. Industrial facility in Amherst, NY — 674 7,971 — — 674 7,971 8,645 3,882 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 7,450 1954; 1997 Jan. 2014 28 yrs. Warehouse facility in Gorinchem, Netherlands — 1,143 5,648 282 (1,620) 873 4,580 5,453 1,661 1995 Jan. 2014 28 yrs. Retail facility in Cresskill, NJ — 2,366 5,482 — 19 2,366 5,501 7,867 1,928 1975 Jan. 2014 31 yrs. Retail facility in Livingston, NJ — 2,932 2,001 — 14 2,932 2,015 4,947 810 1966 Jan. 2014 27 yrs. Retail facility in Montclair, NJ — 1,905 1,403 — 6 1,905 1,409 3,314 566 1950 Jan. 2014 27 yrs. Retail facility in Morristown, NJ — 3,258 8,352 — 26 3,258 8,378 11,636 3,367 1973 Jan. 2014 27 yrs. Retail facility in Summit, NJ — 1,228 1,465 — 8 1,228 1,473 2,701 592 1950 Jan. 2014 27 yrs. Industrial facilities in Georgetown, TX and Woodland, WA — 965 4,113 35 — 965 4,148 5,113 1,334 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 3,079 Various Jan. 2014 28 yrs. Industrial facility in Salisbury, NC — 1,499 8,185 — — 1,499 8,185 9,684 3,220 2000 Jan. 2014 28 yrs. Industrial facility in Twinsburg, OH — 2,831 10,565 386 (6,975) 1,293 5,514 6,807 2,202 1991 Jan. 2014 27 yrs. Industrial facility in Cambridge, Canada — 1,849 7,371 — (2,057) 1,436 5,727 7,163 2,001 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 6,230 Various Jan. 2014 31 yrs. Industrial facility in Ramos Arizpe, Mexico — 1,059 2,886 — — 1,059 2,886 3,945 1,005 2000 Jan. 2014 31 yrs. Industrial facilities in Salt Lake City, UT — 2,783 3,773 — — 2,783 3,773 6,556 1,317 1983; 2002 Jan. 2014 31 - 33 yrs. Specialty facility in Blairsville, PA — 1,631 23,163 — — 1,631 23,163 24,794 8,386 2005 Jan. 2014 33 yrs. Education facility in Mooresville, NC — 1,795 15,955 — — 1,795 15,955 17,750 1,948 2002 Jan. 2014 33 yrs. Warehouse facilities in Atlanta, Doraville, and Rockmart, GA — 6,488 77,192 — — 6,488 77,192 83,680 29,538 1959; 1962; 1991 Jan. 2014 23 - 33 yrs. Warehouse facility in Muskogee, OK — 554 4,353 — (3,437) 158 1,312 1,470 437 1992 Jan. 2014 33 yrs. Industrial facility in Richmond, MO — 2,211 8,505 747 — 2,211 9,252 11,463 3,648 1996 Jan. 2014 28 yrs. Industrial facility in Tuusula, Finland — 6,173 10,321 — (3,905) 4,712 7,877 12,589 3,373 1975 Jan. 2014 26 yrs. Warehouse facility in Phoenix, AZ — 6,747 21,352 380 — 6,747 21,732 28,479 8,748 1996 Jan. 2014 28 yrs. Retail facility in Vantaa, Finland — 1,332 3,908 — (4,378) 219 643 862 7 2004 Jan. 2014 30 yrs. Industrial facilities in the United States — 4,816 31,712 4,597 9,460 5,780 44,805 50,585 2,563 Various Jan. 2014 30 - 32 yrs. Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX — 955 4,779 — — 955 4,779 5,734 1,683 1950; 1986; 1996 Jan. 2014 31 yrs. Industrial facility in Buffalo Grove, IL 1,114 1,492 12,233 1,298 — 1,492 13,531 15,023 4,340 1996 Jan. 2014 31 yrs. Warehouse facility in Carlsbad, CA — 3,230 5,492 987 — 3,230 6,479 9,709 2,542 1999 Jan. 2014 24 yrs. Retail facility in Pensacola, FL — 1,746 — — 5,181 1,746 5,181 6,927 671 2001 Jan. 2014 33 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Retail facility in Port St. Lucie, FL — 4,654 2,576 — — 4,654 2,576 7,230 1,029 2000 Jan. 2014 27 yrs. Industrial facility in Nurieux-Volognat, France — 121 5,328 462 (1,223) 92 4,596 4,688 1,424 2000 Jan. 2014 32 yrs. Industrial facility in Monheim, Germany — 2,500 5,727 — (860) 2,243 5,124 7,367 520 1992 Jan. 2014 32 yrs. Warehouse facility in Suwanee, GA — 2,330 8,406 — — 2,330 8,406 10,736 2,713 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 4,320 1954; 1975; 1984 Jan. 2014 24 yrs. Industrial facility in Mesa, AZ — 2,888 4,282 — — 2,888 4,282 7,170 1,715 1991 Jan. 2014 27 yrs. Industrial facility in North Amityville, NY — 3,486 11,413 — — 3,486 11,413 14,899 4,792 1981 Jan. 2014 26 yrs. Industrial facility in Fort Collins, CO — 821 7,236 — — 821 7,236 8,057 2,406 1993 Jan. 2014 33 yrs. Warehouse facility in Elk Grove Village, IL — 4,037 7,865 — — 4,037 7,865 11,902 1,912 1980 Jan. 2014 22 yrs. Research and development facility in Washington, MI — 4,085 7,496 36,290 — 4,085 43,786 47,871 2,540 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 7,693 Various Jan. 2014 12 - 22 yrs. Education facility in Sacramento, CA — — 13,715 — — — 13,715 13,715 4,481 2005 Jan. 2014 34 yrs. Industrial facility in Sankt Ingbert, Germany — 2,226 17,460 — (881) 2,126 16,679 18,805 2,311 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 3,321 1969; 1974; 1984 Jan. 2014 27 yrs. Industrial facility in Woodland, WA — 707 1,562 — — 707 1,562 2,269 484 2009 Jan. 2014 35 yrs. Warehouse facilities in Gyál and Herceghalom, Hungary — 14,601 21,915 — (8,646) 11,143 16,727 27,870 8,945 2002; 2004 Jan. 2014 21 yrs. Industrial facility in Windsor, CT — 453 637 3,422 (83) 453 3,976 4,429 877 1999 Jan. 2014 33 yrs. Industrial facility in Aurora, CO — 574 3,999 — — 574 3,999 4,573 1,112 2012 Jan. 2014 40 yrs. Warehouse facility in University Park, IL — 7,962 32,756 427 — 7,962 33,183 41,145 10,041 2008 May 2014 40 yrs. Laboratory facility in Westborough, MA — 3,409 37,914 53,065 — 3,409 90,979 94,388 17,653 1992 Aug. 2014 40 yrs. Research and development facility in Andover, MA — 3,980 45,120 323 — 3,980 45,443 49,423 12,294 2013 Oct. 2014 40 yrs. Industrial facility in Lewisburg, OH — 1,627 13,721 — — 1,627 13,721 15,348 3,911 2014 Nov. 2014 40 yrs. Industrial facility in Opole, Poland — 2,151 21,438 — (3,880) 1,797 17,912 19,709 5,275 2014 Dec. 2014 38 yrs. Retail facilities in the United Kingdom — 66,319 230,113 277 (108,864) 38,925 148,920 187,845 49,122 Various Jan. 2015 20 - 40 yrs. Warehouse facility in Rotterdam, Netherlands — — 33,935 20,986 (4,614) — 50,307 50,307 10,917 2014 Feb. 2015 40 yrs. Retail facility in Bad Fischau, Austria — 2,855 18,829 — (778) 2,753 18,153 20,906 4,882 1998 Apr. 2015 40 yrs. Industrial facility in Oskarshamn, Sweden — 3,090 18,262 — (5,358) 2,315 13,679 15,994 3,587 2015 Jun. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 Gersthofen and Senden, Germany and Leopoldsdorf, Austria — 9,449 15,838 — (1,688) 8,818 14,781 23,599 3,972 2008; 2010 Aug. 2015 40 yrs. Net-lease hotels in the United States — — 49,190 17,396 — 17,396 49,190 66,586 13,196 1988; 1989; 1990 Oct. 2015 38 - 40 yrs. Retail facilities in the Netherlands — 5,698 38,130 79 (10,277) 4,926 28,704 33,630 8,041 Various Nov. 2015 30 - 40 yrs. Specialty facility in Irvine, CA — 7,626 16,137 — — 7,626 16,137 23,763 3,773 1977 Dec. 2015 40 yrs. Education facility in Windermere, FL — 5,090 34,721 15,333 — 5,090 50,054 55,144 13,731 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 35,219 Various Apr. 2016 Various Industrial facilities in North Dumfries and Ottawa, Canada — 17,155 10,665 — (19,138) 5,385 3,297 8,682 1,698 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 34,879 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 3,984 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 3,852 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 2,942 Various Dec. 2016 28 - 40 yrs. Industrial facility in Chicago, IL — 2,222 2,655 3,511 — 2,222 6,166 8,388 2,379 1985 Jun. 2017 30 yrs. Industrial facility in Zawiercie, Poland — 395 102 10,378 (1,189) 352 9,334 9,686 1,561 2018 Aug. 2017 40 yrs. Industrial facility in Radomsko, Poland — 1,718 59 37,522 (1,663) 1,532 36,104 37,636 3,444 2018 Nov. 2017 40 yrs. Warehouse facility in Sellersburg, IN — 1,016 3,838 — — 1,016 3,838 4,854 915 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 12,815 1995; 2004 Mar. 2018 36 - 40 yrs. Warehouse facilities in Denmark — 20,304 185,481 2,029 (26,517) 17,853 163,444 181,297 32,906 Various Jun. 2018 25 - 41 yrs. Retail facilities in the Netherlands — 38,475 117,127 — (16,759) 34,331 104,512 138,843 23,960 Various Jul. 2018 26 - 30 yrs. Industrial facility in Oostburg, WI — 786 6,589 — — 786 6,589 7,375 1,697 2002 Jul. 2018 35 yrs. Warehouse facility in Kampen, Netherlands — 3,251 12,858 126 (1,676) 2,915 11,644 14,559 3,030 1976 Jul. 2018 26 yrs. Warehouse facility in Azambuja, Portugal — 13,527 35,631 28,051 (8,368) 12,140 56,701 68,841 10,442 1994 Sep. 2018 28 yrs. Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands — 2,582 18,731 11,338 (2,831) 2,357 27,463 29,820 5,439 Various Oct. 2018 27 - 37 yrs. Warehouse facility in Bad Wünnenberg, Germany — 2,916 39,687 — (30,919) 655 11,029 11,684 2,853 1996 Oct. 2018 40 yrs. Industrial facility in Norfolk, NE — 802 3,686 — — 802 3,686 4,488 771 1975 Oct. 2018 40 yrs. Retail facilities in Phoenix, AZ and Columbia, MD — 18,286 33,030 — — 18,286 33,030 51,316 5,409 2006 Oct. 2018 40 yrs. Retail facility in Gorzow, Poland — 1,736 8,298 — (884) 1,583 7,567 9,150 1,343 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 8,771 Various Oct. 2018 40 yrs. Industrial facility in Glendale Heights, IL — 4,237 45,484 — — 4,237 45,484 49,721 5,382 1991 Oct. 2018 38 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 Mayodan, Sanford, and Stoneville, NC — 3,505 20,913 — — 3,505 20,913 24,418 3,582 1992; 1997; 1998 Oct. 2018 29 yrs. Warehouse facility in Dillon, SC — 3,424 43,114 — — 3,424 43,114 46,538 7,645 2001 Oct. 2018 40 yrs. Specialty facility in Birmingham, United Kingdom — 7,383 7,687 — (457) 7,159 7,454 14,613 1,207 2009 Oct. 2018 40 yrs. Retail facilities in Spain — 17,626 44,501 — (5,475) 16,073 40,579 56,652 6,779 Various Oct. 2018 40 yrs. Warehouse facility in Gadki, Poland — 1,376 6,137 — (662) 1,255 5,596 6,851 944 2011 Oct. 2018 40 yrs. Warehouse facility in Zagreb, Croatia — 15,789 33,287 15 (4,326) 14,397 30,368 44,765 7,443 2001 Oct. 2018 26 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 2,949 1,295 13,384 — — 1,295 13,384 14,679 2,172 1990; 1997 Oct. 2018 40 yrs. Retail facility in Las Vegas, NV — — 79,720 — — — 79,720 79,720 12,316 2012 Oct. 2018 40 yrs. Industrial facilities in the United States — 20,517 14,135 — 30,060 22,585 42,127 64,712 5,720 Various Oct. 2018 40 yrs. Warehouse facility in Bowling Green, KY — 2,652 51,915 72,976 (11) 2,652 124,880 127,532 14,315 2011 Oct. 2018 40 yrs. Warehouse facilities in the United Kingdom — 6,791 2,315 — (276) 6,585 2,245 8,830 407 Various Oct. 2018 40 yrs. Industrial facility in Evansville, IN — 180 22,095 — — 180 22,095 22,275 3,496 2009 Oct. 2018 40 yrs. Warehouse facility in Elorrio, Spain — 7,858 12,728 — (1,813) 7,166 11,607 18,773 2,167 1996 Oct. 2018 40 yrs. Industrial and office facilities in Elberton, GA — 879 2,014 — — 879 2,014 2,893 448 1997; 2002 Oct. 2018 40 yrs. Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia — 5,549 12,408 1,777 4,403 6,207 17,930 24,137 4,215 2000; 2002; 2003 Oct. 2018 26 yrs. Office and warehouse facilities in the United States — 42,793 193,666 500 — 42,793 194,166 236,959 33,178 Various Oct. 2018 40 yrs. Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands — 37,755 91,666 4,787 (11,669) 34,428 88,111 122,539 13,900 Various Oct. 2018 40 yrs. Warehouse facilities in Oxnard and Watsonville, CA — 22,453 78,814 — — 22,453 78,814 101,267 12,867 1975; 1994; 2002 Oct. 2018 40 yrs. Retail facilities in Italy — 75,492 138,280 7,242 (19,919) 68,839 132,256 201,095 22,731 Various Oct. 2018 40 yrs. 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 1,605 2012 Oct. 2018 40 yrs. Net-lease self-storage facilities in the United States — 19,583 108,971 — — 19,583 108,971 128,554 19,059 Various Oct. 2018 40 yrs. Warehouse facility in Middleburg Heights, OH — 542 2,507 — — 542 2,507 3,049 407 2002 Oct. 2018 40 yrs. Net-lease self-storage facility in Fort Worth, TX — 691 6,295 — — 691 6,295 6,986 1,126 2004 Oct. 2018 40 yrs. Retail facilities in Delnice, Pozega, and Sesvete, Croatia — 5,519 9,930 1,562 (1,626) 5,032 10,353 15,385 2,495 2011 Oct. 2018 27 yrs. Retail facility in Orlando, FL — 6,262 25,134 430 — 6,371 25,455 31,826 3,984 2011 Oct. 2018 40 yrs. Industrial facility in Avon, OH — 1,447 5,564 — — 1,447 5,564 7,011 980 2001 Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 facility in Chimelow, Poland — 6,158 28,032 — (3,013) 5,615 25,562 31,177 4,323 2012 Oct. 2018 40 yrs. Net-lease self-storage facility in Fayetteville, NC — 1,839 4,654 — — 1,839 4,654 6,493 1,062 2001 Oct. 2018 40 yrs. Retail facilities in the United States — 19,529 42,318 — (7,938) 17,297 36,612 53,909 6,286 Various Oct. 2018 40 yrs. Education facilities in Montgomery, AL and Savannah, GA — 5,508 12,032 — — 5,508 12,032 17,540 2,035 1969; 2002 Oct. 2018 40 yrs. Warehouse facility in Zary, Poland — 2,062 10,034 — (1,066) 1,881 9,149 11,030 1,587 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 12,246 1980; 2020 Oct. 2018; Dec. 2018 40 yrs. Industrial facility in Elk Grove Village, IL — 5,511 10,766 2,970 — 5,511 13,736 19,247 1,886 1961 Oct. 2018 40 yrs. Industrial facility in Portage, WI 3,518 3,450 7,797 — — 3,450 7,797 11,247 1,453 1970 Oct. 2018 40 yrs. Warehouse facility in Saitama Prefecture, Japan — 13,507 25,301 6,639 (16,717) 9,272 19,458 28,730 3,109 2007 Oct. 2018 40 yrs. Retail facility in Dallas, TX — 2,977 16,168 — — 2,977 16,168 19,145 2,563 1913 Oct. 2018 40 yrs. Retail facilities in Croatia — 9,000 13,002 1,415 (6,268) 7,116 10,033 17,149 2,168 Various Oct. 2018 29 - 37 yrs. Retail facility in Northbrook, IL — — 493 447 — — 940 940 371 2007 Oct. 2018 40 yrs. Education facility in Chicago, IL — 18,510 163 — (16,859) 1,793 21 1,814 15 2015 Oct. 2018 40 yrs. Warehouse facility in Dillon, SC — 3,516 44,933 — — 3,516 44,933 48,449 7,907 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 12,135 Various Oct. 2018 40 yrs. Net-lease self-storage facility in Hilo, HI — 769 12,869 — — 769 12,869 13,638 2,014 2007 Oct. 2018 40 yrs. Net-lease self-storage facility in Clearwater, FL — 1,247 5,733 — — 1,247 5,733 6,980 1,022 2001 Oct. 2018 40 yrs. Warehouse facilities in Gadki, Poland — 10,422 47,727 1,475 (5,193) 9,503 44,928 54,431 7,482 2007; 2010 Oct. 2018 40 yrs. Net-lease self-storage facility in Orlando, FL — 1,070 8,686 — — 1,070 8,686 9,756 1,459 2000 Oct. 2018 40 yrs. Retail facility in Lewisville, TX — 3,485 11,263 — — 3,485 11,263 14,748 1,859 2004 Oct. 2018 40 yrs. Research and development facility in Wageningen, Netherlands — 5,227 18,793 — (1,857) 4,767 17,396 22,163 2,940 2013 Oct. 2018 40 yrs. Net-lease self-storage facility in Palm Coast, FL — 1,994 4,982 — — 1,994 4,982 6,976 1,039 2001 Oct. 2018 40 yrs. Net-lease self-storage facility in Holiday, FL — 1,730 4,213 — — 1,730 4,213 5,943 858 1975 Oct. 2018 40 yrs. Research and development facility in Drunen, Netherlands — 2,316 9,370 — (1,030) 2,112 8,544 10,656 1,406 2014 Oct. 2018 40 yrs. Industrial facility Bluffton, IN and New Concord, OH — 958 2,309 — 3,449 1,409 5,307 6,716 486 1975; 1999 Oct. 2018 34 - 40 yrs. Retail facility in Gelsenkirchen, Germany — 2,178 17,097 — (1,698) 1,986 15,591 17,577 2,558 2000 Oct. 2018 40 yrs. Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland — 8,782 53,575 — (5,495) 8,008 48,854 56,862 8,685 1995; 2000 Oct. 2018 40 yrs. Warehouse facility in Sered, Slovakia — 3,428 28,005 — (2,770) 3,126 25,537 28,663 4,232 2004 Oct. 2018 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2024 (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 facility in Tuchomerice, Czech Republic — 7,864 27,006 — (3,073) 7,171 24,626 31,797 4,027 1998 Oct. 2018 40 yrs. Warehouse facility in Kaunas, Lithuania 32,029 10,199 47,391 — (5,076) 9,300 43,214 52,514 7,239 2008 Oct. 2018 40 yrs. Specialty facility in Jacksonville, FL 11,287 906 17,020 — — 906 17,020 17,926 2,715 2015 Oct. 2018 40 yrs. Warehouse facilities in Houston, TX — 791 1,990 — — 791 1,990 2,781 347 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 6,699 Various Oct. 2018 40 yrs. Warehouse facility in Perrysburg, OH — 806 11,922 — — 806 11,922 12,728 2,195 1974 Oct. 2018 40 yrs. Warehouse facility in Dillon, SC — 620 46,319 434 — 620 46,753 47,373 6,760 2019 Oct. 2018 40 yrs. Warehouse facility in Zabia Wola, Poland — 4,742 23,270 5,636 (2,937) 4,324 26,387 30,711 4,308 1999 Oct. 2018 40 yrs. Laboratory facility in Buffalo Grove, IL — 2,224 6,583 — — 2,224 6,583 8,807 1,109 1992 Oct. 2018 40 yrs. Net-lease self-storage facilities in the United States — 12,755 48,965 — — 12,755 48,965 61,720 408 Various Oct. 2018 40 yrs. Net-lease self-storage facilities in Raleigh, NC and Mount Pleasant, SC — 3,473 19,202 — — 3,473 19,202 22,675 160 2017 Nov. 2018 40 yrs. Warehouse facilities in McHenry, IL — 5,794 21,141 — — 5,794 21,141 26,935 5,238 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 2,163 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 8,316 2007 Dec. 2018 37 yrs. Industrial facility in San Luis Potosi, Mexico — 2,787 12,945 — — 2,787 12,945 15,732 2,285 2009 Dec. 2018 39 yrs. Industrial facility in Legnica, Poland — 995 9,787 6,007 (1,495) 906 14,388 15,294 2,825 2002 Dec. 2018 29 yrs. Industrial facility in Meru, France — 4,231 14,731 8 (1,647) 3,863 13,460 17,323 3,055 1997 Dec. 2018 29 yrs. Education facility in Portland, OR — 2,396 23,258 4,177 — 2,396 27,435 29,831 5,196 2006 Feb. 2019 40 yrs. Warehouse facility in Inwood, WV — 3,265 36,692 — — 3,265 36,692 39,957 5,844 2000 Mar. 2019 40 yrs. Industrial fa

Schedule IV _ Mortgage Loans on

Schedule IV — Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
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, 2024 (dollars in thousands) Interest Rate Final Maturity Date Carrying Amount Description Financing agreement — Las Vegas retail 8.0 % Dec. 2025 $ 16,811 Financing agreement — Las Vegas mixed use 7.6 % Nov. 2025 15,045 $ 31,856 Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2024 2023 2022 Beginning balance $ 11,250 $ 39,250 $ 24,143 Funding of secured loans receivable ( Note 7 ) 31,856 Repayments (24,000) (28,000) (34,000) Gain on repayment of secured loan receivable 10,650 — 10,613 Change in allowance for credit losses ( Note 7 ) 2,100 — 10,494 Acquisition through CPA:18 Merger ( Note 7 ) — — 28,000 Ending balance $ 31,856 $ 11,250 $ 39,250

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 460,839	$ 708,334	$ 599,139

