Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Central Index Key | '0001390213 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Registrant Name | 'CORPORATE PROPERTY ASSOCIATES 17 - GLOBAL INC | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 320,172,436 | ' |
Entity Public Float | ' | ' | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments in real estate | ' | ' |
Real estate, at cost (inclusive of $150,378 and $133,472, respectively, attributable to variable interest entities, or VIEs) | $2,402,315 | $2,105,772 |
Operating real estate, at cost (inclusive of $12,557 and $0, respectively, attributable to VIEs) | 283,370 | 254,805 |
Accumulated depreciation (inclusive of $8,235 and $3,801, respectively, attributable to VIEs) | -144,405 | -85,002 |
Net investments in properties | 2,541,280 | 2,275,575 |
Real estate under construction (inclusive of $25,268 and $12,629, respectively, attributable to VIEs) | 127,935 | 71,285 |
Net investments in direct financing leases (inclusive of $244,084 and $242,175, respectively, attributable to VIEs) | 479,916 | 475,872 |
Equity investments in real estate | 412,964 | 275,133 |
Net investments in real estate | 3,562,095 | 3,097,865 |
Note receivable | 40,000 | 40,000 |
Cash and cash equivalents (inclusive of $339 and $1,529, respectively, attributable to VIEs) | 418,108 | 652,330 |
In-place lease intangible assets, net (inclusive of $17,277 and $6,040, respectively, attributable to VIEs) | 457,244 | 423,084 |
Other intangible assets, net | 105,056 | 78,239 |
Other assets, net (inclusive of $17,118 and $14,780, respectively, attributable to VIEs) | 130,866 | 124,781 |
Total assets | 4,713,369 | 4,416,299 |
Liabilities: | ' | ' |
Non-recourse debt (inclusive of $199,315 and $123,413, respectively, attributable to consolidated VIEs) | 1,915,601 | 1,633,452 |
Accounts payable, accrued expenses and other liabilities (inclusive of $3,867 and $2,249, respectively, attributable to VIEs) | 86,405 | 74,384 |
Deferred income taxes | 7,108 | 0 |
Prepaid and deferred rental income and security deposits (inclusive of $5,353 and $5,710, respectively, attributable to VIEs) | 148,446 | 118,017 |
Due to affiliates | 20,211 | 29,527 |
Distributions payable | 51,570 | 46,412 |
Total liabilities | 2,229,341 | 1,901,792 |
Commitments and contingencies (Note 12) | ' | ' |
CPA:17 Global shareholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.001 par value; 900,000,000 shares authorized; 322,918,083 and 310,548,664 shares issued, respectively; and 317,353,899 and 306,903,020 shares outstanding, respectively | 323 | 310 |
Additional paid-in-capital | 2,904,927 | 2,786,855 |
Distributions in excess of accumulated earnings | -440,958 | -277,224 |
Accumulated other comprehensive loss | -5,275 | -35,366 |
Less: treasury stock at cost, 5,564,184 and 3,645,644 shares, respectively | -52,477 | -34,293 |
Total CPA:17 - Global shareholders' equity | 2,406,540 | 2,440,282 |
Noncontrolling interests | 77,488 | 74,225 |
Total equity | 2,484,028 | 2,514,507 |
Total liabilities and equity | $4,713,369 | $4,416,299 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Real estate at cost attributable to consolidated VIEs | $2,402,315 | $2,105,772 |
Operating real estate, at cost | 283,370 | 254,805 |
Accumulated depreciation attributable to VIEs | 144,405 | 85,002 |
Real estate under construction attributable to consolidated VIEs | 127,935 | 71,285 |
Net investments in direct financing leases | 479,916 | 475,872 |
Cash and cash equivalents attributable to VIEs | 418,108 | 652,330 |
In-place lease intangible assets, net attributable to consolidated VIEs | 457,244 | 423,084 |
Other assets, net attributable to consolidated VIEs | 130,866 | 124,781 |
Liabilities: | ' | ' |
Non-recourse debt attributable to VIEs | 1,915,601 | 1,633,452 |
Accounts payable attributable to consolidated VIEs | 86,405 | 74,384 |
Prepaid and deferred rental income and security deposits attributable to VIEs | 148,446 | 118,017 |
CPA:17 Global shareholders equity [Abstract] | ' | ' |
Common stock, par or stated value per share | $0.00 | $0.00 |
Common stock shares authorized | 900,000,000 | 900,000,000 |
Common Stock Shares Issued | 322,918,083 | 310,548,664 |
Common stock shares outstanding | 317,353,899 | 306,903,020 |
Treasury Stock Shares | 5,564,184 | 3,645,644 |
Preferred stock, par or stated value per share | $0.00 | $0.00 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock Shares Issued | 0 | 0 |
Variable Interest Entity Primary Beneficiary Member | ' | ' |
Assets | ' | ' |
Real estate at cost attributable to consolidated VIEs | 150,378 | 133,472 |
Operating real estate, at cost | 12,557 | 0 |
Accumulated depreciation attributable to VIEs | 8,235 | 3,801 |
Real estate under construction attributable to consolidated VIEs | 25,268 | 12,629 |
Net investments in direct financing leases | 244,084 | 242,175 |
Cash and cash equivalents attributable to VIEs | 339 | 1,529 |
In-place lease intangible assets, net attributable to consolidated VIEs | 17,277 | 6,040 |
Other assets, net attributable to consolidated VIEs | 17,118 | 14,780 |
Liabilities: | ' | ' |
Non-recourse debt attributable to VIEs | 199,315 | 123,413 |
Accounts payable attributable to consolidated VIEs | 3,867 | 2,249 |
Prepaid and deferred rental income and security deposits attributable to VIEs | $5,353 | $5,710 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Rental Income | $231,577 | $177,161 | $124,425 |
Interest income from direct financing leases | 53,757 | 53,549 | 48,474 |
Total lease revenues | 285,334 | 230,710 | 172,899 |
Other real estate income | 49,076 | 44,613 | 9,841 |
Other operating income | 21,872 | 5,188 | 2,879 |
Other interest income | 6,672 | 9,042 | 6,602 |
Gross Revenues | 362,954 | 289,553 | 192,221 |
Operating Expenses | ' | ' | ' |
Depreciation and amortization | 93,947 | 69,104 | 42,965 |
Property expenses | 52,244 | 31,342 | 19,206 |
Other real estate expenses | 33,548 | 31,426 | 5,700 |
General and administrative | 20,416 | 14,879 | 8,921 |
Acquisition expenses | 16,884 | 14,834 | 7,664 |
Impairment charges | 0 | 2,019 | -70 |
Operating Expenses, Total | 217,039 | 163,604 | 84,386 |
Other Income and Expenses | ' | ' | ' |
Net (loss) income from equity investments in real estate | -7,917 | 7,828 | 5,527 |
Other income and (expenses) | 12,077 | 5,638 | 7,029 |
Interest expense | -88,656 | -72,271 | -50,982 |
Nonoperating income expense | -84,496 | -58,805 | -38,426 |
Income from continuing operations before income taxes | 61,419 | 67,144 | 69,409 |
Benefit from (provision for) income taxes | 263 | -914 | -1,047 |
Income from continuing operations | 61,682 | 66,230 | 68,362 |
Discontinued Operations | ' | ' | ' |
Income from operations of discontinued properties, net of tax | 483 | 1,183 | 1,306 |
Gain on sale of real estate, net of tax | 7,987 | 740 | 778 |
Loss on extinguishment of debt, net of tax | -983 | 0 | 0 |
Income from discontinued operations, net of tax | 7,487 | 1,923 | 2,084 |
Net Income | 69,169 | 68,153 | 70,446 |
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to advisor of $16,899, $14,620, and $9,378, respectively) | -29,305 | -26,542 | -20,791 |
Net income attributable to CPA:17 - Global | 39,864 | 41,611 | 49,655 |
Earnings Per Share | ' | ' | ' |
Income from continuing operations attributable to CPA:17 - Global (usd per share) | $0.11 | $0.16 | $0.27 |
Income from discontinued operations attributable to CPA:17 - Global (usd per share) | $0.02 | $0.01 | $0.01 |
Net income attributable to CPA:17 - Global (usd per share) | $0.13 | $0.17 | $0.28 |
Weighted Average Shares Outstanding | 313,010,828 | 249,283,354 | 175,271,595 |
Amounts Attributable To CPA:17 - Global | ' | ' | ' |
Income from continuing operations, net of tax | 32,377 | 39,688 | 47,571 |
Income from discontinued operations, net of tax | 7,487 | 1,923 | 2,084 |
Net income attributable to CPA:17 - Global | $39,864 | $41,611 | $49,655 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Available cash distributions to advisors | $16,899 | $14,620 | $9,378 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $69,169 | $68,153 | $70,446 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Foreign currency translation adjustments and other | 29,884 | 13,515 | -12,753 |
Unrealized gain (loss) on derivative instruments | 831 | -16,758 | -5,219 |
Change in unrealized appreciation (depreciation) on marketable securities | 94 | 1,035 | -15 |
Total other comprehensive income (loss) | 30,809 | -2,208 | -17,987 |
Comprehensive Income | 99,978 | 65,945 | 52,459 |
Amounts Attributable to Noncontrolling Interests: | ' | ' | ' |
Net income | -29,305 | -26,542 | -20,791 |
Foreign currency translation adjustments | -183 | -192 | 220 |
Change in unrealized (gain) loss on derivative instruments | -535 | -365 | 109 |
Comprehensive income attributable to noncontrolling interests | -30,023 | -27,099 | -20,462 |
Comprehensive Income Attributable to CPA:17 - Global | $69,955 | $38,846 | $31,997 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Additional Paid-In-Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total CPA:17 - Global Stockholders | Noncontrolling interest |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning equity balance, value at Dec. 31, 2010 | $1,236,509 | $143 | $1,280,453 | ($93,446) | ($14,943) | ($8,044) | $1,164,163 | $72,346 |
Beginning equity balance, shares at Dec. 31, 2010 | ' | 142,366,962 | ' | ' | ' | ' | ' | ' |
Shares issued, net of offering costs, shares | ' | 63,628,957 | ' | ' | ' | ' | ' | ' |
Shares issued, net of offering costs, value | 571,655 | 63 | 571,592 | ' | ' | ' | 571,655 | ' |
Shares issued to affiliates, shares | ' | 1,114,867 | ' | ' | ' | ' | ' | ' |
Shares issued to affiliates, value | 11,184 | 2 | 11,182 | ' | ' | ' | 11,184 | ' |
Contributions from noncontrolling interests | 1,197 | ' | ' | ' | ' | ' | 0 | 1,197 |
Distributions declared | -113,271 | ' | ' | -113,271 | ' | ' | -113,271 | ' |
Distributions to noncontrolling interests | -23,214 | ' | ' | ' | ' | ' | 0 | -23,214 |
Net income | 70,446 | ' | ' | 49,655 | ' | ' | 49,655 | 20,791 |
Other comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments and other | -12,753 | ' | ' | ' | -12,533 | ' | -12,533 | -220 |
Change in unrealized (loss) gain on derivative instruments | -5,219 | ' | ' | ' | -5,110 | ' | -5,110 | -109 |
Change in unrealized (depreciation) appreciation on marketable securities | -15 | ' | ' | ' | -15 | ' | -15 | ' |
Repurchase of shares, shares | ' | -961,968 | ' | ' | ' | ' | ' | ' |
Repurchase of shares, value | -9,060 | ' | ' | ' | ' | -9,060 | -9,060 | ' |
Ending equity balance, value at Dec. 31, 2011 | 1,727,459 | 208 | 1,863,227 | -157,062 | -32,601 | -17,104 | 1,656,668 | 70,791 |
Ending equity balance, shares at Dec. 31, 2011 | ' | 206,148,818 | ' | ' | ' | ' | ' | ' |
Shares issued, net of offering costs, shares | ' | 100,529,436 | ' | ' | ' | ' | ' | ' |
Shares issued, net of offering costs, value | 903,229 | 100 | 903,129 | ' | ' | ' | 903,229 | ' |
Shares issued to affiliates, shares | ' | 2,043,451 | ' | ' | ' | ' | ' | ' |
Shares issued to affiliates, value | 20,501 | 2 | 20,499 | ' | ' | ' | 20,501 | ' |
Contributions from noncontrolling interests | 762 | ' | ' | ' | ' | ' | 0 | 762 |
Distributions declared | -161,773 | ' | ' | -161,773 | ' | ' | -161,773 | ' |
Distributions to noncontrolling interests | -24,427 | ' | ' | ' | ' | ' | 0 | -24,427 |
Net income | 68,153 | ' | ' | 41,611 | ' | ' | 41,611 | 26,542 |
Other comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments and other | 13,515 | ' | ' | ' | 13,323 | ' | 13,323 | 192 |
Change in unrealized (loss) gain on derivative instruments | -16,758 | ' | ' | ' | -17,123 | ' | -17,123 | 365 |
Change in unrealized (depreciation) appreciation on marketable securities | 1,035 | ' | ' | ' | 1,035 | ' | 1,035 | ' |
Repurchase of shares, shares | ' | -1,818,685 | ' | ' | ' | ' | ' | ' |
Repurchase of shares, value | -17,189 | ' | ' | ' | ' | -17,189 | -17,189 | ' |
Ending equity balance, value at Dec. 31, 2012 | 2,514,507 | 310 | 2,786,855 | -277,224 | -35,366 | -34,293 | 2,440,282 | 74,225 |
Ending equity balance, shares at Dec. 31, 2012 | 306,903,020 | 306,903,020 | ' | ' | ' | ' | ' | ' |
Shares issued, net of offering costs, shares | ' | 10,252,652 | ' | ' | ' | ' | ' | ' |
Shares issued, net of offering costs, value | 96,853 | 11 | 96,842 | ' | ' | ' | 96,853 | ' |
Shares issued to affiliates, shares | ' | 2,116,767 | ' | ' | ' | ' | ' | ' |
Shares issued to affiliates, value | 21,232 | 2 | 21,230 | ' | ' | ' | 21,232 | ' |
Contributions from noncontrolling interests | 0 | ' | ' | ' | ' | ' | 0 | ' |
Distributions declared | -203,598 | ' | ' | -203,598 | ' | ' | -203,598 | ' |
Distributions to noncontrolling interests | -26,760 | ' | ' | ' | ' | ' | 0 | -26,760 |
Net income | 69,169 | ' | ' | 39,864 | ' | ' | 39,864 | 29,305 |
Other comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments and other | 29,884 | ' | ' | ' | 29,701 | ' | 29,701 | 183 |
Change in unrealized (loss) gain on derivative instruments | 831 | ' | ' | ' | 296 | ' | 296 | 535 |
Change in unrealized (depreciation) appreciation on marketable securities | 94 | ' | ' | ' | 94 | ' | 94 | ' |
Repurchase of shares, shares | ' | -1,918,540 | ' | ' | ' | ' | ' | ' |
Repurchase of shares, value | -18,184 | ' | ' | ' | ' | -18,184 | -18,184 | ' |
Ending equity balance, value at Dec. 31, 2013 | $2,484,028 | $323 | $2,904,927 | ($440,958) | ($5,275) | ($52,477) | $2,406,540 | $77,488 |
Ending equity balance, shares at Dec. 31, 2013 | 317,353,899 | 317,353,899 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Transactions, Parenthetical Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions Declared Per Share | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.65 | $0.65 | $0.65 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flow - Operating Activities | ' | ' | ' |
Net income | $69,169 | $68,153 | $70,446 |
Adjustments to net income | ' | ' | ' |
Depreciation and amortization, including intangible assets and deferred financing costs | 96,907 | 72,486 | 46,720 |
Loss from equity investments in real estate in excess of distributions received | 18,521 | 419 | 1,868 |
Unrealized (gain) loss on foreign currency transactions and others | -2,452 | 2,221 | 3 |
Realized gain on foreign currency transactions and others | -3,690 | -1,128 | -6,055 |
Straight-line rent adjustment and amortization of rent-related intangibles | -19,464 | -14,185 | -11,616 |
Impairment charges | 0 | 2,019 | -70 |
Gain on sale of real estate | -8,059 | -1,832 | -787 |
Loss on extinguishment of debt | 538 | 0 | 0 |
Non-cash asset management fee expense | 21,953 | 18,935 | 13,435 |
Accretion of commercial mortgage-backed securities | -632 | 0 | 0 |
Settlement of derivative asset (liability) | 2,964 | 0 | -5,131 |
Deferred income taxes | -3,706 | 0 | 0 |
Net changes in other operating assets and liabilities | 12,136 | 10,187 | -7,298 |
Net Cash Provided by Operating Activities | 184,185 | 157,275 | 101,515 |
Cash Flows - Investing Activities | ' | ' | ' |
Distributions received from equity investments in real estate in excess of equity income | 7,463 | 23,616 | 90,571 |
Acquisitions of real estate and direct financing leases | -404,914 | -799,175 | -658,546 |
Capital contributions to equity investments in real estate | -156,228 | -73,656 | -228,519 |
VAT paid in connection with acquisition of real estate | -29,071 | -15,594 | -4,592 |
VAT refunded in connection with acquisition of real estate | 40,933 | 7,314 | 29,336 |
Proceeds from sale of real estate | 19,973 | 59,323 | 19,821 |
Funds placed in escrow | -67,294 | -52,266 | -196,291 |
Funds released from escrow | 70,330 | 35,159 | 186,958 |
Payment of deferred acquisition fees to an affiliate | -14,354 | -15,708 | -14,455 |
Proceeds from repayment of notes receivable | 0 | 0 | 49,560 |
Purchase of notes receivable | 0 | 0 | -30,000 |
Investment in securities | -1,614 | -7,071 | -2,394 |
Net Cash Used in Investing Activities | -534,776 | -838,058 | -758,551 |
Cash Flows - Financing Activities | ' | ' | ' |
Distributions paid | -198,440 | -147,649 | -102,503 |
Contributions from noncontrolling interests | 0 | 762 | 1,197 |
Distributions to noncontrolling interests | -26,760 | -24,427 | -23,214 |
Scheduled payments of mortgage principal | -22,260 | -17,525 | -14,136 |
Prepayment of mortgage principal | -22,570 | -11,224 | 0 |
Proceeds from mortgage financing | 308,873 | 469,709 | 243,517 |
Funds placed in escrow | 20 | 8,691 | 17,919 |
Funds released from escrow | -5,409 | -6,780 | -8,932 |
Proceeds from loans from affiliates | 0 | 0 | 90,000 |
Repayments of loan from affiliate | 0 | 0 | -90,000 |
Payment of financing costs and mortgage deposits, net of deposits refunded | -4,006 | -1,667 | -9,423 |
Proceeds from issuance of shares, net of issuance costs | 97,975 | 897,660 | 575,251 |
Purchase of treasury stock | -18,184 | -17,189 | -9,060 |
Net Cash Provided by Financing Activities | 109,239 | 1,150,361 | 670,616 |
Change in Cash and Cash Equivalents During the Year | ' | ' | ' |
Effect of exchange rate changes on cash | 7,130 | 2,026 | 4,401 |
Net (decrease) increase in cash and cash equivalents | -234,222 | 471,604 | 17,981 |
Cash and cash equivalents, beginning of year | 652,330 | 180,726 | 162,745 |
Cash and cash equivalents, end of year | $418,108 | $652,330 | $180,726 |
Organization_and_Offering
Organization and Offering | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Offering | ' |
Organization and Offering | |
Organization | |
CPA®:17 – Global is a publicly owned, non-listed REIT that invests primarily in commercial properties leased to companies domestically and internationally. As a REIT, we are not subject to U.S. federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income, the level of our distributions and other factors. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. Revenue is subject to fluctuation because of the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. | |
Substantially all of our assets and liabilities are held by the Operating Partnership and at December 31, 2013, we owned 99.99% of general and limited partnership interests in the Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. | |
At December 31, 2013, our portfolio was comprised of our full or partial ownership interests in 352 fully-occupied properties, substantially all of which were triple-net leased to 99 tenants, and totaled approximately 34 million square feet (unaudited). In addition, our portfolio was comprised of our full or partial ownership interests in 71 self-storage properties, two hotel properties, and two shopping centers for an aggregate of approximately 6 million square feet (unaudited). As opportunities arise, we may also make other types of commercial real estate related investments. We were formed in 2007 and are managed by the advisor. | |
Public Offerings | |
We issued approximately 289,000,000 shares of our common stock and raised aggregate gross proceeds of approximately $2.9 billion from our initial public offering, which ended in April 2011, and our follow-on offering, which closed on January 31, 2013. Through December 31, 2013, we have issued approximately 28,000,000 shares ($264.7 million) through our DRIP. We repurchased approximately 5,600,000 shares ($52.5 million) of our common stock under our redemption plan from inception through December 31, 2013. | |
In January 2013, we amended our articles of incorporation to increase the number of shares authorized to 950,000,000 consisting of 900,000,000 shares of common stock, $0.001 par value per share and 50,000,000 shares of preferred stock, $0.001 par value per share. In January 2013, we also filed a registration statement on Form S-3 (File No. 333-186182) with the SEC regarding 200,000,000 shares of our common stock to be offered through our DRIP. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Consolidation | |
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is 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 is deemed a VIE. and, if so, whether we are deemed to be 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 can cause us to consider an entity a VIE. | |
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 a 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. | |
For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (a) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (b) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
We have investments in tenancy-in-common interests in various domestic and international properties. Consolidation of these investments is not required as such interests do not qualify as VIEs and do not meet the control requirement required for consolidation. Accordingly, we account for these investments using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of these investments. | |
Additionally, we own interests in single-tenant net leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly-owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. | |
We previously determined that the Walgreens Las Vegas investment was a VIE and we were its primary beneficiary. In October 2012, we exercised options to acquire the Walgreens store and to acquire a 15% equity interest in a project that includes a multi-tenant retail development managed by BPS. Walgreens Las Vegas is no longer a VIE as we fully own this entity. We continue to consolidate the accounts of Walgreens Las Vegas (Note 6). | |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year presentation. The consolidated financial statements included in this Report have been retrospectively adjusted to reflect the disposition (or planned disposition) of certain properties as discontinued operations. | |
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. Each business combination is then accounted for by applying the acquisition method. 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 immediately expense acquisition-related costs and fees associated with business combinations. | |
Purchase Price Allocation | |
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. We determine the value of the tangible assets, consisting of land, buildings, and site improvements, and intangible assets, including the above- and below-market value of leases, the value of in-place leases and the value of tenant relationships, at their estimated fair values. Land is typically valued utilizing the sales comparison (or market approach). Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined by reference to portfolio appraisals which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated cash net operating income for each property in the portfolio during the remaining anticipated lease term, and the estimated residual value. The estimated residual value of each property is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate and deducting estimated costs of sale. For self-storage assets, the hypothetical sales price is derived by capitalizing the estimated net operating income. Estimated cash net operating income factors in the gross potential revenue of the business less economic vacancy rates and expected operational expenses. 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, 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 materially favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, the appraisal assumes the exercise of such purchase option or long-term renewal options in its determination of residual value. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. For those properties that are under contract for sale, the appraised value of the portfolio reflects the current contractual sale price of such properties. See Real Estate Leased to Others and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease values for owned properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the leases negotiated and 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 a period equal to the estimated lease term which includes renewal options with rental rates below estimated market rental rates. We amortize the capitalized above-market lease value as a reduction of rental income over the estimated market lease term. We amortize the capitalized below-market lease value as an increase to rental income over the initial term and any below-market fixed rate renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. | |
The value of any in-place lease is estimated to be equal to the property owners’ avoidance of costs necessary to release the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance to the property owners’ of vacancy/leasing costs necessary to lease the property for a lease term equal to the remaining in-place lease term 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 improvement allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the capitalized value of in-place lease intangibles to expense over the remaining initial term of each lease. No amortization period for intangibles will 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 lease revenue and in-place lease and tenant relationship values to amortization expense. We amortize the capitalized value of in-place lease intangibles and tenant relationships over the lease term. | |
When we acquire leveraged properties, the fair value of debt instruments acquired 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 company, the time until maturity and the current interest rate. | |
Real Estate and Operating Real Estate | |
We carry land and buildings and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that increase the useful life of the properties, while we expense replacements, maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Real Estate Under Construction | |
For properties under construction, operating expenses including interest charges and other property expenses, including real estate taxes, are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. | |
Acquisition, Development and Construction Loans | |
We provide funding to developers for the acquisition, development and construction of real estate. Under the ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate these arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. For those arrangements with characteristics of a loan, we follow the accounting guidance for loans and disclose within our Finance Receivables footnote (Note 5). When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for those arrangements under the equity method of accounting (Note 6). Once the investment or partnership begins operations, we use the hypothetical liquidation at book value method to calculate income or loss which considers the principal and interest under the loan to be a preferential return. | |
Assets Held for Sale | |
We classify those assets that are associated with 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 and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. The results of operations and the related gain or loss on sale of properties that have been sold or that are classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 15). | |
If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |
We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. | |
Notes Receivable | |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. | |
Allowance for Doubtful Accounts | |
We consider direct financing leases and notes receivable to be past-due or delinquent when a contractually required principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. | |
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. | |
Debt Securities | |
We have investments, such as CMBS and a debenture, that were designated as securities held to maturity on the date of acquisition, in accordance with current accounting guidance. We carry these securities held to maturity at cost, net of unamortized premiums and discounts, which are recognized in interest income using an effective yield or “interest” method, and assess them for other-than-temporary impairment on a quarterly basis. | |
Other Assets and Other Liabilities | |
We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, debt securities, derivative assets and corporate fixed assets in Other assets. We include derivative instruments; miscellaneous amounts held on behalf of tenants; and deferred revenue, including unamortized below-market rent intangibles in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings and refinancings that are amortized over the terms of the mortgages and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. | |
Deferred Acquisition Fees Payable to Affiliate | |
Fees payable to the advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates. A portion of these fees is payable in three equal annual installments following the quarter on which a property was purchased. The timing of the payment of such fees is impacted by certain performance criterion (Note 3). | |
Treasury Stock | |
Treasury stock is recorded at cost under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. | |
Noncontrolling Interests | |
We accounted for the Special General Partner Interest as a noncontrolling interest (Note 3). The Special General Partner Interest entitles the Special General Partner to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. | |
Offering Costs | |
During the offering period, we accrued costs incurred in connection with the raising of capital as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred costs to equity and reimbursed the advisor for costs incurred (Note 3). Such reimbursements did not exceed regulatory cost limitations. | |
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 all operating expenses relating to the property, including property taxes, insurance, maintenance, repairs and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. We capitalize significant renovations that increase the useful life of the properties. For the years ended December 31, 2013, 2012 and 2011, although we are legally obligated for the payment, pursuant to our lease agreements with our tenants, lessees were responsible for the direct payment to the taxing authorities of real estate taxes of approximately $23.2 million, $14.1 million and $9.5 million, respectively, which are included in Property expenses in the consolidated financial statements. | |
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 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. | |
We account for leases as operating or direct financing leases as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 4). | |
Direct financing method — We record leases accounted for under the direct financing method at their net investment (Note 5). 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. | |
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 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 and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. | |
Interest Capitalized in Connection with Real Estate Under Construction | |
Operating real estate is stated at cost less accumulated depreciation. Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on the interest rate of any debt linked to the project or a blended rate of the mortgages outstanding in the fund if there is no debt on the project. | |
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 (generally up to seven years). 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. | |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to the vacancy of a property that is not subject to a lease; a lease default by a tenant that is experiencing financial difficulty; the termination of a lease by a tenant; or the rejection of a lease in a bankruptcy proceeding. We may incur impairment charges on long-lived assets, including real estate, direct financing leases, assets held for sale and equity investments in real estate. We may also incur impairment charges on marketable securities. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets, which include finite-lived intangibles, 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 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, among other things, market rents, residual values, and holding periods. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered to be impaired. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. | |
Assets Held for Sale | |
When we classify an asset as held for sale, we compare the asset’s estimated fair value less estimated cost to sell to its carrying value, and if the estimated fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the estimated fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the estimated fair value, and may recognize an additional impairment charge if warranted. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. | |
Equity Investments in Real Estate | |
We evaluate our equity investments in real estate 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 other-than-temporary impairment has occurred, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. | |
Commercial Mortgage-Backed Securities | |
We have CMBS investments that are designated as securities held to maturity. On a quarterly basis, we evaluate our CMBS to determine if they have experienced an other-than temporary decline in value. In our evaluation, we consider, among other items, the significance of the decline in value compared to the cost basis; underlying factors contributing to the decline in value, such as delinquencies and expectations of credit losses; the length of time the market value of the security has been less than its cost basis; expected market volatility and market and economic conditions; advice from dealers; and our own experience in the market. | |
If the CMBS’ market value is below its amortized cost and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we record the entire amount of the other-than-temporary impairment charge in earnings. | |
We do not intend to sell our CMBS investments, and we do not expect that it is more likely than not that we will be required to sell these investments before their anticipated recovery. We perform an additional analysis to determine whether we expect to recover our amortized cost basis in the investment. If we have determined that a decline in the estimated fair value of our CMBS investments has occurred that is other-than-temporary and we do not expect to recover the entire amortized cost basis, we calculate the total other-than-temporary impairment charge as the difference between the CMBS investments’ carrying value and their estimated fair value. We then separate the other-than-temporary impairment charge into the non-credit loss portion and the credit loss portion. We determine the non-credit loss portion by analyzing the changes in spreads on high credit quality CMBS securities as compared with the changes in spreads on the CMBS securities being analyzed for other-than-temporary impairment. We generally perform this analysis over a time period from the date of acquisition of the debt securities through the date of the analysis. Any resulting loss is deemed to represent losses due to the illiquidity of the debt securities and is recorded as the non-credit loss portion. We then measure the credit loss portion of the other-than-temporary impairment as the residual amount of the other-than-temporary impairment. We record the non-credit loss portion as a separate component of Other comprehensive loss in equity and the credit loss portion in earnings. | |
Following recognition of the other-than-temporary impairment, the difference between the new cost basis of the CMBS investments and cash flows expected to be collected is accreted to Interest income from CMBS over the remaining expected lives of the securities. | |
Foreign Currency | |
Translation | |
We have interests in real estate investments in the European Union, United Kingdom, and Japan for which the functional currency is the euro, the British pound sterling, and the Japanese yen, respectively. We perform the translation from the euro, the British pound sterling, or the Japanese yen 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 a weighted-average exchange rate during the period. 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 when we have substantially exited from all investments in the related currency. | |
Transaction Gains or Losses | |
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. Foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net income. | |
Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), which the entities to the transactions are consolidated or accounted for by the equity method in our financial statements, are not included in net income. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2013, 2012 and 2011, we recognized net realized gains on such transactions of $3.1 million, $1.1 million and $6.0 million, respectively. | |
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 a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. | |
We made an accounting policy election effective January 1, 2011, or the “effective date”, to use the portfolio exception in Accounting Standards Codification (“ASC”) 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. 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. Deferred income taxes are recorded for the corporate subsidiaries based on earnings reported. The provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. 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 (Note 14). | |
We conduct business in various states and municipalities within the U.S., Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state and local taxes and a provision for such taxes is included in the consolidated financial statements. | |
We elect to treat certain of our corporate subsidiaries as 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 (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company. | |
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 we believe 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 percent 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. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | |
Deferred Income Taxes | |
We recognize deferred income taxes in certain of our taxable subsidiaries. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 14). In addition, deferred tax assets arise from unutilized tax net operating losses generated in prior years. 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. | |
Earnings Per Share | |
We have a simple equity capital structure with only common stock outstanding. As a result, earnings per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income per basic share of common stock is calculated by dividing net income by the weighted-average number of shares of common stock issued and outstanding during such period. | |
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 Requirements | |
The following Accounting Standards Updates (“ASUs”), promulgated by the FASB are applicable to us as indicated: | |
ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities — In January 2013, the FASB issued an update to ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting or similar arrangement. These amendments did not have a significant impact on our financial position or results of operations and were applicable to us for our interim and annual reports beginning in 2013. | |
