Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 23, 2015 | Jun. 30, 2014 | |
Document Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Central Index Key | 1390213 | ||
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 | 331,564,488 | ||
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Investments in real estate: | ||||
Real estate, at cost (inclusive of $144,753 and $150,378, respectively, attributable to variable interest entities, or VIEs) | $2,396,715 | $2,402,315 | ||
Operating real estate, at cost (inclusive of $0 and $12,557, respectively, attributable to VIEs) | 272,859 | 283,370 | ||
Accumulated depreciation (inclusive of $9,984 and $8,235, respectively, attributable to VIEs) | -197,695 | -144,405 | ||
Net investments in properties | 2,471,879 | 2,541,280 | ||
Real estate under construction (inclusive of $0 and $25,268, respectively, attributable to VIEs) | 110,983 | 127,935 | ||
Net investments in direct financing leases (inclusive of $245,815 and $244,084, respectively, attributable to VIEs) | 479,425 | 479,916 | ||
Net investments in real estate | 3,062,287 | 3,149,131 | ||
Equity investments in real estate (a) | 531,000 | 415,851 | ||
Cash and cash equivalents (inclusive of $27 and $339, respectively, attributable to VIEs) | 275,719 | 418,108 | 652,330 | 180,726 |
In-place lease and tenant relationship intangible assets, net (inclusive of $16,348 and $17,277, respectively, attributable to VIEs) | 432,444 | 466,497 | ||
Other intangible assets, net | 83,238 | 92,086 | ||
Other assets, net (inclusive of $16,536 and $17,118, respectively, attributable to VIEs) | 221,209 | 170,866 | ||
Total assets | 4,605,897 | 4,712,539 | ||
Liabilities: | ||||
Non-recourse debt (inclusive of $193,437 and $199,315, respectively, attributable to VIEs) | 1,896,489 | 1,915,601 | ||
Accounts payable, accrued expenses and other liabilities (inclusive of $10,109 and $8,833, respectively, attributable to VIEs) | 141,043 | 132,254 | ||
Deferred income taxes (inclusive of $60 and $0, respectively, attributable to VIEs) | 12,234 | 4,582 | ||
Below-market rent and other intangible liabilities, net (inclusive of $365 and $387, respectively, attributable to VIEs) | 104,722 | 102,597 | ||
Due to affiliates | 12,634 | 20,211 | ||
Distributions payable | 53,378 | 51,570 | ||
Total liabilities | 2,220,500 | 2,226,815 | ||
Commitments and contingencies (Note 12) | ||||
CPA®:17 – Global stockholders’ 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; 336,843,388 and 322,918,083 shares issued, respectively; and 328,480,839 and 317,353,899 shares outstanding, respectively | 337 | 323 | ||
Additional paid-in-capital | 3,033,283 | 2,904,927 | ||
Distributions in excess of accumulated earnings | -567,806 | -431,095 | ||
Accumulated other comprehensive loss | -81,007 | -13,442 | -41,599 | -38,150 |
Less: treasury stock at cost, 8,362,549 and 5,564,184 shares, respectively | -77,852 | -52,477 | ||
Total CPA®:17 – Global stockholders’ equity | 2,306,955 | 2,408,236 | ||
Noncontrolling interests | 78,442 | 77,488 | ||
Total equity | 2,385,397 | 2,485,724 | 2,519,628 | 1,731,324 |
Total liabilities and equity | $4,605,897 | $4,712,539 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Real estate, at cost attributable to VIEs | $2,396,715 | $2,402,315 |
Operating real estate, at cost attributable to VIEs | 272,859 | 283,370 |
Accumulated depreciation attributable to VIEs | 197,695 | 144,405 |
Real estate under construction attributable to VIEs | 110,983 | 127,935 |
Net investments in direct financing leases | 479,425 | 479,916 |
Cash and cash equivalents attributable to VIEs | 275,719 | 418,108 |
In-place lease and tenant relationship intangible assets, net attributable to VIEs | 432,444 | 466,497 |
Other assets, net attributable to VIEs | 221,209 | 170,866 |
Liabilities: | ||
Non-recourse debt attributable to VIEs | 1,896,489 | 1,915,601 |
Accounts payable attributable to VIEs | 141,043 | 132,254 |
Deferred income taxes attributable to VIEs | 12,234 | 4,582 |
Below-market rent and other intangibles, net attributable to VIEs | 104,722 | 102,597 |
CPA:17 Global stockholders 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 | 336,843,388 | 322,918,083 |
Common stock shares outstanding | 328,480,839 | 317,353,899 |
Treasury Stock Shares | 8,362,549 | 5,564,184 |
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 VIEs | 144,753 | 150,378 |
Operating real estate, at cost attributable to VIEs | 0 | 12,557 |
Accumulated depreciation attributable to VIEs | 9,984 | 8,235 |
Real estate under construction attributable to VIEs | 0 | 25,268 |
Net investments in direct financing leases | 245,815 | 244,084 |
Cash and cash equivalents attributable to VIEs | 27 | 339 |
In-place lease and tenant relationship intangible assets, net attributable to VIEs | 16,348 | 17,277 |
Other assets, net attributable to VIEs | 16,536 | 17,118 |
Liabilities: | ||
Non-recourse debt attributable to VIEs | 193,437 | 199,315 |
Accounts payable attributable to VIEs | 10,109 | 8,833 |
Deferred income taxes attributable to VIEs | 60 | 0 |
Below-market rent and other intangibles, net attributable to VIEs | $365 | $387 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lease revenue: | |||||||||||
Rental income | $254,658 | $231,652 | $178,290 | ||||||||
Interest income from direct financing leases | 54,517 | 53,736 | 52,608 | ||||||||
Total lease revenues | 309,175 | 285,388 | 230,898 | ||||||||
Other real estate income | 50,008 | 49,076 | 44,613 | ||||||||
Other operating income | 31,635 | 21,872 | 5,188 | ||||||||
Other interest income | 5,888 | 6,436 | 9,278 | ||||||||
Gross Revenues | 98,784 | 97,987 | 98,786 | 101,149 | 95,683 | 91,209 | 89,082 | 86,798 | 396,706 | 362,772 | 289,977 |
Operating Expenses | |||||||||||
Depreciation and amortization | 102,167 | 93,742 | 70,045 | ||||||||
Property expenses | 66,402 | 52,242 | 31,343 | ||||||||
Other real estate expenses | 24,665 | 33,548 | 31,426 | ||||||||
General and administrative | 22,253 | 20,416 | 14,879 | ||||||||
Acquisition expenses | 5,169 | 16,884 | 14,834 | ||||||||
Impairment charges | 570 | 0 | 2,019 | ||||||||
Operating Expenses, Total | 57,152 | 52,186 | 53,365 | 58,523 | 60,393 | 58,649 | 49,038 | 48,752 | 221,226 | 216,832 | 164,546 |
Other Income and Expenses | |||||||||||
Equity in earnings (losses) of equity method investments in real estate | 24,073 | -9,500 | 9,757 | ||||||||
Other income and (expenses) | -2,172 | 13,186 | 5,375 | ||||||||
Interest expense | -93,001 | -88,656 | -72,271 | ||||||||
Nonoperating income expense | -71,100 | -84,970 | -57,139 | ||||||||
Income from continuing operations before income taxes and gain on sale of real estate | 104,380 | 60,970 | 68,292 | ||||||||
Provision for income taxes | -10,725 | -1,467 | -1,213 | ||||||||
Income from continuing operations before gain on sale of real estate, net of tax | 93,655 | 59,503 | 67,079 | ||||||||
Discontinued Operations | |||||||||||
Income from operations of discontinued properties, net of tax | 0 | 483 | 1,183 | ||||||||
Gain on sale of real estate, net of tax | 0 | 7,987 | 740 | ||||||||
Loss on extinguishment of debt, net of tax | 0 | -983 | 0 | ||||||||
Income from discontinued operations, net of tax | 0 | 7,487 | 1,923 | ||||||||
Gain on sale of real estate, net of tax | 13,338 | 659 | 1,092 | ||||||||
Net Income | 28,787 | 19,482 | 42,246 | 16,478 | 11,419 | 13,788 | 21,256 | 21,186 | 106,993 | 67,649 | 70,094 |
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $20,427, $16,899, and $14,620, respectively) | -8,332 | -9,193 | -7,640 | -7,677 | -7,221 | -6,508 | -7,926 | -7,280 | -32,842 | -28,935 | -26,498 |
Net Income Attributable to CPA®:17 – Global | 20,455 | 10,289 | 8,801 | 4,198 | 7,280 | 13,906 | 74,151 | 38,714 | 43,596 | ||
Earnings Per Share | |||||||||||
Income from continuing operations attributable to CPA®:17 – Global | $0.23 | $0.10 | $0.16 | ||||||||
Income from discontinued operations attributable to CPA®:17 – Global | $0 | $0.02 | $0.01 | ||||||||
Net income attributable to CPA®:17 – Global | $0.06 | $0.11 | $0.03 | $0.01 | $0.02 | $0.04 | $0.23 | $0.12 | $0.17 | ||
Weighted-Average Shares Outstanding | 324,117,508 | 313,010,828 | 249,283,354 | ||||||||
Amounts Attributable To CPA:17 - Global | |||||||||||
Income from continuing operations, net of tax | 74,151 | 31,227 | 41,673 | ||||||||
Income from discontinued operations, net of tax | 0 | 7,487 | 1,923 | ||||||||
Net Income Attributable to CPA®:17 – Global | $20,455 | $10,289 | $8,801 | $4,198 | $7,280 | $13,906 | $74,151 | $38,714 | $43,596 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Available Cash Distribution | $20,427 | $16,899 | $14,620 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net Income | $28,787 | $19,482 | $42,246 | $16,478 | $11,419 | $13,788 | $21,256 | $21,186 | $106,993 | $67,649 | $70,094 |
Other Comprehensive (Loss) Income | |||||||||||
Foreign currency translation adjustments and other | -93,401 | 25,742 | 11,816 | ||||||||
Change in net unrealized gain (loss) on derivative instruments | 24,439 | 3,068 | -15,744 | ||||||||
Change in unrealized gain on marketable securities | 285 | 94 | 1,035 | ||||||||
Total other comprehensive (loss) income | -68,677 | 28,904 | -2,893 | ||||||||
Comprehensive Income | 38,316 | 96,553 | 67,201 | ||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||
Net income | -8,332 | -9,193 | -7,640 | -7,677 | -7,221 | -6,508 | -7,926 | -7,280 | -32,842 | -28,935 | -26,498 |
Foreign currency translation adjustments | 1,523 | -212 | -191 | ||||||||
Change in net unrealized gain on derivative instruments | -411 | -535 | -365 | ||||||||
Comprehensive income attributable to noncontrolling interests | -31,730 | -29,682 | -27,054 | ||||||||
Comprehensive Income Attributable to CPA:17 - Global | $6,586 | $66,871 | $40,147 |
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, 2011 | $1,731,324 | $208 | $1,863,227 | ($148,034) | ($38,150) | ($17,104) | $1,660,147 | $71,177 |
Beginning 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 ($0.6500 per share) | -161,773 | -161,773 | -161,773 | |||||
Distributions to noncontrolling interests | -24,427 | 0 | -24,427 | |||||
Net income | 70,094 | 43,596 | 43,596 | 26,498 | ||||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustments and other | 11,816 | 11,625 | 11,625 | 191 | ||||
Change in net unrealized (loss) gain on derivative instruments | -15,744 | -16,109 | -16,109 | 365 | ||||
Change in unrealized gain 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 | 2,519,628 | 310 | 2,786,855 | -266,211 | -41,599 | -34,293 | 2,445,062 | 74,566 |
Ending equity balance, shares at Dec. 31, 2012 | 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 ($0.6500 per share) | -203,598 | -203,598 | -203,598 | |||||
Distributions to noncontrolling interests | -26,760 | 0 | -26,760 | |||||
Net income | 67,649 | 38,714 | 38,714 | 28,935 | ||||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustments and other | 25,742 | 25,530 | 25,530 | 212 | ||||
Change in net unrealized (loss) gain on derivative instruments | 3,068 | 2,533 | 2,533 | 535 | ||||
Change in unrealized gain 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 | 2,485,724 | 323 | 2,904,927 | -431,095 | -13,442 | -52,477 | 2,408,236 | 77,488 |
Ending equity balance, shares at Dec. 31, 2013 | 317,353,899 | 317,353,899 | ||||||
Shares issued, net of offering costs, shares | 11,168,340 | |||||||
Shares issued, net of offering costs, value | 101,983 | 11 | 101,972 | 101,983 | ||||
Shares issued to affiliates, shares | 2,756,965 | |||||||
Shares issued to affiliates, value | 26,387 | 3 | 26,384 | 26,387 | ||||
Contributions from noncontrolling interests | 0 | 0 | ||||||
Distributions declared ($0.6500 per share) | -210,862 | -210,862 | -210,862 | |||||
Distributions to noncontrolling interests | -30,776 | 0 | -30,776 | |||||
Net income | 106,993 | 74,151 | 74,151 | 32,842 | ||||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustments and other | -93,401 | -91,878 | -91,878 | -1,523 | ||||
Change in net unrealized (loss) gain on derivative instruments | 24,439 | 24,028 | 24,028 | 411 | ||||
Change in unrealized gain on marketable securities | 285 | 285 | 285 | |||||
Repurchase of shares, shares | -2,798,365 | |||||||
Repurchase of shares, value | -25,375 | -25,375 | -25,375 | |||||
Ending equity balance, value at Dec. 31, 2014 | $2,385,397 | $337 | $3,033,283 | ($567,806) | ($81,007) | ($77,852) | $2,306,955 | $78,442 |
Ending equity balance, shares at Dec. 31, 2014 | 328,480,839 | 328,480,839 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow - Operating Activities | |||
Net income | $106,993 | $67,649 | $70,094 |
Adjustments to net income: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 104,894 | 96,700 | 73,430 |
Non-cash asset management fee expense and directors’ compensation | 26,387 | 21,953 | 18,935 |
Straight-line rent adjustment and amortization of rent-related intangibles | -19,101 | -19,517 | -14,372 |
Equity in (earnings) losses of equity method investments in real estate in excess of distributions received | -13,974 | 18,521 | -801 |
Gain on sale of real estate | -13,338 | -8,059 | -1,832 |
Deferred income tax expense (benefit) | 7,599 | -1,961 | 313 |
Unrealized loss (gain) on foreign currency transactions and other | 3,456 | -3,742 | 1,739 |
Realized loss (gain) on foreign currency transactions and other | 1,952 | -4,187 | -1,474 |
Impairment charges | 570 | 0 | 2,019 |
Accretion of commercial mortgage-backed securities and other | -554 | -395 | -237 |
Loss on extinguishment of debt | 0 | 538 | 0 |
Settlement of derivative asset | 0 | 2,964 | 0 |
Net changes in other operating assets and liabilities | 5,171 | 12,134 | 10,190 |
Net Cash Provided by Operating Activities | 210,055 | 182,598 | 158,004 |
Cash Flows - Investing Activities | |||
Capital contributions to equity investments in real estate | -199,470 | -156,228 | -73,656 |
Return of capital from equity investments in real estate | 83,882 | 9,050 | 22,887 |
Acquisitions of real estate and direct financing leases | -79,345 | -313,512 | -759,747 |
Funding for build-to-suit projects | -68,901 | -91,402 | -39,428 |
Proceeds from sale of real estate | 68,789 | 19,973 | 59,323 |
Investment in securities | -7,789 | -1,614 | -7,071 |
Payment of deferred acquisition fees to an affiliate | -6,755 | -14,354 | -15,708 |
Value added taxes paid in connection with acquisitions of real estate | -5,499 | -29,071 | -15,594 |
Value added taxes refunded in connection with acquisitions of real estate | 4,852 | 40,933 | 7,314 |
Changes in investing restricted cash | -4,691 | 3,036 | -17,107 |
Net Cash Used in Investing Activities | -214,927 | -533,189 | -838,787 |
Cash Flows - Financing Activities | |||
Distributions paid | -209,054 | -198,440 | -147,649 |
Proceeds from issuance of shares, net of issuance costs | 101,983 | 97,975 | 897,660 |
Proceeds from mortgage financing | 92,791 | 308,873 | 469,709 |
Scheduled payments and prepayments of mortgage principal | -51,309 | -44,830 | -28,749 |
Distributions to noncontrolling interests | -30,776 | -26,760 | -24,427 |
Purchase of treasury stock | -25,375 | -18,184 | -17,189 |
Changes in financing restricted cash | -3,564 | -5,389 | 1,911 |
Payment of financing costs and mortgage deposits, net of deposits refunded | -878 | -4,006 | -1,667 |
Contributions from noncontrolling interests | 0 | 0 | 762 |
Net Cash (Used in) Provided by Financing Activities | -126,182 | 109,239 | 1,150,361 |
Change in Cash and Cash Equivalents During the Year | |||
Effect of exchange rate changes on cash | -11,335 | 7,130 | 2,026 |
Net (decrease) increase in cash and cash equivalents | -142,389 | -234,222 | 471,604 |
Cash and cash equivalents, beginning of year | 418,108 | 652,330 | 180,726 |
Cash and cash equivalents, end of year | $275,719 | $418,108 | $652,330 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information | |||
Interest paid, net of amounts capitalized | $90,477 | $84,003 | $68,972 |
Interest capitalized | 4,852 | 2,481 | 1,719 |
Income taxes paid | $4,467 | $2,920 | $1,502 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Organization | |
CPA®:17 – Global is a publicly-owned, non-listed REIT that invests primarily in commercial real estate 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, 2014, 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, 2014, our portfolio was comprised of our full or partial ownership interests in 365 fully-occupied properties, substantially all of which were triple-net leased to 115 tenants, and totaled approximately 36 million square feet (unaudited). In addition, our portfolio was comprised of our full or partial ownership interests in 72 operating properties, including 71 self-storage properties and one hotel, for an aggregate of approximately 5 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. |
Revisions_of_Previously_Issued
Revisions of Previously - Issued Financial Statements | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||
Revisions of Previously-Issued Financial Statements | Revisions of Previously-Issued Financial Statements | ||||||||||||||||||||||||||||||||||
In the course of preparing our 2014 consolidated financial statements, we discovered an error related to our accounting for a subsidiary’s functional currency. We corrected this error, and other errors previously recorded as out-of-period adjustments, and revised our consolidated financial statements for all prior periods impacted. Accordingly, our financial results for all prior periods presented herein have been revised for the correction of such errors as follows (in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
As Reported | Revisions | As Revised | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investments in real estate: | |||||||||||||||||||||||||||||||||||
Real estate, at cost | $ | 2,402,315 | $ | — | $ | 2,402,315 | |||||||||||||||||||||||||||||
Operating real estate, at cost | 283,370 | — | 283,370 | ||||||||||||||||||||||||||||||||
Accumulated depreciation | (144,405 | ) | — | (144,405 | ) | ||||||||||||||||||||||||||||||
Net investments in properties | 2,541,280 | — | 2,541,280 | ||||||||||||||||||||||||||||||||
Real estate under construction | 127,935 | — | 127,935 | ||||||||||||||||||||||||||||||||
Net investments in direct financing leases | 479,916 | — | 479,916 | ||||||||||||||||||||||||||||||||
Net investments in real estate | 3,149,131 | — | 3,149,131 | ||||||||||||||||||||||||||||||||
Equity investments in real estate (a) | 415,374 | 477 | 415,851 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 418,108 | — | 418,108 | ||||||||||||||||||||||||||||||||
In-place lease and tenant relationship intangible assets, net | 466,497 | — | 466,497 | ||||||||||||||||||||||||||||||||
Other intangible assets, net | 95,803 | (3,717 | ) | 92,086 | |||||||||||||||||||||||||||||||
Other assets, net | 170,866 | — | 170,866 | ||||||||||||||||||||||||||||||||
Total assets | $ | 4,715,779 | $ | (3,240 | ) | $ | 4,712,539 | ||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Non-recourse debt | $ | 1,915,601 | $ | — | $ | 1,915,601 | |||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 132,254 | — | 132,254 | ||||||||||||||||||||||||||||||||
Deferred income taxes (a) | 8,248 | (3,666 | ) | 4,582 | |||||||||||||||||||||||||||||||
Below-market rent and other intangible liabilities, net | 102,597 | — | 102,597 | ||||||||||||||||||||||||||||||||
Due to affiliates | 20,211 | — | 20,211 | ||||||||||||||||||||||||||||||||
Distributions payable | 51,570 | — | 51,570 | ||||||||||||||||||||||||||||||||
Total liabilities | 2,230,481 | (3,666 | ) | 2,226,815 | |||||||||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
CPA®:17 – Global stockholders’ equity: | |||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | ||||||||||||||||||||||||||||||||
Common stock | 323 | — | 323 | ||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,904,927 | — | 2,904,927 | ||||||||||||||||||||||||||||||||
Distributions in excess of accumulated earnings (a) | (439,688 | ) | 8,593 | (431,095 | ) | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (5,275 | ) | (8,167 | ) | (13,442 | ) | |||||||||||||||||||||||||||||
Less: treasury stock at cost | (52,477 | ) | — | (52,477 | ) | ||||||||||||||||||||||||||||||
Total CPA®:17 – Global stockholders’ equity | 2,407,810 | 426 | 2,408,236 | ||||||||||||||||||||||||||||||||
Noncontrolling interests | 77,488 | — | 77,488 | ||||||||||||||||||||||||||||||||
Total equity | 2,485,298 | 426 | 2,485,724 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 4,715,779 | $ | (3,240 | ) | $ | 4,712,539 | ||||||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
As Reported | Revisions | As Revised | As Reported | Revisions | As Revised | ||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Lease revenues: | |||||||||||||||||||||||||||||||||||
Rental income | $ | 231,577 | $ | 75 | $ | 231,652 | $ | 177,161 | $ | 1,129 | $ | 178,290 | |||||||||||||||||||||||
Interest income from direct financing leases | 53,757 | (21 | ) | 53,736 | 53,549 | (941 | ) | 52,608 | |||||||||||||||||||||||||||
Total lease revenues | 285,334 | 54 | 285,388 | 230,710 | 188 | 230,898 | |||||||||||||||||||||||||||||
Other real estate income | 49,076 | — | 49,076 | 44,613 | — | 44,613 | |||||||||||||||||||||||||||||
Other operating income | 21,872 | — | 21,872 | 5,188 | — | 5,188 | |||||||||||||||||||||||||||||
Other interest income | 6,672 | (236 | ) | 6,436 | 9,042 | 236 | 9,278 | ||||||||||||||||||||||||||||
362,954 | (182 | ) | 362,772 | 289,553 | 424 | 289,977 | |||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 93,947 | (205 | ) | 93,742 | 69,104 | 941 | 70,045 | ||||||||||||||||||||||||||||
Property expenses | 52,244 | (2 | ) | 52,242 | 31,342 | 1 | 31,343 | ||||||||||||||||||||||||||||
Other real estate expenses | 33,548 | — | 33,548 | 31,426 | — | 31,426 | |||||||||||||||||||||||||||||
General and administrative | 20,416 | — | 20,416 | 14,879 | — | 14,879 | |||||||||||||||||||||||||||||
Acquisition expenses | 16,884 | — | 16,884 | 14,834 | — | 14,834 | |||||||||||||||||||||||||||||
Impairment charges | — | — | — | 2,019 | — | 2,019 | |||||||||||||||||||||||||||||
217,039 | (207 | ) | 216,832 | 163,604 | 942 | 164,546 | |||||||||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||||||||||||||
Equity in (losses) earnings of equity method investments in real estate (a) | (7,917 | ) | (1,583 | ) | (9,500 | ) | 9,196 | 561 | 9,757 | ||||||||||||||||||||||||||
Other income and (expenses) | 11,418 | 1,768 | 13,186 | 4,546 | 829 | 5,375 | |||||||||||||||||||||||||||||
Interest expense | (88,656 | ) | — | (88,656 | ) | (72,271 | ) | — | (72,271 | ) | |||||||||||||||||||||||||
(85,155 | ) | 185 | (84,970 | ) | (58,529 | ) | 1,390 | (57,139 | ) | ||||||||||||||||||||||||||
Income from continuing operations before income taxes and gain on sale of real estate | 60,760 | 210 | 60,970 | 67,420 | 872 | 68,292 | |||||||||||||||||||||||||||||
Benefit from (provision for) income taxes (a) | 263 | (1,730 | ) | (1,467 | ) | (1,526 | ) | 313 | (1,213 | ) | |||||||||||||||||||||||||
Income from continuing operations before gain on sale of real estate, net of tax | 61,023 | (1,520 | ) | 59,503 | 65,894 | 1,185 | 67,079 | ||||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||||||||||
Income from operations of discontinued properties, net of tax | 483 | — | 483 | 1,183 | — | 1,183 | |||||||||||||||||||||||||||||
Gain on sale of real estate, net of tax | 7,987 | — | 7,987 | 740 | — | 740 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt, net of tax | (983 | ) | — | (983 | ) | — | — | — | |||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 7,487 | — | 7,487 | 1,923 | — | 1,923 | |||||||||||||||||||||||||||||
Gain on sale of real estate, net of tax | 659 | — | 659 | 1,092 | — | 1,092 | |||||||||||||||||||||||||||||
Net Income | 69,169 | (1,520 | ) | 67,649 | 68,909 | 1,185 | 70,094 | ||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (29,305 | ) | 370 | (28,935 | ) | (26,542 | ) | 44 | (26,498 | ) | |||||||||||||||||||||||||
Net Income Attributable to CPA®:17 – Global | $ | 39,864 | $ | (1,150 | ) | $ | 38,714 | $ | 42,367 | $ | 1,229 | $ | 43,596 | ||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to CPA®:17 – Global | $ | 0.11 | $ | (0.01 | ) | $ | 0.1 | $ | 0.16 | $ | — | $ | 0.16 | ||||||||||||||||||||||
Income from discontinued operations attributable to CPA®:17 – Global | 0.02 | — | 0.02 | 0.01 | — | 0.01 | |||||||||||||||||||||||||||||
Net income attributable to CPA®:17 – Global | $ | 0.13 | $ | (0.01 | ) | $ | 0.12 | $ | 0.17 | $ | — | $ | 0.17 | ||||||||||||||||||||||
Weighted-Average Shares Outstanding | 313,010,828 | 313,010,828 | 249,283,354 | 249,283,354 | |||||||||||||||||||||||||||||||
Amounts Attributable to CPA®:17 – Global | |||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax | $ | 32,377 | $ | (1,150 | ) | $ | 31,227 | $ | 40,444 | $ | 1,229 | $ | 41,673 | ||||||||||||||||||||||
Income from discontinued operations, net of tax | 7,487 | — | 7,487 | 1,923 | — | 1,923 | |||||||||||||||||||||||||||||
Net income attributable to CPA®:17 – Global | $ | 39,864 | $ | (1,150 | ) | $ | 38,714 | $ | 42,367 | $ | 1,229 | $ | 43,596 | ||||||||||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
As Reported | Revisions | As Revised | As Reported | Revisions | As Revised | ||||||||||||||||||||||||||||||
Net Income (a) | $ | 69,169 | $ | (1,520 | ) | $ | 67,649 | $ | 68,909 | $ | 1,185 | $ | 70,094 | ||||||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 29,884 | (4,142 | ) | 25,742 | 13,515 | (1,699 | ) | 11,816 | |||||||||||||||||||||||||||
Change in net unrealized gain (loss) on derivative instruments | 831 | 2,237 | 3,068 | (16,758 | ) | 1,014 | (15,744 | ) | |||||||||||||||||||||||||||
Change in unrealized gain on marketable securities | 94 | — | 94 | 1,035 | — | 1,035 | |||||||||||||||||||||||||||||
30,809 | (1,905 | ) | 28,904 | (2,208 | ) | (685 | ) | (2,893 | ) | ||||||||||||||||||||||||||
Comprehensive Income | 99,978 | (3,425 | ) | 96,553 | 66,701 | 500 | 67,201 | ||||||||||||||||||||||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||||||||||||||||||||||||||
Net income | (29,305 | ) | 370 | (28,935 | ) | (26,542 | ) | 44 | (26,498 | ) | |||||||||||||||||||||||||
Foreign currency translation adjustments | (183 | ) | (29 | ) | (212 | ) | (192 | ) | 1 | (191 | ) | ||||||||||||||||||||||||
Change in net unrealized gain on derivative instruments | (535 | ) | — | (535 | ) | (365 | ) | — | (365 | ) | |||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (30,023 | ) | 341 | (29,682 | ) | (27,099 | ) | 45 | (27,054 | ) | |||||||||||||||||||||||||
Comprehensive Income Attributable to CPA®:17 – Global | $ | 69,955 | $ | (3,084 | ) | $ | 66,871 | $ | 39,602 | $ | 545 | $ | 40,147 | ||||||||||||||||||||||
Consolidated Statement of Equity | |||||||||||||||||||||||||||||||||||
CPA®:17 – Global | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | Total | Common | Additional | Distributions | Accumulated | Treasury | Total | Noncontrolling | Total | ||||||||||||||||||||||||||
Outstanding | Stock | Paid-In | in Excess of | Other | Stock | CPA®:17 | Interests | ||||||||||||||||||||||||||||
Shares | Capital | Accumulated | Comprehensive | – Global | |||||||||||||||||||||||||||||||
Earnings (a) | Loss | Stockholders | |||||||||||||||||||||||||||||||||
As Reported | 206,148,818 | $ | 208 | $ | 1,863,227 | $ | (156,549 | ) | $ | (32,601 | ) | $ | (17,104 | ) | $ | 1,657,181 | $ | 70,791 | $ | 1,727,972 | |||||||||||||||
Revisions | — | — | — | 8,515 | (5,549 | ) | — | 2,966 | 386 | 3,352 | |||||||||||||||||||||||||
As Revised | 206,148,818 | $ | 208 | $ | 1,863,227 | $ | (148,034 | ) | $ | (38,150 | ) | $ | (17,104 | ) | $ | 1,660,147 | $ | 71,177 | $ | 1,731,324 | |||||||||||||||
__________ | |||||||||||||||||||||||||||||||||||
(a) | Certain amounts previously reported also reflect changes to prior period amounts related to the change in accounting for our investment in BG LLH, LLC, as more fully described in Note 3. | ||||||||||||||||||||||||||||||||||
Description of the Errors and Revisions | |||||||||||||||||||||||||||||||||||
In the fourth quarter of 2014, we identified an error in the consolidated financial statements related to the accounting for foreign currency matters (Note 17). We identified that one of our consolidated subsidiary’s functional currency had been incorrectly designated as the euro instead of the U.S. dollar since the subsidiary was formed in 2009. As a result, the applicable financial results of this entity were being translated when they should have been remeasured. The correction of this error resulted in the recognition of foreign currency gains within the consolidated statements of income, specifically within Other income and (expenses), instead of as foreign currency translation adjustments within the consolidated statements of comprehensive income. We concluded that these revision adjustments, summarized in the tables below, were not material to our financial position or results of operations for the current period or any of the prior periods and revised the prior periods presented herein to reflect the correction of this error. | |||||||||||||||||||||||||||||||||||
In connection with the error identified above, we also made adjustments to reflect the correction of other out-of-period adjustments identified during 2014, 2013, 2013, 2012, and 2011 to record these adjustments in the applicable prior periods. We concluded that none of the following revision adjustments were material to our financial position or results of operations for any of the periods presented (in thousands): | |||||||||||||||||||||||||||||||||||
Increase (Decrease) in: | |||||||||||||||||||||||||||||||||||
Total Assets at December 31, 2013 | Total Liabilities at December 31, 2013 | Total Equity at December 31, 2013 | |||||||||||||||||||||||||||||||||
Foreign currency matters (a) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Derivative instrument reclassification (b) | — | — | — | ||||||||||||||||||||||||||||||||
Deferred income taxes (c) | (3,240 | ) | (3,666 | ) | 426 | ||||||||||||||||||||||||||||||
Other (d) | — | — | — | ||||||||||||||||||||||||||||||||
Increase (Decrease) in: | |||||||||||||||||||||||||||||||||||
Net Income | Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Foreign currency matters (a) | $ | 1,919 | $ | 678 | $ | (1,919 | ) | $ | (678 | ) | |||||||||||||||||||||||||
Derivative instrument reclassification (b) | — | — | — | — | |||||||||||||||||||||||||||||||
Deferred income taxes (c) | (3,052 | ) | 918 | 48 | 27 | ||||||||||||||||||||||||||||||
Other (d) | (387 | ) | (411 | ) | (34 | ) | (34 | ) | |||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||
(a) | Foreign currency matters are discussed above. | ||||||||||||||||||||||||||||||||||
(b) | In 2014, we identified a classification error on one of our derivative instruments. Accordingly, we reclassified its associated mark-to-market adjustments during 2013 and 2012, respectively, from Change in net unrealized gain (loss) on derivative instruments to Foreign currency translation adjustments within the consolidated statements of equity and comprehensive income. | ||||||||||||||||||||||||||||||||||
(c) | These combined adjustments relate to the following matters involving deferred income taxes: In the first quarter of 2014, we changed the accounting related to deferred foreign income taxes for one of our equity investments in real estate and we identified an additional tax-paying entity related to another of our equity investments in real estate. 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 acquisition of 15 properties acquired during 2008 through 2012. Certain related deferred tax assets with corresponding full valuation allowances were part of this revision adjustment. These revisions also resulted in a (decrease)/increase of net cash provided by operating activities and a corresponding (increase) decrease of net cash used in investing activities of $(1.6) million and $0.7 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
(d) | These combined adjustments relate to various other matters: In 2012, we identified errors in the consolidated financial statements primarily attributable to the misapplication of guidance in accounting for and clerical errors related to one of our equity investments in real estate and we identified an error in the consolidated financial statements related to accounting for Net investments in real estate for one of our investments. In 2011, we identified several errors in the consolidated financial statements related to 2008 through 2010, primarily attributable to the misapplication of guidance in accounting for and clerical errors related to amendments and adjustments to direct financing leases and the capitalization of maintenance costs. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
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. Significant judgment is required to determine whether a VIE should be consolidated. | |
We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of 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 (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) 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 an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement required for consolidation. Accordingly, we account for this investment 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 this investment. | |
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. At December 31, 2014, none of our equity investments had carrying values below zero. | |
We previously determined that the I Shops LLC investment was a VIE and that we were its primary beneficiary. In April 2014, we deconsolidated a portion of the investment (Note 5). | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Changes to Prior Period Amounts | |
In accordance with the accounting guidance for equity method investments under Accounting Standards Codification 323-10-35-33, Increase in Level of Ownership or Degree of Influence, during 2014 we assessed our accounting for our investment in BG LLH, LLC, one of our cost method investments, because we acquired additional voting stock in the investment during 2014. Our investment in BG LLH, LLC then qualified for use of the equity method and, accordingly, we adopted the equity method of accounting. In accordance with Accounting Standards Codification 323-10-35-33, we have adjusted our financial statements retrospectively as if the equity method of accounting had been in effect during all previous periods in which the investment was held. The impact of this change was an increase to Equity in earnings of equity method investments in real estate for the years ended December 31, 2012 and 2011 of $1.4 million and $1.0 million, respectively, and an increase to Provision for income taxes for the years ended December 31, 2012 and 2011 of $0.6 million and $0.5 million, respectively, for which the cumulative effect on retained earnings at January 1, 2012 was $0.5 million. The impact of this change on the results of operations for 2013 was inconsequential. | |