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats Our cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents and (3) containing, eradicating, recovering from and reporting cybersecurity events. Prevention and Preparation We employ a variety of measures to prevent threats related to privacy, information technology security and cybersecurity, which include password protection, frequent mandatory password change events, multi-factor authentication, internal phishing testing, vulnerability scanning and penetration testing. Our information technology and internal audit teams utilize frameworks consistent with well-recognized industry cybersecurity frameworks to identify and mitigate information security risks and oversee an active cybersecurity training program. In addition, our information technology team conducts routine security assessments as well as ongoing cybersecurity training campaigns for employees and our Board to enhance awareness and increase vigilance for the various types of cybersecurity attacks to which they may be exposed. Our internal audit team evaluates and monitors our internal controls over systems access in an effort to mitigate information security risks that may result from unauthorized access to systems and data. Third-party vendors are vetted through our service delivery program to ensure they have an established cybersecurity program. We have also engaged our managed security provider to manage a supply chain defense subscription that will help obtain visibility into cybersecurity risks across third party vendors by proactively identifying, prioritizing, and driving remediation for cyber risks posed by critical business partners. Our managed security provider’s risk operations center will escalate certain alerts regarding third-party vendors directly to the IT Department thus providing direct collaboration with third parties, saving time and improving risk reduction while safeguarding our relationships with such third parties. Detection and Analysis Cybersecurity incidents may be detected through a variety of means, including but not limited to automated event-detection notifications or similar technologies which are monitored by our managed cybersecurity provider, notifications from employees, vendors or service providers, and notifications from third party information technology system providers. Once a potential cybersecurity incident is identified, including a third party cybersecurity event, the incident response team designated pursuant to our incident response plan follows the procedures set forth in the plan to investigate the potential incident, such as determining the nature of the event and assessing the severity of the event. Containment, Eradication, Recovery, and Reporting In the event of a cybersecurity incident, the incident response team is responsible for containing the cybersecurity incident, consistent with the procedures in the incident response plan. Once a cybersecurity incident is contained, the focus shifts to remediation. Eradication and recovery activities depend on the nature of the cybersecurity incident. They may include returning affected systems to an operationally ready state and confirming that the affected systems are functioning normally. We have relationships with a number of third party service providers to assist with cybersecurity containment and remediation efforts, including outside legal counsel, vendors and external insurance brokers. In the event of a cybersecurity incident, the incident response team is responsible for following the steps outlined in our incident response plan, including notifying our senior management, as appropriate. Following the conclusion of an incident, we, with the assistance of the incident response team, will generally reassess the effectiveness of the cybersecurity program and incident response plan, identify potential adjustments as appropriate and report to our senior management and our Audit Committee on these matters. Cybersecurity Risks As of December 31, 2024, we are not aware of any instances of material cybersecurity incidents that impacted the Company in the last three years. However, there can be no assurance that our cybersecurity efforts and measures will be effective or that attempted cybersecurity incidents or disruptions would not be successful or damaging. See Item 1A. Risk Factors — The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results .
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents and (3) containing, eradicating, recovering from and reporting cybersecurity events.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Management and Board Oversight We are committed to cybersecurity and vigilantly protecting all our resources and information from unauthorized access. Our cybersecurity approach incorporates a layered portfolio of employee training programs, multiple resources to manage and monitor the evolving threat landscape, Board oversight of cybersecurity risks and knowledgeable teams responsible for preventing and detecting cybersecurity risks. As part of the Board’s oversight of risk management, the Board reviews our cyber-risks with management and the actions we are taking to mitigate such risks. These actions include implementing industry-recognized practices for protecting systems, third-party monitoring of certain systems and cybersecurity training for employees. Board oversight of risk is also performed between meetings through the Audit Committee and communications between management and the Board. The Board receives periodic education around cybersecurity risks and best practices. Additionally, the Audit Committee, which consists solely of independent directors, is responsible for overseeing cybersecurity risks and related initiatives. The Audit Committee reviews our enterprise risk and cybersecurity risks. It also reviews the steps management has taken to protect against threats to our information systems and security and receives updates on cybersecurity on a quarterly basis. Our information technology team is led by our Chief Information Officer who reports to our Chief Financial Officer and has extensive experience working with information security systems. Our information technology team consists of individuals with expertise in assessing, preventing and addressing cybersecurity risk and is responsible for executing our cybersecurity program as well as communicating regularly with senior management, our cybersecurity governance committee, the Audit Committee and the Board. Our cybersecurity governance committee, comprised of our Chief Financial Officer, Chief Legal Officer, Chief Information Officer, Head of Internal Audit and senior members of our information technology team are responsible for developing and maintaining our cybersecurity policies and standards, monitoring ongoing compliance and program updates, and ensuring our information security is aligned with our business objectives and strategies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of the Board’s oversight of risk management, the Board reviews our cyber-risks with management and the actions we are taking to mitigate such risks. These actions include implementing industry-recognized practices for protecting systems, third-party monitoring of certain systems and cybersecurity training for employees.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board oversight of risk is also performed between meetings through the Audit Committee and communications between management and the Board. The Board receives periodic education around cybersecurity risks and best practices.
Cybersecurity Risk Role of Management [Text Block]	As part of the Board’s oversight of risk management, the Board reviews our cyber-risks with management and the actions we are taking to mitigate such risks. These actions include implementing industry-recognized practices for protecting systems, third-party monitoring of certain systems and cybersecurity training for employees. Board oversight of risk is also performed between meetings through the Audit Committee and communications between management and the Board. The Board receives periodic education around cybersecurity risks and best practices.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Additionally, the Audit Committee, which consists solely of independent directors, is responsible for overseeing cybersecurity risks and related initiatives. The Audit Committee reviews our enterprise risk and cybersecurity risks. It also reviews the steps management has taken to protect against threats to our information systems and security and receives updates on cybersecurity on a quarterly basis.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information technology team is led by our Chief Information Officer who reports to our Chief Financial Officer and has extensive experience working with information security systems. Our information technology team consists of individuals with expertise in assessing, preventing and addressing cybersecurity risk and is responsible for executing our cybersecurity program as well as communicating regularly with senior management, our cybersecurity governance committee, the Audit Committee and the Board. Our cybersecurity governance committee, comprised of our Chief Financial Officer, Chief Legal Officer, Chief Information Officer, Head of Internal Audit and senior members of our information technology team are responsible for developing and maintaining our cybersecurity policies and standards, monitoring ongoing compliance and program updates, and ensuring our information security is aligned with our business objectives and strategies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our information technology team is led by our Chief Information Officer who reports to our Chief Financial Officer and has extensive experience working with information security systems. Our information technology team consists of individuals with expertise in assessing, preventing and addressing cybersecurity risk and is responsible for executing our cybersecurity program as well as communicating regularly with senior management, our cybersecurity governance committee, the Audit Committee and the Board. Our cybersecurity governance committee, comprised of our Chief Financial Officer, Chief Legal Officer, Chief Information Officer, Head of Internal Audit and senior members of our information technology team are responsible for developing and maintaining our cybersecurity policies and standards, monitoring ongoing compliance and program updates, and ensuring our information security is aligned with our business objectives and strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 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. 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 property with goodwill, we allocate a portion of the property’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 property. 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	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 method investments, 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 (for example, the CPA:18 Merger ( Note 4 , Note 8 ) and the Spin-Off ( Note 3 , Note 8 )). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate fair value of the Company. We calculate the estimated fair value of the Company by utilizing our market capitalization. Impairments, if any, will be the difference between the Company’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. During the year ended December 31, 2024, we had a net decrease of seven entities classified as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling interest in a jointly owned investment, partly offset by acquisitions and the funding of new construction loans ( Note 7 , Note 9 ). At December 31, 2024 and 2023, we considered 14 and 21 entities to be VIEs, respectively, of which we consolidated nine and 15, 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, 2024 2023 Land, buildings and improvements — net lease and other $ 468,484 $ 237,858 Land, buildings and improvements — operating properties — 39,422 Net investments in finance leases and loans receivable 144,103 595,524 In-place lease intangible assets and other 67,764 40,650 Above-market rent intangible assets 3,757 6,828 Accumulated depreciation and amortization (19,391) (23,580) Total assets 671,402 947,509 Non-recourse mortgages, net $ 47,853 $ 59,715 Below-market rent intangible liabilities, net 25 32 Total liabilities 72,521 101,047 At December 31, 2024 and 2023, our five and six unconsolidated VIEs, respectively, included our interests in (i) two and three unconsolidated real estate investments, respectively, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value, and (iii) one unconsolidated construction loan investment, which we accounted for as a secured loan receivable, as of December 31, 2024. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, 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
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. Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.
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, straight-line rent adjustments, 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 (a cold storage REIT) ( 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.
Investment in Shares of Lineage	Investment in Shares of Lineage — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,546,547 shares of Lineage, which is included in Other assets, net in the consolidated financial statements ( Note 10 ). 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 transferred this investment from Level 3 to Level 2 within the fair value hierarchy during the third quarter of 2024 because Lineage became a publicly traded company during that period. Although its share price is actively traded on an open market, we make an adjustment to the value of our investment based on the promote value that the sponsor of our investment is entitled to. Since we were a legacy investor in Lineage prior to their public offering completed in July 2024, our ownership interest is subject to settlement at the discretion of Lineage over a three-year period, during which we will have the option to settle our investment in the form of cash or common stock. If our investment is not settled by Lineage during the three-year period, our investment will convert to common shares.
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 revenues earned from our affiliates ( Note 5 ). Revenue from contracts primarily represented hotel operating property revenues of $43.0 million, $76.2 million, and $12.0 million for the years ended December 31, 2024, 2023, and 2022, 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 2023 and one was sold during the second quarter of 2024 ( 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 CESH 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. CESH reimburses 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 with affiliates under ASC 606 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 Danish krone, the Canadian dollar, and the Japanese yen. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income (within Gain on sale of real estate, net, in the consolidated statements of income) when we have substantially exited from all investments in the related currency. 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. 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 taxable REIT subsidiaries (“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, each as defined in Note 14 ) using the treasury stock method, except when the effect would be anti-dilutive.
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.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . ASU 2022-03 clarifies that contractual sale restrictions should not be considered in measuring the fair value of equity securities. We adopted this guidance for our interim and annual periods beginning January 1, 2024. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the CODM, and (iii) included in each reported measure of a segment’s profit or loss. In addition, ASU 2023-07 requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. We adopted this guidance for our interim and annual periods beginning January 1, 2024. The adoption of this standard did not have a material impact on our consolidated financial statements, but has resulted in incremental disclosures within the footnotes to our consolidated financial statements ( Note 18 ). In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation disclosure and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.
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 intangibles are included in Below-market rent 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 Land, buildings and improvements — net lease and other $ 468,484 $ 237,858 Land, buildings and improvements — operating properties — 39,422 Net investments in finance leases and loans receivable 144,103 595,524 In-place lease intangible assets and other 67,764 40,650 Above-market rent intangible assets 3,757 6,828 Accumulated depreciation and amortization (19,391) (23,580) Total assets 671,402 947,509 Non-recourse mortgages, net $ 47,853 $ 59,715 Below-market rent intangible liabilities, net 25 32 Total liabilities 72,521 101,047
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, 2024 2023 2022 Cash and cash equivalents $ 640,373 $ 633,860 $ 167,996 Restricted cash (a) 50,328 58,111 56,145 Total cash and cash equivalents and restricted cash $ 690,701 $ 691,971 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2024 includes $14.6 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.
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, 2024 2023 2022 Cash and cash equivalents $ 640,373 $ 633,860 $ 167,996 Restricted cash (a) 50,328 58,111 56,145 Total cash and cash equivalents and restricted cash $ 690,701 $ 691,971 $ 224,141 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2024 includes $14.6 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

NLOP Spin-Off (Tables)

NLOP Spin-Off (Tables)	12 Months Ended
	Dec. 31, 2024
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 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, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 year ended December 31, 2022. 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) Year Ended December 31, 2022 Pro forma total revenues $ 1,590,233

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
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 NLOP, CESH, and CPA:18 – Global for the periods indicated, included in the consolidated financial statements (in thousands): Years Ended December 31, 2024 2023 2022 Asset management revenue (a) (b) $ 6,597 $ 2,184 $ 8,467 Administrative reimbursements (a) (c) 4,000 667 — Reimbursable costs from affiliates (a) (c) 224 368 2,518 Distributions of Available Cash (d) — — 8,746 Interest income on loans to affiliates (e) — — 112 $ 10,821 $ 3,219 $ 19,843 Years Ended December 31, 2024 2023 2022 NLOP $ 10,243 $ 1,912 $ — CESH 578 1,307 1,989 CPA:18 – Global — — 17,854 $ 10,821 $ 3,219 $ 19,843 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management revenue in the consolidated statements of income. (c) Included within Other advisory income and reimbursements in the consolidated statements of income. (d) Included within Earnings from equity method investments in the consolidated statements of income. (e) 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, 2024 2023 Asset management fees receivable $ 554 $ 1,349 Accounts receivable 462 768 Reimbursable costs 73 59 $ 1,089 $ 2,176

Land, Buildings and Improveme_2

Land, Buildings and Improvements, and Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 Land $ 2,398,409 $ 2,248,300 Buildings and improvements 10,388,418 9,801,596 Real estate under construction 56,042 45,562 Less: Accumulated depreciation (1,701,892) (1,509,730) $ 11,140,977 $ 10,585,728 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 219,411 Buildings and improvements 772,346 Intangible assets and liabilities: In-place lease (weighted-average expected life of 14.8 years) 166,054 Above-market rent (expected life of 14.4 years) 7,093 Below-market rent (expected life of 12.8 years) (408) Right-of-use assets: Land lease right-of-use assets 4,346 Below-market ground lease intangibles 3,549 Debt discount and deferred financing costs on non-recourse mortgage loans assumed 4,231 Operating lease liabilities (4,346) $ 1,172,276 December 31, 2024 2023 Land $ 144,871 $ 150,084 Buildings and improvements 1,053,805 1,104,635 Real estate under construction — 1,530 Less: Accumulated depreciation (100,575) (80,057) $ 1,098,101 $ 1,176,192 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 1,729 Buildings and improvements 5,291 Intangible assets: In-place lease (expected life of 0.5 years) 388 $ 7,408 Acquisitions of Operating Real Estate During 2023 — We entered into four self-storage operating property investments, which were deemed to be real estate asset acquisitions, at a total cost of $47.3 million, including land of $13.5 million, buildings of $31.9 million, and in-place lease intangibles of $1.8 million.
Schedule of Real Estate Acquired	During 2024, 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) Doncaster, United Kingdom (a) 2 1/9/2024 Retail $ 30,055 Various, Italy (a) 5 1/30/2024 Industrial, Warehouse 148,130 Laval, Canada (a) 1 3/26/2024 Industrial 2,604 Commercial Point, Ohio 1 4/5/2024 Warehouse 94,220 Tucson, Arizona 1 5/13/2024 Warehouse 38,784 Portfolio Acquisition: Various, United States 5 5/15/2024 Industrial, Warehouse 44,400 Various, United States 4 5/15/2024 Industrial 23,330 Sylacauga, Alabama 1 5/15/2024 Industrial 5,852 Moxee, Washington and La Porte, Indiana (b) 2 6/26/2024 Industrial 37,019 Various, North Carolina (b) 3 7/23/2024 Industrial, Retail 18,260 Neenah, Wisconsin (b) 1 7/23/2024 Industrial 19,868 Alexandria, Canada (a) (b) 1 8/6/2024 Warehouse 26,030 Tillsonburg and Oldcastle, Canada (b) 2 8/6/2024 Industrial 15,919 Portfolio Total 19 190,678 Mesa and Laveen, Arizona 2 6/3/2024 Retail 26,964 Various, Poland (a) 123 7/25/2024; 9/18/2024 Retail 31,508 Las Vegas, Nevada 1 8/2/2024 Retail 12,471 West Des Moines, Iowa 1 8/9/2024 Retail 21,063 Various, United States 3 10/1/2024 Retail (Car Wash) 15,259 Lebanon, Indiana 1 10/17/2024 Industrial 58,289 Shelbyville, Kentucky 1 10/18/2024 Industrial 99,572 Stockton, California 1 11/27/2024 Land 55,073 Weehawken, New Jersey 1 11/27/2024 Specialty (Datacenter) 97,244 Various, United States (c) 106 Various Retail 201,160 Manchester, United Kingdom (a) 1 12/13/2024 Retail 25,873 Yarnfield, United Kingdom (a) 1 12/19/2024 Education 23,329 271 $ 1,172,276 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling $66.0 million ( Note 12 ). (c) This investment was completed in several tranches during November and December 2024, with properties located across 21 U.S. states. During the year ended December 31, 2024, we entered into the following self-storage operating property investment, which was deemed to be a real estate asset acquisition (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Dayton, Ohio 1 8/19/2024 Self-Storage $ 7,408 1 $ 7,408
Schedule of Real Estate Under Construction	During 2024, 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 Salisbury, North Carolina Expansion 1 3/8/2024 Industrial $ 14,737 Little Rock, Arkansas Expansion 1 4/10/2024 Self-Storage (Operating) 3,280 Irvine, California Redevelopment 1 6/27/2024 Industrial 15,222 Washington, Michigan Redevelopment 1 12/13/2024 Research and Development 36,290 Atlanta, Georgia Redevelopment 1 12/31/2024 Warehouse 17,520 5 $ 87,049
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, 2024 2023 2022 Lease income — fixed $ 1,186,730 $ 1,254,340 $ 1,160,942 Lease income — variable (a) 145,058 173,036 140,675 Total operating lease income $ 1,331,788 $ 1,427,376 $ 1,301,617 __________ (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, 2024 are as follows (in thousands): Years Ending December 31, Total 2025 $ 1,260,864 2026 1,254,010 2027 1,217,122 2028 1,190,048 2029 1,138,578 Thereafter 11,103,738 Total $ 17,164,360
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, 2024 2023 2022 Fixed lease cost $ 15,550 $ 15,518 $ 15,087 Variable lease cost 1,992 1,731 1,086 Total lease cost $ 17,542 $ 17,249 $ 16,173
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 2024 2023 Operating ROU assets — land leases In-place lease intangible assets and other $ 115,156 $ 114,080 Finance ROU assets — land and building leases In-place lease intangible assets and other 25,253 26,034 Operating ROU assets — office leases Other assets, net 51,319 54,730 Total operating ROU assets $ 191,728 $ 194,844 Operating lease liabilities Accounts payable, accrued expenses and other liabilities $ 143,274 $ 138,733 Weighted-average remaining lease term — operating leases 23.4 years 23.8 years Weighted-average discount rate — operating leases 6.8 % 6.6 % Number of land lease arrangements — operating leases 72 66 Weighted-average remaining lease term — finance leases (a) 56.4 years 58.6 years Number of land and building lease arrangements — finance leases 2 2 Number of office space arrangements 4 4 Remaining lease term range (excluding extension options not reasonably certain of being exercised) <1 – 95 years <1 – 98 years __________ (a) There are no related lease liabilities for our finance ROU assets. Therefore, there is no applicable weighted-average discount rate for such assets.
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, 2024 is as follows (in thousands): Years Ending December 31, Total 2025 $ 14,805 2026 15,057 2027 15,279 2028 15,169 2029 14,291 Thereafter 228,739 Total lease payments 303,340 Less: amount of lease payments representing interest (160,066) Present value of future lease payments/lease obligations $ 143,274
Disclosure of Assets Held-for-sale, Net	Below is a summary of our properties held for sale (in thousands): December 31, 2024 2023 Land, buildings and improvements — net lease and other $ — $ 46,986 In-place lease intangible assets and other — 5,222 Above-market rent intangible assets — 8,374 Accumulated depreciation and amortization — (23,460) Assets held for sale, net $ — $ 37,122

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Net Investments in Finance Leases and Loans Receivable	Finance Receivables Net investments in finance leases and loans receivable are summarized as follows (in thousands): Maturity Date December 31, 2024 2023 Sale-leaseback transactions accounted for as loans receivable (a) 2038 – 2054 $ 451,813 $ 236,611 Net investments in direct financing leases (b) 2025 – 2036 277,698 431,328 Net investments in sales-type leases (c) 2025 36,891 835,734 Secured loans receivable (d) 2025 31,857 11,250 $ 798,259 $ 1,514,923 __________ (a) 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 $14.3 million and $0.8 million as of December 31, 2024 and 2023, respectively. (b) Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases . (c) These investments are assessed for credit loss allowances but no such allowances were recorded as of December 31, 2024 or 2023. (d) Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. No such allowance was recorded as of December 31, 2024. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2024 2023 Lease payments receivable $ 178,639 $ 285,512 Unguaranteed residual value 273,502 434,234 452,141 719,746 Less: unearned income (150,383) (251,441) Less: allowance for credit losses (a) (24,060) (36,977) $ 277,698 $ 431,328 __________ (a) During the years ended December 31, 2024 and 2023, we recorded a net allowance for credit losses of $16.2 million and $28.2 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2024, we reduced the allowance for credit losses balance by $29.2 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.
Schedule of Income from Finance Leases and Loans Receivable	Income from finance leases and loans receivable is summarized as follows (in thousands): Years Ended December 31, 2024 2023 2022 Net investments in direct financing leases $ 34,375 $ 49,950 $ 53,017 Sale-leaseback transactions accounted for as loans receivable 22,754 14,715 13,569 Net investments in sales-type leases 13,280 38,109 — Secured loans receivable 2,853 4,399 7,680 $ 73,262 $ 107,173 $ 74,266
Schedule of Loans Receivable	During the year ended December 31, 2024, we entered into the following sale-leasebacks, which were deemed to be loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Investment Various, Italy (a) 4 3/26/2024 Industrial, Warehouse $ 83,890 Nueva Leon, Mexico 4 10/15/2024; 12/11/2024 Industrial 98,580 Various, Poland (a) (b) 11 11/14/2024; 12/18/2024 Industrial 56,150 19 $ 238,620 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) In connection with this acquisition, we capitalized (i) land lease ROU assets totaling $0.7 million, which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $0.7 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets.
Schedule of Net Investments in Sales-type Leases	Net investments in sales-type leases is summarized as follows (in thousands): December 31, 2024 2023 Lease payments receivable (a) $ 36,938 $ 849,881 36,938 849,881 Less: unearned income (47) (14,147) $ 36,891 $ 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, 2024 are as follows (in thousands): Years Ending December 31, Total 2025 (a) $ 69,427 2026 31,414 2027 30,248 2028 23,541 2029 20,933 Thereafter 40,014 Total $ 215,577 __________ (a) Includes $36.9 million for the net investments in sales-type leases described above, representing the estimated purchase prices of the investments plus remaining rents. One such investment (comprising two properties) was sold in January 2025 for gross proceeds of approximately $16.6 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 2024 2023 2024 2023 1 – 3 18 18 $ 575,361 $ 1,338,877 4 7 8 254,864 215,953 5 1 — 6,411 — $ 836,636 $ 1,554,830

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]
Schedule of Goodwill	The following table presents a reconciliation of our goodwill (in thousands): Goodwill Balance at January 1, 2022 $ 901,529 Acquisition of CPA:18 – Global ( Note 4 ) 172,346 Impairment charges ( Note 10 ) (29,334) Foreign currency translation adjustments (7,129) Balance at December 31, 2022 1,037,412 Allocation of goodwill distributed to NLOP ( Note 3 ) (61,737) Foreign currency translation adjustments 2,614 Balance at December 31, 2023 978,289 Foreign currency translation adjustments (10,446) Balance at December 31, 2024 $ 967,843
Schedule of Intangible Assets and Goodwill	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): December 31, 2024 2023 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 $ 2,778 $ (999) $ 1,779 $ 20,745 $ (19,569) $ 1,176 2,778 (999) 1,779 20,745 (19,569) 1,176 Lease Intangibles: In-place lease 2,157,163 (938,574) 1,218,589 2,168,739 (934,138) 1,234,601 Above-market rent 665,495 (481,355) 184,140 706,773 (481,554) 225,219 2,822,658 (1,419,929) 1,402,729 2,875,512 (1,415,692) 1,459,820 Goodwill Goodwill 967,843 — 967,843 978,289 — 978,289 Total intangible assets $ 3,793,279 $ (1,420,928) $ 2,372,351 $ 3,874,546 $ (1,435,261) $ 2,439,285 Finite-Lived Intangible Liabilities Below-market rent $ (197,971) $ 78,140 $ (119,831) $ (203,413) $ 66,541 $ (136,872) Total intangible liabilities $ (197,971) $ 78,140 $ (119,831) $ (203,413) $ 66,541 $ (136,872)
Schedule of Finite-Lived Intangible Assets Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2024, 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 (Increase) in Lease Revenues Increase to Amortization Total 2025 $ 19,177 $ 125,679 $ 144,856 2026 14,392 117,110 131,502 2027 12,373 111,677 124,050 2028 11,159 102,470 113,629 2029 10,885 93,043 103,928 Thereafter (3,677) 670,389 666,712 Total $ 64,309 $ 1,220,368 $ 1,284,677