ASU 2013-02, Other Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income — In February 2013, the FASB issued ASU 2013-02 requiring entities to disclose additional information about items reclassified out of accumulated other comprehensive income. This ASU impacts the form of our disclosures only, is applicable to us for our interim and annual reports beginning in 2013, and has been applied retrospectively. The related additional disclosures are located in Note 13. | |
ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, a Consensus of the FASB Emerging Issues Task Force — In February 2013, the FASB issued ASU 2013-04, which requires entities to measure obligations resulting from joint and several liability arrangements (in our case, tenancy-in-common arrangements, Note 6) for which the total amount of the obligation is fixed as the sum of the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This ASU is applicable to us for our interim and annual reports beginning in 2014 and shall be applied retrospectively; however, we elected to adopt this ASU early in 2013 and it did not have a significant impact on our financial position or results of operations for any of the periods presented. | |
ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, a Consensus of the FASB Emerging Issues Task Force — In July 2013, the FASB issued ASU 2013-10, which permits the Fed Funds Effective Swap Rate, also referred to as the “Overnight Index Swap Rate,” to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the U.S. government and LIBOR swap rate. The update also removes the restriction on the use of different benchmark rates for similar hedges. This ASU is applicable to us for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. Through the date of this Report, we had not entered into any transactions to which this ASU applies. | |
Out-of-Period Adjustment | |
In the fourth quarter of 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes in connection with the initial acquisition accounting for 15 properties acquired during 2008-2012 (Note 14). We concluded that this adjustment was not material to our financial position or results of operations for the current period or any of the prior periods. As such, we recorded an out-of-period adjustment of $1.7 million and $7.7 million to reflect the cumulative deferred tax assets and liabilities, respectively, associated with the initial basis differential that resulted from the tax-basis carry-over of these properties as well as an aggregate corresponding increase to total assets of $9.3 million, primarily comprised of $4.1 million to Goodwill and $5.2 million to Net investments in properties. Additionally, this adjustment resulted in a net increase of $2.9 million to Net income attributable to CPA®:17 – Global, comprised of a deferred tax benefit of $1.8 million, an increase to Net income from equity investments in real estate of $1.7 million, an increase of $0.4 million to Net income attributable to noncontrolling interests, and an increase to $0.2 million to Depreciation and amortization. |
Agreements_and_Transactions_wi
Agreements and Transactions with Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Agreements and Transactions with Related Parties | ' | |||||||||||
Agreements and Transactions with Related Parties | ||||||||||||
Transactions with the Advisor | ||||||||||||
We have an advisory agreement with the advisor whereby the advisor performs certain services for us under a fee arrangement. On September 28, 2012, we amended and restated certain terms in that advisory agreement, as described below. The fee structure related to asset management fees, initial acquisition fees, subordinated acquisition fees and subordinated disposition fees was unchanged by the amendment and restatement, and the advisor remained entitled to 10% of the available cash of the Operating Partnership, referred to as the “Available Cash Distribution”, as described below. The current advisory agreement is scheduled to expire on June 30, 2014 unless otherwise extended. We also have certain agreements with affiliates regarding jointly-owned investments. In addition, we reimbursed the advisor for organization and offering costs incurred in connection with our follow-on offering through its closing on January 31, 2013 and for certain administrative duties performed on our behalf. The following tables present a summary of fees we paid and expenses we reimbursed to the advisor in accordance with the advisory agreement (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amounts Included in the Consolidated Statements of Income: | ||||||||||||
Asset management fees | $ | 21,953 | $ | 18,932 | $ | 13,435 | ||||||
Available Cash Distribution | 16,899 | 14,620 | 9,378 | |||||||||
Acquisition expenses | 11,448 | 12,092 | — | |||||||||
Personnel and overhead reimbursements | 9,243 | 5,205 | 2,258 | |||||||||
Office rent reimbursements | 1,293 | 756 | 411 | |||||||||
Interest expense on deferred acquisition fees and loan from affiliate | 827 | 930 | 1,194 | |||||||||
$ | 61,663 | $ | 52,535 | $ | 26,676 | |||||||
Other Acquisition Fees Capitalized: | ||||||||||||
Current acquisition fees | $ | 4,777 | $ | 17,448 | $ | 24,559 | ||||||
Deferred acquisition fees | 3,063 | 14,162 | 17,398 | |||||||||
$ | 7,840 | $ | 31,610 | $ | 41,957 | |||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Due to Affiliates: | ||||||||||||
Deferred acquisition fees, including interest | $ | 15,573 | $ | 26,732 | ||||||||
Accounts payable | 2,200 | 339 | ||||||||||
Asset management fees payable | 1,972 | 1,651 | ||||||||||
Reimbursable costs | 264 | 603 | ||||||||||
Subordinated disposition fees | 202 | 202 | ||||||||||
$ | 20,211 | $ | 29,527 | |||||||||
Transaction Fees | ||||||||||||
We pay the advisor acquisition fees for structuring and negotiating investments and related mortgage financing on our behalf, a portion of which is payable upon acquisition of investments with the remainder subordinated to the achievement of a preferred return, a non-compounded cumulative distribution of 5% per annum (based initially on our invested capital). Acquisition fees payable to the advisor with respect to our long-term net lease investments is 4.5% of the total cost of those investments and is comprised of a current portion of 2.5%, typically paid upon acquisition, and a deferred portion of 2%, typically paid over three years and subject to the 5% preferred return described above. For certain types of non-long term net lease investments, initial acquisition fees may range from 0% to 1.75% of the equity invested plus the related acquisition fees, with no portion of the fee being deferred. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the consolidated financial statements. | ||||||||||||
The advisor may be entitled to receive a disposition fee in an amount equal to the lesser of (i) 50.0% of the competitive real estate commission (as defined in the advisory agreement) or (ii) 3.0% of the contract sales price of the investment being sold; however, payment of such fees is subordinated to the 5% preferred return. These fees, which are paid at the discretion of our board of directors, are deferred and are payable to the advisor only in connection with a liquidity event. | ||||||||||||
Asset Management Fees and Available Cash Distribution | ||||||||||||
As defined in the advisory agreement, we pay the advisor asset management fees that vary based on the nature of the underlying investment. We pay 0.5% per annum of average market value for long-term net leases and certain other types of real estate investments, and 1.5% to 1.75% per annum of average equity value for certain types of securities. The asset management fees are payable in cash or shares of our common stock at the option of the advisor. If the advisor elects to receive all or a portion of its fees in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published NAV, which was $9.50 as of December 31, 2013. For 2013, 2012, and 2011, the advisor elected to receive its asset management fees in shares of our common stock, which vest over a period of three years. At December 31, 2013, the advisor owned 6,061,989 shares (1.9%) of our common stock. We also pay the advisor, depending on the type of investments we own, up to 10% of available cash of the Operating Partnership, which is defined as cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. Asset management fees and Available Cash Distributions are included in Property expenses and Net income attributable to noncontrolling interests, respectively, in the consolidated financial statements. | ||||||||||||
Personnel and Overhead Reimbursements | ||||||||||||
Under the terms of the advisory agreement, the advisor allocates a portion of its personnel and overhead expenses to us and the other Managed REITs. Effective as of October 1, 2012, the advisor allocates these expenses on the basis of our trailing four quarters of reported revenues and those of WPC, the CPA® REITs, and CWI. Prior to that date, these costs were allocated on the basis of time charges incurred by the advisor’s personnel on behalf of the CPA® REITs and CWI. | ||||||||||||
We reimburse the advisor for various expenses it incurs in the course of providing services to us. We reimburse certain third-party expenses paid by the advisor on our behalf, including property-specific costs, professional fees, office expenses and business development expenses. In addition, we reimburse the advisor for the allocated costs of personnel and overhead in managing our day-to-day operations, including accounting services, stockholder services, corporate management, and property management and operations. We do not reimburse the advisor for the cost of personnel if these personnel provide services for transactions for which the advisor receives a transaction fee, such as acquisitions and dispositions. Personnel and office rent reimbursements are included in General and administrative expenses in the consolidated financial statements. | ||||||||||||
The advisor is obligated to reimburse us for the amount by which our operating expenses exceeds the “2%/25% guidelines” (the greater of 2% of average invested assets or 25% of net income) as defined in the advisory agreement for any 12-month period. If in any year our operating expenses exceed the 2%/25% guidelines, the advisor will have an obligation to reimburse us for such excess, subject to certain conditions. If our independent directors find that the excess expenses were justified based on any unusual and nonrecurring factors that they deem sufficient, the advisor may be paid in future years for the full amount or any portion of such excess expenses, but only to the extent that the reimbursement would not cause our operating expenses to exceed this limit in any such year. We record the reimbursement as a reduction of asset management fees at such time that a reimbursement is fixed, determinable and irrevocable. Our operating expenses have not exceeded the amount that would require the advisor to reimburse us. | ||||||||||||
Organization and Offering Expenses | ||||||||||||
Through the termination of our follow-on offering on January 31, 2013, we incurred expenses in connection with the offerings of our securities. These expenses were deducted from the gross proceeds of our offerings. Total organization and offering expenses, including underwriting compensation, did not exceed 15% of the gross proceeds of our offering and our DRIP, consistent with applicable regulatory requirements. Under the terms of a dealer manager agreement between Carey Financial, a wholly-owned subsidiary of our advisor, and us, Carey Financial received a selling commission of $0.65 per share sold and a dealer manager fee of $0.35 per share sold in our public offering. Carey Financial re-allowed all or a portion of selling commissions to selected dealers participating in the offering and re-allowed up to the full dealer manager fee to the selected dealers. Total underwriting compensation paid in connection with our offering, including selling commissions, the dealer manager fee, and reimbursements made by Carey Financial to selected dealers and investment advisors, did not exceed the limitations prescribed by the FINRA, which limit underwriting compensation to 10% of gross offering proceeds. We also reimbursed Carey Financial up to an additional 0.5% of offering proceeds for bona fide due diligence expenses. We reimbursed the advisor or one of its affiliates for other organization and offering expenses (including, but not limited to, filing fees, legal, accounting, printing and escrow costs). The advisor agreed to be responsible for the payment of organization and offering expenses (excluding selling commissions and dealer manager fees) that exceed 4% of the gross offering proceeds. | ||||||||||||
During the offering period, we accrued costs incurred in connection with the raising of capital as deferred offering costs. Upon receipt of offering proceeds and reimbursement to the advisor for costs incurred, we charged the deferred costs to equity. The total costs paid by the advisor and its affiliates in connection with the organization and offering of our securities were $20.9 million from inception through January 31, 2013 and were fully reimbursed upon termination of our follow-on offering on that date. | ||||||||||||
Other Transaction with the Advisor | ||||||||||||
In February 2011, we borrowed $90.0 million at an annual interest rate of 1.15% from the advisor to fund the acquisition of an investment that purchased properties from C1000 Logistiek Vastgoed B.V. (Note 6). We repaid this loan on April 8, 2011, the maturity date. In connection with this loan, we paid the advisor interest of $0.2 million during the year ended December 31, 2011. | ||||||||||||
Jointly-Owned Investments and Other Transactions with Affiliates | ||||||||||||
At December 31, 2013, we owned interests ranging from 12% to 85% in jointly-owned investments, with the remaining interests generally held by affiliates. We consolidate certain of these investments and account for the remainder under the equity method of accounting. We also owned interests in jointly-controlled tenancy-in-common interests in properties, which we account for under the equity method of accounting. | ||||||||||||
On December 18, 2013, we and our affiliate, CPA®:18 – Global, acquired a retail portfolio from Agrokor d.d. (referred to as Agrokor 5) through a jointly-owned investment for $97.0 million, of which our share was $19.4 million. We account for this investment under the equity method of accounting (Note 6). | ||||||||||||
On August 20, 2013, we and our affiliate, CPA®:18 – Global, acquired an office facility located in Austin, Texas from State Farm through a jointly-owned investment for $115.6 million, of which our share was $57.8 million. We account for this investment under the equity method of accounting (Note 6). | ||||||||||||
On May 2, 2011, we purchased interests in three investments, the Hellweg 2 investment, the U-Haul Moving Partners, Inc. and Mercury Partners, LP investment, and the Dick’s Sporting Goods, Inc. investment, from one of our affiliates, CPA®:14, for an aggregate purchase price of $55.7 million (Note 6). The acquisitions were made pursuant to an agreement entered into between us and CPA®:14 in December 2010 and were conditioned upon completion of the merger of CPA®:14 into CPA®:16 – Global. The purchase price was based on the appraised values of the underlying investment properties and the non-recourse mortgage debt on the properties. In connection with this acquisition, we recorded basis differences totaling $27.4 million, which represents our share of the excess of the fair value of the underlying investment properties and related mortgage loans over their respective carrying values, to be amortized into equity earnings over the remaining lives of the properties and mortgage loans. As part of the acquisition, we also purchased from CPA®:14 certain warrants, which were granted by Hellweg 2 to CPA®:14 in connection with the initial lease transaction, for a total cost of $1.6 million, which is based on the fair value of the warrants on the date of acquisition. These warrants give us participation rights to any distributions made by Hellweg 2. In addition, we are entitled to a cash distribution that equates to a certain percentage of the liquidity event price of Hellweg 2, should a liquidity event occur. Because these warrants are readily convertible to cash and provide for net cash settlement upon conversion, we account for them as derivative instruments, which are measured at fair value and record them as assets, with the changes in the fair value recognized in earnings. |
Net_Investments_in_Properties_
Net Investments in Properties and Real Estate Under Construction | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Net Investments in Properties and Real Estate Under Construction | ' | |||||||
Net Investments in Properties and Real Estate Under Construction | ||||||||
Real Estate | ||||||||
Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 553,389 | $ | 491,584 | ||||
Buildings | 1,848,926 | 1,614,188 | ||||||
Less: Accumulated depreciation | (129,051 | ) | (77,245 | ) | ||||
$ | 2,273,264 | $ | 2,028,527 | |||||
Acquisitions of Real Estate During 2013 | ||||||||
During 2013, we entered into the following domestic investments, which were deemed to be real estate asset acquisitions because we entered into new leases in connection with the acquisitions, at a total cost of $44.4 million, including net lease intangible assets of $8.1 million (Note 8) and acquisition-related costs and fees of $2.2 million, which were capitalized: | ||||||||
• | two parcels of land for $18.2 million, which were then leased to a provider of private school education that intends to construct two buildings on the site located in Chicago, Illinois; | |||||||
• | an automotive dealership for $15.3 million located in Lewisville, Texas; and | |||||||
• | an investment of $10.9 million for a manufacturing and office facility located in Portage, Wisconsin. | |||||||
Additionally, we acquired the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, at a total cost of $234.6 million, including land of $29.7 million, buildings of $157.7 million, and net lease intangible assets of $48.8 million (Note 8): | ||||||||
• | an international investment of $78.1 million for a logistics facility located in Poland. Amount is based on the exchange rate of the euro on the date of acquisition; | |||||||
• | an international investment of $38.6 million for an R&D/office facility located in the Netherlands. Amount is based on the exchange rate of the euro on the date of acquisition; | |||||||
• | an international investment of $26.6 million for an office headquarters facility located in Germany. Amount is based on the exchange rate of the euro on the date of acquisition; | |||||||
• | a domestic investment of $41.7 million for an office facility located in Houston, Texas; | |||||||
• | a domestic investment of $17.0 million for an office headquarters facility located in Tempe, Arizona; | |||||||
• | a domestic investment of $15.7 million for an entertainment complex located in Dallas, Texas; | |||||||
• | a domestic investment of $9.0 million for an office facility located in Auburn Hills, Michigan; and | |||||||
• | a domestic investment of $7.9 million for a building with a ground lease located in Northbrook, Illinois. | |||||||
In connection with these investments, we expensed acquisition-related costs and fees of $15.1 million, which are included in Acquisition expenses in the consolidated financial statements. | ||||||||
During the year ended December 31, 2013, we funded an additional $9.7 million for build-to-suit projects that were placed into service and $8.8 million for building improvements with existing tenants. | ||||||||
During 2013, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro at December 31, 2013 increased by 4.2% to $1.3768 from $1.3218 at December 31, 2012. The impact of this weakening was a $29.9 million increase in the carrying value of Real estate from December 31, 2012 to December 31, 2013. | ||||||||
Asset dispositions are discussed in Note 15. | ||||||||
Allocation of Purchase Price | ||||||||
For our investment located in Tempe, Arizona that was acquired during the three months ended December 31, 2013, the purchase price was allocated to the assets acquired and liabilities assumed based upon their preliminary estimated fair values, which are based on the best estimates of management at each respective date of acquisition. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. | ||||||||
Acquisitions of Real Estate During 2012 | ||||||||
During 2012, we entered into the following investments, which were deemed to be real estate asset acquisitions, at a total cost of $400.8 million, including net lease intangible assets totaling $92.4 million (Note 8) and acquisition-related costs and fees: | ||||||||
• | a domestic investment of $169.0 million for eight office facilities located in various cities in Minnesota; | |||||||
• | a domestic investment of $68.7 million for nine automotive dealerships in various states; | |||||||
• | an international investment of $45.8 million for a portfolio of retail properties located in Croatia. Amount is based on the exchange rate of the euro on the date of acquisition; | |||||||
• | a domestic investment of $36.3 million for an office facility located in Warrenville, Illinois; | |||||||
• | a domestic investment of $25.0 million for two office facilities located in Montgomery, Alabama and Savannah, Georgia; | |||||||
• | a domestic investment of $21.3 million for a manufacturing facility located in Sterling, Virginia; | |||||||
• | a domestic investment of $15.7 million office facility located in Eagan, Minnesota; | |||||||
• | two additional domestic investments for a total cost of $14.0 million in a manufacturing and an office facility located in Avon, Ohio and St. Louis, Missouri, respectively; and | |||||||
• | two follow-on transactions in an existing investment for a total cost of $5.0 million located in Alvarado, Texas. | |||||||
In connection with these investments, the purchase price was allocated to the assets acquired, based upon their fair values, and we capitalized acquisition-related costs and fees totaling $21.6 million. | ||||||||
Additionally, we acquired the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, at a total cost of $238.1 million, including land totaling $37.9 million, buildings totaling $163.0 million, and net lease intangible assets totaling $37.2 million (Note 8): | ||||||||
• | a domestic investment of $174.8 million for a multi-tenant office facility located in Houston, Texas; | |||||||
• | a foreign investment of $48.7 million for a warehouse facility located in Japan. WPC acquired a 3% minority interest in this investment. Amount is based on the exchange rate of the Japanese yen on the date of acquisition; and | |||||||
• | a domestic investment of $14.6 million for a multi-tenant industrial facility located in Elk Grove Village, Illinois. | |||||||
In connection with these investments, we expensed acquisition-related costs and fees totaling $12.8 million, which are included in Acquisition expenses in the consolidated financial statements. Additionally, we recognized revenues totaling $4.5 million and net losses totaling $11.9 million, primarily due to the acquisition-related costs and fees. | ||||||||
Acquisitions of Real Estate During 2011 | ||||||||
In September 2011, we entered into an investment in Italy whereby we purchased substantially all of the economic and voting interests in a real estate fund that owns 20 cash and carry retail stores located throughout Italy for a total cost of $395.5 million, including net lease intangible assets of $42.3 million. As this acquisition was deemed to be a real estate asset acquisition, we capitalized acquisition-related fees and expenses of $21.4 million. In connection with this investment, we assumed $222.7 million of indebtedness. Amounts are based on the exchange rate of the euro on the date of acquisition. The retail stores are leased to Metro, and Metro AG, its German parent company, has guaranteed Metro’s obligations under the leases. The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values. The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisition (in thousands). | ||||||||
Assets Acquired at Fair Value: | ||||||||
Land | $ | 91,691 | ||||||
Buildings | 262,651 | |||||||
Intangible assets | 57,750 | |||||||
Liabilities Assumed at Fair Value: | ||||||||
Non-recourse debt | (222,680 | ) | ||||||
Accounts payable, accrued expenses and other liabilities | (9,050 | ) | ||||||
Prepaid and deferred rental income | (15,488 | ) | ||||||
Net Assets Acquired | $ | 164,874 | ||||||
In addition, we entered into a domestic investment for $32.7 million with IShops, LLC to acquire a parcel of land, which includes a hotel property. We expensed acquisition-related costs and fees of $1.2 million as this transaction was accounted for as a business combination. Also, in connection with this transaction, we entered into a build-to-suit project with the developer to construct a shopping center on the land. | ||||||||
Scheduled Future Minimum Rents | ||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2013 are as follows (in thousands): | ||||||||
Years Ending December 31, | Total | |||||||
2014 | $ | 236,286 | ||||||
2015 | 237,463 | |||||||
2016 | 238,841 | |||||||
2017 | 239,980 | |||||||
2018 | 242,033 | |||||||
Thereafter | 2,776,405 | |||||||
Total | $ | 3,971,008 | ||||||
Operating Real Estate | ||||||||
Operating real estate, which consists primarily of our domestic hotel and self-storage operations, at cost, is summarized as follows (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 66,066 | $ | 60,493 | ||||
Buildings | 217,304 | 193,067 | ||||||
Furniture, fixtures, and equipment | — | 1,245 | ||||||
Less: Accumulated depreciation | (15,354 | ) | (7,757 | ) | ||||
$ | 268,016 | $ | 247,048 | |||||
Acquisitions of Operating Real Estate During 2013 | ||||||||
2013 — During 2013, we acquired eight self-storage properties for $31.9 million. The total cost includes buildings of $20.8 million, land of $6.9 million, and lease intangible assets of $4.2 million (Note 8). As these acquisitions were deemed to be business combinations, we expensed the acquisition-related costs of $0.6 million, which are included in Acquisition expenses in the consolidated financial statements. | ||||||||
Acquisitions of Operating Real Estate During 2012 | ||||||||
2012 — During 2012, we acquired 14 self-storage properties from various sellers throughout the U.S. for a total cost of $82.9 million, including land of $16.5 million, buildings of $56.7 million, and lease intangible assets of $9.7 million (Note 8). As these acquisitions were deemed to be business combinations, we expensed the acquisition-related costs totaling $1.5 million, which are included in Acquisition expenses in the consolidated financial statements. Additionally, we recognized revenues of $2.2 million and net losses of $1.9 million, primarily due to the acquisition-related costs. | ||||||||
Assets dispositions are discussed in Note 15. | ||||||||
Real Estate Under Construction | ||||||||
The following table provides the activity of our Real estate under construction (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | 71,285 | $ | 90,176 | ||||
Capitalized funds (a) | 90,007 | 121,003 | ||||||
Placed into service (b) | (42,225 | ) | (142,085 | ) | ||||
Capitalized interest (c) | 5,208 | 2,100 | ||||||
Building improvements and other | 3,660 | 91 | ||||||
Ending balance (d) | $ | 127,935 | $ | 71,285 | ||||
__________ | ||||||||
(a) | At December 31, 2013, we had five build-to-suit projects, of which three remained as open projects, and the balance included acquisition-related costs and fees of $2.3 million, which were capitalized. At December 31, 2012, we had ten build-to-suit projects, of which four remained as open projects, and the balance included acquisition-related costs and fees of $16.4 million, which were capitalized. | |||||||
(b) | During the year ended December 31, 2013, there were three build-to-suit projects, of which two are completed and one is partially-completed, that were placed into service. The two completed build-to-suit projects for $26.1 million were reclassified as Real estate, at cost, and the partially-completed build-to-suit project for $12.6 million was reclassified as Operating real estate, at cost, at December 31, 2013. During the year ended December 31, 2012, there were six build-to-projects that were placed into service totaling $142.1 million, which were reclassified as Real estate, at cost. The remaining $3.5 million was related to improvements on an existing building we own that was reclassified as Real estate, at cost, at December 31, 2013. | |||||||
(c) | Includes amortization of the mortgage discount and deferred financing costs and interest on a third-party debt related to one of the build-to-suit projects totaling $3.2 million and less than $0.1 million for the years ended December 31, 2013 and 2012, respectively, that will be capitalized as part of the building’s value once the project is completed. | |||||||
(d) | The aggregate unfunded commitment on the remaining open projects totaled approximately $46.7 million and $92.4 million at December 31, 2013 and 2012, respectively. | |||||||
Asset Retirement Obligations | ||||||||
We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with several of our acquisitions. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. | ||||||||
The following table provides the activity of our asset retirement obligations, which are included in Accounts payable, accrued expenses and other liabilities on the consolidated balance sheets (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | 19,194 | $ | 11,453 | ||||
Additions | 1,619 | 6,842 | ||||||
Accretion expense (a) | 1,203 | 890 | ||||||
Foreign currency translation adjustments and other | 60 | 9 | ||||||
Ending balance | $ | 22,076 | $ | 19,194 | ||||
__________ | ||||||||
(a) Accretion of the liability is included in Property expenses and recognized over the economic life of the properties. |
Finance_Receivables
Finance Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 receivable portfolios consist of our Net investments in direct financing leases and Notes receivable. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated balance sheets. | |||||||||||||
Net Investment in Direct Financing Leases | |||||||||||||
Net investment in direct financing leases is summarized as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Minimum lease payments receivable | $ | 774,876 | $ | 819,881 | |||||||||
Unguaranteed residual value | 468,548 | 466,829 | |||||||||||
1,243,424 | 1,286,710 | ||||||||||||
Less: unearned income | (763,508 | ) | (810,838 | ) | |||||||||
$ | 479,916 | $ | 475,872 | ||||||||||
At December 31, 2013 and 2012, Other assets, net included $0.8 million and $1.0 million, respectively, of accounts receivable related to amounts billed under these direct financing leases. | |||||||||||||
During 2011, we entered into five domestic net lease financing transactions, three of which were with Flanders Corporation for $53.9 million, one with Spear Precision & Packaging, Inc. for $8.0 million and one with American Air Liquide Holdings, Inc. for $2.2 million, in each case including acquisition-related fees and expenses. In connection with these investments, which were deemed to be real estate asset acquisitions, we capitalized acquisition-related fees and expenses of $3.1 million. We recorded an additional $2.1 million related to one of the Flanders Corporation investments as an operating lease (Note 4). | |||||||||||||
Scheduled Future Minimum Rents | |||||||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2013 are as follows (in thousands): | |||||||||||||
Years Ending December 31, | Total | ||||||||||||
2014 | $ | 51,981 | |||||||||||
2015 | 52,415 | ||||||||||||
2016 | 52,842 | ||||||||||||
2017 | 53,271 | ||||||||||||
2018 | 288,037 | ||||||||||||
Thereafter | 276,330 | ||||||||||||
Total | $ | 774,876 | |||||||||||
Notes Receivable | |||||||||||||
During 2011, we provided financing of $30.0 million to a developer, BPS, in connection with the construction of a shopping center, which includes a Walgreens store, in Las Vegas, Nevada. In connection with the loan, we received an option to exchange the $30.0 million loan for an equity interest in BPS. This loan is collateralized by the property and personally guaranteed by each of the principals of BPS, has an annual interest rate of 0.5% and matures in September 2013. At December 31, 2011, the balance of this note receivable was $30.0 million. In October 2012, we exercised our option to acquire the 15% equity interest and reclassified the $30.0 million to an equity investment in real estate (Note 6). | |||||||||||||
In December 2010, we provided financing of $40.0 million to China Alliance Properties Limited, a subsidiary of Shanghai Forte Land Co., Ltd (“Forte”). The financing was provided through a collateralized loan that is guaranteed by Forte’s parent company, Fosun International Limited, and has an interest rate of 11% and matures in December 2015. At both December 31, 2013 and 2012, the balance of the note receivable was $40.0 million. | |||||||||||||
Credit Quality of Finance Receivables | |||||||||||||
We generally seek investments in facilities that we believe are critical to each tenant’s business and that we believe have a low risk of tenant defaults. At both December 31, 2013 and 2012, none of the balances of our finance receivables were past due and we had not established any allowances for credit losses. Additionally, there were no modifications of finance receivables during the years ended December 31, 2013 and 2012. 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. The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2013. | |||||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Tenants / Obligors at | |||||||||||||
December 31, | December 31, | ||||||||||||
Internal Credit Quality Indicator | 2013 | 2012 | 2013 | 2012 | |||||||||
1 | — | 1 | $ | — | $ | 2,239 | |||||||
2 | 1 | 2 | 2,250 | 60,218 | |||||||||
3 | 8 | 9 | 430,713 | 453,415 | |||||||||
4 | 3 | — | 86,953 | — | |||||||||
5 | — | — | — | — | |||||||||
$ | 519,916 | $ | 515,872 | ||||||||||
Equity_Investments_in_Real_Est
Equity Investments in Real Estate | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Investments in Real Estate | ' | ||||||||||||
Equity Investments in Real Estate | |||||||||||||
We own equity interests in single-tenant net leased properties that are generally leased to companies through noncontrolling interests (i) in partnerships and limited liability companies that we do not control but over which we exercise significant influence or (ii) as tenants-in-common subject to common control. Generally, the underlying investments are jointly-owned with affiliates. We account for these investments under the equity method of accounting. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment were hypothetically liquidated at the end of each reporting period. Investments in unconsolidated investments are required to be evaluated periodically. We periodically compare an investment’s carrying value to its estimated fair value and recognize an impairment charge to the extent that the carrying value exceeds fair value and such decline is determined to be other than temporary. Additionally, we provide funding to developers for ADC Arrangements. Under ADC Arrangements, we have provided two loans to third-party developers of real estate projects, which we account for as equity investments (Note 2). | |||||||||||||
The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values along with those ADC Arrangements that are recorded as equity investments (dollars in thousands): | |||||||||||||
Ownership Interest | Carrying Value at December 31, | ||||||||||||
Lessee/Counterparty | Co-owner(s) | at December 31, 2013 | 2013 | 2012 | |||||||||
C1000 Logistiek Vastgoed B.V. (a) (b) | WPC | 85% | $ | 84,119 | $ | 81,516 | |||||||
U-Haul Moving Partners, Inc. and Mercury Partners, LP (c) (d) | WPC/ | 12% | 43,051 | 28,019 | |||||||||
CPA®:16 – Global | |||||||||||||
BPS Nevada, LLC (formerly known as BPS Parent, LLC) (e) | Third Party | 15% | 23,278 | 26,253 | |||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC (f) | Third Party | 45% | 23,907 | — | |||||||||
State Farm (g) | CPA®:18 – Global | 50% | 20,913 | — | |||||||||
Agrokor 5 (a) (g) | CPA®:18 – Global | 20% | 19,217 | — | |||||||||
Tesco plc (a) (d) | CPA®:16 – Global | 49% | 17,965 | 17,487 | |||||||||
Berry Plastics Corporation (d) | CPA®:16 – Global | 50% | 17,659 | 18,529 | |||||||||
Hellweg 2 (a) (d) (h) | WPC/ | 37% | 12,978 | 22,827 | |||||||||
CPA®:16 – Global | |||||||||||||
Eroski Sociedad Cooperativa – Mallorca (a) | WPC | 30% | 9,639 | 9,336 | |||||||||
Dick’s Sporting Goods, Inc. (d) | CPA®:16 – Global | 45% | 4,646 | 5,010 | |||||||||
Shelborne Property Associates, LLC (i) | Third Party | 33% | 129,575 | 63,896 | |||||||||
IDL Wheel Tenant, LLC (j) | Third Party | N/A | 6,017 | 2,260 | |||||||||
$ | 412,964 | $ | 275,133 | ||||||||||
___________ | |||||||||||||
(a) | The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the euro. | ||||||||||||
(b) | This investment represents a tenancy-in-common interest, whereby the property is encumbered by debt for which we are jointly and severally liable. For this investment, the co-obligor is WPC and the total amount due under the arrangement was approximately $95.6 million and $93.2 million at December 31, 2013 and 2012, respectively. Of these amounts, $81.3 million and $79.2 million represent the amounts we agreed to pay and are included within the carrying value of this investment at December 31, 2013 and 2012, respectively. | ||||||||||||
(c) | In November 2013, we made a contribution of $17.0 million to this investment for the investee to repurchase its outstanding mortgage loan. | ||||||||||||
(d) | The portion of these investments owned by CPA®:16 – Global were acquired by WPC upon completion of the merger of CPA®:16 – Global with and into a subsidiary of WPC in January 2014. | ||||||||||||
(e) | In December 2013, we recognized an other-than-temporary impairment charge of $3.8 million on this investment (Note 9). | ||||||||||||
(f) | We acquired interests in Madison Storage NYC, LLC in June 2013 and Veritas Group IX-NYC, LLC in October 2013, both of which are VIEs. In addition to our 45% equity interest, we have a 40% indirect economic interest in this investment based upon certain contractual arrangements with our partner in this entity that enable or could require us to purchase their interest. | ||||||||||||
(g) | See “Acquisition of Equity Investment” below. | ||||||||||||
(h) | The decrease in carrying value is primarily due to our share of the German real estate transfer tax incurred by the investment. Please see “Hellweg 2 Restructuring” below for more information. | ||||||||||||