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 capitalize acquisition-related costs and fees associated with asset acquisitions. 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. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the value of in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison, or market, approach. Buildings are valued, as if vacant, using the cost and/or income approach. 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 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. 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, we include the value of the exercise of such purchase option or long-term renewal options in its determination of residual value. | |
For self-storage assets, the hypothetical sales price is derived by capitalizing the estimated net operating income at the end of the expected holding period. Estimated net operating income factors in the gross potential revenue of the business less economic vacancy rates and expected operational expenses. 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. See Revenue Recognition and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired, including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period that includes renewal options that have rental rates below estimated market rental rates. We amortize the above-market lease intangible value as a reduction of rental income over the estimated market lease term. We amortize the below-market lease intangible value as an increase to rental income over the initial term and any below-market renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities, net in the consolidated financial statements. We include the amortization of below-market ground lease intangibles in Property expenses in the consolidated financial statements. We include the amortization of above-market ground lease intangibles in Depreciation and amortization in the consolidated financial statements. | |
The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs, as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvement allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to lease revenues, and in-place lease values to amortization expense. | |
When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity, and the current interest rate. | |
Goodwill | |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to our sole Real Estate reporting unit. In the event we dispose of a property that constitutes a business under GAAP, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction. | |
Real Estate and Operating Real Estate | |
We carry land, 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 (e.g. 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 6). 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 7). 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 cost to sell). On January 1, 2014 we adopted Accounting Standards Update, or ASU, 2014-08 and, other than the properties classified as held for sale prior to adoption, no other sales qualify as discontinued operations. | |
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. Our note receivable is included in Other assets, net in the consolidated financial statements. | |
Allowance for Doubtful Accounts | |
We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, 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 debentures, that were designated as securities held to maturity on the date of acquisition, in accordance with current accounting guidance. We carry these securities 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 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, net in the consolidated financial statements. We include derivative instruments, amounts held on behalf of tenants, and deferred revenue in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. 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 generally 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 4). | |
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 in our Operating Partnership as a noncontrolling interest (Note 4). The special general partner interest in our Operating Partnership 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 our offering periods, 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 4). 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 lease basis whereby the tenant is generally responsible for 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. For the years ended December 31, 2014, 2013, and 2012, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $22.2 million, $23.2 million, and $14.1 million, respectively. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. | |
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 5). | |
Direct financing method — We record leases accounted for under the direct financing method as a net investment (Note 6). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
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 rate, 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 company 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 estimated useful life. | |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, 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 debt securities and goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets held for investment, and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as broker quotes or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. | |
If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. | |
Assets Held for Sale | |
We classify real estate assets that are accounted for as 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. | |
When we classify an asset as held for sale, we compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value (less estimated cost to sell) is less than the property’s carrying value, we reduce the carrying value to the fair value (less estimated cost to sell). We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. | |
Direct Financing Leases | |
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. | |
When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether it is probable that the disposition will occur. If we determine that the disposition is probable, we assess the carrying amount for recoverability and, if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair 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 impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate 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 investments in direct financing leases) have fair values that generally approximate their carrying values. | |
Goodwill | |
We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, which could impact our goodwill impairment calculations. | |
The goodwill impairment test is a three-step test. Step zero is a qualitative analysis whereas steps one and two are quantitative. If step zero is not considered, the first step is to identify whether the value of the recorded goodwill is impaired. If it is determined that goodwill is impaired, the second step seeks to measure the amount of impairment. | |
We applied step zero to our analysis. In this step, qualitative factors are assessed to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. In this step, the macroeconomic environment in which the reporting unit operates is analyzed for any significant changes, such as deterioration in a market in which we operate or deterioration in overall financial performance, such as declining cash flows. Also, entity-specific changes are analyzed, such as changes in management, strategy, or composition of reporting unit. If, after assessing the overall macroeconomic environment, it is unlikely that the fair value is less than the carrying value, steps one and two do not need to be performed. | |
Debt Securities | |
We have investments in debt securities that are designated as securities held to maturity. On a quarterly basis, we evaluate our debt securities to determine if they have experienced an other-than temporary decline in value. If the market value of the debt security 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. Additionally, we consider the significance of the decline and other factors contributing to the decline, such as delinquency, expected credit losses, the length of time that the fair market value has been below cost, and expected market conditions (including volatility), in our analysis of whether a decline is other than temporary. | |
We do not intend to sell our debt securities 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. However, if we determine that an other-than-temporary impairment has occurred, we calculate the total impairment charge as the difference between the carrying value of our debt securities 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 debt securities as compared with the changes in spreads on the debt 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 a separate component of other comprehensive loss in equity. 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 in earnings. | |
Following recognition of the other-than-temporary impairment, the difference between the new cost basis of the debt securities and cash flows expected to be collected is accreted to Other interest income over the remaining expected lives of the securities. | |
Foreign Currency | |
Translation | |
We have interests in real estate investments in Europe, for which the functional currency is the euro, the British pound sterling, or the Norwegian krone, and in Asia, for which the functional currency is the Japanese yen or the Indian rupee. We perform the translation from the euro, the British pound sterling, the Norwegian krone, the Japanese yen, or the Indian rupee 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 year. 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 will generally be included in net income for the period in which the transaction is settled. Also, intercompany foreign currency 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), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity. | |
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, 2014, 2013, and 2012, we recognized net realized (losses) gains on such transactions of $(2.9) million, $3.5 million, and $1.5 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 (loss) income 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) income 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 (loss) income into earnings when the hedged investment is either sold or substantially liquidated. | |
We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, 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. | |
We conduct business in various states and municipalities within the United States, 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. | |
Deferred income taxes are recorded for the corporate subsidiary TRSs and for the foreign taxes in those respective jurisdictions based on earnings reported. The current 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. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 14). | |
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 foreign properties, 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 carryforwards 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 subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 14). In addition, deferred tax assets arise from unutilized tax net operating losses generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). | |
Earnings Per Share | |
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 ASUs promulgated by the Financial Accounting Standards Board are applicable to us: | |
ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to sales of real estate, reimbursed tenant costs, and revenues generated from our operating properties. Additionally, this guidance modifies disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective beginning in 2017 and early adoption is not permitted. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pre-tax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business, we sell properties, which, under prior accounting guidance, we generally reported as discontinued operations; however, under ASU 2014-08 such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for all dispositions after December 31, 2013. Consequently, individually-significant properties that were sold during 2014 were not reclassified to discontinued operations in the consolidated statements of income, but are disclosed in Note 15 to the consolidated financial statements. By contrast, and as required by the new guidance, the consolidated statements of income for the prior year periods reflect all dispositions through December 31, 2013 as discontinued operations, which were deemed discontinued operations under the prior accounting guidance. | |
ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward as a reduction to a deferred tax asset, except in certain situations. To the extent that the net operating loss carryforward, similar tax loss, or tax credit carryforward is not available as of the reporting date under the governing tax law to settle any additional income taxes that would result from the disallowance of the tax position, or the governing tax law does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and should not net with a deferred tax asset. ASU 2013-11 became effective for us at the beginning of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial condition or results of operations. |
Agreements_and_Transactions_wi
Agreements and Transactions with Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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. The current advisory agreement is scheduled to expire on December 31, 2015 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 general and administrative duties performed on our behalf. | ||||||||||||
The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to the advisor and other affiliates in accordance with the advisory agreement and the operating partnership agreement (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Amounts Included in the Consolidated Statements of Income | ||||||||||||
Asset management fees | $ | 26,694 | $ | 21,953 | $ | 18,932 | ||||||
Available Cash Distribution | 20,427 | 16,899 | 14,620 | |||||||||
Personnel and overhead reimbursements | 10,741 | 9,243 | 5,205 | |||||||||
Acquisition expenses | 2,637 | 11,448 | 12,092 | |||||||||
Office rent reimbursements | 1,190 | 1,293 | 756 | |||||||||
Interest expense on deferred acquisition fees and loan from affiliate | 516 | 827 | 930 | |||||||||
$ | 62,205 | $ | 61,663 | $ | 52,535 | |||||||
Acquisition Fees Capitalized | ||||||||||||
Current acquisition fees | $ | 3,979 | $ | 4,777 | $ | 17,448 | ||||||
Deferred acquisition fees | 2,510 | 3,063 | 14,162 | |||||||||
$ | 6,489 | $ | 7,840 | $ | 31,610 | |||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Due to Affiliates | ||||||||||||
Deferred acquisition fees, including interest | $ | 9,394 | $ | 15,573 | ||||||||
Asset management fees payable | 2,283 | 1,972 | ||||||||||
Accounts payable | 527 | 2,200 | ||||||||||
Reimbursable costs | 228 | 264 | ||||||||||
Subordinated disposition fees | 202 | 202 | ||||||||||
$ | 12,634 | $ | 20,211 | |||||||||
Acquisition and Disposition 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 are 4.5% of the total cost of those investments and are comprised of a current portion of 2.5%, typically paid upon acquisition, and a portion of 2%, typically paid over three years and subject to the 5% preferred return described above. For certain types of investments that are not considered 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 payment being deferred. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the consolidated financial statements. Unpaid installments of deferred acquisition fees bear interest at an annual rate of 5%. | ||||||||||||
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. For the periods presented, the asset management fees were payable in cash or shares of our common stock at the option of the advisor, after consultation with the advisor. Starting in 2015, the asset management fees are payable in cash or shares of our common stock at our option, upon the recommendation of the advisor. If the advisor receives 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 net asset value per share, which was $9.72 as of December 31, 2014. For 2014, 2013, and 2012, the advisor received its asset management fees in shares of our common stock, which vest over a period of three years. At December 31, 2014, the advisor owned 8,791,517 shares (2.7%) of our common stock. We also distribute to the advisor, depending on the type of investments we own, up to 10% of available cash of the Operating Partnership, referred to as the Available Cash Distribution, 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, CPA®:16 – Global, and CPA®:18 – Global, and to CWI based on time incurred by its personnel. Prior to that date, these costs were allocated on the basis of time charges incurred by the advisor’s personnel on behalf of us, CPA®:15, CPA®:16 – Global, and CWI. CPA®:15 merged with WPC on September 28, 2012. CPA®:16 – Global merged with WPC on January 31, 2014. | ||||||||||||
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 overhead 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 distribution reinvestment and stock purchase plan, consistent with applicable regulatory requirements. Under the terms of a dealer manager agreement between Carey Financial, a wholly-owned subsidiary of the 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 Financial Industry Regulatory Authority, Inc., the regulator for broker-dealers like Carey Financial, 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. | ||||||||||||
Jointly-Owned Investments and Other Transactions with Affiliates | ||||||||||||
At December 31, 2014, we owned interests ranging from 7% 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. | ||||||||||||
During 2014 and 2013, we entered into the following investments with our affiliate, CPA®:18 – Global, which we account for under the equity method of accounting (Note 7): | ||||||||||||
• | $108.3 million, of which our share was $53.1 million, or 49%, for an office facility in Stavanger, Norway on October 31, 2014; | |||||||||||
• | $147.9 million, of which our share was $74.0 million, or 50%, for an office facility in Warsaw, Poland on March 31, 2014; | |||||||||||
• | $97.0 million, of which our share was $19.4 million, or 20%, for a portfolio of five retail facilities in Croatia on December 18, 2013; and | |||||||||||
• | $115.6 million, of which our share was $57.8 million, or 50%, for an office facility in Austin, Texas on August 20, 2013. | |||||||||||
CPA®:18 – Global consolidates all of the above joint ventures because it is either the majority equity holder and/or controls the significant activities of the ventures. |
Net_Investments_in_Properties_
Net Investments in Properties and Real Estate Under Construction | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Land | $ | 513,172 | $ | 553,389 | ||||
Buildings | 1,883,543 | 1,848,926 | ||||||
Less: Accumulated depreciation | (175,478 | ) | (129,051 | ) | ||||
$ | 2,221,237 | $ | 2,273,264 | |||||
The impact on the carrying value of our Real estate due to the strengthening of the U.S. dollar relative to foreign currencies during 2014 was a $116.0 million decrease from December 31, 2013 to December 31, 2014. | ||||||||
Acquisitions of Real Estate During 2014 | ||||||||
During 2014, we entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and then entered into new leases in connection with these acquisitions, at a total cost of $40.7 million, including net lease intangibles of $8.4 million (Note 8) and acquisition-related costs and fees of $3.6 million, which were capitalized: | ||||||||
• | $4.4 million for an industrial facility in New Concord, Ohio on April 21, 2014; | |||||||
• | $12.5 million for an office facility in Krakow, Poland on September 9, 2014; and | |||||||
• | $23.8 million for a retail facility in Gelsenkirchen, Germany on October 13, 2014. | |||||||
We also entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $37.7 million, including land of $5.0 million, buildings of $26.8 million, net lease intangibles of $6.6 million (Note 8), and a purchase option of $0.6 million to acquire an office facility adjacent to one of the properties we purchased: | ||||||||
• | $19.0 million for an office facility and an adjacent plot of land in Tucson, Arizona on February 7, 2014. We also assumed a non-recourse mortgage loan of $10.3 million (Note 11); and | |||||||
• | $18.7 million for an office facility in Plymouth, Minnesota on December 9, 2014. This amount excludes a tenant improvement allowance of $7.3 million and a lease inducement of $2.0 million that we provided to the tenant. | |||||||
In connection with these investments, we expensed acquisition-related costs and fees totaling $4.7 million, which are included in Acquisition expenses in the consolidated financial statements. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable. | ||||||||
During the year ended December 31, 2014, we funded an additional $83.0 million for build-to-suit projects that were placed into service and $3.6 million for building improvements with existing tenants. | ||||||||
Acquisitions of Real Estate During 2013 | ||||||||
During 2013, we entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and then entered into new leases in connection with the acquisitions, at a total cost of $44.4 million, including net lease intangibles of $8.1 million and acquisition-related costs and fees of $2.2 million, which were capitalized: | ||||||||
• | $18.2 million for two parcels of land, which were then leased to a provider of private school education that intends to construct two buildings on the site in Chicago, Illinois on April 18, 2013; | |||||||
• | $15.3 million for an automotive dealership in Lewisville, Texas on August 26, 2013; and | |||||||
• | $10.9 million for a manufacturing and office facility in Portage, Wisconsin on January 25, 2013. | |||||||
We also entered into the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, at a total cost of $234.6 million, including land of $29.7 million, buildings of $157.7 million, and net lease intangibles of $48.8 million: | ||||||||
• | $78.1 million for a logistics facility in Gadki, Poland on July 16, 2013; | |||||||
• | $38.6 million for an R&D/office facility in Wageningen, Netherlands on July 12, 2013; | |||||||
• | $26.6 million for an office headquarters facility in Haibach, Germany on October 31, 2013; | |||||||
• | $41.7 million for an office facility in Houston, Texas on December 19, 2013; | |||||||
• | $17.0 million for an office headquarters facility in Tempe, Arizona on December 30, 2013; | |||||||
• | $15.7 million for an entertainment complex in Dallas, Texas on February 20, 2013; | |||||||
• | $9.0 million for an office facility in Auburn Hills, Michigan on October 22, 2013; and | |||||||
• | $7.9 million for a building with a ground lease in Northbrook, Illinois on May 29, 2013. | |||||||
In connection with these investments, we expensed acquisition-related costs and fees totaling $15.1 million, which are included in Acquisition expenses in the consolidated financial statements. Dollar amounts are based on the exchange rates of the foreign currencies on the dates of acquisitions, as applicable. | ||||||||
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 $9.0 million for building improvements with existing tenants. | ||||||||
We updated our purchase price allocation during the first quarter of 2014 for our investment located in Tempe, Arizona that was acquired during the three months ended December 31, 2013, and recorded measurement period adjustments of $1.6 million, $1.8 million, and $3.4 million to increase buildings, intangible assets, and intangible liabilities, respectively. | ||||||||
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, 2014 are as follows (in thousands): | ||||||||
Years Ending December 31, | Total | |||||||
2015 | $ | 235,870 | ||||||
2016 | 236,073 | |||||||
2017 | 236,586 | |||||||
2018 | 238,773 | |||||||
2019 | 240,863 | |||||||
Thereafter | 2,527,908 | |||||||
Total | $ | 3,716,073 | ||||||
Operating Real Estate | ||||||||
At December 31, 2014, Operating real estate consisted of our self-storage operations. At December 31, 2013, Operating real estate consisted of our self-storage operations and a hotel. Below is a summary of our Operating real estate (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 66,066 | $ | 66,066 | ||||
Buildings | 206,793 | 217,304 | ||||||
Less: Accumulated depreciation | (22,217 | ) | (15,354 | ) | ||||
$ | 250,642 | $ | 268,016 | |||||
Acquisitions of Operating Real Estate | ||||||||
We did not acquire any operating properties during 2014. | ||||||||
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 intangibles of $4.2 million. As these acquisitions were deemed to be business combinations, we expensed the acquisition-related costs and fees of $0.6 million, which are included in Acquisition expenses in the consolidated financial statements. | ||||||||
During 2013, we sold a hotel property (Note 15). | ||||||||
Partial Sale | ||||||||
On December 1, 2011, we entered into a contract with I Shops LLC, a real estate developer, to finance the renovation of a hotel and construction of a shopping center in Orlando, Florida. Additionally, as a condition to providing the construction loan, we entered into a contract with the developer that granted us the option to acquire a 15% equity interest in the parent company that owns I Shops LLC. However, we decided not to exercise the equity option and it expired subsequent to December 31, 2014. During 2011, we consolidated I Shops LLC, which held title to the property that secured our loan, because we had (i) control over the decisions that most significantly impacted the developer’s economic performance and (ii) the obligation to absorb losses and right to receive benefits from I Shops LLC. The property included an operating hotel and vacant land. We had accounted for the construction loan as Real estate under construction. During 2013 and 2014, the hotel renovation was completed and the shopping center was placed into service, respectively. We have an additional option to purchase two retail properties located within the shopping center from I Shops LLC, but as of December 31, 2014 we had not exercised this option. | ||||||||
On April 24, 2014, the developer repaid $68.3 million of the outstanding $84.6 million loan balance. The remaining balance of the loan was related to the two retail properties that had been under construction. Upon this substantial repayment of the loan, the I Shops LLC investment no longer met the criteria for consolidation and was deconsolidated, with the exception of the two construction-in-progress retail properties. When construction is completed, we plan to exercise our purchase option for these properties concurrently with the repayment of the outstanding loan balance. These transactions, which we refer to as the I Shops Partial Sale, were accounted for as a partial sale resulting in a reduction in assets of $55.4 million, of which $27.9 million was included in Real estate, at cost; $25.8 million was included in Operating real estate; and $4.8 million was reclassified from Real estate, at cost, to Real estate under construction. We had recognized a gain on disposition of real estate of $12.5 million associated with the completed hotel and the portions of the shopping center that had been transferred to the developer. In accordance with ASU 2014-08, the results of operations for assets related to the I Shops Partial Sale are included in continuing operations in the consolidated financial statements. | ||||||||
In September 2014, the two retail properties were placed into service. As of December 31, 2014, construction of the properties was not yet completed and the remaining loan balance was still outstanding. | ||||||||
Real Estate Under Construction | ||||||||
The following table provides the activity of our Real estate under construction (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 127,935 | $ | 71,285 | ||||
Capitalized funds | 74,420 | 90,007 | ||||||
Placed into service | (96,807 | ) | (42,225 | ) | ||||
Capitalized interest | 6,661 | 5,208 | ||||||
Foreign currency translation adjustments, building improvements, and other | (1,226 | ) | 3,660 | |||||
Ending balance | $ | 110,983 | $ | 127,935 | ||||
Capitalized Funds | ||||||||
During 2014, total capitalized funds were primarily comprised of $59.7 million in construction draws related to five existing build-to-suit projects, $9.9 million for the initial funding of two new build-to-suit projects, and $4.8 million that was reclassified to Real estate under construction from Real estate, at cost as a result of the I Shops Partial Sale. This reclassification was made to account for the two retail properties that we have an option to purchase from I Shops LLC, which we had not exercised as of December 31, 2014. See discussion above under Partial Sale. The amount capitalized also included acquisition-related costs and fees of $1.6 million related to the two new build-to-suit projects. Additionally, of the total capitalized funds, $1.0 million was unpaid and has been included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements at December 31, 2014. | ||||||||
During 2013, costs attributable to five build-to-suit projects comprised the balance of Real estate under construction, including capitalized acquisition-related costs and fees of $2.3 million. | ||||||||
Placed into Service | ||||||||
During 2014, we placed four build-to-suit projects into service, of which three were completed and one was partially-completed, in the amount of $96.8 million. Of the total, $81.9 million was reclassified to Real estate, at cost and $14.9 million was reclassified to Operating real estate, at cost, which was subsequently deconsolidated as a result of the I Shops Partial Sale. See discussion above under Partial Sale. | ||||||||
During 2013, we placed three build-to-suit projects into service, of which two were completed and one was partially-completed, in the amount of $42.2 million. Of the total, $26.1 million was reclassified to Real estate, at cost and $12.6 million was reclassified to Operating real estate, at cost. The remaining $3.5 million was related to improvements on an existing building that was reclassified to Real estate, at cost at December 31, 2013. | ||||||||
Capitalized Interest | ||||||||
Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest costs incurred during construction, totaling $6.7 million and $5.2 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||
Ending Balance | ||||||||
At December 31, 2014, we had two open build-to-suit projects. At December 31, 2013, we had three open build-to-suit projects. The aggregate unfunded commitment on the remaining open projects totaled approximately $12.5 million and $46.7 million at December 31, 2014 and 2013, 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 in the consolidated financial statements (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 22,076 | $ | 19,194 | ||||
Additions | — | 1,619 | ||||||
Accretion expense (a) | 1,233 | 1,203 | ||||||
Foreign currency translation adjustments and other | (38 | ) | 60 | |||||
Ending balance | $ | 23,271 | $ | 22,076 | ||||
__________ | ||||||||
(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, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Finance Receivables | Finance Receivables | ||||||||||||
Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases and Note receivable. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. | |||||||||||||
Net Investments in Direct Financing Leases | |||||||||||||
Net investments in direct financing leases is summarized as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Minimum lease payments receivable | $ | 726,054 | $ | 774,876 | |||||||||
Unguaranteed residual value | 466,170 | 468,548 | |||||||||||
1,192,224 | 1,243,424 | ||||||||||||
Less: unearned income | (712,799 | ) | (763,508 | ) | |||||||||
$ | 479,425 | $ | 479,916 | ||||||||||
At December 31, 2014 and 2013, Other assets, net included $0.6 million and $0.8 million, respectively, of accounts receivable related to amounts billed under our direct financing leases. | |||||||||||||
On April 21, 2014, we entered into a net lease financing transaction for a manufacturing facility in Bluffton, Indiana for $3.7 million, including capitalized acquisition-related costs and fees of $0.3 million. | |||||||||||||
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, 2014 are as follows (in thousands): | |||||||||||||
Years Ending December 31, | Total | ||||||||||||
2015 | $ | 52,449 | |||||||||||
2016 | 52,888 | ||||||||||||
2017 | 53,318 | ||||||||||||
2018 (a) | 288,142 | ||||||||||||
2019 | 26,232 | ||||||||||||
Thereafter | 253,025 | ||||||||||||
Total | $ | 726,054 | |||||||||||
___________ | |||||||||||||
(a) | Includes $250.0 million for a purchase option that a tenant, The New York Times Company, may exercise to acquire the property it leases from us. | ||||||||||||
Note Receivable | |||||||||||||
On December 14, 2010, we provided financing of $40.0 million to China Alliance Properties Limited, a subsidiary of Shanghai Forte Land Co., Ltd. The financing was provided through a collateralized loan that is guaranteed by Shanghai Forte Land Co., Ltd.’s parent company, Fosun International Limited, and has an interest rate of 11% and matures on December 14, 2015. At both December 31, 2014 and 2013, the balance of the note receivable was $40.0 million. Our Note receivable is included in Other assets, net in the consolidated financial statements. | |||||||||||||
Credit Quality of Finance Receivables | |||||||||||||
We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. At both December 31, 2014 and 2013, 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, 2014 and 2013. 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 2014. | |||||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Tenants / Obligors at December 31, | Carrying Value at December 31, | ||||||||||||
Internal Credit Quality Indicator | 2014 | 2013 | 2014 | 2013 | |||||||||
1 | — | — | $ | — | $ | — | |||||||
2 | 1 | 1 | 2,259 | 2,250 | |||||||||
3 | 9 | 8 | 429,245 | 430,713 | |||||||||
4 | 3 | 3 | 87,921 | 86,953 | |||||||||
5 | — | — | — | — | |||||||||
$ | 519,425 | $ | 519,916 | ||||||||||
Equity_Investments_in_Real_Est
Equity Investments in Real Estate | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Investments in Real Estate | Equity Investments in Real Estate | ||||||||||||
We own equity interests in 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 as the characteristics of the arrangement with the third-party developers are more similar to a jointly-owned investment or partnership than a loan (Note 3). | |||||||||||||
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/Equity Investee | Co-owner | at December 31, 2014 | 2014 | 2013 | |||||||||
Shelborne Property Associates, LLC (a) | Third Party | 33% | $ | 152,801 | $ | 129,575 | |||||||
C1000 Logistiek Vastgoed B.V. (b) (c) (d) | WPC | 85% | 71,130 | 84,596 | |||||||||
BG LLH, LLC (e) | Third Party | 7% | 42,587 | 2,410 | |||||||||
U-Haul Moving Partners, Inc. and Mercury Partners, LP | WPC | 12% | 41,028 | 43,051 | |||||||||
BPS Nevada, LLC (f) | Third Party | 15% | 40,032 | 23,278 | |||||||||
Bank Pekao S.A. (b) (f) | CPA®:18 – Global | 50% | 31,045 | — | |||||||||