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2024
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 and their respective carrying values (dollars in thousands): Carrying Value at December 31, Lessee/Fund/Description Ownership Interest 2024 2023 Las Vegas Retail Complex (a) (b) N/A $ 248,972 $ 235,979 Kesko Senukai (c) 70.00% 26,773 28,860 Harmon Retail Corner (b) 15.00% 24,169 24,229 CESH (d) 2.43% 1,201 1,259 Johnson Self Storage (e) 90.00% — 63,934 $ 301,115 $ 354,261 __________ (a) See “Las Vegas Retail Complex” below for discussion of this equity method investment. (b) 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. (c) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (d) We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. (e) See “Johnson Self Storage” below for discussion of this equity method investment.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 December 31, 2023 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 6,505,907 $ 6,232,889 $ 6,035,686 $ 5,598,423 Non-recourse mortgages, net (a) (b) (d) 3 401,821 400,508 579,147 572,553 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 12 ) includes unamortized deferred financing costs of $30.2 million and $21.0 million at December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.5 million and less than $0.1 million at December 31, 2024 and 2023, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $29.9 million and $20.1 million at December 31, 2024 and 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $4.4 million and $4.3 million at December 31, 2024 and 2023, 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, 2024 2023 2022 Fair Value Impairment Fair Value Impairment Fair Value Impairment Impairment Charges Real estate $ 110,485 $ 43,595 $ 1,182,551 $ 86,411 $ 32,497 $ 39,119 Investment management goodwill — — — — — 29,334 $ 43,595 $ 86,411 $ 68,453

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Foreign currency collars Other assets, net $ 21,556 $ 14,103 $ — $ — Interest rate swaps Other assets, net 250 995 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (848) (1,678) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (50) (4,029) 21,806 15,098 (898) (5,707) Derivatives Not Designated as Hedging Instruments Foreign currency collars Other assets, net 1,696 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (217) 1,696 — — (217) Total derivatives $ 23,502 $ 15,098 $ (898) $ (5,924)
Schedule of Derivative Instruments, Effect on other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2024 2023 2022 Foreign currency collars $ 11,432 $ (21,112) $ 13,013 Interest rate swaps 154 (3,270) 3,068 Interest rate caps — (9) 16 Total $ 11,586 $ (24,391) $ 16,097 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, 2024 2023 2022 Foreign currency collars Non-operating income $ 8,695 $ 14,874 $ 17,483 Interest rate swaps and caps Interest expense 1,582 1,956 (167) Total $ 10,277 $ 16,830 $ 17,316 __________ (a) Excludes net losses of $1.0 million, net losses of $2.0 million, and net gains of $3.6 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	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, 2024 2023 2022 Foreign currency collars Non-operating income $ 3,826 $ (389) $ 6,574 Interest rate swaps Interest expense (1,691) (2,076) 171 Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 1,913 32 (248) Stock warrants Other gains and (losses) — (3,950) (650) Total $ 4,048 $ (6,383) $ 5,847
Schedule of Derivative Instruments	The interest rate swaps that our consolidated subsidiaries had outstanding at December 31, 2024 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 (b) 4 530,938 EUR $ (848) Interest rate swap 1 11,695 USD 250 $ (598) __________ (a) Fair value amounts are based on the exchange rate of the euro at December 31, 2024, as applicable. (b) Includes three interest rate swaps with an aggregate notional of €500 million and fair value of $0, which matured on December 31, 2024. The following table presents the foreign currency collars that we had outstanding at December 31, 2024 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2024 Designated as Cash Flow Hedging Instruments Foreign currency collars 48 273,000 EUR $ 20,401 Foreign currency collars 20 12,720 GBP 1,105 Not Designated as Cash Flow Hedging Instruments Foreign currency collars 5 35,000 EUR 1,696 $ 23,202

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 (a) Maturity Date at December 31, 2024 Principal Outstanding Balance at 2024 2023 Unsecured Term Loans: (b) Unsecured Term Loan due 2026 — borrowing in euros (c) 4.29% 4/24/2026 $ 519,450 $ 552,500 GBP Term Loan due 2028 — borrowing in British pounds sterling (d) SONIA + 0.80% 2/14/2028 338,290 343,306 EUR Term Loan due 2028 — borrowing in euros (e) EURIBOR + 0.80% 2/14/2028 223,363 237,575 1,081,103 1,133,381 Unsecured Revolving Credit Facility: Borrowing in British pounds sterling (d) SONIA + 0.725% 2/14/2029 40,094 — Borrowing in Japanese yen (f) TIBOR + 0.725% 2/14/2029 15,354 17,035 Borrowing in euros N/A 2/14/2029 — 386,750 55,448 403,785 $ 1,136,551 $ 1,537,166 __________ (a) The applicable interest rate at December 31, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1 or our Leverage Ratio. (b) Balances exclude unamortized discount of $5.0 million and $7.4 million at December 31, 2024 and 2023, respectively, and unamortized deferred financing costs of $0.2 million and $0.4 million at December 31, 2024 and 2023, respectively. (c) Interest rate was subject to variable-to-fixed interest rate swaps that fixed the total per annum interest rate at 4.29% inclusive of credit spread through December 31, 2024. These interest rate swaps expired on December 31, 2024, after which the Unsecured Term Loan due 2026 is subject to a variable interest rate based on EURIBOR. (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, 2024 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at December 31, Senior Unsecured Notes, net (a) Issue Date 2024 2023 4.6% Senior Notes due 2024 (b) 3/14/2014 $ 500,000 4.6 % 4/1/2024 $ — $ 500,000 2.25% Senior Notes due 2024 (c) 1/19/2017 € 500,000 2.25 % 7/19/2024 — 552,500 4.0% Senior Notes due 2025 (d) 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 519,450 552,500 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 519,450 552,500 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 519,450 552,500 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 155,835 165,750 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 545,422 580,125 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 4.25% Senior Notes due 2032 5/16/2024 € 650,000 4.25 % 7/23/2032 675,285 — 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 207,780 221,000 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 5.375% Senior Notes due 2034 6/28/2024 $ 400,000 5.375 % 6/30/2034 400,000 — 3.7% Senior Notes due 2034 11/19/2024 € 600,000 3.7 % 11/19/2034 623,340 — $ 6,566,012 $ 6,076,875 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $30.2 million and $21.1 million, and unamortized discount totaling $29.9 million and $20.1 million at December 31, 2024 and 2023, respectively. (b) In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity. (c) In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity. (d) In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity ( Note 19 ).
Scheduled Debt Principal Payments	Scheduled debt principal payments as of December 31, 2024 are as follows (in thousands): Years Ending December 31, Total 2025 (a) $ 669,459 2026 1,479,745 2027 529,329 2028 1,152,721 2029 547,983 Thereafter through 2034 3,730,015 Total principal payments 8,109,252 Unamortized discount, net (39,310) Unamortized deferred financing costs (30,940) Total $ 8,039,002 __________ (a) In February 2025, we repaid our $450 million of 4.0% Senior Notes due 2025 at maturity ( Note 19 ).

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 Ordinary income $ 3.0709 $ 3.8233 $ 4.0329 Capital gains 0.2363 0.3443 0.0273 Return of capital 0.1628 0.8671 0.1718 Total dividends paid (a) $ 3.4700 $ 5.0347 $ 4.2320 __________ (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, 2024 2023 2022 Net income – basic and diluted $ 460,839 $ 708,334 $ 599,139 Weighted-average shares outstanding – basic 220,168,325 215,369,777 199,633,802 Effect of dilutive securities 352,132 390,719 793,322 Weighted-average shares outstanding – diluted 220,520,457 215,760,496 200,427,124
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, 2024 2023 2022 Shares of common stock issued — — 2,740,295 Weighted-average price per share $ — $ — $ 80.79 Net proceeds $ — $ — $ 218,081 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, 2024 2023 2022 Shares of common stock delivered — 7,826,840 3,925,000 Net proceeds $ — $ 633,785 $ 284,259
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, 2022 $ 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 ( Note 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) Other comprehensive income before reclassifications 20,901 (6,281) — 14,620 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (8,695) — — (8,695) Interest expense (1,582) — — (1,582) Total (10,277) — — (10,277) Net current period other comprehensive income 10,624 (6,281) — 4,343 Net current period other comprehensive income attributable to noncontrolling interests — 292 — 292 Balance at December 31, 2024 $ 20,274 $ (270,506) $ — $ (250,232)

Stock-Based and Other Compens_2

Stock-Based and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted and Conditional Award Activity	Nonvested RSAs, RSUs, and PSUs at December 31, 2024 and changes during the years ended December 31, 2024 , 2023, and 2022 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, 2022 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 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 447,358 77.69 526,413 105.92 Granted (c) 300,657 63.11 213,645 82.95 Vested (a) (181,581) 74.99 (309,670) 86.19 Forfeited (6,831) 72.38 (3,364) 101.11 Adjustment (b) — — 124,509 80.73 Nonvested at December 31, 2024 (d) 559,603 $ 70.26 551,533 $ 101.20 __________ (a) The grant date fair value of shares vested during the years ended December 31, 2024, 2023, and 2022 was $40.3 million, $36.1 million, and $26.5 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, 2024 and 2023, we had an obligation to issue 1,391,456 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.5 million and $62.0 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, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero. (d) At December 31, 2024, total unrecognized compensation expense related to these awards was approximately $38.3 million, with an aggregate weighted-average remaining term of 1.7 years.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 2023 2022 Federal Current $ (450) $ (291) $ 5,329 Deferred (71) — 13 (521) (291) 5,342 State and Local Current 2,209 3,456 3,388 2,209 3,456 3,388 Foreign Current 34,195 41,085 27,077 Deferred (4,174) (198) (8,083) 30,021 40,887 18,994 Total Provision for Income Taxes $ 31,709 $ 44,052 $ 27,724
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, 2024 2023 2022 Pre-tax income attributable to taxable subsidiaries (a) $ 63,669 $ 73,669 $ 55,604 Federal provision at statutory tax rate (21%) $ 13,370 $ 15,471 $ 11,677 Non-deductible expense 6,227 3,201 6,972 Change in valuation allowance 3,215 9,970 8,082 Rate differential 2,712 1,357 (387) State and local taxes, net of federal benefit 2,382 3,517 2,920 Windfall tax benefit — — (1,896) Other 3,803 10,536 356 Total provision for income taxes $ 31,709 $ 44,052 $ 27,724 __________ (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, 2024 and 2023 consist of the following (in thousands): December 31, 2024 2023 Deferred Tax Assets Net operating loss and other tax credit carryforwards $ 47,134 $ 52,375 Basis differences — foreign investments 24,991 35,553 Other 953 1,017 Total deferred tax assets 73,078 88,945 Valuation allowance (55,488) (69,800) Net deferred tax assets 17,590 19,145 Deferred Tax Liabilities Basis differences — foreign investments (147,462) (181,277) Total deferred tax liabilities (147,462) (181,277) Net Deferred Tax Liability $ (129,872) $ (162,132)
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, 2024 2023 Beginning balance $ 5,112 $ 6,218 (Decrease) addition based on tax positions related to the prior year (1,379) 369 Decrease due to lapse in statute of limitations (745) (1,622) Foreign currency translation adjustments (156) 221 Addition based on tax positions related to the current year 77 43 Decrease due to Spin-Off — (117) Ending balance $ 2,909 $ 5,112

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Assets from Segment to Consolidated	The following tables present the geographic information (in thousands): Years Ended December 31, 2024 2023 2022 Revenues Domestic $ 1,013,217 $ 1,154,863 $ 996,748 International 569,801 586,495 482,338 Total $ 1,583,018 $ 1,741,358 $ 1,479,086 December 31, 2024 2023 Long-lived Assets Domestic $ 9,273,858 $ 9,049,540 International 5,306,617 5,864,359 Total $ 14,580,475 $ 14,913,899 Equity Method Investments Domestic $ 273,141 $ 324,142 International 27,974 30,119 Total $ 301,115 $ 354,261

Business and Organization - Nar

Business and Organization - Narratives (Details) ft² in Millions		12 Months Ended
	Jan. 01, 2024 segment	Dec. 31, 2024 ft² property tenant	Nov. 01, 2023 ft² property
Real Estate Properties
Number of reportable segments | segment	1
Office | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff
Real Estate Properties
Number of real estate properties (property)		2
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)		4
Owned Real Estate
Real Estate Properties
Number of real estate properties (property)		1,555
Square footage of real estate properties | ft²		176
Number of tenants (tenant) | tenant		355
Operating lease term (in years)		12 years 3 months 18 days
Occupancy rate		98.60%
Owned Real Estate | Operating Properties
Real Estate Properties
Number of real estate properties (property)		84
Square footage of real estate properties | ft²		6.4
Owned Real Estate | Self Storage
Real Estate Properties
Number of real estate properties (property)		78
Owned Real Estate | Hotel
Real Estate Properties
Number of real estate properties (property)		4
Owned Real Estate | Student Housing Properties
Real Estate Properties
Number of real estate properties (property)		2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) property vie	Dec. 31, 2024 USD ($) property vie entity	Dec. 31, 2023 USD ($) vie	Dec. 31, 2022 USD ($)
Basis of Consolidation
Variable interest entities consolidated, count | vie	9	9	15
Variable interest entities declassified, count | entity		7
Variable interest entities, count | vie	14	14	21
Variable interest entities unconsolidated, count | vie	5	5	6
Equity method investments | $	$ 301,115	$ 301,115	$ 354,261
Hotel
Basis of Consolidation
Number of properties (property)	4	4
Owned Real Estate
Basis of Consolidation
Operating property revenues | $		$ 146,800	180,300	$ 59,200
Number of properties (property)	1,555	1,555
Owned Real Estate | Hotel
Basis of Consolidation
Number of properties (property)	4	4
Number of properties sold (property)	1
Owned Real Estate | Hotel | Domestic
Basis of Consolidation
Number of properties (property)	13	13
Owned Real Estate | Hotel
Basis of Consolidation
Operating property revenues | $		$ 43,000	76,200	$ 12,000
Owned Real Estate | Hotel | Domestic | Adjustment
Basis of Consolidation
Number of properties (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 | $	$ 576,200	$ 576,200	$ 729,800
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2	2	2
Owned Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2	2	3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Assets
Land, buildings and improvements — net lease and other		$ 12,842,869	$ 12,095,458
Land, buildings and improvements — operating properties		1,198,676	1,256,249
Net investments in finance leases and loans receivable		798,259	1,514,923
In-place lease intangible assets and other		2,297,572	2,308,853
Above-market rent intangible assets		665,495	706,773
Accumulated depreciation and amortization		(3,222,396)	(3,005,479)
Total assets	[1]	17,535,024	17,976,783
Liabilities
Non-recourse mortgages, net		401,821	579,147
Below-market rent intangible liabilities, net		119,831	136,872
Total liabilities	[1]	9,100,900	9,269,786
Variable Interest Entity
Assets
Land, buildings and improvements — net lease and other		468,484	237,858
Land, buildings and improvements — operating properties		0	39,422
Net investments in finance leases and loans receivable		144,103	595,524
In-place lease intangible assets and other		67,764	40,650
Above-market rent intangible assets		3,757	6,828
Accumulated depreciation and amortization		(19,391)	(23,580)
Total assets		671,402	947,509
Liabilities
Non-recourse mortgages, net		47,853	59,715
Below-market rent intangible liabilities, net		25	32
Total liabilities		$ 72,521	$ 101,047
[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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 640,373	$ 633,860	$ 167,996
Restricted cash	50,328	58,111	56,145
Total cash and cash equivalents and restricted cash	690,701	$ 691,971	$ 224,141	$ 217,950
Change in restricted cash	$ 14,600

NLOP Spin-Off - Narratives (Det

NLOP Spin-Off - Narratives (Details) $ / shares in Units, ft² in Millions		12 Months Ended		24 Months Ended
	Nov. 01, 2023 USD ($) ft² investment $ / shares	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	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		$ 401,821,000	$ 579,147,000	$ 579,147,000
Line of credit, maximum borrowing amount		4,350,000,000
Financing cost		30,940,000
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
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, 2024	Dec. 31, 2023	Nov. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 12,842,869	$ 12,095,458
In-place lease intangible assets and other		2,297,572	2,308,853
Above-market rent intangible assets		665,495	706,773
Investments in real estate		17,802,871	17,882,256
Accumulated depreciation and amortization		(3,222,396)	(3,005,479)
Net investments in real estate		14,580,475	14,913,899
Cash and cash equivalents		690,701	691,971		$ 224,141	$ 217,950
Other assets, net		1,045,218	1,096,474
Goodwill		967,843	978,289		1,037,412	901,529
Total assets	[1]	17,535,024	17,976,783
Liabilities and Equity
Non-recourse mortgages, net		401,821	579,147
Accounts payable, accrued expenses and other liabilities		596,994	615,750
Below-market rent intangible liabilities, net		119,831	136,872
Deferred income taxes		147,461	180,650
Total liabilities	[1]	9,100,900	9,269,786
Distributions in excess of accumulated earnings		3,203,974	2,891,424
Accumulated other comprehensive loss		(250,232)	(254,867)
Noncontrolling interests		4,429	6,562
Total equity		8,434,124	$ 8,706,997		$ 9,008,644	$ 7,583,451
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 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, 2024	Dec. 31, 2023	Nov. 01, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Total liabilities derecognized	[1]	$ (9,100,900)	$ (9,269,786)
Distributions in excess of accumulated earnings		(3,203,974)	(2,891,424)
Accumulated other comprehensive loss		250,232	254,867
Noncontrolling interests derecognized		(4,429)	(6,562)
Reduction to Additional paid-in capital		$ (11,805,179)	$ (11,784,461)
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)
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)
Distributions in excess of accumulated earnings				(229,712)
Accumulated other comprehensive loss				35,664
Noncontrolling interests 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 investment property $ / shares shares	Oct. 31, 2023 USD ($)	Aug. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) ft² property shares	Dec. 31, 2023 USD ($) property shares	Dec. 31, 2022 USD ($)	Aug. 31, 2022 property	Jul. 31, 2022 shares	Dec. 31, 2021 USD ($)
Business Acquisition
Common stock shares, outstanding (in shares) | shares						218,848,844	218,671,874
Non-recourse mortgages, net						$ 401,821	$ 579,147
Debt instrument weighted average interest rate (percent)						4.60%
Proceeds from sales of real estate						$ 409,487	446,402	$ 234,652
Goodwill					$ 1,037,412	967,843	978,289	1,037,412			$ 901,529
Gain on change in control of interests						31,849	0	33,931
Discontinued Operations, Disposed of by Sale
Business Acquisition
Proceeds from sales of real estate						1,200,000	446,400	234,700
Gain on sale of real estate, net						$ 68,400	$ 80,700	43,500
Discontinued Operations, Held-for-sale
Business Acquisition
Number of real estate properties (property) | property							2
Owned Real Estate
Business Acquisition
Number of real estate properties (property) | property						1,555
Operating lease term (in years)						12 years 3 months 18 days
Occupancy rate						98.60%
Square footage of real estate properties | ft²						176
CPA:18 | Affiliated Entity
Business Acquisition
Jointly owned investments, count | investment	4
Owned Real Estate | CPA:18 | Affiliated Entity
Business Acquisition
Number of real estate properties (property) | property	7
Operating Properties | Owned Real Estate
Business Acquisition
Number of real estate properties (property) | property						84
Square footage of real estate properties | ft²						6.4
Self Storage | Owned Real Estate
Business Acquisition
Number of real estate properties (property) | property						78
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 | Owned 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 | Owned Real Estate
Business Acquisition
Lease revenues					$ 4,900

Merger with CPA_18 _ Global - P

Merger with CPA:18 – Global - Pro Forma Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Acquisition, Pro Forma Information
Pro forma total revenues	$ 1,590,233

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction
Interest income on loans to affiliates	$ 52,236	$ 21,442	$ 30,309
Total revenues	1,583,018	1,741,358	1,479,086
Affiliated Entity
Related Party Transaction
Distributions of Available Cash	0	0	8,746
Interest income on loans to affiliates	0	0	112
Total revenues	10,821	3,219	19,843
Asset management revenue
Related Party Transaction
Operating property revenues	6,597	2,184	8,467
Asset management revenue | Affiliated Entity
Related Party Transaction
Operating property revenues	6,597	2,184	8,467
Administrative reimbursements
Related Party Transaction
Operating property revenues	4,224	1,035	2,518
Administrative reimbursements | Affiliated Entity
Related Party Transaction
Operating property revenues	4,000	667	0
Reimbursable costs from affiliates | Affiliated Entity
Related Party Transaction
Operating property revenues	$ 224	$ 368	$ 2,518

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction
Revenues	$ 1,583,018	$ 1,741,358	$ 1,479,086
Affiliated Entity
Related Party Transaction
Revenues	10,821	3,219	19,843
Affiliated Entity | NLOP
Related Party Transaction
Revenues	10,243	1,912	0
Affiliated Entity | CESH
Related Party Transaction
Revenues	578	1,307	1,989
Affiliated Entity | CPA:18 – Global
Related Party Transaction
Revenues	$ 0	$ 0	$ 17,854

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction
Due from affiliates	$ 1,045,218	$ 1,096,474
Affiliated Entity
Related Party Transaction
Asset management fees receivable	554	1,349
Accounts receivable	462	768
Reimbursable costs	73	59
Due from affiliates	$ 1,089	$ 2,176

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, 2024 USD ($) investment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Percentage of Available cash distribution to advisor			10%
Proceeds from repayment of short-term loans to affiliates			$ 0	$ 0	$ 26,000
Number of jointly owned investments | investment			7
Jointly owned investment, accounted for under the equity method investments | investment			3
Affiliated Entity
Related Party Transaction [Line Items]
Annual management fee	$ 7,500
Fee income	4,000
Other Entity
Related Party Transaction [Line Items]
Jointly owned investment, accounted for under the equity method investments | investment			4
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]
Annual management fee	$ 7,500
Fee income			$ 4,000
Corporate Property Associates Eighteen | Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from repayment of short-term loans to affiliates		$ 16,000

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, 2024	Dec. 31, 2023
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,701,892)	$ (1,509,730)
Net property subject to operating lease	11,140,977	10,585,728
Land
Real Estate Investment Property At Cost
Gross property subject to operating lease	2,398,409	2,248,300
Buildings and improvements
Real Estate Investment Property At Cost
Gross property subject to operating lease	10,388,418	9,801,596
Real estate under construction
Real Estate Investment Property At Cost
Gross property subject to operating lease	$ 56,042	$ 45,562

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, 2024 USD ($) property $ / €	Dec. 31, 2023 USD ($) property $ / €	Dec. 31, 2022 USD ($) property	Sep. 30, 2024 USD ($) property	Feb. 28, 2023 USD ($) property	Aug. 01, 2022 USD ($)
Property, Plant and Equipment
Increase (decrease) in exchange rate	(6.00%)
Foreign currency exchange rate | $ / €	1.0389	1.1050
Increase in value of balance sheet item due to foreign currency translation	$ (6,281)	$ 19,758	$ (63,149)
Land, buildings and improvements — net lease and other	12,842,869	12,095,458
Equity Method Investments	(301,115)	(354,261)
CPA:18 Merger
Property, Plant and Equipment
Land, buildings and improvements — net lease and other			$ 881,600			$ 881,613
Direct Financing Method
Property, Plant and Equipment
Net investments in direct financing leases	$ 277,698	$ 431,328
Real Estate
Property, Plant and Equipment
Number of properties (property) | property	1,555
Adjustment
Property, Plant and Equipment
Net investments in direct financing leases	$ (120,900)
Land, buildings and improvements — net lease and other	120,900
Other real estate, period increase (decrease)	$ (6,800)
Adjustment | Land, Buildings and Improvements — Net Lease and Other
Property, Plant and Equipment
Equity Method Investments				$ 84,400
Adjustment | Real Estate Investment Property, Net, Real Estate Leased
Property, Plant and Equipment
Number of properties (property) | property	17
Adjustment | Direct Financing Method
Property, Plant and Equipment
Number of properties (property) | property	2
Hotels | Adjustment
Property, Plant and Equipment
Land, buildings and improvements — net lease and other					$ 46,100
Hotels | Adjustment | Real Estate
Property, Plant and Equipment
Number of properties (property) | property					3
Self Storage | Adjustment
Property, Plant and Equipment
Land, buildings and improvements — net lease and other				$ 84,400
Real Estate Subject to Operating Leases
Property, Plant and Equipment
Increase in value of balance sheet item due to foreign currency translation	$ (210,000)
Number of properties (property) | property	271	12	23
Depreciation	$ 292,900	$ 325,800	$ 299,400
Self Storage | Real Estate
Property, Plant and Equipment
Number of properties (property) | property	78
Self Storage | Adjustment
Property, Plant and Equipment
Number of properties (property) | property				9
Real estate operating business
Property, Plant and Equipment
Increase in value of balance sheet item due to foreign currency translation	$ (1,400)
Number of properties (property) | property	1
Depreciation	$ 28,700	$ 29,800	$ 11,600
Real estate operating business | CPA:18 Merger
Property, Plant and Equipment
Number of properties (property) | property			39
Real estate operating business | Hotels
Property, Plant and Equipment
Number of properties (property) | property		5
Real estate operating business | Self Storage
Property, Plant and Equipment
Number of properties (property) | property	78	80