(i) | Represents a domestic ADC Arrangement that we account for under the equity method of accounting as the characteristics of the arrangement with the third-party developer are more similar to a jointly-owned investment or partnership rather than a loan. This investment is a VIE. We provided funding of $69.3 million to this investment during the year ended December 31, 2013. At December 31, 2013, the unfunded balance on the loan related to this investment was $2.5 million. | ||||||||||||
(j) | Represents a domestic ADC Arrangement that we account for under the equity method of accounting as the characteristics of the arrangement with the third-party developer are more similar to a jointly-owned investment or partnership rather than a loan. This investment is a VIE. We provided funding of $3.8 million to this investment and capitalized $0.2 million of interest related to the loan during the year ended December 31, 2013. At December 31, 2013, the unfunded balance on the loan related to this investment was $44.3 million. | ||||||||||||
The following tables present combined summarized investee financial information of our equity method investment properties. Amounts provided are the total amounts attributable to the investment properties and do not represent our proportionate share (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Real estate assets | $ | 1,360,072 | $ | 1,049,068 | |||||||||
Other assets | 346,335 | 252,022 | |||||||||||
Total assets | 1,706,407 | 1,301,090 | |||||||||||
Debt | (776,467 | ) | (668,555 | ) | |||||||||
Accounts payable, accrued expenses and other liabilities | (92,119 | ) | (86,592 | ) | |||||||||
Total liabilities | (868,586 | ) | (755,147 | ) | |||||||||
Redeemable noncontrolling interests | — | (21,747 | ) | ||||||||||
Partners’/members’ equity | $ | 837,821 | $ | 524,196 | |||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 132,760 | $ | 111,151 | $ | 82,072 | |||||||
Expenses | (135,339 | ) | (80,237 | ) | (63,267 | ) | |||||||
Income from continuing operations | $ | (2,579 | ) | $ | 30,914 | $ | 18,805 | ||||||
We recorded our investments in BPS Nevada, LLC and Shelborne Property Associates, LLC on a one quarter lag, therefore, amounts in our financial statements for the years ended December 31, 2013 and 2012 are based on balances and results of operations from BPS Nevada, LLC and Shelborne Property Associates, LLC for the years ended September 30, 2013 and 2012. BPS Nevada, LLC was acquired in October 2012 and Shelborne Property Associates, LLC was acquired in December 2012, therefore, there was no earnings impact during 2011 for these investments. | |||||||||||||
We recognized a net loss from equity investments in real estate of $7.9 million for the year ended December 31, 2013 and net income from equity investments in real estate of $7.8 million and $5.5 million for the years ended December 31, 2012 and 2011, respectively. Net income or loss from equity investments is based on the hypothetical liquidation at book value model as well as certain depreciation and amortization adjustments related to basis differentials from acquisitions of certain investments. Aggregate distributions from our interests in other unconsolidated real estate investments were $18.1 million, $31.9 million and $101.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, the unamortized basis differences on our equity investments were $25.9 million and $28.7 million, respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $3.9 million, $3.5 million, and $2.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
Hellweg 2 Restructuring | |||||||||||||
In 2007, CPA®:14, CPA®:15 and CPA®:16 – Global, acquired a 33%, 40% and 27% interest, respectively, in an entity (“Purchaser”) for the purposes of acquiring a 25% interest in a property holding company (“PropCo”) that owns 37 do-it yourself stores located in Germany. This is referred to as the Hellweg 2 transaction. The remaining 75% interest in PropCo was owned by a third party (“Partner”). In November 2010, CPA®:14, CPA®:15 and CPA®:16 – Global obtained a 70% additional interest in PropCo from the Partner resulting in Purchaser owning approximately 95% of PropCo. In 2011, we acquired CPA®:14’s interests and in 2012, WPC acquired CPA®:15’s interests. We account for our investment under the equity method of accounting. | |||||||||||||
In October 2013, we acquired the Partner’s remaining 5% equity interest in PropCo, which resulted in PropCo incurring a German real estate transfer tax of $21.9 million, of which our share was approximately $8.1 million and was recorded within Net (loss) income from equity investments in real estate in our consolidated statements of income for the year ended December 31, 2013. PropCo intends to appeal the real estate transfer tax upon assessment, but there is no certainty it will be successful in appealing its obligation. | |||||||||||||
Acquisitions of Equity Investments During 2013 | |||||||||||||
In December 2013, we and CPA®:18 – Global acquired a retail portfolio, referred to as Agrokor 5, from Agrokor d.d. through a jointly-owned investment for a total cost of $97.0 million, which includes capitalized acquisition-related costs and fees totaling $6.3 million. We acquired a 20% interest in this venture for $19.4 million and account for this investment under the equity method of accounting. | |||||||||||||
In August 2013, we and CPA®:18 – Global acquired an office facility from State Farm through a jointly-owned investment for a total cost of $115.6 million, which includes capitalized acquisition-related costs and fees totaling $5.6 million. We acquired a 50% interest in this venture for $57.8 million and account for this investment under the equity method of accounting. In connection with this transaction, the jointly-owned investment obtained non-recourse financing totaling $72.8 million, of which our share is $36.4 million, which is included within the carrying value of this investment. This mortgage loan bears a fixed annual interest rate of 4.5% and matures in September 2023. | |||||||||||||
Acquisitions of Equity Investments During 2012 | |||||||||||||
In October 2012, we exercised an option to acquire the Walgreens property located in Las Vegas, NV (“Walgreens Las Vegas”) for approximately $39.3 million, of which $23.7 million had previously been funded (“Walgreens Option”) and exercised an option to acquire a 15% equity interest in a project that includes a multi-tenant retail development managed by BPS (“Retail Option”) (collectively, the “Options”). These Options were part of an overall investment of approximately $115.0 million in a two phase retail project consisting of (i) a Walgreens retail store and (ii) a multi-tenant retail project both located in Las Vegas, Nevada. We previously consolidated the entity which held title to both phases of the retail project as our loan to the entity provided us with control over those decisions that most significantly impacted the entity’s economic performance. We also had the obligation to absorb losses and the rights to receive benefits from the entity that could potentially have been significant. Following the exercise of the Walgreens Option, we continued to consolidate the Walgreens Las Vegas property and capitalized the additional payment of approximately $15.5 million to the cost basis in the Walgreens Las Vegas property in our consolidated balance sheets. Concurrent with our exercise of the Walgreens Option, BPS repaid the remainder of our original loan. Upon repayment of the original loan, we lost control over those decisions which would most significantly impact the economic performance of the entity. Accordingly, we deconsolidated the Multi-Tenant Retail Project. This resulted in a gain on disposition of real estate of approximately $1.1 million, included in Other income and (expenses). | |||||||||||||
Pursuant to the terms of our agreement with BPS involving the $30.0 million loan we made to them, we had the ability to either (i) receive cash equal to the principal balance of our $30.0 million loan (Note 5), plus unpaid interest of approximately $2.9 million, or (ii) convert the loan to a preferred equity interest of 15% in the multi-tenant real estate project underlying the Retail Option. Upon exercise of the Retail Option during 2012, we recognized $2.9 million of previously deferred earnings attributable to the unpaid interest which was accruing under the $30.0 million loan. This income was realized upon the recapitalization of the multi-tenant real estate underlying the Retail Option and resulting change in control over those rights that most significantly impact the entity’s economic performance. Following the exercise of the Retail Option, we account for our interest under the equity method of accounting as we do not have a controlling interest but exercise significant influence. | |||||||||||||
ADC Arrangements | |||||||||||||
We account for the following ADC Arrangements under the equity method of accounting as we will participate in the residual interests through the sale or refinancing of the property (Note 2): | |||||||||||||
In December 2012, we funded a domestic build-to-suit project with Shelborne Property Associates, LLC for the construction of a hotel property for a total estimated construction cost of up to $125.0 million, which was subsequently increased to $137.0 million as of December 31, 2013. We funded $69.3 million through December 31, 2013. The loan is collateralized by the property and has an annual interest rate ranging from 6% to 8% for the first three years of the term; followed by seven one-year extensions of the term at the option of the borrower at which point, the annual interest rate would be 10%. At December 31, 2013, the related loan had an unfunded balance of $2.5 million. | |||||||||||||
In November 2012, we funded a domestic build-to-suit project with IDL Wheel Tenant, LLC for the construction of an observation wheel in an entertainment complex, which we have also acquired as a build-to-suit project (Note 4). The total estimated construction cost of the observation wheel is up to $50.0 million, of which we funded $3.8 million through December 31, 2013. The loan is personally guaranteed by each of the principals of IDL Wheel Tenant, LLC and has an annual interest rate of 9% and matures in November 2017. As part of the arrangement, we agreed to fund a portion of the loan in euro and we locked the euro to U.S. dollar exchange rate to the developer at $1.278 at the time of the transaction. This component of the loan is deemed to be an embedded derivative (Note 10). At December 31, 2013, the related loan had an unfunded balance of $44.3 million. |
Cash_Flow_Information
Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | |||||||||||
Cash Flow Information | ' | |||||||||||
Cash Flow Information | ||||||||||||
Supplemental Non-cash Investing and Financing Activities: | ||||||||||||
A summary of our non-cash investing and financing activities for the periods presented is as follows (dollars in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Deferred acquisition fees payable (Note 3, 4) | $ | 3,183 | $ | 14,472 | $ | 17,394 | ||||||
Reclassification to Real estate, at cost (Note 4) | 38,945 | 142,085 | 69,368 | |||||||||
Reclassification from Real estate, at cost (Note 4) | (9,825 | ) | (7,378 | ) | — | |||||||
Reclassification to Operating real estate, at cost (Note 4) | 12,557 | — | — | |||||||||
Reclassification from Operating real estate, at cost (Note 4) | (13,166 | ) | — | — | ||||||||
Reclassification from Real estate under construction (Note 4) | (42,225 | ) | (142,085 | ) | (69,368 | ) | ||||||
Reclassification to Net investments in direct financing leases | — | 8,957 | — | |||||||||
Reclassification to In-place lease intangible assets, net | 548 | (1,579 | ) | — | ||||||||
Reclassification from In-place lease intangible assets, net | — | — | — | |||||||||
Reclassification to Assets held for sale | 13,166 | — | — | |||||||||
Build-to-suit construction costs incurred but unpaid | — | — | 1,112 | |||||||||
Hellweg 2 purchase option (Note 6) | — | 32,338 | — | |||||||||
Conversion of note receivable to equity investment in real estate (Note 6) | 2,047 | — | — | |||||||||
Asset retirement obligations (Note 4) | 1,619 | 6,842 | 9,562 | |||||||||
Non-recourse mortgage loans assumed on acquisition (Note 11) | — | 36,747 | 273,074 | |||||||||
Fourth quarter distributions declared | 51,570 | 46,412 | 32,288 | |||||||||
In September 2011, we purchased substantially all of the economic and voting interests in a real estate fund, Metro, for $164.9 million, based on the exchange rate of the euro on the date of acquisition. This transaction consisted of the acquisition and assumption of certain assets and liabilities, as detailed in the table below (in thousands). | ||||||||||||
Assets Acquired at Fair Value: | ||||||||||||
Land | $ | 91,691 | ||||||||||
Buildings | 262,651 | |||||||||||
Intangible assets | 57,750 | |||||||||||
Liabilities Assumed at Fair Value: | ||||||||||||
Non-recourse debt | (222,680 | ) | ||||||||||
Accounts payable, accrued expenses and other liabilities | (9,050 | ) | ||||||||||
Prepaid and deferred rental income | (15,488 | ) | ||||||||||
Net Assets Acquired | $ | 164,874 | ||||||||||
Supplemental cash flow information | ||||||||||||
(In thousands) | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest paid, net of amounts capitalized | $ | 84,003 | $ | 68,972 | $ | 46,722 | ||||||
Interest capitalized | $ | 2,481 | $ | 1,719 | $ | 3,543 | ||||||
Income taxes paid | $ | 2,920 | $ | 1,502 | $ | 401 | ||||||
Intangible_Assets_and_Liabilit
Intangible Assets and Liabilities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Intangible Assets And Liabilities [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets and Liabilities | ' | |||||||||||||||||||||||
Intangible Assets and Liabilities | ||||||||||||||||||||||||
In connection with our acquisitions of properties, we have recorded net lease intangibles that are being amortized over periods ranging from one year to 40 years. In addition, we have several ground leases with lives up to 94 years. In-place lease intangibles are included in In-place lease intangible assets, net in the consolidated balance sheets. Tenant relationship, above-market rent, below-market ground lease (as lessee) intangibles, and goodwill are included in Other intangible assets, net in the consolidated balance sheets. Below-market rent and above-market ground lease (as lessor) intangibles are included in Prepaid and deferred rental income and security deposits in the consolidated balance sheets. | ||||||||||||||||||||||||
In connection with our investment activity during 2013, we have recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | ||||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 17.5 | $ | 61,081 | |||||||||||||||||||||
Above-market rent | 16.6 | 20,270 | ||||||||||||||||||||||
Below-market ground lease | 54.6 | 5,714 | ||||||||||||||||||||||
87,065 | ||||||||||||||||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | N/A | 4,062 | ||||||||||||||||||||||
91,127 | ||||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 19.3 | $ | (25,765 | ) | ||||||||||||||||||||
Above-market ground lease | 48.6 | (157 | ) | |||||||||||||||||||||
Total intangible liabilities | $ | (25,922 | ) | |||||||||||||||||||||
The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | — | ||||||||||||||||||||||
Out-of-period adjustment (Note 2) | 4,062 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 4,062 | ||||||||||||||||||||||
Intangible assets and liabilities are summarized as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net Carrying Amount | Gross Carrying Amount | Accumulated | Net Carrying Amount | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | $ | 537,271 | $ | (80,027 | ) | $ | 457,244 | $ | 467,846 | $ | (44,762 | ) | $ | 423,084 | ||||||||||
Above-market rent | 97,109 | (12,413 | ) | 84,696 | 74,491 | (7,584 | ) | 66,907 | ||||||||||||||||
Tenant relationship | 13,552 | (4,299 | ) | 9,253 | 13,231 | (3,307 | ) | 9,924 | ||||||||||||||||
Below-market ground leases | 7,124 | (79 | ) | 7,045 | 1,410 | (2 | ) | 1,408 | ||||||||||||||||
$ | 655,056 | $ | (96,818 | ) | $ | 558,238 | $ | 556,978 | $ | (55,655 | ) | $ | 501,323 | |||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | 4,062 | — | 4,062 | — | — | — | ||||||||||||||||||
Total intangible assets | $ | 659,118 | $ | (96,818 | ) | $ | 562,300 | $ | 556,978 | $ | (55,655 | ) | $ | 501,323 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (110,606 | ) | $ | 8,163 | $ | (102,443 | ) | $ | (84,130 | ) | $ | 3,675 | $ | (80,455 | ) | ||||||||
Above-market ground lease | (157 | ) | 3 | (154 | ) | — | — | — | ||||||||||||||||
Total intangible liabilities | $ | (110,763 | ) | $ | 8,166 | $ | (102,597 | ) | $ | (84,130 | ) | $ | 3,675 | $ | (80,455 | ) | ||||||||
Net amortization of intangibles, including the effect of foreign currency translation, was $35.7 million, $28.0 million, and $17.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues, amortization of below-market ground lease intangibles is included in General and administrative expenses, and amortization of in-place lease, above-market ground lease, and tenant relationship intangibles is included in Depreciation and amortization. | ||||||||||||||||||||||||
Based on the intangible assets and liabilities recorded at December 31, 2013, scheduled annual net amortization of intangibles for each of the next five years and thereafter is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Total | |||||||||||||||||||||||
2014 | $ | 35,040 | ||||||||||||||||||||||
2015 | 33,214 | |||||||||||||||||||||||
2016 | 30,970 | |||||||||||||||||||||||
2017 | 29,287 | |||||||||||||||||||||||
2018 | 29,204 | |||||||||||||||||||||||
Thereafter | 297,926 | |||||||||||||||||||||||
Total | $ | 455,641 | ||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
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 an interest rate cap and swaps; and Level 3, for securities and other derivative assets 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 along with their weighted-average ranges. | ||||||||||||||||||||||||
Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of an interest rate cap, interest rate swaps, foreign currency collars, foreign currency forward contracts, stock warrants, embedded derivatives, and a swaption (Note 10). The interest rate cap, interest rate swaps, foreign currency collars, foreign currency forward contracts, embedded derivatives, and swaption were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The stock warrants and embedded credit derivatives were measured at fair value using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market. | ||||||||||||||||||||||||
Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps, foreign currency forward contracts, and embedded derivatives (Note 10). These interest rate swaps and foreign currency forward contracts were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The embedded derivatives were measured at fair value using internal valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these liabilities as Level 3 because these liabilities are not traded in an active market. | ||||||||||||||||||||||||
We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 31, 2013, 2012, and 2011. Gains and losses (realized and unrealized) included in earnings are reported in Other income and (expenses) in the consolidated financial statements. | ||||||||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 1,915,601 | $ | 1,944,865 | $ | 1,633,452 | $ | 1,674,019 | |||||||||||||||
Note receivable (a) | 3 | 40,000 | 43,890 | 40,000 | 43,957 | |||||||||||||||||||
Deferred acquisition fees payable (b) | 3 | 15,033 | 15,950 | 26,246 | 30,875 | |||||||||||||||||||
Other securities (c) | 3 | 9,915 | 15,548 | 8,301 | 10,800 | |||||||||||||||||||
CMBS (d) | 3 | 2,791 | 6,052 | 2,075 | 2,980 | |||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate. | |||||||||||||||||||||||
(b) | We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment of 380 basis points and 75 basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | |||||||||||||||||||||||
(c) | Reflects equity securities and an interest in a foreign debenture, both of which are included in Other assets, net. | |||||||||||||||||||||||
(d) | The carrying value of our CMBS is inclusive of impairment charges recognized during 2012, as well as accretion related to the estimated cash flows expected to be received. There were no purchases, sales or impairment charges recognized during the year ended December 31, 2013. | |||||||||||||||||||||||
We estimated that our remaining financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2013 and 2012. | ||||||||||||||||||||||||
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. For investments in real estate for which an impairment indicator is identified, we follow a two-step process to determine whether the investment is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the future undiscounted net cash flows that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. If this amount is less than the carrying value, the property’s asset group is considered to be impaired, and we then measure the impairment charge as the excess of the carrying value of the property’s asset group over the estimated fair value of the property’s asset group, which is primarily determined using market information such as recent comparable sales or broker quotes. If relevant market information is not available or is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each investment. We determined that the significant inputs used to value these investments fall within Level 3 for fair value accounting. As a result of our assessments, we calculated impairment charges based on market conditions and assumptions that existed at the time. The valuation of real estate is subject to significant judgment and actual results may differ materially if market conditions or the underlying assumptions change. | ||||||||||||||||||||||||
The following table presents information about our other assets that were measured on a fair value basis. All of the impairment charges were measured using unobservable inputs (Level 3) and were recorded based on market conditions and assumptions that existed at the time (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||||||
Fair Value | Total | Fair Value | Total | Fair Value | Total | |||||||||||||||||||
Measurements | Impairment | Measurements | Impairment | Measurements | Impairment | |||||||||||||||||||
Charges | Charges | Charges | ||||||||||||||||||||||
Impairment Charges from Continuing Operations: | ||||||||||||||||||||||||
Net investments in direct financing leases | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (70 | ) | |||||||||||
CMBS (a) | — | — | — | 2,019 | — | — | ||||||||||||||||||
Total impairment charges included in expenses | — | 2,019 | (70 | ) | ||||||||||||||||||||
Equity investment in real estate | 23,278 | 3,778 | — | — | — | — | ||||||||||||||||||
$ | 3,778 | $ | 2,019 | $ | (70 | ) | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | During the first quarter of 2012, we incurred other-than-temporary impairment charges on our CMBS portfolio totaling $2.0 million to reduce the carrying values of three CMBS tranches to zero as a result of non-performance and the advisor’s assessment that the likelihood of receiving further interest payments or return of principal was remote. | |||||||||||||||||||||||
Equity Investments in Real Estate | ||||||||||||||||||||||||
During 2013, we recognized an other-than-temporary impairment charge of $3.8 million to reduce the carrying value of a property held by a jointly-owned investment to its estimated fair value due to a bankruptcy filed by a major tenant. We are currently seeking a replacement tenant, but, to date, no replacement has been found. The fair value measurement related to the impairment charge was determined by estimating discounted cash flows using three significant unobservable inputs, which are the cash flow discount rate, the residual discount rate, and the residual capitalization rate equal to 6.0%, 6.25%, and 5.75%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. |
Risk_Management_and_Use_of_Der
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
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 three main components of economic risk that impact us: interest rate risk, credit risk and market risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. 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 as well as changes in the value of our other investments due to changes in interest rates or other market factors. In addition, we own investments in Europe and in Asia and are subject to the risks associated with changing 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, and do not plan to enter, into financial instruments for trading or speculative purposes. In addition to derivative instruments that we entered into on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may own common stock warrants, granted to us by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include default by a counterparty to a hedging arrangement 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 counterparties that are 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 a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. | |||||||||||||||||||
The following table sets forth certain information regarding our derivative instruments for the years presented (in thousands): | |||||||||||||||||||
Derivatives Designated | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | December 31, | December 31, | |||||||||||||||||
Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Foreign currency forward contracts | Other assets, net | $ | 2,002 | $ | 4,229 | $ | — | $ | — | ||||||||||
Foreign currency collars | Other assets, net | 429 | 2,743 | — | — | ||||||||||||||
Interest rate swaps | Other assets, net | 1,895 | — | — | — | ||||||||||||||
Interest rate cap | Other assets, net | — | 1 | — | — | ||||||||||||||
Foreign currency forward contracts | Accounts payable, accrued expenses and other liabilities | — | — | (11,928 | ) | (2,533 | ) | ||||||||||||
Interest rate swaps | Accounts payable, accrued expenses and other liabilities | — | — | (12,911 | ) | (20,142 | ) | ||||||||||||
Derivatives Not Designated | |||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||
Embedded derivatives (a) | Accounts payable, accrued expenses and other liabilities | — | — | (2,164 | ) | (1,141 | ) | ||||||||||||
Embedded derivatives (b) | Other assets, net | 2,314 | — | — | — | ||||||||||||||
Stock warrants (c) | Other assets, net | 1,782 | 1,485 | — | — | ||||||||||||||
Foreign currency forward contracts | Other assets, net | 1,521 | — | — | — | ||||||||||||||
Swaption (d) | Other assets, net | 1,205 | — | — | — | ||||||||||||||
Total derivatives | $ | 11,148 | $ | 8,458 | $ | (27,003 | ) | $ | (23,816 | ) | |||||||||
___________ | |||||||||||||||||||
(a) | In connection with the ADC Arrangement with IDL Wheel Tenant, LLC, we agreed to fund a portion of the loan in euro and we locked the euro to U.S. dollar exchange rate at $1.278 to the developer at the time of the transaction (Note 6). This component of the loan is deemed to be an embedded derivative. | ||||||||||||||||||
(b) | In December 2013, there was an amendment to the loan commitment for the refinancing of Agrokor d.d., known as the Agrokor 4 portfolio, which provided for an effective net settlement provision. | ||||||||||||||||||
(c) | As part of the purchase of an interest in Hellweg 2 from CPA®:14 in May 2011, we acquired warrants from CPA®:14, which were granted by Hellweg 2 to CPA®:14. These warrants give us participation rights to any distributions made by Hellweg 2 and we are entitled to a cash distribution that equals a certain percentage of the liquidity event price of Hellweg 2, should a liquidity event occur. | ||||||||||||||||||
(d) | In connection with the non-recourse debt financing related to our Cuisine Solutions, Inc. investment, we executed a swap and purchased a swaption, which grants us the right to enter into a new swap with a predetermined fixed rate should there be an extension of the loan maturity date. | ||||||||||||||||||
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 balance sheets. At both December 31, 2013 and 2012, no cash collateral had been posted nor received for any of our derivative positions. | |||||||||||||||||||
The following tables present the impact of our derivative instruments on the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2013 | 2012 | 2011 | ||||||||||||||||
Interest rate cap (a) | $ | 1,188 | $ | 811 | $ | (244 | ) | ||||||||||||
Interest rate swaps | 10,107 | (11,046 | ) | (6,864 | ) | ||||||||||||||
Foreign currency collars | (2,059 | ) | (2,951 | ) | 6,698 | ||||||||||||||
Foreign currency forward contracts | (6,168 | ) | (3,030 | ) | — | ||||||||||||||
Put options | — | 192 | — | ||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b) | |||||||||||||||||||
Foreign currency forward contracts | (2,237 | ) | (734 | ) | (4,809 | ) | |||||||||||||
Total | $ | 831 | $ | (16,758 | ) | $ | (5,219 | ) | |||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive Income (Loss) into Income (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2013 | 2012 | 2011 | ||||||||||||||||
Foreign currency collars (c) | $ | (1,215 | ) | $ | (1,918 | ) | $ | (624 | ) | ||||||||||
Foreign currency forward contracts (c) | (909 | ) | (366 | ) | — | ||||||||||||||
Interest rate cap | 1,189 | 890 | — | ||||||||||||||||
Interest rate swaps | 7,268 | 4,867 | 1,172 | ||||||||||||||||
Total | $ | 6,333 | $ | 3,473 | $ | 548 | |||||||||||||
___________ | |||||||||||||||||||
(a) | Includes a gain attributable to noncontrolling interests of $0.5 million and $0.4 million for the years ended December 31, 2013 and 2012, respectively, and a loss attributable to noncontrolling interests of $0.1 million for the year ended December 31, 2011. | ||||||||||||||||||
(b) | The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
(c) | Gains (losses) reclassified from Other comprehensive income (loss) into income (loss) for contracts and collars that have matured are included in Other income and (expenses). | ||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Recognized in Income | 2013 | 2012 | 2011 | |||||||||||||||
Embedded credit derivatives | Other income and (expenses) | $ | 1,159 | $ | (1,141 | ) | $ | — | |||||||||||
Foreign currency forward contracts | Other income and (expenses) | 1,266 | 254 | 432 | |||||||||||||||
Put options | Other income and (expenses) | — | (2 | ) | — | ||||||||||||||
Stock warrants | Other income and (expenses) | 297 | 66 | (198 | ) | ||||||||||||||
Swaption | Other income and (expenses) | 428 | — | — | |||||||||||||||
Interest rate swaps (a) | Interest expense | 212 | (34 | ) | — | ||||||||||||||
Total | $ | 3,362 | $ | (857 | ) | $ | 234 | ||||||||||||
___________ | |||||||||||||||||||
(a) | Relates to the ineffective portion of the hedging relationship. | ||||||||||||||||||
See below for information on our purposes for entering into derivative instruments and for information on derivative instruments owned by unconsolidated investments, which are excluded from the tables above. | |||||||||||||||||||
Interest Rate Swaps and Cap | |||||||||||||||||||
We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain variable-rate non-recourse mortgage loans and, as a result, may 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 the 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. An interest rate cap limits the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. A swaption gives us the right but not the obligation to enter into an interest rate swap, of which the terms and conditions are set on the trade date, on a specified date in the future. Our objective in using these derivatives is to limit our exposure to interest rate movements. | |||||||||||||||||||
The interest rate swaps, cap, and swaption that we had outstanding on our consolidated subsidiaries at December 31, 2013 are summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2013 (a) | ||||||||||||||||||
Interest rate cap (b) | 1 | $ | 115,675 | $ | — | ||||||||||||||
Interest rate swaps | 6 | € | 186,403 | (8,689 | ) | ||||||||||||||
Interest rate swaps | 10 | $ | 210,218 | (2,327 | ) | ||||||||||||||
Swaption | 1 | $ | 13,230 | 1,205 | |||||||||||||||
$ | (9,811 | ) | |||||||||||||||||
____________ | |||||||||||||||||||
(a) | Fair values are based upon the exchange rate of the euro at December 31, 2013, as applicable. | ||||||||||||||||||
(b) | The applicable interest rate of the related debt was 2.8%, which was below the interest rate of the cap of 4.0% at December 31, 2013. The notional amount of $52.1 million attributable to noncontrolling interests is included in this swap and there is no fair value. | ||||||||||||||||||
The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2013 and was designated as cash flow hedge is summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivative | Ownership Interest in Investee at December 31, 2013 | Number of Instruments | Notional | Fair Value at | |||||||||||||||
Amount | December 31, 2013 (a) | ||||||||||||||||||
Interest rate swap | 85% | 1 | € | 14,471 | $ | 21 | |||||||||||||
____________ | |||||||||||||||||||
(a) | Fair value is based upon the exchange rate of the euro at December 31, 2013. | ||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||
We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and the Japanese yen. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent of the difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements. | |||||||||||||||||||
In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency. These instruments lock the range in which the foreign currency exchange rate may fluctuate. | |||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2013 (currency in thousands): | |||||||||||||||||||
Foreign Currency Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2013 (a) | ||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency collars | 3 | € | 14,946 | $ | 429 | ||||||||||||||
Foreign currency forward contracts | 77 | € | 169,417 | (9,610 | ) | ||||||||||||||
Foreign currency forward contracts | 16 | ¥ | 746,411 | 2,002 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 1 | € | 45,000 | (2,318 | ) | ||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 1 | ¥ | 610,129 | 1,521 | |||||||||||||||
$ | (7,976 | ) | |||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair values are based upon the applicable exchange rate of the euro or the Japanese yen at December 31, 2013. | ||||||||||||||||||
Other | |||||||||||||||||||
Amounts reported in Other comprehensive income (loss) related to interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency proceeds from foreign operations are repatriated to the U.S. At December 31, 2013, we estimate that an additional $8.0 million, inclusive of amounts attributable to noncontrolling interests of $0.4 million, and $0.3 million will be reclassified as interest expense and other income, respectively, during the next 12 months. | |||||||||||||||||||
We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of collateral received, if any. No collateral was received as of December 31, 2013. At December 31, 2013, our total credit exposure was $3.1 million, inclusive of noncontrolling interest, and the maximum exposure to any single counterparty was $2.0 million. | |||||||||||||||||||
Some of the agreements we have with our derivative counterparties contain certain credit contingent provisions that could result in a declaration of default against us regarding our derivative obligations if we either default or are capable of being declared in default on certain of our indebtedness. At December 31, 2013, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives that were in a net liability position was $25.1 million and $23.0 million at December 31, 2013 and 2012, respectively, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at either December 31, 2013 or December 31, 2012, we could have been required to settle our obligations under these agreements at their aggregate termination value of $27.1 million or $25.1 million, respectively. | |||||||||||||||||||
Portfolio Concentration Risk | |||||||||||||||||||
Concentrations of credit risk arise when a group of tenants is engaged in similar business activities or is subject to similar economic risks or conditions that could cause them to default on their lease obligations to us. We regularly monitor our portfolio to assess potential concentrations of credit risk. While we believe our portfolio is reasonably well diversified, it does contain concentrations in excess of 10%, based on the percentage of our annualized contractual minimum base rent for the fourth quarter of 2013, in certain areas, as shown in the table below. The percentages in the table below represent our directly-owned real estate properties and do not include our share of equity investments or noncontrolling interests. | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Region: | |||||||||||||||||||
Texas | 10 | % | |||||||||||||||||
Other U.S. | 51 | % | |||||||||||||||||
Total U.S. | 61 | % | |||||||||||||||||
Italy | 11 | % | |||||||||||||||||
Other international | 28 | % | |||||||||||||||||
Total international | 39 | % | |||||||||||||||||
Total | 100 | % | |||||||||||||||||
Asset Type: | |||||||||||||||||||
Office | 32 | % | |||||||||||||||||
Warehouse/Distribution | 23 | % | |||||||||||||||||
Retail | 21 | % | |||||||||||||||||
Industrial | 16 | % | |||||||||||||||||
All other | 8 | % | |||||||||||||||||
Total | 100 | % | |||||||||||||||||
Tenant Industry: | |||||||||||||||||||
Retail Stores | 25 | % | |||||||||||||||||
Grocery | 13 | % | |||||||||||||||||
Media: Printing and Publishing | 13 | % | |||||||||||||||||
All other | 49 | % | |||||||||||||||||
Total | 100 | % | |||||||||||||||||
Guarantor/Tenant: | |||||||||||||||||||
Metro (Europe) | 11 | % | |||||||||||||||||
There were no significant concentrations, individually or in the aggregate, related to our unconsolidated jointly-owned investments. |
NonRecourse_Debt
Non-Recourse Debt | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Non-Recourse Debt | ' | ||||
Non-Recourse Debt | |||||
Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real property and direct financing leases with an aggregate carrying value of approximately $2.9 billion and $2.4 billion at December 31, 2013 and 2012, respectively. At December 31, 2013, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.0% and variable contractual annual rates ranging from 2.7% to 6.1%, with maturity dates ranging from 2014 to 2038. | |||||
Financing Activity During 2013 | |||||
During 2013, we obtained new non-recourse mortgage financings totaling $296.6 million with a weighted-average annual interest rate and term of 4.6% and 11.0 years, respectively. Of the total, $162.6 million related to net lease investments acquired during 2013, $115.5 million related to investments acquired during prior years, and $18.5 million related to eight self-storage properties acquired during 2013. | |||||