IDL Wheel Tenant, LLC (g) | Third Party | N/A | 30,049 | 6,017 | |||||||||
State Farm (h) | CPA®:18 – Global | 50% | 20,414 | 20,913 | |||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC (d) (i) | Third Party | 45% | 20,147 | 23,907 | |||||||||
Apply Sørco AS (b) (f) | CPA®:18 – Global | 49% | 19,076 | — | |||||||||
Berry Plastics Corporation | WPC | 50% | 16,632 | 17,659 | |||||||||
Tesco plc (b) | WPC | 49% | 14,194 | 17,965 | |||||||||
Hellweg 2 (b) (d) | WPC | 37% | 9,935 | 12,978 | |||||||||
Agrokor 5 (b) (h) | CPA®:18 – Global | 20% | 8,760 | 19,217 | |||||||||
Eroski Sociedad Cooperativa – Mallorca (b) (j) | WPC | 30% | 7,662 | 9,639 | |||||||||
Dick’s Sporting Goods, Inc. | WPC | 45% | 5,508 | 4,646 | |||||||||
$ | 531,000 | $ | 415,851 | ||||||||||
___________ | |||||||||||||
(a) | Represents a domestic ADC Arrangement. We consider this investment a VIE. We provided funding of $18.0 million to this investment during the year ended December 31, 2014. At December 31, 2014, the unfunded balance on the loan related to this investment was $3.6 million. Additionally, during the first quarter of 2014, capital contributions were made by our partners that resulted in income attributed to us of $6.5 million based upon the hypothetical liquidation at book value method of accounting. This income was offset during the year with our share of losses incurred by the lessee during the second, third, and fourth quarters of 2014. | ||||||||||||
(b) | The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the applicable foreign currency. | ||||||||||||
(c) | 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 $82.7 million and $95.6 million at December 31, 2014 and 2013, respectively. Of these amounts, $70.3 million and $81.3 million represent the amounts we agreed to pay and are included within the carrying value of this investment at December 31, 2014 and 2013, respectively. | ||||||||||||
(d) | The decrease in carrying value is primarily due to distributions made to us. | ||||||||||||
(e) | See Conversion to Equity Investment below. | ||||||||||||
(f) | See Acquisitions of Equity Investments During 2014 below. | ||||||||||||
(g) | Represents a domestic ADC Arrangement. We consider this investment a VIE. We provided funding of $22.9 million to this investment and capitalized $1.1 million of interest related to the investment during the year ended December 31, 2014. At December 31, 2014, the unfunded balance on the loan related to this investment was $19.3 million. | ||||||||||||
(h) | See Acquisitions of Equity Investments During 2013 below. | ||||||||||||
(i) | 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. | ||||||||||||
(j) | In December 2014, we recognized an other-than-temporary impairment charge of $0.8 million on this investment (Note 9). | ||||||||||||
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, | |||||||||||||
2014 | 2013 | ||||||||||||
Real estate assets | $ | 1,494,621 | $ | 1,360,072 | |||||||||
Other assets | 355,783 | 346,335 | |||||||||||
Total assets | 1,850,404 | 1,706,407 | |||||||||||
Debt | (858,410 | ) | (776,467 | ) | |||||||||
Accounts payable, accrued expenses and other liabilities | (100,844 | ) | (92,119 | ) | |||||||||
Total liabilities | (959,254 | ) | (868,586 | ) | |||||||||
Partners’/members’ equity | $ | 891,150 | $ | 837,821 | |||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 160,174 | $ | 132,760 | $ | 111,151 | |||||||
Expenses | (130,997 | ) | (135,339 | ) | (80,237 | ) | |||||||
Income (loss) from continuing operations | $ | 29,177 | $ | (2,579 | ) | $ | 30,914 | ||||||
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, 2014, 2013, and 2012 are based on balances and results of operations from BPS Nevada, LLC and Shelborne Property Associates, LLC as of and for the 12 months ended September 30, 2014, 2013, and 2012. | |||||||||||||
At September 30, 2014 and December 31, 2013, Lineage Logistics Holdings, LLC reported total assets of $2.2 billion and $645.7 million, respectively, total liabilities of $1.7 billion and $468.7 million, respectively, and members’ equity of $481.6 million and $177.0 million, respectively. For the nine months ended September 30, 2014 and and the years ended December 31, 2013 and 2012, Lineage Logistics Holdings, LLC reported revenues of $435.1 million, $335.5 million and $214.5 million, respectively, and income from continuing operations of $148.5 million, $12.5 million, and $21.9 million, respectively. These amounts are not reflected in the summarized investee financial information tables presented above. | |||||||||||||
We recognized equity in earnings of equity method investments in real estate of $24.1 million for the year ended December 31, 2014, equity in losses of equity method investments in real estate of $9.5 million for the year ended December 31, 2013, and equity in earnings of equity method investments in real estate of $9.8 million for the year ended December 31, 2012. For certain investments, earnings or losses of equity investments are based on the hypothetical liquidation at book value model as well as some depreciation and amortization adjustments related to basis differentials. Aggregate distributions from our interests in other unconsolidated real estate investments were $28.7 million, $18.1 million, and $31.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. At December 31, 2014 and 2013, the unamortized basis differences on our equity investments were $31.0 million and $25.9 million, respectively, excluding acquisition fees of $6.8 million and $6.0 million, respectively. Net amortization of the basis differences reduced the carrying values of our equity investments by $4.3 million, $3.9 million, and $3.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Acquisitions of Equity Investments During 2014 | |||||||||||||
On November 19, 2014, we acquired a preferred equity position in BPS Nevada, LLC, an entity in which we hold a 15% equity interest, for a total cost of $18.2 million, including acquisition-related costs and fees of $0.2 million. The preferred equity interest provides us with a preferred rate of return of 8%, 10%, and 12% during the first four months of the term, the next four months of the term, and thereafter, respectively, through November 19, 2019, the date on which the preferred equity interest is redeemable. Our equity interest and preferred equity position in BPS Nevada, LLC allow us to have significant influence over the entity. Accordingly, we account for this investment using the equity method of accounting. On February 2, 2015, we funded an additional $9.1 million, including acquisition-related costs and fees of $0.1 million, related to this investment. During the year ended December 31, 2014, we recognized $0.2 million of income related to this investment, which is included in Equity in earnings (losses) of equity method investments in real estate in the consolidated financial statements. | |||||||||||||
On October 31, 2014, we and CPA®:18 – Global acquired an office facility leased to Apply Sørco AS in Stavanger, Norway through a jointly-owned investment for a total cost of $108.3 million, including capitalized acquisition-related costs and fees totaling $5.7 million and a deferred tax liability of $12.5 million that was recorded because the investment was a share transaction. We acquired a 49% interest in this venture for $53.1 million and account for this investment under the equity method of accounting. In connection with this transaction, this jointly-owned investment issued privately-placed bonds of $53.3 million, of which our share is $26.1 million, which is included within the carrying value of this investment and is based on the exchange rate of the Norwegian krone on the date of acquisition. The bonds pay an annual coupon of 4.4% on October 30 and mature on October 31, 2021. | |||||||||||||
On March 31, 2014, we and CPA®:18 – Global acquired an office facility leased to Bank Pekao S.A. in Warsaw, Poland through a jointly-owned investment for a total cost of $147.9 million. Acquisition-related costs and fees totaling $8.4 million were expensed by the jointly-owned investment as this acquisition was deemed a business combination. We acquired a 50% interest in this venture for $74.0 million and account for this investment under the equity method of accounting. Our share of the acquisition expenses and value added taxes paid is included within the carrying value of the investment. On May 21, 2014, this jointly-owned investment obtained non-recourse mortgage financing of $73.1 million, of which our share is $36.6 million, which is included within the carrying value of this investment and is based on the exchange rate of the euro on that date. This mortgage loan bears a fixed annual interest rate of 3.3% and matures on March 10, 2021. | |||||||||||||
Acquisitions of Equity Investments During 2013 | |||||||||||||
On December 18, 2013, we and CPA®:18 – Global acquired a portfolio of five retail facilities, referred to as Agrokor 5, from Agrokor d.d. in Croatia through a jointly-owned investment for a total cost of $97.0 million, including 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. On February 25, 2014, this jointly-owned investment obtained non-recourse mortgage financing of $42.9 million, of which our share is $8.6 million, which is included within the carrying value of this investment and is based on the exchange rate of the euro on that date. This mortgage loan bears a fixed annual interest rate of 5.8% and matures on December 31, 2020. | |||||||||||||
On August 20, 2013, we and CPA®:18 – Global acquired an office facility from State Farm in Austin, Texas through a jointly-owned investment for a total cost of $115.6 million, including 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, this jointly-owned investment obtained non-recourse mortgage financing of $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 on September 10, 2023. | |||||||||||||
Conversion to Equity Investment | |||||||||||||
On April 7, 2014, we made a follow-on equity investment of $20.4 million, including acquisition-related costs and fees of $0.4 million, to our existing equity holdings in BG LLH, LLC, which owns substantially all of the equity of Lineage Logistics Holdings, LLC, an entity that owns and operates cold storage facilities in the United States. We formerly accounted for our existing equity holdings using the cost method of accounting. With our investment in April 2014, we were deemed to have significant influence over BG LLH, LLC and accordingly, we changed our accounting for this investment to the equity method of accounting. We reclassified our existing holdings, totaling $8.3 million, from Other assets, net to Equity investments in real estate during 2014. In accordance with Accounting Standards Codification 323-10-35-33, Increase in Level of Ownership or Degree of Influence, we have adjusted our financial statements retrospectively as if the equity method of accounting had been in effect during all previous periods in which the investment was held (Note 3). In addition, we recorded equity income of $11.5 million related to this investment for the year ended December 31, 2014, which is primarily comprised of our share of earnings recorded by the investee related to a business combination during the year, and which is included in Equity in earnings (losses) of equity method investments in real estate in the consolidated financial statements. | |||||||||||||
Hellweg 2 Restructuring | |||||||||||||
In 2007, CPA®:14, CPA®:15, and CPA®:16 – Global acquired a 33%, 40%, and 27% interest, respectively, in an entity, which we refer to as Purchaser, for the purposes of acquiring a 25% interest in a property holding company, which we refer to as 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, which we refer to as 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. In 2012, WPC acquired CPA®:15’s interests through its merger with CPA®:15. | |||||||||||||
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 Equity in earnings (losses) of equity method investments in real estate in our consolidated financial statements 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. On January 31, 2014, WPC acquired CPA®:16 – Global’s interests in Hellweg 2 through its merger with CPA®:16 – Global. As of December 31, 2014, WPC holds a 63% interest, and we hold a 37% interest, in the Hellweg 2 investment. We account for this investment under the equity method of accounting. | |||||||||||||
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 3): | |||||||||||||
On December 27, 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 $154.9 million. We funded $151.3 million through December 31, 2014. 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, 2014, the related loan had an unfunded balance of $3.6 million. | |||||||||||||
On November 16, 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 also acquired as a build-to-suit project (Note 5). The total estimated construction cost of the observation wheel is up to $50.0 million, of which we funded $30.7 million through December 31, 2014. 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 euros 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, 2014, the related loan had an unfunded balance of $19.3 million. |
Intangible_Assets_and_Liabilit
Intangible Assets and Liabilities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 53 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 94 years. In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles, below-market ground lease (as lessee) intangibles, and goodwill are included in Other intangible assets, net in the consolidated financial statements. Below-market rent and above-market ground lease (as lessor) intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. | ||||||||||||||||||||||||
In connection with our investment activity during 2014, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | ||||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 8.7 | $ | 19,493 | |||||||||||||||||||||
Above-market rent | 13.1 | 1,483 | ||||||||||||||||||||||
$ | 20,976 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 18.7 | $ | (5,981 | ) | ||||||||||||||||||||
Intangible assets and liabilities are summarized as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net Carrying Amount | Gross Carrying Amount | Accumulated | Net Carrying Amount | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease and tenant relationship | $ | 551,569 | $ | (119,125 | ) | $ | 432,444 | $ | 550,823 | $ | (84,326 | ) | $ | 466,497 | ||||||||||
Above-market rent | 92,548 | (16,539 | ) | 76,009 | 97,109 | (12,413 | ) | 84,696 | ||||||||||||||||
Below-market ground leases | 7,124 | (199 | ) | 6,925 | 7,124 | (79 | ) | 7,045 | ||||||||||||||||
$ | 651,241 | $ | (135,863 | ) | $ | 515,378 | $ | 655,056 | $ | (96,818 | ) | $ | 558,238 | |||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | 304 | — | 304 | 345 | — | 345 | ||||||||||||||||||
Total intangible assets | $ | 651,545 | $ | (135,863 | ) | $ | 515,682 | $ | 655,401 | $ | (96,818 | ) | $ | 558,583 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (116,887 | ) | $ | 13,293 | $ | (103,594 | ) | $ | (110,606 | ) | $ | 8,163 | $ | (102,443 | ) | ||||||||
Above-market ground lease | (1,145 | ) | 17 | (1,128 | ) | (157 | ) | 3 | (154 | ) | ||||||||||||||
Total intangible liabilities | $ | (118,032 | ) | $ | 13,310 | $ | (104,722 | ) | $ | (110,763 | ) | $ | 8,166 | $ | (102,597 | ) | ||||||||
Net amortization of intangibles, including the effect of foreign currency translation, was $38.0 million, $35.5 million, and $28.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income; amortization of below-market ground lease and above-market ground lease intangibles is included in Property expenses; and amortization of in-place lease and tenant relationship intangibles is included in Depreciation and amortization. | ||||||||||||||||||||||||
We performed our annual test for impairment of goodwill as of December 31, 2014 and no impairment was indicated. | ||||||||||||||||||||||||
Based on the intangible assets and liabilities recorded at December 31, 2014, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Net Increase in | Increase to Amortization/Property Expenses | Net | |||||||||||||||||||||
Rental Income | ||||||||||||||||||||||||
2015 | $ | (1,244 | ) | $ | 37,565 | $ | 36,321 | |||||||||||||||||
2016 | (338 | ) | 32,070 | 31,732 | ||||||||||||||||||||
2017 | (100 | ) | 29,070 | 28,970 | ||||||||||||||||||||
2018 | (75 | ) | 28,962 | 28,887 | ||||||||||||||||||||
2019 | (67 | ) | 28,917 | 28,850 | ||||||||||||||||||||
Thereafter | (25,761 | ) | 281,657 | 255,896 | ||||||||||||||||||||
Total | $ | (27,585 | ) | $ | 438,241 | $ | 410,656 | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate swaps and foreign currency contracts; 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 interest rate swaps, foreign currency forward contracts, stock warrants, embedded derivatives, and a swaption (Note 10). The interest rate swaps, foreign currency forward contracts, 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 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). The 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, 2014, 2013, and 2012. 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 (dollars in thousands): | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 1,896,489 | $ | 1,961,905 | $ | 1,915,601 | $ | 1,944,865 | |||||||||||||||
Note receivable (a) | 3 | 40,000 | 41,990 | 40,000 | 43,890 | |||||||||||||||||||
Other securities (b) | 3 | 9,381 | 9,649 | 9,915 | 15,548 | |||||||||||||||||||
Deferred acquisition fees payable (c) | 3 | 9,009 | 10,077 | 15,033 | 15,950 | |||||||||||||||||||
CMBS (d) | 3 | 3,053 | 8,899 | 2,791 | 6,052 | |||||||||||||||||||
___________ | ||||||||||||||||||||||||
(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) | Amounts at December 31, 2014 primarily reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements. Amounts at December 31, 2013 reflect equity securities and our interest in the foreign debenture, both of which were included in Other assets, net in the consolidated financial statements. During 2014, we converted the equity securities to an equity investment in real estate (Note 7). | |||||||||||||||||||||||
(c) | 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 355 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. | |||||||||||||||||||||||
(d) | The carrying value of our CMBS is inclusive of impairment charges recognized during 2014 and 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 other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2014 and 2013. | ||||||||||||||||||||||||
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 held for use 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. 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, broker quotes, or third-party appraisals. 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 reporting. 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 assets that were measured at fair value on a non-recurring basis (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Fair Value | Total | Fair Value | Total | Fair Value | Total | |||||||||||||||||||
Measurements | Impairment | Measurements | Impairment | Measurements | Impairment | |||||||||||||||||||
Charges | Charges | Charges | ||||||||||||||||||||||
Impairment Charges from Continuing Operations | ||||||||||||||||||||||||
CMBS | $ | 1,808 | $ | 570 | $ | — | $ | — | $ | — | $ | 2,019 | ||||||||||||
Total impairment charges included in expenses | 570 | — | 2,019 | |||||||||||||||||||||
Equity investments in real estate | 7,662 | 766 | 23,278 | 3,778 | — | — | ||||||||||||||||||
$ | 1,336 | $ | 3,778 | $ | 2,019 | |||||||||||||||||||
Impairment charges, and their related fair value measurements, recognized during 2014, 2013, and 2012 were as follows: | ||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||
During 2014, we incurred other-than-temporary impairment charges on two tranches in our CMBS portfolio totaling $0.6 million to reduce their carrying values to their estimated fair values as a result of non-performance. The fair value measurements related to the impairment charges were based on a third-party appraisal, subject to our corroboration for reasonableness. The fair value measurements are based on input from dealers, buyers, and other market participants, as well as updates on prepayments, losses, and delinquencies within our CMBS portfolio. | ||||||||||||||||||||||||
During 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 2014, we recognized an other-than-temporary impairment charge of $0.8 million to reduce the carrying value of a property held by a jointly-owned investment to its estimated fair value due to a decline in market conditions. 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 11.75%, 10.5%, and 9.5%, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | ||||||||||||||||||||||||
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. 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, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | Risk Management and Use of Derivative Financial Instruments | ||||||||||||||||||
Risk Management | |||||||||||||||||||
In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing 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. 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 into, 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 (loss) income until the hedged item is 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) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged investment is either sold or substantially liquidated. The ineffective portion of the change in fair value of the derivative is immediately recognized in earnings. | |||||||||||||||||||
The following table sets forth certain information regarding our derivative instruments (in thousands): | |||||||||||||||||||
Derivatives Designated | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | December 31, | December 31, | |||||||||||||||||
Balance Sheet Location | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency forward contracts (a) | Other assets, net | $ | 24,051 | $ | 2,002 | $ | — | $ | — | ||||||||||
Interest rate swaps | Other assets, net | 71 | 1,895 | — | — | ||||||||||||||
Foreign currency collars | Other assets, net | — | 429 | — | — | ||||||||||||||
Foreign currency forward contracts | Accounts payable, accrued expenses and other liabilities | — | — | — | (11,928 | ) | |||||||||||||
Interest rate swaps | Accounts payable, accrued expenses and other liabilities | — | — | (14,554 | ) | (12,911 | ) | ||||||||||||
Derivatives Not Designated | |||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||
Embedded derivatives (b) | Accounts payable, accrued expenses and other liabilities | — | — | — | (2,164 | ) | |||||||||||||
Embedded derivatives (b) (c) | Other assets, net | 499 | 2,314 | — | — | ||||||||||||||
Stock warrants (d) | Other assets, net | 1,848 | 1,782 | — | — | ||||||||||||||
Foreign currency | Accounts payable, accrued expenses and other liabilities | — | — | (2,904 | ) | — | |||||||||||||
forward contracts (e) | |||||||||||||||||||
Foreign currency | Other assets, net | 5,120 | 1,521 | — | — | ||||||||||||||
forward contracts (a) (e) | |||||||||||||||||||
Swaption (f) | Other assets, net | 505 | 1,205 | — | — | ||||||||||||||
Total derivatives | $ | 32,094 | $ | 11,148 | $ | (17,458 | ) | $ | (27,003 | ) | |||||||||
___________ | |||||||||||||||||||
(a) | In connection with an investment in Japan, we entered into a foreign currency forward contract that protects against fluctuations in foreign currency rates related to the Japanese yen, but did not qualify for hedge accounting as of December 31, 2013. During the year ended December 31, 2014, this foreign currency forward contract was re-designated as a net investment hedge. | ||||||||||||||||||
(b) | In connection with the ADC Arrangement with IDL Wheel Tenant, LLC, we agreed to fund to the developer a portion of the loan in the euro and we locked the euro to U.S. dollar exchange rate at $1.278 at the time of the transaction (Note 7). This component of the loan is deemed to be an embedded derivative that requires separate measurement. | ||||||||||||||||||
(c) | In December 2013, there was an amendment to the loan commitment for the refinancing of Agrokor d.d., referred to as the Agrokor 4 portfolio, which provided for an effective net settlement provision. In December 2014, the embedded derivative matured. | ||||||||||||||||||
(d) | 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. | ||||||||||||||||||
(e) | In September 2014, a new forward contract was executed to offset an existing forward contract that has not yet reached its maturity. These two offsetting forward contracts will mature in July 2015. | ||||||||||||||||||
(f) | 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 financial statements. At both December 31, 2014 and 2013, no cash collateral had been posted nor received for any of our derivative positions. | |||||||||||||||||||
The following tables present the impact of our derivative instruments in 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 | 2014 | 2013 | 2012 | ||||||||||||||||
Interest rate cap (a) | $ | 913 | $ | 1,188 | $ | 811 | |||||||||||||
Interest rate swaps | (5,542 | ) | 10,107 | (11,046 | ) | ||||||||||||||
Foreign currency collars | (290 | ) | (2,059 | ) | (2,951 | ) | |||||||||||||
Foreign currency forward contracts | 29,313 | (6,168 | ) | (3,030 | ) | ||||||||||||||
Put options | — | — | 192 | ||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b) | |||||||||||||||||||
Foreign currency forward contracts | 484 | — | — | ||||||||||||||||
Derivatives Formerly in Net Investment Hedging Relationships (c) | |||||||||||||||||||
Foreign currency forward contracts | 4,511 | (2,237 | ) | (1,014 | ) | ||||||||||||||
Total | $ | 29,389 | $ | 831 | $ | (17,038 | ) | ||||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive Income (Loss) into Income (Effective Portion) | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Recognized in Income | 2014 | 2013 (d) | 2012 (d) | |||||||||||||||
Foreign currency collars | Other income and (expenses) | $ | 751 | $ | 1,215 | $ | 1,918 | ||||||||||||
Foreign currency forward contracts | Other income and (expenses) | 1,145 | 909 | 366 | |||||||||||||||
Interest rate cap | Interest expense | (913 | ) | (1,189 | ) | (890 | ) | ||||||||||||
Interest rate swaps | Interest expense | (7,057 | ) | (7,268 | ) | (4,867 | ) | ||||||||||||
Total | $ | (6,074 | ) | $ | (6,333 | ) | $ | (3,473 | ) | ||||||||||
___________ | |||||||||||||||||||
(a) | Includes a gain attributable to noncontrolling interests of $0.4 million, $0.5 million, and $0.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
(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 (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
(c) | In September 2014, a new forward contract was executed to offset an existing forward contract that has not yet reached its maturity. As a result of this transaction, this existing forward contract was de-designated as a hedging instrument. However, the effective portion of the change in fair value, through the date of the de-designation, and the settlement of this contract are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we will reclassify the gain or loss to earnings. | ||||||||||||||||||
(d) | The amounts included in this column for the periods presented herein have been revised to reverse the signs that were incorrectly presented when originally filed. In addition, similar revisions will be made to the column for the quarter ended March 31, 2014 in the Form 10-Q for the quarter ended March 31, 2015 when filed. | ||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives Not in Hedging Relationships | Recognized in Income | 2014 | 2013 | 2012 | |||||||||||||||
Embedded credit derivatives | Other income and (expenses) | $ | 1,378 | $ | 1,159 | $ | (1,141 | ) | |||||||||||
Foreign currency forward contracts | Other income and (expenses) | 364 | 1,266 | 254 | |||||||||||||||
Put options | Other income and (expenses) | — | — | (2 | ) | ||||||||||||||
Stock warrants | Other income and (expenses) | 66 | 297 | 66 | |||||||||||||||
Swaption | Other income and (expenses) | (700 | ) | 428 | — | ||||||||||||||
Derivatives in Hedging Relationships | |||||||||||||||||||
Interest rate swaps (a) | Interest expense | (88 | ) | 212 | (34 | ) | |||||||||||||
Total | $ | 1,020 | $ | 3,362 | $ | (857 | ) | ||||||||||||
___________ | |||||||||||||||||||
(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 Swaption | |||||||||||||||||||
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 have obtained, and may in the future obtain, variable-rate, non-recourse mortgage loans, and as a result, we have entered into, and may continue to enter into, interest rate swap agreements or swaptions 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 face amount on which the swaps are based is not exchanged. 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 and swaption that we had outstanding on our consolidated subsidiaries at December 31, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional Amount | Fair Value at | ||||||||||||||||
December 31, 2014 (a) | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps | 6 | EUR | 185,796 | $ | (7,466 | ) | |||||||||||||
Interest rate swaps | 13 | USD | 234,089 | (7,017 | ) | ||||||||||||||
Not Designated as Hedging Instrument | |||||||||||||||||||
Swaption | 1 | USD | 13,230 | 505 | |||||||||||||||
$ | (13,978 | ) | |||||||||||||||||
____________ | |||||||||||||||||||
(a) | Fair value amount is based on the exchange rate of the euro at December 31, 2014, as applicable. | ||||||||||||||||||
The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2014 and was designated as a cash flow hedge is summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivative | Ownership Interest in Investee at December 31, 2014 | Number of Instruments | Notional Amount | Fair Value at | |||||||||||||||
December 31, 2014 (a) | |||||||||||||||||||
Interest rate swap | 85% | 1 | EUR | 11,701 | $ | (631 | ) | ||||||||||||
____________ | |||||||||||||||||||
(a) | Fair value amount is based on the exchange rate of the euro at December 31, 2014. | ||||||||||||||||||
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, the Japanese yen, and the Norwegian krone. 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, 2014 (currency in thousands): | |||||||||||||||||||
Foreign Currency Derivatives | Number of Instruments | Notional Amount | Fair Value at | ||||||||||||||||
December 31, 2014 (a) | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 97 | EUR | 195,354 | $ | 19,479 | ||||||||||||||
Foreign currency forward contracts | 12 | JPY | 563,608 | 2,211 | |||||||||||||||
Foreign currency forward contracts | 17 | NOK | 12,239 | 16 | |||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 2 | EUR | 90,000 | 2,216 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 1 | JPY | 610,129 | 2,335 | |||||||||||||||
Foreign currency forward contracts | 5 | NOK | 7,996 | 10 | |||||||||||||||
$ | 26,267 | ||||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair value amounts are based on the exchange rate of the euro, the Japanese yen, or the Norwegian krone, as applicable, at December 31, 2014. | ||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||
Amounts reported in Other comprehensive (loss) income 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 (loss) income 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 United States. At December 31, 2014, we estimate that an additional $8.2 million and $5.4 million, inclusive of amounts attributable to noncontrolling interests of less than $0.1 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, 2014. At December 31, 2014, our total credit exposure was $24.3 million, inclusive of noncontrolling interest, and the maximum exposure to any single counterparty was $9.9 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, 2014, 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 $18.5 million and $25.1 million at December 31, 2014 and 2013, respectively, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at either December 31, 2014 or December 31, 2013, we could have been required to settle our obligations under these agreements at their aggregate termination value of $19.1 million or $27.1 million, respectively. | |||||||||||||||||||
Portfolio Concentration Risk | |||||||||||||||||||
Concentrations of credit risk arise when a number of tenants are engaged in similar business activities or have 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. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio Overview for more information about our portfolio concentration risk. | |||||||||||||||||||
For the year ended December 31, 2014, the following tenants represented 5% or more of total lease revenues: | |||||||||||||||||||
• | Metro Cash & Carry Italia S.p.A. (10%); | ||||||||||||||||||
• | The New York Times Company (9%); | ||||||||||||||||||
• | Agrokor d.d. (8%); | ||||||||||||||||||
• | KBR, Inc. (7%); and | ||||||||||||||||||
• | General Parts Inc., Golden State Supply LLC, Straus-Frank Enterprises LLC, General Parts Distribution LLC, and Worldpac Inc. (6%). |
NonRecourse_Debt
Non-Recourse Debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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 estate properties with an aggregate carrying value of approximately $2.9 billion at both December 31, 2014 and 2013, respectively. At December 31, 2014, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.0% and variable contractual annual rates ranging from 2.6% to 6.1%, with maturity dates ranging from 2015 to 2039. | |||||
Financing Activity During 2014 | |||||
During 2014, we obtained five new non-recourse mortgage financings totaling $67.9 million with a weighted-average annual interest rate and term of 3.7% and 7.1 years, respectively, of which $57.8 million related to investments that we acquired during prior years and $10.1 million related to investments that we acquired during the current year. We also assumed a non-recourse mortgage loan of $10.3 million, including unamortized premium of $1.3 million, in connection with a new investment acquired during 2014. | |||||
Additionally, we refinanced two non-recourse mortgage loans totaling $22.1 million with new non-recourse mortgage loans totaling $24.9 million, with a weighted-average annual interest rate and term of 7.0% and 13.7 years, respectively, and recognized a total of $0.3 million in losses on the extinguishment of the refinanced debts. | |||||
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 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 non-recourse mortgage loans totaling $16.5 million with an annual interest rate and term of 4.9% and ten years, respectively, related to nine self-storage properties acquired during prior years. | |||||
Scheduled Debt Principal Payments | |||||
Scheduled debt principal payments during each of the next five calendar years following December 31, 2014 and thereafter are as follows (in thousands): | |||||
Years Ending December 31, | Total | ||||
2015 | $ | 67,858 | |||
2016 | 272,144 | ||||
2017 | 351,238 | ||||
2018 | 154,884 | ||||
2019 | 39,196 | ||||