Land, Buildings and Improveme_5

Land, Buildings and Improvements, and Assets Held for Sale - Narratives (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) property	Jun. 30, 2024 property	Dec. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($) property investment	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Sep. 30, 2024 USD ($)	Feb. 28, 2023 USD ($) property	Aug. 31, 2022 property	Aug. 01, 2022 USD ($) lease property
Investments in real estate
Total capitalized costs			$ 1,128,809			$ 1,211,397	$ 1,145,734
Capitalized construction cost			96,300
Construction projects in progress (property) | property				4		11
Unfunded commitment	$ 72,100		72,100	$ 72,100	$ 72,100	$ 71,800
Capitalized interest			1,000			600	1,300
Lease termination income			7,000			11,900	12,400
End lease related settlement			11,800			9,100	17,600
Sublease Income			(5,000)			(4,900)	(4,600)
Cash paid for operating lease liabilities			16,200			16,100	15,800
Land, buildings and improvements — net lease and other	12,842,869		12,842,869	12,842,869	12,842,869	12,095,458
Increase in value of balance sheet item due to foreign currency translation			(6,281)			19,758	(63,149)
Assets held for sale, net	$ 0		$ 0	$ 0	$ 0	37,122
Real Estate
Investments in real estate
Number of properties (property) | property	1,555		1,555	1,555	1,555
Lease termination income							1,600
Operating property revenues			$ 146,800			180,300	59,200
Real Estate | Occupancy
Investments in real estate
Operating property revenues			136,500			164,500	54,400
Real Estate | Food and beverage
Investments in real estate
Operating property revenues			10,300			$ 15,800	$ 4,800
Adjustment
Investments in real estate
Other real estate, period increase (decrease)			$ (6,800)
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
Below Market Lease | CPA:18 Merger
Investments in real estate
Right-of-use assets											$ 17,900
Discontinued Operations, Disposed of by Sale
Investments in real estate
Number of properties sold				176	2	31	23
Discontinued Operations, Disposed of by Sale | CPA:18 Merger
Investments in real estate
Number of properties (property) | property										1
Discontinued Operations, Held-for-sale
Investments in real estate
Number of properties (property) | property						2
Assets held for sale, net						$ 37,100
Discontinued Operations, Held-for-sale | CPA:18 Merger
Investments in real estate
Number of properties (property) | property											2
Build to Suit
Investments in real estate
Number of properties (property) | property	4		4	4	4
Commitments	$ 95,800		$ 95,800	$ 95,800	$ 95,800
Self Storage | Adjustment
Investments in real estate
Land, buildings and improvements — net lease and other								$ 84,400
Hotels | Adjustment
Investments in real estate
Land, buildings and improvements — net lease and other									$ 46,100
Hotels | Adjustment | Real Estate
Investments in real estate
Number of properties (property) | property									3
Land | CPA:18 Merger
Investments in real estate
Right-of-use assets											$ 6,600
Construction in progress
Investments in real estate
Number of properties (property) | property	5		5	5	5
Construction projects completed (property) | property						4	6
Total capitalized costs			$ 87,049			$ 60,700	$ 148,100
Land, buildings and improvements — net lease and other | Discontinued Operations, Disposed of by Sale
Investments in real estate
Number of properties sold | property				25
Other real estate, period increase (decrease)			$ (281,100)
Real Estate Subject to Operating Leases
Investments in real estate
Number of properties (property) | property	271		271	271	271	12	23
Total capitalized costs			$ 1,172,276			$ 1,200,000	$ 1,200,000
Increase in value of balance sheet item due to foreign currency translation			(210,000)
Depreciation			292,900			325,800	299,400
Real Estate Subject to Operating Leases | Below Market Lease
Investments in real estate
Total capitalized costs							7,000
Real Estate Subject to Operating Leases | Land
Investments in real estate
Total capitalized costs			$ 219,411			212,600	145,100
Real Estate Subject to Operating Leases | Building
Investments in real estate
Total capitalized costs						774,100	853,000
Real Estate Subject to Operating Leases | Net lease intangible
Investments in real estate
Total capitalized costs						185,900	152,900
Real Estate Subject to Operating Leases | Land Lease ROU Assets
Investments in real estate
Total capitalized costs						13,000	12,300
Real Estate Subject to Operating Leases | Prepaid rent
Investments in real estate
Total capitalized costs						6,900
Real estate operating business
Investments in real estate
Number of properties (property) | property	1		1	1	1
Total capitalized costs			$ 7,408
Increase in value of balance sheet item due to foreign currency translation			(1,400)
Depreciation			$ 28,700			$ 29,800	$ 11,600
Real estate operating business | CPA:18 Merger
Investments in real estate
Number of properties (property) | property							39
Real estate operating business | Self Storage
Investments in real estate
Number of properties (property) | property	78		78	78	78	80
Real estate operating business | Student Housing
Investments in real estate
Number of properties (property) | property	2		2	2	2	2
Real estate operating business | Hotels
Investments in real estate
Number of properties (property) | property						5
Real estate operating business | Land
Investments in real estate
Total capitalized costs			$ 1,729
Acquisitions of Operating Real Estate | Self Storage
Investments in real estate
Number of properties (property) | property						4
Total capitalized costs						$ 47,300
Acquisitions of Operating Real Estate | Land | Self Storage
Investments in real estate
Total capitalized costs						13,500
Acquisitions of Operating Real Estate | Building | Self Storage
Investments in real estate
Total capitalized costs						31,900
Acquisitions of Operating Real Estate | Net lease intangible | Self Storage
Investments in real estate
Total capitalized costs						$ 1,800
Hotel
Investments in real estate
Number of properties (property) | property	4		4	4	4
Hotel | Real Estate
Investments in real estate
Number of properties (property) | property	4		4	4	4
Number of properties sold | property	1
Hotel | Discontinued Operations, Disposed of by Sale
Investments in real estate
Number of properties sold | property		1				8
Hotel | Land, buildings and improvements — net lease and other | Real Estate
Investments in real estate
Decrease in operating properties	$ 14,600		$ 14,600	$ 14,600	$ 14,600
Consolidated properties | Self Storage
Investments in real estate
Number of properties (property) | property	81		81	81	81	80	75
Consolidated properties | Student Housing
Investments in real estate
Number of properties (property) | property	2		2	2	2
Consolidated properties | Hotels
Investments in real estate
Number of properties (property) | property	5		5	5	5	13	1

Land, Buildings and Improveme_6

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

2 Months Ended

12 Months Ended

Dec. 19, 2024 USD ($) property

Dec. 13, 2024 USD ($) property

Nov. 27, 2024 USD ($) property

Oct. 18, 2024 USD ($) property

Oct. 17, 2024 USD ($) property

Oct. 01, 2024 USD ($) property

Aug. 09, 2024 USD ($) property

Aug. 06, 2024 USD ($) property

Aug. 02, 2024 USD ($) property

Jul. 23, 2024 USD ($) property

Jun. 26, 2024 USD ($) property

Jun. 03, 2024 USD ($) property

May 15, 2024 USD ($) property

May 13, 2024 USD ($) property

Apr. 05, 2024 USD ($) property

Mar. 26, 2024 USD ($) property

Jan. 30, 2024 USD ($) property

Jan. 09, 2024 USD ($) property

Sep. 18, 2024 USD ($)

Dec. 31, 2024 USD ($) property

Dec. 31, 2023 USD ($) property

Dec. 31, 2022 USD ($) property

Jul. 25, 2024 property

Property, Plant and Equipment

Purchases of real estate

$ 1,128,809

$ 1,211,397

$ 1,145,734

Non-recourse mortgages, net

$ 401,821

$ 579,147

Operating lease

Property, Plant and Equipment

Number of properties (property) | property

271

12

23

Purchases of real estate

$ 1,172,276

$ 1,200,000

$ 1,200,000

Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

19

Purchases of real estate

$ 190,678

Doncaster, United Kingdom | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

2

Purchases of real estate

$ 30,055

Various, Italy | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

5

Purchases of real estate

$ 148,130

Laval, Canada | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 2,604

Commercial Point, Ohio | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 94,220

Tucson, Arizona | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 38,784

Various, United States | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

5

Purchases of real estate

$ 44,400

Various, United States | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

4

Purchases of real estate

$ 23,330

Sylacauga, Alabama | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 5,852

Moxee, Washington and La Porte, Indiana | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

2

Purchases of real estate

$ 37,019

Various, North Carolina | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

3

Purchases of real estate

$ 18,260

Neenah, Wisconsin | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 19,868

Alexandria, Canada | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 26,964

Tillsonburg and Oldcastle, Canada | Operating lease | Acquired Properties

Property, Plant and Equipment

Number of properties (property) | property

2

Purchases of real estate

$ 15,919

Mesa and Laveen, Arizona | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

2

Purchases of real estate

$ 26,030

Various, Poland | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

123

Purchases of real estate

$ 31,508

Las Vegas, Nevada | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 12,471

West Des Moines, Iowa | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 21,063

Various, United States | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

3

Purchases of real estate

$ 15,259

Lebanon, Indiana | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 58,289

Shelbyville, Kentucky | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 99,572

Stockton, California | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 55,073

Weehawken, New Jersey | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 97,244

Various, United States | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

106

Purchases of real estate

$ 201,160

Manchester, United Kingdom | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 25,873

Yarnfield, United Kingdom | Operating lease

Property, Plant and Equipment

Number of properties (property) | property

1

Purchases of real estate

$ 23,329

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
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Payment to acquire real estate	$ 1,128,809	$ 1,211,397	$ 1,145,734
Operating lease
Property, Plant and Equipment
Payment to acquire real estate	1,172,276	1,200,000	1,200,000
Operating lease | Long-Term Debt
Property, Plant and Equipment
Payment to acquire real estate	4,231
Operating lease | In-place lease
Property, Plant and Equipment
Payment to acquire real estate	$ 166,054
Finite lived intangible assets useful life (in years)	14 years 9 months 18 days
Operating lease | Above-market rent
Property, Plant and Equipment
Payment to acquire real estate	$ 7,093
Finite lived intangible assets useful life (in years)	14 years 4 months 24 days
Operating lease | Below-market rent
Property, Plant and Equipment
Payment to acquire real estate	$ 408
Finite lived intangible assets useful life (in years)	12 years 9 months 18 days
Operating lease | Below-market ground lease intangibles
Property, Plant and Equipment
Payment to acquire real estate	$ 3,549
Operating lease | Operating lease liabilities
Property, Plant and Equipment
Payment to acquire real estate	4,346
Real estate operating business
Property, Plant and Equipment
Payment to acquire real estate	7,408
Real estate operating business | In-place lease
Property, Plant and Equipment
Payment to acquire real estate	$ 388
Finite lived intangible assets useful life (in years)	6 months
Land | Operating lease
Property, Plant and Equipment
Payment to acquire real estate	$ 219,411	$ 212,600	$ 145,100
Land | Operating lease | Land lease right-of-use assets
Property, Plant and Equipment
Payment to acquire real estate	4,346
Land | Real estate operating business
Property, Plant and Equipment
Payment to acquire real estate	1,729
Buildings and improvements | Operating lease
Property, Plant and Equipment
Payment to acquire real estate	772,346
Buildings and improvements | Real estate operating business
Property, Plant and Equipment
Payment to acquire real estate	$ 5,291

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, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment
Number of real estate properties (property) | property	5
Total Capitalized Costs | $	$ 87,049	$ 60,700	$ 148,100
Salisbury, North Carolina
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 14,737
Little Rock, Arkansas
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 3,280
Irvine, California
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 15,222
Washington, Michigan
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 36,290
Atlanta, Georgia
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 17,520

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 1,186,730	$ 1,254,340	$ 1,160,942
Lease income — variable	145,058	173,036	140,675
Total operating lease income	$ 1,331,788	$ 1,427,376	$ 1,301,617

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, 2024 USD ($)
Scheduled Future Lease Payments to be Received
2025	$ 1,260,864
2026	1,254,010
2027	1,217,122
2028	1,190,048
2029	1,138,578
Thereafter	11,103,738
Total	$ 17,164,360

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Fixed lease cost	$ 15,550	$ 15,518	$ 15,087
Variable lease cost	1,992	1,731	1,086
Total lease cost	$ 17,542	$ 17,249	$ 16,173

Land, Buildings and Improvem_12

Land, Buildings and Improvements, and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($) lease
Lessee, Lease, Description
Finance lease, right of use asset	$ 25,253	$ 26,034
Total operating ROU assets	191,728	194,844
Operating lease liabilities	$ 143,274	$ 138,733
Weighted-average remaining lease term — operating leases	23 years 4 months 24 days	23 years 9 months 18 days
Weighted-average discount rate — operating leases (percent)	6.80%	6.60%
Weighted-average remaining lease term — finance leases	56 years 4 months 24 days	58 years 7 months 6 days
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	95 years	98 years
Land
Lessee, Lease, Description
Operating lease, right of use asset	$ 115,156	$ 114,080
Operating lease right of use asset, (lease) | lease	72	66
Finance lease right of use asset, (lease) | lease	2	2
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	$ 51,319	$ 54,730
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, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due
2025	$ 14,805
2026	15,057
2027	15,279
2028	15,169
2029	14,291
Thereafter	228,739
Total lease payments	303,340
Less: amount of lease payments representing interest	(160,066)
Present value of future lease payments/lease obligations	$ 143,274	$ 138,733

Land, Buildings and Improvem_14

Land, Buildings and Improvements, and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,198,676	$ 1,256,249
Less: Accumulated depreciation	(3,222,396)	(3,005,479)
Real estate operating business
Real Estate Properties
Less: Accumulated depreciation	(100,575)	(80,057)
Investments in real estate	1,098,101	1,176,192
Real estate operating business | Land
Real Estate Properties
Land, buildings and improvements — operating properties	144,871	150,084
Real estate operating business | Buildings and improvements
Real Estate Properties
Land, buildings and improvements — operating properties	1,053,805	1,104,635
Real estate operating business | Real estate under construction
Real Estate Properties
Land, buildings and improvements — operating properties	$ 0	$ 1,530

Land, Buildings and Improvem_15

Land, Buildings and Improvements, and Assets Held for Sale - Operating Property Investments (Details) $ in Thousands		12 Months Ended
	Aug. 19, 2024 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties
Payment to acquire real estate		$ 1,128,809	$ 1,211,397	$ 1,145,734
Operating real estate
Real Estate Properties
Number of properties (property) | property		1
Payment to acquire real estate		$ 7,408
Dayton, Ohio | Operating real estate
Real Estate Properties
Number of properties (property) | property	1
Payment to acquire real estate	$ 7,408

Land, Buildings and Improvem_16

Land, Buildings and Improvements, and Assets Held for Sale - Summary of Assets Held for Sale, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long Lived Assets Held-for-sale
Accumulated depreciation and amortization	$ 0	$ (23,460)
Assets held for sale, net	0	37,122
In-place lease
Long Lived Assets Held-for-sale
Assets held for sale, gross	0	5,222
Above-market rent intangible assets
Long Lived Assets Held-for-sale
Assets held for sale, gross	0	8,374
Land, buildings and improvements — net lease and other
Long Lived Assets Held-for-sale
Assets held for sale, gross	$ 0	$ 46,986

Finance Receivables - Net Inves

Finance Receivables - Net Investment in Finance Leases and Loans Receivable (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss
Sale-leaseback transactions accounted for as loans receivable	$ 451,813,000	$ 236,611,000
Secured loans receivable	31,857,000	11,250,000
Net investment In lease and loans receivable	798,259,000	1,514,923,000
Loans receivable, allowance For credit losses	0	2,100,000
Loans Receivable
Financing Receivable, Allowance for Credit Loss
Allowance for credit loss	14,300,000	800,000
Net investments in direct financing leases
Financing Receivable, Allowance for Credit Loss
Net investments in direct financing leases	277,698,000	431,328,000
Sales-type leases
Financing Receivable, Allowance for Credit Loss
Net investments in direct financing leases	$ 36,891,000	$ 835,734,000

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands					1 Months Ended						3 Months Ended		12 Months Ended
	Jul. 10, 2024 USD ($)	Oct. 31, 2023 USD ($) property	Oct. 16, 2023 USD ($)	Feb. 28, 2023 USD ($) property	Nov. 30, 2024 USD ($) option	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Aug. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 loan
Finance Receivables
Foreign currency translation adjustments													$ (6,281)	$ 19,758	$ (63,149)
Sales leaseback , loans receivable											$ 36,938	$ 849,881	36,938	849,881
Allowance for loans receivable											13,500	800	13,500	800
Net investments in finance leases and loans receivable											798,259	1,514,923	798,259	1,514,923
Proceeds from repayment of loans receivable						$ 15,000		$ 24,000	$ 28,000	$ 34,000			24,000	28,000	34,000
Release of allowance for credit losses								2,100		$ 10,500
Proceeds from interest received								$ 1,400
Proceeds from prepayment penalty													600
Increase (decrease) in direct financing lease													5,800
Reclassification of net-lease assets to net investments				$ 451,400
Gain on sale of real estate, net													74,822	315,984	43,476
In-place lease intangible assets and other											2,297,572	2,308,853	2,297,572	2,308,853
Above-market rent intangible assets											665,495	706,773	665,495	706,773
Accumulated depreciation and amortization											3,222,396	3,005,479	3,222,396	3,005,479
Other assets, net											(1,045,218)	(1,096,474)	(1,045,218)	(1,096,474)
Direct Financing Method
Finance Receivables
Net investments in direct financing leases											277,698	431,328	$ 277,698	$ 431,328
Number of properties sold | property													1
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Finance Receivables
Receivable with imputed interest, face amount							$ 15,000
Interest rate on loan (percent)							15%
Mixed-use Complex in Las Vegas, Nevada
Finance Receivables
Direct financing leases and loans receivable, maximum borrowing capacity					$ 25,000
Direct financing leases and Loans receivable, variable rate (percent)					3%
Payments for the distribution of loans											15,000
Direct financing leases and loans receivable, number of options | option					2
Direct financing leases and loans receivable, term					1 year
Net investments in finance leases and loans receivable											15,000		$ 15,000
Mixed-use Complex in Las Vegas, Nevada | Maximum
Finance Receivables
Direct financing leases and Loans receivable, variable rate (percent)					6.50%
Retail Project in Las Vegas, Nevada
Finance Receivables
Direct financing leases and loans receivable, maximum borrowing capacity					$ 23,400
Direct financing leases and Loans receivable, variable rate (percent)					8%
Payments for the distribution of loans													16,800
Direct financing leases and loans receivable, number of options | option					2
Direct financing leases and loans receivable, term					1 year
Net investments in finance leases and loans receivable											16,800		16,800
Properties Located in Spain
Finance Receivables
Number of real estate properties (property) | property		70
Reclassification of net-lease assets to net investments		$ 348,600
Properties Located in Spain | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Finance Receivables
Gain on sale of real estate, net												$ 59,100
Loans receivable													359,300
Properties Located in Netherlands
Finance Receivables
Reclassification of net-lease assets to net investments	$ 17,300
Gain on sale of real estate, net													6,400
Other assets, net	(2,300)
Real Associated with Sale-leaseback
Finance Receivables
Number of real estate properties (property) | loan																1
Sales leaseback , loans receivable															19,800
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											(120,900)		(120,900)
Land, buildings and improvements — net lease and other											$ 120,900		$ 120,900
Adjustment | Direct Financing Method
Finance Receivables
Number of real estate properties (property) | property											2		2
Adjustment | Real estate
Finance Receivables
Number of real estate properties (property) | property											17		17
Adjustment | Properties Located in Netherlands
Finance Receivables
Net investments in finance leases and loans receivable	9,200
In-place lease intangible assets and other	(3,000)
Above-market rent intangible assets	(200)
Accumulated depreciation and amortization	$ 3,800
Direct Financing Method | Adjustment
Finance Receivables
Number of real estate properties (property) | property				78
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
Loans receivable													$ 451,400
Direct Financing Method
Finance Receivables
Foreign currency translation adjustments													$ (24,000)

Finance Receivables - Income fr

Finance Receivables - Income from Finance Leases and Loans Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Net investments in direct financing leases	$ 34,375	$ 49,950	$ 53,017
Sale-leaseback transactions accounted for as loans receivable	22,754	14,715	13,569
Net investments in sales-type leases	13,280	38,109	0
Secured loans receivable	2,853	4,399	7,680
Income from finance leases and loans receivable	$ 73,262	$ 107,173	$ 74,266

Finance Receivables - Net Inv_2

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss
Allowance (release) for credit loss	$ 27,629	$ 29,074	$ (14,363)
Loans receivable, decrease in allowance for credit losses	29,200
Net investments in direct financing leases
Financing Receivable, Allowance for Credit Loss
Lease payments receivable	178,639	285,512
Unguaranteed residual value	273,502	434,234
Gross minimum lease payments receivable	452,141	719,746
Less: unearned income	(150,383)	(251,441)
Less: allowance for credit losses	(24,060)	(36,977)
Net investments in direct financing leases	277,698	431,328
Financing Receivable
Financing Receivable, Allowance for Credit Loss
Allowance (release) for credit loss	$ 16,200	$ 28,200

Finance Receivables - Net Inv_3

Finance Receivables - Net Investments in Sales-type Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Lease payments receivable	$ 36,938	$ 849,881
Lease payments receivable including unearned income	36,938	849,881
Less: unearned income	(47)	(14,147)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 36,891	$ 835,734

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2025	Dec. 31, 2024
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2025		$ 69,427
2026		31,414
2027		30,248
2028		23,541
2029		20,933
Thereafter		40,014
Total		215,577
Accounts, Notes, Loans and Financing Receivable
Net investments in sales-type leases		69,427
Subsequent Event
Accounts, Notes, Loans and Financing Receivable
Sale of investment	$ 16,600
Sales-type Lease
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2025		36,900
Accounts, Notes, Loans and Financing Receivable
Net investments in sales-type leases		$ 36,900

Finance Receivables - Sale-leas

Finance Receivables - Sale-leaseback (Details) $ in Thousands	Dec. 31, 2024 USD ($) property	Dec. 18, 2024 USD ($) property	Dec. 11, 2024 USD ($) property	Mar. 26, 2024 property	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable
Operating lease liability	$ 143,274				$ 138,733
Real Estate Associated with Sale-leaseback
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property	19
Total Investment	$ 238,620
Various, Italy | Real Estate Associated with Sale-leaseback
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property				4
Total Investment	83,890
Nueva Leon, Mexico | Real Estate Associated with Sale-leaseback
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property			4
Total Investment			$ 98,580
Various, Poland | Real Estate Associated with Sale-leaseback
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) | property		11
Total Investment		$ 56,150
Land lease ROU assets	700
Operating lease liability	$ 700

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2024 USD ($) tenant	Dec. 31, 2023 USD ($) tenant
Credit Quality of Finance Receivables
Net investments in direct financing leases	$ 836,636	$ 1,554,830
Internally Assigned Grade 1 – 3
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	18	18
Net investments in direct financing leases	$ 575,361	$ 1,338,877
Internally Assigned Grade 4
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	7	8
Net investments in direct financing leases	$ 254,864	$ 215,953
Internally Assigned Grade 5
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	1	0
Net investments in direct financing leases	$ 6,411	$ 0