Additionally, we refinanced two non-recourse mortgage loans totaling $23.4 million with new financing totaling $16.5 million with an annual interest rate and term of 4.9% and 10 years, respectively, related to nine self-storage properties acquired during prior years. | |||||
Financing Activity During 2012 | |||||
During 2012, we obtained non-recourse mortgage financing totaling $469.6 million at a weighted-average annual interest rate and term of 4.3% and 8.6 years, respectively. Of the total, $402.8 million related to investments acquired during 2012 and $66.8 million related to investments acquired during prior years. | |||||
Additionally, in connection with one of our self-storage investments and one build-to-suit investment during 2012, we assumed two non-recourse mortgage loans totaling $36.7 million, excluding unamortized discount of $7.1 million. | |||||
Scheduled Debt Principal Payments | |||||
Scheduled debt principal payments during each of the next five calendar years following December 31, 2013 and thereafter are as follows (in thousands): | |||||
Years Ending December 31, | Total | ||||
2014 | $ | 52,726 | |||
2015 | 72,337 | ||||
2016 | 299,506 | ||||
2017 | 355,600 | ||||
2018 | 147,940 | ||||
Thereafter through 2038 | 993,054 | ||||
1,921,163 | |||||
Unamortized discount, net | (5,562 | ) | |||
Total | $ | 1,915,601 | |||
Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2013. Additionally, due to the weakening of the U.S. dollar relative to foreign currencies during 2013, the carrying value of our debt increased by $15.5 million from December 31, 2012 to December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
At December 31, 2013, 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. See Note 4 for unfunded construction commitments. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Equity | ||||||||||||||||
Distributions | ||||||||||||||||
Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized distributions per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Ordinary income | $ | 0.3104 | $ | 0.3022 | $ | 0.3981 | ||||||||||
Capital gain | 0.011 | — | — | |||||||||||||
Return of capital | 0.3286 | 0.3478 | 0.2519 | |||||||||||||
Total distributions paid | $ | 0.65 | $ | 0.65 | $ | 0.65 | ||||||||||
We declared a quarterly cash distribution of $0.1625 per share in December 2013, which equated to $0.6500 per share on an annualized basis, that was paid on January 15, 2014 to stockholders of record at December 31, 2013. | ||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
The following table presents the components of Accumulated other comprehensive loss reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive loss from our unconsolidated investments (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Foreign currency translation adjustments | $ | 20,695 | $ | (9,006 | ) | $ | (22,329 | ) | ||||||||
Unrealized loss on derivative instruments | (25,579 | ) | (25,875 | ) | (8,752 | ) | ||||||||||
Unrealized depreciation on marketable securities | (391 | ) | (485 | ) | (1,520 | ) | ||||||||||
Accumulated other comprehensive loss | $ | (5,275 | ) | $ | (35,366 | ) | $ | (32,601 | ) | |||||||
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): | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Unrealized | Unrealized Appreciation (Depreciation) on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
Gains (Losses) | ||||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (25,875 | ) | $ | (485 | ) | $ | (9,006 | ) | $ | (35,366 | ) | ||||
Other comprehensive income (loss) before reclassifications | (5,502 | ) | 94 | 29,884 | 24,476 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 8,457 | — | — | 8,457 | ||||||||||||
Other income and (expenses) | (2,124 | ) | — | — | (2,124 | ) | ||||||||||
Total | 6,333 | — | — | 6,333 | ||||||||||||
Net current-period Other comprehensive income | 831 | 94 | 29,884 | 30,809 | ||||||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | (535 | ) | — | (183 | ) | (718 | ) | |||||||||
Ending balance | $ | (25,579 | ) | $ | (391 | ) | $ | 20,695 | $ | (5,275 | ) | |||||
Year Ended December 31, 2012 | ||||||||||||||||
Unrealized | Unrealized Appreciation (Depreciation) on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
Gains (Losses) | ||||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (8,752 | ) | $ | (1,520 | ) | $ | (22,329 | ) | $ | (32,601 | ) | ||||
Other comprehensive income (loss) before reclassifications | (20,231 | ) | 281 | 13,515 | (6,435 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 5,757 | — | — | 5,757 | ||||||||||||
Other income and (expenses) | (2,284 | ) | 754 | — | (1,530 | ) | ||||||||||
Total | 3,473 | 754 | — | 4,227 | ||||||||||||
Net current-period Other comprehensive (loss) income | (16,758 | ) | 1,035 | 13,515 | (2,208 | ) | ||||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | (365 | ) | — | (192 | ) | (557 | ) | |||||||||
Ending balance | $ | (25,875 | ) | $ | (485 | ) | $ | (9,006 | ) | $ | (35,366 | ) | ||||
Year Ended December 31, 2011 | ||||||||||||||||
Unrealized | Unrealized Appreciation (Depreciation) on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
Gains (Losses) | ||||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (3,642 | ) | $ | (1,505 | ) | $ | (9,795 | ) | $ | (14,942 | ) | ||||
Other comprehensive income (loss) before reclassifications | (5,767 | ) | (15 | ) | (12,754 | ) | (18,536 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 1,172 | — | — | 1,172 | ||||||||||||
Other income and (expenses) | (624 | ) | — | — | (624 | ) | ||||||||||
Total | 548 | — | — | 548 | ||||||||||||
Net current-period Other comprehensive loss | (5,219 | ) | (15 | ) | (12,754 | ) | (17,988 | ) | ||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 109 | — | 220 | 329 | ||||||||||||
Ending balance | $ | (8,752 | ) | $ | (1,520 | ) | $ | (22,329 | ) | $ | (32,601 | ) |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements. | ||||||||
We conduct business in the various states and municipalities within the U.S., in Asia, and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various state and certain foreign jurisdictions. | ||||||||
We account for uncertain tax positions in accordance with ASC 740, Income Taxes. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | 647 | $ | 589 | ||||
Additions based on tax positions related to the current year | 284 | 345 | ||||||
Reduction for tax positions of prior years | — | (287 | ) | |||||
Ending balance | $ | 931 | $ | 647 | ||||
At December 31, 2013 and 2012, 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. We recognize interest and penalties related to uncertain tax positions in income tax expense. At both December 31, 2013 and 2012, we had less than $0.1 million of accrued interest related to uncertain tax positions. | ||||||||
Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The tax years 2008 through 2013 remain open to examination by the major taxing jurisdictions to which we are subject. | ||||||||
During 2010, we elected to treat our corporate subsidiary that engages in hotel operations as a TRS. This subsidiary owns a hotel that is managed on our behalf by a third-party hotel management company. A TRS is subject to corporate federal income taxes. This subsidiary has recognized de minimus profit since inception. This hotel property was sold in October 2013 and we will dissolve this TRS once the final tax return has been filed. | ||||||||
Deferred Income Taxes | ||||||||
Our deferred tax assets net of valuation allowances and deferred tax liabilities were $3.0 million and $7.1 million, respectively, at December 31, 2013 and are primarily the result of temporary differences related to: | ||||||||
• | basis differences between tax and U.S. GAAP for real estate assets and equity investments. For income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under U.S. GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the U.S. or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for U.S. GAAP; and | |||||||
• | tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. | |||||||
During the fourth quarter of 2013, we recorded an out-of-period adjustment to reflect deferred tax assets net of valuation allowances and deferred tax liabilities of $1.7 million and $7.7 million, respectively, associated with basis differences on certain foreign properties acquired in prior periods. In addition, this adjustment included a deferred tax benefit of $1.8 million (Note 2). | ||||||||
At December 31, 2013 and 2012, we had net operating losses in foreign jurisdictions of approximately $58.8 million and $48.7 million, respectively, translating to a deferred tax asset before valuation allowance of $4.8 million and $11.0 million, respectively. Our net operating losses will begin to expire in 2015 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. Management determined that as of December 31, 2013 and 2012, $9.0 million and $11.0 million, respectively, of deferred tax assets related to losses in foreign jurisdictions did not satisfy the recognition criteria set forth in accounting guidance for income taxes and established valuation allowances for these amounts. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
From time to time, we may decide to sell a property. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet and the current and prior period results of operations of the property are reclassified as discontinued operations. | ||||||||||||
The results of operations for properties that are held for sale or have been sold and with which we have no continuing involvement are reflected in the consolidated financial statements as discontinued operations and are summarized as follows (in thousands, net of tax): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 3,807 | $ | 4,568 | $ | 6,253 | ||||||
Expenses | (3,324 | ) | (3,385 | ) | (4,947 | ) | ||||||
Gain on sale of real estate | 7,987 | 740 | 778 | |||||||||
Loss on the extinguishment of debt | (983 | ) | — | — | ||||||||
Income from discontinued operations | $ | 7,487 | $ | 1,923 | $ | 2,084 | ||||||
2013 — During 2013, we sold one hotel property for $20.0 million, net of selling costs, and recognized a gain on the sale of $8.0 million. We repaid the related outstanding non-recourse mortgage loan of $5.1 million and recognized a loss on the extinguishment of debt of $1.0 million. | ||||||||||||
2012 — During 2012, we sold 12 domestic properties for a total cost of $12.7 million, net of selling costs, and recognized a net gain on the sale of $0.7 million. | ||||||||||||
2011 — During 2011, we sold two Canadian properties for $19.8 million, net of selling costs, and recognized a net gain on the sale of $0.8 million. Amounts are based on the exchange rate of the Canadian dollar on the date of the sale. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
We have determined that we operate in one reportable segment, real estate ownership, with domestic and foreign investments. Geographic information for this segment is as follows (in thousands): | |||||||||||||||||
Year Ended December 31, 2013 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 256,586 | $ | 30,795 | $ | 75,573 | $ | 362,954 | |||||||||
Income from continuing operations before income taxes | 24,501 | 7,208 | 29,710 | 61,419 | |||||||||||||
Net income attributable to noncontrolling interests | (28,296 | ) | — | (1,009 | ) | (29,305 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 2,806 | 7,128 | 29,930 | 39,864 | |||||||||||||
Long-lived assets (b) | 2,195,465 | 343,876 | 1,022,754 | 3,562,095 | |||||||||||||
Non-recourse debt | 1,319,094 | 223,937 | 372,570 | 1,915,601 | |||||||||||||
Year Ended December 31, 2012 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 203,481 | $ | 29,396 | $ | 56,676 | $ | 289,553 | |||||||||
Income from continuing operations before income taxes | 32,163 | 6,771 | 28,210 | 67,144 | |||||||||||||
Net income attributable to noncontrolling interests | (25,897 | ) | — | (645 | ) | (26,542 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 7,841 | 6,733 | 27,037 | 41,611 | |||||||||||||
Long-lived assets (b) | 2,010,810 | 337,663 | 749,392 | 3,097,865 | |||||||||||||
Non-recourse debt | 1,135,321 | 217,106 | 281,025 | 1,633,452 | |||||||||||||
Year Ended December 31, 2011 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 131,169 | $ | 7,974 | $ | 53,078 | $ | 192,221 | |||||||||
Income from continuing operations before income taxes | 40,475 | 1,872 | 27,062 | 69,409 | |||||||||||||
Net income attributable to noncontrolling interests | (20,217 | ) | — | (574 | ) | (20,791 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 20,536 | 1,844 | 27,275 | 49,655 | |||||||||||||
Long-lived assets (b) | 1,394,579 | 337,891 | 642,303 | 2,374,773 | |||||||||||||
Non-recourse debt | 726,283 | 212,704 | 215,267 | 1,154,254 | |||||||||||||
___________ | |||||||||||||||||
(a) | All years include operations in Croatia, Germany, Hungary, Poland, the Netherlands, Spain and the United Kingdom; 2013 and 2012 include operations in Japan; and 2013 includes an investment in India. | ||||||||||||||||
(b) | Consists of Net investments in properties; Real estate under construction; Net investments in direct financing leases; and Equity investments in real estate, as applicable. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Revenues (a) | $ | 86,725 | $ | 88,993 | $ | 91,619 | $ | 95,617 | ||||||||
Expenses (a) | 48,725 | 49,011 | 58,622 | 60,681 | ||||||||||||
Net income | 22,108 | 20,735 | 11,541 | 14,785 | ||||||||||||
Net income attributable to noncontrolling interests | (7,286 | ) | (7,932 | ) | (6,515 | ) | (7,572 | ) | ||||||||
Net income attributable to CPA®:17 – Global | 14,822 | 12,803 | 5,026 | 7,213 | ||||||||||||
Earnings per share attributable to CPA®:17 – Global | 0.05 | 0.04 | 0.02 | 0.02 | ||||||||||||
Distributions declared per share | 0.1625 | 0.1625 | 0.1625 | 0.1625 | ||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | |||||||||||||
Revenues (a) | $ | 64,764 | $ | 67,565 | $ | 68,141 | $ | 89,083 | ||||||||
Expenses (a) | 32,676 | 33,897 | 35,160 | 61,871 | ||||||||||||
Net income | 16,763 | 21,152 | 18,929 | 11,309 | ||||||||||||
Net income attributable to noncontrolling interests | (5,640 | ) | (6,886 | ) | (6,634 | ) | (7,382 | ) | ||||||||
Net income attributable to CPA®:17 – Global | 11,123 | 14,266 | 12,295 | 3,927 | ||||||||||||
Earnings per share attributable to CPA®:17 – Global | 0.05 | 0.06 | 0.05 | 0.01 | ||||||||||||
Distributions declared per share | 0.1625 | 0.1625 | 0.1625 | 0.1625 | ||||||||||||
___________ | ||||||||||||||||
(a) | Certain amounts from previous quarters have been reclassified to discontinued operations (Note 15). |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||
CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED | |||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(in thousands) | |||||||||||||
Description | Balance at | Change (a) | Balance at | ||||||||||
Beginning | End of Year | ||||||||||||
of Year | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Valuation reserve for deferred tax assets | $ | 11,005 | $ | (5,424 | ) | $ | 5,581 | ||||||
Year Ended December 31, 2012 | |||||||||||||
Valuation reserve for deferred tax assets | $ | 3,844 | $ | 7,161 | 11,005 | ||||||||
Year Ended December 31, 2011 | |||||||||||||
Valuation reserve for deferred tax assets | $ | 201 | $ | 3,643 | $ | 3,844 | |||||||
__________ | |||||||||||||
(a) | The amount for the year ended December 31, 2013 includes the amount recorded in connection with the out-of-period adjustment related to deferred foreign income taxes (Note 2). |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED | |||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Company | Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Under Operating Leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Norfolk, NE | $ | 1,646 | $ | 625 | $ | 1,713 | $ | — | $ | 107 | $ | 625 | $ | 1,820 | $ | 2,445 | $ | 339 | 1975 | Jun. 2008 | 30 yrs. | ||||||||||||||||||||||||||||||
Office facility in Soest, Germany and warehouse/distribution facility in Bad Wünnenbeg, Germany | 28,307 | 3,193 | 45,932 | — | (6,394 | ) | 2,777 | 39,954 | 42,731 | 5,872 | 1982; 1996 | Jul. 2008 | 36 yrs. | ||||||||||||||||||||||||||||||||||||||
Educational facility in Chicago, IL | 14,465 | 6,300 | 20,509 | — | (527 | ) | 6,300 | 19,982 | 26,282 | 3,663 | 1912 | Jul. 2008 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Alvarado, TX and Bossier City, LA | 31,003 | 2,725 | 25,233 | 28,116 | (3,395 | ) | 4,701 | 47,978 | 52,679 | 4,003 | Various | Aug. 2008 | 25 - 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Waldaschaff, Germany | 7,078 | 10,373 | 16,708 | — | (9,429 | ) | 6,694 | 10,958 | 17,652 | 3,540 | 1937 | Aug. 2008 | 15 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Phoenix, AZ and Columbia, MD | 37,147 | 14,500 | 48,865 | — | (2,062 | ) | 14,500 | 46,803 | 61,303 | 6,143 | 2006 | Sep. 2008 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Transportation facility in Birmingham, United Kingdom | 13,729 | 3,591 | 15,810 | 949 | 477 | 3,649 | 17,178 | 20,827 | 1,733 | 2009 | Sep. 2009 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities in Gorzow, Poland | 7,878 | 1,095 | 13,947 | — | (950 | ) | 1,027 | 13,065 | 14,092 | 1,394 | 2007; 2008 | Oct. 2009 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Hoffman Estates, IL | 19,187 | 5,000 | 21,764 | — | — | 5,000 | 21,764 | 26,764 | 2,213 | 2009 | Dec. 2009 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in The Woodlands, TX | 37,693 | 1,400 | 41,502 | — | — | 1,400 | 41,502 | 42,902 | 4,236 | 2009 | Dec. 2009 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout Spain | 48,787 | 32,574 | 52,101 | — | (926 | ) | 32,035 | 51,714 | 83,749 | 5,161 | Various | Dec. 2009 | 20 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Middleburg Heights and Union Township, OH | 6,345 | 1,000 | 10,793 | 2 | — | 1,000 | 10,795 | 11,795 | 1,057 | 1997 | Feb. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Phoenix, AZ; San Diego, Fresno, Orange, Colton, Los Angeles, and Pomona, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | 13,624 | 19,001 | 13,059 | — | — | 19,001 | 13,059 | 32,060 | 1,448 | Various | Mar. 2010 | 27 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Evansville, IN | 16,834 | 150 | 9,183 | 11,745 | — | 150 | 20,928 | 21,078 | 1,679 | 2009 | Mar. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Plymouth, Southampton, Luton, Liverpool, Taunton, Cannock, and Bristol, United Kingdom | — | 8,639 | 2,019 | — | 775 | 9,251 | 2,182 | 11,433 | 286 | Various | Apr. 2010 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Company | Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Zagreb, Croatia | 51,896 | 31,941 | 45,904 | — | 3,972 | 33,380 | 48,437 | 81,817 | 5,916 | 2001; 2009 | Apr. 2010 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facilities in Tampa, FL | 34,663 | 18,300 | 32,856 | 196 | — | 18,323 | 33,029 | 51,352 | 2,956 | 1985; 2000 | May-10 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Bowling Green, KY | 28,000 | 1,400 | 3,946 | 33,809 | — | 1,400 | 37,755 | 39,155 | 2,202 | 2011 | May-10 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Elorrio, Spain | — | 19,924 | 3,981 | — | 3,569 | 22,780 | 4,694 | 27,474 | 409 | 1996 | Jun. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Gadki, Poland | 5,214 | 1,134 | 1,183 | 7,611 | (242 | ) | 1,102 | 8,584 | 9,686 | 589 | 2011 | Aug. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office and industrial facilities in Elberton, GA | — | 560 | 2,467 | — | — | 560 | 2,467 | 3,027 | 237 | 1997; 2002 | Sep. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Unadilla and Rincon, GA | 26,514 | 1,595 | 44,446 | — | — | 1,595 | 44,446 | 46,041 | 3,519 | 2000; 2006 | Nov. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Hartland, WI | 3,597 | 1,402 | 2,041 | — | — | 1,402 | 2,041 | 3,443 | 185 | 2001 | Nov. 2010 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Zagreb, Dugo Selo, Kutina, Slavonski Brod, and Samobor, Croatia | 22,821 | 6,700 | 24,114 | 194 | 1,086 | 6,885 | 25,209 | 32,094 | 2,586 | 2002; 2003; 2007 | Dec. 2010 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities located throughout the U.S. | 112,131 | 31,735 | 129,011 | — | (9,680 | ) | 28,511 | 122,555 | 151,066 | 10,607 | Various | Dec. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Madrid, Spain | — | 22,230 | 81,508 | — | 5,006 | 23,298 | 85,446 | 108,744 | 6,401 | 2002 | Dec. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 3,574 | 1,838 | 2,432 | — | 20 | 1,838 | 2,452 | 4,290 | 294 | 1982 | Dec. 2010 | 25 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Las Vegas, NV | 40,000 | 26,934 | 31,037 | 26,048 | (44,166 | ) | 5,070 | 34,783 | 39,853 | 1,299 | 2012 | Dec. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Oxnard and Watsonville, CA | 45,070 | 16,036 | 67,300 | — | (7,149 | ) | 16,036 | 60,151 | 76,187 | 5,023 | Various | Jan. 2011 | 10 - 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Dillon, SC | 19,822 | 1,355 | 15,620 | — | (69 | ) | 1,286 | 15,620 | 16,906 | 1,108 | 2001 | Mar. 2011 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Middleburg Heights, OH | — | 600 | 1,690 | — | — | 600 | 1,690 | 2,290 | 116 | 2002 | Mar. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Martinsville, VA | 8,848 | 600 | 1,998 | 10,876 | — | 600 | 12,874 | 13,474 | 652 | 2011 | May-11 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Chicago, IL | 5,135 | 7,414 | — | — | — | 7,414 | — | 7,414 | — | N/A | Jun. 2011 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Fraser, MI | 4,337 | 928 | 1,392 | 5,803 | — | 928 | 7,195 | 8,123 | 341 | 2012 | Sep. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout Italy | 223,937 | 91,691 | 262,377 | — | 6,409 | 92,811 | 267,666 | 360,477 | 16,601 | Various | Sep. 2011 | 29 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities in Pozega and Sesvete, Croatia | 24,230 | 2,687 | 24,820 | 15,378 | 692 | 4,089 | 39,488 | 43,577 | 2,733 | 2011 | Nov. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Orlando, FL | — | 32,739 | — | — | — | 32,739 | — | 32,739 | — | N/A | Dec. 2011 | N/A | |||||||||||||||||||||||||||||||||||||||
Land in Hudson, NY | 843 | 2,080 | — | — | — | 2,080 | — | 2,080 | — | N/A | Dec. 2011 | N/A | |||||||||||||||||||||||||||||||||||||||
Office facilities in Aurora, Eagan, and Virginia, MN | 92,400 | 13,546 | 110,173 | — | 993 | 13,546 | 111,166 | 124,712 | 7,437 | Various | Jan. 2012 | 32 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Cost Capitalized | Increase | Gross Amount at which | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Company | Subsequent to | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments (b) | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Chimelow, Poland | 13,419 | 1,323 | 5,245 | 18,841 | 2,334 | 1,443 | 26,300 | 27,743 | 875 | 2012 | Apr. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in St. Louis, MO | 4,202 | 954 | 4,665 | — | — | 954 | 4,665 | 5,619 | 185 | 1995 | Jul. 2012 | 38 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Avon, OH | 3,745 | 926 | 4,975 | — | — | 926 | 4,975 | 5,901 | 215 | 2001 | Aug. 2012 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Elk Grove Village, IL | 9,376 | 1,269 | 11,317 | — | — | 1,269 | 11,317 | 12,586 | 717 | 1961 | Aug. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Education facilities in Montgomery, AL and Savannah, GA | 16,667 | 5,255 | 16,960 | — | — | 5,255 | 16,960 | 22,215 | 688 | 1969; 2002 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Automotive dealerships in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee’s Summit, MO; Fayetteville, TN; and Fort Worth, TX | 37,707 | 17,283 | 32,225 | — | (15 | ) | 17,269 | 32,224 | 49,493 | 1,901 | Various | Sep. 2012 | 16 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Warrenville, IL | 19,667 | 3,698 | 28,635 | — | — | 3,698 | 28,635 | 32,333 | 1,054 | 2002 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office and warehouse/distribution facilities in Zary, Poland | 3,989 | 356 | 1,168 | 6,910 | 468 | 376 | 8,526 | 8,902 | 178 | 2013 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Sterling, VA | 14,790 | 3,118 | 14,007 | 5,071 | — | 3,118 | 19,078 | 22,196 | 663 | 1980 | Oct. 2012 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 128,200 | 19,331 | 123,084 | 3,726 | 2,899 | 19,331 | 129,709 | 149,040 | 4,764 | 1973 | Nov. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Eagan, MN | 9,841 | 2,104 | 11,462 | — | (84 | ) | 1,994 | 11,488 | 13,482 | 377 | 2003 | Dec. 2012 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Saitama Prefecture, Japan | 24,700 | 17,292 | 28,575 | — | (10,066 | ) | 13,497 | 22,304 | 35,801 | 958 | 2006 | Dec. 2012 | 26 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Karlovac, Porec, Metkovic, Vodnjan, Umag, Bjelovar, Krapina, and Novigrad, Croatia | 21,892 | 5,059 | 28,294 | — | 1,122 | 5,321 | 29,154 | 34,475 | 840 | Various | Dec. 2012 | 32 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Portage, WI | 4,928 | 3,338 | 4,556 | — | — | 3,338 | 4,556 | 7,894 | 159 | 1970 | Jan. 2013 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Dallas, TX | 10,449 | 4,441 | 9,649 | — | — | 4,441 | 9,649 | 14,090 | 207 | 1913 | Feb. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Chicago, IL | — | 15,459 | — | — | — | 15,459 | — | 15,459 | — | N/A | Apr. 2013 | N/A | |||||||||||||||||||||||||||||||||||||||
Office facility in Northbrook, IL | 5,835 | — | 942 | — | — | — | 942 | 942 | 36 | 2007 | May-13 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Wageningen, Netherlands | 22,660 | 4,790 | 24,301 | — | 1,554 | 5,046 | 25,599 | 30,645 | 310 | 2013 | Jul. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Gadki, Poland | 40,569 | 9,219 | 48,578 | — | 3,157 | 9,722 | 51,232 | 60,954 | 650 | 2007 | Jul. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Automotive dealership in Lewisville, TX | 9,450 | 3,269 | 9,605 | — | — | 3,269 | 9,605 | 12,874 | 112 | 2004 | Aug. 2013 | 39 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Auburn Hills, MI | 6,242 | 789 | 7,163 | — | — | 789 | 7,163 | 7,952 | 33 | 2012 | Oct. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Haibach, Germany | 12,215 | 2,544 | 11,114 | — | 261 | 2,593 | 11,326 | 13,919 | 104 | 1993 | Oct. 2013 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 31,200 | 7,898 | 37,474 | — | 1,619 | 7,898 | 39,093 | 46,991 | 47 | 1963 | Dec. 2013 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Tempe, AZ | 14,800 | — | 16,996 | — | — | — | 16,996 | 16,996 | — | 2000 | Dec. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
$ | 1,503,298 | $ | 575,250 | $ | 1,710,424 | $ | 175,275 | $ | (58,634 | ) | $ | 553,389 | $ | 1,848,926 | $ | 2,402,315 | $ | 129,051 | |||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at | Date of Construction | Date Acquired | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | which Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Investments (b) | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Direct Financing Method: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Office and industrial facility in Nagold, Germany | $ | 12,437 | $ | 6,012 | $ | 41,493 | $ | — | $ | (22,705 | ) | $ | 24,800 | 1937; 1994 | Aug. 2008 | ||||||||||||||||||||||||||||||||||||
Industrial facilities in Sanford and Mayodan, NC | 21,877 | 3,100 | 35,766 | — | (1,211 | ) | 37,655 | 1992; 1997; 1998 | Dec. 2008 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Glendale Heights, IL | 18,308 | 3,820 | 11,148 | 18,245 | 2,038 | 35,251 | 1991 | Jan. 2009 | |||||||||||||||||||||||||||||||||||||||||||
Office facility in New York City, NY | 115,506 | — | 233,720 | — | 10,364 | 244,084 | 2007 | Mar. 2009 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in San Diego, Fresno, Orange, Colton, and Pomona, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX | 9,824 | 1,730 | 20,778 | — | (436 | ) | 22,072 | Various | Mar. 2010 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Plymouth, Newport, Southampton, Luton, Liverpool, Bristol, and Leeds, United Kingdom | — | 508 | 24,009 | — | 1,405 | 25,922 | Various | Apr. 2010 | |||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Zagreb, Croatia | 10,748 | 1,804 | 11,618 | — | 475 | 13,897 | 2002; 2003 | Dec. 2010 | |||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Oxnard, CA | 5,766 | — | 8,957 | — | 147 | 9,104 | 1975 | Jan. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | 23,018 | 3,750 | 50,177 | — | 2,858 | 56,785 | Various | Apr. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Clarksville, TN | 4,688 | 600 | 7,291 | — | 205 | 8,096 | 1998 | Aug. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Countryside, IL | 2,013 | 425 | 1,800 | — | 25 | 2,250 | 1981 | Dec. 2011 | |||||||||||||||||||||||||||||||||||||||||||
$ | 224,185 | $ | 21,749 | $ | 446,757 | $ | 18,245 | $ | (6,835 | ) | $ | 479,916 | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Costs | Increase | Gross Amount at which Carried | Date of Construction | Life on which | ||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | at Close of Period (c) | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | in Net | in Latest | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Income is | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Personal | Land | Buildings | Personal | Total | Accumulated | Date | Computed | ||||||||||||||||||||||||||||||||||||||||
Property | Property | Depreciation (c) | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate - Hotel: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando, FL | $ | — | $ | — | $ | 328 | $ | — | $ | 12,229 | $ | — | $ | — | $ | 12,557 | $ | — | $ | 12,557 | $ | 1,065 | 2013 | Dec. 2011 | 15 yrs. | ||||||||||||||||||||||||||
Operating Real Estate - Self-Storage Facilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Worth, TX | 1,538 | 610 | 2,672 | — | 3 | — | 610 | 2,675 | — | 3,285 | 218 | 2004 | Apr. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Anaheim, CA | 1,149 | 1,040 | 1,166 | — | 15 | — | 1,040 | 1,181 | — | 2,221 | 106 | 1988 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Apple Valley, CA | 2,300 | 400 | 3,910 | — | 48 | — | 400 | 3,958 | — | 4,358 | 288 | 1989 | Jun. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Apple Valley, CA | 1,446 | 230 | 2,196 | — | 21 | — | 230 | 2,217 | — | 2,447 | 168 | 1989 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 849 | 370 | 3,133 | — | 254 | — | 370 | 3,387 | — | 3,757 | 287 | 1972 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,130 | 690 | 3,238 | — | 43 | — | 690 | 3,281 | — | 3,971 | 243 | 1987 | Jun. 2011 | 34 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,013 | 690 | 3,298 | — | 62 | — | 690 | 3,360 | — | 4,050 | 243 | 1990 | Jun. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 1,714 | 480 | 3,297 | — | 18 | — | 480 | 3,315 | — | 3,795 | 320 | 1974 | Jun. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Fresno, CA | 2,638 | 601 | 7,300 | — | 186 | — | 601 | 7,486 | — | 8,087 | 873 | 1976 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Grand Terrace, CA | 728 | 950 | 1,903 | — | 7 | — | 950 | 1,910 | — | 2,860 | 192 | 1978 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Harbor City, CA | 1,293 | 1,487 | 810 | — | 7 | — | 1,487 | 817 | — | 2,304 | 82 | 1987 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
San Diego, CA | 6,273 | 7,951 | 3,926 | — | 128 | — | 7,951 | 4,054 | — | 12,005 | 349 | 1986 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Springs, CA | 2,511 | 1,287 | 3,124 | — | 48 | — | 1,287 | 3,172 | — | 4,459 | 268 | 1989 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Palmdale, CA | 2,773 | 940 | 4,263 | — | 213 | — | 940 | 4,476 | — | 5,416 | 348 | 1988 | Jun. 2011 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Palmdale, CA | 2,081 | 1,220 | 2,954 | — | 28 | — | 1,220 | 2,982 | — | 4,202 | 228 | 1988 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Riverside, CA | 1,124 | 560 | 1,492 | — | 25 | — | 560 | 1,517 | — | 2,077 | 127 | 1985 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Rosamond, CA | 1,700 | 460 | 3,220 | — | 19 | — | 460 | 3,239 | — | 3,699 | 247 | 1995 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Rubidoux, CA | 1,247 | 514 | 1,653 | — | 13 | — | 514 | 1,666 | — | 2,180 | 127 | 1986 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
South Gate, CA | 1,774 | 1,597 | 2,067 | — | 66 | — | 1,597 | 2,133 | — | 3,730 | 181 | 1925 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Costs | Increase | Gross Amount at which Carried | Date of Construction | Life on which | ||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | at Close of Period (c) | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | in Net | in Latest | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Income is | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Personal | Land | Buildings | Personal | Total | Accumulated | Date | Computed | ||||||||||||||||||||||||||||||||||||||||
Property | Property | Depreciation (c) | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||
Kailua-Kona, HI | 832 | 1,000 | 1,108 | — | 11 | — | 1,000 | 1,119 | — | 2,119 | 112 | 1987 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Chicago, IL | 2,342 | 600 | 4,124 | — | 37 | — | 600 | 4,161 | — | 4,761 | 318 | 1916 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Chicago, IL | 1,322 | 400 | 2,074 | — | 127 | — | 400 | 2,201 | — | 2,601 | 172 | 1968 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Rockford, IL | 1,363 | 548 | 1,881 | — | 5 | — | 548 | 1,886 | — | 2,434 | 191 | 1979 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Rockford, IL | 250 | 114 | 633 | — | — | — | 114 | 633 | — | 747 | 63 | 1979 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Rockford, IL | 1,319 | 380 | 2,321 | — | — | — | 380 | 2,321 | — | 2,701 | 233 | 1957 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Kihei, HI | 5,623 | 2,523 | 7,481 | — | 144 | — | 2,523 | 7,625 | — | 10,148 | 461 | 1991 | Aug. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 1,900 | 1,060 | 3,138 | — | 10 | (464 | ) | 1,060 | 2,684 | — | 3,744 | 260 | 1979 | Aug. 2011 | 25 yrs. | ||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,025 | 767 | 2,230 | — | 36 | — | 767 | 2,266 | — | 3,033 | 220 | 1979 | Aug. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
National City, CA | 2,550 | 3,158 | 1,483 | — | 31 | — | 3,158 | 1,514 | — | 4,672 | 131 | 1987 | Aug. 2011 | 28 yrs. | |||||||||||||||||||||||||||||||||||||
Mundelein, IL | 3,600 | 1,080 | 5,287 | — | 54 | — | 1,080 | 5,341 | — | 6,421 | 515 | 1991 | Aug. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Pearl City, HI | 3,450 | — | 5,141 | — | 189 | — | — | 5,330 | — | 5,330 | 634 | 1977 | Aug. 2011 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Springs, CA | 2,826 | 1,019 | 2,131 | — | 33 | — | 1,019 | 2,164 | — | 3,183 | 183 | 1987 | Sep. 2011 | 28 yrs. | |||||||||||||||||||||||||||||||||||||
Loves Park, IL | 1,271 | 394 | 3,390 | — | 10 | (139 | ) | 394 | 3,261 | — | 3,655 | 382 | 1997 | Sep. 2011 | 20 yrs. | ||||||||||||||||||||||||||||||||||||
Mundelein, IL | 782 | 535 | 1,757 | — | 44 | — | 535 | 1,801 | — | 2,336 | 207 | 1989 | Sep. 2011 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Chicago, IL | 3,200 | 1,049 | 5,672 | — | 30 | (3 | ) | 1,049 | 5,699 | — | 6,748 | 429 | 1988 | Sep. 2011 | 30 yrs. | ||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,500 | 1,068 | 2,115 | — | 26 | 464 | 1,068 | 2,605 | — | 3,673 | 199 | 1971 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Beaumont, CA | 2,610 | 1,616 | 2,873 | — | 21 | — | 1,616 | 2,894 | — | 4,510 | 198 | 1992 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Victorville, CA | 1,200 | 299 | 1,766 | — | 36 | — | 299 | 1,802 | — | 2,101 | 129 | 1990 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Victorville, CA | 1,021 | 190 | 1,756 | — | 32 | — | 190 | 1,788 | — | 1,978 | 122 | 1990 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
San Bernardino, CA | 1,000 | 698 | 1,397 | — | 18 | — | 698 | 1,415 | — | 2,113 | 92 | 1989 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Peoria, IL | 2,230 | 549 | 2,424 | — | 20 | — | 549 | 2,444 | — | 2,993 | 218 | 1990 | Nov. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
East Peoria, IL | 1,775 | 409 | 1,816 | — | 25 | — | 409 | 1,841 | — | 2,250 | 151 | 1986 | Nov. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Loves Park, IL | 1,000 | 439 | 998 | — | 93 | 139 | 439 | 1,230 | — | 1,669 | 95 | 1978 | Nov. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Hesperia, CA | 900 | 648 | 1,377 | — | — | — | 648 | 1,377 | — | 2,025 | 100 | 1989 | Dec. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Mobile, AL | 1,975 | 1,078 | 3,799 | — | 5 | — | 1,078 | 3,804 | — | 4,882 | 580 | 1974 | Jun. 2012 | 12 yrs. | |||||||||||||||||||||||||||||||||||||
Slidell, LA | 2,400 | 620 | 3,434 | — | 32 | — | 620 | 3,466 | — | 4,086 | 242 | 1998 | Jun. 2012 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Baton Rouge, LA | 800 | 401 | 955 | — | 11 | — | 401 | 966 | — | 1,367 | 112 | 1980 | Jun. 2012 | 18 yrs. | |||||||||||||||||||||||||||||||||||||
Baton Rouge, LA | 2,125 | 820 | 3,222 | — | 79 | — | 820 | 3,301 | — | 4,121 | 283 | 1980 | Jun. 2012 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Gulfport, MS | 1,200 | 591 | 2,539 | — | 14 | — | 591 | 2,553 | — | 3,144 | 350 | 1977 | Jun. 2012 | 15 yrs. | |||||||||||||||||||||||||||||||||||||
Cherry Valley, IL | 1,858 | 1,076 | 1,763 | — | 2 | — | 1,076 | 1,765 | — | 2,841 | 173 | 1988 | Jul. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Fayetteville, NC | 3,120 | 1,677 | 3,116 | — | — | — | 1,677 | 3,116 | — | 4,793 | 179 | 2001 | Sep. 2012 | 34 yrs. | |||||||||||||||||||||||||||||||||||||
Tampa, FL | 3,800 | 599 | 6,273 | — | 12 | — | 599 | 6,285 | — | 6,884 | 177 | 1999 | Nov. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Costs | Increase | Gross Amount at which Carried | Life on which | |||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | at Close of Period (c) | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | in Net | in Latest | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Income is | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Personal | Land | Buildings | Personal | Total | Accumulated | Date of Construction | Date | Computed | |||||||||||||||||||||||||||||||||||||||
Property | Property | Depreciation (c) | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||||
St. Petersburg, FL | 4,100 | 2,253 | 3,512 | — | — | (1 | ) | 2,253 | 3,511 | — | 5,764 | 106 | 1990 | Nov. 2012 | 40 yrs. | ||||||||||||||||||||||||||||||||||||