Thereafter through 2039 | 1,014,313 | ||||
1,899,633 | |||||
Unamortized discount, net | (3,144 | ) | |||
Total | $ | 1,896,489 | |||
Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2014. The impact on the carrying value of our Non-recourse debt due to the strengthening of the U.S. dollar relative to foreign currencies during 2014 was a decrease of $69.9 million from December 31, 2013 to December 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
At December 31, 2014, 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 5 for unfunded construction commitments. |
Equity
Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Ordinary income | $ | 0.3528 | $ | 0.3104 | $ | 0.3022 | ||||||||||
Capital gain | — | 0.011 | — | |||||||||||||
Return of capital | 0.2972 | 0.3286 | 0.3478 | |||||||||||||
Total distributions paid | $ | 0.65 | $ | 0.65 | $ | 0.65 | ||||||||||
During the fourth quarter of 2014, our board of directors declared a quarterly distribution of $0.1625 per share, which was paid on January 15, 2015 to stockholders of record on December 31, 2014, in the amount of $53.4 million. | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Foreign currency translation adjustments | $ | (88,212 | ) | $ | 3,666 | $ | (21,864 | ) | ||||||||
Net unrealized gain (loss) on derivative instruments | 7,311 | (16,717 | ) | (19,250 | ) | |||||||||||
Unrealized loss on marketable securities | (106 | ) | (391 | ) | (485 | ) | ||||||||||
Accumulated other comprehensive loss | $ | (81,007 | ) | $ | (13,442 | ) | $ | (41,599 | ) | |||||||
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, 2014 | ||||||||||||||||
Gains and Losses | Gains and Losses on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (16,717 | ) | $ | (391 | ) | $ | 3,666 | $ | (13,442 | ) | |||||
Other comprehensive income (loss) before reclassifications | 18,365 | 285 | (93,401 | ) | (74,751 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 7,970 | — | — | 7,970 | ||||||||||||
Other income and (expenses) | (1,896 | ) | — | — | (1,896 | ) | ||||||||||
Total | 6,074 | — | — | 6,074 | ||||||||||||
Net current-period Other comprehensive income (loss) | 24,439 | 285 | (93,401 | ) | (68,677 | ) | ||||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | (411 | ) | — | 1,523 | 1,112 | |||||||||||
Ending balance | $ | 7,311 | $ | (106 | ) | $ | (88,212 | ) | $ | (81,007 | ) | |||||
Year Ended December 31, 2013 | ||||||||||||||||
Gains and Losses | Gains and Losses on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (19,250 | ) | $ | (485 | ) | $ | (21,864 | ) | $ | (41,599 | ) | ||||
Other comprehensive (loss) income before reclassifications | (3,265 | ) | 94 | 25,742 | 22,571 | |||||||||||
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 | 3,068 | 94 | 25,742 | 28,904 | ||||||||||||
Net current-period Other comprehensive income attributable to noncontrolling interests | (535 | ) | — | (212 | ) | (747 | ) | |||||||||
Ending balance | $ | (16,717 | ) | $ | (391 | ) | $ | 3,666 | $ | (13,442 | ) | |||||
Year Ended December 31, 2012 | ||||||||||||||||
Gains and Losses | Gains and Losses on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (3,141 | ) | $ | (1,520 | ) | $ | (33,489 | ) | $ | (38,150 | ) | ||||
Other comprehensive (loss) income before reclassifications | (19,217 | ) | 281 | 11,816 | (7,120 | ) | ||||||||||
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 | (15,744 | ) | 1,035 | 11,816 | (2,893 | ) | ||||||||||
Net current-period Other comprehensive income attributable to noncontrolling interests | (365 | ) | — | (191 | ) | (556 | ) | |||||||||
Ending balance | $ | (19,250 | ) | $ | (485 | ) | $ | (21,864 | ) | $ | (41,599 | ) |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 various states and municipalities within the United States, Europe, and Asia, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. | ||||||||
We account for uncertain tax positions in accordance with Accounting Standards Codification 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, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 931 | $ | 647 | ||||
(Reductions) additions based on tax positions related to the current year | (53 | ) | 284 | |||||
Reduction for tax positions of prior years | (267 | ) | — | |||||
Ending balance | $ | 611 | $ | 931 | ||||
At December 31, 2014 and 2013, 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, 2014 and 2013, we had approximately $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 2010 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject. | ||||||||
During 2010, we elected to treat our corporate subsidiary that engaged in hotel operations as a TRS. This subsidiary owned a hotel that was managed on our behalf by a third-party hotel management company. A TRS is subject to corporate federal income taxes. This subsidiary recognized de minimis profit since inception. This hotel property was sold in October 2013 and we dissolved the TRS after filing the final tax return. | ||||||||
Deferred Income Taxes | ||||||||
Our deferred tax assets before valuation allowances were $16.2 million and $7.8 million at December 31, 2014 and 2013, respectively. Our deferred tax liabilities were $12.2 million and $4.6 million at December 31, 2014 and 2013, respectively. In connection with our adoption of the equity method of accounting for our investment in BG LLH, LLC, our deferred tax liability of $4.6 million at December 31, 2013 included adjustments of $0.6 million and $0.5 million related to increases to Provision for income taxes for the years ended December 31, 2012 and 2011, respectively (Note 3). We determined that $13.1 million and $4.8 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes and accordingly, we established valuation allowances in those amounts at December 31, 2014 and 2013, respectively. Our deferred tax assets and liabilities at December 31, 2014 and 2013 are primarily the result of temporary differences related to: | ||||||||
• | basis differences between tax and 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 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 United States 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 GAAP.); and | |||||||
• | tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. | |||||||
At December 31, 2014 and 2013, we had net operating losses in foreign jurisdictions of approximately $46.6 million and $58.8 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. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Property Dispositions and Discontinued Operations | |||||||||||
From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may 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. For those properties sold or classified as held-for-sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations under current accounting guidance (Note 3). | ||||||||||||
Property Dispositions Included in Continuing Operations | ||||||||||||
During 2014, we recognized a gain on sale of real estate of $12.5 million in connection with the I Shops Partial Sale (Note 5). | ||||||||||||
Property Dispositions Included in Discontinued Operations | ||||||||||||
The results of operations for properties that have been sold prior to January 1, 2014, 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | — | $ | 3,807 | $ | 4,568 | ||||||
Expenses | — | (3,324 | ) | (3,385 | ) | |||||||
Gain on sale of real estate | — | 7,987 | 740 | |||||||||
Loss on extinguishment of debt | — | (983 | ) | — | ||||||||
Income from discontinued operations | $ | — | $ | 7,487 | $ | 1,923 | ||||||
2014 — None of our property dispositions during 2014 qualified for classification as a discontinued operation. | ||||||||||||
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 at the time of the sale 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. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||
We have determined that we operate in one reportable segment, real estate ownership, with domestic and international investments. Geographic information for this segment is as follows (in thousands): | |||||||||||||||||
Year Ended December 31, 2014 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 279,483 | $ | 31,072 | $ | 86,151 | $ | 396,706 | |||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 84,493 | 7,482 | 25,743 | 117,718 | |||||||||||||
Net income attributable to noncontrolling interests | (32,093 | ) | — | (749 | ) | (32,842 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 43,987 | 7,342 | 22,822 | 74,151 | |||||||||||||
Long-lived assets (b) | 2,454,911 | 297,112 | 841,264 | 3,593,287 | |||||||||||||
Non-recourse debt | 1,353,641 | 196,745 | 346,103 | 1,896,489 | |||||||||||||
Year Ended December 31, 2013 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 256,350 | $ | 30,795 | $ | 75,627 | $ | 362,772 | |||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 24,265 | 7,208 | 30,156 | 61,629 | |||||||||||||
Net income attributable to noncontrolling interests | (28,297 | ) | — | (638 | ) | (28,935 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 2,569 | 7,128 | 29,017 | 38,714 | |||||||||||||
Long-lived assets (b) | 2,346,340 | 343,876 | 874,766 | 3,564,982 | |||||||||||||
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 | $ | 203,919 | $ | 29,396 | $ | 56,662 | $ | 289,977 | |||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 32,969 | 6,771 | 29,644 | 69,384 | |||||||||||||
Net income attributable to noncontrolling interests | (25,898 | ) | — | (600 | ) | (26,498 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 8,036 | 6,733 | 28,827 | 43,596 | |||||||||||||
___________ | |||||||||||||||||
(a) | All years include operations in Croatia, Germany, Hungary, Japan, Poland, the Netherlands, Spain, and the United Kingdom; 2014 and 2013 include an investment in India; and 2014 includes an investment in Norway. | ||||||||||||||||
(b) | Consists of Net investments in real estate and Equity investments in real estate. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 | June 30, 2014 | September 30, 2014 | 31-Dec-14 | |||||||||||||
Revenues | $ | 101,149 | $ | 98,786 | $ | 97,987 | $ | 98,784 | ||||||||
Expenses | 58,523 | 53,365 | 52,186 | 57,152 | ||||||||||||
Net income (a) | 16,478 | 42,246 | 19,482 | 28,787 | ||||||||||||
Net income attributable to noncontrolling interests | (7,677 | ) | (7,640 | ) | (9,193 | ) | (8,332 | ) | ||||||||
Net income attributable to CPA®:17 – Global (b) | $ | 8,801 | $ | 34,606 | $ | 10,289 | $ | 20,455 | ||||||||
Earnings per share attributable to CPA®:17 – Global (b) | $ | 0.03 | $ | 0.11 | $ | 0.03 | $ | 0.06 | ||||||||
Distributions declared per share | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | 31-Dec-13 | |||||||||||||
Revenues | $ | 86,798 | $ | 89,082 | $ | 91,209 | $ | 95,683 | ||||||||
Expenses | 48,752 | 49,038 | 58,649 | 60,393 | ||||||||||||
Net income | 21,186 | 21,256 | 13,788 | 11,419 | ||||||||||||
Net income attributable to noncontrolling interests | (7,280 | ) | (7,926 | ) | (6,508 | ) | (7,221 | ) | ||||||||
Net income attributable to CPA®:17 – Global (b) | $ | 13,906 | $ | 13,330 | $ | 7,280 | $ | 4,198 | ||||||||
Earnings per share attributable to CPA®:17 – Global (b) | $ | 0.05 | $ | 0.04 | $ | 0.02 | $ | 0.01 | ||||||||
Distributions declared per share | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | ||||||||
__________ | ||||||||||||||||
(a) | Amount for the three months ended June 30, 2014 includes a gain on sale of real estate of $12.5 million recognized in connection with the I Shops Partial Sale (Note 5). | |||||||||||||||
(b) | In the course of preparing our 2014 consolidated financial statements, we discovered an error related to our accounting for a subsidiary’s functional currency. We corrected this error, and other errors previously recorded as out-of-period adjustments, and revised our consolidated financial statements for all prior periods impacted (Note 2). These errors resulted in an increase (decrease) to both Net income and Net income attributable to CPA®:17 – Global of $0.2 million, $(1.7) million and $(4.9) million for the three months ended March 31, 2014, June 30, 2014, and September 30, 2014, respectively, and a decrease to Earnings per share attributable to CPA®:17 – Global of $0.02 for the three months ended September 30, 2014. These errors also resulted in a (decrease) increase to Net income of $(0.9) million, $0.5 million, $2.2 million, and $(3.4) million, Net income attributable to CPA®:17 – Global of $(0.9) million, $0.5 million, $2.3 million and $(3.0) million for the three months ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013, respectively, and a decrease to Earnings per share attributable to CPA®:17 – Global of $0.01 for the three months ended December 31, 2013. There were no impacts to Earnings per share attributable to CPA®:17 – Global in any other periods. In our quarterly reports for the periods ending March 31, 2015, June 30, 2015, and September 30, 2015 we will revise the presentation of the periods ended March 31, 2014, June 30, 2014, and September 30, 2014 to reflect these revision adjustments. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
In March 2015, our board of directors and the board of directors of WPC approved unsecured loans from WPC to us of up to $75.0 million, in the aggregate, at a rate equal to the rate at which WPC is able to borrow funds under its senior credit facility, for the purpose of facilitating acquisitions approved by the advisor’s investment committee that we would not otherwise have sufficient available funds to complete, with any loans to be made solely at the discretion of the management of WPC. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule II - Valuation and Qualifying Accounts | CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED | ||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
(in thousands) | |||||||||||||
Description | Balance at | Change | Balance at | ||||||||||
Beginning | End of Year | ||||||||||||
of Year | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Valuation reserve for deferred tax assets | $ | 5,581 | $ | 7,522 | $ | 13,103 | |||||||
Year Ended December 31, 2013 | |||||||||||||
Valuation reserve for deferred tax assets | $ | 3,901 | $ | 1,680 | $ | 5,581 | |||||||
Year Ended December 31, 2012 (a) | |||||||||||||
Valuation reserve for deferred tax assets | $ | 3,057 | $ | 844 | $ | 3,901 | |||||||
__________ | |||||||||||||
(a) | The amounts for the year ended December 31, 2012 and 2011 have been revised due to an error in the consolidated financial statements related to accounting for deferred foreign income taxes (Note 2). |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 1,577 | $ | 625 | $ | 1,713 | $ | — | $ | 107 | $ | 625 | $ | 1,820 | $ | 2,445 | $ | 399 | 1975 | Jun. 2008 | 30 yrs. | ||||||||||||||||||||||||||||||
Office facility in Soest, Germany and warehouse/distribution facility in Bad Wünnenbeg, Germany | 24,345 | 3,193 | 45,932 | — | (11,398 | ) | 2,451 | 35,276 | 37,727 | 6,118 | 1982; 1996 | Jul. 2008 | 36 yrs. | ||||||||||||||||||||||||||||||||||||||
Learning center in Chicago, IL | 13,876 | 6,300 | 20,509 | — | (527 | ) | 6,300 | 19,982 | 26,282 | 4,330 | 1912 | Jul. 2008 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | 30,245 | 2,725 | 25,233 | 28,116 | (3,395 | ) | 4,701 | 47,978 | 52,679 | 5,268 | Various | Aug. 2008 | 25 - 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Waldaschaff, Germany | 5,719 | 10,373 | 16,708 | — | (11,495 | ) | 5,911 | 9,675 | 15,586 | 3,759 | 1937 | Aug. 2008 | 15 yrs. | ||||||||||||||||||||||||||||||||||||||
Sports facilities in Phoenix, AZ and Columbia, MD | 36,304 | 14,500 | 48,865 | — | (2,062 | ) | 14,500 | 46,803 | 61,303 | 7,313 | 2006 | Sep. 2008 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Birmingham, United Kingdom | 12,932 | 3,591 | 15,810 | 949 | (731 | ) | 3,438 | 16,181 | 19,619 | 2,037 | 2009 | Sep. 2009 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Gorzow, Poland | 6,807 | 1,095 | 13,947 | — | (2,600 | ) | 907 | 11,535 | 12,442 | 1,519 | 2007; 2008 | Oct. 2009 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Hoffman Estates, IL | 18,912 | 5,000 | 21,764 | — | — | 5,000 | 21,764 | 26,764 | 2,757 | 2009 | Dec. 2009 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in The Woodlands, TX | 37,039 | 1,400 | 41,502 | — | — | 1,400 | 41,502 | 42,902 | 5,274 | 2009 | Dec. 2009 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout Spain | 41,920 | 32,574 | 52,101 | — | (10,732 | ) | 28,284 | 45,659 | 73,943 | 5,698 | Various | Dec. 2009 | 20 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facilities in Middleburg Heights and Union Township, OH | 6,131 | 1,000 | 10,793 | 2 | — | 1,000 | 10,795 | 11,795 | 1,327 | 1997 | Feb. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | 13,322 | 19,001 | 13,059 | — | — | 19,001 | 13,059 | 32,060 | 1,832 | Various | Mar. 2010 | 27 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Evansville, IN | 16,419 | 150 | 9,183 | 11,745 | — | 150 | 20,928 | 21,078 | 2,210 | 2009 | Mar. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Bristol, Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton, United Kingdom | 5,100 | 8,639 | 2,019 | — | 112 | 8,714 | 2,056 | 10,770 | 343 | Various | Apr. 2010 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Zagreb, Croatia | 44,339 | 31,941 | 45,904 | — | (5,607 | ) | 29,472 | 42,766 | 72,238 | 6,650 | 2001; 2009 | Apr. 2010 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facilities in Tampa, FL | 34,093 | 18,300 | 32,856 | 549 | — | 18,323 | 33,382 | 51,705 | 3,790 | 1985; 2000 | May-10 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Bowling Green, KY | 27,318 | 1,400 | 3,946 | 33,809 | — | 1,400 | 37,755 | 39,155 | 3,146 | 2011 | May-10 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Elorrio, Spain | — | 19,924 | 3,981 | — | 352 | 20,113 | 4,144 | 24,257 | 465 | 1996 | Jun. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Gadki, Poland | 4,526 | 1,134 | 1,183 | 7,611 | (1,376 | ) | 973 | 7,579 | 8,552 | 710 | 2011 | Aug. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Elberton, GA | — | 560 | 2,467 | — | — | 560 | 2,467 | 3,027 | 308 | 1997; 2002 | Sep. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 Rincon and Unadilla, GA | 25,998 | 1,595 | 44,446 | — | — | 1,595 | 44,446 | 46,041 | 4,630 | 2000; 2006 | Nov. 2010 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Hartland, WI | 3,471 | 1,402 | 2,041 | — | — | 1,402 | 2,041 | 3,443 | 243 | 2001 | Nov. 2010 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | 19,332 | 6,700 | 24,114 | 194 | (2,672 | ) | 6,079 | 22,257 | 28,336 | 3,025 | 2002; 2003; 2007 | Dec. 2010 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities located throughout the United States | 110,281 | 31,735 | 129,011 | — | (9,680 | ) | 28,511 | 122,555 | 151,066 | 14,102 | Various | Dec. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Madrid, Spain | — | 22,230 | 81,508 | — | (7,726 | ) | 20,570 | 75,442 | 96,012 | 7,538 | 2002 | Dec. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 3,451 | 1,838 | 2,432 | — | 20 | 1,838 | 2,452 | 4,290 | 392 | 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 | 2,176 | 2012 | Dec. 2010 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Oxnard and Watsonville, CA | 43,927 | 16,036 | 67,300 | — | (7,149 | ) | 16,036 | 60,151 | 76,187 | 6,698 | Various | Jan. 2011 | 10 - 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Dillon, SC | 19,173 | 1,355 | 15,620 | 1,600 | (69 | ) | 1,286 | 17,220 | 18,506 | 1,520 | 2001 | Mar. 2011 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Middleburg Heights, OH | — | 600 | 1,690 | — | — | 600 | 1,690 | 2,290 | 158 | 2002 | Mar. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Martinsville, VA | 8,620 | 600 | 1,998 | 10,999 | — | 600 | 12,997 | 13,597 | 982 | 2011 | May-11 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Chicago, IL | 5,031 | 7,414 | — | — | — | 7,414 | — | 7,414 | — | N/A | Jun. 2011 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Fraser, MI | 4,215 | 928 | 1,392 | 5,803 | (80 | ) | 928 | 7,115 | 8,043 | 541 | 2012 | Sep. 2011 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities located throughout Italy | 196,745 | 91,691 | 262,377 | — | (35,797 | ) | 81,944 | 236,327 | 318,271 | 21,159 | Various | Sep. 2011 | 29 - 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Delnice, Pozega, and Sesvete, Croatia | 21,230 | 2,687 | 24,820 | 15,378 | (5,025 | ) | 3,611 | 34,249 | 37,860 | 3,513 | 2011 | Nov. 2011 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Orlando, FL | — | 32,739 | — | 19,909 | (32,739 | ) | 5,577 | 14,332 | 19,909 | 147 | 2011 | Dec. 2011 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Land in Hudson, NY | 809 | 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 | 11,203 | Various | Jan. 2012 | 32 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Chimelow, Poland | 11,453 | 1,323 | 5,245 | 18,841 | (914 | ) | 1,274 | 23,221 | 24,495 | 1,353 | 2012 | Apr. 2012 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in St. Louis, MO | 4,107 | 954 | 4,665 | — | — | 954 | 4,665 | 5,619 | 316 | 1995 | Jul. 2012 | 38 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Avon, OH | 3,659 | 926 | 4,975 | — | — | 926 | 4,975 | 5,901 | 367 | 2001 | Aug. 2012 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Elk Grove Village, IL | 9,223 | 1,269 | 11,317 | 59 | — | 1,269 | 11,376 | 12,645 | 1,256 | 1961 | Aug. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Learning centers in Montgomery, AL and Savannah, GA | 16,318 | 5,255 | 16,960 | — | — | 5,255 | 16,960 | 22,215 | 1,203 | 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 | 36,896 | 17,283 | 32,225 | — | (15 | ) | 17,269 | 32,224 | 49,493 | 3,327 | Various | Sep. 2012 | 16 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Warrenville, IL | 19,319 | 3,698 | 28,635 | — | — | 3,698 | 28,635 | 32,333 | 1,879 | 2002 | Sep. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office and warehouse/distribution facilities in Zary, Poland | 3,405 | 356 | 1,168 | 6,910 | (574 | ) | 332 | 7,528 | 7,860 | 345 | 2013 | Sep. 2012 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 Sterling, VA | 14,430 | 3,118 | 14,007 | 5,071 | — | 3,118 | 19,078 | 22,196 | 1,242 | 1980 | Oct. 2012 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 128,200 | 19,331 | 123,084 | 4,088 | 2,899 | 19,331 | 130,071 | 149,402 | 9,193 | 1973 | Nov. 2012 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Orlando, FL | 48,914 | 3,307 | 10,607 | — | — | 3,307 | 10,607 | 13,914 | — | 2012 | Nov. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Eagan, MN | 9,640 | 2,104 | 11,462 | — | (84 | ) | 1,994 | 11,488 | 13,482 | 725 | 2003 | Dec. 2012 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Saitama Prefecture, Japan | 21,679 | 17,292 | 28,575 | — | (14,445 | ) | 11,846 | 19,576 | 31,422 | 1,617 | 2006 | Dec. 2012 | 26 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | 19,793 | 5,059 | 28,294 | 5,816 | (3,045 | ) | 6,619 | 29,505 | 36,124 | 1,484 | Various | Dec. 2012 | 32 - 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Portage, WI | 4,836 | 3,338 | 4,556 | 502 | — | 3,338 | 5,058 | 8,396 | 347 | 1970 | Jan. 2013 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Retail facility in Dallas, TX | 10,237 | 4,441 | 9,649 | — | — | 4,441 | 9,649 | 14,090 | 456 | 1913 | Feb. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Dillon, SC | 26,000 | 3,096 | 2,281 | 37,989 | — | 3,096 | 40,270 | 43,366 | 582 | 2013 | Mar. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Chicago, IL | — | 15,459 | — | — | — | 15,459 | — | 15,459 | — | N/A | Apr. 2013 | N/A | |||||||||||||||||||||||||||||||||||||||
Office facility in Northbrook, IL | 5,742 | — | 942 | — | — | — | 942 | 942 | 98 | 2007 | May-13 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Wageningen, Netherlands | 19,807 | 4,790 | 24,301 | 47 | (2,039 | ) | 4,497 | 22,602 | 27,099 | 855 | 2013 | Jul. 2013 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Gadki, Poland | 35,460 | 9,219 | 48,578 | 121 | (3,983 | ) | 8,584 | 45,351 | 53,935 | 1,823 | 2007; 2010 | Jul. 2013 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Automotive dealership in Lewisville, TX | 9,450 | 3,269 | 9,605 | — | — | 3,269 | 9,605 | 12,874 | 449 | 2004 | Aug. 2013 | 39 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Auburn Hills, MI | 6,151 | 789 | 7,163 | — | — | 789 | 7,163 | 7,952 | 230 | 2012 | Oct. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Haibach, Germany | 10,473 | 2,544 | 11,114 | — | (1,369 | ) | 2,289 | 10,000 | 12,289 | 461 | 1993 | Oct. 2013 | 30 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Houston, TX | 31,200 | 7,898 | 37,474 | 435 | 1,619 | 7,898 | 39,528 | 47,426 | 1,450 | 1963 | Dec. 2013 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Tempe, AZ | 14,800 | — | 16,996 | 1,630 | — | — | 18,626 | 18,626 | 543 | 2000 | Dec. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Tucson, AZ | 9,662 | 2,440 | 11,175 | — | — | 2,440 | 11,175 | 13,615 | 312 | 2002 | Feb. 2014 | 38 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in New Concord, OH | 1,742 | 784 | 2,636 | — | — | 784 | 2,636 | 3,420 | 61 | 1999 | Apr. 2014 | 35 - 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Krakow, Poland | 6,316 | 2,771 | 6,549 | — | (540 | ) | 2,603 | 6,177 | 8,780 | 58 | 2003 | Sep. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Gelsenkirchen, Germany | — | 2,060 | 17,534 | — | (688 | ) | 1,982 | 16,924 | 18,906 | 130 | 1981 | Oct. 2014 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Plymouth, Minnesota | — | 2,601 | 15,599 | — | — | 2,601 | 15,599 | 18,200 | 36 | 1999 | Dec. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
$ | 1,514,519 | $ | 592,309 | $ | 1,776,805 | $ | 244,221 | $ | (216,620 | ) | $ | 513,172 | $ | 1,883,543 | $ | 2,396,715 | $ | 175,478 | |||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and office facilities in Nagold, Germany | $ | 10,423 | $ | 6,012 | $ | 41,493 | $ | — | $ | (25,949 | ) | $ | 21,556 | 1937; 1994 | Aug. 2008 | ||||||||||||||||||||||||||||||||||||
Industrial facilities in Mayodan, Sanford, and Stoneville, NC | 21,444 | 3,100 | 35,766 | — | (1,616 | ) | 37,250 | 1992; 1997; 1998 | Dec. 2008 | ||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Glendale Heights, IL | 17,931 | 3,820 | 11,148 | 18,245 | 2,431 | 35,644 | 1991 | Jan. 2009 | |||||||||||||||||||||||||||||||||||||||||||
Office facility in New York City, NY | 111,702 | — | 233,720 | — | 12,095 | 245,815 | 2007 | Mar. 2009 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX | 9,665 | 1,730 | 20,778 | — | (579 | ) | 21,929 | Various | Mar. 2010 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom | 11,696 | 508 | 24,009 | — | (606 | ) | 23,911 | Various | Apr. 2010 | ||||||||||||||||||||||||||||||||||||||||||
Retail facilities in Dugo Selo and Samobor, Croatia | 9,349 | 1,804 | 11,618 | — | (1,182 | ) | 12,240 | 2002; 2003 | Dec. 2010 | ||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Oxnard, CA | 5,777 | — | 8,957 | — | 181 | 9,138 | 1975 | Jan. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | 22,473 | 3,750 | 50,177 | — | 3,893 | 57,820 | Various | Apr. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Clarksville, TN | 4,535 | 600 | 7,291 | — | 281 | 8,172 | 1998 | Aug. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Countryside, IL | 2,000 | 425 | 1,800 | — | 34 | 2,259 | 1981 | Dec. 2011 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Bluffton, IN | 1,914 | 264 | 3,407 | — | 20 | 3,691 | 1975 | Apr. 2014 | |||||||||||||||||||||||||||||||||||||||||||
$ | 228,909 | $ | 22,013 | $ | 450,164 | $ | 18,245 | $ | (10,997 | ) | $ | 479,425 | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 – Self-Storage Facilities | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Worth, TX | $ | 1,538 | $ | 610 | $ | 2,672 | $ | — | $ | 14 | $ | — | $ | 610 | $ | 2,686 | $ | — | $ | 3,296 | $ | 301 | 2004 | Apr. 2011 | 33 yrs. | ||||||||||||||||||||||||||
Anaheim, CA | 1,148 | 1,040 | 1,166 | — | 31 | — | 1,040 | 1,197 | — | 2,237 | 149 | 1988 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Apple Valley, CA | 2,300 | 400 | 3,910 | — | 132 | — | 400 | 4,042 | — | 4,442 | 407 | 1989 | Jun. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Apple Valley, CA | 1,446 | 230 | 2,196 | — | 25 | — | 230 | 2,221 | — | 2,451 | 237 | 1989 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 849 | 370 | 3,133 | — | 256 | — | 370 | 3,389 | — | 3,759 | 409 | 1972 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,130 | 690 | 3,238 | — | 80 | — | 690 | 3,318 | — | 4,008 | 343 | 1987 | Jun. 2011 | 34 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,013 | 690 | 3,298 | — | 62 | — | 690 | 3,360 | — | 4,050 | 343 | 1990 | Jun. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 1,714 | 480 | 3,297 | — | 56 | — | 480 | 3,353 | — | 3,833 | 451 | 1974 | Jun. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Fresno, CA | 2,638 | 601 | 7,300 | — | 201 | — | 601 | 7,501 | — | 8,102 | 1,243 | 1976 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Grand Terrace, CA | 728 | 950 | 1,903 | — | 42 | — | 950 | 1,945 | — | 2,895 | 270 | 1978 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Harbor City, CA | 1,293 | 1,487 | 810 | — | 22 | — | 1,487 | 832 | — | 2,319 | 116 | 1987 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
San Diego, CA | 6,273 | 7,951 | 3,926 | — | 152 | — | 7,951 | 4,078 | — | 12,029 | 495 | 1986 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Springs, CA | 2,511 | 1,287 | 3,124 | — | 65 | — | 1,287 | 3,189 | — | 4,476 | 378 | 1989 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Palmdale, CA | 2,773 | 940 | 4,263 | — | 225 | — | 940 | 4,488 | — | 5,428 | 492 | 1988 | Jun. 2011 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Palmdale, CA | 2,081 | 1,220 | 2,954 | — | 33 | — | 1,220 | 2,987 | — | 4,207 | 321 | 1988 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Riverside, CA | 1,124 | 560 | 1,492 | — | 35 | — | 560 | 1,527 | — | 2,087 | 180 | 1985 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Rosamond, CA | 1,700 | 460 | 3,220 | — | 27 | — | 460 | 3,247 | — | 3,707 | 347 | 1995 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Rubidoux, CA | 1,247 | 514 | 1,653 | — | 40 | — | 514 | 1,693 | — | 2,207 | 180 | 1986 | Jun. 2011 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
South Gate, CA | 1,774 | 1,597 | 2,067 | — | 86 | — | 1,597 | 2,153 | — | 3,750 | 258 | 1925 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Kailua-Kona, HI | 832 | 1,000 | 1,108 | — | 59 | — | 1,000 | 1,167 | — | 2,167 | 159 | 1987 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Chicago, IL | 2,342 | 600 | 4,124 | — | 194 | — | 600 | 4,318 | — | 4,918 | 452 | 1916 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Chicago, IL | 1,321 | 400 | 2,074 | — | 143 | — | 400 | 2,217 | — | 2,617 | 243 | 1968 | Jun. 2011 | 30 yrs. | |||||||||||||||||||||||||||||||||||||
Rockford, IL | 1,363 | 548 | 1,881 | — | 5 | — | 548 | 1,886 | — | 2,434 | 268 | 1979 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Rockford, IL | 250 | 114 | 633 | — | 9 | — | 114 | 642 | — | 756 | 89 | 1979 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Rockford, IL | 1,319 | 380 | 2,321 | — | 15 | — | 380 | 2,336 | — | 2,716 | 326 | 1957 | Jun. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Kihei, HI | 5,501 | 2,523 | 7,481 | — | 414 | — | 2,523 | 7,895 | — | 10,418 | 668 | 1991 | Aug. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 1,900 | 1,060 | 3,138 | — | 37 | (464 | ) | 1,060 | 2,711 | — | 3,771 | 368 | 1979 | Aug. 2011 | 25 yrs. | ||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,025 | 767 | 2,230 | — | 57 | — | 767 | 2,287 | — | 3,054 | 313 | 1979 | Aug. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
National City, CA | 2,550 | 3,158 | 1,483 | — | 44 | — | 3,158 | 1,527 | — | 4,685 | 188 | 1987 | Aug. 2011 | 28 yrs. | |||||||||||||||||||||||||||||||||||||
Mundelein, IL | 3,600 | 1,080 | 5,287 | — | 192 | — | 1,080 | 5,479 | — | 6,559 | 736 | 1991 | Aug. 2011 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Pearl City, HI | 3,450 | — | 5,141 | — | 240 | — | — | 5,381 | — | 5,381 | 908 | 1977 | Aug. 2011 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Springs, CA | 2,000 | 1,019 | 2,131 | — | 140 | — | 1,019 | 2,271 | — | 3,290 | 269 | 1987 | Sep. 2011 | 28 yrs. | |||||||||||||||||||||||||||||||||||||
Loves Park, IL | 1,244 | 394 | 3,390 | — | 12 | (139 | ) | 394 | 3,263 | — | 3,657 | 547 | 1997 | Sep. 2011 | 20 yrs. | ||||||||||||||||||||||||||||||||||||
Mundelein, IL | 765 | 535 | 1,757 | — | 44 | — | 535 | 1,801 | — | 2,336 | 300 | 1989 | Sep. 2011 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Chicago, IL | 3,200 | 1,049 | 5,672 | — | 241 | (3 | ) | 1,049 | 5,910 | — | 6,959 | 625 | 1988 | Sep. 2011 | 30 yrs. | ||||||||||||||||||||||||||||||||||||
Bakersfield, CA | 2,500 | 1,068 | 2,115 | — | 70 | 464 | 1,068 | 2,649 | — | 3,717 | 294 | 1971 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Beaumont, CA | 2,610 | 1,616 | 2,873 | — | 48 | — | 1,616 | 2,921 | — | 4,537 | 291 | 1992 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Victorville, CA | 1,200 | 299 | 1,766 | — | 36 | — | 299 | 1,802 | — | 2,101 | 189 | 1990 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Victorville, CA | 1,020 | 190 | 1,756 | — | 46 | — | 190 | 1,802 | — | 1,992 | 180 | 1990 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
San Bernardino, CA | 1,000 | 698 | 1,397 | — | 75 | — | 698 | 1,472 | — | 2,170 | 136 | 1989 | Nov. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Peoria, IL | 2,230 | 549 | 2,424 | — | 20 | — | 549 | 2,444 | — | 2,993 | 319 | 1990 | Nov. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
East Peoria, IL | 1,775 | 409 | 1,816 | — | 43 | — | 409 | 1,859 | — | 2,268 | 224 | 1986 | Nov. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Loves Park, IL | 1,000 | 439 | 998 | — | 106 | 139 | 439 | 1,243 | — | 1,682 | 144 | 1978 | Nov. 2011 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Hesperia, CA | 900 | 648 | 1,377 | — | 11 | — | 648 | 1,388 | — | 2,036 | 148 | 1989 | Dec. 2011 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Mobile, AL | 1,975 | 1,078 | 3,799 | — | 7 | — | 1,078 | 3,806 | — | 4,884 | 972 | 1974 | Jun. 2012 | 12 yrs. | |||||||||||||||||||||||||||||||||||||
Slidell, LA | 2,400 | 620 | 3,434 | — | 32 | — | 620 | 3,466 | — | 4,086 | 406 | 1998 | Jun. 2012 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Baton Rouge, LA | 800 | 401 | 955 | — | 11 | — | 401 | 966 | — | 1,367 | 188 | 1980 | Jun. 2012 | 18 yrs. | |||||||||||||||||||||||||||||||||||||
Baton Rouge, LA | 2,125 | 820 | 3,222 | — | 94 | — | 820 | 3,316 | — | 4,136 | 481 | 1980 | Jun. 2012 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Gulfport, MS | 1,200 | 591 | 2,539 | — | 58 | — | 591 | 2,597 | — | 3,188 | 586 | 1977 | Jun. 2012 | 15 yrs. | |||||||||||||||||||||||||||||||||||||
Cherry Valley, IL | 1,818 | 1,076 | 1,763 | — | 2 | — | 1,076 | 1,765 | — | 2,841 | 296 | 1988 | Jul. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Fayetteville, NC | 3,120 | 1,677 | 3,116 | — | 23 | — | 1,677 | 3,139 | — | 4,816 | 315 | 2001 | Sep. 2012 | 34 yrs. | |||||||||||||||||||||||||||||||||||||
Tampa, FL | 3,800 | 599 | 6,273 | — | 12 | — | 599 | 6,285 | — | 6,884 | 339 | 1999 | Nov. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