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments	$ (6,281)	$ 19,758	$ (63,149)
Amortization of intangible assets	186,700	$ 247,500	$ 229,200
Net intangible assets
Finite-Lived Intangible Assets, Net
Foreign currency translation adjustments	$ (22,900)
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Balance - beginning of period	$ 978,289	$ 1,037,412	$ 901,529
Acquisition of CPA:18 – Global (Note 4)			172,346
Impairment charges (Note 10)	0	0	(29,334)
Foreign currency translation adjustments	(10,446)	2,614	(7,129)
Allocation of goodwill distributed to NLOP (Note 3)		(61,737)
Balance - end of period	$ 967,843	$ 978,289	1,037,412
Investment Management
Goodwill
Impairment charges (Note 10)			$ (29,300)

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Accumulated Amortization	$ (1,420,928)	$ (1,435,261)
Goodwill
Total intangible assets, gross	3,793,279	3,874,546
Total intangible assets, net	2,372,351	2,439,285
Finite-Lived Intangible Liabilities
Less: accumulated amortization	78,140	66,541
Total intangible liabilities, gross	(197,971)	(203,413)
Total intangible liabilities, net	(119,831)	(136,872)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(197,971)	(203,413)
Less: accumulated amortization	78,140	66,541
Net amortizable intangible liabilities	(119,831)	(136,872)
Goodwill
Goodwill
Indefinite-lived intangible assets	967,843	978,289
Contracts including internal software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	2,778	20,745
Accumulated Amortization	(999)	(19,569)
Net Carrying Amount	1,779	1,176
Internal-use software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	2,778	20,745
Accumulated Amortization	(999)	(19,569)
Net Carrying Amount	1,779	1,176
Lease intangibles
Finite-Lived Intangible Assets
Gross Carrying Amount	2,822,658	2,875,512
Accumulated Amortization	(1,419,929)	(1,415,692)
Net Carrying Amount	1,402,729	1,459,820
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	2,157,163	2,168,739
Accumulated Amortization	(938,574)	(934,138)
Net Carrying Amount	1,218,589	1,234,601
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	665,495	706,773
Accumulated Amortization	(481,355)	(481,554)
Net Carrying Amount	$ 184,140	$ 225,219

Goodwill and Other Intangible_5

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Net
2025	$ 144,856
2026	131,502
2027	124,050
2028	113,629
2029	103,928
Thereafter	666,712
Total	1,284,677
Net Decrease (Increase) in Lease Revenues
Net
2025	19,177
2026	14,392
2027	12,373
2028	11,159
2029	10,885
Thereafter	(3,677)
Total	64,309
Increase to Amortization
Net
2025	125,679
2026	117,110
2027	111,677
2028	102,470
2029	93,043
Thereafter	670,389
Total	$ 1,220,368

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 01, 2024	Dec. 31, 2023
Investments in Programs
Equity Method Investments	$ 301,115		$ 354,261
Johnson Self Storage
Investments in Programs
Equity method investment, ownership (as a percent)		100%
Equity Method Investments		$ 62,900
Real Estate | Affiliated Entity
Investments in Programs
Equity Method Investments	301,115		354,261
Real Estate | Las Vegas Retail Complex | Affiliated Entity
Investments in Programs
Equity Method Investments	$ 248,972		235,979
Real Estate | Kesko Senukai | Affiliated Entity
Investments in Programs
Equity method investment, ownership (as a percent)	70%
Equity Method Investments	$ 26,773		28,860
Real Estate | Harmon Retail Corner | Affiliated Entity
Investments in Programs
Equity method investment, ownership (as a percent)	15%
Equity Method Investments	$ 24,169		24,229
Real Estate | CESH | Affiliated Entity
Investments in Programs
Equity method investment, ownership (as a percent)	2.43%
Equity Method Investments	$ 1,201		1,259
Real Estate | Johnson Self Storage | Affiliated Entity
Investments in Programs
Equity method investment, ownership (as a percent)	90%
Equity Method Investments	$ 0		$ 63,934

Equity Method Investments - Nar

Equity Method Investments - Narratives (Details) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 01, 2024 USD ($) property	Jun. 10, 2021 USD ($) unit	Sep. 30, 2024 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investments in REITs
Distributions of earnings from equity method investments				$ 21,066	$ 18,588	$ 30,236
Equity Method Investments				301,115	354,261
Payments to acquire equity method investments				16,760	38,219	93,416
Gain on change in control of interests				31,849	0	33,931
Land, buildings and improvements — net lease and other				12,842,869	12,095,458
In-place lease intangible assets and other				2,297,572	2,308,853
Equity Method Investments
Investments in REITs
Interest income				13,200	12,800	10,100
Self Storage | Adjustment
Investments in REITs
Number of properties (property) | property			9
Johnson Self Storage
Investments in REITs
Equity Method Investments	$ 62,900
Payments to acquire equity method investments	$ 10,500
Additional ownership acquired (as a percent)	10%
Equity method investment, ownership (as a percent)	100%
Gain on change in control of interests			$ 31,800
Equity method investment fair value	$ 94,700
Johnson Self Storage | Adjustment
Investments in REITs
Land, buildings and improvements — net lease and other	84,400
In-place lease intangible assets and other	$ 20,600
Johnson Self Storage | Self Storage
Investments in REITs
Number of properties (property) | property	9
Real Estate | Affiliated Entity
Investments in REITs
Equity Method Investments				301,115	354,261
Real Estate | Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments				22,100	29,100	27,800
Aggregate unamortized basis difference on equity investments				16,500	18,000
Real Estate | Las Vegas Retail Complex | Affiliated Entity
Investments in REITs
Equity Method Investments				248,972	235,979
Real Estate | Las Vegas Retail Complex | Third Party | Construction Commitment | Affiliated Entity
Investments in REITs
Commitments		$ 261,900
Stated interest rate (as a percent)		6%
Debt instrument term		36 months
Equity Method Investments		$ 247,700
Payments to acquire equity method investments				16,300
Number of net leased units | unit		2
Equity purchase option percentage		47.50%
Real Estate | CESH | Affiliated Entity
Investments in REITs
Equity Method Investments				$ 1,201	1,259
Equity method investment, ownership (as a percent)				2.43%
Real Estate | Johnson Self Storage | Affiliated Entity
Investments in REITs
Equity Method Investments				$ 0	63,934
Equity method investment, ownership (as a percent)				90%
Affiliated Entity | CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments						1,600
Affiliated Entity | CPA:18 – Global Operating Partner
Investments in REITs
Distributions of earnings from equity method investments						8,700
Affiliated Entity | CESH
Investments in REITs
Distributions of earnings from equity method investments					$ 1,200	$ 1,200

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 31, 2022	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques
Preferred stock, shares issued (in shares)			0	0
Unrealized gain on investment			$ 0	$ 0	$ (18,688,000)
Impairment charges — real estate			$ 43,595,000	86,411,000	39,119,000
Investment in Lineage Logisitics | Common stock | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Shares owned (in shares)			5,546,547
Investment in Lineage Logisitics | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment			$ (134,000,000)	0	38,600,000
Net investment income			7,900,000	0	4,300,000
Fair value of investments			$ 270,900,000	$ 404,900,000
Watermark Lodging Trust
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment					49,200,000
Preferred stock, shares issued (in shares)		1,300,000
Proceeds from the sales of investment in preferred shares	$ 82,600,000
Watermark Lodging Trust | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Proceeds from the sales of investment in preferred shares		$ 65,000,000
Preferred stock liquidation preference (usd per share)		$ 50
Unrealized gain on investment					18,700,000
Watermark Lodging Trust | Common stock | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Shares owned (in shares)		12,208,243
Watermark Lodging Trust | Level 3
Fair Value Measurement Inputs and Valuation Techniques
Investment income, dividend					$ 900,000

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities:
Unamortized deferred financing costs	$ 30,940
Unamortized discount (premium)	39,310
Carrying Value | Level 2 and Level 3 | Non-recourse mortgage, net
Liabilities:
Unamortized deferred financing costs	500	$ 100
Unamortized discount (premium)	4,400	4,300
Carrying Value | Level 2 and Level 3 | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	6,505,907	6,035,686
Unamortized deferred financing costs	30,200	21,000
Unamortized discount (premium)	29,900	20,100
Carrying Value | Level 3 | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	401,821	579,147
Fair Value | Level 2 and Level 3 | Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	6,232,889	5,598,423
Fair Value | Level 3 | Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	$ 400,508	$ 572,553

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Impairment Disclosure
Impairment charges — real estate	$ 43,595	$ 86,411	$ 39,119
Impairment charges — investment management goodwill	0	0	29,334
Fair Value, Measurements, Nonrecurring | Level 3
Impairment Disclosure
Impairment charges — real estate	43,595	86,411	39,119
Impairment charges — investment management goodwill	0	0	29,334
Impairment Charges	43,595	86,411	68,453
Fair Value, Measurements, Nonrecurring | Level 3 | Real estate
Impairment Disclosure
Fair Value Measurements	110,485	1,182,551	32,497
Fair Value, Measurements, Nonrecurring | Level 3 | Investment management goodwill
Impairment Disclosure
Fair Value Measurements	$ 0	$ 0	$ 0

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, 2024 USD ($) property $ / ft²	Dec. 31, 2024 USD ($) property $ / ft²	Dec. 31, 2024 USD ($) property investment $ / ft²	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Nov. 01, 2023 property
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate					$ 43,595			$ 86,411	$ 39,119
Impairment charges — investment management goodwill					0			0	29,334
Investment Management Segment
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — investment management goodwill									$ 29,300
Goodwill, fair value								$ 0
Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Number of properties (property) | property								2
Discontinued Operations, Held-for-sale | Office Sales Program
Fair Value Measurement Inputs and Valuation Techniques
Number of properties sold | property						78		8
Discontinued Operations, Disposed of by Sale
Fair Value Measurement Inputs and Valuation Techniques
Number of properties sold						176	2	31	23
Discontinued Operations, Disposed of by Sale | Office Sales Program
Fair Value Measurement Inputs and Valuation Techniques
Number of properties sold | property						2
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Office
Fair Value Measurement Inputs and Valuation Techniques
Impairment Charges					$ 20,600
Number of properties (property) | property					2	2	2
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | NLOP | Office
Fair Value Measurement Inputs and Valuation Techniques
Number of properties (property) | property										59
Pendragon PLC
Fair Value Measurement Inputs and Valuation Techniques
Number of properties (property) | property				30
Lease extension term				11 years
Pendragon PLC | Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Number of properties sold | property						2			4
Number of properties (property) | property				12
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate					$ 43,595			$ 86,411	$ 39,119
Impairment Charges					43,595			86,411	68,453
Impairment charges — investment management goodwill					0			0	29,334
Level 3 | Fair Value, Measurements, Nonrecurring | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Other real estate owned, estimated cash flow					$ 500	$ 500	$ 500
Market rent (usd per sqft) | $ / ft²					35	35	35
Level 3 | Fair Value, Measurements, Nonrecurring | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Other real estate owned, estimated cash flow					$ 1,000	$ 1,000	$ 1,000
Market rent (usd per sqft) | $ / ft²					36	36	36
Level 3 | Fair Value, Measurements, Nonrecurring | Pendragon PLC | Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate									9,300
Number of properties (property) | property					6	6	6
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	0.0475	0.0475
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	0.1000	0.1000
Eleven properties | Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate								$ 39,100	$ 39,100
Number of properties (property) | property								3
Eleven properties | Real estate | Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Number of properties (property) | property									11
Impaired properties | Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate									$ 12,400
Number of properties sold | property	1	1	1
Number of properties (property) | property									3
Potentially vacant properties | Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate									$ 10,900
Potentially vacant properties | 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	0.140	0.140
Potentially vacant properties | 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	0.110	0.110
Vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate									$ 6,500
Spinoff properties | Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate					$ 47,300
Spinoff properties | Level 3 | Fair Value, Measurements, Nonrecurring | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²					6	6	6
Spinoff properties | Level 3 | Fair Value, Measurements, Nonrecurring | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) | $ / ft²					65	65	65
Spinoff properties | 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	0.065	0.065
Spinoff properties | 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	0.120	0.120
Spinoff properties | 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	0.055	0.055
Spinoff properties | 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	0.120	0.120
Four impaired properties | Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges — real estate					$ 23,000
Impaired properties | property						4

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Derivative Instruments
Cash collateral	$ 0	$ 0
Derivative, remaining maturity	59 months
Maximum exposure on derivatives	$ 23,500,000
Derivatives, net liability position	900,000	5,900,000
Aggregate termination value for immediate settlement	900,000	6,000,000
Other comprehensive income foreign currency gain (loss)	239,700,000	$ (121,800,000)	$ 214,300,000
Individual Counterparty
Summary of Derivative Instruments
Maximum exposure on derivatives	4,500,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	(100,000)
Non-operating income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives	$ 12,200,000

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, 2024	Dec. 31, 2023
Derivatives, Fair Value
Derivative assets, fair value	$ 23,502	$ 15,098
Liability derivatives, fair value	(898)	(5,924)
Designated as Cash Flow Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	21,806	15,098
Liability derivatives, fair value	(898)	(5,707)
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	21,556	14,103
Designated as Cash Flow Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(50)	(4,029)
Designated as Cash Flow Hedging Instruments | Interest rate swaps | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	250	995
Designated as Cash Flow Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(848)	(1,678)
Not Designated as Cash Flow Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	1,696	0
Liability derivatives, fair value	0	(217)
Not Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	1,696
Not Designated as Cash Flow Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	$ 0	$ (217)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	$ 11,586	$ (24,391)	$ 16,097
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	11,432	(21,112)	13,013
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	154	(3,270)	3,068
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	$ 0	$ (9)	$ 16

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 10,277	$ 16,830	$ 17,316
Net gains (losses) recognized in other comprehensive income	11,586	(24,391)	16,097
Derivatives in Cash Flow Hedging Relationships | Equity Method Investments
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Net gains (losses) recognized in other comprehensive income	(1,000)	(2,000)	3,600
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Net gains (losses) recognized in other comprehensive income	11,432	(21,112)	13,013
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 Income (Loss)	8,695	14,874	17,483
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 Income (Loss)	$ 1,582	$ 1,956	$ (167)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 4,048	$ (6,383)	$ 5,847
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	(1,691)	(2,076)	171
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	3,826	(389)	6,574
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	1,913	32	(248)
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	$ 0	$ (3,950)	$ (650)

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, 2024 EUR (€) derivative	Dec. 31, 2024 USD ($) derivative
Derivative Disclosure
Fair value		$ (598)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swap | EUR
Derivative Disclosure
Number of Instruments | derivative	4	4
Notional Amount | €	€ 530,938
Fair value		$ (848)
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swap | USD
Derivative Disclosure
Number of Instruments | derivative	1	1
Notional Amount		$ 11,695
Fair value		250
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Expiring Swap | EUR
Derivative Disclosure
Notional Amount | €	€ 500,000
Fair value		$ 0

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2024 EUR (€) derivative	Dec. 31, 2024 USD ($) derivative	Dec. 31, 2024 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 23,202
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative	48	48	48
Notional Amount | €	€ 273,000
Fair value, foreign currency derivatives		$ 20,401
Designated as Cash Flow Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | GBP
Derivative Disclosure
Number of Instruments | derivative	20	20	20
Notional Amount | £			£ 12,720
Fair value, foreign currency derivatives		$ 1,105
Not Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative Disclosure
Number of Instruments | derivative	5	5	5
Notional Amount | €	€ 35,000
Fair value, foreign currency derivatives		$ 1,696

Debt - Narratives (Details)

Debt - Narratives (Details)				1 Months Ended	12 Months Ended
	Nov. 19, 2024 EUR (€)	Jun. 28, 2024 EUR (€)	May 16, 2024 EUR (€)	Feb. 12, 2025 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2025	Dec. 31, 2024 EUR (€) property	Dec. 31, 2024 GBP (£) property	Jul. 31, 2024	Apr. 30, 2024	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Aug. 01, 2022 USD ($) property
Senior Unsecured Notes
Long-term line of credit					$ 55,448,000	$ 403,785,000
Maximum borrowing capacity					4,350,000,000
Loss on extinguishment of debt					$ (10,650,000)	0	$ (10,613,000)
Non Recourse Debt
Debt instrument weighted average interest rate (percent)					4.60%				4.60%	4.60%
Non-recourse mortgages, net					$ 401,821,000	579,147,000
Scheduled payments of mortgage principal					231,506,000	396,730,000	137,611,000
Interest paid					256,600,000	269,700,000	191,000,000
Foreign currency translation adjustments					(6,281,000)	19,758,000	$ (63,149,000)
Subsequent Event
Non Recourse Debt
Scheduled payments of mortgage principal				$ 25,800,000
CPA:18
Non Recourse Debt
Debt instrument weighted average interest rate (percent)															5.10%
Number of properties (property) | property															42
Non-recourse mortgages, net															$ 900,200,000
Unamortized discount															$ 13,100,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount					$ 6,600,000,000
Non Recourse Debt
Stated interest rate (as a percent)											2.25%	4.60%
Senior Unsecured Notes | Subsequent Event
Non Recourse Debt
Stated interest rate (as a percent)								4%
Senior Unsecured Notes | Minimum
Senior Unsecured Notes
Variable interest rate (percentage)					0.20%
Senior Unsecured Notes | Maximum
Senior Unsecured Notes
Variable interest rate (percentage)					0.35%
Senior Unsecured Notes | 0.95% Senior Notes due 2030
Senior Unsecured Notes
Principal Amount | €									€ 525,000,000
Non Recourse Debt
Stated interest rate (as a percent)					0.95%				0.95%	0.95%
Senior Unsecured Notes | 4.25% Senior Notes due 2032
Senior Unsecured Notes
Principal Amount | €			€ 650,000,000						€ 650,000,000
Undiscounted rate			99.526%
Debt instrument term			8 years 2 months 12 days
Non Recourse Debt
Stated interest rate (as a percent)			4.25%		4.25%				4.25%	4.25%
Senior Unsecured Notes | 5.375% Senior Notes due 2034
Senior Unsecured Notes
Principal Amount		€ 400,000,000			$ 400,000,000
Undiscounted rate		98.843%
Debt instrument term		10 years
Non Recourse Debt
Stated interest rate (as a percent)		5.375%			5.375%				5.375%	5.375%
Senior Unsecured Notes | 3.7% Senior Notes due 2034
Senior Unsecured Notes
Principal Amount | €	€ 600,000,000								€ 600,000,000
Undiscounted rate	98.88%
Debt instrument term	10 years
Non Recourse Debt
Stated interest rate (as a percent)	3.70%				3.70%				3.70%	3.70%
Non-Recourse Debt
Senior Unsecured Notes
Loss on extinguishment of debt					$ (100,000)	$ 3,500,000
Non Recourse Debt
Debt instrument weighted average interest rate (percent)					4.50%	4.90%			4.50%	4.50%			4.90%	4.90%
Prepayments of mortgage principal					$ 33,800,000	$ 99,800,000
Scheduled payments of mortgage principal					181,300,000	268,100,000
Foreign currency translation adjustments					$ (280,600,000)
Non-Recourse Mortgage Loan
Non Recourse Debt
Number of properties (property) | property					5				5	5
Non-recourse mortgages, net					$ 66,000,000
Non-Recourse Mortgage Loan | Fixed Interest Rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)					4.50%				4.50%	4.50%
Unsecured Term Loans
Senior Unsecured Notes
Long-term line of credit | €									€ 500,000,000				€ 500,000,000
Unsecured Term Loans | GBP
Senior Unsecured Notes
Long-term line of credit | £										£ 270,000,000				£ 270,000,000
Unsecured Term Loans | EUR
Senior Unsecured Notes
Long-term line of credit | €									215,000,000				215,000,000
Unsecured Term Loans | Term Loan Due 2026
Senior Unsecured Notes
Long-term line of credit | €									300,000,000				300,000,000
Unsecured Term Loans | Delayed Draw Term Loan Due 2026
Senior Unsecured Notes
Long-term line of credit | €									€ 200,000,000				€ 200,000,000
Unsecured Revolving Credit Facility:
Senior Unsecured Notes
Line of credit facility, available					$ 1,900,000,000
Debt instrument borrowing capacity fee (percentage)					0.125%
Unsecured Revolving Credit Facility: | USD
Senior Unsecured Notes
Long-term line of credit					$ 2,000,000,000	$ 2,000,000,000
Standby Letters of Credit
Senior Unsecured Notes
Line of credit facility, available					$ 4,900,000

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 24, 2023
Senior Unsecured Credit Facility
Debt outstanding	$ 1,136,551	$ 1,537,166
Unamortized discount (premium)	39,310
Financing cost	30,940
Unsecured Term Loans
Senior Unsecured Credit Facility
Debt outstanding	1,081,103	1,133,381
Unamortized discount (premium)	5,000	7,400
Financing cost	$ 200	400
Unsecured Term Loans | Unsecured Term Loan due 2026 — borrowing in euros
Senior Unsecured Credit Facility
Stated interest rate (as a percent)	4.29%
Debt outstanding	$ 519,450	552,500
Effective interest rate (as a percent)			4.29%
Unsecured Term Loans | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Debt outstanding	338,290	343,306
Unsecured Term Loans | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Debt outstanding	$ 223,363	237,575
Unsecured Term Loans | SONIA | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.80%
Unsecured Term Loans | EURIBOR | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.80%
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Debt outstanding	$ 55,448	403,785
Unsecured Revolving Credit Facility: | British Pounds Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	40,094	0
Unsecured Revolving Credit Facility: | JPY Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	15,354	17,035
Unsecured Revolving Credit Facility: | Euro Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	$ 0	$ 386,750
Unsecured Revolving Credit Facility: | SONIA | British Pounds Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.725%
Unsecured Revolving Credit Facility: | TIBOR | JPY Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.725%

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details)	1 Months Ended			12 Months Ended
	Feb. 28, 2025 EUR (€)	Jul. 31, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)	Nov. 19, 2024 EUR (€)	Jun. 28, 2024 EUR (€)	May 16, 2024 EUR (€)
Senior Unsecured Notes
Unamortized deferred financing costs				$ 30,940,000
Unamortized discount (premium)				39,310,000
Repayments of unsecured debt				1,044,500,000	$ 0	$ 0
Senior Unsecured Notes
Senior Unsecured Notes
Coupon Rate		2.25%	4.60%
Principal Amount				6,600,000,000
Principal outstanding				6,566,012,000	6,076,875,000
Unamortized deferred financing costs				30,200,000	21,100,000
Unamortized discount (premium)				$ 29,900,000	20,100,000
Repayments of unsecured debt		€ 500,000,000	$ 500,000,000
Senior Unsecured Notes | Subsequent Event
Senior Unsecured Notes
Coupon Rate	4%
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				$ 0	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				$ 0	552,500,000
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 | 4.0% Senior Notes due 2025 | Subsequent Event
Senior Unsecured Notes
Repayments of unsecured debt | €	€ 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				$ 519,450,000	552,500,000
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				$ 519,450,000	552,500,000
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				$ 519,450,000	552,500,000
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				$ 155,835,000	165,750,000
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				$ 545,422,000	580,125,000
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 | 4.25% Senior Notes due 2032
Senior Unsecured Notes
Coupon Rate				4.25%			4.25%			4.25%
Principal Amount | €							€ 650,000,000			€ 650,000,000
Principal outstanding				$ 675,285,000	0
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				$ 207,780,000	221,000,000
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
Senior Unsecured Notes | 5.375% Senior Notes due 2034
Senior Unsecured Notes
Coupon Rate				5.375%			5.375%		5.375%
Principal Amount				$ 400,000,000					€ 400,000,000
Principal outstanding				$ 400,000,000	0
Senior Unsecured Notes | 3.7% Senior Notes due 2034
Senior Unsecured Notes
Coupon Rate				3.70%			3.70%	3.70%
Principal Amount | €							€ 600,000,000	€ 600,000,000
Principal outstanding				$ 623,340,000	$ 0

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Long-term Debt, by Maturity
2025	$ 669,459
2026	1,479,745
2027	529,329
2028	1,152,721
2029	547,983
Thereafter through 2034	3,730,015
Total principal payments	8,109,252
Unamortized discount, net	(39,310)
Unamortized deferred financing costs	(30,940)
Total	$ 8,039,002