Palm Harbor, FL | 7,100 | 2,192 | 7,237 | — | 79 | — | 2,192 | 7,316 | — | 9,508 | 218 | 2001 | Nov. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Midland, TX | 4,300 | 1,026 | 5,546 | — | — | — | 1,026 | 5,546 | — | 6,572 | 201 | 2008 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Midland, TX | 5,830 | 2,136 | 6,665 | — | — | — | 2,136 | 6,665 | — | 8,801 | 233 | 2006 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Odessa, TX | 3,970 | 975 | 4,924 | — | — | — | 975 | 4,924 | — | 5,899 | 178 | 2006 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Odessa, TX | 5,400 | 1,099 | 6,510 | — | — | — | 1,099 | 6,510 | — | 7,609 | 239 | 2004 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Cathedral City, CA | 1,457 | — | 2,275 | — | — | — | — | 2,275 | — | 2,275 | 71 | 1990 | Mar. 2013 | 34 yrs. | |||||||||||||||||||||||||||||||||||||
Hilo, HI | 3,965 | 296 | 4,996 | — | — | — | 296 | 4,996 | — | 5,292 | 65 | 2007 | Jun. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Clearwater, FL | 2,880 | 924 | 2,966 | — | — | — | 924 | 2,966 | — | 3,890 | 41 | 2001 | Jul. 2013 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Winder, GA | 415 | 546 | 30 | — | — | — | 546 | 30 | — | 576 | 1 | 2006 | Jul. 2013 | 31 yrs. | |||||||||||||||||||||||||||||||||||||
Winder, GA | 1,427 | 495 | 1,253 | — | — | — | 495 | 1,253 | — | 1,748 | 28 | 2001 | Jul. 2013 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Orlando, FL | 4,160 | 1,064 | 4,889 | — | — | — | 1,064 | 4,889 | — | 5,953 | 62 | 2000 | Aug. 2013 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Coast, FL | 3,420 | 1,749 | 3,285 | — | — | — | 1,749 | 3,285 | — | 5,034 | 35 | 2001 | Sep. 2013 | 29 yrs. | |||||||||||||||||||||||||||||||||||||
Holiday, FL | 2,250 | 1,829 | 1,097 | — | — | — | 1,829 | 1,097 | — | 2,926 | 5 | 1975 | Nov. 2013 | 23 yrs. | |||||||||||||||||||||||||||||||||||||
$ | 154,124 | $ | 66,066 | $ | 202,609 | $ | — | $ | 14,699 | $ | (4 | ) | $ | 66,066 | $ | 217,304 | $ | — | $ | 283,370 | $ | 15,354 | |||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Consists of the costs of improvements subsequent to purchase and acquisition costs including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | The increase (decrease) in net investment was primarily due to (i) the amortization of unearned income from net investment in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (ii) sales of properties, (iii) impairment charges, and (iv) changes in foreign currency exchange rates. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(c) | Reconciliation of real estate and accumulated depreciation (see below): | ||||||||||||||||||||||||||||||||||||||||||||||||||
CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED | |||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate Subject to Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,105,772 | $ | 1,500,151 | $ | 930,404 | |||||||||||||||||||||||||||||||||||||||||||||
Additions (a) | 235,093 | 513,407 | 531,795 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | — | (56,200 | ) | (10,142 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 31,932 | 15,468 | (25,664 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification from real estate under construction | 29,518 | 140,324 | 73,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification to direct financing lease | — | (7,378 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,402,315 | $ | 2,105,772 | $ | 1,500,151 | |||||||||||||||||||||||||||||||||||||||||||||
__________ | |||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Amount for the year ended December 31, 2013 includes an out-of-period adjustment of $1.8 million related to deferred foreign income taxes (Note 2). | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 77,245 | $ | 40,522 | $ | 16,274 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 49,785 | 37,265 | 25,046 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | — | (447 | ) | (7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 2,021 | 625 | (791 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification to direct financing lease | — | (720 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 129,051 | $ | 77,245 | $ | 40,522 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 254,805 | $ | 178,141 | $ | 12,177 | |||||||||||||||||||||||||||||||||||||||||||||
Additions | 29,066 | 77,203 | 165,964 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification from real estate under construction | 12,557 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Disposition | (13,058 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Write-off of fully depreciated asset | — | (539 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 283,370 | $ | 254,805 | $ | 178,141 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation for Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 7,757 | $ | 2,745 | $ | 300 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 8,470 | 5,551 | 2,445 | ||||||||||||||||||||||||||||||||||||||||||||||||
Disposition | (873 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Write-off of fully depreciated asset | — | (539 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 15,354 | $ | 7,757 | $ | 2,745 | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013, the aggregate cost of real estate, net of accumulated depreciation and accounted for as operating leases, owned by us and our consolidated subsidiaries for federal income tax purposes was $3.0 billion. |
Schedule_IV_Mortgage_Loans_on_
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||
Schedule IV - Mortgage Loans on Real Estate | ' | |||||||||||||
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||
December 31, 2013 | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Interest Rate | Final Maturity Date | Face Amount of Mortgage | Carrying Amount of Mortgage | |||||||||||
Description | ||||||||||||||
Financing agreement — China Alliance Properties Limited | 11 | % | Dec. 2015 | $ | 40,000 | $ | 40,000 | |||||||
$ | 40,000 | $ | 40,000 | |||||||||||
NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||
(in thousands) | ||||||||||||||
Reconciliation of Mortgage Loans on Real Estate | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Balance | $ | 40,000 | $ | 70,000 | $ | 89,560 | ||||||||
Additions | — | — | 30,000 | |||||||||||
Repayment | — | — | (49,560 | ) | ||||||||||
Conversion to equity investment | — | (30,000 | ) | — | ||||||||||
Ending balance | $ | 40,000 | $ | 40,000 | $ | 70,000 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Consolidation | ' |
Basis of Consolidation | |
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. | |
For an entity that is not considered to be a VIE but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (a) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (b) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
We have investments in tenancy-in-common interests in various domestic and international properties. Consolidation of these investments is not required as such interests do not qualify as VIEs and do not meet the control requirement required for consolidation. Accordingly, we account for these investments using the equity method of accounting. We use the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides us with significant influence on the operating and financial decisions of these investments. | |
Additionally, we own interests in single-tenant net leased properties leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. We account for these investments under the equity method of accounting. At times, the carrying value of our equity investments may fall below zero for certain investments. We intend to fund our share of the jointly-owned investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. | |
We previously determined that the Walgreens Las Vegas investment was a VIE and we were its primary beneficiary. In October 2012, we exercised options to acquire the Walgreens store and to acquire a 15% equity interest in a project that includes a multi-tenant retail development managed by BPS. Walgreens Las Vegas is no longer a VIE as we fully own this entity. We continue to consolidate the accounts of Walgreens Las Vegas (Note 6). | |
Reclassifications and Revisions | ' |
Reclassifications | |
Certain prior year amounts have been reclassified to conform to the current year presentation. The consolidated financial statements included in this Report have been retrospectively adjusted to reflect the disposition (or planned disposition) of certain properties as discontinued operations. | |
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. Each business combination is then accounted for by applying the acquisition method. 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 immediately expense acquisition-related costs and fees associated with business combinations. | |
Purchase Price Allocation | |
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. We determine the value of the tangible assets, consisting of land, buildings, and site improvements, and intangible assets, including the above- and below-market value of leases, the value of in-place leases and the value of tenant relationships, at their estimated fair values. Land is typically valued utilizing the sales comparison (or market approach). Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined by reference to portfolio appraisals which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated cash net operating income for each property in the portfolio during the remaining anticipated lease term, and the estimated residual value. The estimated residual value of each property is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate and deducting estimated costs of sale. For self-storage assets, the hypothetical sales price is derived by capitalizing the estimated net operating income. Estimated cash net operating income factors in the gross potential revenue of the business less economic vacancy rates and expected operational expenses. 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, 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 materially favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, the appraisal assumes the exercise of such purchase option or long-term renewal options in its determination of residual value. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. For those properties that are under contract for sale, the appraised value of the portfolio reflects the current contractual sale price of such properties. See Real Estate Leased to Others and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease values for owned properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the leases negotiated and 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 a period equal to the estimated lease term which includes renewal options with rental rates below estimated market rental rates. We amortize the capitalized above-market lease value as a reduction of rental income over the estimated market lease term. We amortize the capitalized below-market lease value as an increase to rental income over the initial term and any below-market fixed rate renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. | |
The value of any in-place lease is estimated to be equal to the property owners’ avoidance of costs necessary to release the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance to the property owners’ of vacancy/leasing costs necessary to lease the property for a lease term equal to the remaining in-place lease term 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 improvement allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the capitalized value of in-place lease intangibles to expense over the remaining initial term of each lease. No amortization period for intangibles will 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 lease revenue and in-place lease and tenant relationship values to amortization expense. We amortize the capitalized value of in-place lease intangibles and tenant relationships over the lease term. | |
When we acquire leveraged properties, the fair value of debt instruments acquired 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 company, the time until maturity and the current interest rate. | |
Basis of Consolidation, Variable Interest Entity | ' |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed a VIE. and, if so, whether we are deemed to be 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 can cause us to consider an entity a VIE. | |
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 a 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. | |
Real Estate | ' |
Real Estate and Operating Real Estate | |
We carry land and buildings and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that increase the useful life of the properties, while we expense replacements, maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Real Estate Under Construction | |
For properties under construction, operating expenses including interest charges and other property expenses, including real estate taxes, are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. | |
Acquisition, Development and Construction Loans | ' |
Acquisition, Development and Construction Loans | |
We provide funding to developers for the acquisition, development and construction of real estate. Under the ADC Arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate these arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. For those arrangements with characteristics of a loan, we follow the accounting guidance for loans and disclose within our Finance Receivables footnote (Note 5). When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for those arrangements under the equity method of accounting (Note 6). Once the investment or partnership begins operations, we use the hypothetical liquidation at book value method to calculate income or loss which considers the principal and interest under the loan to be a preferential return. | |
Assets Held for Sale | ' |
Assets Held for Sale | |
We classify those assets that are associated with 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 and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated costs to sell. The results of operations and the related gain or loss on sale of properties that have been sold or that are classified as held for sale and in which we will have no significant continuing involvement are included in discontinued operations (Note 15). | |
If circumstances arise that we previously considered unlikely and, as a result, we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. | |
We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. | |
Notes Receivable | ' |
Notes Receivable | |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | |
We consider direct financing leases and notes receivable to be past-due or delinquent when a contractually required principal or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. | |
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. | |
Commercial Mortgage-Backed Securities | ' |
Debt Securities | |
We have investments, such as CMBS and a debenture, that were designated as securities held to maturity on the date of acquisition, in accordance with current accounting guidance. We carry these securities held to maturity at cost, net of unamortized premiums and discounts, which are recognized in interest income using an effective yield or “interest” method, and assess them for other-than-temporary impairment on a quarterly basis. | |
Deferred Charges | ' |
Offering Costs | |
During the offering period, we accrued costs incurred in connection with the raising of capital as deferred offering costs. Upon receipt of offering proceeds, we charged the deferred costs to equity and reimbursed the advisor for costs incurred (Note 3). Such reimbursements did not exceed regulatory cost limitations. | |
Other Assets and Other Liabilities | |
We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, debt securities, derivative assets and corporate fixed assets in Other assets. We include derivative instruments; miscellaneous amounts held on behalf of tenants; and deferred revenue, including unamortized below-market rent intangibles in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings and refinancings that are amortized over the terms of the mortgages and included in Interest expense in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term, and rent recognized on a straight-line basis. | |
Deferred Acquisition Fees Payable to Affiliate | |
Fees payable to the advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates. A portion of these fees is payable in three equal annual installments following the quarter on which a property was purchased. The timing of the payment of such fees is impacted by certain performance criterion (Note 3). | |
Treasury Stock | ' |
Treasury Stock | |
Treasury stock is recorded at cost under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. | |
Noncontrolling Interests | ' |
Noncontrolling Interests | |
We accounted for the Special General Partner Interest as a noncontrolling interest (Note 3). The Special General Partner Interest entitles the Special General Partner to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. | |
Revenue Recognition | ' |
Revenue Recognition | |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis whereby the tenant is generally responsible for all operating expenses relating to the property, including property taxes, insurance, maintenance, repairs and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. We capitalize significant renovations that increase the useful life of the properties. For the years ended December 31, 2013, 2012 and 2011, although we are legally obligated for the payment, pursuant to our lease agreements with our tenants, lessees were responsible for the direct payment to the taxing authorities of real estate taxes of approximately $23.2 million, $14.1 million and $9.5 million, respectively, which are included in Property expenses in the consolidated financial statements. | |
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 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. | |
We account for leases as operating or direct financing leases as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 4). | |
Direct financing method — We record leases accounted for under the direct financing method at their net investment (Note 5). 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. | |
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 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 and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. | |
Interest Capitalization | ' |
Interest Capitalized in Connection with Real Estate Under Construction | |
Operating real estate is stated at cost less accumulated depreciation. Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on the interest rate of any debt linked to the project or a blended rate of the mortgages outstanding in the fund if there is no debt on the project. | |
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 (generally up to seven years). 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. | |
Impairments | ' |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to the vacancy of a property that is not subject to a lease; a lease default by a tenant that is experiencing financial difficulty; the termination of a lease by a tenant; or the rejection of a lease in a bankruptcy proceeding. We may incur impairment charges on long-lived assets, including real estate, direct financing leases, assets held for sale and equity investments in real estate. We may also incur impairment charges on marketable securities. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets, which include finite-lived intangibles, 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 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, among other things, market rents, residual values, and holding periods. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered to be impaired. We then measure the loss as the excess of the carrying value of the property’s asset group over its estimated fair value. | |
Assets Held for Sale | |
When we classify an asset as held for sale, we compare the asset’s estimated fair value less estimated cost to sell to its carrying value, and if the estimated fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the estimated fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the estimated fair value, and may recognize an additional impairment charge if warranted. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. | |
Equity Investments in Real Estate | |
We evaluate our equity investments in real estate 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 other-than-temporary impairment has occurred, we measure the charge as the excess of the carrying value of our investment over its estimated fair value. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values. | |
Commercial Mortgage-Backed Securities | |
We have CMBS investments that are designated as securities held to maturity. On a quarterly basis, we evaluate our CMBS to determine if they have experienced an other-than temporary decline in value. In our evaluation, we consider, among other items, the significance of the decline in value compared to the cost basis; underlying factors contributing to the decline in value, such as delinquencies and expectations of credit losses; the length of time the market value of the security has been less than its cost basis; expected market volatility and market and economic conditions; advice from dealers; and our own experience in the market. | |
If the CMBS’ market value is below its amortized cost and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we record the entire amount of the other-than-temporary impairment charge in earnings. | |
We do not intend to sell our CMBS investments, and we do not expect that it is more likely than not that we will be required to sell these investments before their anticipated recovery. We perform an additional analysis to determine whether we expect to recover our amortized cost basis in the investment. If we have determined that a decline in the estimated fair value of our CMBS investments has occurred that is other-than-temporary and we do not expect to recover the entire amortized cost basis, we calculate the total other-than-temporary impairment charge as the difference between the CMBS investments’ carrying value and their estimated fair value. We then separate the other-than-temporary impairment charge into the non-credit loss portion and the credit loss portion. We determine the non-credit loss portion by analyzing the changes in spreads on high credit quality CMBS securities as compared with the changes in spreads on the CMBS securities being analyzed for other-than-temporary impairment. We generally perform this analysis over a time period from the date of acquisition of the debt securities through the date of the analysis. Any resulting loss is deemed to represent losses due to the illiquidity of the debt securities and is recorded as the non-credit loss portion. We then measure the credit loss portion of the other-than-temporary impairment as the residual amount of the other-than-temporary impairment. We record the non-credit loss portion as a separate component of Other comprehensive loss in equity and the credit loss portion in earnings. | |
Following recognition of the other-than-temporary impairment, the difference between the new cost basis of the CMBS investments and cash flows expected to be collected is accreted to Interest income from CMBS over the remaining expected lives of the securities. | |
Foreign Currency | ' |
Foreign Currency | |
Translation | |
We have interests in real estate investments in the European Union, United Kingdom, and Japan for which the functional currency is the euro, the British pound sterling, and the Japanese yen, respectively. We perform the translation from the euro, the British pound sterling, or the Japanese yen 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 a weighted-average exchange rate during the period. 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 when we have substantially exited from all investments in the related currency. | |
Transaction Gains or Losses | |
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. Foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net income. | |
Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), which the entities to the transactions are consolidated or accounted for by the equity method in our financial statements, are not included in net income. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. | |
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 a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. | |
We made an accounting policy election effective January 1, 2011, or the “effective date”, to use the portfolio exception in Accounting Standards Codification (“ASC”) 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, the “portfolio exception,” with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | ' |
Income Taxes | |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. 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. Deferred income taxes are recorded for the corporate subsidiaries based on earnings reported. The provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. 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 (Note 14). | |
We conduct business in various states and municipalities within the U.S., Europe, and Asia and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state and local taxes and a provision for such taxes is included in the consolidated financial statements. | |
We elect to treat certain of our corporate subsidiaries as 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 (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. One of our TRS subsidiaries owns a hotel that is managed on our behalf by a third-party hotel management company. | |
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 we believe 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 percent 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. Deferred income taxes relate primarily to our TRSs and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | |
Deferred Income Taxes | |
We recognize deferred income taxes in certain of our taxable subsidiaries. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 14). In addition, deferred tax assets arise from unutilized tax net operating losses generated in prior years. 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. | |
Earnings Per Share | ' |
Earnings Per Share | |
We have a simple equity capital structure with only common stock outstanding. As a result, earnings per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income per basic share of common stock is calculated by dividing net income by the weighted-average number of shares of common stock issued and outstanding during such period. | |
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 Requirements | ' |
Recent Accounting Requirements | |
The following Accounting Standards Updates (“ASUs”), promulgated by the FASB are applicable to us as indicated: | |
ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities — In January 2013, the FASB issued an update to ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting or similar arrangement. These amendments did not have a significant impact on our financial position or results of operations and were applicable to us for our interim and annual reports beginning in 2013. | |
ASU 2013-02, Other Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income — In February 2013, the FASB issued ASU 2013-02 requiring entities to disclose additional information about items reclassified out of accumulated other comprehensive income. This ASU impacts the form of our disclosures only, is applicable to us for our interim and annual reports beginning in 2013, and has been applied retrospectively. The related additional disclosures are located in Note 13. | |
ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, a Consensus of the FASB Emerging Issues Task Force — In February 2013, the FASB issued ASU 2013-04, which requires entities to measure obligations resulting from joint and several liability arrangements (in our case, tenancy-in-common arrangements, Note 6) for which the total amount of the obligation is fixed as the sum of the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This ASU is applicable to us for our interim and annual reports beginning in 2014 and shall be applied retrospectively; however, we elected to adopt this ASU early in 2013 and it did not have a significant impact on our financial position or results of operations for any of the periods presented. | |
ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, a Consensus of the FASB Emerging Issues Task Force — In July 2013, the FASB issued ASU 2013-10, which permits the Fed Funds Effective Swap Rate, also referred to as the “Overnight Index Swap Rate,” to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the U.S. government and LIBOR swap rate. The update also removes the restriction on the use of different benchmark rates for similar hedges. This ASU is applicable to us for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. Through the date of this Report, we had not entered into any transactions to which this ASU applies. | |
Fair Value of Financial Instruments | ' |
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 an interest rate cap and swaps; and Level 3, for securities and other derivative assets 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. | |
Discontinued Operations | ' |
From time to time, we may decide to sell a property. We may make a decision to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet and the current and prior period results of operations of the property are reclassified as discontinued operations. |
Agreements_and_Transactions_wi1
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
The following tables present a summary of fees we paid and expenses we reimbursed to the advisor in accordance with the advisory agreement (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Amounts Included in the Consolidated Statements of Income: | ||||||||||||
Asset management fees | $ | 21,953 | $ | 18,932 | $ | 13,435 | ||||||
Available Cash Distribution | 16,899 | 14,620 | 9,378 | |||||||||
Acquisition expenses | 11,448 | 12,092 | — | |||||||||
Personnel and overhead reimbursements | 9,243 | 5,205 | 2,258 | |||||||||
Office rent reimbursements | 1,293 | 756 | 411 | |||||||||
Interest expense on deferred acquisition fees and loan from affiliate | 827 | 930 | 1,194 | |||||||||
$ | 61,663 | $ | 52,535 | $ | 26,676 | |||||||
Other Acquisition Fees Capitalized: | ||||||||||||
Current acquisition fees | $ | 4,777 | $ | 17,448 | $ | 24,559 | ||||||
Deferred acquisition fees | 3,063 | 14,162 | 17,398 | |||||||||
$ | 7,840 | $ | 31,610 | $ | 41,957 | |||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Due to Affiliates: | ||||||||||||
Deferred acquisition fees, including interest | $ | 15,573 | $ | 26,732 | ||||||||
Accounts payable | 2,200 | 339 | ||||||||||
Asset management fees payable | 1,972 | 1,651 | ||||||||||
Reimbursable costs | 264 | 603 | ||||||||||
Subordinated disposition fees | 202 | 202 | ||||||||||
$ | 20,211 | $ | 29,527 | |||||||||
Net_Investments_in_Properties_1
Net Investments in Properties and Real Estate Under Construction (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of Real Estate Properties | ' | |||||||
Operating real estate, which consists primarily of our domestic hotel and self-storage operations, at cost, is summarized as follows (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 66,066 | $ | 60,493 | ||||
Buildings | 217,304 | 193,067 | ||||||
Furniture, fixtures, and equipment | — | 1,245 | ||||||
Less: Accumulated depreciation | (15,354 | ) | (7,757 | ) | ||||
$ | 268,016 | $ | 247,048 | |||||
Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 553,389 | $ | 491,584 | ||||
Buildings | 1,848,926 | 1,614,188 | ||||||
Less: Accumulated depreciation | (129,051 | ) | (77,245 | ) | ||||
$ | 2,273,264 | $ | 2,028,527 | |||||
Schedule of Business Acquisitions, by Acquisition | ' | |||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisition (in thousands). | ||||||||
Assets Acquired at Fair Value: | ||||||||
Land | $ | 91,691 | ||||||
Buildings | 262,651 | |||||||
Intangible assets | 57,750 | |||||||
Liabilities Assumed at Fair Value: | ||||||||
Non-recourse debt | (222,680 | ) | ||||||
Accounts payable, accrued expenses and other liabilities | (9,050 | ) | ||||||
Prepaid and deferred rental income | (15,488 | ) | ||||||
Net Assets Acquired | $ | 164,874 | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2013 are as follows (in thousands): | ||||||||
Years Ending December 31, | Total | |||||||
2014 | $ | 236,286 | ||||||
2015 | 237,463 | |||||||
2016 | 238,841 | |||||||
2017 | 239,980 | |||||||
2018 | 242,033 | |||||||
Thereafter | 2,776,405 | |||||||
Total | $ | 3,971,008 | ||||||
Other Real Estate, Roll Forward | ' | |||||||
The following table provides the activity of our Real estate under construction (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | 71,285 | $ | 90,176 | ||||
Capitalized funds (a) | 90,007 | 121,003 | ||||||
Placed into service (b) | (42,225 | ) | (142,085 | ) | ||||
Capitalized interest (c) | 5,208 | 2,100 | ||||||
Building improvements and other | 3,660 | 91 | ||||||
Ending balance (d) | $ | 127,935 | $ | 71,285 | ||||
__________ | ||||||||
(a) | At December 31, 2013, we had five build-to-suit projects, of which three remained as open projects, and the balance included acquisition-related costs and fees of $2.3 million, which were capitalized. At December 31, 2012, we had ten build-to-suit projects, of which four remained as open projects, and the balance included acquisition-related costs and fees of $16.4 million, which were capitalized. | |||||||
(b) | During the year ended December 31, 2013, there were three build-to-suit projects, of which two are completed and one is partially-completed, that were placed into service. The two completed build-to-suit projects for $26.1 million were reclassified as Real estate, at cost, and the partially-completed build-to-suit project for $12.6 million was reclassified as Operating real estate, at cost, at December 31, 2013. During the year ended December 31, 2012, there were six build-to-projects that were placed into service totaling $142.1 million, which were reclassified as Real estate, at cost. The remaining $3.5 million was related to improvements on an existing building we own that was reclassified as Real estate, at cost, at December 31, 2013. | |||||||
(c) | Includes amortization of the mortgage discount and deferred financing costs and interest on a third-party debt related to one of the build-to-suit projects totaling $3.2 million and less than $0.1 million for the years ended December 31, 2013 and 2012, respectively, that will be capitalized as part of the building’s value once the project is completed. | |||||||
(d) | The aggregate unfunded commitment on the remaining open projects totaled approximately $46.7 million and $92.4 million at December 31, 2013 and 2012, respectively. | |||||||
Schedule of Change in Asset Retirement Obligation | ' | |||||||
The following table provides the activity of our asset retirement obligations, which are included in Accounts payable, accrued expenses and other liabilities on the consolidated balance sheets (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | 19,194 | $ | 11,453 | ||||
Additions | 1,619 | 6,842 | ||||||
Accretion expense (a) | 1,203 | 890 | ||||||
Foreign currency translation adjustments and other | 60 | 9 | ||||||
Ending balance | $ | 22,076 | $ | 19,194 | ||||
__________ | ||||||||
(a) Accretion of the liability is included in Property expenses and recognized over the economic life of the properties. |
Finance_Receivables_Tables
Finance Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Capital Leases Net Investment In Direct Financing Leases | ' | ||||||||||||
Net investment in direct financing leases is summarized as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Minimum lease payments receivable | $ | 774,876 | $ | 819,881 | |||||||||
Unguaranteed residual value | 468,548 | 466,829 | |||||||||||
1,243,424 | 1,286,710 | ||||||||||||
Less: unearned income | (763,508 | ) | (810,838 | ) | |||||||||
$ | 479,916 | $ | 475,872 | ||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2013 are as follows (in thousands): | |||||||||||||
Years Ending December 31, | Total | ||||||||||||
2014 | $ | 51,981 | |||||||||||
2015 | 52,415 | ||||||||||||
2016 | 52,842 | ||||||||||||
2017 | 53,271 | ||||||||||||
2018 | 288,037 | ||||||||||||
Thereafter | 276,330 | ||||||||||||
Total | $ | 774,876 | |||||||||||
Financing Receivable Credit Quality Indicators | ' | ||||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Tenants / Obligors at | |||||||||||||
December 31, | December 31, | ||||||||||||
Internal Credit Quality Indicator | 2013 | 2012 | 2013 | 2012 | |||||||||
1 | — | 1 | $ | — | $ | 2,239 | |||||||
2 | 1 | 2 | 2,250 | 60,218 | |||||||||
3 | 8 | 9 | 430,713 | 453,415 | |||||||||
4 | 3 | — | 86,953 | — | |||||||||
5 | — | — | — | — | |||||||||
$ | 519,916 | $ | 515,872 | ||||||||||
Equity_Investments_in_Real_Est1
Equity Investments in Real Estate (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments | ' | ||||||||||||
The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values along with those ADC Arrangements that are recorded as equity investments (dollars in thousands): | |||||||||||||
Ownership Interest | Carrying Value at December 31, | ||||||||||||
Lessee/Counterparty | Co-owner(s) | at December 31, 2013 | 2013 | 2012 | |||||||||
C1000 Logistiek Vastgoed B.V. (a) (b) | WPC | 85% | $ | 84,119 | $ | 81,516 | |||||||
U-Haul Moving Partners, Inc. and Mercury Partners, LP (c) (d) | WPC/ | 12% | 43,051 | 28,019 | |||||||||
CPA®:16 – Global | |||||||||||||
BPS Nevada, LLC (formerly known as BPS Parent, LLC) (e) | Third Party | 15% | 23,278 | 26,253 | |||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC (f) | Third Party | 45% | 23,907 | — | |||||||||
State Farm (g) | CPA®:18 – Global | 50% | 20,913 | — | |||||||||
Agrokor 5 (a) (g) | CPA®:18 – Global | 20% | 19,217 | — | |||||||||
Tesco plc (a) (d) | CPA®:16 – Global | 49% | 17,965 | 17,487 | |||||||||
Berry Plastics Corporation (d) | CPA®:16 – Global | 50% | 17,659 | 18,529 | |||||||||
Hellweg 2 (a) (d) (h) | WPC/ | 37% | 12,978 | 22,827 | |||||||||
CPA®:16 – Global | |||||||||||||
Eroski Sociedad Cooperativa – Mallorca (a) | WPC | 30% | 9,639 | 9,336 | |||||||||
Dick’s Sporting Goods, Inc. (d) | CPA®:16 – Global | 45% | 4,646 | 5,010 | |||||||||
Shelborne Property Associates, LLC (i) | Third Party | 33% | 129,575 | 63,896 | |||||||||
IDL Wheel Tenant, LLC (j) | Third Party | N/A | 6,017 | 2,260 | |||||||||
$ | 412,964 | $ | 275,133 | ||||||||||
___________ | |||||||||||||
(a) | The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the euro. | ||||||||||||
(b) | This investment represents a tenancy-in-common interest, whereby the property is encumbered by debt for which we are jointly and severally liable. For this investment, the co-obligor is WPC and the total amount due under the arrangement was approximately $95.6 million and $93.2 million at December 31, 2013 and 2012, respectively. Of these amounts, $81.3 million and $79.2 million represent the amounts we agreed to pay and are included within the carrying value of this investment at December 31, 2013 and 2012, respectively. | ||||||||||||