St. Petersburg, FL | 4,100 | 2,253 | 3,512 | — | 137 | (1 | ) | 2,253 | 3,648 | — | 5,901 | 204 | 1990 | Nov. 2012 | 40 yrs. | ||||||||||||||||||||||||||||||||||||
Palm Harbor, FL | 7,100 | 2,192 | 7,237 | — | 131 | — | 2,192 | 7,368 | — | 9,560 | 423 | 2001 | Nov. 2012 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Midland, TX | 4,300 | 1,026 | 5,546 | — | — | — | 1,026 | 5,546 | — | 6,572 | 392 | 2008 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Midland, TX | 5,830 | 2,136 | 6,665 | — | — | — | 2,136 | 6,665 | — | 8,801 | 454 | 2006 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Odessa, TX | 3,970 | 975 | 4,924 | — | — | — | 975 | 4,924 | — | 5,899 | 347 | 2006 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Odessa, TX | 5,400 | 1,099 | 6,510 | — | — | — | 1,099 | 6,510 | — | 7,609 | 465 | 2004 | Dec. 2012 | 20 yrs. | |||||||||||||||||||||||||||||||||||||
Cathedral City, CA | 1,429 | — | 2,275 | — | 2 | — | — | 2,277 | — | 2,277 | 157 | 1990 | Mar. 2013 | 34 yrs. | |||||||||||||||||||||||||||||||||||||
Hilo, HI | 3,965 | 296 | 4,996 | — | — | — | 296 | 4,996 | — | 5,292 | 194 | 2007 | Jun. 2013 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Clearwater, FL | 2,880 | 924 | 2,966 | — | 18 | — | 924 | 2,984 | — | 3,908 | 140 | 2001 | Jul. 2013 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Winder, GA | 415 | 546 | 30 | — | 5 | — | 546 | 35 | — | 581 | 3 | 2006 | Jul. 2013 | 31 yrs. | |||||||||||||||||||||||||||||||||||||
Winder, GA | 1,427 | 495 | 1,253 | — | 41 | — | 495 | 1,294 | — | 1,789 | 99 | 2001 | Jul. 2013 | 25 yrs. | |||||||||||||||||||||||||||||||||||||
Orlando, FL | 4,160 | 1,064 | 4,889 | — | 36 | — | 1,064 | 4,925 | — | 5,989 | 213 | 2000 | Aug. 2013 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Coast, FL | 3,420 | 1,749 | 3,285 | — | 20 | — | 1,749 | 3,305 | — | 5,054 | 176 | 2001 | Sep. 2013 | 29 yrs. | |||||||||||||||||||||||||||||||||||||
Holiday, FL | 2,250 | 1,829 | 1,097 | — | 2 | — | 1,829 | 1,099 | — | 2,928 | 63 | 1975 | Nov. 2013 | 23 yrs. | |||||||||||||||||||||||||||||||||||||
$ | 153,061 | $ | 66,066 | $ | 202,281 | $ | — | $ | 4,516 | $ | (4 | ) | $ | 66,066 | $ | 206,793 | $ | — | $ | 272,859 | $ | 22,217 | |||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Consists of the cost of improvements subsequent to acquisition 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) | A reconciliation of real estate and accumulated depreciation follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,402,315 | $ | 2,107,549 | $ | 1,494,273 | |||||||||||||||||||||||||||||||||||||||||||||
Additions | 65,115 | 226,123 | 508,443 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 3,554 | 8,970 | 4,964 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (32,739 | ) | — | (56,200 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (124,536 | ) | 30,155 | 23,123 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification from real estate under construction | 83,006 | 29,518 | 140,324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification to direct financing lease | — | — | (7,378 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,396,715 | $ | 2,402,315 | $ | 2,107,549 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation for | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Subject to Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 129,051 | $ | 77,326 | $ | 39,857 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 54,976 | 49,785 | 37,265 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | — | — | (447 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (8,549 | ) | 1,940 | 1,371 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification to direct financing lease | — | — | (720 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 175,478 | $ | 129,051 | $ | 77,326 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 283,370 | $ | 254,805 | $ | 178,141 | |||||||||||||||||||||||||||||||||||||||||||||
Additions | — | 27,697 | 74,968 | ||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 2,047 | 1,369 | 2,235 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification from real estate under construction | 14,929 | 12,557 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (27,487 | ) | (13,058 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Write-off of fully depreciated asset | — | — | (539 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 272,859 | $ | 283,370 | $ | 254,805 | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation for Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,354 | $ | 7,757 | $ | 2,745 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 8,664 | 8,470 | 5,551 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (1,801 | ) | (873 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Write-off of fully depreciated asset | — | — | (539 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 22,217 | $ | 15,354 | $ | 7,757 | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $3.3 billion. |
Schedule_IV_Mortgage_Loans_on_
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||||
Schedule IV - Mortgage Loans on Real Estate | CORPORATE PROPERTY ASSOCIATES 17 – GLOBAL INCORPORATED | |||||||||||||
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||
December 31, 2014 | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Interest Rate | Final Maturity Date | Fair Value | Carrying Amount | |||||||||||
Description | ||||||||||||||
Financing agreement — China Alliance Properties Limited | 11 | % | Dec. 2015 | $ | 41,990 | $ | 40,000 | |||||||
NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||
(in thousands) | ||||||||||||||
Reconciliation of Mortgage Loans on Real Estate | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Balance | $ | 40,000 | $ | 40,000 | $ | 70,000 | ||||||||
Conversion to equity investment | — | — | (30,000 | ) | ||||||||||
Ending balance | $ | 40,000 | $ | 40,000 | $ | 40,000 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [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. | |
We have an investment in a tenancy-in-common interest in various underlying international properties. Consolidation of this investment is not required as such interest does not qualify as a VIE and does not meet the control requirement required for consolidation. Accordingly, we account for this investment 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 this investment. | |
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. At December 31, 2014, none of our equity investments had carrying values below zero. | |
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 capitalize acquisition-related costs and fees associated with asset acquisitions. 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. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the value of in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison, or market, approach. Buildings are valued, as if vacant, using the cost and/or income approach. 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 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. 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, we include the value of the exercise of such purchase option or long-term renewal options in its determination of residual value. | |
For self-storage assets, the hypothetical sales price is derived by capitalizing the estimated net operating income at the end of the expected holding period. Estimated net operating income factors in the gross potential revenue of the business less economic vacancy rates and expected operational expenses. 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. See Revenue Recognition and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired, including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period that includes renewal options that have rental rates below estimated market rental rates. We amortize the above-market lease intangible value as a reduction of rental income over the estimated market lease term. We amortize the below-market lease intangible value as an increase to rental income over the initial term and any below-market renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities, net in the consolidated financial statements. We include the amortization of below-market ground lease intangibles in Property expenses in the consolidated financial statements. We include the amortization of above-market ground lease intangibles in Depreciation and amortization in the consolidated financial statements. | |
The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs, as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvement allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to lease revenues, and in-place lease values to amortization expense. | |
When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity, and the current interest rate. | |
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. Significant judgment is required to determine whether a VIE should be consolidated. |
We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of 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 (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) 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. | |
Goodwill | Goodwill |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to our sole Real Estate reporting unit. In the event we dispose of a property that constitutes a business under GAAP, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction. | |
Real Estate | Real Estate and Operating Real Estate |
We carry land, 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 (e.g. 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 6). 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 7). 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 cost to sell). On January 1, 2014 we adopted Accounting Standards Update, or ASU, 2014-08 and, other than the properties classified as held for sale prior to adoption, no other sales qualify as discontinued operations. | |
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. Our note receivable is included in Other assets, net in the consolidated financial statements. | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, 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 debentures, that were designated as securities held to maturity on the date of acquisition, in accordance with current accounting guidance. We carry these securities 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 our offering periods, 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 4). Such reimbursements did not exceed regulatory cost limitations. | |
Other Assets and 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, net in the consolidated financial statements. We include derivative instruments, amounts held on behalf of tenants, and deferred revenue in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. 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 generally 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 4). | |
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 in our Operating Partnership as a noncontrolling interest (Note 4). The special general partner interest in our Operating Partnership 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 lease basis whereby the tenant is generally responsible for 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. For the years ended December 31, 2014, 2013, and 2012, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $22.2 million, $23.2 million, and $14.1 million, respectively. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. | |
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 5). | |
Direct financing method — We record leases accounted for under the direct financing method as a net investment (Note 6). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
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 rate, 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 company 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 estimated useful life. | |
Impairments | Impairments |
We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, 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 debt securities and goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets held for investment, and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as broker quotes or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. | |
If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The property’s asset group’s estimated fair value is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. | |
Assets Held for Sale | |
We classify real estate assets that are accounted for as 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. | |
When we classify an asset as held for sale, we compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value (less estimated cost to sell) is less than the property’s carrying value, we reduce the carrying value to the fair value (less estimated cost to sell). We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. | |
Direct Financing Leases | |
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. | |
When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether it is probable that the disposition will occur. If we determine that the disposition is probable, we assess the carrying amount for recoverability and, if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair 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 impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate 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 investments in direct financing leases) have fair values that generally approximate their carrying values. | |
Goodwill | |
We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, which could impact our goodwill impairment calculations. | |
The goodwill impairment test is a three-step test. Step zero is a qualitative analysis whereas steps one and two are quantitative. If step zero is not considered, the first step is to identify whether the value of the recorded goodwill is impaired. If it is determined that goodwill is impaired, the second step seeks to measure the amount of impairment. | |
We applied step zero to our analysis. In this step, qualitative factors are assessed to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. In this step, the macroeconomic environment in which the reporting unit operates is analyzed for any significant changes, such as deterioration in a market in which we operate or deterioration in overall financial performance, such as declining cash flows. Also, entity-specific changes are analyzed, such as changes in management, strategy, or composition of reporting unit. If, after assessing the overall macroeconomic environment, it is unlikely that the fair value is less than the carrying value, steps one and two do not need to be performed. | |
Debt Securities | |
We have investments in debt securities that are designated as securities held to maturity. On a quarterly basis, we evaluate our debt securities to determine if they have experienced an other-than temporary decline in value. If the market value of the debt security 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. Additionally, we consider the significance of the decline and other factors contributing to the decline, such as delinquency, expected credit losses, the length of time that the fair market value has been below cost, and expected market conditions (including volatility), in our analysis of whether a decline is other than temporary. | |
We do not intend to sell our debt securities 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. However, if we determine that an other-than-temporary impairment has occurred, we calculate the total impairment charge as the difference between the carrying value of our debt securities 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 debt securities as compared with the changes in spreads on the debt 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 a separate component of other comprehensive loss in equity. 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 in earnings. | |
Following recognition of the other-than-temporary impairment, the difference between the new cost basis of the debt securities and cash flows expected to be collected is accreted to Other interest income over the remaining expected lives of the securities. | |
Foreign Currency | Foreign Currency |
Translation | |
We have interests in real estate investments in Europe, for which the functional currency is the euro, the British pound sterling, or the Norwegian krone, and in Asia, for which the functional currency is the Japanese yen or the Indian rupee. We perform the translation from the euro, the British pound sterling, the Norwegian krone, the Japanese yen, or the Indian rupee 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 year. 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 will generally be included in net income for the period in which the transaction is settled. Also, intercompany foreign currency 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), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity. | |
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, 2014, 2013, and 2012, we recognized net realized (losses) gains on such transactions of $(2.9) million, $3.5 million, | |
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 (loss) income 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) income 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 (loss) income into earnings when the hedged investment is either sold or substantially liquidated. | |
We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, 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. | |
We conduct business in various states and municipalities within the United States, 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. | |
Deferred income taxes are recorded for the corporate subsidiary TRSs and for the foreign taxes in those respective jurisdictions based on earnings reported. The current 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. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 14). | |
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 foreign properties, 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 carryforwards 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 subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 14). In addition, deferred tax assets arise from unutilized tax net operating losses generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). | |
Earnings Per Share | Earnings Per Share |
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 | ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to sales of real estate, reimbursed tenant costs, and revenues generated from our operating properties. Additionally, this guidance modifies disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective beginning in 2017 and early adoption is not permitted. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pre-tax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business, we sell properties, which, under prior accounting guidance, we generally reported as discontinued operations; however, under ASU 2014-08 such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for all dispositions after December 31, 2013. Consequently, individually-significant properties that were sold during 2014 were not reclassified to discontinued operations in the consolidated statements of income, but are disclosed in Note 15 to the consolidated financial statements. By contrast, and as required by the new guidance, the consolidated statements of income for the prior year periods reflect all dispositions through December 31, 2013 as discontinued operations, which were deemed discontinued operations under the prior accounting guidance. | |
ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward as a reduction to a deferred tax asset, except in certain situations. To the extent that the net operating loss carryforward, similar tax loss, or tax credit carryforward is not available as of the reporting date under the governing tax law to settle any additional income taxes that would result from the disallowance of the tax position, or the governing tax law does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and should not net with a deferred tax asset. ASU 2013-11 became effective for us at the beginning of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial condition or results of operations. | |
Equity Method Investments | We own equity interests in 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 as the characteristics of the arrangement with the third-party developers are more similar to a jointly-owned investment or partnership than a loan (Note 3). |
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 53 years. In addition, we have several ground lease intangibles that are being amortized over periods of up to 94 years. In-place lease and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent intangibles, below-market ground lease (as lessee) intangibles, and goodwill are included in Other intangible assets, net in the consolidated financial statements. Below-market rent and above-market ground lease (as lessor) intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements. |
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 interest rate swaps and foreign currency contracts; 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 have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may 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. For those properties sold or classified as held-for-sale prior to January 1, 2014, we classify current and prior period results of operations of the property as discontinued operations under current accounting guidance (Note 3). |
Revisions_of_Previously_Issued1
Revisions of Previously - Issued Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||
Schedule of Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements | . We concluded that none of the following revision adjustments were material to our financial position or results of operations for any of the periods presented (in thousands): | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in: | |||||||||||||||||||||||||||||||||||
Total Assets at December 31, 2013 | Total Liabilities at December 31, 2013 | Total Equity at December 31, 2013 | |||||||||||||||||||||||||||||||||
Foreign currency matters (a) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Derivative instrument reclassification (b) | — | — | — | ||||||||||||||||||||||||||||||||
Deferred income taxes (c) | (3,240 | ) | (3,666 | ) | 426 | ||||||||||||||||||||||||||||||
Other (d) | — | — | — | ||||||||||||||||||||||||||||||||
Increase (Decrease) in: | |||||||||||||||||||||||||||||||||||
Net Income | Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Foreign currency matters (a) | $ | 1,919 | $ | 678 | $ | (1,919 | ) | $ | (678 | ) | |||||||||||||||||||||||||
Derivative instrument reclassification (b) | — | — | — | — | |||||||||||||||||||||||||||||||
Deferred income taxes (c) | (3,052 | ) | 918 | 48 | 27 | ||||||||||||||||||||||||||||||
Other (d) | (387 | ) | (411 | ) | (34 | ) | (34 | ) | |||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||
(a) | Foreign currency matters are discussed above. | ||||||||||||||||||||||||||||||||||
(b) | In 2014, we identified a classification error on one of our derivative instruments. Accordingly, we reclassified its associated mark-to-market adjustments during 2013 and 2012, respectively, from Change in net unrealized gain (loss) on derivative instruments to Foreign currency translation adjustments within the consolidated statements of equity and comprehensive income. | ||||||||||||||||||||||||||||||||||
(c) | These combined adjustments relate to the following matters involving deferred income taxes: In the first quarter of 2014, we changed the accounting related to deferred foreign income taxes for one of our equity investments in real estate and we identified an additional tax-paying entity related to another of our equity investments in real estate. 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 acquisition of 15 properties acquired during 2008 through 2012. Certain related deferred tax assets with corresponding full valuation allowances were part of this revision adjustment. These revisions also resulted in a (decrease)/increase of net cash provided by operating activities and a corresponding (increase) decrease of net cash used in investing activities of $(1.6) million and $0.7 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||
(d) | These combined adjustments relate to various other matters: In 2012, we identified errors in the consolidated financial statements primarily attributable to the misapplication of guidance in accounting for and clerical errors related to one of our equity investments in real estate and we identified an error in the consolidated financial statements related to accounting for Net investments in real estate for one of our investments. In 2011, we identified several errors in the consolidated financial statements related to 2008 through 2010, primarily attributable to the misapplication of guidance in accounting for and clerical errors related to amendments and adjustments to direct financing leases and the capitalization of maintenance costs. | ||||||||||||||||||||||||||||||||||
We corrected this error, and other errors previously recorded as out-of-period adjustments, and revised our consolidated financial statements for all prior periods impacted. Accordingly, our financial results for all prior periods presented herein have been revised for the correction of such errors as follows (in thousands, except share and per share amounts): | |||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
As Reported | Revisions | As Revised | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investments in real estate: | |||||||||||||||||||||||||||||||||||
Real estate, at cost | $ | 2,402,315 | $ | — | $ | 2,402,315 | |||||||||||||||||||||||||||||
Operating real estate, at cost | 283,370 | — | 283,370 | ||||||||||||||||||||||||||||||||
Accumulated depreciation | (144,405 | ) | — | (144,405 | ) | ||||||||||||||||||||||||||||||
Net investments in properties | 2,541,280 | — | 2,541,280 | ||||||||||||||||||||||||||||||||
Real estate under construction | 127,935 | — | 127,935 | ||||||||||||||||||||||||||||||||
Net investments in direct financing leases | 479,916 | — | 479,916 | ||||||||||||||||||||||||||||||||
Net investments in real estate | 3,149,131 | — | 3,149,131 | ||||||||||||||||||||||||||||||||
Equity investments in real estate (a) | 415,374 | 477 | 415,851 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 418,108 | — | 418,108 | ||||||||||||||||||||||||||||||||
In-place lease and tenant relationship intangible assets, net | 466,497 | — | 466,497 | ||||||||||||||||||||||||||||||||
Other intangible assets, net | 95,803 | (3,717 | ) | 92,086 | |||||||||||||||||||||||||||||||
Other assets, net | 170,866 | — | 170,866 | ||||||||||||||||||||||||||||||||
Total assets | $ | 4,715,779 | $ | (3,240 | ) | $ | 4,712,539 | ||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Non-recourse debt | $ | 1,915,601 | $ | — | $ | 1,915,601 | |||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 132,254 | — | 132,254 | ||||||||||||||||||||||||||||||||
Deferred income taxes (a) | 8,248 | (3,666 | ) | 4,582 | |||||||||||||||||||||||||||||||
Below-market rent and other intangible liabilities, net | 102,597 | — | 102,597 | ||||||||||||||||||||||||||||||||
Due to affiliates | 20,211 | — | 20,211 | ||||||||||||||||||||||||||||||||
Distributions payable | 51,570 | — | 51,570 | ||||||||||||||||||||||||||||||||
Total liabilities | 2,230,481 | (3,666 | ) | 2,226,815 | |||||||||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
CPA®:17 – Global stockholders’ equity: | |||||||||||||||||||||||||||||||||||
Preferred stock | — | — | — | ||||||||||||||||||||||||||||||||
Common stock | 323 | — | 323 | ||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,904,927 | — | 2,904,927 | ||||||||||||||||||||||||||||||||
Distributions in excess of accumulated earnings (a) | (439,688 | ) | 8,593 | (431,095 | ) | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (5,275 | ) | (8,167 | ) | (13,442 | ) | |||||||||||||||||||||||||||||
Less: treasury stock at cost | (52,477 | ) | — | (52,477 | ) | ||||||||||||||||||||||||||||||
Total CPA®:17 – Global stockholders’ equity | 2,407,810 | 426 | 2,408,236 | ||||||||||||||||||||||||||||||||
Noncontrolling interests | 77,488 | — | 77,488 | ||||||||||||||||||||||||||||||||
Total equity | 2,485,298 | 426 | 2,485,724 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 4,715,779 | $ | (3,240 | ) | $ | 4,712,539 | ||||||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
As Reported | Revisions | As Revised | As Reported | Revisions | As Revised | ||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Lease revenues: | |||||||||||||||||||||||||||||||||||
Rental income | $ | 231,577 | $ | 75 | $ | 231,652 | $ | 177,161 | $ | 1,129 | $ | 178,290 | |||||||||||||||||||||||
Interest income from direct financing leases | 53,757 | (21 | ) | 53,736 | 53,549 | (941 | ) | 52,608 | |||||||||||||||||||||||||||
Total lease revenues | 285,334 | 54 | 285,388 | 230,710 | 188 | 230,898 | |||||||||||||||||||||||||||||
Other real estate income | 49,076 | — | 49,076 | 44,613 | — | 44,613 | |||||||||||||||||||||||||||||
Other operating income | 21,872 | — | 21,872 | 5,188 | — | 5,188 | |||||||||||||||||||||||||||||
Other interest income | 6,672 | (236 | ) | 6,436 | 9,042 | 236 | 9,278 | ||||||||||||||||||||||||||||
362,954 | (182 | ) | 362,772 | 289,553 | 424 | 289,977 | |||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 93,947 | (205 | ) | 93,742 | 69,104 | 941 | 70,045 | ||||||||||||||||||||||||||||
Property expenses | 52,244 | (2 | ) | 52,242 | 31,342 | 1 | 31,343 | ||||||||||||||||||||||||||||
Other real estate expenses | 33,548 | — | 33,548 | 31,426 | — | 31,426 | |||||||||||||||||||||||||||||
General and administrative | 20,416 | — | 20,416 | 14,879 | — | 14,879 | |||||||||||||||||||||||||||||
Acquisition expenses | 16,884 | — | 16,884 | 14,834 | — | 14,834 | |||||||||||||||||||||||||||||
Impairment charges | — | — | — | 2,019 | — | 2,019 | |||||||||||||||||||||||||||||
217,039 | (207 | ) | 216,832 | 163,604 | 942 | 164,546 | |||||||||||||||||||||||||||||
Other Income and Expenses | |||||||||||||||||||||||||||||||||||
Equity in (losses) earnings of equity method investments in real estate (a) | (7,917 | ) | (1,583 | ) | (9,500 | ) | 9,196 | 561 | 9,757 | ||||||||||||||||||||||||||
Other income and (expenses) | 11,418 | 1,768 | 13,186 | 4,546 | 829 | 5,375 | |||||||||||||||||||||||||||||
Interest expense | (88,656 | ) | — | (88,656 | ) | (72,271 | ) | — | (72,271 | ) | |||||||||||||||||||||||||
(85,155 | ) | 185 | (84,970 | ) | (58,529 | ) | 1,390 | (57,139 | ) | ||||||||||||||||||||||||||
Income from continuing operations before income taxes and gain on sale of real estate | 60,760 | 210 | 60,970 | 67,420 | 872 | 68,292 | |||||||||||||||||||||||||||||
Benefit from (provision for) income taxes (a) | 263 | (1,730 | ) | (1,467 | ) | (1,526 | ) | 313 | (1,213 | ) | |||||||||||||||||||||||||
Income from continuing operations before gain on sale of real estate, net of tax | 61,023 | (1,520 | ) | 59,503 | 65,894 | 1,185 | 67,079 | ||||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||||||||||
Income from operations of discontinued properties, net of tax | 483 | — | 483 | 1,183 | — | 1,183 | |||||||||||||||||||||||||||||
Gain on sale of real estate, net of tax | 7,987 | — | 7,987 | 740 | — | 740 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt, net of tax | (983 | ) | — | (983 | ) | — | — | — | |||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 7,487 | — | 7,487 | 1,923 | — | 1,923 | |||||||||||||||||||||||||||||
Gain on sale of real estate, net of tax | 659 | — | 659 | 1,092 | — | 1,092 | |||||||||||||||||||||||||||||
Net Income | 69,169 | (1,520 | ) | 67,649 | 68,909 | 1,185 | 70,094 | ||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (29,305 | ) | 370 | (28,935 | ) | (26,542 | ) | 44 | (26,498 | ) | |||||||||||||||||||||||||
Net Income Attributable to CPA®:17 – Global | $ | 39,864 | $ | (1,150 | ) | $ | 38,714 | $ | 42,367 | $ | 1,229 | $ | 43,596 | ||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to CPA®:17 – Global | $ | 0.11 | $ | (0.01 | ) | $ | 0.1 | $ | 0.16 | $ | — | $ | 0.16 | ||||||||||||||||||||||
Income from discontinued operations attributable to CPA®:17 – Global | 0.02 | — | 0.02 | 0.01 | — | 0.01 | |||||||||||||||||||||||||||||
Net income attributable to CPA®:17 – Global | $ | 0.13 | $ | (0.01 | ) | $ | 0.12 | $ | 0.17 | $ | — | $ | 0.17 | ||||||||||||||||||||||
Weighted-Average Shares Outstanding | 313,010,828 | 313,010,828 | 249,283,354 | 249,283,354 | |||||||||||||||||||||||||||||||
Amounts Attributable to CPA®:17 – Global | |||||||||||||||||||||||||||||||||||
Income from continuing operations, net of tax | $ | 32,377 | $ | (1,150 | ) | $ | 31,227 | $ | 40,444 | $ | 1,229 | $ | 41,673 | ||||||||||||||||||||||
Income from discontinued operations, net of tax | 7,487 | — | 7,487 | 1,923 | — | 1,923 | |||||||||||||||||||||||||||||
Net income attributable to CPA®:17 – Global | $ | 39,864 | $ | (1,150 | ) | $ | 38,714 | $ | 42,367 | $ | 1,229 | $ | 43,596 | ||||||||||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
As Reported | Revisions | As Revised | As Reported | Revisions | As Revised | ||||||||||||||||||||||||||||||
Net Income (a) | $ | 69,169 | $ | (1,520 | ) | $ | 67,649 | $ | 68,909 | $ | 1,185 | $ | 70,094 | ||||||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 29,884 | (4,142 | ) | 25,742 | 13,515 | (1,699 | ) | 11,816 | |||||||||||||||||||||||||||
Change in net unrealized gain (loss) on derivative instruments | 831 | 2,237 | 3,068 | (16,758 | ) | 1,014 | (15,744 | ) | |||||||||||||||||||||||||||
Change in unrealized gain on marketable securities | 94 | — | 94 | 1,035 | — | 1,035 | |||||||||||||||||||||||||||||
30,809 | (1,905 | ) | 28,904 | (2,208 | ) | (685 | ) | (2,893 | ) | ||||||||||||||||||||||||||
Comprehensive Income | 99,978 | (3,425 | ) | 96,553 | 66,701 | 500 | 67,201 | ||||||||||||||||||||||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||||||||||||||||||||||||||
Net income | (29,305 | ) | 370 | (28,935 | ) | (26,542 | ) | 44 | (26,498 | ) | |||||||||||||||||||||||||
Foreign currency translation adjustments | (183 | ) | (29 | ) | (212 | ) | (192 | ) | 1 | (191 | ) | ||||||||||||||||||||||||
Change in net unrealized gain on derivative instruments | (535 | ) | — | (535 | ) | (365 | ) | — | (365 | ) | |||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (30,023 | ) | 341 | (29,682 | ) | (27,099 | ) | 45 | (27,054 | ) | |||||||||||||||||||||||||
Comprehensive Income Attributable to CPA®:17 – Global | $ | 69,955 | $ | (3,084 | ) | $ | 66,871 | $ | 39,602 | $ | 545 | $ | 40,147 | ||||||||||||||||||||||
Consolidated Statement of Equity | |||||||||||||||||||||||||||||||||||
CPA®:17 – Global | |||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | Total | Common | Additional | Distributions | Accumulated | Treasury | Total | Noncontrolling | Total | ||||||||||||||||||||||||||