Equity - Distributions (Details

Equity - Distributions (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 01, 2023
Dividends Payable
Ordinary income (usd per share)		$ 3.0709	$ 3.8233	$ 4.0329
Capital gains (usd per share)		0.2363	0.3443	0.0273
Return of capital (usd per share)		0.1628	0.8671	0.1718
Total dividends paid (usd per share)		3.4700	5.0347	4.2320
Distributions declared per share (usd per share)	$ 0.880	3.490	4.067	$ 4.242
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff
Dividends Payable
Total dividends paid (usd per share)		$ 11.44	$ 0.7627
Share conversion rate					$ 0.0667

Equity - Basic and Diluted Earn

Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Net income – basic and diluted	$ 460,839	$ 708,334	$ 599,139
Net income – basic and diluted	$ 460,839	$ 708,334	$ 599,139
Weighted-average shares outstanding – basic (in shares)	220,168,325	215,369,777	199,633,802
Effect of dilutive securities (in shares)	352,132	390,719	793,322
Weighted-average shares outstanding – diluted (in shares)	220,520,457	215,760,496	200,427,124

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, 2024	Dec. 31, 2023	Dec. 31, 2022	May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Net proceeds			$ 218,101
$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
Net proceeds			$ 3
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	0	2,740,295
Weighted average share price (usd per share)	$ 0	$ 0	$ 80.79
Net proceeds	$ 0	$ 0	$ 218,081

Equity - Settlement of Equity F

Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds			$ 218,101
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net (in shares)			2,740,295
Net proceeds			$ 3
Common stock | Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net (in shares)	0	7,826,840	3,925,000
Net proceeds	$ 0	$ 633,785	$ 284,259

Equity - Reclassifications Out

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	$ 8,706,997	$ 9,008,644	$ 7,583,451
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)	0	35,664	0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(52,236)	(21,442)	(30,309)
Interest expense	(277,367)	(291,852)	(219,160)
Other Nonoperating Gains (Losses)	137,988	36,184	(96,038)
Net current period other comprehensive income (loss)	4,343	28,993	(62,105)
Balance - end of period	8,434,124	8,706,997	9,008,644
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	14,620	10,159	(26,101)
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)		(35,664)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(10,277)	(16,830)	(36,004)
Net current period other comprehensive income (loss)	4,343	28,993	(62,105)
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(8,695)	(14,874)	(17,483)
Interest expense	(1,582)	(1,956)	167
Other Nonoperating Gains (Losses)			(18,688)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(6,281)	19,758	(63,149)
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)		(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)	(6,281)	55,422	(63,149)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	0	0	0
Interest expense	0	0	0
Other Nonoperating Gains (Losses)			0
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	0	0	0
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)		0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	(18,688)
Net current period other comprehensive income (loss)	0	0	(18,688)
Gains and (Losses) on Investments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	0	0	0
Interest expense	0	0	0
Other Nonoperating Gains (Losses)			(18,688)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(254,867)	(283,780)	(221,670)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(250,232)	(254,867)	(283,780)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	9,650	36,079	16,347
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	20,274	9,650	36,079
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(264,517)	(319,859)	(256,705)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(270,506)	(264,517)	(319,859)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	0	0	18,688
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	0	0	0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income attributable to noncontrolling interests	292	(80)	(5)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	20,901	(9,599)	37,048
Other comprehensive income derecognized in connection with the Spin-Off (Note 3)		0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(10,277)	(16,830)	(17,316)
Net current period other comprehensive income (loss)	10,624	(26,429)	19,732
Net current period other comprehensive income attributable to noncontrolling interests	0	0	0
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(8,695)	(14,874)	(17,483)
Interest expense	(1,582)	(1,956)	167
Other Nonoperating Gains (Losses)			0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income attributable to noncontrolling interests	292	(80)	(5)
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, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 40,894,000	$ 34,504,000	$ 32,841,000
Employee service share-based compensation, tax benefit from compensation expense			(4,300,000)
Options vested during the period, aggregate intrinsic value	40,300,000	36,100,000	26,500,000
Deferred compensation obligation	$ 78,503,000	62,046,000
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	33,000	30,500
Profit sharing expense	$ 2,800,000	2,600,000	2,300,000
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	4,958,862
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	$ 300,000	$ 200,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (in shares) | shares	1,391,456	1,196,955
Deferred compensation obligation	$ 78,500,000	$ 62,000,000
Fair value assumptions expected dividend rate	0%
Unrecognized stock based compensation expense	$ 38,300,000
Weighted-average remaining term	1 year 8 months 12 days
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	4.10%
Fair value assumptions expected volatility rate	20.50%
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, 2024	Dec. 31, 2023	Dec. 31, 2022
RSA and RSU Awards
Shares
Nonvested, beginning balance (in shares)	447,358	376,298	306,994
Granted (in shares)	300,657	260,193	235,348
Vested (in shares)	(181,581)	(173,883)	(154,028)
Forfeited (in shares)	(6,831)	(3,581)	(12,016)
Adjustments (in shares)	0	(11,669)	0
Nonvested, ending balance (in shares)	559,603	447,358	376,298
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (usd per share)	$ 77.69	$ 74.78	$ 71.21
Granted, weighted average grant date fair value (usd per share)	63.11	82.43	80.28
Vested, weighted average grant date fair value (usd per share)	74.99	76.50	72.80
Forfeited, weighted average grant date fair value (usd per share)	72.38	82.58	75.93
Adjustments, weighted average grant date fair value (usd per share)	0	80.75	0
Nonvested, weighted average grant date fair value (usd per share)	$ 70.26	$ 77.69	$ 74.78
PSU Awards
Shares
Nonvested, beginning balance (in shares)	526,413	531,781	398,255
Granted (in shares)	213,645	150,989	144,311
Vested (in shares)	(309,670)	(218,147)	(165,615)
Forfeited (in shares)	(3,364)	(3,487)	(4,262)
Adjustments (in shares)	124,509	65,277	159,092
Nonvested, ending balance (in shares)	551,533	526,413	531,781
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (usd per share)	$ 105.92	$ 89.14	$ 86.86
Granted, weighted average grant date fair value (usd per share)	82.95	144.54	104.97
Vested, weighted average grant date fair value (usd per share)	86.19	104.65	92.16
Forfeited, weighted average grant date fair value (usd per share)	101.11	107.72	98.26
Adjustments, weighted average grant date fair value (usd per share)	80.73	113.99	80.90
Nonvested, weighted average grant date fair value (usd per share)	$ 101.20	$ 105.92	$ 89.14

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Federal
Current	$ (450)	$ (291)	$ 5,329
Deferred	(71)	0	13
Federal income taxes	(521)	(291)	5,342
State and Local
Current	2,209	3,456	3,388
State and local taxes	2,209	3,456	3,388
Foreign
Current	34,195	41,085	27,077
Deferred	(4,174)	(198)	(8,083)
Foreign income taxes	30,021	40,887	18,994
Total provision for income taxes	$ 31,709	$ 44,052	$ 27,724

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income attributable to taxable subsidiaries	$ 63,669	$ 73,669	$ 55,604
Federal provision at statutory tax rate (21%)	13,370	15,471	11,677
Non-deductible expense	6,227	3,201	6,972
Change in valuation allowance	3,215	9,970	8,082
Rate differential	2,712	1,357	(387)
State and local taxes, net of federal benefit	2,382	3,517	2,920
Windfall tax benefit	0	0	(1,896)
Other	3,803	10,536	356
Total provision for income taxes	$ 31,709	$ 44,052	$ 27,724

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 47,134	$ 52,375
Basis differences — foreign investments	24,991	35,553
Other	953	1,017
Total deferred tax assets	73,078	88,945
Valuation allowance	(55,488)	(69,800)
Net deferred tax assets	17,590	19,145
Deferred Tax Liabilities
Basis differences — foreign investments	(147,462)	(181,277)
Total deferred tax liabilities	(147,462)	(181,277)
Net Deferred Tax Liability	$ (129,872)	$ (162,132)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency
Net operating loss carry forward, foreign	$ 85,100
Deferred income taxes	147,461	$ 180,650
Accrued interest related to uncertain tax positions	1,000	1,300
Income taxes paid	36,300	38,600	$ 42,600
Other assets, net
Income Tax Contingency
Deferred income taxes	17,600	$ 18,500
Federal
Income Tax Contingency
Net operating loss carry forward	17,700
State and local
Income Tax Contingency
Net operating loss carry forward	$ 11,700

Income Taxes - Rollforward of U

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 5,112	$ 6,218
(Decrease) addition based on tax positions related to the prior year	(1,379)
(Decrease) addition based on tax positions related to the prior year		369
Decrease due to lapse in statute of limitations	(745)	(1,622)
Foreign currency translation adjustments	(156)
Foreign currency translation adjustments		221
Addition based on tax positions related to the current year	77	43
Decrease due to Spin-Off	0	(117)
Ending balance	$ 2,909	$ 5,112

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024 property	Dec. 31, 2024 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 investment	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate		$ 409,487			$ 446,402	$ 234,652
Discontinued Operations, Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold (property)			176	2	31	23
Proceeds from sales of real estate		1,200,000			$ 446,400	$ 234,700
Gain (loss) on sale of real estate, net of tax		68,400			80,700	43,500
Gains (losses) on sales of investment real estate, tax		7,300			$ 1,600	$ (5,300)
Discontinued Operations, Disposed of by Sale | Office Sales Program
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property			2
Discontinued Operations, Disposed of by Sale | Hotel
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property	1				8
Discontinued Operations, Held-for-sale | Office Sales Program
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property			78		8
Proceeds from sales of real estate		524,800			$ 216,900
Gain (loss) on sale of real estate, net of tax		$ 3,900			$ 3,600

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)	Jan. 01, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information - Income by

Segment Information - Income by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information Profit Loss
Revenues	$ 1,583,018	$ 1,741,358	$ 1,479,086
Owned Real Estate
Segment Reporting Information Profit Loss
Revenues	1,583,018	1,741,358	1,479,086
Owned Real Estate | Domestic
Segment Reporting Information Profit Loss
Revenues	1,013,217	1,154,863	996,748
Owned Real Estate | International
Segment Reporting Information Profit Loss
Revenues	$ 569,801	$ 586,495	$ 482,338

Segment Information - Segment A

Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Equity Method Investments	$ 301,115	$ 354,261
Owned Real Estate
Assets
Long-lived Assets	14,580,475	14,913,899
Owned Real Estate | Operating Segments
Assets
Equity Method Investments	301,115	354,261
Owned Real Estate | Domestic
Assets
Long-lived Assets	9,273,858	9,049,540
Owned Real Estate | Domestic | Operating Segments
Assets
Equity Method Investments	273,141	324,142
Owned Real Estate | International
Assets
Long-lived Assets	5,306,617	5,864,359
Owned Real Estate | International | Operating Segments
Assets
Equity Method Investments	$ 27,974	$ 30,119

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands, € in Millions	1 Months Ended					12 Months Ended
	Feb. 28, 2025 EUR (€)	Feb. 12, 2025 USD ($) loan	Jan. 31, 2025 USD ($) investment	Jul. 31, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 investment	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Subsequent Events
Repayments of unsecured debt						$ 1,044,500			$ 0	$ 0
Proceeds from sales of real estate						409,487			446,402	234,652
Repayments of secured debt						$ 231,506			$ 396,730	$ 137,611
Senior Unsecured Notes, net
Subsequent Events
Repayments of unsecured debt				€ 500	$ 500,000
Stated interest rate (as a percent)				2.25%	4.60%
4.0% Senior Notes due 2025 | Senior Unsecured Notes, net
Subsequent Events
Stated interest rate (as a percent)						4%	4%	4%
Subsequent Event
Subsequent Events
Number of loans repaid (loan) | loan		2
Repayments of secured debt		$ 25,800
Subsequent Event | Senior Unsecured Notes, net
Subsequent Events
Stated interest rate (as a percent)	4%
Subsequent Event | 4.0% Senior Notes due 2025 | Senior Unsecured Notes, net
Subsequent Events
Repayments of unsecured debt | €	€ 450
Discontinued Operations, Disposed of by Sale
Subsequent Events
Number of properties sold (property)							176	2	31	23
Proceeds from sales of real estate						$ 1,200,000			$ 446,400	$ 234,700
Discontinued Operations, Disposed of by Sale | Subsequent Event
Subsequent Events
Number of properties sold (property) | investment			4
Proceeds from sales of real estate			$ 19,500

Schedule II _ Valuation and Q_2

Schedule II — Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 69,800	$ 106,185	$ 108,812
Other Additions	6,731	19,107	34,894
Deductions	(21,043)	(55,492)	(37,521)
Balance at End of Year	$ 55,488	$ 69,800	$ 106,185

Schedule III _ Real Estate an_2

Schedule III — Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 1,420,928	$ 1,435,261
Accumulated amortization (intangible liabilities)	78,140	66,541
Sale-leaseback transactions accounted for as loans receivable	451,813	236,611
Secured loans receivable	31,857	11,250
Assets held for sale, net	0	37,122
Real estate under construction	56,000
Federal income taxes	16,100,000
Sales-type leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Net investments in direct financing leases	36,891	835,734
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	198,000
Accumulated amortization (intangible liabilities)	78,100
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Gross Carrying Amount	2,822,658	2,875,512
Accumulated amortization (finite lived intangible assets)	$ 1,419,929	$ 1,415,692