(c) | In November 2013, we made a contribution of $17.0 million to this investment for the investee to repurchase its outstanding mortgage loan. | ||||||||||||
(d) | The portion of these investments owned by CPA®:16 – Global were acquired by WPC upon completion of the merger of CPA®:16 – Global with and into a subsidiary of WPC in January 2014. | ||||||||||||
(e) | In December 2013, we recognized an other-than-temporary impairment charge of $3.8 million on this investment (Note 9). | ||||||||||||
(f) | We acquired interests in Madison Storage NYC, LLC in June 2013 and Veritas Group IX-NYC, LLC in October 2013, both of which are VIEs. In addition to our 45% equity interest, we have a 40% indirect economic interest in this investment based upon certain contractual arrangements with our partner in this entity that enable or could require us to purchase their interest. | ||||||||||||
(g) | See “Acquisition of Equity Investment” below. | ||||||||||||
(h) | The decrease in carrying value is primarily due to our share of the German real estate transfer tax incurred by the investment. Please see “Hellweg 2 Restructuring” below for more information. | ||||||||||||
(i) | Represents a domestic ADC Arrangement that we account for under the equity method of accounting as the characteristics of the arrangement with the third-party developer are more similar to a jointly-owned investment or partnership rather than a loan. This investment is a VIE. We provided funding of $69.3 million to this investment during the year ended December 31, 2013. At December 31, 2013, the unfunded balance on the loan related to this investment was $2.5 million. | ||||||||||||
(j) | Represents a domestic ADC Arrangement that we account for under the equity method of accounting as the characteristics of the arrangement with the third-party developer are more similar to a jointly-owned investment or partnership rather than a loan. This investment is a VIE. We provided funding of $3.8 million to this investment and capitalized $0.2 million of interest related to the loan during the year ended December 31, 2013. At December 31, 2013, the unfunded balance on the loan related to this investment was $44.3 million. | ||||||||||||
The following tables present combined summarized investee financial information of our equity method investment properties. Amounts provided are the total amounts attributable to the investment properties and do not represent our proportionate share (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Real estate assets | $ | 1,360,072 | $ | 1,049,068 | |||||||||
Other assets | 346,335 | 252,022 | |||||||||||
Total assets | 1,706,407 | 1,301,090 | |||||||||||
Debt | (776,467 | ) | (668,555 | ) | |||||||||
Accounts payable, accrued expenses and other liabilities | (92,119 | ) | (86,592 | ) | |||||||||
Total liabilities | (868,586 | ) | (755,147 | ) | |||||||||
Redeemable noncontrolling interests | — | (21,747 | ) | ||||||||||
Partners’/members’ equity | $ | 837,821 | $ | 524,196 | |||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 132,760 | $ | 111,151 | $ | 82,072 | |||||||
Expenses | (135,339 | ) | (80,237 | ) | (63,267 | ) | |||||||
Income from continuing operations | $ | (2,579 | ) | $ | 30,914 | $ | 18,805 | ||||||
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | |||||||||||
Non-cash investing and financing activities | ' | |||||||||||
(In thousands) | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest paid, net of amounts capitalized | $ | 84,003 | $ | 68,972 | $ | 46,722 | ||||||
Interest capitalized | $ | 2,481 | $ | 1,719 | $ | 3,543 | ||||||
Income taxes paid | $ | 2,920 | $ | 1,502 | $ | 401 | ||||||
A summary of our non-cash investing and financing activities for the periods presented is as follows (dollars in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Deferred acquisition fees payable (Note 3, 4) | $ | 3,183 | $ | 14,472 | $ | 17,394 | ||||||
Reclassification to Real estate, at cost (Note 4) | 38,945 | 142,085 | 69,368 | |||||||||
Reclassification from Real estate, at cost (Note 4) | (9,825 | ) | (7,378 | ) | — | |||||||
Reclassification to Operating real estate, at cost (Note 4) | 12,557 | — | — | |||||||||
Reclassification from Operating real estate, at cost (Note 4) | (13,166 | ) | — | — | ||||||||
Reclassification from Real estate under construction (Note 4) | (42,225 | ) | (142,085 | ) | (69,368 | ) | ||||||
Reclassification to Net investments in direct financing leases | — | 8,957 | — | |||||||||
Reclassification to In-place lease intangible assets, net | 548 | (1,579 | ) | — | ||||||||
Reclassification from In-place lease intangible assets, net | — | — | — | |||||||||
Reclassification to Assets held for sale | 13,166 | — | — | |||||||||
Build-to-suit construction costs incurred but unpaid | — | — | 1,112 | |||||||||
Hellweg 2 purchase option (Note 6) | — | 32,338 | — | |||||||||
Conversion of note receivable to equity investment in real estate (Note 6) | 2,047 | — | — | |||||||||
Asset retirement obligations (Note 4) | 1,619 | 6,842 | 9,562 | |||||||||
Non-recourse mortgage loans assumed on acquisition (Note 11) | — | 36,747 | 273,074 | |||||||||
Fourth quarter distributions declared | 51,570 | 46,412 | 32,288 | |||||||||
In September 2011, we purchased substantially all of the economic and voting interests in a real estate fund, Metro, for $164.9 million, based on the exchange rate of the euro on the date of acquisition. This transaction consisted of the acquisition and assumption of certain assets and liabilities, as detailed in the table below (in thousands). | ||||||||||||
Assets Acquired at Fair Value: | ||||||||||||
Land | $ | 91,691 | ||||||||||
Buildings | 262,651 | |||||||||||
Intangible assets | 57,750 | |||||||||||
Liabilities Assumed at Fair Value: | ||||||||||||
Non-recourse debt | (222,680 | ) | ||||||||||
Accounts payable, accrued expenses and other liabilities | (9,050 | ) | ||||||||||
Prepaid and deferred rental income | (15,488 | ) | ||||||||||
Net Assets Acquired | $ | 164,874 | ||||||||||
Intangible_Assets_and_Liabilit1
Intangible Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Intangible Assets And Liabilities [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Acquired Intangible Assets Liabilities By Major Class | ' | |||||||||||||||||||||||
In connection with our investment activity during 2013, we have recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | ||||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 17.5 | $ | 61,081 | |||||||||||||||||||||
Above-market rent | 16.6 | 20,270 | ||||||||||||||||||||||
Below-market ground lease | 54.6 | 5,714 | ||||||||||||||||||||||
87,065 | ||||||||||||||||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | N/A | 4,062 | ||||||||||||||||||||||
91,127 | ||||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 19.3 | $ | (25,765 | ) | ||||||||||||||||||||
Above-market ground lease | 48.6 | (157 | ) | |||||||||||||||||||||
Total intangible liabilities | $ | (25,922 | ) | |||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | — | ||||||||||||||||||||||
Out-of-period adjustment (Note 2) | 4,062 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 4,062 | ||||||||||||||||||||||
Schedule Of Intangible Assets and Liabilities | ' | |||||||||||||||||||||||
Intangible assets and liabilities are summarized as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net Carrying Amount | Gross Carrying Amount | Accumulated | Net Carrying Amount | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | $ | 537,271 | $ | (80,027 | ) | $ | 457,244 | $ | 467,846 | $ | (44,762 | ) | $ | 423,084 | ||||||||||
Above-market rent | 97,109 | (12,413 | ) | 84,696 | 74,491 | (7,584 | ) | 66,907 | ||||||||||||||||
Tenant relationship | 13,552 | (4,299 | ) | 9,253 | 13,231 | (3,307 | ) | 9,924 | ||||||||||||||||
Below-market ground leases | 7,124 | (79 | ) | 7,045 | 1,410 | (2 | ) | 1,408 | ||||||||||||||||
$ | 655,056 | $ | (96,818 | ) | $ | 558,238 | $ | 556,978 | $ | (55,655 | ) | $ | 501,323 | |||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | 4,062 | — | 4,062 | — | — | — | ||||||||||||||||||
Total intangible assets | $ | 659,118 | $ | (96,818 | ) | $ | 562,300 | $ | 556,978 | $ | (55,655 | ) | $ | 501,323 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (110,606 | ) | $ | 8,163 | $ | (102,443 | ) | $ | (84,130 | ) | $ | 3,675 | $ | (80,455 | ) | ||||||||
Above-market ground lease | (157 | ) | 3 | (154 | ) | — | — | — | ||||||||||||||||
Total intangible liabilities | $ | (110,763 | ) | $ | 8,166 | $ | (102,597 | ) | $ | (84,130 | ) | $ | 3,675 | $ | (80,455 | ) | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||||||||
Based on the intangible assets and liabilities recorded at December 31, 2013, scheduled annual net amortization of intangibles for each of the next five years and thereafter is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Total | |||||||||||||||||||||||
2014 | $ | 35,040 | ||||||||||||||||||||||
2015 | 33,214 | |||||||||||||||||||||||
2016 | 30,970 | |||||||||||||||||||||||
2017 | 29,287 | |||||||||||||||||||||||
2018 | 29,204 | |||||||||||||||||||||||
Thereafter | 297,926 | |||||||||||||||||||||||
Total | $ | 455,641 | ||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Other Financial Instruments In Carrying Values And Fair Values | ' | |||||||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 1,915,601 | $ | 1,944,865 | $ | 1,633,452 | $ | 1,674,019 | |||||||||||||||
Note receivable (a) | 3 | 40,000 | 43,890 | 40,000 | 43,957 | |||||||||||||||||||
Deferred acquisition fees payable (b) | 3 | 15,033 | 15,950 | 26,246 | 30,875 | |||||||||||||||||||
Other securities (c) | 3 | 9,915 | 15,548 | 8,301 | 10,800 | |||||||||||||||||||
CMBS (d) | 3 | 2,791 | 6,052 | 2,075 | 2,980 | |||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity and the current market interest rate. | |||||||||||||||||||||||
(b) | We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment of 380 basis points and 75 basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | |||||||||||||||||||||||
(c) | Reflects equity securities and an interest in a foreign debenture, both of which are included in Other assets, net. | |||||||||||||||||||||||
(d) | The carrying value of our CMBS is inclusive of impairment charges recognized during 2012, as well as accretion related to the estimated cash flows expected to be received. There were no purchases, sales or impairment charges recognized during the year ended December 31, 2013. | |||||||||||||||||||||||
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis | ' | |||||||||||||||||||||||
The following table presents information about our other assets that were measured on a fair value basis. All of the impairment charges were measured using unobservable inputs (Level 3) and were recorded based on market conditions and assumptions that existed at the time (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||||||
Fair Value | Total | Fair Value | Total | Fair Value | Total | |||||||||||||||||||
Measurements | Impairment | Measurements | Impairment | Measurements | Impairment | |||||||||||||||||||
Charges | Charges | Charges | ||||||||||||||||||||||
Impairment Charges from Continuing Operations: | ||||||||||||||||||||||||
Net investments in direct financing leases | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (70 | ) | |||||||||||
CMBS (a) | — | — | — | 2,019 | — | — | ||||||||||||||||||
Total impairment charges included in expenses | — | 2,019 | (70 | ) | ||||||||||||||||||||
Equity investment in real estate | 23,278 | 3,778 | — | — | — | — | ||||||||||||||||||
$ | 3,778 | $ | 2,019 | $ | (70 | ) | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | During the first quarter of 2012, we incurred other-than-temporary impairment charges on our CMBS portfolio totaling $2.0 million to reduce the carrying values of three CMBS tranches to zero as a result of non-performance and the advisor’s assessment that the likelihood of receiving further interest payments or return of principal was remote. |
Risk_Management_and_Use_of_Der1
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
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 for the years presented (in thousands): | |||||||||||||||||||
Derivatives Designated | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | December 31, | December 31, | |||||||||||||||||
Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Foreign currency forward contracts | Other assets, net | $ | 2,002 | $ | 4,229 | $ | — | $ | — | ||||||||||
Foreign currency collars | Other assets, net | 429 | 2,743 | — | — | ||||||||||||||
Interest rate swaps | Other assets, net | 1,895 | — | — | — | ||||||||||||||
Interest rate cap | Other assets, net | — | 1 | — | — | ||||||||||||||
Foreign currency forward contracts | Accounts payable, accrued expenses and other liabilities | — | — | (11,928 | ) | (2,533 | ) | ||||||||||||
Interest rate swaps | Accounts payable, accrued expenses and other liabilities | — | — | (12,911 | ) | (20,142 | ) | ||||||||||||
Derivatives Not Designated | |||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||
Embedded derivatives (a) | Accounts payable, accrued expenses and other liabilities | — | — | (2,164 | ) | (1,141 | ) | ||||||||||||
Embedded derivatives (b) | Other assets, net | 2,314 | — | — | — | ||||||||||||||
Stock warrants (c) | Other assets, net | 1,782 | 1,485 | — | — | ||||||||||||||
Foreign currency forward contracts | Other assets, net | 1,521 | — | — | — | ||||||||||||||
Swaption (d) | Other assets, net | 1,205 | — | — | — | ||||||||||||||
Total derivatives | $ | 11,148 | $ | 8,458 | $ | (27,003 | ) | $ | (23,816 | ) | |||||||||
___________ | |||||||||||||||||||
(a) | In connection with the ADC Arrangement with IDL Wheel Tenant, LLC, we agreed to fund a portion of the loan in euro and we locked the euro to U.S. dollar exchange rate at $1.278 to the developer at the time of the transaction (Note 6). This component of the loan is deemed to be an embedded derivative. | ||||||||||||||||||
(b) | In December 2013, there was an amendment to the loan commitment for the refinancing of Agrokor d.d., known as the Agrokor 4 portfolio, which provided for an effective net settlement provision. | ||||||||||||||||||
(c) | As part of the purchase of an interest in Hellweg 2 from CPA®:14 in May 2011, we acquired warrants from CPA®:14, which were granted by Hellweg 2 to CPA®:14. These warrants give us participation rights to any distributions made by Hellweg 2 and we are entitled to a cash distribution that equals a certain percentage of the liquidity event price of Hellweg 2, should a liquidity event occur. | ||||||||||||||||||
(d) | In connection with the non-recourse debt financing related to our Cuisine Solutions, Inc. investment, we executed a swap and purchased a swaption, which grants us the right to enter into a new swap with a predetermined fixed rate should there be an extension of the loan maturity date. | ||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The following tables present the impact of our derivative instruments on the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2013 | 2012 | 2011 | ||||||||||||||||
Interest rate cap (a) | $ | 1,188 | $ | 811 | $ | (244 | ) | ||||||||||||
Interest rate swaps | 10,107 | (11,046 | ) | (6,864 | ) | ||||||||||||||
Foreign currency collars | (2,059 | ) | (2,951 | ) | 6,698 | ||||||||||||||
Foreign currency forward contracts | (6,168 | ) | (3,030 | ) | — | ||||||||||||||
Put options | — | 192 | — | ||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b) | |||||||||||||||||||
Foreign currency forward contracts | (2,237 | ) | (734 | ) | (4,809 | ) | |||||||||||||
Total | $ | 831 | $ | (16,758 | ) | $ | (5,219 | ) | |||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive Income (Loss) into Income (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2013 | 2012 | 2011 | ||||||||||||||||
Foreign currency collars (c) | $ | (1,215 | ) | $ | (1,918 | ) | $ | (624 | ) | ||||||||||
Foreign currency forward contracts (c) | (909 | ) | (366 | ) | — | ||||||||||||||
Interest rate cap | 1,189 | 890 | — | ||||||||||||||||
Interest rate swaps | 7,268 | 4,867 | 1,172 | ||||||||||||||||
Total | $ | 6,333 | $ | 3,473 | $ | 548 | |||||||||||||
___________ | |||||||||||||||||||
(a) | Includes a gain attributable to noncontrolling interests of $0.5 million and $0.4 million for the years ended December 31, 2013 and 2012, respectively, and a loss attributable to noncontrolling interests of $0.1 million for the year ended December 31, 2011. | ||||||||||||||||||
(b) | The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
(c) | Gains (losses) reclassified from Other comprehensive income (loss) into income (loss) for contracts and collars that have matured are included in Other income and (expenses). | ||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives Not in Cash Flow Hedging Relationships | Recognized in Income | 2013 | 2012 | 2011 | |||||||||||||||
Embedded credit derivatives | Other income and (expenses) | $ | 1,159 | $ | (1,141 | ) | $ | — | |||||||||||
Foreign currency forward contracts | Other income and (expenses) | 1,266 | 254 | 432 | |||||||||||||||
Put options | Other income and (expenses) | — | (2 | ) | — | ||||||||||||||
Stock warrants | Other income and (expenses) | 297 | 66 | (198 | ) | ||||||||||||||
Swaption | Other income and (expenses) | 428 | — | — | |||||||||||||||
Interest rate swaps (a) | Interest expense | 212 | (34 | ) | — | ||||||||||||||
Total | $ | 3,362 | $ | (857 | ) | $ | 234 | ||||||||||||
___________ | |||||||||||||||||||
(a) | Relates to the ineffective portion of the hedging relationship. | ||||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||
The interest rate swaps, cap, and swaption that we had outstanding on our consolidated subsidiaries at December 31, 2013 are summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2013 (a) | ||||||||||||||||||
Interest rate cap (b) | 1 | $ | 115,675 | $ | — | ||||||||||||||
Interest rate swaps | 6 | € | 186,403 | (8,689 | ) | ||||||||||||||
Interest rate swaps | 10 | $ | 210,218 | (2,327 | ) | ||||||||||||||
Swaption | 1 | $ | 13,230 | 1,205 | |||||||||||||||
$ | (9,811 | ) | |||||||||||||||||
____________ | |||||||||||||||||||
(a) | Fair values are based upon the exchange rate of the euro at December 31, 2013, as applicable. | ||||||||||||||||||
(b) | The applicable interest rate of the related debt was 2.8%, which was below the interest rate of the cap of 4.0% at December 31, 2013. The notional amount of $52.1 million attributable to noncontrolling interests is included in this swap and there is no fair value. | ||||||||||||||||||
The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2013 and was designated as cash flow hedge is summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivative | Ownership Interest in Investee at December 31, 2013 | Number of Instruments | Notional | Fair Value at | |||||||||||||||
Amount | December 31, 2013 (a) | ||||||||||||||||||
Interest rate swap | 85% | 1 | € | 14,471 | $ | 21 | |||||||||||||
____________ | |||||||||||||||||||
(a) | Fair value is based upon the exchange rate of the euro at December 31, 2013. | ||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2013 (currency in thousands): | |||||||||||||||||||
Foreign Currency Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2013 (a) | ||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency collars | 3 | € | 14,946 | $ | 429 | ||||||||||||||
Foreign currency forward contracts | 77 | € | 169,417 | (9,610 | ) | ||||||||||||||
Foreign currency forward contracts | 16 | ¥ | 746,411 | 2,002 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 1 | € | 45,000 | (2,318 | ) | ||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 1 | ¥ | 610,129 | 1,521 | |||||||||||||||
$ | (7,976 | ) | |||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair values are based upon the applicable exchange rate of the euro or the Japanese yen at December 31, 2013. | ||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | ' | ||||||||||||||||||
The percentages in the table below represent our directly-owned real estate properties and do not include our share of equity investments or noncontrolling interests. | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Region: | |||||||||||||||||||
Texas | 10 | % | |||||||||||||||||
Other U.S. | 51 | % | |||||||||||||||||
Total U.S. | 61 | % | |||||||||||||||||
Italy | 11 | % | |||||||||||||||||
Other international | 28 | % | |||||||||||||||||
Total international | 39 | % | |||||||||||||||||
Total | 100 | % | |||||||||||||||||
Asset Type: | |||||||||||||||||||
Office | 32 | % | |||||||||||||||||
Warehouse/Distribution | 23 | % | |||||||||||||||||
Retail | 21 | % | |||||||||||||||||
Industrial | 16 | % | |||||||||||||||||
All other | 8 | % | |||||||||||||||||
Total | 100 | % | |||||||||||||||||
Tenant Industry: | |||||||||||||||||||
Retail Stores | 25 | % | |||||||||||||||||
Grocery | 13 | % | |||||||||||||||||
Media: Printing and Publishing | 13 | % | |||||||||||||||||
All other | 49 | % | |||||||||||||||||
Total | 100 | % | |||||||||||||||||
Guarantor/Tenant: | |||||||||||||||||||
Metro (Europe) | 11 | % |
NonRecourse_Debt_Tables
Non-Recourse Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Debt | ' | ||||
Scheduled debt principal payments during each of the next five calendar years following December 31, 2013 and thereafter are as follows (in thousands): | |||||
Years Ending December 31, | Total | ||||
2014 | $ | 52,726 | |||
2015 | 72,337 | ||||
2016 | 299,506 | ||||
2017 | 355,600 | ||||
2018 | 147,940 | ||||
Thereafter through 2038 | 993,054 | ||||
1,921,163 | |||||
Unamortized discount, net | (5,562 | ) | |||
Total | $ | 1,915,601 | |||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule Of Distributions Paid Per Share For Tax | ' | |||||||||||||||
The following table presents annualized distributions per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Ordinary income | $ | 0.3104 | $ | 0.3022 | $ | 0.3981 | ||||||||||
Capital gain | 0.011 | — | — | |||||||||||||
Return of capital | 0.3286 | 0.3478 | 0.2519 | |||||||||||||
Total distributions paid | $ | 0.65 | $ | 0.65 | $ | 0.65 | ||||||||||
Schedule of Accumulated Other Comprehensive Income Loss | ' | |||||||||||||||
The following table presents the components of Accumulated other comprehensive loss reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive loss from our unconsolidated investments (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Foreign currency translation adjustments | $ | 20,695 | $ | (9,006 | ) | $ | (22,329 | ) | ||||||||
Unrealized loss on derivative instruments | (25,579 | ) | (25,875 | ) | (8,752 | ) | ||||||||||
Unrealized depreciation on marketable securities | (391 | ) | (485 | ) | (1,520 | ) | ||||||||||
Accumulated other comprehensive loss | $ | (5,275 | ) | $ | (35,366 | ) | $ | (32,601 | ) | |||||||
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): | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Unrealized | Unrealized Appreciation (Depreciation) on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
Gains (Losses) | ||||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (25,875 | ) | $ | (485 | ) | $ | (9,006 | ) | $ | (35,366 | ) | ||||
Other comprehensive income (loss) before reclassifications | (5,502 | ) | 94 | 29,884 | 24,476 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 8,457 | — | — | 8,457 | ||||||||||||
Other income and (expenses) | (2,124 | ) | — | — | (2,124 | ) | ||||||||||
Total | 6,333 | — | — | 6,333 | ||||||||||||
Net current-period Other comprehensive income | 831 | 94 | 29,884 | 30,809 | ||||||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | (535 | ) | — | (183 | ) | (718 | ) | |||||||||
Ending balance | $ | (25,579 | ) | $ | (391 | ) | $ | 20,695 | $ | (5,275 | ) | |||||
Year Ended December 31, 2012 | ||||||||||||||||
Unrealized | Unrealized Appreciation (Depreciation) on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
Gains (Losses) | ||||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (8,752 | ) | $ | (1,520 | ) | $ | (22,329 | ) | $ | (32,601 | ) | ||||
Other comprehensive income (loss) before reclassifications | (20,231 | ) | 281 | 13,515 | (6,435 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 5,757 | — | — | 5,757 | ||||||||||||
Other income and (expenses) | (2,284 | ) | 754 | — | (1,530 | ) | ||||||||||
Total | 3,473 | 754 | — | 4,227 | ||||||||||||
Net current-period Other comprehensive (loss) income | (16,758 | ) | 1,035 | 13,515 | (2,208 | ) | ||||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | (365 | ) | — | (192 | ) | (557 | ) | |||||||||
Ending balance | $ | (25,875 | ) | $ | (485 | ) | $ | (9,006 | ) | $ | (35,366 | ) | ||||
Year Ended December 31, 2011 | ||||||||||||||||
Unrealized | Unrealized Appreciation (Depreciation) on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
Gains (Losses) | ||||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (3,642 | ) | $ | (1,505 | ) | $ | (9,795 | ) | $ | (14,942 | ) | ||||
Other comprehensive income (loss) before reclassifications | (5,767 | ) | (15 | ) | (12,754 | ) | (18,536 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 1,172 | — | — | 1,172 | ||||||||||||
Other income and (expenses) | (624 | ) | — | — | (624 | ) | ||||||||||
Total | 548 | — | — | 548 | ||||||||||||
Net current-period Other comprehensive loss | (5,219 | ) | (15 | ) | (12,754 | ) | (17,988 | ) | ||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 109 | — | 220 | 329 | ||||||||||||
Ending balance | $ | (8,752 | ) | $ | (1,520 | ) | $ | (22,329 | ) | $ | (32,601 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||||||
The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
Beginning balance | $ | 647 | $ | 589 | ||||
Additions based on tax positions related to the current year | 284 | 345 | ||||||
Reduction for tax positions of prior years | — | (287 | ) | |||||
Ending balance | $ | 931 | $ | 647 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||
The results of operations for properties that are held for sale or have been sold and with which we have no continuing involvement are reflected in the consolidated financial statements as discontinued operations and are summarized as follows (in thousands, net of tax): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 3,807 | $ | 4,568 | $ | 6,253 | ||||||
Expenses | (3,324 | ) | (3,385 | ) | (4,947 | ) | ||||||
Gain on sale of real estate | 7,987 | 740 | 778 | |||||||||
Loss on the extinguishment of debt | (983 | ) | — | — | ||||||||
Income from discontinued operations | $ | 7,487 | $ | 1,923 | $ | 2,084 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
Geographic information for this segment is as follows (in thousands): | |||||||||||||||||
Year Ended December 31, 2013 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 256,586 | $ | 30,795 | $ | 75,573 | $ | 362,954 | |||||||||
Income from continuing operations before income taxes | 24,501 | 7,208 | 29,710 | 61,419 | |||||||||||||
Net income attributable to noncontrolling interests | (28,296 | ) | — | (1,009 | ) | (29,305 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 2,806 | 7,128 | 29,930 | 39,864 | |||||||||||||
Long-lived assets (b) | 2,195,465 | 343,876 | 1,022,754 | 3,562,095 | |||||||||||||
Non-recourse debt | 1,319,094 | 223,937 | 372,570 | 1,915,601 | |||||||||||||
Year Ended December 31, 2012 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 203,481 | $ | 29,396 | $ | 56,676 | $ | 289,553 | |||||||||
Income from continuing operations before income taxes | 32,163 | 6,771 | 28,210 | 67,144 | |||||||||||||
Net income attributable to noncontrolling interests | (25,897 | ) | — | (645 | ) | (26,542 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 7,841 | 6,733 | 27,037 | 41,611 | |||||||||||||
Long-lived assets (b) | 2,010,810 | 337,663 | 749,392 | 3,097,865 | |||||||||||||
Non-recourse debt | 1,135,321 | 217,106 | 281,025 | 1,633,452 | |||||||||||||
Year Ended December 31, 2011 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 131,169 | $ | 7,974 | $ | 53,078 | $ | 192,221 | |||||||||
Income from continuing operations before income taxes | 40,475 | 1,872 | 27,062 | 69,409 | |||||||||||||
Net income attributable to noncontrolling interests | (20,217 | ) | — | (574 | ) | (20,791 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 20,536 | 1,844 | 27,275 | 49,655 | |||||||||||||
Long-lived assets (b) | 1,394,579 | 337,891 | 642,303 | 2,374,773 | |||||||||||||
Non-recourse debt | 726,283 | 212,704 | 215,267 | 1,154,254 | |||||||||||||
___________ | |||||||||||||||||
(a) | All years include operations in Croatia, Germany, Hungary, Poland, the Netherlands, Spain and the United Kingdom; 2013 and 2012 include operations in Japan; and 2013 includes an investment in India. | ||||||||||||||||
(b) | Consists of Net investments in properties; Real estate under construction; Net investments in direct financing leases; and Equity investments in real estate, as applicable. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | |||||||||||||
Revenues (a) | $ | 86,725 | $ | 88,993 | $ | 91,619 | $ | 95,617 | ||||||||
Expenses (a) | 48,725 | 49,011 | 58,622 | 60,681 | ||||||||||||
Net income | 22,108 | 20,735 | 11,541 | 14,785 | ||||||||||||
Net income attributable to noncontrolling interests | (7,286 | ) | (7,932 | ) | (6,515 | ) | (7,572 | ) | ||||||||
Net income attributable to CPA®:17 – Global | 14,822 | 12,803 | 5,026 | 7,213 | ||||||||||||
Earnings per share attributable to CPA®:17 – Global | 0.05 | 0.04 | 0.02 | 0.02 | ||||||||||||
Distributions declared per share | 0.1625 | 0.1625 | 0.1625 | 0.1625 | ||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | |||||||||||||
Revenues (a) | $ | 64,764 | $ | 67,565 | $ | 68,141 | $ | 89,083 | ||||||||
Expenses (a) | 32,676 | 33,897 | 35,160 | 61,871 | ||||||||||||
Net income | 16,763 | 21,152 | 18,929 | 11,309 | ||||||||||||
Net income attributable to noncontrolling interests | (5,640 | ) | (6,886 | ) | (6,634 | ) | (7,382 | ) | ||||||||
Net income attributable to CPA®:17 – Global | 11,123 | 14,266 | 12,295 | 3,927 | ||||||||||||
Earnings per share attributable to CPA®:17 – Global | 0.05 | 0.06 | 0.05 | 0.01 | ||||||||||||
Distributions declared per share | 0.1625 | 0.1625 | 0.1625 | 0.1625 | ||||||||||||
___________ | ||||||||||||||||
(a) | Certain amounts from previous quarters have been reclassified to discontinued operations (Note 15). |
Organization_and_Offering_Narr
Organization and Offering (Narratives) (Details) (USD $) | 12 Months Ended | 33 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2013 | |
property | property | ||||
sqft | sqft | ||||
tenant | tenant | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Number of real estate properties | 352 | ' | ' | 352 | ' |
Number of tenants | 99 | ' | ' | 99 | ' |
Square footage of real estate properties | 34,000,000 | ' | ' | 34,000,000 | ' |
Real Estate Properties | ' | ' | ' | ' | ' |
Square footage of operating properties | 6,000,000 | ' | ' | 6,000,000 | ' |
Capital interest in operating partnership | 99.99% | ' | ' | 99.99% | ' |
Public Offerings | ' | ' | ' | ' | ' |
Proceeds from issuance follow-on offering, shares | ' | ' | ' | 289,000,000 | ' |
Proceeds from issuance follow-on offering, value | $96,853,000 | $903,229,000 | $571,655,000 | $2,900,000,000 | ' |
Shares issued from DRIP in follow-on public offering | ' | ' | ' | 28,000,000 | ' |
Proceeds from issuance DRIP follow-on public offering | ' | ' | ' | 264,700,000 | ' |
Stock repurchased during period, shares | ' | ' | ' | 5,600,000 | ' |
Stock repurchased during period, value | ' | ' | ' | $52,500,000 | ' |
Total shares authorized | ' | ' | ' | ' | 950,000,000 |
Common stock shares authorized | 900,000,000 | 900,000,000 | ' | 900,000,000 | 900,000,000 |
Common stock, par or stated value per share | $0.00 | $0.00 | ' | $0.00 | $0.00 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 | ' | 50,000,000 | 50,000,000 |
Preferred stock, par or stated value per share | $0.00 | $0.00 | ' | $0.00 | $0.00 |
Total shares authorized for dividend reinvestment plan | ' | ' | ' | ' | 200,000,000 |
Self storage | ' | ' | ' | ' | ' |
Real Estate Properties | ' | ' | ' | ' | ' |
Number of operating properties | 71 | ' | ' | 71 | ' |
Hotel | ' | ' | ' | ' | ' |
Real Estate Properties | ' | ' | ' | ' | ' |
Number of operating properties | 2 | ' | ' | 2 | ' |
Shopping center | ' | ' | ' | ' | ' |
Real Estate Properties | ' | ' | ' | ' | ' |
Number of operating properties | 2 | ' | ' | 2 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
property | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | BPS Partners, LLC | BPS Partners, LLC | Maximum | Maximum | |||
property | Net income from equity investments | Net Income (Loss) Attributable to Parent | Benefit from (provision for) income taxes | Net income attributable to noncontrolling interest | Depreciation and amortization | Real Estate Investment Property, Net | Other intangible assets | Other assets | Total Assets | Accounts payable, accrued expenses and other liabilities | Building and related improvements | Furniture, fixtures, and equipment | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | ' | ' |
Real estate taxes | $23.20 | $14.10 | $9.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | '7 years |
Number of real estate properties | 352 | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Out-of-period adjustment | ' | ' | ' | ' | -1.7 | -2.9 | -1.8 | 0.4 | 0.2 | 5.2 | 4.1 | 1.7 | 9.3 | -7.7 | ' | ' | ' | ' |
Recognized net realized gains (losses) on foreign currency transactions | $3.10 | $1.10 | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreements_and_Transactions_wi2
Agreements and Transactions with Related Parties (Narratives) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Aug. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 18, 2013 | Aug. 20, 2013 | 2-May-11 | |
Adjusted net income | Average invested assets | Agrokor d.d. | State Farm Mutual Automobile Company | Long-term net lease | Long-term net lease | Long-term net lease | Long-term net lease | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Advisor | C 1000 BV [Member] | CPA 18 - Global | CPA 18 - Global | CPA 14/16 Merger | |||||
Average market value | Current | Deferred | Average equity value | Non-long term net lease | Real estate commission | Average equity value | Non-long term net lease | Agrokor d.d. | State Farm Mutual Automobile Company | |||||||||||||||
Transaction Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred return by advisor | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of acquisition fees | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 2.50% | 2.00% | ' | ' | 0.00% | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' |
Percentage of subordinated disposition fees | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Asset Management Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of asset management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | 1.50% | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' |
Offering price on shares for asset management fees | $9.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period on shares for asset management fees | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares held by advisor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,061,989.29 | ' | ' | ' | ' |
Percentage Of total common stock outstanding held by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | ' | ' | ' | ' |
Percentage of available cash distribution to advisor | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Personnel And Office Rent Reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of operating expenses reimbursements | ' | ' | ' | ' | 25.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Offering Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage limit on O&O | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling commission per share sold | $0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dealer manager fee per share sold | $0.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting compensation percentage limit | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due diligence expense reimbursement percentage | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement threshold percentage for O&O expenses | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursed offering costs | ' | ' | ' | $20,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Transaction with the Advisor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' |
Interest Rate On Loan From Affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | ' | ' | ' |
Interest Income (Expense), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Related party additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Investment purchase price | ' | ' | ' | ' | ' | ' | 19,400,000 | 57,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000,000 | 115,600,000 | 55,700,000 |
Jointly-Owned Investments and Other Transactions with Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions to equity investments | 156,228,000 | 73,656,000 | 228,519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized basis differences on our equity investments | 25,900,000 | 28,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,400,000 |
Cost of stock warrants acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 |
Agreements_and_Transactions_wi3
Agreements and Transactions with Related Parties (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts Included in the Consolidated Statements of Income: | ' | ' | ' |
Asset management fees | $21,953 | $18,932 | $13,435 |
Available Cash Distribution | 16,899 | 14,620 | 9,378 |
Acquisition expenses | 11,448 | 12,092 | 0 |
Personnel and overhead reimbursements | 9,243 | 5,205 | 2,258 |
Office rent reimbursements | 1,293 | 756 | 411 |
Interest expense on deferred acquisition fees and loan from affiliate | 827 | 930 | 1,194 |
Operating expenses | 61,663 | 52,535 | 26,676 |
Other Acquisition Fees Capitalized: | ' | ' | ' |
Current acquisition fees | 4,777 | 17,448 | 24,559 |
Deferred acquisition fees | 3,063 | 14,162 | 17,398 |
Transaction fees incurred | 7,840 | 31,610 | 41,957 |
Due to Affiliates: | ' | ' | ' |
Deferred acquisition fees, including interest | 15,573 | 26,732 | ' |
Accounts payable | 2,200 | 339 | ' |
Asset management fees payable | 1,972 | 1,651 | ' |
Reimbursable costs | 264 | 603 | ' |
Subordinated disposition fees | 202 | 202 | ' |
Due to affiliates | $20,211 | $29,527 | ' |
Net_Investments_in_Properties_2
Net Investments in Properties and Real Estate Under Construction (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