Outstanding | Stock | Paid-In | in Excess of | Other | Stock | CPA®:17 | Interests | ||||||||||||||||||||||||||||
Shares | Capital | Accumulated | Comprehensive | – Global | |||||||||||||||||||||||||||||||
Earnings (a) | Loss | Stockholders | |||||||||||||||||||||||||||||||||
As Reported | 206,148,818 | $ | 208 | $ | 1,863,227 | $ | (156,549 | ) | $ | (32,601 | ) | $ | (17,104 | ) | $ | 1,657,181 | $ | 70,791 | $ | 1,727,972 | |||||||||||||||
Revisions | — | — | — | 8,515 | (5,549 | ) | — | 2,966 | 386 | 3,352 | |||||||||||||||||||||||||
As Revised | 206,148,818 | $ | 208 | $ | 1,863,227 | $ | (148,034 | ) | $ | (38,150 | ) | $ | (17,104 | ) | $ | 1,660,147 | $ | 71,177 | $ | 1,731,324 | |||||||||||||||
__________ | |||||||||||||||||||||||||||||||||||
(a) | Certain amounts previously reported also reflect changes to prior period amounts related to the change in accounting for our investment in BG LLH, LLC, as more fully described in Note 3. |
Agreements_and_Transactions_wi1
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of Related Party Transactions | The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to the advisor and other affiliates in accordance with the advisory agreement and the operating partnership agreement (in thousands): | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Amounts Included in the Consolidated Statements of Income | ||||||||||||
Asset management fees | $ | 26,694 | $ | 21,953 | $ | 18,932 | ||||||
Available Cash Distribution | 20,427 | 16,899 | 14,620 | |||||||||
Personnel and overhead reimbursements | 10,741 | 9,243 | 5,205 | |||||||||
Acquisition expenses | 2,637 | 11,448 | 12,092 | |||||||||
Office rent reimbursements | 1,190 | 1,293 | 756 | |||||||||
Interest expense on deferred acquisition fees and loan from affiliate | 516 | 827 | 930 | |||||||||
$ | 62,205 | $ | 61,663 | $ | 52,535 | |||||||
Acquisition Fees Capitalized | ||||||||||||
Current acquisition fees | $ | 3,979 | $ | 4,777 | $ | 17,448 | ||||||
Deferred acquisition fees | 2,510 | 3,063 | 14,162 | |||||||||
$ | 6,489 | $ | 7,840 | $ | 31,610 | |||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Due to Affiliates | ||||||||||||
Deferred acquisition fees, including interest | $ | 9,394 | $ | 15,573 | ||||||||
Asset management fees payable | 2,283 | 1,972 | ||||||||||
Accounts payable | 527 | 2,200 | ||||||||||
Reimbursable costs | 228 | 264 | ||||||||||
Subordinated disposition fees | 202 | 202 | ||||||||||
$ | 12,634 | $ | 20,211 | |||||||||
Net_Investments_in_Properties_1
Net Investments in Properties and Real Estate Under Construction (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule of Real Estate Properties | ||||||||
At December 31, 2014, Operating real estate consisted of our self-storage operations. At December 31, 2013, Operating real estate consisted of our self-storage operations and a hotel. Below is a summary of our Operating real estate (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 66,066 | $ | 66,066 | ||||
Buildings | 206,793 | 217,304 | ||||||
Less: Accumulated depreciation | (22,217 | ) | (15,354 | ) | ||||
$ | 250,642 | $ | 268,016 | |||||
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, | ||||||||
2014 | 2013 | |||||||
Land | $ | 513,172 | $ | 553,389 | ||||
Buildings | 1,883,543 | 1,848,926 | ||||||
Less: Accumulated depreciation | (175,478 | ) | (129,051 | ) | ||||
$ | 2,221,237 | $ | 2,273,264 | |||||
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, 2014 are as follows (in thousands): | |||||||
Years Ending December 31, | Total | |||||||
2015 | $ | 235,870 | ||||||
2016 | 236,073 | |||||||
2017 | 236,586 | |||||||
2018 | 238,773 | |||||||
2019 | 240,863 | |||||||
Thereafter | 2,527,908 | |||||||
Total | $ | 3,716,073 | ||||||
Other Real Estate, Roll Forward | ||||||||
The following table provides the activity of our Real estate under construction (in thousands): | ||||||||
Years Ended December 31, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 127,935 | $ | 71,285 | ||||
Capitalized funds | 74,420 | 90,007 | ||||||
Placed into service | (96,807 | ) | (42,225 | ) | ||||
Capitalized interest | 6,661 | 5,208 | ||||||
Foreign currency translation adjustments, building improvements, and other | (1,226 | ) | 3,660 | |||||
Ending balance | $ | 110,983 | $ | 127,935 | ||||
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 in the consolidated financial statements (in thousands): | |||||||
Years Ended December 31, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 22,076 | $ | 19,194 | ||||
Additions | — | 1,619 | ||||||
Accretion expense (a) | 1,233 | 1,203 | ||||||
Foreign currency translation adjustments and other | (38 | ) | 60 | |||||
Ending balance | $ | 23,271 | $ | 22,076 | ||||
__________ | ||||||||
(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, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Capital Leases Net Investment In Direct Financing Leases | Net investments in direct financing leases is summarized as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Minimum lease payments receivable | $ | 726,054 | $ | 774,876 | |||||||||
Unguaranteed residual value | 466,170 | 468,548 | |||||||||||
1,192,224 | 1,243,424 | ||||||||||||
Less: unearned income | (712,799 | ) | (763,508 | ) | |||||||||
$ | 479,425 | $ | 479,916 | ||||||||||
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, 2014 are as follows (in thousands): | ||||||||||||
Years Ending December 31, | Total | ||||||||||||
2015 | $ | 52,449 | |||||||||||
2016 | 52,888 | ||||||||||||
2017 | 53,318 | ||||||||||||
2018 (a) | 288,142 | ||||||||||||
2019 | 26,232 | ||||||||||||
Thereafter | 253,025 | ||||||||||||
Total | $ | 726,054 | |||||||||||
___________ | |||||||||||||
(a) | Includes $250.0 million for a purchase option that a tenant, The New York Times Company, may exercise to acquire the property it leases from us. | ||||||||||||
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, | Carrying Value at December 31, | ||||||||||||
Internal Credit Quality Indicator | 2014 | 2013 | 2014 | 2013 | |||||||||
1 | — | — | $ | — | $ | — | |||||||
2 | 1 | 1 | 2,259 | 2,250 | |||||||||
3 | 9 | 8 | 429,245 | 430,713 | |||||||||
4 | 3 | 3 | 87,921 | 86,953 | |||||||||
5 | — | — | — | — | |||||||||
$ | 519,425 | $ | 519,916 | ||||||||||
Equity_Investments_in_Real_Est1
Equity Investments in Real Estate (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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/Equity Investee | Co-owner | at December 31, 2014 | 2014 | 2013 | |||||||||
Shelborne Property Associates, LLC (a) | Third Party | 33% | $ | 152,801 | $ | 129,575 | |||||||
C1000 Logistiek Vastgoed B.V. (b) (c) (d) | WPC | 85% | 71,130 | 84,596 | |||||||||
BG LLH, LLC (e) | Third Party | 7% | 42,587 | 2,410 | |||||||||
U-Haul Moving Partners, Inc. and Mercury Partners, LP | WPC | 12% | 41,028 | 43,051 | |||||||||
BPS Nevada, LLC (f) | Third Party | 15% | 40,032 | 23,278 | |||||||||
Bank Pekao S.A. (b) (f) | CPA®:18 – Global | 50% | 31,045 | — | |||||||||
IDL Wheel Tenant, LLC (g) | Third Party | N/A | 30,049 | 6,017 | |||||||||
State Farm (h) | CPA®:18 – Global | 50% | 20,414 | 20,913 | |||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC (d) (i) | Third Party | 45% | 20,147 | 23,907 | |||||||||
Apply Sørco AS (b) (f) | CPA®:18 – Global | 49% | 19,076 | — | |||||||||
Berry Plastics Corporation | WPC | 50% | 16,632 | 17,659 | |||||||||
Tesco plc (b) | WPC | 49% | 14,194 | 17,965 | |||||||||
Hellweg 2 (b) (d) | WPC | 37% | 9,935 | 12,978 | |||||||||
Agrokor 5 (b) (h) | CPA®:18 – Global | 20% | 8,760 | 19,217 | |||||||||
Eroski Sociedad Cooperativa – Mallorca (b) (j) | WPC | 30% | 7,662 | 9,639 | |||||||||
Dick’s Sporting Goods, Inc. | WPC | 45% | 5,508 | 4,646 | |||||||||
$ | 531,000 | $ | 415,851 | ||||||||||
___________ | |||||||||||||
(a) | Represents a domestic ADC Arrangement. We consider this investment a VIE. We provided funding of $18.0 million to this investment during the year ended December 31, 2014. At December 31, 2014, the unfunded balance on the loan related to this investment was $3.6 million. Additionally, during the first quarter of 2014, capital contributions were made by our partners that resulted in income attributed to us of $6.5 million based upon the hypothetical liquidation at book value method of accounting. This income was offset during the year with our share of losses incurred by the lessee during the second, third, and fourth quarters of 2014. | ||||||||||||
(b) | The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the applicable foreign currency. | ||||||||||||
(c) | 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 $82.7 million and $95.6 million at December 31, 2014 and 2013, respectively. Of these amounts, $70.3 million and $81.3 million represent the amounts we agreed to pay and are included within the carrying value of this investment at December 31, 2014 and 2013, respectively. | ||||||||||||
(d) | The decrease in carrying value is primarily due to distributions made to us. | ||||||||||||
(e) | See Conversion to Equity Investment below. | ||||||||||||
(f) | See Acquisitions of Equity Investments During 2014 below. | ||||||||||||
(g) | Represents a domestic ADC Arrangement. We consider this investment a VIE. We provided funding of $22.9 million to this investment and capitalized $1.1 million of interest related to the investment during the year ended December 31, 2014. At December 31, 2014, the unfunded balance on the loan related to this investment was $19.3 million. | ||||||||||||
(h) | See Acquisitions of Equity Investments During 2013 below. | ||||||||||||
(i) | 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. | ||||||||||||
(j) | In December 2014, we recognized an other-than-temporary impairment charge of $0.8 million on this investment (Note 9). | ||||||||||||
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, | |||||||||||||
2014 | 2013 | ||||||||||||
Real estate assets | $ | 1,494,621 | $ | 1,360,072 | |||||||||
Other assets | 355,783 | 346,335 | |||||||||||
Total assets | 1,850,404 | 1,706,407 | |||||||||||
Debt | (858,410 | ) | (776,467 | ) | |||||||||
Accounts payable, accrued expenses and other liabilities | (100,844 | ) | (92,119 | ) | |||||||||
Total liabilities | (959,254 | ) | (868,586 | ) | |||||||||
Partners’/members’ equity | $ | 891,150 | $ | 837,821 | |||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 160,174 | $ | 132,760 | $ | 111,151 | |||||||
Expenses | (130,997 | ) | (135,339 | ) | (80,237 | ) | |||||||
Income (loss) from continuing operations | $ | 29,177 | $ | (2,579 | ) | $ | 30,914 | ||||||
Intangible_Assets_and_Liabilit1
Intangible Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Intangible Assets And Liabilities [Abstract] | ||||||||||||||||||||||||
Schedule Of Acquired Intangible Assets Liabilities By Major Class | In connection with our investment activity during 2014, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | |||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 8.7 | $ | 19,493 | |||||||||||||||||||||
Above-market rent | 13.1 | 1,483 | ||||||||||||||||||||||
$ | 20,976 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 18.7 | $ | (5,981 | ) | ||||||||||||||||||||
Schedule Of Intangible Assets and Liabilities | Intangible assets and liabilities are summarized as follows (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net Carrying Amount | Gross Carrying Amount | Accumulated | Net Carrying Amount | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease and tenant relationship | $ | 551,569 | $ | (119,125 | ) | $ | 432,444 | $ | 550,823 | $ | (84,326 | ) | $ | 466,497 | ||||||||||
Above-market rent | 92,548 | (16,539 | ) | 76,009 | 97,109 | (12,413 | ) | 84,696 | ||||||||||||||||
Below-market ground leases | 7,124 | (199 | ) | 6,925 | 7,124 | (79 | ) | 7,045 | ||||||||||||||||
$ | 651,241 | $ | (135,863 | ) | $ | 515,378 | $ | 655,056 | $ | (96,818 | ) | $ | 558,238 | |||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | 304 | — | 304 | 345 | — | 345 | ||||||||||||||||||
Total intangible assets | $ | 651,545 | $ | (135,863 | ) | $ | 515,682 | $ | 655,401 | $ | (96,818 | ) | $ | 558,583 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (116,887 | ) | $ | 13,293 | $ | (103,594 | ) | $ | (110,606 | ) | $ | 8,163 | $ | (102,443 | ) | ||||||||
Above-market ground lease | (1,145 | ) | 17 | (1,128 | ) | (157 | ) | 3 | (154 | ) | ||||||||||||||
Total intangible liabilities | $ | (118,032 | ) | $ | 13,310 | $ | (104,722 | ) | $ | (110,763 | ) | $ | 8,166 | $ | (102,597 | ) | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2014, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): | |||||||||||||||||||||||
Years Ending December 31, | Net Increase in | Increase to Amortization/Property Expenses | Net | |||||||||||||||||||||
Rental Income | ||||||||||||||||||||||||
2015 | $ | (1,244 | ) | $ | 37,565 | $ | 36,321 | |||||||||||||||||
2016 | (338 | ) | 32,070 | 31,732 | ||||||||||||||||||||
2017 | (100 | ) | 29,070 | 28,970 | ||||||||||||||||||||
2018 | (75 | ) | 28,962 | 28,887 | ||||||||||||||||||||
2019 | (67 | ) | 28,917 | 28,850 | ||||||||||||||||||||
Thereafter | (25,761 | ) | 281,657 | 255,896 | ||||||||||||||||||||
Total | $ | (27,585 | ) | $ | 438,241 | $ | 410,656 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 (dollars in thousands): | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Non-recourse debt (a) | 3 | $ | 1,896,489 | $ | 1,961,905 | $ | 1,915,601 | $ | 1,944,865 | |||||||||||||||
Note receivable (a) | 3 | 40,000 | 41,990 | 40,000 | 43,890 | |||||||||||||||||||
Other securities (b) | 3 | 9,381 | 9,649 | 9,915 | 15,548 | |||||||||||||||||||
Deferred acquisition fees payable (c) | 3 | 9,009 | 10,077 | 15,033 | 15,950 | |||||||||||||||||||
CMBS (d) | 3 | 3,053 | 8,899 | 2,791 | 6,052 | |||||||||||||||||||
___________ | ||||||||||||||||||||||||
(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) | Amounts at December 31, 2014 primarily reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements. Amounts at December 31, 2013 reflect equity securities and our interest in the foreign debenture, both of which were included in Other assets, net in the consolidated financial statements. During 2014, we converted the equity securities to an equity investment in real estate (Note 7). | |||||||||||||||||||||||
(c) | 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 355 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. | |||||||||||||||||||||||
(d) | The carrying value of our CMBS is inclusive of impairment charges recognized during 2014 and 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 assets that were measured at fair value on a non-recurring basis (in thousands): | |||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||
Fair Value | Total | Fair Value | Total | Fair Value | Total | |||||||||||||||||||
Measurements | Impairment | Measurements | Impairment | Measurements | Impairment | |||||||||||||||||||
Charges | Charges | Charges | ||||||||||||||||||||||
Impairment Charges from Continuing Operations | ||||||||||||||||||||||||
CMBS | $ | 1,808 | $ | 570 | $ | — | $ | — | $ | — | $ | 2,019 | ||||||||||||
Total impairment charges included in expenses | 570 | — | 2,019 | |||||||||||||||||||||
Equity investments in real estate | 7,662 | 766 | 23,278 | 3,778 | — | — | ||||||||||||||||||
$ | 1,336 | $ | 3,778 | $ | 2,019 | |||||||||||||||||||
Risk_Management_and_Use_of_Der1
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table sets forth certain information regarding our derivative instruments (in thousands): | ||||||||||||||||||
Derivatives Designated | Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | |||||||||||||||||
as Hedging Instruments | December 31, | December 31, | |||||||||||||||||
Balance Sheet Location | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency forward contracts (a) | Other assets, net | $ | 24,051 | $ | 2,002 | $ | — | $ | — | ||||||||||
Interest rate swaps | Other assets, net | 71 | 1,895 | — | — | ||||||||||||||
Foreign currency collars | Other assets, net | — | 429 | — | — | ||||||||||||||
Foreign currency forward contracts | Accounts payable, accrued expenses and other liabilities | — | — | — | (11,928 | ) | |||||||||||||
Interest rate swaps | Accounts payable, accrued expenses and other liabilities | — | — | (14,554 | ) | (12,911 | ) | ||||||||||||
Derivatives Not Designated | |||||||||||||||||||
as Hedging Instruments | |||||||||||||||||||
Embedded derivatives (b) | Accounts payable, accrued expenses and other liabilities | — | — | — | (2,164 | ) | |||||||||||||
Embedded derivatives (b) (c) | Other assets, net | 499 | 2,314 | — | — | ||||||||||||||
Stock warrants (d) | Other assets, net | 1,848 | 1,782 | — | — | ||||||||||||||
Foreign currency | Accounts payable, accrued expenses and other liabilities | — | — | (2,904 | ) | — | |||||||||||||
forward contracts (e) | |||||||||||||||||||
Foreign currency | Other assets, net | 5,120 | 1,521 | — | — | ||||||||||||||
forward contracts (a) (e) | |||||||||||||||||||
Swaption (f) | Other assets, net | 505 | 1,205 | — | — | ||||||||||||||
Total derivatives | $ | 32,094 | $ | 11,148 | $ | (17,458 | ) | $ | (27,003 | ) | |||||||||
___________ | |||||||||||||||||||
(a) | In connection with an investment in Japan, we entered into a foreign currency forward contract that protects against fluctuations in foreign currency rates related to the Japanese yen, but did not qualify for hedge accounting as of December 31, 2013. During the year ended December 31, 2014, this foreign currency forward contract was re-designated as a net investment hedge. | ||||||||||||||||||
(b) | In connection with the ADC Arrangement with IDL Wheel Tenant, LLC, we agreed to fund to the developer a portion of the loan in the euro and we locked the euro to U.S. dollar exchange rate at $1.278 at the time of the transaction (Note 7). This component of the loan is deemed to be an embedded derivative that requires separate measurement. | ||||||||||||||||||
(c) | In December 2013, there was an amendment to the loan commitment for the refinancing of Agrokor d.d., referred to as the Agrokor 4 portfolio, which provided for an effective net settlement provision. In December 2014, the embedded derivative matured. | ||||||||||||||||||
(d) | 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. | ||||||||||||||||||
(e) | In September 2014, a new forward contract was executed to offset an existing forward contract that has not yet reached its maturity. These two offsetting forward contracts will mature in July 2015. | ||||||||||||||||||
(f) | 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 in 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 | 2014 | 2013 | 2012 | ||||||||||||||||
Interest rate cap (a) | $ | 913 | $ | 1,188 | $ | 811 | |||||||||||||
Interest rate swaps | (5,542 | ) | 10,107 | (11,046 | ) | ||||||||||||||
Foreign currency collars | (290 | ) | (2,059 | ) | (2,951 | ) | |||||||||||||
Foreign currency forward contracts | 29,313 | (6,168 | ) | (3,030 | ) | ||||||||||||||
Put options | — | — | 192 | ||||||||||||||||
Derivatives in Net Investment Hedging Relationships (b) | |||||||||||||||||||
Foreign currency forward contracts | 484 | — | — | ||||||||||||||||
Derivatives Formerly in Net Investment Hedging Relationships (c) | |||||||||||||||||||
Foreign currency forward contracts | 4,511 | (2,237 | ) | (1,014 | ) | ||||||||||||||
Total | $ | 29,389 | $ | 831 | $ | (17,038 | ) | ||||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive Income (Loss) into Income (Effective Portion) | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Recognized in Income | 2014 | 2013 (d) | 2012 (d) | |||||||||||||||
Foreign currency collars | Other income and (expenses) | $ | 751 | $ | 1,215 | $ | 1,918 | ||||||||||||
Foreign currency forward contracts | Other income and (expenses) | 1,145 | 909 | 366 | |||||||||||||||
Interest rate cap | Interest expense | (913 | ) | (1,189 | ) | (890 | ) | ||||||||||||
Interest rate swaps | Interest expense | (7,057 | ) | (7,268 | ) | (4,867 | ) | ||||||||||||
Total | $ | (6,074 | ) | $ | (6,333 | ) | $ | (3,473 | ) | ||||||||||
___________ | |||||||||||||||||||
(a) | Includes a gain attributable to noncontrolling interests of $0.4 million, $0.5 million, and $0.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||
(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 (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
(c) | In September 2014, a new forward contract was executed to offset an existing forward contract that has not yet reached its maturity. As a result of this transaction, this existing forward contract was de-designated as a hedging instrument. However, the effective portion of the change in fair value, through the date of the de-designation, and the settlement of this contract are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we will reclassify the gain or loss to earnings. | ||||||||||||||||||
(d) | The amounts included in this column for the periods presented herein have been revised to reverse the signs that were incorrectly presented when originally filed. In addition, similar revisions will be made to the column for the quarter ended March 31, 2014 in the Form 10-Q for the quarter ended March 31, 2015 when filed. | ||||||||||||||||||
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 Hedging Relationships | Recognized in Income | 2014 | 2013 | 2012 | |||||||||||||||
Embedded credit derivatives | Other income and (expenses) | $ | 1,378 | $ | 1,159 | $ | (1,141 | ) | |||||||||||
Foreign currency forward contracts | Other income and (expenses) | 364 | 1,266 | 254 | |||||||||||||||
Put options | Other income and (expenses) | — | — | (2 | ) | ||||||||||||||
Stock warrants | Other income and (expenses) | 66 | 297 | 66 | |||||||||||||||
Swaption | Other income and (expenses) | (700 | ) | 428 | — | ||||||||||||||
Derivatives in Hedging Relationships | |||||||||||||||||||
Interest rate swaps (a) | Interest expense | (88 | ) | 212 | (34 | ) | |||||||||||||
Total | $ | 1,020 | $ | 3,362 | $ | (857 | ) | ||||||||||||
___________ | |||||||||||||||||||
(a) | Relates to the ineffective portion of the hedging relationship. | ||||||||||||||||||
Schedule of Derivative Instruments | The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2014 (currency in thousands): | ||||||||||||||||||
Foreign Currency Derivatives | Number of Instruments | Notional Amount | Fair Value at | ||||||||||||||||
December 31, 2014 (a) | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 97 | EUR | 195,354 | $ | 19,479 | ||||||||||||||
Foreign currency forward contracts | 12 | JPY | 563,608 | 2,211 | |||||||||||||||
Foreign currency forward contracts | 17 | NOK | 12,239 | 16 | |||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 2 | EUR | 90,000 | 2,216 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 1 | JPY | 610,129 | 2,335 | |||||||||||||||
Foreign currency forward contracts | 5 | NOK | 7,996 | 10 | |||||||||||||||
$ | 26,267 | ||||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair value amounts are based on the exchange rate of the euro, the Japanese yen, or the Norwegian krone, as applicable, at December 31, 2014. | ||||||||||||||||||
The interest rate swaps and swaption that we had outstanding on our consolidated subsidiaries at December 31, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional Amount | Fair Value at | ||||||||||||||||
December 31, 2014 (a) | |||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Interest rate swaps | 6 | EUR | 185,796 | $ | (7,466 | ) | |||||||||||||
Interest rate swaps | 13 | USD | 234,089 | (7,017 | ) | ||||||||||||||
Not Designated as Hedging Instrument | |||||||||||||||||||
Swaption | 1 | USD | 13,230 | 505 | |||||||||||||||
$ | (13,978 | ) | |||||||||||||||||
____________ | |||||||||||||||||||
(a) | Fair value amount is based on the exchange rate of the euro at December 31, 2014, as applicable. | ||||||||||||||||||
The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2014 and was designated as a cash flow hedge is summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivative | Ownership Interest in Investee at December 31, 2014 | Number of Instruments | Notional Amount | Fair Value at | |||||||||||||||
December 31, 2014 (a) | |||||||||||||||||||
Interest rate swap | 85% | 1 | EUR | 11,701 | $ | (631 | ) | ||||||||||||
____________ | |||||||||||||||||||
(a) | Fair value amount is based on the exchange rate of the euro at December 31, 2014. |
NonRecourse_Debt_Tables
Non-Recourse Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Debt | Scheduled debt principal payments during each of the next five calendar years following December 31, 2014 and thereafter are as follows (in thousands): | ||||
Years Ending December 31, | Total | ||||
2015 | $ | 67,858 | |||
2016 | 272,144 | ||||
2017 | 351,238 | ||||
2018 | 154,884 | ||||
2019 | 39,196 | ||||
Thereafter through 2039 | 1,014,313 | ||||
1,899,633 | |||||
Unamortized discount, net | (3,144 | ) | |||
Total | $ | 1,896,489 | |||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Ordinary income | $ | 0.3528 | $ | 0.3104 | $ | 0.3022 | ||||||||||
Capital gain | — | 0.011 | — | |||||||||||||
Return of capital | 0.2972 | 0.3286 | 0.3478 | |||||||||||||
Total distributions paid | $ | 0.65 | $ | 0.65 | $ | 0.65 | ||||||||||
Schedule of Accumulated Other Comprehensive Income Loss | Amounts include our proportionate share of other comprehensive loss from our unconsolidated investments (in thousands): | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Foreign currency translation adjustments | $ | (88,212 | ) | $ | 3,666 | $ | (21,864 | ) | ||||||||
Net unrealized gain (loss) on derivative instruments | 7,311 | (16,717 | ) | (19,250 | ) | |||||||||||
Unrealized loss on marketable securities | (106 | ) | (391 | ) | (485 | ) | ||||||||||
Accumulated other comprehensive loss | $ | (81,007 | ) | $ | (13,442 | ) | $ | (41,599 | ) | |||||||
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, 2014 | ||||||||||||||||
Gains and Losses | Gains and Losses on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (16,717 | ) | $ | (391 | ) | $ | 3,666 | $ | (13,442 | ) | |||||
Other comprehensive income (loss) before reclassifications | 18,365 | 285 | (93,401 | ) | (74,751 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 7,970 | — | — | 7,970 | ||||||||||||
Other income and (expenses) | (1,896 | ) | — | — | (1,896 | ) | ||||||||||
Total | 6,074 | — | — | 6,074 | ||||||||||||
Net current-period Other comprehensive income (loss) | 24,439 | 285 | (93,401 | ) | (68,677 | ) | ||||||||||
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | (411 | ) | — | 1,523 | 1,112 | |||||||||||
Ending balance | $ | 7,311 | $ | (106 | ) | $ | (88,212 | ) | $ | (81,007 | ) | |||||
Year Ended December 31, 2013 | ||||||||||||||||
Gains and Losses | Gains and Losses on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (19,250 | ) | $ | (485 | ) | $ | (21,864 | ) | $ | (41,599 | ) | ||||
Other comprehensive (loss) income before reclassifications | (3,265 | ) | 94 | 25,742 | 22,571 | |||||||||||
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 | 3,068 | 94 | 25,742 | 28,904 | ||||||||||||
Net current-period Other comprehensive income attributable to noncontrolling interests | (535 | ) | — | (212 | ) | (747 | ) | |||||||||
Ending balance | $ | (16,717 | ) | $ | (391 | ) | $ | 3,666 | $ | (13,442 | ) | |||||
Year Ended December 31, 2012 | ||||||||||||||||
Gains and Losses | Gains and Losses on Marketable Securities | Foreign Currency Translation Adjustments | Total | |||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (3,141 | ) | $ | (1,520 | ) | $ | (33,489 | ) | $ | (38,150 | ) | ||||
Other comprehensive (loss) income before reclassifications | (19,217 | ) | 281 | 11,816 | (7,120 | ) | ||||||||||
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 | (15,744 | ) | 1,035 | 11,816 | (2,893 | ) | ||||||||||
Net current-period Other comprehensive income attributable to noncontrolling interests | (365 | ) | — | (191 | ) | (556 | ) | |||||||||
Ending balance | $ | (19,250 | ) | $ | (485 | ) | $ | (21,864 | ) | $ | (41,599 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, | ||||||||
2014 | 2013 | |||||||
Beginning balance | $ | 931 | $ | 647 | ||||
(Reductions) additions based on tax positions related to the current year | (53 | ) | 284 | |||||
Reduction for tax positions of prior years | (267 | ) | — | |||||
Ending balance | $ | 611 | $ | 931 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 have been sold prior to January 1, 2014, 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | — | $ | 3,807 | $ | 4,568 | ||||||
Expenses | — | (3,324 | ) | (3,385 | ) | |||||||
Gain on sale of real estate | — | 7,987 | 740 | |||||||||
Loss on extinguishment of debt | — | (983 | ) | — | ||||||||
Income from discontinued operations | $ | — | $ | 7,487 | $ | 1,923 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Geographic information for this segment is as follows (in thousands): | ||||||||||||||||
Year Ended December 31, 2014 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 279,483 | $ | 31,072 | $ | 86,151 | $ | 396,706 | |||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 84,493 | 7,482 | 25,743 | 117,718 | |||||||||||||
Net income attributable to noncontrolling interests | (32,093 | ) | — | (749 | ) | (32,842 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 43,987 | 7,342 | 22,822 | 74,151 | |||||||||||||
Long-lived assets (b) | 2,454,911 | 297,112 | 841,264 | 3,593,287 | |||||||||||||
Non-recourse debt | 1,353,641 | 196,745 | 346,103 | 1,896,489 | |||||||||||||
Year Ended December 31, 2013 | Domestic | Italy | Other International (a) | Total | |||||||||||||
Revenues | $ | 256,350 | $ | 30,795 | $ | 75,627 | $ | 362,772 | |||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 24,265 | 7,208 | 30,156 | 61,629 | |||||||||||||
Net income attributable to noncontrolling interests | (28,297 | ) | — | (638 | ) | (28,935 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 2,569 | 7,128 | 29,017 | 38,714 | |||||||||||||
Long-lived assets (b) | 2,346,340 | 343,876 | 874,766 | 3,564,982 | |||||||||||||
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 | $ | 203,919 | $ | 29,396 | $ | 56,662 | $ | 289,977 | |||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 32,969 | 6,771 | 29,644 | 69,384 | |||||||||||||
Net income attributable to noncontrolling interests | (25,898 | ) | — | (600 | ) | (26,498 | ) | ||||||||||
Net income attributable to CPA®:17 – Global | 8,036 | 6,733 | 28,827 | 43,596 | |||||||||||||
___________ | |||||||||||||||||
(a) | All years include operations in Croatia, Germany, Hungary, Japan, Poland, the Netherlands, Spain, and the United Kingdom; 2014 and 2013 include an investment in India; and 2014 includes an investment in Norway. | ||||||||||||||||
(b) | Consists of Net investments in real estate and Equity investments in real estate. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | (Dollars in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | 31-Dec-14 | |||||||||||||
Revenues | $ | 101,149 | $ | 98,786 | $ | 97,987 | $ | 98,784 | ||||||||
Expenses | 58,523 | 53,365 | 52,186 | 57,152 | ||||||||||||
Net income (a) | 16,478 | 42,246 | 19,482 | 28,787 | ||||||||||||
Net income attributable to noncontrolling interests | (7,677 | ) | (7,640 | ) | (9,193 | ) | (8,332 | ) | ||||||||
Net income attributable to CPA®:17 – Global (b) | $ | 8,801 | $ | 34,606 | $ | 10,289 | $ | 20,455 | ||||||||
Earnings per share attributable to CPA®:17 – Global (b) | $ | 0.03 | $ | 0.11 | $ | 0.03 | $ | 0.06 | ||||||||
Distributions declared per share | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | 31-Dec-13 | |||||||||||||
Revenues | $ | 86,798 | $ | 89,082 | $ | 91,209 | $ | 95,683 | ||||||||
Expenses | 48,752 | 49,038 | 58,649 | 60,393 | ||||||||||||
Net income | 21,186 | 21,256 | 13,788 | 11,419 | ||||||||||||
Net income attributable to noncontrolling interests | (7,280 | ) | (7,926 | ) | (6,508 | ) | (7,221 | ) | ||||||||
Net income attributable to CPA®:17 – Global (b) | $ | 13,906 | $ | 13,330 | $ | 7,280 | $ | 4,198 | ||||||||
Earnings per share attributable to CPA®:17 – Global (b) | $ | 0.05 | $ | 0.04 | $ | 0.02 | $ | 0.01 | ||||||||
Distributions declared per share | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | $ | 0.1625 | ||||||||
__________ | ||||||||||||||||
(a) | Amount for the three months ended June 30, 2014 includes a gain on sale of real estate of $12.5 million recognized in connection with the I Shops Partial Sale (Note 5). | |||||||||||||||
(b) | In the course of preparing our 2014 consolidated financial statements, we discovered an error related to our accounting for a subsidiary’s functional currency. We corrected this error, and other errors previously recorded as out-of-period adjustments, and revised our consolidated financial statements for all prior periods impacted (Note 2). These errors resulted in an increase (decrease) to both Net income and Net income attributable to CPA®:17 – Global of $0.2 million, $(1.7) million and $(4.9) million for the three months ended March 31, 2014, June 30, 2014, and September 30, 2014, respectively, and a decrease to Earnings per share attributable to CPA®:17 – Global of $0.02 for the three months ended September 30, 2014. These errors also resulted in a (decrease) increase to Net income of $(0.9) million, $0.5 million, $2.2 million, and $(3.4) million, Net income attributable to CPA®:17 – Global of $(0.9) million, $0.5 million, $2.3 million and $(3.0) million for the three months ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013, respectively, and a decrease to Earnings per share attributable to CPA®:17 – Global of $0.01 for the three months ended December 31, 2013. There were no impacts to Earnings per share attributable to CPA®:17 – Global in any other periods. In our quarterly reports for the periods ending March 31, 2015, June 30, 2015, and September 30, 2015 we will revise the presentation of the periods ended March 31, 2014, June 30, 2014, and September 30, 2014 to reflect these revision adjustments. |
Organization_Narratives_Detail
Organization (Narratives) (Details) | Dec. 31, 2014 |
sqft | |
property | |
tenant | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of real estate properties | 365 |
Number of tenants | 115 |
Square footage of real estate properties | 36,000,000 |
Capital interest in operating partnership | 99.99% |
Real Estate Properties | |
Number of operating properties | 72 |
Square footage of operating properties | 5,000,000 |
Self storage | |
Real Estate Properties | |
Number of operating properties | 71 |
Hotel | |
Real Estate Properties | |
Number of operating properties | 1 |
Revisions_of_Previously_Issued2
Revisions of Previously - Issued Financial Statements (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Cash Provided by Operating Activities | $210,055 | $182,598 | $158,004 |
Revisions | |||
Net Cash Provided by Operating Activities | ($1,600) | $700 |
Revisions_of_Previously_Issued3
Revisions of Previously - Issued Financial Statements (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Investments in real estate: | ||||
Real estate, at cost | $2,396,715 | $2,402,315 | ||
Operating real estate, at cost | 272,859 | 283,370 | ||
Accumulated depreciation | -197,695 | -144,405 | ||
Net investments in properties | 2,471,879 | 2,541,280 | ||
Real estate under construction | 110,983 | 127,935 | ||
Net investments in direct financing leases | 479,425 | 479,916 | ||