Schedule III _ Real Estate an_3

Schedule III — Real Estate and Accumulated Depreciation - Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Subject to Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 233,568,000
Initial Cost to Company
Land	2,654,751,000
Buildings	10,055,987,000
Cost Capitalized Subsequent to Acquisition	1,074,293,000
Increase (Decrease) in Net Investments	(998,204,000)
Gross Amount at which Carried at Close of Period
Land	2,398,409,000
Buildings	10,388,418,000
Total	12,786,827,000	$ 12,049,896,000	$ 13,316,632,000	$ 11,677,185,000
Accumulated Depreciation	1,701,892,000	1,509,730,000	1,672,091,000	1,448,020,000
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	$ 16,573,000
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	$ 4,208,000
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	$ 6,739,000
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	$ 698,000
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	$ 2,701,000
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	14,027,000
Gross Amount at which Carried at Close of Period
Land	9,025,000
Buildings	14,622,000
Total	23,647,000
Accumulated Depreciation	$ 12,272,000
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	$ 3,820,000
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	3,615,000
Increase (Decrease) in Net Investments	(77,927,000)
Gross Amount at which Carried at Close of Period
Land	288,000
Buildings	1,387,000
Total	1,675,000
Accumulated Depreciation	$ 873,000
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 | 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	$ 1,808,000
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	$ 4,156,000
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	$ 7,701,000
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	$ 6,507,000
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	$ 2,575,000
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	1,196,000
Increase (Decrease) in Net Investments	(3,330,000)
Gross Amount at which Carried at Close of Period
Land	337,000
Buildings	8,746,000
Total	9,083,000
Accumulated Depreciation	$ 3,966,000
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	$ 3,280,000
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	(4,510,000)
Gross Amount at which Carried at Close of Period
Land	2,598,000
Buildings	6,798,000
Total	9,396,000
Accumulated Depreciation	$ 2,862,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Retail and warehouse facilities in Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	50,231,000
Buildings	82,613,000
Cost Capitalized Subsequent to Acquisition	239,000
Increase (Decrease) in Net Investments	(13,026,000)
Gross Amount at which Carried at Close of Period
Land	45,022,000
Buildings	75,035,000
Total	120,057,000
Accumulated Depreciation	$ 10,128,000
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	$ 7,194,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Subject to Operating Leases | Industrial facility in Irvine, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,173,000
Buildings	0
Cost Capitalized Subsequent to Acquisition	15,222,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,173,000
Buildings	15,222,000
Total	19,395,000
Accumulated Depreciation	$ 195,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
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	$ 3,260,000
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	$ 4,175,000
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	$ 3,916,000
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	$ 9,324,000
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	$ 800,000
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	15,024,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	16,386,000
Buildings	99,692,000
Total	116,078,000
Accumulated Depreciation	$ 37,302,000
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	$ 4,494,000
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	$ 2,398,000
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	$ 3,947,000
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	$ 16,236,000
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	$ 2,460,000
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	$ 0
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	$ 7,899,000
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	$ 3,351,000
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	10,450,000
Increase (Decrease) in Net Investments	(20,142,000)
Gross Amount at which Carried at Close of Period
Land	6,638,000
Buildings	31,359,000
Total	37,997,000
Accumulated Depreciation	$ 10,892,000
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	4,281,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,559,000
Buildings	23,359,000
Total	29,918,000
Accumulated Depreciation	$ 8,258,000
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	1,700,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,702,000
Buildings	14,729,000
Total	17,431,000
Accumulated Depreciation	$ 1,455,000
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	810,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,080,000
Buildings	24,234,000
Total	30,314,000
Accumulated Depreciation	$ 9,242,000
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	$ 5,591,000
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	$ 0
Initial Cost to Company
Land	3,333,000
Buildings	8,270,000
Cost Capitalized Subsequent to Acquisition	1,258,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,333,000
Buildings	9,528,000
Total	12,861,000
Accumulated Depreciation	$ 3,250,000
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	$ 15,529,000
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	$ 8,482,000
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	$ 3,457,000
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	$ 7,325,000
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	$ 488,000
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	$ 1,844,000
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	$ 1,250,000
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	2,609,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,183,000
Buildings	13,949,000
Total	16,132,000
Accumulated Depreciation	$ 5,073,000
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	$ 1,573,000
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	(12,907,000)
Gross Amount at which Carried at Close of Period
Land	18,894,000
Buildings	35,739,000
Total	54,633,000
Accumulated Depreciation	$ 13,289,000
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	(19,143,000)
Gross Amount at which Carried at Close of Period
Land	21,422,000
Buildings	58,865,000
Total	80,287,000
Accumulated Depreciation	$ 30,328,000
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	(5,801,000)
Gross Amount at which Carried at Close of Period
Land	1,667,000
Buildings	12,423,000
Total	14,090,000
Accumulated Depreciation	$ 5,087,000
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	$ 2,507,000
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	4,387,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809,000
Buildings	18,623,000
Total	19,432,000
Accumulated Depreciation	$ 1,892,000
Life on which Depreciation in Latest Statement of  Income is Computed	31 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	16,146,000
Buildings	83,746,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,032,000)
Gross Amount at which Carried at Close of Period
Land	15,494,000
Buildings	80,366,000
Total	95,860,000
Accumulated Depreciation	$ 2,466,000
Life on which Depreciation in Latest Statement of  Income is Computed	29 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	$ 1,106,000
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	1,980,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,966,000
Buildings	3,348,000
Total	5,314,000
Accumulated Depreciation	$ 1,560,000
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	1,206,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	737,000
Buildings	3,815,000
Total	4,552,000
Accumulated Depreciation	$ 959,000
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	$ 2,853,000
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	$ 1,777,000
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	$ 2,880,000
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	601,000
Increase (Decrease) in Net Investments	(2,519,000)
Gross Amount at which Carried at Close of Period
Land	494,000
Buildings	11,831,000
Total	12,325,000
Accumulated Depreciation	$ 4,493,000
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	$ 769,000
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	$ 22,743,000
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	$ 10,436,000
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	6,137,000
Increase (Decrease) in Net Investments	(76,000)
Gross Amount at which Carried at Close of Period
Land	8,335,000
Buildings	18,379,000
Total	26,714,000
Accumulated Depreciation	$ 6,579,000
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	$ 827,000
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	$ 8,249,000
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	$ 3,737,000
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	27,358,000
Increase (Decrease) in Net Investments	(9,545,000)
Gross Amount at which Carried at Close of Period
Land	6,983,000
Buildings	27,358,000
Total	34,341,000
Accumulated Depreciation	$ 2,470,000
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	$ 2,241,000
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	17,520,000
Increase (Decrease) in Net Investments	(3,220,000)
Gross Amount at which Carried at Close of Period
Land	4,284,000
Buildings	19,493,000
Total	23,777,000
Accumulated Depreciation	$ 775,000
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	$ 2,623,000
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	$ 0
Initial Cost to Company
Land	4,306,000
Buildings	7,235,000
Cost Capitalized Subsequent to Acquisition	224,000
Increase (Decrease) in Net Investments	3,000
Gross Amount at which Carried at Close of Period
Land	4,306,000
Buildings	7,462,000
Total	11,768,000
Accumulated Depreciation	$ 2,614,000
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	$ 168,000
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	$ 1,557,000
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	$ 1,876,000
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	$ 5,745,000
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	$ 3,582,000
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	$ 6,994,000
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	$ 10,055,000
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	$ 2,649,000
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	4,034,000
Increase (Decrease) in Net Investments	1,812,000
Gross Amount at which Carried at Close of Period
Land	23,777,000
Buildings	23,587,000
Total	47,364,000
Accumulated Depreciation	$ 4,385,000
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	$ 3,556,000
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	$ 10,965,000
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	$ 5,161,000
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	$ 5,562,000
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	$ 2,278,000
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	$ 3,595,000
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	(141,305,000)
Gross Amount at which Carried at Close of Period
Land	25,819,000
Buildings	78,422,000
Total	104,241,000
Accumulated Depreciation	27,648,000
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	1,186,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,204,000
Buildings	26,183,000
Total	29,387,000
Accumulated Depreciation	$ 8,663,000
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	$ 6,734,000
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	$ 0
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	$ 3,882,000
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	$ 7,450,000
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	282,000
Increase (Decrease) in Net Investments	(1,620,000)
Gross Amount at which Carried at Close of Period
Land	873,000
Buildings	4,580,000
Total	5,453,000
Accumulated Depreciation	$ 1,661,000
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	$ 1,928,000
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	$ 810,000
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	$ 566,000
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	$ 3,367,000
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	$ 592,000
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	35,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	965,000
Buildings	4,148,000
Total	5,113,000
Accumulated Depreciation	$ 1,334,000
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	$ 3,079,000
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	$ 3,220,000
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	$ 2,202,000
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	(2,057,000)
Gross Amount at which Carried at Close of Period
Land	1,436,000
Buildings	5,727,000
Total	7,163,000
Accumulated Depreciation	$ 2,001,000
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	$ 6,230,000
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	$ 1,005,000
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	$ 1,317,000
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	$ 8,386,000
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	$ 1,948,000
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	$ 29,538,000
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	$ 437,000
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	$ 3,648,000
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	(3,905,000)
Gross Amount at which Carried at Close of Period
Land	4,712,000
Buildings	7,877,000
Total	12,589,000
Accumulated Depreciation	$ 3,373,000
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	$ 8,748,000
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Real Estate Subject to Operating Leases | Retail facility in Vantaa, Finland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,332,000
Buildings	3,908,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,378,000)
Gross Amount at which Carried at Close of Period
Land	219,000
Buildings	643,000
Total	862,000
Accumulated Depreciation	$ 7,000
Life on which Depreciation in Latest Statement of  Income is Computed	30 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	4,816,000
Buildings	31,712,000
Cost Capitalized Subsequent to Acquisition	4,597,000
Increase (Decrease) in Net Investments	9,460,000
Gross Amount at which Carried at Close of Period
Land	5,780,000
Buildings	44,805,000
Total	50,585,000
Accumulated Depreciation	$ 2,563,000
Real Estate Subject to Operating Leases | Industrial facilities 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	30 years
Real Estate Subject to Operating Leases | Industrial facilities 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	32 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	$ 1,683,000
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	$ 1,114,000
Initial Cost to Company
Land	1,492,000
Buildings	12,233,000
Cost Capitalized Subsequent to Acquisition	1,298,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,492,000
Buildings	13,531,000
Total	15,023,000
Accumulated Depreciation	$ 4,340,000
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	987,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,230,000
Buildings	6,479,000
Total	9,709,000
Accumulated Depreciation	$ 2,542,000
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	$ 671,000
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	$ 1,029,000
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	462,000
Increase (Decrease) in Net Investments	(1,223,000)
Gross Amount at which Carried at Close of Period
Land	92,000
Buildings	4,596,000
Total	4,688,000
Accumulated Depreciation	$ 1,424,000
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	(860,000)
Gross Amount at which Carried at Close of Period
Land	2,243,000
Buildings	5,124,000
Total	7,367,000
Accumulated Depreciation	$ 520,000
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	$ 2,713,000
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	$ 4,320,000
Life on which Depreciation in Latest Statement of  Income is Computed	24 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	$ 1,715,000
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	$ 4,792,000
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	$ 2,406,000
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	$ 1,912,000
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	36,290,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,085,000
Buildings	43,786,000
Total	47,871,000
Accumulated Depreciation	$ 2,540,000
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	$ 7,693,000
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	$ 4,481,000
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	(881,000)
Gross Amount at which Carried at Close of Period
Land	2,126,000
Buildings	16,679,000
Total	18,805,000
Accumulated Depreciation	$ 2,311,000
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	$ 3,321,000
Life on which Depreciation in Latest Statement of  Income is Computed	27 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	$ 484,000
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	(8,646,000)
Gross Amount at which Carried at Close of Period
Land	11,143,000
Buildings	16,727,000
Total	27,870,000
Accumulated Depreciation	$ 8,945,000
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	$ 877,000
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	$ 1,112,000
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	427,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	7,962,000
Buildings	33,183,000
Total	41,145,000
Accumulated Depreciation	$ 10,041,000
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	$ 17,653,000
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	$ 12,294,000
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	$ 3,911,000
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	(3,880,000)
Gross Amount at which Carried at Close of Period
Land	1,797,000
Buildings	17,912,000
Total	19,709,000
Accumulated Depreciation	$ 5,275,000
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	(108,864,000)
Gross Amount at which Carried at Close of Period
Land	38,925,000
Buildings	148,920,000
Total	187,845,000
Accumulated Depreciation	$ 49,122,000
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	20,986,000
Increase (Decrease) in Net Investments	(4,614,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	50,307,000
Total	50,307,000
Accumulated Depreciation	$ 10,917,000
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	(778,000)
Gross Amount at which Carried at Close of Period
Land	2,753,000
Buildings	18,153,000
Total	20,906,000
Accumulated Depreciation	$ 4,882,000
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	(5,358,000)
Gross Amount at which Carried at Close of Period
Land	2,315,000
Buildings	13,679,000
Total	15,994,000
Accumulated Depreciation	$ 3,587,000
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	(1,688,000)
Gross Amount at which Carried at Close of Period
Land	8,818,000
Buildings	14,781,000
Total	23,599,000
Accumulated Depreciation	$ 3,972,000
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	$ 13,196,000
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	(10,277,000)
Gross Amount at which Carried at Close of Period
Land	4,926,000
Buildings	28,704,000
Total	33,630,000
Accumulated Depreciation	$ 8,041,000
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	$ 3,773,000
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	$ 13,731,000
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	35,219,000
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	(19,138,000)
Gross Amount at which Carried at Close of Period
Land	5,385,000
Buildings	3,297,000
Total	8,682,000
Accumulated Depreciation	$ 1,698,000
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	$ 34,879,000
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	$ 3,984,000
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	$ 3,852,000
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	$ 2,942,000
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	$ 2,379,000
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	(1,189,000)
Gross Amount at which Carried at Close of Period
Land	352,000
Buildings	9,334,000
Total	9,686,000
Accumulated Depreciation	$ 1,561,000
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	37,522,000
Increase (Decrease) in Net Investments	(1,663,000)
Gross Amount at which Carried at Close of Period
Land	1,532,000
Buildings	36,104,000
Total	37,636,000
Accumulated Depreciation	$ 3,444,000
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	$ 915,000
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	$ 12,815,000
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	2,029,000
Increase (Decrease) in Net Investments	(26,517,000)
Gross Amount at which Carried at Close of Period
Land	17,853,000
Buildings	163,444,000
Total	181,297,000
Accumulated Depreciation	$ 32,906,000
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	(16,759,000)
Gross Amount at which Carried at Close of Period
Land	34,331,000
Buildings	104,512,000
Total	138,843,000
Accumulated Depreciation	$ 23,960,000
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	$ 1,697,000
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	(1,676,000)
Gross Amount at which Carried at Close of Period
Land	2,915,000
Buildings	11,644,000
Total	14,559,000
Accumulated Depreciation	$ 3,030,000
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	(8,368,000)
Gross Amount at which Carried at Close of Period
Land	12,140,000
Buildings	56,701,000
Total	68,841,000
Accumulated Depreciation	$ 10,442,000
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	(2,831,000)
Gross Amount at which Carried at Close of Period
Land	2,357,000
Buildings	27,463,000
Total	29,820,000
Accumulated Depreciation	$ 5,439,000
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	(30,919,000)
Gross Amount at which Carried at Close of Period
Land	655,000
Buildings	11,029,000
Total	11,684,000
Accumulated Depreciation	$ 2,853,000
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	$ 771,000
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	$ 5,409,000
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	(884,000)
Gross Amount at which Carried at Close of Period
Land	1,583,000
Buildings	7,567,000
Total	9,150,000
Accumulated Depreciation	$ 1,343,000
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	$ 8,771,000
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	$ 5,382,000
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	$ 3,582,000
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	$ 7,645,000
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	(457,000)
Gross Amount at which Carried at Close of Period
Land	7,159,000
Buildings	7,454,000
Total	14,613,000
Accumulated Depreciation	$ 1,207,000
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	(5,475,000)
Gross Amount at which Carried at Close of Period
Land	16,073,000
Buildings	40,579,000
Total	56,652,000
Accumulated Depreciation	$ 6,779,000
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	(662,000)
Gross Amount at which Carried at Close of Period
Land	1,255,000
Buildings	5,596,000
Total	6,851,000
Accumulated Depreciation	$ 944,000
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	15,000
Increase (Decrease) in Net Investments	(4,326,000)
Gross Amount at which Carried at Close of Period
Land	14,397,000
Buildings	30,368,000
Total	44,765,000
Accumulated Depreciation	$ 7,443,000
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	$ 2,949,000
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	$ 2,172,000
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	$ 12,316,000
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	$ 5,720,000
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	$ 14,315,000
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	(276,000)
Gross Amount at which Carried at Close of Period
Land	6,585,000
Buildings	2,245,000
Total	8,830,000
Accumulated Depreciation	$ 407,000
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	$ 3,496,000
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	(1,813,000)
Gross Amount at which Carried at Close of Period
Land	7,166,000
Buildings	11,607,000
Total	18,773,000
Accumulated Depreciation	$ 2,167,000
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	$ 448,000
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	1,777,000
Increase (Decrease) in Net Investments	4,403,000
Gross Amount at which Carried at Close of Period
Land	6,207,000
Buildings	17,930,000
Total	24,137,000
Accumulated Depreciation	$ 4,215,000
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	500,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	42,793,000
Buildings	194,166,000
Total	236,959,000
Accumulated Depreciation	$ 33,178,000
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	(11,669,000)
Gross Amount at which Carried at Close of Period
Land	34,428,000
Buildings	88,111,000
Total	122,539,000
Accumulated Depreciation	$ 13,900,000
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	$ 12,867,000
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	(19,919,000)
Gross Amount at which Carried at Close of Period
Land	68,839,000
Buildings	132,256,000
Total	201,095,000
Accumulated Depreciation	$ 22,731,000
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	$ 1,605,000
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	$ 19,059,000
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	$ 407,000
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	$ 1,126,000
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	1,562,000
Increase (Decrease) in Net Investments	(1,626,000)
Gross Amount at which Carried at Close of Period
Land	5,032,000
Buildings	10,353,000
Total	15,385,000
Accumulated Depreciation	$ 2,495,000
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	$ 3,984,000
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	$ 980,000
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	(3,013,000)
Gross Amount at which Carried at Close of Period
Land	5,615,000
Buildings	25,562,000
Total	31,177,000
Accumulated Depreciation	$ 4,323,000
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	$ 1,062,000
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	$ 6,286,000
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	$ 2,035,000
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	(1,066,000)
Gross Amount at which Carried at Close of Period
Land	1,881,000
Buildings	9,149,000
Total	11,030,000
Accumulated Depreciation	$ 1,587,000
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	$ 12,246,000
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	2,970,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,511,000
Buildings	13,736,000
Total	19,247,000
Accumulated Depreciation	$ 1,886,000
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	$ 3,518,000
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	$ 1,453,000
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	(16,717,000)
Gross Amount at which Carried at Close of Period
Land	9,272,000
Buildings	19,458,000
Total	28,730,000
Accumulated Depreciation	$ 3,109,000
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	$ 2,563,000
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	(6,268,000)
Gross Amount at which Carried at Close of Period
Land	7,116,000
Buildings	10,033,000
Total	17,149,000
Accumulated Depreciation	$ 2,168,000
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	$ 371,000
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	$ 15,000
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	$ 7,907,000
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	$ 12,135,000
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	$ 2,014,000
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	$ 1,022,000
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	1,475,000
Increase (Decrease) in Net Investments	(5,193,000)
Gross Amount at which Carried at Close of Period
Land	9,503,000
Buildings	44,928,000
Total	54,431,000
Accumulated Depreciation	$ 7,482,000
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	$ 1,459,000
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	$ 1,859,000
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	(1,857,000)
Gross Amount at which Carried at Close of Period
Land	4,767,000
Buildings	17,396,000
Total	22,163,000
Accumulated Depreciation	$ 2,940,000
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	$ 1,039,000
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	$ 858,000
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	(1,030,000)
Gross Amount at which Carried at Close of Period
Land	2,112,000
Buildings	8,544,000
Total	10,656,000
Accumulated Depreciation	$ 1,406,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facility Bluffton, IN and New Concord, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	958,000
Buildings	2,309,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,449,000
Gross Amount at which Carried at Close of Period
Land	1,409,000
Buildings	5,307,000
Total	6,716,000
Accumulated Depreciation	$ 486,000
Life on which Depreciation in Latest Statement of  Income is Computed	34 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	(1,698,000)
Gross Amount at which Carried at Close of Period
Land	1,986,000
Buildings	15,591,000
Total	17,577,000
Accumulated Depreciation	$ 2,558,000
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	(5,495,000)
Gross Amount at which Carried at Close of Period
Land	8,008,000
Buildings	48,854,000
Total	56,862,000
Accumulated Depreciation	$ 8,685,000
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	(2,770,000)
Gross Amount at which Carried at Close of Period
Land	3,126,000
Buildings	25,537,000
Total	28,663,000
Accumulated Depreciation	$ 4,232,000
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	(3,073,000)
Gross Amount at which Carried at Close of Period
Land	7,171,000
Buildings	24,626,000
Total	31,797,000
Accumulated Depreciation	$ 4,027,000
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	$ 32,029,000
Initial Cost to Company
Land	10,199,000
Buildings	47,391,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,076,000)
Gross Amount at which Carried at Close of Period
Land	9,300,000
Buildings	43,214,000
Total	52,514,000
Accumulated Depreciation	$ 7,239,000
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	$ 11,287,000
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	$ 2,715,000
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	$ 347,000
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	$ 6,699,000
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	$ 2,195,000
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	$ 6,760,000
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	$ 0
Initial Cost to Company
Land	4,742,000
Buildings	23,270,000
Cost Capitalized Subsequent to Acquisition	5,636,000
Increase (Decrease) in Net Investments	(2,937,000)
Gross Amount at which Carried at Close of Period
Land	4,324,000
Buildings	26,387,000
Total	30,711,000
Accumulated Depreciation	$ 4,308,000
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	$ 1,109,000
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	12,755,000
Buildings	48,965,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	12,755,000
Buildings	48,965,000
Total	61,720,000
Accumulated Depreciation	$ 408,000
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 Raleigh, NC and Mount Pleasant, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,473,000
Buildings	19,202,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,473,000
Buildings	19,202,000
Total	22,675,000
Accumulated Depreciation	$ 160,000
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	$ 5,238,000
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	$ 2,163,000
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	$ 8,316,000
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	$ 2,285,000
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	(1,495,000)
Gross Amount at which Carried at Close of Period
Land	906,000
Buildings	14,388,000
Total	15,294,000
Accumulated Depreciation	$ 2,825,000
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	(1,647,000)
Gross Amount at which Carried at Close of Period
Land	3,863,000
Buildings	13,460,000
Total	17,323,000
Accumulated Depreciation	$ 3,055,000
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	$ 5,196,000
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	$ 5,844,000
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	$ 5,617,000
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	$ 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 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	(885,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	15,042,000
Total	15,042,000
Accumulated Depreciation	$ 1,916,000
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	$ 1,217,000
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	$ 1,158,000
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	$ 1,484,000
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	$ 2,323,000
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	$ 11,566,000
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	$ 3,471,000
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	$ 1,565,000
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	(781,000)
Gross Amount at which Carried at Close of Period
Land	3,059,000
Buildings	10,347,000
Total	13,406,000
Accumulated Depreciation	$ 1,397,000
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	$ 4,137,000
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	$ 2,086,000
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	$ 4,035,000
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	(650,000)
Gross Amount at which Carried at Close of Period
Land	1,597,000
Buildings	8,676,000
Total	10,273,000
Accumulated Depreciation	$ 1,189,000
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	(2,931,000)
Gross Amount at which Carried at Close of Period
Land	5,882,000
Buildings	25,732,000
Total	31,614,000
Accumulated Depreciation	$ 3,655,000
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	$ 4,990,000
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	$ 11,809,000
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	2,203,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,287,000
Buildings	12,370,000
Total	15,657,000
Accumulated Depreciation	$ 1,542,000
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	(419,000)
Gross Amount at which Carried at Close of Period
Land	1,808,000
Buildings	3,947,000
Total	5,755,000
Accumulated Depreciation	$ 705,000
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	(1,963,000)
Gross Amount at which Carried at Close of Period
Land	8,217,000
Buildings	28,231,000
Total	36,448,000
Accumulated Depreciation	$ 3,742,000
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	(4,466,000)
Gross Amount at which Carried at Close of Period
Land	20,858,000
Buildings	71,322,000
Total	92,180,000
Accumulated Depreciation	$ 8,891,000
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	(7,247,000)
Gross Amount at which Carried at Close of Period
Land	12,137,000
Buildings	34,639,000
Total	46,776,000
Accumulated Depreciation	$ 3,383,000
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	$ 2,032,000
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	(570,000)
Gross Amount at which Carried at Close of Period
Land	971,000
Buildings	8,274,000
Total	9,245,000
Accumulated Depreciation	$ 1,017,000
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	$ 5,360,000
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	$ 5,124,000
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	$ 2,831,000
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	$ 3,350,000
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	$ 2,443,000
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	$ 3,773,000
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	$ 1,940,000
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	$ 2,157,000
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	$ 48,000
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	$ 1,482,000
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	$ 2,526,000
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	(29,919,000)
Gross Amount at which Carried at Close of Period
Land	1,734,000
Buildings	22,535,000
Total	24,269,000
Accumulated Depreciation	$ 2,546,000
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	18,852,000
Increase (Decrease) in Net Investments	531,000
Gross Amount at which Carried at Close of Period
Land	1,455,000
Buildings	25,134,000
Total	26,589,000
Accumulated Depreciation	$ 1,563,000
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	(13,924,000)
Gross Amount at which Carried at Close of Period
Land	14,111,000
Buildings	92,497,000
Total	106,608,000
Accumulated Depreciation	$ 8,679,000
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	$ 4,395,000
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	(15,820,000)
Gross Amount at which Carried at Close of Period
Land	38,108,000
Buildings	111,524,000
Total	149,632,000
Accumulated Depreciation	$ 10,213,000
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	$ 1,976,000
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	$ 2,646,000
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	$ 4,585,000
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	$ 2,885,000
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	$ 3,568,000
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	$ 2,236,000
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	$ 4,254,000
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	$ 8,035,000
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	$ 1,736,000
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	1,453,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,859,000
Buildings	30,755,000
Total	35,614,000
Accumulated Depreciation	$ 2,369,000
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	(3,126,000)
Gross Amount at which Carried at Close of Period
Land	2,336,000
Buildings	9,136,000
Total	11,472,000
Accumulated Depreciation	$ 911,000
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	(3,277,000)
Gross Amount at which Carried at Close of Period
Land	2,480,000
Buildings	35,366,000
Total	37,846,000
Accumulated Depreciation	$ 2,713,000
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	(4,854,000)
Gross Amount at which Carried at Close of Period
Land	13,939,000
Buildings	43,828,000
Total	57,767,000
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 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	$ 2,407,000
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	(3,405,000)
Gross Amount at which Carried at Close of Period
Land	8,587,000
Buildings	30,120,000
Total	38,707,000
Accumulated Depreciation	$ 2,265,000
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	$ 80,000
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	$ 1,230,000
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	(10,059,000)
Gross Amount at which Carried at Close of Period
Land	24,610,000
Buildings	91,888,000
Total	116,498,000
Accumulated Depreciation	$ 6,684,000
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	(2,562,000)
Gross Amount at which Carried at Close of Period
Land	3,063,000
Buildings	33,568,000
Total	36,631,000
Accumulated Depreciation	$ 2,285,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facilities in Laval, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,506,000
Buildings	16,678,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,471,000)
Gross Amount at which Carried at Close of Period
Land	4,950,000
Buildings	14,763,000
Total	19,713,000
Accumulated Depreciation	$ 1,027,000
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	26,159,000
Increase (Decrease) in Net Investments	101,000
Gross Amount at which Carried at Close of Period
Land	5,063,000
Buildings	62,905,000
Total	67,968,000
Accumulated Depreciation	$ 3,513,000
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	$ 1,182,000
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	$ 108,000
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	$ 1,785,000
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	2,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,847,000
Buildings	88,229,000
Total	98,076,000
Accumulated Depreciation	$ 5,801,000
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	(734,000)
Gross Amount at which Carried at Close of Period
Land	2,182,000
Buildings	31,086,000
Total	33,268,000
Accumulated Depreciation	$ 1,984,000
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	$ 1,458,000
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	16,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	73,360,000
Total	73,360,000
Accumulated Depreciation	$ 4,598,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | 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	$ 11,703,000
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	228,000
Gross Amount at which Carried at Close of Period
Land	2,709,000
Buildings	33,912,000
Total	36,621,000
Accumulated Depreciation	$ 1,984,000
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	$ 2,745,000
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	$ 0
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	377,000
Gross Amount at which Carried at Close of Period
Land	1,388,000
Buildings	23,693,000
Total	25,081,000
Accumulated Depreciation	$ 1,433,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Warehouse facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
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	$ 564,000
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 Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	923,000
Buildings	17,205,000
Cost Capitalized Subsequent to Acquisition	11,000
Increase (Decrease) in Net Investments	4,000
Gross Amount at which Carried at Close of Period
Land	923,000
Buildings	17,220,000
Total	18,143,000
Accumulated Depreciation	$ 1,043,000