property | property | Metro Ag Europe | Real estate | Real estate | Real estate under construction | Real estate under construction | One of the build-to-suite projects | One of the build-to-suite projects | Real estate business combination | Real estate business combination | Construction Building in Chicago, Illinois | Automotive Dealership in Lewisville, Texas | Manufacturing and Office Facility in Portage, Wisconsin | Logistics Facility in Poland | Research and Development and Office Facility in the Netherlands | Office Headquarter Facility in Germany | Office Facility in Houston, Texas | Office Headquarter Facility in Tempe, Arizona | Entertainment Complex in Dallas, Texas | Office Facility in Auburn Hills, Michigan | Building with Ground Lease in Northbrook, Illinois | Office Facilities Located in Minnesota | Automotive Dealerships Located in Various Cities | Retail Properties Located in Croatia | Office Facilities Located in Warrensville, Illinois | Office facilities in Montgomery, AL and Savannah, GA | Manufacturing facility in Sterling, VA | Office facility in Eagan, MN | Manufacturing and an office facility located in St. Louis, Missouri and Avon, Ohio | Property Located in Alvarado Texas | Office Facility Located in Texas | Warehouse Facility Located in Japan | Industrial Facility Located In Elk Grove Village, Illinois | Self storage | Self storage | IShops, LLC | Completed construction projects put in service | Partially completed projects put in service | ||||||||||
property | property | property | Real estate | Real estate | Real estate | Real estate business combination | Real estate business combination | Real estate business combination | Real estate business combination | Real estate business combination | Real estate business combination | Real estate business combination | Real estate business combination | Real estate | Real estate | Real estate | Real estate | Real estate | Real estate | Real estate | Real estate | Real estate | Real estate business combination | Real estate business combination | Real estate business combination | Operating real estate | Operating real estate | Real estate under construction | Real estate under construction | |||||||||||||||||||
property | property | property | property | property | property | property | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $395,500,000 | $44,400,000 | $400,800,000 | ' | ' | ' | ' | $234,600,000 | $238,100,000 | $18,200,000 | $15,300,000 | $10,900,000 | $78,100,000 | $38,600,000 | $26,600,000 | $41,700,000 | $17,000,000 | $15,700,000 | $9,000,000 | $7,900,000 | $169,000,000 | $68,700,000 | $45,800,000 | $36,300,000 | $25,000,000 | $21,300,000 | $15,700,000 | $14,000,000 | $5,000,000 | $174,800,000 | $48,700,000 | $14,600,000 | $31,900,000 | $82,900,000 | $32,700,000 | ' | ' |
Acquired finite-lived intangible asset, amount | ' | ' | ' | ' | ' | ' | ' | ' | 87,065,000 | ' | ' | 42,300,000 | 8,100,000 | 92,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related cost and fees, capitalized | ' | ' | ' | ' | ' | ' | ' | ' | 7,840,000 | 31,610,000 | 41,957,000 | 21,400,000 | 2,200,000 | 21,600,000 | 2,300,000 | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,691,000 | ' | ' | ' | ' | ' | ' | 29,700,000 | 37,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 16,500,000 | ' | ' | ' |
Buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262,651,000 | ' | ' | ' | ' | ' | ' | 157,700,000 | 163,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,800,000 | 56,700,000 | ' | ' | ' |
Acquired finite-lived intangible asset, business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,800,000 | 37,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 9,700,000 | ' | ' | ' |
Acquisition costs, expensed | ' | ' | ' | ' | ' | ' | ' | ' | 16,884,000 | 14,834,000 | 7,664,000 | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | 12,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 1,500,000 | 1,200,000 | ' | ' |
Debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional funding for BTS placed into service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | 90,007,000 | 121,003,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate improvements | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | 8 | 14 | ' | ' | ' |
Minority interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' |
Revenues | 95,617,000 | 91,619,000 | 88,993,000 | 86,725,000 | 89,083,000 | 68,141,000 | 67,565,000 | 64,764,000 | 362,954,000 | 289,553,000 | 192,221,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' |
Net income attributable to CPA:17 - Global | 7,213,000 | 5,026,000 | 12,803,000 | 14,822,000 | 3,927,000 | 12,295,000 | 14,266,000 | 11,123,000 | 39,864,000 | 41,611,000 | 49,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | -11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | ' | ' | ' |
Number of construction projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | 352 | ' | ' | ' | ' | ' | ' | ' | 352 | ' | ' | 20 | ' | ' | 3 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of construction projects put in service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 |
Assets placed into service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,225,000 | 142,085,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,100,000 | 12,600,000 |
Capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,208,000 | 2,100,000 | 3,200,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,700,000 | 92,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in euro/dollar currency exchange rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate | 1.3768 | ' | ' | ' | 1.3218 | ' | ' | ' | 1.3768 | 1.3218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments and other | ' | ' | ' | ' | ' | ' | ' | ' | $29,884,000 | $13,515,000 | ($12,753,000) | ' | $29,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Investments_in_Properties_3
Net Investments in Properties and Real Estate Under Construction (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments in real estate | ' | ' |
Less: Accumulated depreciation | ($144,405) | ($85,002) |
Net investments in properties | 2,541,280 | 2,275,575 |
Real estate | ' | ' |
Investments in real estate | ' | ' |
Land | 553,389 | 491,584 |
Buildings | 1,848,926 | 1,614,188 |
Less: Accumulated depreciation | -129,051 | -77,245 |
Net investments in properties | 2,273,264 | 2,028,527 |
Operating real estate | ' | ' |
Investments in real estate | ' | ' |
Land | 66,066 | 60,493 |
Buildings | 217,304 | 193,067 |
Furniture, fixtures, and equipment | 0 | 1,245 |
Less: Accumulated depreciation | -15,354 | -7,757 |
Net investments in properties | $268,016 | $247,048 |
Net_Investments_in_Properties_4
Net Investments in Properties and Real Estate Under Construction Net Investments in Properties and Real Estate Under Construction (Details 2) (Metro Ag Europe, USD $) | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |
Metro Ag Europe | ' |
Assets Acquired at Fair Value: | ' |
Land | $91,691 |
Buildings | 262,651 |
Intangible assets | 57,750 |
Liabilities Assumed at Fair Value: | ' |
Non-recourse debt | -222,680 |
Accounts payable, accrued expenses and other liabilities | -9,050 |
Prepaid and deferred rental income | -15,488 |
Net Assets Acquired | $164,874 |
Net_Investments_in_Properties_5
Net Investments in Properties and Real Estate Under Construction (Details 3) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | $236,286 |
2015 | 237,463 |
2016 | 238,841 |
2017 | 239,980 |
2018 | 242,033 |
Thereafter | 2,776,405 |
Total | $3,971,008 |
Net_Investments_in_Properties_6
Net Investments in Properties and Real Estate Under Construction (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Under Construction | ' | ' |
Ending balance (d) | $127,935 | $71,285 |
Real estate under construction | ' | ' |
Real Estate Under Construction | ' | ' |
Beginning balance | 71,285 | 90,176 |
Capitalized funds (a) | 90,007 | 121,003 |
Placed into service (b) | -42,225 | -142,085 |
Capitalized interest (c) | 5,208 | 2,100 |
Building improvements and other | 3,660 | 91 |
Ending balance (d) | $127,935 | $71,285 |
Net_Investments_in_Properties_7
Net Investments in Properties and Real Estate Under Construction (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation [Abstract] | ' | ' |
Balance - beginning of period | $19,194 | $11,453 |
Additions | 1,619 | 6,842 |
Accretion expense | 1,203 | 890 |
Foreign currency translation adjustments and other | 60 | 9 |
Balance - end of period | $22,076 | $19,194 |
Finance_Receivables_Narratives
Finance Receivables (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | |
Flanders Corporation | Spear Precision Packaging | Air Liquide Holdings Inc | BPS Partners, LLC | BPS Partners, LLC | BPS Partners, LLC | China Alliance Properties Limited | China Alliance Properties Limited | China Alliance Properties Limited | ||||
Receivables [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AR billed under DFL | $800,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investments in direct financing leases (inclusive of $244,084 and $242,175, respectively, attributable to VIEs) | 479,916,000 | 475,872,000 | ' | 53,900,000 | 8,000,000 | 2,200,000 | ' | ' | ' | ' | ' | ' |
Acquisition-related fees and expenses capitalized | ' | ' | 3,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Financing receivable | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 40,000,000 | 40,000,000 | 40,000,000 |
Notes receivable interest rate | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | 11.00% | ' |
Notes receivable maturity date | ' | ' | ' | ' | ' | ' | 1-Sep-13 | ' | ' | 31-Dec-15 | ' | ' |
Ownership interest, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' |
Equity investments in real estate | $412,964,000 | $275,133,000 | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' |
Finance_Receivables_Details_1
Finance Receivables (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net Investments in Direct Financing Leases | ' | ' |
Minimum lease payments receivable | $774,876 | $819,881 |
Unguaranteed residual value | 468,548 | 466,829 |
Gross minimum lease payments receivable | 1,243,424 | 1,286,710 |
Less: unearned income | -763,508 | -810,838 |
Net investments in direct financing leases | $479,916 | $475,872 |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | ' |
2014 | $51,981 |
2015 | 52,415 |
2016 | 52,842 |
2017 | 53,271 |
2018 | 288,037 |
Thereafter | 276,330 |
Total | $774,876 |
Finance_Receivables_Details_3
Finance Receivables (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit Quality Of Finanace Receivables: | ' | ' |
Finance receivables | $519,916 | $515,872 |
Internally Assigned Grade 1 | ' | ' |
Credit Quality Of Finanace Receivables: | ' | ' |
Number of tenants and obligors | 0 | 1 |
Finance receivables | 0 | 2,239 |
Internally Assigned Grade 2 | ' | ' |
Credit Quality Of Finanace Receivables: | ' | ' |
Number of tenants and obligors | 1 | 2 |
Finance receivables | 2,250 | 60,218 |
Internally Assigned Grade 3 | ' | ' |
Credit Quality Of Finanace Receivables: | ' | ' |
Number of tenants and obligors | 8 | 9 |
Finance receivables | 430,713 | 453,415 |
Internally Assigned Grade 4 | ' | ' |
Credit Quality Of Finanace Receivables: | ' | ' |
Number of tenants and obligors | 3 | 0 |
Finance receivables | 86,953 | 0 |
Internally Assigned Grade 5 | ' | ' |
Credit Quality Of Finanace Receivables: | ' | ' |
Number of tenants and obligors | 0 | 0 |
Finance receivables | $0 | $0 |
Equity_Investments_in_Real_Est2
Equity Investments in Real Estate (Narratives) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Aug. 20, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2007 | Oct. 31, 2013 | Dec. 31, 2010 | Nov. 30, 2010 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 18, 2013 | Dec. 31, 2013 | Aug. 20, 2013 | |
property | C1000 Logistiek Vastgooed B.V | C1000 Logistiek Vastgooed B.V | Uhaul Moving Partners Inc And Mercury Partners LP | Uhaul Moving Partners Inc And Mercury Partners LP | Shelborne | Shelborne | I-Drive Live | Hellweg 2 | Hellweg 2 | Agrokor d.d. | Agrokor d.d. | State Farm Mutual Automobile Company | State Farm Mutual Automobile Company | Walgreens Las Vegas | Walgreens Las Vegas | BPS Partners, LLC | BPS Partners, LLC | Madison And Varitas Self Storage [Member] | Initial Term | Initial Term | Extensions | Propco | Propco | Propco | Propco | Propco | Third Party | CPA 14 | CPA 15 | CPA 16 - Global | CPA 18 - Global | CPA 18 - Global | CPA 18 - Global | |||
Shelborne | Shelborne | Shelborne | Hellweg 2 | Hellweg 2 | Hellweg 2 | Hellweg 2 | Madison And Varitas Self Storage [Member] | Hellweg 2 | Hellweg 2 | Hellweg 2 | Agrokor d.d. | Agrokor d.d. | State Farm Mutual Automobile Company | |||||||||||||||||||||||
Minimum | Maximum | Minimum | property | |||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from equity investments in real estate | ($7,917,000) | $7,828,000 | $5,527,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Footnote Details | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse mortgage loans | 296,600,000 | 469,600,000 | ' | 95,600,000 | 93,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,800,000 |
Share of the non-recourse debt | ' | ' | ' | 81,300,000 | 79,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | 0 | 2,019,000 | -70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to repurchase of mortgage loan | 22,260,000 | 17,525,000 | 14,136,000 | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on extinguishment of debt | -538,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Construction in Process | ' | 15,500,000 | ' | ' | ' | ' | ' | 69,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 23,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions to equity investments | 156,228,000 | 73,656,000 | 228,519,000 | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid, capitalized | 2,481,000 | 1,719,000 | 3,543,000 | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitments | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | 44,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from equity investments in real estate | -7,917,000 | 7,828,000 | 5,527,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate distributions from our interests in other unconsolidated real estate investments | 18,100,000 | 31,900,000 | 101,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized basis differences on our equity investments | 25,900,000 | 28,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of the basis difference | 3,900,000 | 3,500,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,400,000 | ' | 57,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000,000 | ' | 115,600,000 |
Acquisition-related cost and fees, capitalized | 7,840,000 | 31,610,000 | 41,957,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 5,600,000 |
Non-recourse mortgage loan interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% |
Ownership interest, percentage | ' | ' | ' | 85.00% | ' | ' | 12.00% | 33.00% | ' | ' | ' | 37.00% | ' | 20.00% | 50.00% | 50.00% | ' | ' | 15.00% | 15.00% | 45.00% | ' | ' | ' | 75.00% | ' | 95.00% | 70.00% | 25.00% | 40.00% | 33.00% | 40.00% | 27.00% | ' | ' | ' |
Investment purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for investment | 1,614,000 | 7,071,000 | 2,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange rate | 1.3768 | 1.3218 | ' | ' | ' | ' | ' | ' | ' | 1.278 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 8.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in ownership interest in equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on disposition of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amount | ' | ' | ' | ' | ' | ' | ' | 137,000,000 | 125,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 6,672,000 | 9,042,000 | 6,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate transfer tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | 352 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' |
Equity_Investments_in_Real_Est3
Equity Investments in Real Estate (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | C1000 Logistiek Vastgooed B.V | C1000 Logistiek Vastgooed B.V | Uhaul Moving Partners Inc And Mercury Partners LP | Uhaul Moving Partners Inc And Mercury Partners LP | BPS Partners, LLC | BPS Partners, LLC | BPS Partners, LLC | Madison and Varitas Self Storage | Madison and Varitas Self Storage | State Farm Mutual Automobile Company | State Farm Mutual Automobile Company | State Farm Mutual Automobile Company | Agorkor V | Agorkor V | Berry Plastics Corporation | Berry Plastics Corporation | Tesco plc | Tesco plc | Hellweg Die Profi Baumarkt Gmbh And Co KG | Hellweg Die Profi Baumarkt Gmbh And Co KG | Eroski Sociedad Cooperativa Mallorca | Eroski Sociedad Cooperativa Mallorca | Dicks Sporting Goods Inc | Dicks Sporting Goods Inc | Shelborne | Shelborne | I-Drive Live | I-Drive Live | ||
Ownership interest in equity investments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest, percentage | ' | ' | 85.00% | ' | 12.00% | ' | 15.00% | ' | 15.00% | 45.00% | ' | 50.00% | 50.00% | ' | 20.00% | ' | 50.00% | ' | 49.00% | ' | 37.00% | ' | 30.00% | ' | 45.00% | ' | 33.00% | ' | ' | ' |
Equity investments in real estate | $412,964 | $275,133 | $84,119 | $81,516 | $43,051 | $28,019 | $23,278 | $26,253 | ' | $23,907 | $0 | $20,913 | ' | $0 | $19,217 | $0 | $17,659 | $18,529 | $17,965 | $17,487 | $12,978 | $22,827 | $9,639 | $9,336 | $4,646 | $5,010 | $129,575 | $63,896 | $6,017 | $2,260 |
Equity_Investments_in_Real_Est4
Equity Investments in Real Estate (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investment, Summarized Financial Information | ' | ' |
Real estate assets | $1,360,072 | $1,049,068 |
Other assets | 346,335 | 252,022 |
Total assets | 1,706,407 | 1,301,090 |
Debt | -776,467 | -668,555 |
Accounts payable, accrued expenses and other liabilities | -92,119 | -86,592 |
Total liabilities | -868,586 | -755,147 |
Redeemable noncontrolling interests | 0 | -21,747 |
Partners'/members' equity | $837,821 | $524,196 |
Equity_Investments_in_Real_Est5
Equity Investments in Real Estate (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investment, Summarized Financial Information, Income Statement | ' | ' | ' |
Revenues | $132,760 | $111,151 | $82,072 |
Expenses | -135,339 | -80,237 | -63,267 |
Income from continuing operations | ($2,579) | $30,914 | $18,805 |
Cash_Flow_Information_Details_
Cash Flow Information Details (Narratives) (Details) (Metro Ag Europe, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2011 |
Metro Ag Europe | ' |
Business Acquisition | ' |
Payments to acquire business | $164.90 |
Cash_Flow_Information_Details
Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Properties | ' | ' | ' |
Deferred acquisition fees payable (Note 3, 4) | $3,183 | $14,472 | $17,394 |
Reclassification to Assets held for sale | 13,166 | 0 | 0 |
Build-to-suit construction costs incurred but unpaid | 0 | 0 | 1,112 |
Conversion of note receivable to equity investment in real estate (Note 6) | 2,047 | 0 | 0 |
Asset retirement obligations (Note 4) | 1,619 | 6,842 | 9,562 |
Non-recourse mortgage loans assumed on acquisition (Note 11) | 0 | 36,747 | 273,074 |
Fourth quarter distributions declared | 51,570 | 46,412 | 32,288 |
In-place lease | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Reclassification to real estate | 548 | -1,579 | 0 |
Reclassification from real estate | 0 | 0 | 0 |
Real estate | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Reclassification to real estate | 38,945 | 142,085 | 69,368 |
Reclassification from real estate | -9,825 | -7,378 | 0 |
Operating real estate | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Reclassification to real estate | 12,557 | 0 | 0 |
Reclassification from real estate | -13,166 | 0 | 0 |
Real estate under construction | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Reclassification from real estate | -42,225 | -142,085 | -69,368 |
Net investment in direct financing leases | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Reclassification to real estate | 0 | 8,957 | 0 |
Equity method investments | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Hellweg 2 purchase option (Note 6) | $0 | $32,338 | $0 |
Cash_Flow_Information_Details_1
Cash Flow Information (Details 2) (Metro Ag Europe, USD $) | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |
Metro Ag Europe | ' |
Assets Acquired at Fair Value: | ' |
Land | $91,691 |
Buildings | 262,651 |
Intangible assets | 57,750 |
Liabilities Assumed at Fair Value: | ' |
Non-recourse debt | -222,680 |
Accounts payable, accrued expenses and other liabilities | -9,050 |
Prepaid and deferred rental income | -15,488 |
Net Assets Acquired | $164,874 |
Cash_Flow_Information_Details_2
Cash Flow Information (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest paid, net of amounts capitalized | $84,003 | $68,972 | $46,722 |
Interest capitalized | 2,481 | 1,719 | 3,543 |
Income taxes paid | $2,920 | $1,502 | $401 |
Intangible_Assets_and_Liabilit2
Intangible Assets and Liabilities (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible Assets And Liabilities [Abstract] | ' | ' | ' |
Net amortization of intangibles | $35.70 | $28 | $17.80 |
Minimum | ' | ' | ' |
Intangible Assets Liabilities [Line Items] | ' | ' | ' |
Finite-lived net lease intangibles, useful life | '1 year | ' | ' |
Maximum | ' | ' | ' |
Intangible Assets Liabilities [Line Items] | ' | ' | ' |
Finite-lived net lease intangibles, useful life | '40 years | ' | ' |
Maximum | Ground lease | ' | ' | ' |
Intangible Assets Liabilities [Line Items] | ' | ' | ' |
Finite-lived net lease intangibles, useful life | '94 years | ' | ' |
Intangible_Assets_and_Liabilit3
Intangible Assets and Liabilities (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Acquired Intangible Assets Liabilities | ' |
Amortizable Intangible Assets | $87,065 |
Goodwill | 4,062 |
Intangible assets acquired | 91,127 |
Amortizable Intangible Liabilities | -25,922 |
Below-market rent | ' |
Acquired Intangible Assets Liabilities | ' |
Weighted-average useful life, intangible liabilities | '19 years 3 months 18 days |
Amortizable Intangible Liabilities | -25,765 |
Above-market ground lease | ' |
Acquired Intangible Assets Liabilities | ' |
Weighted-average useful life, intangible liabilities | '48 years 7 months 6 days |
Amortizable Intangible Liabilities | -157 |
In-place lease | ' |
Acquired Intangible Assets Liabilities | ' |
Weighted average useful life, intangible assets | '17 years 6 months |
Amortizable Intangible Assets | 61,081 |
Above-market rent | ' |
Acquired Intangible Assets Liabilities | ' |
Weighted average useful life, intangible assets | '16 years 7 months 6 days |
Amortizable Intangible Assets | 20,270 |
Below-market ground lease | ' |
Acquired Intangible Assets Liabilities | ' |
Weighted average useful life, intangible assets | '54 years 7 months 6 days |
Amortizable Intangible Assets | $5,714 |
Intangible_Assets_and_Liabilit4
Intangible Assets and Liabilities Intangible Assets and Liabilities (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Goodwill Roll Forward | ' |
Balance - beginning of period | $0 |
Out-of-period adjustment (Note 2) | 4,062 |
Balance - end of period | $4,062 |
Intangible_Assets_and_Liabilit5
Intangible Assets and Liabilities (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortizable intangible assets | ' | ' |
Finite-lived intangible assets, gross | $655,056 | $556,978 |
Less: accumulated amortization | -96,818 | -55,655 |
Finite-lived intangible assets, net | 558,238 | 501,323 |
Unamortizable Intangible Assets | ' | ' |
Goodwill | 4,062 | 0 |
Total intangible assets, gross | 659,118 | 556,978 |
Total intangible assets, net | 562,300 | 501,323 |
Amortizable intangible liabilities | ' | ' |
Finite-lived intangible liabilities, gross | -110,763 | -84,130 |
Less: accumulated amortization | 8,166 | 3,675 |
Finite-lived intangible liabilities, net | -102,597 | -80,455 |
Below-market rent | ' | ' |
Amortizable intangible liabilities | ' | ' |
Finite-lived intangible liabilities, gross | -110,606 | -84,130 |
Less: accumulated amortization | 8,163 | 3,675 |
Finite-lived intangible liabilities, net | -102,443 | -80,455 |
Above-market ground lease | ' | ' |
Amortizable intangible liabilities | ' | ' |
Finite-lived intangible liabilities, gross | -157 | 0 |
Less: accumulated amortization | 3 | 0 |
Finite-lived intangible liabilities, net | -154 | 0 |
In-place lease | ' | ' |
Amortizable intangible assets | ' | ' |
Finite-lived intangible assets, gross | 537,271 | 467,846 |
Less: accumulated amortization | -80,027 | -44,762 |
Finite-lived intangible assets, net | 457,244 | 423,084 |
Above-market rent | ' | ' |
Amortizable intangible assets | ' | ' |
Finite-lived intangible assets, gross | 97,109 | 74,491 |
Less: accumulated amortization | -12,413 | -7,584 |
Finite-lived intangible assets, net | 84,696 | 66,907 |
Tenant relationship | ' | ' |
Amortizable intangible assets | ' | ' |
Finite-lived intangible assets, gross | 13,552 | 13,231 |
Less: accumulated amortization | -4,299 | -3,307 |
Finite-lived intangible assets, net | 9,253 | 9,924 |
Below-market ground lease | ' | ' |
Amortizable intangible assets | ' | ' |
Finite-lived intangible assets, gross | 7,124 | 1,410 |
Less: accumulated amortization | -79 | -2 |
Finite-lived intangible assets, net | $7,045 | $1,408 |
Intangible_Assets_and_Liabilit6
Intangible Assets and Liabilities (Details 4) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets Liabilities, Future Amortization Expense [Abstract] | ' |
2014 | $35,040 |
2015 | 33,214 |
2016 | 30,970 |
2017 | 29,287 |
2018 | 29,204 |
Thereafter | 297,926 |
Finite lived intangible assets liabilities, net | $455,641 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | |
Deferred acquisition fees payable | Level 3 | Level 3 | Level 3 | CMBS | CMBS | Equity method investments | ||||
Nonrecurring | Nonrecurring | Nonrecurring | Level 3 | |||||||
Nonrecurring | ||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | $0 | $2,019,000 | ($70,000) | ' | $3,778,000 | $2,019,000 | ($70,000) | ' | $2,000,000 | ' |
CMBS portfolio carrying value | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Fair Value Inputs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage adjusted unsecured spread | ' | ' | ' | 3.80% | ' | ' | ' | ' | ' | ' |
Illiquidity Adjustment | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' |
Cash Flows Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% |
Fair Value Inputs, Cap Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (Level 3, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping | ' | ' |
Non-recourse debt | $1,944,865 | $1,674,019 |
Note receivable | 43,890 | 43,957 |
Deferred acquisition fees payable | 15,950 | 30,875 |
Other securities | 15,548 | 10,800 |
CMBS | 6,052 | 2,980 |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping | ' | ' |
Non-recourse debt | 1,915,601 | 1,633,452 |
Note receivable | 40,000 | 40,000 |
Deferred acquisition fees payable | 15,033 | 26,246 |
Other securities | 9,915 | 8,301 |
CMBS | $2,791 | $2,075 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impairment Charges from Continuing Operations | ' | ' | ' |
Impairment charges | $0 | $2,019 | ($70) |
Level 3 | Nonrecurring | ' | ' | ' |
Impairment Charges from Continuing Operations | ' | ' | ' |
Impairment charges | 3,778 | 2,019 | -70 |
Level 3 | Nonrecurring | Operating expenses | ' | ' | ' |
Impairment Charges from Continuing Operations | ' | ' | ' |
Impairment charges | 0 | 2,019 | -70 |
Direct financing lease | Level 3 | Nonrecurring | ' | ' | ' |
Impairment Charges from Continuing Operations | ' | ' | ' |
Fair value measurement | 0 | 0 | 0 |
Impairment charges | 0 | 0 | -70 |
CMBS | Level 3 | Nonrecurring | ' | ' | ' |
Impairment Charges from Continuing Operations | ' | ' | ' |
Fair value measurement | 0 | 0 | 0 |
Impairment charges | 0 | 2,019 | 0 |
Equity method investments | Level 3 | Nonrecurring | ' | ' | ' |
Impairment Charges from Continuing Operations | ' | ' | ' |
Fair value measurement | 23,278 | 0 | 0 |
Impairment charges | $3,778 | $0 | $0 |
Risk_Management_and_Use_of_Der2
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Foreign currency exchange rate | 1.3768 | 1.3218 | ' |
Footnote Details | ' | ' | ' |
Derivative fair value | ($9,811,000) | ' | ' |
Derivative Instrument Detail | ' | ' | ' |
Collateral received | 0 | ' | ' |
Total credit exposure on derivatives | 3,100,000 | ' | ' |
Total credit exposure on derivatives to a single counterparty | 2,000,000 | ' | ' |
Derivatives, net liability position | 25,100,000 | 23,000,000 | ' |
Aggregate termination value for immediate settlement | 27,100,000 | 25,100,000 | ' |
Interest rate swap | ' | ' | ' |
Footnote Details | ' | ' | ' |
Derivative notional amount | 210,218,000 | ' | ' |
Derivative fair value | -2,327,000 | ' | ' |
Derivative Instrument Detail | ' | ' | ' |
Estimated amount reclassified from OCI to income, derivatives | 8,000,000 | ' | ' |
Interest rate swap | Noncontrolling interest | ' | ' | ' |
Derivative Instrument Detail | ' | ' | ' |
Estimated amount reclassified from OCI to income, derivatives | 400,000 | ' | ' |
Foreign currency contract | ' | ' | ' |
Derivative Instrument Detail | ' | ' | ' |
Estimated amount reclassified from OCI to income, derivatives | 300,000 | ' | ' |
Interest rate cap | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Gain attributable to noncontrolling interests | 500,000 | 400,000 | -100,000 |
Footnote Details | ' | ' | ' |
Debt, interest rate at period end | 2.80% | ' | ' |
Cap rate | 4.00% | ' | ' |
Derivative notional amount | 115,675,000 | ' | ' |
Derivative fair value | 0 | ' | ' |
Interest rate cap | Noncontrolling interest | ' | ' | ' |
Footnote Details | ' | ' | ' |
Derivative notional amount | $52,100,000 | ' | ' |
Embedded derivatives | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Foreign currency exchange rate | 1.278 | ' | ' |
Risk_Management_and_Use_of_Der3
Risk Management and Use of Derivative Financial Instruments (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | $11,148 | $8,458 |
Derivative liability, fair value, net | -27,003 | -23,816 |
Foreign currency forward | Designated as hedging | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 2,002 | 4,229 |
Foreign currency forward | Designated as hedging | Accounts payable, accrued expenses and other liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative liability, fair value, net | -11,928 | -2,533 |
Foreign currency forward | Not designated | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 1,521 | 0 |
Foreign currency collars | Designated as hedging | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 429 | 2,743 |
Interest rate swap | Designated as hedging | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 1,895 | 0 |
Interest rate swap | Designated as hedging | Accounts payable, accrued expenses and other liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative liability, fair value, net | -12,911 | -20,142 |
Interest rate cap | Designated as hedging | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 0 | 1 |
Embedded derivatives | Not designated | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 2,314 | 0 |
Embedded derivatives | Not designated | Accounts payable, accrued expenses and other liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative liability, fair value, net | -2,164 | -1,141 |
Stock warrants | Not designated | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | 1,782 | 1,485 |
Swaption | Not designated | Other assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative assets, fair value, net | $1,205 | $0 |
Risk_Management_and_Use_of_Der4
Risk Management and Use of Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | $831 | ($16,758) | ($5,219) |
Interest rate cap | Cash Flow Hedging | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | 1,188 | 811 | -244 |
Interest rate swap | Cash Flow Hedging | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | 10,107 | -11,046 | -6,864 |
Foreign currency collars | Cash Flow Hedging | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | -2,059 | -2,951 | 6,698 |
Foreign currency forward | Cash Flow Hedging | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | -6,168 | -3,030 | 0 |
Foreign currency forward | Net Investment Hedging | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | -2,237 | -734 | -4,809 |
Put option | Cash Flow Hedging | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' |
Derivatives, gain (loss) recognized in OCI, effective portion, net | $0 | $192 | $0 |
Risk_Management_and_Use_of_Der5
Risk Management and Use of Derivative Financial Instruments (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | ' | ' | ' |
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | $6,333 | $3,473 | $548 |
Foreign currency collars | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | ' | ' | ' |
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | -1,215 | -1,918 | -624 |
Foreign currency forward | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | ' | ' | ' |
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | -909 | -366 | 0 |
Interest rate cap | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | ' | ' | ' |
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | 1,189 | 890 | 0 |
Interest rate swap | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | ' | ' | ' |
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | $7,268 | $4,867 | $1,172 |
Risk_Management_and_Use_of_Der6
Risk Management and Use of Derivative Financial Instruments (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | $3,362 | ($857) | $234 |
Embedded derivatives | Other income and expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | 1,159 | -1,141 | 0 |
Foreign currency forward | Other income and expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | 1,266 | 254 | 432 |
Put option | Other income and expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | 0 | -2 | 0 |
Stock warrants | Other income and expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | 297 | 66 | -198 |
Swaption | Other income and expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | 428 | 0 | 0 |
Interest rate swap | Interest Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' |
Derivatives not in cash flow hedging relationships, gain (loss), net | $212 | ($34) | $0 |
Risk_Management_and_Use_of_Der7
Risk Management and Use of Derivative Financial Instruments (Details 5) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Interest rate cap | Interest rate swap | Interest rate swap | Interest rate swap | Swaption |
USD ($) | USD ($) | Euro | Euro | USD ($) | ||
instrument | instrument | USD ($) | EUR (€) | instrument | ||
instrument | ||||||
Derivative | ' | ' | ' | ' | ' | ' |
Derivative number of instruments | ' | 1 | 10 | 6 | 6 | 1 |
Derivative notional amount | ' | $115,675 | $210,218 | ' | € 186,403 | $13,230 |
Fair value | ($9,811) | $0 | ($2,327) | ($8,689) | ' | $1,205 |
Risk_Management_and_Use_of_Der8
Risk Management and Use of Derivative Financial Instruments (Details 6) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Interest rate swap | Cash Flow Hedging | Cash Flow Hedging |
USD ($) | Interest rate swap | Interest rate swap | ||
instrument | USD ($) | EUR (€) | ||
instrument | ||||
Derivative Instrument Detail | ' | ' | ' | ' |
Ownership interest, percentage | ' | ' | 85.00% | 85.00% |
Derivative number of instruments | ' | 10 | 1 | 1 |
Derivative notional amount | ' | $210,218 | ' | € 14,471 |
Derivative fair value | ($9,811) | ($2,327) | $21 | ' |
Risk_Management_and_Use_of_Der9
Risk Management and Use of Derivative Financial Instruments (Details 7) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Not designated | Not designated |
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Net Investment Hedging | Net Investment Hedging | Foreign currency contract | Foreign currency contract | ||
Foreign currency collars | Foreign currency collars | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Yen | Yen | ||
Euro | Euro | Euro | Euro | Yen | Yen | Euro | Euro | USD ($) | JPY (¥) | ||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | JPY (¥) | USD ($) | EUR (€) | instrument | |||
instrument | instrument | instrument | instrument | ||||||||
Derivative Instrument Detail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative number of instruments | ' | 3 | 3 | 77 | 77 | 16 | 16 | 1 | 1 | 1 | 1 |
Derivative notional amount | ' | ' | € 14,946 | ' | € 169,417 | ' | ¥ 746,411 | ' | € 45,000 | ' | ¥ 610,129 |
Fair value, foreign currency derivatives | ($7,976) | $429 | ' | ($9,610) | ' | $2,002 | ' | ($2,318) | ' | $1,521 | ' |
Recovered_Sheet1
Risk Management and Use of Derivative Financial Instruments (Details 8) | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Risk | ' |
Concentration risk percentage | 100.00% |
Metro Ag Europe | ' |
Concentration Risk | ' |
Concentration risk percentage | 11.00% |
Retail Industry | ' |
Concentration Risk | ' |
Concentration risk percentage | 25.00% |
Media Printing And Publishing | ' |
Concentration Risk | ' |
Concentration risk percentage | 13.00% |
Grocery | ' |
Concentration Risk | ' |
Concentration risk percentage | 13.00% |
Other Industry | ' |
Concentration Risk | ' |
Concentration risk percentage | 49.00% |
Office facility | ' |
Concentration Risk | ' |
Concentration risk percentage | 32.00% |
Warehouse/Distribution | ' |
Concentration Risk | ' |
Concentration risk percentage | 23.00% |
Retail Property | ' |
Concentration Risk | ' |
Concentration risk percentage | 21.00% |
Industrial Property | ' |
Concentration Risk | ' |
Concentration risk percentage | 16.00% |
Other Property | ' |
Concentration Risk | ' |
Concentration risk percentage | 8.00% |
Us | ' |
Concentration Risk | ' |
Concentration risk percentage | 61.00% |
Texas | ' |
Concentration Risk | ' |
Concentration risk percentage | 10.00% |
Other Us | ' |
Concentration Risk | ' |
Concentration risk percentage | 51.00% |
International | ' |
Concentration Risk | ' |
Concentration risk percentage | 39.00% |
Italy | ' |
Concentration Risk | ' |
Concentration risk percentage | 11.00% |
Other international | ' |
Concentration Risk | ' |
Concentration risk percentage | 28.00% |
NonRecourse_Debt_Narratives_De
Non-Recourse Debt (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Additional Debt Disclosures | ' | ' | ' |
Mortgage notes payable, collateral | $2,900,000,000 | $2,400,000,000 | ' |
Non-recourse mortgage loans | 296,600,000 | 469,600,000 | ' |
Debt, weighted average interest rate | 4.60% | 4.30% | ' |
Debt instrument terms (years) | '11 years | '8 years 7 months 6 days | ' |
Assumed non-recourse debt | 0 | 36,747,000 | 273,074,000 |
Unamortized discount (premium), net | 5,562,000 | 7,100,000 | ' |
Impact due to change in foreign currency exchange rates | -15,500,000 | ' | ' |
Minimum | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Debt maturity date | 31-Dec-14 | ' | ' |
Maximum | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Debt maturity date | 31-Dec-38 | ' | ' |
2013 Investments | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Non-recourse mortgage loans | 162,600,000 | ' | ' |
2013 Investments | Self storage | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Non-recourse mortgage loans | 18,500,000 | ' | ' |
Number of properties acquired | 8 | ' | ' |
Prior years investments | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Non-recourse mortgage loans | 115,500,000 | ' | ' |
Prior years investments | Self storage | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Non-recourse mortgage loans | 16,500,000 | ' | ' |
Debt, weighted average interest rate | 4.90% | ' | ' |
Debt instrument terms (years) | '10 years | ' | ' |