Net investments in real estate | 3,062,287 | 3,149,131 | ||
Equity investments in real estate (a) | 531,000 | 415,851 | ||
Cash and cash equivalents | 275,719 | 418,108 | 652,330 | 180,726 |
In-place lease and tenant relationship intangible assets, net | 432,444 | 466,497 | ||
Other intangible assets, net | 83,238 | 92,086 | ||
Other assets, net | 221,209 | 170,866 | ||
Total assets | 4,605,897 | 4,712,539 | ||
Liabilities: | ||||
Non-recourse debt | 1,896,489 | 1,915,601 | ||
Accounts payable, accrued expenses and other liabilities | 141,043 | 132,254 | ||
Deferred tax liability | 12,234 | 4,582 | ||
Below-market rent and other intangible liabilities, net | 104,722 | 102,597 | ||
Due to affiliates | 12,634 | 20,211 | ||
Distributions payable | 53,378 | 51,570 | ||
Total liabilities | 2,220,500 | 2,226,815 | ||
Commitments and contingencies | ||||
CPA®:17 – Global stockholders’ equity: | ||||
Preferred stock | 0 | 0 | ||
Common stock | 337 | 323 | ||
Additional paid-in-capital | 3,033,283 | 2,904,927 | ||
Distributions in excess of accumulated earnings | -567,806 | -431,095 | ||
Accumulated other comprehensive loss | -81,007 | -13,442 | -41,599 | -38,150 |
Less: treasury stock at cost | -77,852 | -52,477 | ||
Total CPA®:17 – Global stockholders’ equity | 2,306,955 | 2,408,236 | ||
Noncontrolling interests | 78,442 | 77,488 | ||
Total equity | 2,385,397 | 2,485,724 | 2,519,628 | 1,731,324 |
Total liabilities and equity | 4,605,897 | 4,712,539 | ||
As Reported | ||||
Investments in real estate: | ||||
Real estate, at cost | 2,402,315 | |||
Operating real estate, at cost | 283,370 | |||
Accumulated depreciation | -144,405 | |||
Net investments in properties | 2,541,280 | |||
Real estate under construction | 127,935 | |||
Net investments in direct financing leases | 479,916 | |||
Net investments in real estate | 3,149,131 | |||
Equity investments in real estate (a) | 415,374 | |||
Cash and cash equivalents | 418,108 | |||
In-place lease and tenant relationship intangible assets, net | 466,497 | |||
Other intangible assets, net | 95,803 | |||
Other assets, net | 170,866 | |||
Total assets | 4,715,779 | |||
Liabilities: | ||||
Non-recourse debt | 1,915,601 | |||
Accounts payable, accrued expenses and other liabilities | 132,254 | |||
Deferred tax liability | 8,248 | |||
Below-market rent and other intangible liabilities, net | 102,597 | |||
Due to affiliates | 20,211 | |||
Distributions payable | 51,570 | |||
Total liabilities | 2,230,481 | |||
CPA®:17 – Global stockholders’ equity: | ||||
Preferred stock | 0 | |||
Common stock | 323 | |||
Additional paid-in-capital | 2,904,927 | |||
Distributions in excess of accumulated earnings | -439,688 | |||
Accumulated other comprehensive loss | -5,275 | |||
Less: treasury stock at cost | -52,477 | |||
Total CPA®:17 – Global stockholders’ equity | 2,407,810 | |||
Noncontrolling interests | 77,488 | |||
Total equity | 2,485,298 | 1,727,972 | ||
Total liabilities and equity | 4,715,779 | |||
Revisions | ||||
Investments in real estate: | ||||
Real estate, at cost | 0 | |||
Operating real estate, at cost | 0 | |||
Accumulated depreciation | 0 | |||
Net investments in properties | 0 | |||
Real estate under construction | 0 | |||
Net investments in direct financing leases | 0 | |||
Net investments in real estate | 0 | |||
Equity investments in real estate (a) | 477 | |||
Cash and cash equivalents | 0 | |||
In-place lease and tenant relationship intangible assets, net | 0 | |||
Other intangible assets, net | -3,717 | |||
Other assets, net | 0 | |||
Total assets | -3,240 | |||
Liabilities: | ||||
Non-recourse debt | 0 | |||
Accounts payable, accrued expenses and other liabilities | 0 | |||
Deferred tax liability | -3,666 | |||
Below-market rent and other intangible liabilities, net | 0 | |||
Due to affiliates | 0 | |||
Distributions payable | 0 | |||
Total liabilities | -3,666 | |||
CPA®:17 – Global stockholders’ equity: | ||||
Preferred stock | 0 | |||
Common stock | 0 | |||
Additional paid-in-capital | 0 | |||
Distributions in excess of accumulated earnings | 8,593 | |||
Accumulated other comprehensive loss | -8,167 | |||
Less: treasury stock at cost | 0 | |||
Total CPA®:17 – Global stockholders’ equity | 426 | |||
Noncontrolling interests | 0 | |||
Total equity | 426 | 3,352 | ||
Total liabilities and equity | ($3,240) |
Revisions_of_Previously_Issued4
Revisions of Previously - Issued Financial Statements (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Lease revenue: | |||||||||||
Rental income | $254,658 | $231,652 | $178,290 | ||||||||
Interest income from direct financing leases | 54,517 | 53,736 | 52,608 | ||||||||
Total lease revenues | 309,175 | 285,388 | 230,898 | ||||||||
Other real estate income | 50,008 | 49,076 | 44,613 | ||||||||
Other operating income | 31,635 | 21,872 | 5,188 | ||||||||
Other interest income | 5,888 | 6,436 | 9,278 | ||||||||
Gross Revenues | 98,784 | 97,987 | 98,786 | 101,149 | 95,683 | 91,209 | 89,082 | 86,798 | 396,706 | 362,772 | 289,977 |
Operating Expenses | |||||||||||
Depreciation and amortization | 102,167 | 93,742 | 70,045 | ||||||||
Property expenses | 66,402 | 52,242 | 31,343 | ||||||||
Other real estate expenses | 24,665 | 33,548 | 31,426 | ||||||||
General and administrative | 22,253 | 20,416 | 14,879 | ||||||||
Acquisition expenses | 5,169 | 16,884 | 14,834 | ||||||||
Impairment charges | 570 | 0 | 2,019 | ||||||||
Operating Expenses, Total | 57,152 | 52,186 | 53,365 | 58,523 | 60,393 | 58,649 | 49,038 | 48,752 | 221,226 | 216,832 | 164,546 |
Other Income and Expenses | |||||||||||
Equity in (losses) earnings of equity method investments in real estate (a) | 24,073 | -9,500 | 9,757 | ||||||||
Other income and (expenses) | -2,172 | 13,186 | 5,375 | ||||||||
Interest expense | -93,001 | -88,656 | -72,271 | ||||||||
Nonoperating expense | -71,100 | -84,970 | -57,139 | ||||||||
Income from continuing operations before income taxes and gain on sale of real estate | 104,380 | 60,970 | 68,292 | ||||||||
Benefit from (provision for) income taxes (a) | -10,725 | -1,467 | -1,213 | ||||||||
Income from continuing operations before gain on sale of real estate, net of tax | 93,655 | 59,503 | 67,079 | ||||||||
Discontinued Operations | |||||||||||
Income from operations of discontinued properties, net of tax | 0 | 483 | 1,183 | ||||||||
Gain on sale of real estate, net of tax | 0 | 7,987 | 740 | ||||||||
Loss on extinguishment of debt, net of tax | 0 | -983 | 0 | ||||||||
Income from discontinued operations, net of tax | 0 | 7,487 | 1,923 | ||||||||
Gain on sale of real estate, net of tax | 13,338 | 659 | 1,092 | ||||||||
Net Income | 28,787 | 19,482 | 42,246 | 16,478 | 11,419 | 13,788 | 21,256 | 21,186 | 106,993 | 67,649 | 70,094 |
Net income attributable to noncontrolling interests | -8,332 | -9,193 | -7,640 | -7,677 | -7,221 | -6,508 | -7,926 | -7,280 | -32,842 | -28,935 | -26,498 |
Net Income Attributable to CPA®:17 – Global | 20,455 | 10,289 | 8,801 | 4,198 | 7,280 | 13,906 | 74,151 | 38,714 | 43,596 | ||
Earnings Per Share | |||||||||||
Income from continuing operations attributable to CPA®:17 – Global | $0.23 | $0.10 | $0.16 | ||||||||
Income from discontinued operations attributable to CPA®:17 – Global | $0 | $0.02 | $0.01 | ||||||||
Net income attributable to CPA®:17 – Global | $0.06 | $0.11 | $0.03 | $0.01 | $0.02 | $0.04 | $0.23 | $0.12 | $0.17 | ||
Weighted-Average Shares Outstanding | 324,117,508 | 313,010,828 | 249,283,354 | ||||||||
Amounts Attributable To CPA:17 - Global | |||||||||||
Income from continuing operations, net of tax | 74,151 | 31,227 | 41,673 | ||||||||
Income from discontinued operations, net of tax | 0 | 7,487 | 1,923 | ||||||||
Net Income Attributable to CPA®:17 – Global | 20,455 | 10,289 | 8,801 | 4,198 | 7,280 | 13,906 | 74,151 | 38,714 | 43,596 | ||
As Reported | |||||||||||
Lease revenue: | |||||||||||
Rental income | 231,577 | 177,161 | |||||||||
Interest income from direct financing leases | 53,757 | 53,549 | |||||||||
Total lease revenues | 285,334 | 230,710 | |||||||||
Other real estate income | 49,076 | 44,613 | |||||||||
Other operating income | 21,872 | 5,188 | |||||||||
Other interest income | 6,672 | 9,042 | |||||||||
Gross Revenues | 362,954 | 289,553 | |||||||||
Operating Expenses | |||||||||||
Depreciation and amortization | 93,947 | 69,104 | |||||||||
Property expenses | 52,244 | 31,342 | |||||||||
Other real estate expenses | 33,548 | 31,426 | |||||||||
General and administrative | 20,416 | 14,879 | |||||||||
Acquisition expenses | 16,884 | 14,834 | |||||||||
Impairment charges | 0 | 2,019 | |||||||||
Operating Expenses, Total | 217,039 | 163,604 | |||||||||
Other Income and Expenses | |||||||||||
Equity in (losses) earnings of equity method investments in real estate (a) | -7,917 | 9,196 | |||||||||
Other income and (expenses) | 11,418 | 4,546 | |||||||||
Interest expense | -88,656 | -72,271 | |||||||||
Nonoperating expense | -85,155 | -58,529 | |||||||||
Income from continuing operations before income taxes and gain on sale of real estate | 60,760 | 67,420 | |||||||||
Benefit from (provision for) income taxes (a) | 263 | -1,526 | |||||||||
Income from continuing operations before gain on sale of real estate, net of tax | 61,023 | 65,894 | |||||||||
Discontinued Operations | |||||||||||
Income from operations of discontinued properties, net of tax | 483 | 1,183 | |||||||||
Gain on sale of real estate, net of tax | 7,987 | 740 | |||||||||
Loss on extinguishment of debt, net of tax | -983 | 0 | |||||||||
Income from discontinued operations, net of tax | 7,487 | 1,923 | |||||||||
Gain on sale of real estate, net of tax | 659 | 1,092 | |||||||||
Net Income | 69,169 | 68,909 | |||||||||
Net income attributable to noncontrolling interests | -29,305 | -26,542 | |||||||||
Net Income Attributable to CPA®:17 – Global | 39,864 | 42,367 | |||||||||
Earnings Per Share | |||||||||||
Income from continuing operations attributable to CPA®:17 – Global | $0.11 | $0.16 | |||||||||
Income from discontinued operations attributable to CPA®:17 – Global | $0.02 | $0.01 | |||||||||
Net income attributable to CPA®:17 – Global | $0.13 | $0.17 | |||||||||
Weighted-Average Shares Outstanding | 313,010,828 | 249,283,354 | |||||||||
Amounts Attributable To CPA:17 - Global | |||||||||||
Income from continuing operations, net of tax | 32,377 | 40,444 | |||||||||
Income from discontinued operations, net of tax | 7,487 | 1,923 | |||||||||
Net Income Attributable to CPA®:17 – Global | 39,864 | 42,367 | |||||||||
Revisions | |||||||||||
Lease revenue: | |||||||||||
Rental income | 75 | 1,129 | |||||||||
Interest income from direct financing leases | -21 | -941 | |||||||||
Total lease revenues | 54 | 188 | |||||||||
Other real estate income | 0 | 0 | |||||||||
Other operating income | 0 | 0 | |||||||||
Other interest income | -236 | 236 | |||||||||
Gross Revenues | -182 | 424 | |||||||||
Operating Expenses | |||||||||||
Depreciation and amortization | -205 | 941 | |||||||||
Property expenses | -2 | 1 | |||||||||
Other real estate expenses | 0 | 0 | |||||||||
General and administrative | 0 | 0 | |||||||||
Acquisition expenses | 0 | 0 | |||||||||
Impairment charges | 0 | 0 | |||||||||
Operating Expenses, Total | -207 | 942 | |||||||||
Other Income and Expenses | |||||||||||
Equity in (losses) earnings of equity method investments in real estate (a) | -1,583 | 561 | |||||||||
Other income and (expenses) | 1,768 | 829 | |||||||||
Interest expense | 0 | 0 | |||||||||
Nonoperating expense | 185 | 1,390 | |||||||||
Income from continuing operations before income taxes and gain on sale of real estate | 210 | 872 | |||||||||
Benefit from (provision for) income taxes (a) | -1,730 | 313 | |||||||||
Income from continuing operations before gain on sale of real estate, net of tax | -1,520 | 1,185 | |||||||||
Discontinued Operations | |||||||||||
Income from operations of discontinued properties, net of tax | 0 | 0 | |||||||||
Gain on sale of real estate, net of tax | 0 | 0 | |||||||||
Loss on extinguishment of debt, net of tax | 0 | 0 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Gain on sale of real estate, net of tax | 0 | 0 | |||||||||
Net Income | -1,520 | 1,185 | |||||||||
Net income attributable to noncontrolling interests | 370 | 44 | |||||||||
Net Income Attributable to CPA®:17 – Global | -1,150 | 1,229 | |||||||||
Earnings Per Share | |||||||||||
Income from continuing operations attributable to CPA®:17 – Global | ($0.01) | $0 | |||||||||
Income from discontinued operations attributable to CPA®:17 – Global | $0 | $0 | |||||||||
Net income attributable to CPA®:17 – Global | ($0.01) | $0 | |||||||||
Amounts Attributable To CPA:17 - Global | |||||||||||
Income from continuing operations, net of tax | -1,150 | 1,229 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net Income Attributable to CPA®:17 – Global | ($1,150) | $1,229 |
Revisions_of_Previously_Issued5
Revisions of Previously - Issued Financial Statements (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $28,787 | $19,482 | $42,246 | $16,478 | $11,419 | $13,788 | $21,256 | $21,186 | $106,993 | $67,649 | $70,094 |
Other Comprehensive Income (Loss) | |||||||||||
Foreign currency translation adjustments | -93,401 | 25,742 | 11,816 | ||||||||
Change in net unrealized gain (loss) on derivative instruments | 24,439 | 3,068 | -15,744 | ||||||||
Change in unrealized gain on marketable securities | 285 | 94 | 1,035 | ||||||||
Other comprehensive income | -68,677 | 28,904 | -2,893 | ||||||||
Comprehensive Income | 38,316 | 96,553 | 67,201 | ||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||
Net income | -8,332 | -9,193 | -7,640 | -7,677 | -7,221 | -6,508 | -7,926 | -7,280 | -32,842 | -28,935 | -26,498 |
Foreign currency translation adjustments | 1,523 | -212 | -191 | ||||||||
Change in net unrealized gain on derivative instruments | -411 | -535 | -365 | ||||||||
Comprehensive income attributable to noncontrolling interests | -31,730 | -29,682 | -27,054 | ||||||||
Comprehensive Income Attributable to CPA:17 - Global | 6,586 | 66,871 | 40,147 | ||||||||
As Reported | |||||||||||
Net Income | 69,169 | 68,909 | |||||||||
Other Comprehensive Income (Loss) | |||||||||||
Foreign currency translation adjustments | 29,884 | 13,515 | |||||||||
Change in net unrealized gain (loss) on derivative instruments | 831 | -16,758 | |||||||||
Change in unrealized gain on marketable securities | 94 | 1,035 | |||||||||
Other comprehensive income | 30,809 | -2,208 | |||||||||
Comprehensive Income | 99,978 | 66,701 | |||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||
Net income | -29,305 | -26,542 | |||||||||
Foreign currency translation adjustments | -183 | -192 | |||||||||
Change in net unrealized gain on derivative instruments | -535 | -365 | |||||||||
Comprehensive income attributable to noncontrolling interests | -30,023 | -27,099 | |||||||||
Comprehensive Income Attributable to CPA:17 - Global | 69,955 | 39,602 | |||||||||
Revisions | |||||||||||
Net Income | -1,520 | 1,185 | |||||||||
Other Comprehensive Income (Loss) | |||||||||||
Foreign currency translation adjustments | -4,142 | -1,699 | |||||||||
Change in net unrealized gain (loss) on derivative instruments | 2,237 | 1,014 | |||||||||
Change in unrealized gain on marketable securities | 0 | 0 | |||||||||
Other comprehensive income | -1,905 | -685 | |||||||||
Comprehensive Income | -3,425 | 500 | |||||||||
Amounts Attributable to Noncontrolling Interests | |||||||||||
Net income | 370 | 44 | |||||||||
Foreign currency translation adjustments | -29 | 1 | |||||||||
Change in net unrealized gain on derivative instruments | 0 | 0 | |||||||||
Comprehensive income attributable to noncontrolling interests | 341 | 45 | |||||||||
Comprehensive Income Attributable to CPA:17 - Global | ($3,084) | $545 |
Revisions_of_Previously_Issued6
Revisions of Previously - Issued Financial Statements (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||
Common stock shares outstanding | 328,480,839 | 317,353,899 | ||
Total equity | $2,385,397 | $2,485,724 | $2,519,628 | $1,731,324 |
Common Stock | ||||
Common stock shares outstanding | 328,480,839 | 317,353,899 | 306,903,020 | 206,148,818 |
Total equity | 337 | 323 | 310 | 208 |
Additional Paid-In-Capital | ||||
Total equity | 3,033,283 | 2,904,927 | 2,786,855 | 1,863,227 |
Distributions in Excess of Accumulated Earnings | ||||
Total equity | -567,806 | -431,095 | -266,211 | -148,034 |
Accumulated Other Comprehensive Loss | ||||
Total equity | -81,007 | -13,442 | -41,599 | -38,150 |
Treasury Stock | ||||
Total equity | -77,852 | -52,477 | -34,293 | -17,104 |
Total CPA:17 - Global Stockholders | ||||
Total equity | 2,306,955 | 2,408,236 | 2,445,062 | 1,660,147 |
Noncontrolling Interest | ||||
Total equity | 78,442 | 77,488 | 74,566 | 71,177 |
As Reported | ||||
Total equity | 2,485,298 | 1,727,972 | ||
As Reported | Common Stock | ||||
Common stock shares outstanding | 206,148,818 | |||
Total equity | 208 | |||
As Reported | Additional Paid-In-Capital | ||||
Total equity | 1,863,227 | |||
As Reported | Distributions in Excess of Accumulated Earnings | ||||
Total equity | -156,549 | |||
As Reported | Accumulated Other Comprehensive Loss | ||||
Total equity | -32,601 | |||
As Reported | Treasury Stock | ||||
Total equity | -17,104 | |||
As Reported | Total CPA:17 - Global Stockholders | ||||
Total equity | 1,657,181 | |||
As Reported | Noncontrolling Interest | ||||
Total equity | 70,791 | |||
Revisions | ||||
Total equity | 426 | 3,352 | ||
Revisions | Common Stock | ||||
Common stock shares outstanding | 0 | |||
Total equity | 0 | |||
Revisions | Additional Paid-In-Capital | ||||
Total equity | 0 | |||
Revisions | Distributions in Excess of Accumulated Earnings | ||||
Total equity | 8,515 | |||
Revisions | Accumulated Other Comprehensive Loss | ||||
Total equity | -5,549 | |||
Revisions | Treasury Stock | ||||
Total equity | 0 | |||
Revisions | Total CPA:17 - Global Stockholders | ||||
Total equity | 2,966 | |||
Revisions | Noncontrolling Interest | ||||
Total equity | $386 |
Revisions_of_Previously_Issued7
Revisions of Previously - Issued Financial Statements (Details 5) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Foreign currency matters | Total Assets | |
Increase (Decrease), Reclassified as Correction | $0 |
Foreign currency matters | Total Liability | |
Increase (Decrease), Reclassified as Correction | 0 |
Foreign currency matters | Total Equity | |
Increase (Decrease), Reclassified as Correction | 0 |
Derivative instrument reclassification | Total Assets | |
Increase (Decrease), Reclassified as Correction | 0 |
Derivative instrument reclassification | Total Liability | |
Increase (Decrease), Reclassified as Correction | 0 |
Derivative instrument reclassification | Total Equity | |
Increase (Decrease), Reclassified as Correction | 0 |
Deferred income tax | Total Assets | |
Increase (Decrease), Reclassified as Correction | -3,240 |
Deferred income tax | Total Liability | |
Increase (Decrease), Reclassified as Correction | -3,666 |
Deferred income tax | Total Equity | |
Increase (Decrease), Reclassified as Correction | 426 |
Other | Total Assets | |
Increase (Decrease), Reclassified as Correction | 0 |
Other | Total Liability | |
Increase (Decrease), Reclassified as Correction | 0 |
Other | Total Equity | |
Increase (Decrease), Reclassified as Correction | $0 |
Revisions_of_Previously_Issued8
Revisions of Previously - Issued Financial Statements (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency matters | Net Income | ||
Increase (Decrease), Reclassified as Correction | $1,919 | $678 |
Foreign currency matters | Other Comprehensive (Loss) Income | ||
Increase (Decrease), Reclassified as Correction | -1,919 | -678 |
Derivative instrument reclassification | Net Income | ||
Increase (Decrease), Reclassified as Correction | 0 | 0 |
Derivative instrument reclassification | Other Comprehensive (Loss) Income | ||
Increase (Decrease), Reclassified as Correction | 0 | 0 |
Deferred income tax | Net Income | ||
Increase (Decrease), Reclassified as Correction | -3,052 | 918 |
Deferred income tax | Other Comprehensive (Loss) Income | ||
Increase (Decrease), Reclassified as Correction | 48 | 27 |
Other | Net Income | ||
Increase (Decrease), Reclassified as Correction | -387 | -411 |
Other | Other Comprehensive (Loss) Income | ||
Increase (Decrease), Reclassified as Correction | ($34) | ($34) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ||||
Real estate taxes | $22,200,000 | $23,200,000 | $14,100,000 | |
Recognized net realized gains (losses) on foreign currency transactions | -2,900,000 | 3,500,000 | 1,500,000 | |
Net income from equity investments | ||||
Property, Plant and Equipment [Line Items] | ||||
Out-of-period adjustment | 1,400,000 | 1,000,000 | ||
Benefit from (provision for) income taxes | ||||
Property, Plant and Equipment [Line Items] | ||||
Out-of-period adjustment | 600,000 | 500,000 | ||
Retained earnings | ||||
Property, Plant and Equipment [Line Items] | ||||
Out-of-period adjustment | $500,000 | |||
Maximum | Building and related improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful lives of properties | 40 years | |||
Maximum | Furniture, fixtures, and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful lives of properties | 7 years |
Agreements_and_Transactions_wi2
Agreements and Transactions with Related Parties (Narratives) (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2014 | Mar. 31, 2014 | Dec. 18, 2013 | Aug. 20, 2013 | |
Transaction Fees | |||||||
Preferred return by advisor | 5.00% | ||||||
Interest rate on unpaid deferred acquisition fees | 5.00% | ||||||
Percentage of subordinated disposition fees | 3.00% | ||||||
Asset Management Fees | |||||||
Offering price on shares for asset management fees | $9.72 | ||||||
Vesting period on shares for asset management fees | 3 years | ||||||
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 | ||||||
Related party additional disclosures | |||||||
Equity investment | 531,000,000 | 415,851,000 | |||||
Average invested assets | |||||||
Personnel And Office Rent Reimbursement | |||||||
Percentage of operating expenses reimbursements | 2.00% | ||||||
Adjusted net income | |||||||
Personnel And Office Rent Reimbursement | |||||||
Percentage of operating expenses reimbursements | 25.00% | ||||||
Long-term net lease | |||||||
Transaction Fees | |||||||
Percentage of acquisition fees | 4.50% | ||||||
Long-term net lease | Average market value | |||||||
Asset Management Fees | |||||||
Percentage of asset management fees | 0.50% | ||||||
Long-term net lease | Current | |||||||
Transaction Fees | |||||||
Percentage of acquisition fees | 2.50% | ||||||
Long-term net lease | Deferred | |||||||
Transaction Fees | |||||||
Percentage of acquisition fees | 2.00% | ||||||
Minimum | |||||||
Related party additional disclosures | |||||||
Ownership interest in equity investment, percentage | 7.00% | ||||||
Minimum | Average equity value | |||||||
Asset Management Fees | |||||||
Percentage of asset management fees | 1.50% | ||||||
Minimum | Non-long term net lease | |||||||
Transaction Fees | |||||||
Percentage of acquisition fees | 0.00% | ||||||
Maximum | |||||||
Asset Management Fees | |||||||
Percentage of available cash distribution to advisor | 10.00% | ||||||
Related party additional disclosures | |||||||
Ownership interest in equity investment, percentage | 85.00% | ||||||
Maximum | Real estate commission | |||||||
Transaction Fees | |||||||
Percentage of subordinated disposition fees | 50.00% | ||||||
Maximum | Average equity value | |||||||
Asset Management Fees | |||||||
Percentage of asset management fees | 1.75% | ||||||
Maximum | Non-long term net lease | |||||||
Transaction Fees | |||||||
Percentage of acquisition fees | 1.75% | ||||||
Advisor | |||||||
Asset Management Fees | |||||||
Common stock shares held by advisor | 8,791,517 | ||||||
Percentage Of total common stock outstanding held by related party | 2.70% | ||||||
Apply AS | Real estate | |||||||
Related party additional disclosures | |||||||
Ownership interest in equity investment, percentage | 49.00% | ||||||
Net Assets | 108,300,000 | ||||||
Equity investment | 53,100,000 | ||||||
Bank Pekao | Business combinations | |||||||
Related party additional disclosures | |||||||
Ownership interest in equity investment, percentage | 50.00% | ||||||
Net Assets | 147,900,000 | ||||||
Equity investment | 74,000,000 | ||||||
Agrokor d.d. | Real estate | |||||||
Related party additional disclosures | |||||||
Ownership interest in equity investment, percentage | 20.00% | ||||||
Net Assets | 97,000,000 | ||||||
Equity investment | 19,400,000 | ||||||
State Farm | Real estate | |||||||
Related party additional disclosures | |||||||
Ownership interest in equity investment, percentage | 50.00% | ||||||
Net Assets | 115,600,000 | ||||||
Equity investment | $57,800,000 |
Agreements_and_Transactions_wi3
Agreements and Transactions with Related Parties (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts Included in the Consolidated Statements of Income | |||
Asset management fees | $26,694 | $21,953 | $18,932 |
Available Cash Distribution | 20,427 | 16,899 | 14,620 |
Personnel and overhead reimbursements | 10,741 | 9,243 | 5,205 |
Acquisition expenses | 2,637 | 11,448 | 12,092 |
Office rent reimbursements | 1,190 | 1,293 | 756 |
Interest expense on deferred acquisition fees and loan from affiliate | 516 | 827 | 930 |
Operating expenses | 62,205 | 61,663 | 52,535 |
Acquisition Fees Capitalized | |||
Current acquisition fees | 3,979 | 4,777 | 17,448 |
Deferred acquisition fees | 2,510 | 3,063 | 14,162 |
Transaction fees incurred | $6,489 | $7,840 | $31,610 |
Agreements_and_Transactions_wi4
Agreements and Transactions with Related Parties (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Due to Affiliates | ||
Deferred acquisition fees, including interest | $9,394 | $15,573 |
Asset management fees payable | 2,283 | 1,972 |
Accounts payable | 527 | 2,200 |
Reimbursable costs | 228 | 264 |
Subordinated disposition fees | 202 | 202 |
Due to affiliates | $12,634 | $20,211 |
Net_Investments_in_Properties_2
Net Investments in Properties and Real Estate Under Construction (Narratives) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 24, 2014 | Apr. 21, 2014 | Sep. 09, 2014 | Oct. 13, 2014 | Feb. 07, 2014 | Dec. 09, 2014 | Mar. 31, 2014 | Dec. 31, 2011 | Dec. 01, 2011 | |
property | property | property | |||||||||||
Real Estate Properties | |||||||||||||
Foreign currency translation adjustments and other | ($93,401,000) | $25,742,000 | $11,816,000 | ||||||||||
Acquisition | |||||||||||||
Acquired finite-lived intangible asset, amount | 20,976,000 | ||||||||||||
Acquisition-related cost and fees, capitalized | 6,489,000 | 7,840,000 | 31,610,000 | ||||||||||
Acquisition costs, expensed | 5,169,000 | 16,884,000 | 14,834,000 | ||||||||||
Number of related construction projects | 2 | 3 | |||||||||||
Number of construction projects put in service | 2 | ||||||||||||
Net investments in properties | 2,471,879,000 | 2,541,280,000 | |||||||||||
Deconsolidation of real estate | 55,400,000 | ||||||||||||
Gain on sale of real estate, net of tax | 0 | 7,987,000 | 740,000 | ||||||||||
Ishops | |||||||||||||
Acquisition | |||||||||||||
Potential business acquisition, percentage of voting interests acquired | 15.00% | ||||||||||||
Proceeds from loan repayment | 68,300,000 | ||||||||||||
Net investments in properties | 84,600,000 | ||||||||||||
Gain on sale of real estate, net of tax | 12,500,000 | ||||||||||||
Real estate | |||||||||||||
Real Estate Properties | |||||||||||||
Foreign currency translation adjustments and other | -116,000,000 | ||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 40,700,000 | 44,400,000 | |||||||||||
Acquired finite-lived intangible asset, amount | 8,400,000 | 8,100,000 | |||||||||||
Acquisition-related cost and fees, capitalized | 3,600,000 | 2,200,000 | |||||||||||
Capitalized funds | 83,000,000 | 9,700,000 | |||||||||||
Improvements | 3,600,000 | 9,000,000 | |||||||||||
Net investments in properties | 2,221,237,000 | 2,273,264,000 | |||||||||||
Deconsolidation of real estate | 27,900,000 | ||||||||||||
Transfer of assets noncash | 3,500,000 | ||||||||||||
Operating real estate | |||||||||||||
Acquisition | |||||||||||||
Net investments in properties | 250,642,000 | 268,016,000 | |||||||||||
Deconsolidation of real estate | 25,800,000 | ||||||||||||
Real estate under construction | |||||||||||||
Acquisition | |||||||||||||
Acquisition-related cost and fees, capitalized | 2,300,000 | ||||||||||||
Capitalized funds | 74,420,000 | 90,007,000 | |||||||||||
Number of construction projects put in service | 4 | ||||||||||||
Assets placed into service | 96,807,000 | 42,225,000 | |||||||||||
Capitalized interest | 6,661,000 | 5,208,000 | |||||||||||
Unfunded commitments | 12,500,000 | 46,700,000 | |||||||||||
Reclassification from real estate | 4,800,000 | ||||||||||||
Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 37,700,000 | 234,600,000 | |||||||||||
Land | 5,000,000 | 29,700,000 | |||||||||||
Buildings | 26,800,000 | 157,700,000 | |||||||||||
Acquired finite-lived intangible asset, business combination | 6,600,000 | 48,800,000 | |||||||||||
Purchase option | 600,000 | ||||||||||||
Acquisition costs, expensed | 4,700,000 | 15,100,000 | |||||||||||
Manufacturing Facility in New Concord, Ohio | Real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 4,400,000 | ||||||||||||
Office Facility in Krakow, Poland | Real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 12,500,000 | ||||||||||||
Retail facility in Gelsenkirchen, Germany | Real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 23,800,000 | ||||||||||||
Office Building in Tucson, Arizona | Real estate | |||||||||||||
Acquisition | |||||||||||||
Assumed non-recourse debt | 10,300,000 | ||||||||||||
Office Building in Tucson, Arizona | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 19,000,000 | ||||||||||||
Office facility in Plymouth, Minnesota | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 18,700,000 | ||||||||||||
Capital commitments | 7,300,000 | ||||||||||||
Lease inducement | 2,000,000 | ||||||||||||
Construction Building in Chicago, Illinois | Real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 18,200,000 | ||||||||||||
Automotive Dealership in Lewisville, Texas | Real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 15,300,000 | ||||||||||||
Manufacturing and Office Facility in Portage, Wisconsin | Real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 10,900,000 | ||||||||||||
Logistics Facility in Poland | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 78,100,000 | ||||||||||||
Research and Development and Office Facility in the Netherlands | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 38,600,000 | ||||||||||||
Office Headquarter Facility in Germany | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 26,600,000 | ||||||||||||
Office Facility in Houston, Texas | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 41,700,000 | ||||||||||||
Office Headquarter Facility in Tempe, Arizona | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 17,000,000 | ||||||||||||
Office Headquarter Facility in Tempe, Arizona | Real estate business combination | Building | |||||||||||||
Acquisition | |||||||||||||
Measurement period adjustment | 1,600,000 | ||||||||||||
Office Headquarter Facility in Tempe, Arizona | Real estate business combination | Intangible assets | |||||||||||||
Acquisition | |||||||||||||
Measurement period adjustment | 1,800,000 | ||||||||||||
Office Headquarter Facility in Tempe, Arizona | Real estate business combination | Intangible liability | |||||||||||||
Acquisition | |||||||||||||
Measurement period adjustment | 3,400,000 | ||||||||||||
Entertainment Complex in Dallas, Texas | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 15,700,000 | ||||||||||||
Office Facility in Auburn Hills, Michigan | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 9,000,000 | ||||||||||||
Building with Ground Lease in Northbrook, Illinois | Real estate business combination | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 7,900,000 | ||||||||||||
Self storage | Operating real estate | |||||||||||||
Acquisition | |||||||||||||
Investment purchase price | 31,900,000 | ||||||||||||
Land | 6,900,000 | ||||||||||||
Buildings | 20,800,000 | ||||||||||||
Acquired finite-lived intangible asset, business combination | 4,200,000 | ||||||||||||
Acquisition costs, expensed | 600,000 | ||||||||||||
Number of properties acquired | 8 | ||||||||||||
Completed construction projects put in service | |||||||||||||
Acquisition | |||||||||||||
Number of construction projects put in service | 3 | 2 | |||||||||||
Completed construction projects put in service | Real estate | |||||||||||||
Acquisition | |||||||||||||
Assets placed into service | 26,100,000 | ||||||||||||
Completed construction projects put in service | Real estate under construction | |||||||||||||
Acquisition | |||||||||||||
Number of construction projects put in service | 3 | ||||||||||||
Assets placed into service | 81,900,000 | ||||||||||||
Partially completed projects put in service | |||||||||||||
Acquisition | |||||||||||||
Number of construction projects put in service | 1 | 1 | |||||||||||
Partially completed projects put in service | Operating real estate | |||||||||||||
Acquisition | |||||||||||||
Assets placed into service | 12,600,000 | ||||||||||||
Partially completed projects put in service | Real estate under construction | |||||||||||||
Acquisition | |||||||||||||
Assets placed into service | 14,900,000 | ||||||||||||
Built To Suit Project 5 Properties | Real estate under construction | |||||||||||||
Acquisition | |||||||||||||
Capitalized funds | 59,700,000 | ||||||||||||
Number of related construction projects | 5 | ||||||||||||
Built To Suit Project 2 Properties | Real estate under construction | |||||||||||||
Acquisition | |||||||||||||
Acquisition-related cost and fees, capitalized | 1,600,000 | ||||||||||||
Capitalized funds | 9,900,000 | ||||||||||||
Number of related construction projects | 2 | ||||||||||||
Unpaid construction costs | $1,000,000 |
Net_Investments_in_Properties_3
Net Investments in Properties and Real Estate Under Construction (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in real estate | ||
Less: Accumulated depreciation | ($197,695) | ($144,405) |
Net investments in properties | 2,471,879 | 2,541,280 |
Real estate | ||
Investments in real estate | ||
Land | 513,172 | 553,389 |
Buildings | 1,883,543 | 1,848,926 |
Less: Accumulated depreciation | -175,478 | -129,051 |
Net investments in properties | 2,221,237 | 2,273,264 |
Operating real estate | ||
Investments in real estate | ||
Land | 66,066 | 66,066 |
Buildings | 206,793 | 217,304 |
Less: Accumulated depreciation | -22,217 | -15,354 |
Net investments in properties | $250,642 | $268,016 |
Net_Investments_in_Properties_4
Net Investments in Properties and Real Estate Under Construction (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $235,870 |
2016 | 236,073 |
2017 | 236,586 |
2018 | 238,773 |
2019 | 240,863 |
Thereafter | 2,527,908 |
Total | $3,716,073 |
Net_Investments_in_Properties_5
Net Investments in Properties and Real Estate Under Construction (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Under Construction | ||
Ending balance | $110,983 | $127,935 |
Real estate under construction | ||
Real Estate Under Construction | ||