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	15,377,000
Buildings	63,299,000
Cost Capitalized Subsequent to Acquisition	17,244,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	15,377,000
Buildings	80,543,000
Total	95,920,000
Accumulated Depreciation	$ 3,828,000
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	$ 0
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	$ 1,579,000
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	$ 25,661,000
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	$ 1,945,000
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	$ 0
Initial Cost to Company
Land	3,108,000
Buildings	12,220,000
Cost Capitalized Subsequent to Acquisition	192,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,108,000
Buildings	12,412,000
Total	15,520,000
Accumulated Depreciation	$ 739,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facilities in Dallas/Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
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	$ 594,000
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	$ 6,318,000
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	$ 611,000
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	$ 4,260,000
Initial Cost to Company
Land	7,633,000
Buildings	29,274,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	563,000
Gross Amount at which Carried at Close of Period
Land	7,750,000
Buildings	29,720,000
Total	37,470,000
Accumulated Depreciation	$ 1,797,000
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 Hesperia and Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,105,000
Buildings	27,124,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	4,000
Gross Amount at which Carried at Close of Period
Land	3,105,000
Buildings	27,128,000
Total	30,233,000
Accumulated Depreciation	$ 1,645,000
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	$ 10,408,000
Initial Cost to Company
Land	3,693,000
Buildings	13,242,000
Cost Capitalized Subsequent to Acquisition	914,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,693,000
Buildings	14,156,000
Total	17,849,000
Accumulated Depreciation	$ 845,000
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	$ 0
Initial Cost to Company
Land	7,328,000
Buildings	17,467,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	379,000
Gross Amount at which Carried at Close of Period
Land	7,440,000
Buildings	17,734,000
Total	25,174,000
Accumulated Depreciation	$ 1,073,000
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	$ 47,853,000
Initial Cost to Company
Land	27,948,000
Buildings	64,033,000
Cost Capitalized Subsequent to Acquisition	930,000
Increase (Decrease) in Net Investments	(14,001,000)
Gross Amount at which Carried at Close of Period
Land	23,729,000
Buildings	55,181,000
Total	78,910,000
Accumulated Depreciation	$ 3,415,000
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	359,000
Gross Amount at which Carried at Close of Period
Land	4,607,000
Buildings	19,299,000
Total	23,906,000
Accumulated Depreciation	$ 1,167,000
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	477,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	31,753,000
Total	31,753,000
Accumulated Depreciation	$ 1,920,000
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	$ 11,494,000
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	$ 1,056,000
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	$ 0
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	$ 533,000
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	(12,003,000)
Gross Amount at which Carried at Close of Period
Land	1,050,000
Buildings	13,228,000
Total	14,278,000
Accumulated Depreciation	$ 1,469,000
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	$ 329,000
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	$ 112,000
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	$ 1,020,000
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	472,000
Gross Amount at which Carried at Close of Period
Land	2,567,000
Buildings	10,270,000
Total	12,837,000
Accumulated Depreciation	$ 604,000
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	$ 38,000
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	$ 2,086,000
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	$ 1,672,000
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	14,147,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,308,000
Buildings	27,229,000
Total	28,537,000
Accumulated Depreciation	$ 945,000
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	$ 2,116,000
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	(3,483,000)
Gross Amount at which Carried at Close of Period
Land	20,214,000
Buildings	53,643,000
Total	73,857,000
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 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	$ 14,483,000
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	$ 2,389,000
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	$ 1,287,000
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	$ 3,487,000
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	11,415,000
Buildings	33,163,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	11,415,000
Buildings	33,163,000
Total	44,578,000
Accumulated Depreciation	$ 788,000
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	80,767,000
Buildings	191,007,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(12,715,000)
Gross Amount at which Carried at Close of Period
Land	77,283,000
Buildings	181,776,000
Total	259,059,000
Accumulated Depreciation	$ 4,576,000
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	$ 730,000
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	1,536,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,739,000
Buildings	7,933,000
Total	13,672,000
Accumulated Depreciation	$ 220,000
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	$ 236,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Retail facilities in Doncaster, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	6,133,000
Buildings	17,512,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(374,000)
Gross Amount at which Carried at Close of Period
Land	6,036,000
Buildings	17,235,000
Total	23,271,000
Accumulated Depreciation	$ 421,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Warehouse facility in Commercial Point, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	11,363,000
Buildings	76,376,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	11,363,000
Buildings	76,376,000
Total	87,739,000
Accumulated Depreciation	$ 1,414,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Warehouse facility in Tucson, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,742,000
Buildings	30,914,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,742,000
Buildings	30,914,000
Total	34,656,000
Accumulated Depreciation	$ 492,000
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	11,209,000
Buildings	50,311,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	11,209,000
Buildings	50,311,000
Total	61,520,000
Accumulated Depreciation	$ 794,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Laveen and Mesa, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,407,000
Buildings	16,938,000
Cost Capitalized Subsequent to Acquisition	1,190,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,407,000
Buildings	18,128,000
Total	22,535,000
Accumulated Depreciation	$ 256,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facilities in La Porte, IN and Moxee, WA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 20,518,000
Initial Cost to Company
Land	3,657,000
Buildings	25,004,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,657,000
Buildings	25,004,000
Total	28,661,000
Accumulated Depreciation	$ 323,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial and retail facilities in NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,721,000
Initial Cost to Company
Land	2,102,000
Buildings	12,021,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,102,000
Buildings	12,021,000
Total	14,123,000
Accumulated Depreciation	$ 133,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facility in Neenah, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,084,000
Initial Cost to Company
Land	1,734,000
Buildings	13,774,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,734,000
Buildings	13,774,000
Total	15,508,000
Accumulated Depreciation	$ 152,000
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	5,585,000
Buildings	21,834,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,210,000)
Gross Amount at which Carried at Close of Period
Land	5,340,000
Buildings	20,869,000
Total	26,209,000
Accumulated Depreciation	$ 223,000
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	1,103,000
Buildings	8,817,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,103,000
Buildings	8,817,000
Total	9,920,000
Accumulated Depreciation	$ 92,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Warehouse facility in Alexandria, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,701,000
Initial Cost to Company
Land	2,180,000
Buildings	18,894,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(831,000)
Gross Amount at which Carried at Close of Period
Land	2,094,000
Buildings	18,149,000
Total	20,243,000
Accumulated Depreciation	$ 183,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facilities in Oldcastle and Tillsonburg, Canada
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,956,000
Initial Cost to Company
Land	1,133,000
Buildings	11,269,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,133,000
Buildings	11,269,000
Total	12,402,000
Accumulated Depreciation	$ 114,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Retail facility in West Des Moines, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	14,457,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	0
Buildings	14,457,000
Total	14,457,000
Accumulated Depreciation	$ 143,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facility in Lebanon, IN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	4,995,000
Buildings	40,345,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,995,000
Buildings	40,345,000
Total	45,340,000
Accumulated Depreciation	$ 209,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Industrial facility in Shelbyville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,704,000
Buildings	86,354,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	5,704,000
Buildings	86,354,000
Total	92,058,000
Accumulated Depreciation	$ 442,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Land in Stockton, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	40,217,000
Buildings	7,003,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	40,217,000
Buildings	7,003,000
Total	47,220,000
Accumulated Depreciation	$ 45,000
Life on which Depreciation in Latest Statement of  Income is Computed	15 years
Real Estate Subject to Operating Leases | Specialty facility in Weehawken, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	25,016,000
Buildings	61,404,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	25,016,000
Buildings	61,404,000
Total	86,420,000
Accumulated Depreciation	$ 147,000
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	18,387,000
Buildings	59,684,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	18,387,000
Buildings	59,684,000
Total	78,071,000
Accumulated Depreciation	$ 82,000
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	6,705,000
Buildings	21,003,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,705,000
Buildings	21,003,000
Total	27,708,000
Accumulated Depreciation	$ 29,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Retail facility in Manchester, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings	17,244,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(185,000)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	17,059,000
Total	17,059,000
Accumulated Depreciation	$ 22,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Subject to Operating Leases | Education facility in Yarnfield, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,929,000
Buildings	14,848,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(329,000)
Gross Amount at which Carried at Close of Period
Land	5,892,000
Buildings	14,556,000
Total	20,448,000
Accumulated Depreciation	$ 13,000
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	9,303,000
Buildings	29,973,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	9,303,000
Buildings	29,973,000
Total	39,276,000
Accumulated Depreciation	$ 18,000
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	3,572,000
Buildings	12,111,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,572,000
Buildings	12,111,000
Total	15,683,000
Accumulated Depreciation	$ 5,000
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	$ 2,421,000
Initial Cost to Company
Land	27,019,000
Buildings	312,099,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(61,420,000)
Gross Amount at which Carried at Close of Period
Total	277,698,000
Less: allowance for credit losses	(24,060,000)
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	(4,375,000)
Gross Amount at which Carried at Close of Period
Total	23,224,000
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	(558,000)
Gross Amount at which Carried at Close of Period
Total	16,509,000
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	(2,174,000)
Gross Amount at which Carried at Close of Period
Total	12,330,000
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	(143,000)
Gross Amount at which Carried at Close of Period
Total	22,457,000
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	(431,000)
Gross Amount at which Carried at Close of Period
Total	2,969,000
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	(4,475,000)
Gross Amount at which Carried at Close of Period
Total	6,411,000
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	(23,016,000)
Gross Amount at which Carried at Close of Period
Total	47,821,000
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	(910,000)
Gross Amount at which Carried at Close of Period
Total	23,239,000
Direct Financing Method | Warehouse facility in Gieten, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	15,258,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,414,000)
Gross Amount at which Carried at Close of Period
Total	13,844,000
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	(2,496,000)
Gross Amount at which Carried at Close of Period
Total	8,464,000
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	3,094,000
Gross Amount at which Carried at Close of Period
Total	94,578,000
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	30,000
Gross Amount at which Carried at Close of Period
Total	2,050,000
Direct Financing Method | Industrial facility in Clarksville, TN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,421,000
Initial Cost to Company
Land	1,680,000
Buildings	10,180,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(381,000)
Gross Amount at which Carried at Close of Period
Total	11,479,000
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	(206,000)
Gross Amount at which Carried at Close of Period
Total	5,771,000
Direct Financing Method | Warehouse in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	0
Buildings	10,517,000
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	95,000
Gross Amount at which Carried at Close of Period
Total	10,612,000
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	165,832,000
Initial Cost to Company
Land	144,807,000
Buildings	963,694,000
Personal Property	3,622,000
Cost Capitalized Subsequent to Acquisition	79,729,000
Increase (Decrease) in Net Investments	6,824,000
Gross Amount at which Carried at Close of Period
Land	144,871,000
Buildings	1,042,940,000
Personal Property	10,865,000
Total	1,198,676,000	1,254,719,000	1,077,326,000	83,673,000
Accumulated Depreciation	100,575,000	$ 80,057,000	$ 28,295,000	$ 16,750,000
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	7,090,000
Increase (Decrease) in Net Investments	(314,000)
Gross Amount at which Carried at Close of Period
Land	3,874,000
Buildings	31,342,000
Personal Property	8,118,000
Total	43,334,000
Accumulated Depreciation	$ 17,120,000
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	88,000
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	88,000
Total	10,581,000
Accumulated Depreciation	$ 1,886,000
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | San Diego, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,898,000
Buildings	33,729,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	153,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,898,000
Buildings	33,729,000
Personal Property	153,000
Total	37,780,000
Accumulated Depreciation	$ 11,302,000
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	243,000
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	243,000
Total	28,946,000
Accumulated Depreciation	$ 8,907,000
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	70,000
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	43,000
Total	73,070,000
Accumulated Depreciation	$ 3,640,000
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	59,827,000
Increase (Decrease) in Net Investments	7,138,000
Gross Amount at which Carried at Close of Period
Land	0
Buildings	99,849,000
Personal Property	0
Total	99,849,000
Accumulated Depreciation	$ 5,324,000
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	118,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,412,000
Buildings	4,933,000
Personal Property	38,000
Total	6,383,000
Accumulated Depreciation	$ 1,165,000
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	26,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,339,000
Buildings	4,167,000
Personal Property	19,000
Total	5,525,000
Accumulated Depreciation	$ 951,000
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	134,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	695,000
Buildings	3,992,000
Personal Property	15,000
Total	4,702,000
Accumulated Depreciation	$ 836,000
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	$ 146,000
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	70,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454,000
Buildings	4,767,000
Personal Property	27,000
Total	5,248,000
Accumulated Depreciation	$ 812,000
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	240,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	444,000
Buildings	5,166,000
Personal Property	18,000
Total	5,628,000
Accumulated Depreciation	$ 1,295,000
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	110,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	268,000
Buildings	3,375,000
Personal Property	25,000
Total	3,668,000
Accumulated Depreciation	$ 789,000
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	45,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	721,000
Buildings	3,014,000
Personal Property	4,000
Total	3,739,000
Accumulated Depreciation	$ 638,000
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	113,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	338,000
Buildings	1,375,000
Personal Property	48,000
Total	1,761,000
Accumulated Depreciation	$ 340,000
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	47,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	821,000
Buildings	3,202,000
Personal Property	25,000
Total	4,048,000
Accumulated Depreciation	$ 728,000
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	$ 0
Initial Cost to Company
Land	1,505,000
Buildings	16,229,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	133,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,505,000
Buildings	16,281,000
Personal Property	81,000
Total	17,867,000
Accumulated Depreciation	$ 994,000
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	$ 0
Initial Cost to Company
Land	904,000
Buildings	10,779,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	181,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	904,000
Buildings	10,915,000
Personal Property	45,000
Total	11,864,000
Accumulated Depreciation	$ 681,000
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	$ 0
Initial Cost to Company
Land	1,036,000
Buildings	22,714,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	90,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,036,000
Buildings	22,784,000
Personal Property	20,000
Total	23,840,000
Accumulated Depreciation	$ 1,381,000
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	$ 0
Initial Cost to Company
Land	1,425,000
Buildings	12,267,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	80,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,425,000
Buildings	12,332,000
Personal Property	15,000
Total	13,772,000
Accumulated Depreciation	$ 754,000
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	$ 0
Initial Cost to Company
Land	3,680,000
Buildings	7,215,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	737,000
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	26,000
Total	11,632,000
Accumulated Depreciation	$ 542,000
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	$ 0
Initial Cost to Company
Land	2,481,000
Buildings	5,217,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	60,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,481,000
Buildings	5,259,000
Personal Property	18,000
Total	7,758,000
Accumulated Depreciation	$ 319,000
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	$ 0
Initial Cost to Company
Land	2,889,000
Buildings	16,397,000
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	2,889,000
Buildings	16,544,000
Personal Property	91,000
Total	19,524,000
Accumulated Depreciation	$ 1,027,000
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	$ 2,774,000
Initial Cost to Company
Land	1,227,000
Buildings	10,897,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	301,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,227,000
Buildings	11,110,000
Personal Property	88,000
Total	12,425,000
Accumulated Depreciation	$ 689,000
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	$ 5,120,000
Initial Cost to Company
Land	1,544,000
Buildings	15,841,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	270,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,544,000
Buildings	16,058,000
Personal Property	53,000
Total	17,655,000
Accumulated Depreciation	$ 982,000
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	$ 5,894,000
Initial Cost to Company
Land	1,952,000
Buildings	8,826,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	100,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,952,000
Buildings	8,882,000
Personal Property	44,000
Total	10,878,000
Accumulated Depreciation	$ 543,000
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	$ 4,614,000
Initial Cost to Company
Land	813,000
Buildings	6,459,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	126,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	813,000
Buildings	6,472,000
Personal Property	113,000
Total	7,398,000
Accumulated Depreciation	$ 398,000
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	$ 5,953,000
Initial Cost to Company
Land	2,368,000
Buildings	20,802,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	52,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,368,000
Buildings	20,845,000
Personal Property	9,000
Total	23,222,000
Accumulated Depreciation	$ 1,263,000
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	$ 2,619,000
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	$ 637,000
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	$ 9,823,000
Initial Cost to Company
Land	6,826,000
Buildings	20,254,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	342,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,826,000
Buildings	20,544,000
Personal Property	52,000
Total	27,422,000
Accumulated Depreciation	$ 1,310,000
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	$ 5,507,000
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	$ 690,000
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	$ 4,918,000
Initial Cost to Company
Land	1,534,000
Buildings	14,416,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	117,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,534,000
Buildings	14,497,000
Personal Property	36,000
Total	16,067,000
Accumulated Depreciation	$ 882,000
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	$ 1,786,000
Initial Cost to Company
Land	529,000
Buildings	7,917,000
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	529,000
Buildings	7,995,000
Personal Property	4,000
Total	8,528,000
Accumulated Depreciation	$ 488,000
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	$ 3,944,000
Initial Cost to Company
Land	928,000
Buildings	11,881,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	26,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	928,000
Buildings	11,886,000
Personal Property	21,000
Total	12,835,000
Accumulated Depreciation	$ 721,000
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	$ 2,620,000
Initial Cost to Company
Land	736,000
Buildings	7,581,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	62,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	736,000
Buildings	7,622,000
Personal Property	21,000
Total	8,379,000
Accumulated Depreciation	$ 461,000
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	74,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,416,000
Buildings	18,751,000
Personal Property	14,000
Total	20,181,000
Accumulated Depreciation	$ 1,138,000
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	189,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	699,000
Buildings	13,077,000
Personal Property	8,000
Total	13,784,000
Accumulated Depreciation	$ 803,000
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	104,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,465,000
Buildings	12,043,000
Personal Property	27,000
Total	13,535,000
Accumulated Depreciation	$ 735,000
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	8,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	598,000
Buildings	12,108,000
Personal Property	0
Total	12,706,000
Accumulated Depreciation	$ 732,000
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	128,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,502,000
Buildings	16,944,000
Personal Property	108,000
Total	20,554,000
Accumulated Depreciation	$ 1,034,000
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	$ 2,337,000
Initial Cost to Company
Land	1,555,000
Buildings	6,225,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	164,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,555,000
Buildings	6,360,000
Personal Property	29,000
Total	7,944,000
Accumulated Depreciation	$ 395,000
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	$ 1,623,000
Initial Cost to Company
Land	308,000
Buildings	7,238,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	45,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	308,000
Buildings	7,268,000
Personal Property	15,000
Total	7,591,000
Accumulated Depreciation	$ 449,000
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	$ 6,600,000
Initial Cost to Company
Land	3,115,000
Buildings	13,908,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	161,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,115,000
Buildings	14,037,000
Personal Property	32,000
Total	17,184,000
Accumulated Depreciation	$ 898,000
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	$ 2,308,000
Initial Cost to Company
Land	386,000
Buildings	5,521,000
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	386,000
Buildings	5,605,000
Personal Property	28,000
Total	6,019,000
Accumulated Depreciation	$ 358,000
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	$ 2,629,000
Initial Cost to Company
Land	1,325,000
Buildings	6,056,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	6,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,325,000
Buildings	6,060,000
Personal Property	2,000
Total	7,387,000
Accumulated Depreciation	$ 367,000
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	$ 6,363,000
Initial Cost to Company
Land	717,000
Buildings	20,963,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	317,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	717,000
Buildings	21,207,000
Personal Property	73,000
Total	21,997,000
Accumulated Depreciation	$ 1,295,000
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	$ 6,168,000
Initial Cost to Company
Land	666,000
Buildings	17,086,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	88,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	666,000
Buildings	17,116,000
Personal Property	58,000
Total	17,840,000
Accumulated Depreciation	$ 1,046,000
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	$ 5,201,000
Initial Cost to Company
Land	1,076,000
Buildings	13,597,000
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	1,076,000
Buildings	13,643,000
Personal Property	66,000
Total	14,785,000
Accumulated Depreciation	$ 831,000
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	$ 3,803,000
Initial Cost to Company
Land	638,000
Buildings	10,175,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	79,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	638,000
Buildings	10,221,000
Personal Property	33,000
Total	10,892,000
Accumulated Depreciation	$ 624,000
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	53,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,272,000
Buildings	5,921,000
Personal Property	20,000
Total	7,213,000
Accumulated Depreciation	$ 362,000
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	$ 7,152,000
Initial Cost to Company
Land	2,814,000
Buildings	21,425,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	120,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,814,000
Buildings	21,513,000
Personal Property	32,000
Total	24,359,000
Accumulated Depreciation	$ 1,304,000
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	$ 4,616,000
Initial Cost to Company
Land	1,878,000
Buildings	8,719,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	249,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,878,000
Buildings	8,957,000
Personal Property	11,000
Total	10,846,000
Accumulated Depreciation	$ 541,000
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	$ 3,251,000
Initial Cost to Company
Land	669,000
Buildings	6,092,000
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	669,000
Buildings	6,111,000
Personal Property	49,000
Total	6,829,000
Accumulated Depreciation	$ 378,000
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	114,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	918,000
Buildings	12,464,000
Personal Property	5,000
Total	13,387,000
Accumulated Depreciation	$ 771,000
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	$ 2,210,000
Initial Cost to Company
Land	829,000
Buildings	11,275,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	83,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	829,000
Buildings	11,316,000
Personal Property	42,000
Total	12,187,000
Accumulated Depreciation	$ 692,000
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	15,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	890,000
Buildings	4,484,000
Personal Property	15,000
Total	5,389,000
Accumulated Depreciation	$ 274,000
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	60,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	626,000
Buildings	13,162,000
Personal Property	45,000
Total	13,833,000
Accumulated Depreciation	$ 801,000
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	$ 3,711,000
Initial Cost to Company
Land	2,126,000
Buildings	5,628,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	90,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,126,000
Buildings	5,716,000
Personal Property	2,000
Total	7,844,000
Accumulated Depreciation	$ 349,000
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	$ 2,547,000
Initial Cost to Company
Land	1,053,000
Buildings	4,583,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	31,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,053,000
Buildings	4,601,000
Personal Property	13,000
Total	5,667,000
Accumulated Depreciation	$ 281,000
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	$ 3,618,000
Initial Cost to Company
Land	994,000
Buildings	7,451,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	211,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994,000
Buildings	7,655,000
Personal Property	7,000
Total	8,656,000
Accumulated Depreciation	$ 462,000
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	$ 3,635,000
Initial Cost to Company
Land	1,295,000
Buildings	6,318,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	129,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,295,000
Buildings	6,440,000
Personal Property	7,000
Total	7,742,000
Accumulated Depreciation	$ 387,000
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	$ 1,431,000
Initial Cost to Company
Land	587,000
Buildings	3,121,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	105,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	587,000
Buildings	3,206,000
Personal Property	20,000
Total	3,813,000
Accumulated Depreciation	$ 197,000
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	$ 3,725,000
Initial Cost to Company
Land	1,143,000
Buildings	5,894,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	199,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,143,000
Buildings	6,090,000
Personal Property	3,000
Total	7,236,000
Accumulated Depreciation	$ 368,000
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	$ 7,281,000
Initial Cost to Company
Land	2,664,000
Buildings	25,000,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	96,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,664,000
Buildings	25,068,000
Personal Property	28,000
Total	27,760,000
Accumulated Depreciation	$ 1,519,000
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	$ 3,454,000
Initial Cost to Company
Land	2,149,000
Buildings	6,223,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	250,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,149,000
Buildings	6,450,000
Personal Property	23,000
Total	8,622,000
Accumulated Depreciation	$ 403,000
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	$ 2,762,000
Initial Cost to Company
Land	1,350,000
Buildings	6,257,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	179,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,350,000
Buildings	6,404,000
Personal Property	32,000
Total	7,786,000
Accumulated Depreciation	$ 384,000
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	$ 2,962,000
Initial Cost to Company
Land	1,112,000
Buildings	8,044,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	123,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,112,000
Buildings	8,125,000
Personal Property	42,000
Total	9,279,000
Accumulated Depreciation	$ 499,000
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	$ 6,359,000
Initial Cost to Company
Land	994,000
Buildings	10,176,000
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	994,000
Buildings	10,194,000
Personal Property	1,000
Total	11,189,000
Accumulated Depreciation	$ 616,000
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	$ 4,043,000
Initial Cost to Company
Land	1,389,000
Buildings	15,175,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	415,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,389,000
Buildings	15,474,000
Personal Property	116,000
Total	16,979,000
Accumulated Depreciation	$ 973,000
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	$ 3,428,000
Initial Cost to Company
Land	1,154,000
Buildings	9,090,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	5,000
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	5,000
Total	10,249,000
Accumulated Depreciation	$ 550,000
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	152,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,371,000
Buildings	13,807,000
Personal Property	0
Total	17,178,000
Accumulated Depreciation	$ 830,000
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	62,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,770,000
Buildings	7,067,000
Personal Property	29,000
Total	8,866,000
Accumulated Depreciation	$ 431,000
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	12,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	951,000
Buildings	11,935,000
Personal Property	12,000
Total	12,898,000
Accumulated Depreciation	$ 724,000
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	9,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,180,000
Buildings	14,295,000
Personal Property	0
Total	15,475,000
Accumulated Depreciation	$ 864,000
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	$ 955,000
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	$ 0
Initial Cost to Company
Land	1,565,000
Buildings	18,284,000
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30,000
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	30,000
Total	19,879,000
Accumulated Depreciation	$ 1,109,000
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	172,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	787,000
Buildings	5,063,000
Personal Property	40,000
Total	5,890,000
Accumulated Depreciation	$ 325,000
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	72,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,058,000
Buildings	13,066,000
Personal Property	20,000
Total	16,144,000
Accumulated Depreciation	$ 797,000
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	3,345,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,703,000
Buildings	7,693,000
Personal Property	10,000
Total	9,406,000
Accumulated Depreciation	$ 228,000
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	143,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,701,000
Buildings	9,056,000
Personal Property	32,000
Total	12,789,000
Accumulated Depreciation	$ 312,000
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	39,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,783,000
Buildings	5,929,000
Personal Property	23,000
Total	9,735,000
Accumulated Depreciation	$ 159,000
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	47,000
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,587,000
Buildings	3,683,000
Personal Property	15,000
Total	5,285,000
Accumulated Depreciation	$ 98,000
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	7,000
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	7,000
Total	11,834,000
Accumulated Depreciation	$ 237,000
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Dayton, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,729,000
Buildings	5,291,000
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	1,729,000
Buildings	5,306,000
Personal Property	0
Total	7,035,000
Accumulated Depreciation	$ 49,000
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate Subject to Operating Leases
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 12,049,896	$ 13,316,632	$ 11,677,185
Acquisitions	991,404	984,283	997,937
Dispositions	(354,456)	(256,339)	(165,516)
Foreign currency translation adjustment	(237,200)	132,686	(269,272)
Reclassification from direct financing leases	120,921	25,460	67,001
Reclassification from real estate under construction	83,373	40,479	147,982
Capital improvements	46,184	54,667	29,419
Impairment charges	(36,851)	(17,885)	(36,624)
Derecognition through the Spin-Off	0	(1,299,400)	0
Reclassification to assets held for sale	0	(46,985)	(13,093)
Ending balance	12,786,827	12,049,896	13,316,632
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	1,509,730	1,672,091	1,448,020
Depreciation expense	292,770	326,719	298,972
Dispositions	(73,297)	(58,861)	(47,463)
Foreign currency translation adjustment	(27,239)	14,192	(26,400)
Derecognition through the Spin-Off	0	(214,977)	0
Reclassification to assets held for sale	0	(16,539)	(1,038)
Ending balance	1,701,892	1,509,730	1,672,091
Real Estate Subject to Operating Leases | Sales-type Lease
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Reclassication	(9,210)	(662,674)	0
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Reclassification	(2,386)	(156,461)	0
Real Estate Subject to Operating Leases | Operating Properties
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Reclassification from equity method investments	84,396	0	0
Reclassification from operating real estate	48,370	0	0
Reclassication	0	(221,028)	0
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Reclassification from operating real estate	2,314	0	0
Reclassification	0	(56,434)	0
Real Estate Subject to Operating Leases | CPA:18 Merger
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Acquisitions	0	0	881,613
Operating Real Estate
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	1,254,719	1,077,326	83,673
Acquisitions	7,020	45,469	0
Dispositions	(21,638)	(124,237)	0
Foreign currency translation adjustment	(1,476)	5,088	3,526
Reclassification from real estate under construction	3,719	25,452	66,820
Reclassification from operating real estate	0	221,028	0
Capital improvements	4,702	4,593	1,146
Reclassication	(48,370)	0	0
Ending balance	1,198,676	1,254,719	1,077,326
Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	80,057	28,295	16,750
Depreciation expense	28,752	29,840	11,541
Dispositions	(5,826)	(34,580)	0
Foreign currency translation adjustment	(94)	68	4
Reclassification from operating real estate	0	56,434	0
Reclassification	(2,314)	0	0
Ending balance	100,575	80,057	28,295
Operating Real Estate | CPA:18 Merger
Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Acquisitions	$ 0	$ 0	$ 922,161

Schedule IV _ Mortgage Loans _2

Schedule IV — Mortgage Loans on Real Estate - Carrying Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Mortgage loans on real estate	$ 31,856	$ 11,250	$ 39,250	$ 24,143
Financing agreement — Las Vegas retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	8%
Mortgage loans on real estate	$ 16,811
Financing agreement — Las Vegas mixed use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Interest Rate (percent)	7.60%
Mortgage loans on real estate	$ 15,045

Schedule IV _ Mortgage Loans _3

Schedule IV — Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate
Beginning balance	$ 11,250	$ 39,250	$ 24,143
Funding of secured loans receivable (Note 7)	31,856
Repayments	(24,000)	(28,000)	(34,000)
Gain on repayment of secured loan receivable	10,650	0	10,613
Change in allowance for credit losses (Note 7)	2,100	0	10,494
Acquisition through CPA:18 Merger (Note 7)	0	0	28,000
Ending balance	$ 31,856	$ 11,250	$ 39,250