Number of properties acquired | 9 | ' | ' |
Repayment of debt related to refinancing | 23,400,000 | ' | ' |
2012 Investments | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Non-recourse mortgage loans | ' | 402,800,000 | ' |
Investments Made Prior to 2012 | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Non-recourse mortgage loans | ' | $66,800,000 | ' |
Fixed interest rate | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Mortgage loan real estate, minimum interest rate | 2.00% | ' | ' |
Mortgage loan real estate, maximum interest rate | 8.00% | ' | ' |
Variable interest rate | ' | ' | ' |
Additional Debt Disclosures | ' | ' | ' |
Mortgage loan real estate, minimum interest rate | 2.70% | ' | ' |
Mortgage loan real estate, maximum interest rate | 6.10% | ' | ' |
NonRecourse_Debt_Details_1
Non-Recourse Debt (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Long-term Debt, Fiscal Year Maturity | ' | ' | ' |
2014 | $52,726 | ' | ' |
2015 | 72,337 | ' | ' |
2016 | 299,506 | ' | ' |
2017 | 355,600 | ' | ' |
2018 | 147,940 | ' | ' |
Thereafter through 2038 | 993,054 | ' | ' |
Long-term debt | 1,921,163 | ' | ' |
Unamortized discount (premium), net | -5,562 | -7,100 | ' |
Total | $1,915,601 | $1,633,452 | $1,154,254 |
Equity_Narratives_Details
Equity (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions declared per share | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.65 | $0.65 | $0.65 |
Distributions Paid Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | $0.65 | $0.65 |
Equity_Details_1
Equity (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Distributions Per Share | ' | ' | ' |
Ordinary income | $0.31 | $0.30 | $0.40 |
Capital gain | $0.01 | $0 | $0 |
Return of capital | $0.33 | $0.35 | $0.25 |
Total distributions paid | $0.65 | $0.65 | $0.65 |
Equity_Details_2
Equity (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Foreign currency translation adjustments | $20,695 | ($9,006) | ($22,329) |
Unrealized loss on derivative instruments | -25,579 | -25,875 | -8,752 |
Unrealized depreciation on marketable securities | -391 | -485 | -1,520 |
Accumulated other comprehensive loss | -5,275 | -35,366 | -32,601 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | -35,366 | -32,601 | -14,942 |
Other comprehensive income (loss) before reclassifications | 24,476 | -6,435 | -18,536 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,333 | 4,227 | 548 |
Net current-period Other comprehensive income | 30,809 | -2,208 | -17,988 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | -718 | -557 | 329 |
Ending balance | -5,275 | -35,366 | -32,601 |
Interest Expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8,457 | 5,757 | 1,172 |
Other income and expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -2,124 | -1,530 | -624 |
Unrealized Gains (Losses) on Derivative Instruments | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated other comprehensive loss | -25,579 | -25,875 | -8,752 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | -25,875 | -8,752 | -3,642 |
Other comprehensive income (loss) before reclassifications | -5,502 | -20,231 | -5,767 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,333 | 3,473 | 548 |
Net current-period Other comprehensive income | 831 | -16,758 | -5,219 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | -535 | -365 | 109 |
Ending balance | -25,579 | -25,875 | -8,752 |
Unrealized Gains (Losses) on Derivative Instruments | Interest Expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8,457 | 5,757 | 1,172 |
Unrealized Gains (Losses) on Derivative Instruments | Other income and expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -2,124 | -2,284 | -624 |
Unrealized Appreciation (Depreciation) on Marketable Securities | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated other comprehensive loss | -391 | -485 | -1,520 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | -485 | -1,520 | -1,505 |
Other comprehensive income (loss) before reclassifications | 94 | 281 | -15 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 754 | 0 |
Net current-period Other comprehensive income | 94 | 1,035 | -15 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Ending balance | -391 | -485 | -1,520 |
Unrealized Appreciation (Depreciation) on Marketable Securities | Interest Expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Unrealized Appreciation (Depreciation) on Marketable Securities | Other income and expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 754 | 0 |
Foreign Currency Translation Adjustments | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Accumulated other comprehensive loss | 20,695 | -9,006 | -22,329 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Beginning balance | -9,006 | -22,329 | -9,795 |
Other comprehensive income (loss) before reclassifications | 29,884 | 13,515 | -12,754 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Net current-period Other comprehensive income | 29,884 | 13,515 | -12,754 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | -183 | -192 | 220 |
Ending balance | 20,695 | -9,006 | -22,329 |
Foreign Currency Translation Adjustments | Interest Expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | Other income and expense | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 | $0 | $0 |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | Accounting for income taxes in foreign jurisdictions | International | International | Maximum | Minimum | |||
Benefit from (provision for) income taxes [Member] | Other assets | Accounts payable, accrued expenses and other liabilities | |||||||
Income Tax Uncertainties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest related to uncertain tax position | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' |
Open tax year | ' | ' | ' | ' | ' | ' | ' | '2013 | '2008 |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' | ' | ' | 58,800,000 | 48,700,000 | ' | ' |
Deferred tax assets, operating loss carryforwards, foreign | ' | ' | ' | ' | ' | 4,800,000 | 11,000,000 | ' | ' |
Out-of-period adjustment | ' | ' | -1,800,000 | 1,700,000 | -7,700,000 | ' | ' | ' | ' |
Deferred tax assets, net of valuation allowance | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities, net | 7,108,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset valuation allowance | $9,000,000 | $11,000,000 | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ' | ' |
Beginning balance | $647 | $589 |
Additions based on tax positions related to the current year | 284 | 345 |
Reduction for tax positions of prior years | 0 | -287 |
Ending balance | $931 | $647 |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Discontinued Operations [Line Items] | ' | ' | ' |
Gain on sale of real estate, net of tax | $7,987,000 | $740,000 | $778,000 |
Non-recourse debt | 1,915,601,000 | 1,633,452,000 | 1,154,254,000 |
Loss on the extinguishment of debt | 983,000 | 0 | 0 |
Hotel | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties sold | 1 | ' | ' |
Contract sales price of property | 20,000,000 | ' | ' |
Gain on sale of real estate, net of tax | 8,000,000 | ' | ' |
Non-recourse debt | 5,100,000 | ' | ' |
Loss on the extinguishment of debt | 1,000,000 | ' | ' |
Domestic properties | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties sold | ' | 12 | ' |
Contract sales price of property | ' | 12,700,000 | ' |
Gain on sale of real estate, net of tax | ' | 700,000 | ' |
International properties | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties sold | ' | ' | 2 |
Contract sales price of property | ' | ' | 19,800,000 |
Gain on sale of real estate, net of tax | ' | ' | $800,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | ' | ' | ' |
Revenues | $3,807 | $4,568 | $6,253 |
Expenses | -3,324 | -3,385 | -4,947 |
Loss on the extinguishment of debt | -983 | 0 | 0 |
Gain on sale of real estate | 7,987 | 740 | 778 |
Income from discontinued operations, net of tax | $7,487 | $1,923 | $2,084 |
Segment_Information_Segment_In
Segment Information Segment Information (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reporting segments | 1 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information, Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $95,617 | $91,619 | $88,993 | $86,725 | $89,083 | $68,141 | $67,565 | $64,764 | $362,954 | $289,553 | $192,221 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 61,419 | 67,144 | 69,409 |
Net income attributable to noncontrolling interests | -7,572 | -6,515 | -7,932 | -7,286 | -7,382 | -6,634 | -6,886 | -5,640 | -29,305 | -26,542 | -20,791 |
Net income attributable to CPA:17 - Global | 7,213 | 5,026 | 12,803 | 14,822 | 3,927 | 12,295 | 14,266 | 11,123 | 39,864 | 41,611 | 49,655 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 3,562,095 | ' | ' | ' | 3,097,865 | ' | ' | ' | 3,562,095 | 3,097,865 | 2,374,773 |
Non-recourse debt | 1,915,601 | ' | ' | ' | 1,633,452 | ' | ' | ' | 1,915,601 | 1,633,452 | 1,154,254 |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 256,586 | 203,481 | 131,169 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24,501 | 32,163 | 40,475 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -28,296 | -25,897 | -20,217 |
Net income attributable to CPA:17 - Global | ' | ' | ' | ' | ' | ' | ' | ' | 2,806 | 7,841 | 20,536 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 2,195,465 | ' | ' | ' | 2,010,810 | ' | ' | ' | 2,195,465 | 2,010,810 | 1,394,579 |
Non-recourse debt | 1,319,094 | ' | ' | ' | 1,135,321 | ' | ' | ' | 1,319,094 | 1,135,321 | 726,283 |
Italy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30,795 | 29,396 | 7,974 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,208 | 6,771 | 1,872 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to CPA:17 - Global | ' | ' | ' | ' | ' | ' | ' | ' | 7,128 | 6,733 | 1,844 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 343,876 | ' | ' | ' | 337,663 | ' | ' | ' | 343,876 | 337,663 | 337,891 |
Non-recourse debt | 223,937 | ' | ' | ' | 217,106 | ' | ' | ' | 223,937 | 217,106 | 212,704 |
Other International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 75,573 | 56,676 | 53,078 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 29,710 | 28,210 | 27,062 |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,009 | -645 | -574 |
Net income attributable to CPA:17 - Global | ' | ' | ' | ' | ' | ' | ' | ' | 29,930 | 27,037 | 27,275 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 1,022,754 | ' | ' | ' | 749,392 | ' | ' | ' | 1,022,754 | 749,392 | 642,303 |
Non-recourse debt | $372,570 | ' | ' | ' | $281,025 | ' | ' | ' | $372,570 | $281,025 | $215,267 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $95,617 | $91,619 | $88,993 | $86,725 | $89,083 | $68,141 | $67,565 | $64,764 | $362,954 | $289,553 | $192,221 |
Expenses | 60,681 | 58,622 | 49,011 | 48,725 | 61,871 | 35,160 | 33,897 | 32,676 | 217,039 | 163,604 | 84,386 |
Net Income | 14,785 | 11,541 | 20,735 | 22,108 | 11,309 | 18,929 | 21,152 | 16,763 | 69,169 | 68,153 | 70,446 |
Net income attributable to noncontrolling interests | -7,572 | -6,515 | -7,932 | -7,286 | -7,382 | -6,634 | -6,886 | -5,640 | -29,305 | -26,542 | -20,791 |
Net income attributable to CPA:17 - Global | $7,213 | $5,026 | $12,803 | $14,822 | $3,927 | $12,295 | $14,266 | $11,123 | $39,864 | $41,611 | $49,655 |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share attributable to CPA:17 - Global (usd per share) | $0.02 | $0.02 | $0.04 | $0.05 | $0.01 | $0.05 | $0.06 | $0.05 | $0.13 | $0.17 | $0.28 |
Distributions declared per share | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.65 | $0.65 | $0.65 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Valuation reserve for deferred tax assets, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation reserve for deferred tax assets | ' | ' | ' |
Movement in Valuation Allowances and Reserves | ' | ' | ' |
Balance at beginning of Year | $11,005 | $3,844 | $201 |
Change | -5,424 | 7,161 | 3,643 |
Balance at End of Year | $5,581 | $11,005 | $3,844 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $3,000,000,000 |
Accounting for income taxes in foreign jurisdictions | Real estate | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' |
Out-of-period adjustment | $1,800,000 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Real Estate Under Operating Leases | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Direct Financing Method | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Operating real estate | Real estate | Real estate | Real estate | Real estate |
Industrial facility in Norfolk, NE | Office facility in Soest, Germany and warehouse/distribution facility in Bad WC | Office facility in Soest, Germany and warehouse/distribution facility in Bad WC | Office facility in Soest, Germany and warehouse/distribution facility in Bad WC | Educational facility in Chicago, IL | Industrial facilities in Alvarado, TX and Bossier City, LA | Industrial facilities in Alvarado, TX and Bossier City, LA | Industrial facilities in Alvarado, TX and Bossier City, LA | Industrial facility in Waldaschaff, Germany | Retail facilities in Phoenix, AZ and Columbia, MD | Transportation facility in Birmingham, United Kingdom | Retail facilities in Gorzow, Poland | Retail facilities in Gorzow, Poland | Retail facilities in Gorzow, Poland | Office facility in Hoffman Estates, IL | Office facility in The Woodlands, TX | Retail facilities located throughout Spain | Industrial facilities in Middleburg Heights and Union Township, OH | Industrial facilities in Phoenix, AZ; San Diego, Fresno, Orange, Colton, Los Angeles, and Pomona, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Industrial facilities in Phoenix, AZ; San Diego, Fresno, Orange, Colton, Los Angeles, and Pomona, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Industrial facilities in Phoenix, AZ; San Diego, Fresno, Orange, Colton, Los Angeles, and Pomona, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Industrial facility in Evansville, IN | Warehouse/distribution facilities in Plymouth, Southampton, Luton, Liverpool, Taunton, Cannock, and Bristol, United Kingdom | Warehouse/distribution facilities in Zagreb, Croatia | Warehouse/distribution facilities in Zagreb, Croatia | Warehouse/distribution facilities in Zagreb, Croatia | Office facilities in Tampa, FL | Office facilities in Tampa, FL | Office facilities in Tampa, FL | Warehouse/distribution facility in Bowling Green, KY | Retail facility in Elorrio, Spain | Warehouse/distribution facility in Gadki, Poland | Office and industrial facilities in Elberton, GA | Office and industrial facilities in Elberton, GA | Office and industrial facilities in Elberton, GA | Warehouse/distribution facilities in Unadilla and Rincon, GA | Warehouse/distribution facilities in Unadilla and Rincon, GA | Warehouse/distribution facilities in Unadilla and Rincon, GA | Office facility in Hartland, WI | Warehouse/distribution facilities in Zagreb, Dugo Selo, Kutina, Slavonski Brod, and Samobor, Croatia | Warehouse/distribution facilities in Zagreb, Dugo Selo, Kutina, Slavonski Brod, and Samobor, Croatia | Warehouse/distribution facilities in Zagreb, Dugo Selo, Kutina, Slavonski Brod, and Samobor, Croatia | Warehouse/distribution facilities in Zagreb, Dugo Selo, Kutina, Slavonski Brod, and Samobor, Croatia | Warehouse/distribution facilities located throughout the U.S. | Office facility in Madrid, Spain | Office facility in Houston, TX | Retail facility in Las Vegas, NV | Warehouse/distribution facilities in Oxnard and Watsonville, CA | Warehouse/distribution facilities in Oxnard and Watsonville, CA | Warehouse/distribution facilities in Oxnard and Watsonville, CA | Warehouse/distribution facility in Dillon, SC | Warehouse/distribution facility in Middleburg Heights, OH | Office facility in Martinsville, VA | Land in Chicago, IL | Industrial facility in Fraser, MI | Retail facilities located throughout Italy | Retail facilities located throughout Italy | Retail facilities located throughout Italy | Retail facilities in Pozega and Sesvete, Croatia | Land in Orlando, FL | Land in Hudson, NY | Office facilities in Aurora, Eagan, and Virginia, MN | Office facilities in Aurora, Eagan, and Virginia, MN | Office facilities in Aurora, Eagan, and Virginia, MN | Industrial facility in Chimelow, Poland | Office facility in St. Louis, MO | Industrial facility in Avon, OH | Industrial facility in Elk Grove Village, IL | Education facilities in Montgomery, AL and Savannah, GA | Education facilities in Montgomery, AL and Savannah, GA | Education facilities in Montgomery, AL and Savannah, GA | Automotive dealerships in Huntsville, AL; Bentonville, AR; Bossier City, LA; Leebs Summit, MO; Fayetteville, TN; and Fort Worth, TX | Office facility in Warrenville, IL | Office and warehouse/distribution facilities in Zary, Poland | Industrial facility in Sterling, VA | Office facility in Houston, TX | Office facility in Eagan, MN | Warehouse/distribution facility in Saitama Prefecture, Japan | Retail facilities in Karlovac, Porec, Metkovic, Vodnjan, Umag, Bjelovar, Krapina, and Novigrad, Croatia | Retail facilities in Karlovac, Porec, Metkovic, Vodnjan, Umag, Bjelovar, Krapina, and Novigrad, Croatia | Retail facilities in Karlovac, Porec, Metkovic, Vodnjan, Umag, Bjelovar, Krapina, and Novigrad, Croatia | Industrial facility in Portage, WI | Retail facility in Dallas, TX | Land in Chicago, IL | Office facility in Northbrook, IL | Industrial facility in Wageningen, Netherlands | Warehouse/distribution facility in Gadki, Poland | Automotive dealership in Lewisville, TX | Office facility in Auburn Hills, MI | Office facility in Haibach, Germany | Office facility in Houston, TX | Office facility in Tempe, AZ | Office and industrial facility in Nagold, Germany | Office and industrial facility in Nagold, Germany | Office and industrial facility in Nagold, Germany | Industrial facilities in Sanford and Mayodan, NC | Industrial facilities in Sanford and Mayodan, NC | Industrial facilities in Sanford and Mayodan, NC | Industrial facilities in Sanford and Mayodan, NC | Industrial facility in Glendale Heights, IL | Office facility in New York City, NY | Industrial facilities in San Diego, Fresno, Orange, Colton, and Pomona, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX | Warehouse/distribution facilities in Plymouth, Newport, Southampton, Luton, Liverpool, Bristol, and Leeds, United Kingdom | Warehouse/distribution facilities in Zagreb, Croatia | Warehouse/distribution facilities in Zagreb, Croatia | Warehouse/distribution facilities in Zagreb, Croatia | Warehouse/distribution facility in Oxnard, CA | Warehouse/distribution facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | Industrial facility in Clarksville, TN | Industrial facility in Countryside, IL | Orlando, FL | Fort Worth, TX | Anaheim, CA | Apple Valley, CA | Apple Valley, CA | Bakersfield, CA | Bakersfield, CA | Bakersfield, CA | Bakersfield, CA | Fresno, CA | Grand Terrace, CA | Harbor City, CA | San Diego, CA | Palm Springs, CA | Palmdale, CA | Palmdale, CA | Riverside, CA | Rosamond, CA | Rubidoux, CA | South Gate, CA | Kailua-Kona, HI | Chicago, IL | Chicago, IL | Rockford, IL | Rockford, IL | Rockford, IL | Kihei, HI | Bakersfield, CA | Bakersfield, CA | National City, CA | Mundelein, IL | Pearl City, HI | Palm Springs, CA | Loves Park, IL | Mundelein, IL | Chicago, IL | Bakersfield, CA | Beaumont, CA | Victorville, CA | Victorville, CA | San Bernardino, CA | Peoria, IL | East Peoria, IL | Loves Park, IL | Hesperia, CA | Mobile, AL | Slidell, LA | Baton Rouge, LA | Baton Rouge, LA | Gulfport, MS | Cherry Valley, IL | Fayetteville, NC | Tampa, FL | St. Petersburg, FL | Palm Harbor, FL | Midland, TX | Midland, TX | Odessa, TX | Odessa, TX | Cathedral City, CA | Hilo, HI | Clearwater, FL | Winder, GA | Winder, GA | Orlando, FL | Palm Coast, FL | Holiday, FL | |||||||||||
Date Of Construction Year One | Date Of Construction Year Two | Minimum | Maximum | Date Of Construction Year One | Date Of Construction Year Two | Minimum | Maximum | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year Three | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Date Of Construction Year One | Date Of Construction Year Two | Minimum | Maximum | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year One | Date Of Construction Year Two | Date Of Construction Year Three | Date Of Construction Year One | Date Of Construction Year Two | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrances | $1,503,298 | $1,646 | $28,307 | ' | ' | $14,465 | $31,003 | ' | ' | $7,078 | $37,147 | $13,729 | $7,878 | ' | ' | $19,187 | $37,693 | $48,787 | $6,345 | $13,624 | ' | ' | $16,834 | $0 | $51,896 | ' | ' | $34,663 | ' | ' | $28,000 | $0 | $5,214 | $0 | ' | ' | $26,514 | ' | ' | $3,597 | $22,821 | ' | ' | ' | $112,131 | $0 | $3,574 | $40,000 | $45,070 | ' | ' | $19,822 | $0 | $8,848 | $5,135 | $4,337 | $223,937 | ' | ' | $24,230 | $0 | $843 | $92,400 | ' | ' | $13,419 | $4,202 | $3,745 | $9,376 | $16,667 | ' | ' | $37,707 | $19,667 | $3,989 | $14,790 | $128,200 | $9,841 | $24,700 | $21,892 | ' | ' | $4,928 | $10,449 | $0 | $5,835 | $22,660 | $40,569 | $9,450 | $6,242 | $12,215 | $31,200 | $14,800 | $224,185 | $12,437 | ' | ' | $21,877 | ' | ' | ' | $18,308 | $115,506 | $9,824 | $0 | $10,748 | ' | ' | $5,766 | $23,018 | $4,688 | $2,013 | $154,124 | ' | ' | ' | $0 | $1,538 | $1,149 | $2,300 | $1,446 | $849 | $2,130 | $2,013 | $1,714 | $2,638 | $728 | $1,293 | $6,273 | $2,511 | $2,773 | $2,081 | $1,124 | $1,700 | $1,247 | $1,774 | $832 | $2,342 | $1,322 | $1,363 | $250 | $1,319 | $5,623 | $1,900 | $2,025 | $2,550 | $3,600 | $3,450 | $2,826 | $1,271 | $782 | $3,200 | $2,500 | $2,610 | $1,200 | $1,021 | $1,000 | $2,230 | $1,775 | $1,000 | $900 | $1,975 | $2,400 | $800 | $2,125 | $1,200 | $1,858 | $3,120 | $3,800 | $4,100 | $7,100 | $4,300 | $5,830 | $3,970 | $5,400 | $1,457 | $3,965 | $2,880 | $415 | $1,427 | $4,160 | $3,420 | $2,250 | ' | ' | ' | ' |
Initial Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 575,250 | 625 | 3,193 | ' | ' | 6,300 | 2,725 | ' | ' | 10,373 | 14,500 | 3,591 | 1,095 | ' | ' | 5,000 | 1,400 | 32,574 | 1,000 | 19,001 | ' | ' | 150 | 8,639 | 31,941 | ' | ' | 18,300 | ' | ' | 1,400 | 19,924 | 1,134 | 560 | ' | ' | 1,595 | ' | ' | 1,402 | 6,700 | ' | ' | ' | 31,735 | 22,230 | 1,838 | 26,934 | 16,036 | ' | ' | 1,355 | 600 | 600 | 7,414 | 928 | 91,691 | ' | ' | 2,687 | 32,739 | 2,080 | 13,546 | ' | ' | 1,323 | 954 | 926 | 1,269 | 5,255 | ' | ' | 17,283 | 3,698 | 356 | 3,118 | 19,331 | 2,104 | 17,292 | 5,059 | ' | ' | 3,338 | 4,441 | 15,459 | 0 | 4,790 | 9,219 | 3,269 | 789 | 2,544 | 7,898 | 0 | 21,749 | 6,012 | ' | ' | 3,100 | ' | ' | ' | 3,820 | 0 | 1,730 | 508 | 1,804 | ' | ' | 0 | 3,750 | 600 | 425 | 66,066 | ' | ' | ' | 0 | 610 | 1,040 | 400 | 230 | 370 | 690 | 690 | 480 | 601 | 950 | 1,487 | 7,951 | 1,287 | 940 | 1,220 | 560 | 460 | 514 | 1,597 | 1,000 | 600 | 400 | 548 | 114 | 380 | 2,523 | 1,060 | 767 | 3,158 | 1,080 | 0 | 1,019 | 394 | 535 | 1,049 | 1,068 | 1,616 | 299 | 190 | 698 | 549 | 409 | 439 | 648 | 1,078 | 620 | 401 | 820 | 591 | 1,076 | 1,677 | 599 | 2,253 | 2,192 | 1,026 | 2,136 | 975 | 1,099 | 0 | 296 | 924 | 546 | 495 | 1,064 | 1,749 | 1,829 | ' | ' | ' | ' |
Buildings | 1,710,424 | 1,713 | 45,932 | ' | ' | 20,509 | 25,233 | ' | ' | 16,708 | 48,865 | 15,810 | 13,947 | ' | ' | 21,764 | 41,502 | 52,101 | 10,793 | 13,059 | ' | ' | 9,183 | 2,019 | 45,904 | ' | ' | 32,856 | ' | ' | 3,946 | 3,981 | 1,183 | 2,467 | ' | ' | 44,446 | ' | ' | 2,041 | 24,114 | ' | ' | ' | 129,011 | 81,508 | 2,432 | 31,037 | 67,300 | ' | ' | 15,620 | 1,690 | 1,998 | 0 | 1,392 | 262,377 | ' | ' | 24,820 | 0 | 0 | 110,173 | ' | ' | 5,245 | 4,665 | 4,975 | 11,317 | 16,960 | ' | ' | 32,225 | 28,635 | 1,168 | 14,007 | 123,084 | 11,462 | 28,575 | 28,294 | ' | ' | 4,556 | 9,649 | 0 | 942 | 24,301 | 48,578 | 9,605 | 7,163 | 11,114 | 37,474 | 16,996 | 446,757 | 41,493 | ' | ' | 35,766 | ' | ' | ' | 11,148 | 233,720 | 20,778 | 24,009 | 11,618 | ' | ' | 8,957 | 50,177 | 7,291 | 1,800 | 202,609 | ' | ' | ' | 328 | 2,672 | 1,166 | 3,910 | 2,196 | 3,133 | 3,238 | 3,298 | 3,297 | 7,300 | 1,903 | 810 | 3,926 | 3,124 | 4,263 | 2,954 | 1,492 | 3,220 | 1,653 | 2,067 | 1,108 | 4,124 | 2,074 | 1,881 | 633 | 2,321 | 7,481 | 3,138 | 2,230 | 1,483 | 5,287 | 5,141 | 2,131 | 3,390 | 1,757 | 5,672 | 2,115 | 2,873 | 1,766 | 1,756 | 1,397 | 2,424 | 1,816 | 998 | 1,377 | 3,799 | 3,434 | 955 | 3,222 | 2,539 | 1,763 | 3,116 | 6,273 | 3,512 | 7,237 | 5,546 | 6,665 | 4,924 | 6,510 | 2,275 | 4,996 | 2,966 | 30 | 1,253 | 4,889 | 3,285 | 1,097 | ' | ' | ' | ' |
Personal property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Costs Capitalized Subsequent To Acquisition | 175,275 | 0 | 0 | ' | ' | 0 | 28,116 | ' | ' | 0 | 0 | 949 | 0 | ' | ' | 0 | 0 | 0 | 2 | 0 | ' | ' | 11,745 | 0 | 0 | ' | ' | 196 | ' | ' | 33,809 | 0 | 7,611 | 0 | ' | ' | 0 | ' | ' | 0 | 194 | ' | ' | ' | 0 | 0 | 0 | 26,048 | 0 | ' | ' | 0 | 0 | 10,876 | 0 | 5,803 | 0 | ' | ' | 15,378 | 0 | 0 | 0 | ' | ' | 18,841 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 6,910 | 5,071 | 3,726 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18,245 | 0 | ' | ' | 0 | ' | ' | ' | 18,245 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | 14,699 | ' | ' | ' | 12,229 | 3 | 15 | 48 | 21 | 254 | 43 | 62 | 18 | 186 | 7 | 7 | 128 | 48 | 213 | 28 | 25 | 19 | 13 | 66 | 11 | 37 | 127 | 5 | 0 | 0 | 144 | 10 | 36 | 31 | 54 | 189 | 33 | 10 | 44 | 30 | 26 | 21 | 36 | 32 | 18 | 20 | 25 | 93 | 0 | 5 | 32 | 11 | 79 | 14 | 2 | 0 | 12 | 0 | 79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Increase (Decrease) in Net Investments | -58,634 | 107 | -6,394 | ' | ' | -527 | -3,395 | ' | ' | -9,429 | -2,062 | 477 | -950 | ' | ' | 0 | 0 | -926 | 0 | 0 | ' | ' | 0 | 775 | 3,972 | ' | ' | 0 | ' | ' | 0 | 3,569 | -242 | 0 | ' | ' | 0 | ' | ' | 0 | 1,086 | ' | ' | ' | -9,680 | 5,006 | 20 | -44,166 | -7,149 | ' | ' | -69 | 0 | 0 | 0 | 0 | 6,409 | ' | ' | 692 | 0 | 0 | 993 | ' | ' | 2,334 | 0 | 0 | 0 | 0 | ' | ' | -15 | 0 | 468 | 0 | 2,899 | -84 | -10,066 | 1,122 | ' | ' | 0 | 0 | 0 | 0 | 1,554 | 3,157 | 0 | 0 | 261 | 1,619 | 0 | -6,835 | -22,705 | ' | ' | -1,211 | ' | ' | ' | 2,038 | 10,364 | -436 | 1,405 | 475 | ' | ' | 147 | 2,858 | 205 | 25 | -4 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -464 | 0 | 0 | 0 | 0 | 0 | -139 | 0 | -3 | 464 | 0 | 0 | 0 | 0 | 0 | 0 | 139 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Gross Amount at which Carried at Close of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 553,389 | 625 | 2,777 | ' | ' | 6,300 | 4,701 | ' | ' | 6,694 | 14,500 | 3,649 | 1,027 | ' | ' | 5,000 | 1,400 | 32,035 | 1,000 | 19,001 | ' | ' | 150 | 9,251 | 33,380 | ' | ' | 18,323 | ' | ' | 1,400 | 22,780 | 1,102 | 560 | ' | ' | 1,595 | ' | ' | 1,402 | 6,885 | ' | ' | ' | 28,511 | 23,298 | 1,838 | 5,070 | 16,036 | ' | ' | 1,286 | 600 | 600 | 7,414 | 928 | 92,811 | ' | ' | 4,089 | 32,739 | 2,080 | 13,546 | ' | ' | 1,443 | 954 | 926 | 1,269 | 5,255 | ' | ' | 17,269 | 3,698 | 376 | 3,118 | 19,331 | 1,994 | 13,497 | 5,321 | ' | ' | 3,338 | 4,441 | 15,459 | 0 | 5,046 | 9,722 | 3,269 | 789 | 2,593 | 7,898 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,066 | ' | ' | ' | 0 | 610 | 1,040 | 400 | 230 | 370 | 690 | 690 | 480 | 601 | 950 | 1,487 | 7,951 | 1,287 | 940 | 1,220 | 560 | 460 | 514 | 1,597 | 1,000 | 600 | 400 | 548 | 114 | 380 | 2,523 | 1,060 | 767 | 3,158 | 1,080 | 0 | 1,019 | 394 | 535 | 1,049 | 1,068 | 1,616 | 299 | 190 | 698 | 549 | 409 | 439 | 648 | 1,078 | 620 | 401 | 820 | 591 | 1,076 | 1,677 | 599 | 2,253 | 2,192 | 1,026 | 2,136 | 975 | 1,099 | 0 | 296 | 924 | 546 | 495 | 1,064 | 1,749 | 1,829 | ' | ' | ' | ' |
Buildings | 1,848,926 | 1,820 | 39,954 | ' | ' | 19,982 | 47,978 | ' | ' | 10,958 | 46,803 | 17,178 | 13,065 | ' | ' | 21,764 | 41,502 | 51,714 | 10,795 | 13,059 | ' | ' | 20,928 | 2,182 | 48,437 | ' | ' | 33,029 | ' | ' | 37,755 | 4,694 | 8,584 | 2,467 | ' | ' | 44,446 | ' | ' | 2,041 | 25,209 | ' | ' | ' | 122,555 | 85,446 | 2,452 | 34,783 | 60,151 | ' | ' | 15,620 | 1,690 | 12,874 | 0 | 7,195 | 267,666 | ' | ' | 39,488 | 0 | 0 | 111,166 | ' | ' | 26,300 | 4,665 | 4,975 | 11,317 | 16,960 | ' | ' | 32,224 | 28,635 | 8,526 | 19,078 | 129,709 | 11,488 | 22,304 | 29,154 | ' | ' | 4,556 | 9,649 | 0 | 942 | 25,599 | 51,232 | 9,605 | 7,163 | 11,326 | 39,093 | 16,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,304 | ' | ' | ' | 12,557 | 2,675 | 1,181 | 3,958 | 2,217 | 3,387 | 3,281 | 3,360 | 3,315 | 7,486 | 1,910 | 817 | 4,054 | 3,172 | 4,476 | 2,982 | 1,517 | 3,239 | 1,666 | 2,133 | 1,119 | 4,161 | 2,201 | 1,886 | 633 | 2,321 | 7,625 | 2,684 | 2,266 | 1,514 | 5,341 | 5,330 | 2,164 | 3,261 | 1,801 | 5,699 | 2,605 | 2,894 | 1,802 | 1,788 | 1,415 | 2,444 | 1,841 | 1,230 | 1,377 | 3,804 | 3,466 | 966 | 3,301 | 2,553 | 1,765 | 3,116 | 6,285 | 3,511 | 7,316 | 5,546 | 6,665 | 4,924 | 6,510 | 2,275 | 4,996 | 2,966 | 30 | 1,253 | 4,889 | 3,285 | 1,097 | ' | ' | ' | ' |
Personal property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Total | 2,402,315 | 2,445 | 42,731 | ' | ' | 26,282 | 52,679 | ' | ' | 17,652 | 61,303 | 20,827 | 14,092 | ' | ' | 26,764 | 42,902 | 83,749 | 11,795 | 32,060 | ' | ' | 21,078 | 11,433 | 81,817 | ' | ' | 51,352 | ' | ' | 39,155 | 27,474 | 9,686 | 3,027 | ' | ' | 46,041 | ' | ' | 3,443 | 32,094 | ' | ' | ' | 151,066 | 108,744 | 4,290 | 39,853 | 76,187 | ' | ' | 16,906 | 2,290 | 13,474 | 7,414 | 8,123 | 360,477 | ' | ' | 43,577 | 32,739 | 2,080 | 124,712 | ' | ' | 27,743 | 5,619 | 5,901 | 12,586 | 22,215 | ' | ' | 49,493 | 32,333 | 8,902 | 22,196 | 149,040 | 13,482 | 35,801 | 34,475 | ' | ' | 7,894 | 14,090 | 15,459 | 942 | 30,645 | 60,954 | 12,874 | 7,952 | 13,919 | 46,991 | 16,996 | 479,916 | 24,800 | ' | ' | 37,655 | ' | ' | ' | 35,251 | 244,084 | 22,072 | 25,922 | 13,897 | ' | ' | 9,104 | 56,785 | 8,096 | 2,250 | 283,370 | 254,805 | 178,141 | 12,177 | 12,557 | 3,285 | 2,221 | 4,358 | 2,447 | 3,757 | 3,971 | 4,050 | 3,795 | 8,087 | 2,860 | 2,304 | 12,005 | 4,459 | 5,416 | 4,202 | 2,077 | 3,699 | 2,180 | 3,730 | 2,119 | 4,761 | 2,601 | 2,434 | 747 | 2,701 | 10,148 | 3,744 | 3,033 | 4,672 | 6,421 | 5,330 | 3,183 | 3,655 | 2,336 | 6,748 | 3,673 | 4,510 | 2,101 | 1,978 | 2,113 | 2,993 | 2,250 | 1,669 | 2,025 | 4,882 | 4,086 | 1,367 | 4,121 | 3,144 | 2,841 | 4,793 | 6,884 | 5,764 | 9,508 | 6,572 | 8,801 | 5,899 | 7,609 | 2,275 | 5,292 | 3,890 | 576 | 1,748 | 5,953 | 5,034 | 2,926 | 2,402,315 | 2,105,772 | 1,500,151 | 930,404 |
Accumulated Depreciation | $129,051 | $339 | $5,872 | ' | ' | $3,663 | $4,003 | ' | ' | $3,540 | $6,143 | $1,733 | $1,394 | ' | ' | $2,213 | $4,236 | $5,161 | $1,057 | $1,448 | ' | ' | $1,679 | $286 | $5,916 | ' | ' | $2,956 | ' | ' | $2,202 | $409 | $589 | $237 | ' | ' | $3,519 | ' | ' | $185 | $2,586 | ' | ' | ' | $10,607 | $6,401 | $294 | $1,299 | $5,023 | ' | ' | $1,108 | $116 | $652 | $0 | $341 | $16,601 | ' | ' | $2,733 | $0 | $0 | $7,437 | ' | ' | $875 | $185 | $215 | $717 | $688 | ' | ' | $1,901 | $1,054 | $178 | $663 | $4,764 | $377 | $958 | $840 | ' | ' | $159 | $207 | $0 | $36 | $310 | $650 | $112 | $33 | $104 | $47 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,354 | $7,757 | $2,745 | $300 | $1,065 | $218 | $106 | $288 | $168 | $287 | $243 | $243 | $320 | $873 | $192 | $82 | $349 | $268 | $348 | $228 | $127 | $247 | $127 | $181 | $112 | $318 | $172 | $191 | $63 | $233 | $461 | $260 | $220 | $131 | $515 | $634 | $183 | $382 | $207 | $429 | $199 | $198 | $129 | $122 | $92 | $218 | $151 | $95 | $100 | $580 | $242 | $112 | $283 | $350 | $173 | $179 | $177 | $106 | $218 | $201 | $233 | $178 | $239 | $71 | $65 | $41 | $1 | $28 | $62 | $35 | $5 | $129,051 | $77,245 | $40,522 | $16,274 |
Date of Construction | ' | 31-Dec-75 | ' | 31-Dec-82 | 31-Dec-96 | 31-Dec-12 | ' | ' | ' | 31-Dec-37 | 31-Dec-06 | 31-Dec-09 | ' | 31-Dec-07 | 31-Dec-08 | 31-Dec-09 | 31-Dec-09 | ' | 31-Dec-97 | ' | ' | ' | 31-Dec-09 | ' | ' | 31-Dec-01 | 31-Dec-09 | ' | 31-Dec-85 | 31-Dec-00 | 31-Dec-11 | 31-Dec-96 | 31-Dec-11 | ' | 31-Dec-97 | 31-Dec-02 | ' | 31-Dec-00 | 31-Dec-06 | 31-Dec-01 | ' | 31-Dec-02 | 31-Dec-07 | 31-Dec-03 | ' | 31-Dec-02 | 31-Dec-82 | 31-Dec-12 | ' | ' | ' | 31-Dec-01 | 31-Dec-02 | 31-Dec-11 | ' | 31-Dec-12 | ' | ' | ' | 31-Dec-11 | ' | ' | ' | ' | ' | 31-Dec-12 | 31-Dec-95 | 31-Dec-01 | 31-Dec-61 | ' | 31-Dec-69 | 31-Dec-02 | ' | 31-Dec-02 | 31-Dec-13 | 31-Dec-80 | 31-Dec-73 | 31-Dec-03 | 31-Dec-06 | ' | ' | ' | 31-Dec-70 | 31-Dec-13 | ' | 31-Dec-07 | 31-Dec-13 | 31-Dec-07 | 31-Dec-04 | 31-Dec-12 | 31-Dec-93 | 31-Dec-63 | 31-Dec-00 | ' | ' | 31-Dec-37 | 31-Dec-94 | ' | 31-Dec-92 | 31-Dec-98 | 31-Dec-97 | 31-Dec-91 | 31-Dec-07 | ' | ' | ' | 31-Dec-02 | 31-Dec-03 | 31-Dec-75 | ' | 31-Dec-98 | 31-Dec-81 | ' | ' | ' | ' | 31-Dec-13 | 31-Dec-04 | 31-Dec-88 | 31-Dec-89 | 31-Dec-89 | 31-Dec-72 | 31-Dec-87 | 31-Dec-90 | 31-Dec-74 | 31-Dec-76 | 31-Dec-78 | 31-Dec-87 | 31-Dec-86 | 31-Dec-89 | 31-Dec-88 | 31-Dec-88 | 31-Dec-85 | 31-Dec-95 | 31-Dec-86 | 31-Dec-25 | 31-Dec-87 | 31-Dec-16 | 31-Dec-68 | 31-Dec-79 | 31-Dec-79 | 31-Dec-57 | 31-Dec-91 | 31-Dec-79 | 31-Dec-79 | 31-Dec-87 | 31-Dec-91 | 31-Dec-77 | 31-Dec-87 | 31-Dec-97 | 31-Dec-89 | 31-Dec-88 | 31-Dec-71 | 31-Dec-92 | 31-Dec-90 | 31-Dec-90 | 31-Dec-89 | 31-Dec-90 | 31-Dec-86 | 31-Dec-78 | 31-Dec-89 | 31-Dec-74 | 31-Dec-98 | 31-Dec-80 | 31-Dec-80 | 31-Dec-77 | 31-Dec-88 | 31-Dec-01 | 31-Dec-99 | 31-Dec-90 | 31-Dec-01 | 31-Dec-08 | 31-Dec-06 | 31-Dec-06 | 31-Dec-04 | 31-Dec-90 | 31-Dec-07 | 31-Dec-01 | 31-Dec-06 | 31-Dec-01 | 31-Dec-00 | 31-Dec-01 | 31-Dec-75 | ' | ' | ' | ' |
Date Acquired | ' | 30-Jun-08 | 31-Jul-08 | ' | ' | 31-Jul-08 | 31-Aug-08 | ' | ' | 31-Aug-08 | 30-Sep-08 | 30-Sep-09 | 31-Oct-09 | ' | ' | 31-Dec-09 | 31-Dec-09 | 31-Dec-09 | 28-Feb-10 | 31-Mar-10 | ' | ' | 31-Mar-10 | 30-Apr-10 | 30-Apr-10 | ' | ' | 31-May-10 | ' | ' | 31-May-10 | 30-Jun-10 | 31-Aug-10 | 30-Sep-10 | ' | ' | 30-Nov-10 | ' | ' | 30-Nov-10 | 31-Dec-10 | ' | ' | ' | 31-Dec-10 | 31-Dec-10 | 31-Dec-10 | 31-Dec-10 | 31-Jan-11 | ' | ' | 31-Mar-11 | 31-Mar-11 | 31-May-11 | 30-Jun-11 | 30-Sep-11 | 30-Sep-11 | ' | ' | 30-Nov-11 | 31-Dec-11 | 31-Dec-11 | 31-Jan-12 | ' | ' | 30-Apr-12 | 31-Jul-12 | 31-Aug-12 | 31-Aug-12 | 30-Sep-12 | ' | ' | 30-Sep-12 | 30-Sep-12 | 30-Sep-12 | 31-Oct-12 | 30-Nov-12 | 31-Dec-12 | 31-Dec-12 | 31-Dec-12 | ' | ' | 31-Jan-13 | 28-Feb-13 | 30-Apr-13 | 31-May-13 | 31-Jul-13 | 31-Jul-13 | 31-Aug-13 | 31-Oct-13 | 31-Oct-13 | 31-Dec-13 | 31-Dec-13 | ' | 31-Aug-08 | ' | ' | 31-Dec-08 | ' | ' | ' | 31-Jan-09 | 31-Mar-09 | 31-Mar-10 | 30-Apr-10 | 31-Dec-10 | ' | ' | 31-Jan-11 | 30-Apr-11 | 31-Aug-11 | 31-Dec-11 | ' | ' | ' | ' | 31-Dec-11 | 30-Apr-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 30-Jun-11 | 31-Aug-11 | 31-Aug-11 | 31-Aug-11 | 31-Aug-11 | 31-Aug-11 | 31-Aug-11 | 30-Sep-11 | 30-Sep-11 | 30-Sep-11 | 30-Sep-11 | 30-Nov-11 | 30-Nov-11 | 30-Nov-11 | 30-Nov-11 | 30-Nov-11 | 30-Nov-11 | 30-Nov-11 | 30-Nov-11 | 31-Dec-11 | 30-Jun-12 | 30-Jun-12 | 30-Jun-12 | 30-Jun-12 | 30-Jun-12 | 31-Jul-12 | 30-Sep-12 | 30-Nov-12 | 30-Nov-12 | 30-Nov-12 | 31-Dec-12 | 31-Dec-12 | 31-Dec-12 | 31-Dec-12 | 31-Mar-13 | 30-Jun-13 | 31-Jul-13 | 31-Jul-13 | 31-Jul-13 | 31-Aug-13 | 30-Sep-13 | 30-Nov-13 | ' | ' | ' | ' |
Life on which Depreciation in Latest Statement of Income is Computed | ' | '30 years | '36 years | ' | ' | '30 years | ' | '25 years | '40 years | '15 years | '40 years | '40 years | '40 years | ' | ' | '40 years | '40 years | '20 years | '40 years | ' | '27 years | '40 years | '40 years | '28 years | '30 years | ' | ' | '40 years | ' | ' | '40 years | '40 years | '40 years | '40 years | ' | ' | '40 years | ' | ' | '35 years | '30 years | ' | ' | ' | '40 years | '40 years | '25 years | '40 years | ' | '10 years | '40 years | '40 years | '40 years | '40 years | ' | '35 years | ' | '29 years | '40 years | '30 years | ' | ' | ' | '32 years | '40 years | '40 years | '38 years | '35 years | '40 years | '40 years | ' | ' | '16 years | '40 years | '40 years | '35 years | '30 years | '35 years | '26 years | ' | '32 years | '40 years | '30 years | '40 years | ' | '40 years | '40 years | '40 years | '39 years | '40 years | '30 years | '30 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '33 years | '33 years | '35 years | '33 years | '30 years | '34 years | '35 years | '35 years | '30 years | '25 years | '30 years | '30 years | '30 years | '32 years | '33 years | '30 years | '33 years | '33 years | '30 years | '30 years | '25 years | '30 years | '25 years | '25 years | '25 years | '40 years | '25 years | '25 years | '28 years | '25 years | '20 years | '28 years | '20 years | '20 years | '30 years | '40 years | '40 years | '40 years | '40 years | '40 years | '35 years | '35 years | '35 years | '40 years | '12 years | '32 years | '18 years | '25 years | '15 years | '20 years | '34 years | '40 years | '40 years | '40 years | '20 years | '20 years | '20 years | '20 years | '34 years | '40 years | '32 years | '31 years | '25 years | '35 years | '29 years | '23 years | ' | ' | ' | ' |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real estate | ' | ' | ' |
Rollforward of Carrying Amounts of Real Estate Investments | ' | ' | ' |
Beginning balance | $2,105,772 | $1,500,151 | $930,404 |
Additions (a) | 235,093 | 513,407 | 531,795 |
Disposition | 0 | -56,200 | -10,142 |
Foreign currency translation adjustment | 31,932 | 15,468 | -25,664 |
Reclassification from real estate under construction | 29,518 | 140,324 | 73,758 |
Reclassification to direct financing lease | 0 | -7,378 | 0 |
Ending balance | 2,402,315 | 2,105,772 | 1,500,151 |
Rollforward of Accumulated Depreciation of Real Estate Investments | ' | ' | ' |
Beginning balance | 77,245 | 40,522 | 16,274 |
Depreciation expense | 49,785 | 37,265 | 25,046 |
Dispositions | 0 | -447 | -7 |
Foreign currency translation adjustment | 2,021 | 625 | -791 |
Reclassification to direct financing lease | 0 | -720 | 0 |
Ending balance | 129,051 | 77,245 | 40,522 |
Operating real estate | ' | ' | ' |
Rollforward of Carrying Amounts of Real Estate Investments | ' | ' | ' |
Beginning balance | 254,805 | 178,141 | 12,177 |
Additions (a) | 29,066 | 77,203 | 165,964 |
Disposition | -13,058 | 0 | 0 |
Reclassification from real estate under construction | 12,557 | 0 | 0 |
Write-off of fully depreciated asset | 0 | -539 | 0 |
Ending balance | 283,370 | 254,805 | 178,141 |
Rollforward of Accumulated Depreciation of Real Estate Investments | ' | ' | ' |
Beginning balance | 7,757 | 2,745 | 300 |
Depreciation expense | 8,470 | 5,551 | 2,445 |
Dispositions | -873 | 0 | 0 |
Write-off of fully depreciated asset | 0 | -539 | 0 |
Ending balance | $15,354 | $7,757 | $2,745 |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Mortgage Loans on Real Estate | ' |
Face Amount of Mortgage | $40,000 |
Carrying amount of mortgage | 40,000 |
Financing Agreement - China Alliance Properties Limited | ' |
Mortgage Loans on Real Estate | ' |
Interest Rate | 11.00% |
Final Maturity Date | 31-Dec-15 |
Face Amount of Mortgage | 40,000 |
Carrying amount of mortgage | $40,000 |
Schedule_IV_Mortgage_Loans_on_2
Schedule IV - Mortgage Loans on Real Estate (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $40,000 | $70,000 | $89,560 |
Additions | 0 | 0 | 30,000 |
Repayments | 0 | 0 | -49,560 |
Conversion to equity | 0 | -30,000 | 0 |
Balance at close of year | $40,000 | $40,000 | $70,000 |