Beginning balance | 127,935 | 71,285 |
Capitalized funds | 74,420 | 90,007 |
Placed into service | -96,807 | -42,225 |
Capitalized interest | 6,661 | 5,208 |
Foreign currency translation adjustments, building improvements, and other | -1,226 | 3,660 |
Ending balance | $110,983 | $127,935 |
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, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation [Abstract] | ||
Balance - beginning of period | $22,076 | $19,194 |
Additions | 0 | 1,619 |
Accretion expense | 1,233 | 1,203 |
Foreign currency translation adjustments and other | -38 | 60 |
Balance - end of period | $23,271 | $22,076 |
Finance_Receivables_Narratives
Finance Receivables (Narratives) (Details) (USD $) | 0 Months Ended | |||
Dec. 14, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 21, 2014 | |
Receivables [Abstract] | ||||
AR billed under DFL | $600,000 | $800,000 | ||
Accounts, Notes, Loans and Financing Receivable | ||||
Net investments in direct financing leases | 479,425,000 | 479,916,000 | ||
Lease receivable maturing in 2018 | 288,142,000 | |||
Manufacturing Facility in Bluffton Indiana | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Net investments in direct financing leases | 3,700,000 | |||
Acquisition fees capitalized | 300,000 | |||
China Alliance Properties Limited | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Financing receivable | 40,000,000 | 40,000,000 | 40,000,000 | |
Notes receivable interest rate | 11.00% | |||
Notes receivable maturity date | 14-Dec-15 | |||
New York Times Company | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Lease receivable maturing in 2018 | $250,000,000 |
Finance_Receivables_Details_1
Finance Receivables (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net Investments in Direct Financing Leases | ||
Minimum lease payments receivable | $726,054 | $774,876 |
Unguaranteed residual value | 466,170 | 468,548 |
Gross minimum lease payments receivable | 1,192,224 | 1,243,424 |
Less: unearned income | -712,799 | -763,508 |
Net investments in direct financing leases | $479,425 | $479,916 |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2015 | $52,449 |
2016 | 52,888 |
2017 | 53,318 |
2018 | 288,142 |
2019 | 26,232 |
Thereafter | 253,025 |
Total | $726,054 |
Finance_Receivables_Details_3
Finance Receivables (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Quality Of Finanace Receivables: | ||
Finance receivables | $519,425 | $519,916 |
Internally Assigned Grade 1 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | 0 | 0 |
Finance receivables | 0 | 0 |
Internally Assigned Grade 2 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | 1 | 1 |
Finance receivables | 2,259 | 2,250 |
Internally Assigned Grade 3 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | 9 | 8 |
Finance receivables | 429,245 | 430,713 |
Internally Assigned Grade 4 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | 3 | 3 |
Finance receivables | 87,921 | 86,953 |
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 | 3 Months Ended | 25 Months Ended | 1 Months Ended | 26 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | Nov. 30, 2012 | Dec. 31, 2014 | Oct. 31, 2013 | Apr. 07, 2014 | Sep. 30, 2014 | Nov. 19, 2014 | Feb. 02, 2015 | Dec. 31, 2012 | Aug. 20, 2013 | Feb. 25, 2014 | Dec. 18, 2013 | Oct. 31, 2014 | 21-May-14 | Mar. 31, 2014 | Dec. 31, 2007 | Dec. 31, 2010 | Nov. 30, 2010 | |
Footnote Details | ||||||||||||||||||||||
Capital contributions to equity investments | $199,470,000 | $156,228,000 | $73,656,000 | |||||||||||||||||||
Income from equity investments in real estate | 24,073,000 | -9,500,000 | 9,757,000 | |||||||||||||||||||
Non-recourse mortgage loans | 67,900,000 | 296,600,000 | 67,900,000 | 67,900,000 | ||||||||||||||||||
Interest capitalized | 4,852,000 | 2,481,000 | 1,719,000 | |||||||||||||||||||
Impairment charges | 570,000 | 0 | 2,019,000 | |||||||||||||||||||
Proceeds from equity method investments | 83,882,000 | 9,050,000 | 22,887,000 | |||||||||||||||||||
Unamortized basis differences on our equity investments | 31,000,000 | 25,900,000 | 31,000,000 | 31,000,000 | ||||||||||||||||||
Amortization of the basis difference | 4,300,000 | 3,900,000 | 3,300,000 | |||||||||||||||||||
Acquisition costs, expensed | 5,169,000 | 16,884,000 | 14,834,000 | |||||||||||||||||||
Acquisition-related cost and fees, capitalized | 6,489,000 | 7,840,000 | 31,610,000 | |||||||||||||||||||
Deferred tax liability | 12,234,000 | 4,582,000 | 12,234,000 | 12,234,000 | ||||||||||||||||||
Equity investment | 531,000,000 | 415,851,000 | 531,000,000 | 531,000,000 | ||||||||||||||||||
Payments for construction in process | 68,901,000 | 91,402,000 | 39,428,000 | |||||||||||||||||||
Total assets, equity investment | 1,850,404,000 | 1,706,407,000 | 1,850,404,000 | 1,850,404,000 | ||||||||||||||||||
Total liabilities, equity investment | 959,254,000 | 868,586,000 | 959,254,000 | 959,254,000 | ||||||||||||||||||
Total equity, equity investment | 891,150,000 | 837,821,000 | 891,150,000 | 891,150,000 | ||||||||||||||||||
Revenue, equity investment | 160,174,000 | 132,760,000 | 111,151,000 | |||||||||||||||||||
Income from continuing operations, equity investment | 29,177,000 | -2,579,000 | 30,914,000 | |||||||||||||||||||
Minimum | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 7.00% | 7.00% | 7.00% | |||||||||||||||||||
Maximum | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 85.00% | 85.00% | 85.00% | |||||||||||||||||||
C1000 Logistiek Vastgooed B.V | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Carrying amount of mortgage | 82,700,000 | 95,600,000 | 82,700,000 | 82,700,000 | ||||||||||||||||||
Share of the non-recourse debt | 70,300,000 | 81,300,000 | 70,300,000 | 70,300,000 | ||||||||||||||||||
Shelborne Property Associates, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Capital contributions to equity investments | 18,000,000 | |||||||||||||||||||||
Income from equity investments in real estate | 6,500,000 | |||||||||||||||||||||
Unfunded commitments | 3,600,000 | 3,600,000 | 3,600,000 | |||||||||||||||||||
Payments for construction in process | 151,300,000 | |||||||||||||||||||||
Loan amount | 154,900,000 | 125,000,000 | 125,000,000 | |||||||||||||||||||
IDL Wheel Tenant, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Capital contributions to equity investments | 22,900,000 | 30,700,000 | ||||||||||||||||||||
Interest capitalized | 1,100,000 | |||||||||||||||||||||
Unfunded commitments | 19,300,000 | 19,300,000 | 19,300,000 | |||||||||||||||||||
Foreign currency exchange rate | 1.278 | |||||||||||||||||||||
Interest rate on mortgage loan | 9.00% | |||||||||||||||||||||
Loan amount | 50,000,000 | |||||||||||||||||||||
Debt instrument maturity date | 30-Nov-17 | |||||||||||||||||||||
Hellweg 2 | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Increase (decrease) in ownership interest in equity investments | 5.00% | |||||||||||||||||||||
Real estate transfer tax | 8,100,000 | |||||||||||||||||||||
BG LLH, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Income from equity investments in real estate | 11,500,000 | |||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 400,000 | |||||||||||||||||||||
Investment purchase price | 20,400,000 | |||||||||||||||||||||
Transfer of assets noncash | 8,300,000 | |||||||||||||||||||||
Total assets, equity investment | 645,700,000 | 2,200,000,000 | ||||||||||||||||||||
Total liabilities, equity investment | 468,700,000 | 1,700,000,000 | ||||||||||||||||||||
Total equity, equity investment | 177,000,000 | 481,600,000 | ||||||||||||||||||||
Revenue, equity investment | 335,500,000 | 214,500,000 | 435,100,000 | |||||||||||||||||||
Income from continuing operations, equity investment | 12,500,000 | 21,900,000 | 148,500,000 | |||||||||||||||||||
BPS Nevada, LLC (preferred equity investment) | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Income from equity investments in real estate | 200,000 | |||||||||||||||||||||
Ownership interest, percentage | 15.00% | |||||||||||||||||||||
Acquisition costs, expensed | 200,000 | |||||||||||||||||||||
Equity investment | 18,200,000 | |||||||||||||||||||||
BPS Nevada, LLC (preferred equity investment) | Subsequent Event | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Acquisition costs, expensed | 100,000 | |||||||||||||||||||||
Additional funding of equity method investments | 9,100,000 | |||||||||||||||||||||
Initial Term | Shelborne Property Associates, LLC | Minimum | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Interest rate on mortgage loan | 6.00% | |||||||||||||||||||||
Initial Term | Shelborne Property Associates, LLC | Maximum | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Interest rate on mortgage loan | 8.00% | |||||||||||||||||||||
Extensions | Shelborne Property Associates, LLC | Minimum | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Interest rate on mortgage loan | 10.00% | |||||||||||||||||||||
Propco | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 75.00% | |||||||||||||||||||||
Propco | Hellweg 2 | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 25.00% | 95.00% | 70.00% | |||||||||||||||||||
Real estate transfer tax | 21,900,000 | |||||||||||||||||||||
Third Party | Shelborne Property Associates, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 33.00% | 33.00% | 33.00% | |||||||||||||||||||
Equity investment | 152,801,000 | 129,575,000 | 152,801,000 | 152,801,000 | ||||||||||||||||||
Third Party | IDL Wheel Tenant, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Equity investment | 30,049,000 | 6,017,000 | 30,049,000 | 30,049,000 | ||||||||||||||||||
Third Party | BG LLH, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 7.00% | 7.00% | 7.00% | |||||||||||||||||||
Equity investment | 42,587,000 | 2,410,000 | 42,587,000 | 42,587,000 | ||||||||||||||||||
Third Party | BPS Partners, LLC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 15.00% | 15.00% | 15.00% | |||||||||||||||||||
Equity investment | 40,032,000 | 23,278,000 | 40,032,000 | 40,032,000 | ||||||||||||||||||
Third Party | Madison and Varitas Self Storage | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 45.00% | 45.00% | 45.00% | |||||||||||||||||||
Indirect ownership interest in equity investments | 40.00% | 40.00% | 40.00% | |||||||||||||||||||
Equity investment | 20,147,000 | 23,907,000 | 20,147,000 | 20,147,000 | ||||||||||||||||||
WPC | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 63.00% | 63.00% | 63.00% | |||||||||||||||||||
WPC | C1000 Logistiek Vastgooed B.V | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 85.00% | 85.00% | 85.00% | |||||||||||||||||||
Equity investment | 71,130,000 | 84,596,000 | 71,130,000 | 71,130,000 | ||||||||||||||||||
WPC | Hellweg 2 | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 37.00% | 37.00% | 37.00% | |||||||||||||||||||
Equity investment | 9,935,000 | 12,978,000 | 9,935,000 | 9,935,000 | ||||||||||||||||||
WPC | Eroski Sociedad Cooperativa Mallorca | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 30.00% | 30.00% | 30.00% | |||||||||||||||||||
Impairment charges | 800,000 | |||||||||||||||||||||
Equity investment | 7,662,000 | 9,639,000 | 7,662,000 | 7,662,000 | ||||||||||||||||||
CPA 14 | Hellweg 2 | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 33.00% | |||||||||||||||||||||
CPA 15 | Hellweg 2 | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 40.00% | |||||||||||||||||||||
CPA 16 - Global | Hellweg 2 | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 27.00% | |||||||||||||||||||||
CPA 18 - Global | Bank Pekao | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||
Equity investment | 31,045,000 | 0 | 31,045,000 | 31,045,000 | ||||||||||||||||||
CPA 18 - Global | State Farm | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Ownership interest, percentage | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
Equity investment | 20,414,000 | 20,913,000 | 20,414,000 | 20,414,000 | ||||||||||||||||||
Equity Investments | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 6,800,000 | 6,000,000 | ||||||||||||||||||||
Unconsolidated equity investments | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Proceeds from equity method investments | 28,700,000 | 18,100,000 | 31,900,000 | |||||||||||||||||||
Real estate | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 3,600,000 | 2,200,000 | ||||||||||||||||||||
Investment purchase price | 40,700,000 | 44,400,000 | ||||||||||||||||||||
Transfer of assets noncash | 3,500,000 | |||||||||||||||||||||
Real estate | State Farm | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Non-recourse mortgage loans | 72,800,000 | |||||||||||||||||||||
Share of the non-recourse debt | 36,400,000 | |||||||||||||||||||||
Ownership interest, percentage | 50.00% | |||||||||||||||||||||
Net Assets | 115,600,000 | |||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 5,600,000 | |||||||||||||||||||||
Equity investment | 57,800,000 | |||||||||||||||||||||
Interest rate on debt | 4.50% | |||||||||||||||||||||
Debt instrument maturity date | 10-Sep-23 | |||||||||||||||||||||
Real estate | Agrokor d.d. | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Non-recourse mortgage loans | 42,900,000 | |||||||||||||||||||||
Share of the non-recourse debt | 8,600,000 | |||||||||||||||||||||
Ownership interest, percentage | 20.00% | |||||||||||||||||||||
Net Assets | 97,000,000 | |||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 6,300,000 | |||||||||||||||||||||
Equity investment | 19,400,000 | |||||||||||||||||||||
Interest rate on debt | 5.80% | |||||||||||||||||||||
Debt instrument maturity date | 31-Dec-20 | |||||||||||||||||||||
Real estate | Apply AS | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Non-recourse mortgage loans | 53,300,000 | |||||||||||||||||||||
Share of the non-recourse debt | 26,100,000 | |||||||||||||||||||||
Ownership interest, percentage | 49.00% | |||||||||||||||||||||
Net Assets | 108,300,000 | |||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 5,700,000 | |||||||||||||||||||||
Deferred tax liability | 12,500,000 | |||||||||||||||||||||
Equity investment | 53,100,000 | |||||||||||||||||||||
Interest rate on debt | 4.40% | |||||||||||||||||||||
Debt instrument maturity date | 31-Oct-21 | |||||||||||||||||||||
Business combinations | Bank Pekao | ||||||||||||||||||||||
Footnote Details | ||||||||||||||||||||||
Non-recourse mortgage loans | 73,100,000 | |||||||||||||||||||||
Share of the non-recourse debt | 36,600,000 | |||||||||||||||||||||
Ownership interest, percentage | 50.00% | 50.00% | ||||||||||||||||||||
Acquisition costs, expensed | 8,400,000 | |||||||||||||||||||||
Net Assets | 147,900,000 | 147,900,000 | ||||||||||||||||||||
Equity investment | $74,000,000 | $74,000,000 | ||||||||||||||||||||
Interest rate on debt | 3.30% | |||||||||||||||||||||
Debt instrument maturity date | 10-Mar-21 |
Equity_Investments_in_Real_Est3
Equity Investments in Real Estate (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Nov. 19, 2014 |
In Thousands, unless otherwise specified | ||||
Ownership interest in equity investments: | ||||
Equity investments in real estate (a) | $531,000 | $415,851 | ||
WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 63.00% | |||
Shelborne Property Associates, LLC | Third Party | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 33.00% | |||
Equity investments in real estate (a) | 152,801 | 129,575 | ||
C1000 Logistiek Vastgooed B.V | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 85.00% | |||
Equity investments in real estate (a) | 71,130 | 84,596 | ||
Uhaul Moving Partners Inc And Mercury Partners LP | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 12.00% | |||
Equity investments in real estate (a) | 41,028 | 43,051 | ||
BG LLH, LLC | Third Party | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 7.00% | |||
Equity investments in real estate (a) | 42,587 | 2,410 | ||
Bank Pekao S.A | CPA 18 - Global | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 50.00% | 50.00% | ||
Equity investments in real estate (a) | 31,045 | 0 | ||
IDL Wheel Tenant, LLC | Third Party | ||||
Ownership interest in equity investments: | ||||
Equity investments in real estate (a) | 30,049 | 6,017 | ||
BPS Partners, LLC | Third Party | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 15.00% | |||
Equity investments in real estate (a) | 40,032 | 23,278 | ||
State Farm | CPA 18 - Global | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 50.00% | |||
Equity investments in real estate (a) | 20,414 | 20,913 | ||
Madison and Varitas Self Storage | Third Party | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 45.00% | |||
Equity investments in real estate (a) | 20,147 | 23,907 | ||
Apply Sorco AS | CPA 18 - Global | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 49.00% | |||
Equity investments in real estate (a) | 19,076 | 0 | ||
BPS Nevada, LLC (preferred equity investment) | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 15.00% | |||
Equity investments in real estate (a) | 18,200 | |||
Berry Plastics Corporation | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 50.00% | |||
Equity investments in real estate (a) | 16,632 | 17,659 | ||
Tesco plc | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 49.00% | |||
Equity investments in real estate (a) | 14,194 | 17,965 | ||
Hellweg 2 | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 37.00% | |||
Equity investments in real estate (a) | 9,935 | 12,978 | ||
Agorkor 5 | CPA 18 - Global | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 20.00% | |||
Equity investments in real estate (a) | 8,760 | 19,217 | ||
Eroski Sociedad Cooperativa Mallorca | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 30.00% | |||
Equity investments in real estate (a) | 7,662 | 9,639 | ||
Dicks Sporting Goods Inc | WPC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 45.00% | |||
Equity investments in real estate (a) | $5,508 | $4,646 |
Equity_Investments_in_Real_Est4
Equity Investments in Real Estate (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity Method Investment, Summarized Financial Information | ||
Real estate assets | $1,494,621 | $1,360,072 |
Other assets | 355,783 | 346,335 |
Total assets | 1,850,404 | 1,706,407 |
Debt | -858,410 | -776,467 |
Accounts payable, accrued expenses and other liabilities | -100,844 | -92,119 |
Total liabilities | -959,254 | -868,586 |
Partners'/members' equity | $891,150 | $837,821 |
Equity_Investments_in_Real_Est5
Equity Investments in Real Estate (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investment, Summarized Financial Information, Income Statement | |||
Revenues | $160,174 | $132,760 | $111,151 |
Expenses | -130,997 | -135,339 | -80,237 |
Income from continuing operations | $29,177 | ($2,579) | $30,914 |
Intangible_Assets_and_Liabilit2
Intangible Assets and Liabilities (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets And Liabilities [Abstract] | |||
Net amortization of intangibles | $38 | $35.50 | $28.30 |
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 | 53 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, 2014 |
Acquired Intangible Assets Liabilities | |
Amortizable Intangible Assets | $20,976 |
Below-market rent | |
Acquired Intangible Assets Liabilities | |
Weighted-average useful life, intangible liabilities | 18 years 8 months 12 days |
Amortizable Intangible Liabilities | -5,981 |
In-place lease | |
Acquired Intangible Assets Liabilities | |
Weighted average useful life, intangible assets | 8 years 8 months 12 days |
Amortizable Intangible Assets | 19,493 |
Above-market rent | |
Acquired Intangible Assets Liabilities | |
Weighted average useful life, intangible assets | 13 years 1 month 6 days |
Amortizable Intangible Assets | $1,483 |
Intangible_Assets_and_Liabilit4
Intangible Assets and Liabilities (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | $651,241 | $655,056 |
Less: accumulated amortization | -135,863 | -96,818 |
Finite-lived intangible assets, net | 515,378 | 558,238 |
Unamortizable Intangible Assets | ||
Goodwill | 304 | 345 |
Total intangible assets, gross | 651,545 | 655,401 |
Total intangible assets, net | 515,682 | 558,583 |
Amortizable intangible liabilities | ||
Finite-lived intangible liabilities, gross | -118,032 | -110,763 |
Less: accumulated amortization | 13,310 | 8,166 |
Finite-lived intangible liabilities, net | -104,722 | -102,597 |
Below-market rent | ||
Amortizable intangible liabilities | ||
Finite-lived intangible liabilities, gross | -116,887 | -110,606 |
Less: accumulated amortization | 13,293 | 8,163 |
Finite-lived intangible liabilities, net | -103,594 | -102,443 |
Above-market ground lease | ||
Amortizable intangible liabilities | ||
Finite-lived intangible liabilities, gross | -1,145 | -157 |
Less: accumulated amortization | 17 | 3 |
Finite-lived intangible liabilities, net | -1,128 | -154 |
In-place lease and tenant relationship | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 551,569 | 550,823 |
Less: accumulated amortization | -119,125 | -84,326 |
Finite-lived intangible assets, net | 432,444 | 466,497 |
Above-market rent | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 92,548 | 97,109 |
Less: accumulated amortization | -16,539 | -12,413 |
Finite-lived intangible assets, net | 76,009 | 84,696 |
Below-market ground lease | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 7,124 | 7,124 |
Less: accumulated amortization | -199 | -79 |
Finite-lived intangible assets, net | $6,925 | $7,045 |
Intangible_Assets_and_Liabilit5
Intangible Assets and Liabilities (Details 3) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Net | |
2015 | $36,321 |
2016 | 31,732 |
2017 | 28,970 |
2018 | 28,887 |
2019 | 28,850 |
Thereafter | 255,896 |
Finite lived intangible assets liabilities, net | 410,656 |
Net Increase in Rental Income | |
Net | |
2015 | -1,244 |
2016 | -338 |
2017 | -100 |
2018 | -75 |
2019 | -67 |
Thereafter | -25,761 |
Finite lived intangible assets liabilities, net | -27,585 |
Increase to Amortization/Property Expenses | |
Net | |
2015 | 37,565 |
2016 | 32,070 |
2017 | 29,070 |
2018 | 28,962 |
2019 | 28,917 |
Thereafter | 281,657 |
Finite lived intangible assets liabilities, net | $438,241 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Impairment charges | $570,000 | $0 | $2,019,000 | |
Deferred acquisition fees payable | ||||
Fair Value Inputs [Abstract] | ||||
Leverage adjusted unsecured spread | 3.55% | |||
Illiquidity Adjustment | 0.75% | |||
Level 3 | Nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Impairment charges | 1,336,000 | 3,778,000 | 2,019,000 | |
CMBS | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
CMBS portfolio carrying value | 0 | |||
CMBS | Level 3 | Nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Impairment charges | 570,000 | 0 | 2,019,000 | |
Equity method investments | ||||
Fair Value Inputs [Abstract] | ||||
Cash flows discount rate | 11.75% | 6.00% | ||
Fair value inputs, discount rate | 10.50% | 6.25% | ||
Fair value inputs, cap rate | 9.50% | 5.75% | ||
Equity method investments | Level 3 | Nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Impairment charges | $766,000 | $3,778,000 | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (Level 3, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ||
Fair Value, Balance Sheet Grouping | ||
Non-recourse debt | $1,896,489 | $1,915,601 |
Note receivable | 40,000 | 40,000 |
Deferred acquisition fees payable | 9,009 | 15,033 |
Other securities | 9,381 | 9,915 |
CMBS | 3,053 | 2,791 |
Fair Value | ||
Fair Value, Balance Sheet Grouping | ||
Non-recourse debt | 1,961,905 | 1,944,865 |
Note receivable | 41,990 | 43,890 |
Deferred acquisition fees payable | 10,077 | 15,950 |
Other securities | 9,649 | 15,548 |
CMBS | $8,899 | $6,052 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impairment Charges from Continuing Operations | |||
Impairment charges | $570 | $0 | $2,019 |
Level 3 | Nonrecurring | |||
Impairment Charges from Continuing Operations | |||
Impairment charges | 1,336 | 3,778 | 2,019 |
Level 3 | Nonrecurring | Operating expenses | |||
Impairment Charges from Continuing Operations | |||
Impairment charges | 570 | 0 | 2,019 |
CMBS | Level 3 | Nonrecurring | |||
Impairment Charges from Continuing Operations | |||
Fair value measurement | 1,808 | 0 | 0 |
Impairment charges | 570 | 0 | 2,019 |
Equity method investments | Level 3 | Nonrecurring | |||
Impairment Charges from Continuing Operations | |||
Fair value measurement | 7,662 | 23,278 | 0 |
Impairment charges | $766 | $3,778 | $0 |
Risk_Management_and_Use_of_Der2
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instrument Detail | |||
Collateral received | $0 | ||
Total credit exposure on derivatives | 24,300,000 | ||
Total credit exposure on derivatives to a single counterparty | 9,900,000 | ||
Derivatives, net liability position | 18,500,000 | 25,100,000 | |
Aggregate termination value for immediate settlement | 19,100,000 | 27,100,000 | |
Interest rate swap | |||
Derivative Instrument Detail | |||
Estimated amount reclassified from OCI to income, derivatives | 8,200,000 | ||
Foreign currency contract | |||
Derivative Instrument Detail | |||
Estimated amount reclassified from OCI to income, derivatives | -5,400,000 | ||
Interest rate cap | |||
Derivatives, Fair Value [Line Items] | |||
Gain attributable to noncontrolling interests | $400,000 | $500,000 | $400,000 |
Embedded derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency exchange rate | 1.278 | ||
Lease revenue | Metro Cash & Carry Italia S.p.A | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Lease revenue | New York Times Company | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 9.00% | ||
Lease revenue | Agrokor d.d. | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 8.00% | ||
Lease revenue | KBR, Inc. | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 7.00% | ||
Lease revenue | General Parts Inc. | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 6.00% | ||
Lease revenue | Golden State Supply LLC | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 6.00% | ||
Lease revenue | Straus-Frank Enterprises LLC | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 6.00% | ||
Lease revenue | General Parts Distribution LLC | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 6.00% | ||
Lease revenue | Worldpac Inc | |||
Derivatives, Fair Value [Line Items] | |||
Concentration Risk, Percentage | 6.00% |
Risk_Management_and_Use_of_Der3
Risk Management and Use of Derivative Financial Instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | $32,094 | $11,148 |
Derivative liability, fair value, net | -17,458 | -27,003 |
Foreign currency forward | Designated as hedging | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 24,051 | 2,002 |
Foreign currency forward | Designated as hedging | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | 0 | -11,928 |
Foreign currency forward | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 5,120 | 1,521 |
Foreign currency forward | Not designated | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | -2,904 | 0 |
Interest rate swap | Designated as hedging | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 71 | 1,895 |
Interest rate swap | Designated as hedging | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | -14,554 | -12,911 |
Foreign currency collars | Designated as hedging | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 0 | 429 |
Embedded derivatives | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 499 | 2,314 |
Embedded derivatives | Not designated | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | 0 | -2,164 |
Stock warrants | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 1,848 | 1,782 |
Swaption | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | $505 | $1,205 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | $29,389 | $831 | ($17,038) |
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 | 913 | 1,188 | 811 |
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 | -5,542 | 10,107 | -11,046 |
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 | -290 | -2,059 | -2,951 |
Foreign currency forward | Derivatives Formerly in Net Investment Hedging Relationship | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | 4,511 | -2,237 | -1,014 |
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 | 29,313 | -6,168 | -3,030 |
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 | 484 | 0 | 0 |
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 | $0 | $192 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | |||
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | ($6,074) | ($6,333) | ($3,473) |
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 | 751 | 1,215 | 1,918 |
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 | 1,145 | 909 | 366 |
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 | -913 | -1,189 | -890 |
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 | ($7,057) | ($7,268) | ($4,867) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $1,020 | $3,362 | ($857) |
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 | 1,378 | 1,159 | -1,141 |
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 | 364 | 1,266 | 254 |
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 | 0 | -2 |
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 | 66 | 297 | 66 |
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 | -700 | 428 | 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 | ($88) | $212 | ($34) |
Risk_Management_and_Use_of_Der7
Risk Management and Use of Derivative Financial Instruments (Details 5) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | Interest rate swap | Interest rate swap | Interest rate swap | Swaption |
USD ($) | Euro | Euro | USD ($) | ||
instrument | USD ($) | EUR (€) | instrument | ||
instrument | |||||
Derivative | |||||
Derivative number of instruments | 13 | 6 | 6 | 1 | |
Notional Amount | $234,089 | € 185,796 | $13,230 | ||
Fair value | ($13,978) | ($7,017) | ($7,466) | $505 |
Risk_Management_and_Use_of_Der8
Risk Management and Use of Derivative Financial Instruments (Details 6) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | 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 | 13 | 1 | 1 | |
Notional Amount | $234,089 | € 11,701 | ||
Derivative fair value | ($13,978) | ($7,017) | ($631) |
Risk_Management_and_Use_of_Der9
Risk Management and Use of Derivative Financial Instruments (Details 7) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | Designated as hedging | 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 | Net Investment Hedging | Net Investment Hedging | Foreign currency contract | Foreign currency contract | ||
Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | Foreign currency contract | EUR | EUR | ||
EUR | EUR | JPY | JPY | NOK | NOK | JPY | JPY | NOK | NOK | USD ($) | EUR (€) | ||
USD ($) | EUR (€) | USD ($) | JPY (¥) | USD ($) | USD ($) | JPY (¥) | USD ($) | instrument | |||||
instrument | instrument | instrument | instrument | instrument | |||||||||
Derivative Instrument Detail | |||||||||||||
Derivative number of instruments | 97 | 97 | 12 | 12 | 17 | 17 | 1 | 1 | 5 | 5 | 2 | 2 | |
Notional Amount | € 195,354 | ¥ 563,608 | 12,239 | ¥ 610,129 | 7,996 | € 90,000 | |||||||
Fair value, foreign currency derivatives | $26,267 | $19,479 | $2,211 | $16 | $2,335 | $10 | $2,216 |
NonRecourse_Debt_Narratives_De
Non-Recourse Debt (Narratives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
loan | |||
Additional Debt Disclosures | |||
Mortgage notes payable, collateral | $2,900,000,000 | $2,900,000,000 | |
Number of loans assumed | 5 | ||
Non-recourse mortgage loans | 67,900,000 | 296,600,000 | |
Debt, weighted average interest rate | 3.70% | 4.60% | |
Debt instrument terms (years) | 7 years 1 month 6 days | 11 years | |
Unamortized discount (premium), net | 3,144,000 | ||
Loss on extinguishment of debt | 0 | 538,000 | 0 |
Impact due to change in foreign currency exchange rates | 69,900,000 | ||
Debt Refinanced | |||
Additional Debt Disclosures | |||
Non-recourse mortgage loans | 24,900,000 | ||
Debt, weighted average interest rate | 7.00% | ||
Debt instrument terms (years) | 13 years 8 months 12 days | ||
Repayment of debt related to refinancing | 22,100,000 | ||
Loss on extinguishment of debt | 300,000 | ||
Minimum | |||
Additional Debt Disclosures | |||
Debt maturity date | 31-Dec-15 | ||
Maximum | |||
Additional Debt Disclosures | |||
Debt maturity date | 31-Dec-39 | ||
Self storage | |||
Additional Debt Disclosures | |||
Non-recourse mortgage loans | 18,500,000 | ||
Number of properties acquired | 8 | ||
Asset Acquisition | |||
Additional Debt Disclosures | |||
Assumed non-recourse debt | 10,300,000 | ||
Unamortized discount (premium), net | -1,300,000 | ||
Current Period | |||
Additional Debt Disclosures | |||
Non-recourse mortgage loans | 10,100,000 | 162,600,000 | |
Prior years investments | |||
Additional Debt Disclosures | |||
Non-recourse mortgage loans | 57,800,000 | 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 | ||
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 | 2.60% | ||
Mortgage loan real estate, maximum interest rate | 6.10% |
NonRecourse_Debt_Details_1
Non-Recourse Debt (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity | ||
2015 | $67,858 | |
2016 | 272,144 | |
2017 | 351,238 | |
2018 | 154,884 | |
2019 | 39,196 | |
Thereafter through 2039 | 1,014,313 | |
Long-term debt | 1,899,633 | |
Unamortized discount (premium), net | -3,144 | |
Total | $1,896,489 | $1,915,601 |
Equity_Narratives_Details
Equity (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 |
Annual distribution | $0.65 | $0.65 | $0.65 | ||||||||
Dividends payable date | 15-Jan-15 | ||||||||||
Distributions payable | $53,378 | $51,570 | $53,378 | $51,570 |
Equity_Details_1
Equity (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Distributions Per Share | |||
Ordinary income | $0.35 | $0.31 | $0.30 |
Capital gain | $0 | $0.01 | $0 |
Return of capital | $0.30 | $0.33 | $0.35 |
Total distributions paid | $0.65 | $0.65 | $0.65 |
Equity_Equity_Details_2
Equity Equity (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accumulated Other Comprehensive Loss | ||||
Foreign currency translation adjustments | ($88,212) | $3,666 | ($21,864) | |
Net unrealized gain (loss) on derivative instruments | 7,311 | -16,717 | -19,250 | |
Unrealized loss on marketable securities | -106 | -391 | -485 | |
Accumulated other comprehensive loss | ($81,007) | ($13,442) | ($41,599) | ($38,150) |
Equity_Details_3
Equity (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | ($13,442) | ($41,599) | ($38,150) |
Other comprehensive income (loss) before reclassifications | -74,751 | 22,571 | -7,120 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,074 | 6,333 | 4,227 |
Net current-period Other comprehensive income (loss) | -68,677 | 28,904 | -2,893 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 1,112 | -747 | -556 |
Ending balance | -81,007 | -13,442 | -41,599 |
Interest Expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,970 | 8,457 | 5,757 |
Other income and expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,896 | -2,124 | -1,530 |
Gains and Losses on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | -16,717 | -19,250 | -3,141 |
Other comprehensive income (loss) before reclassifications | 18,365 | -3,265 | -19,217 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6,074 | 6,333 | 3,473 |
Net current-period Other comprehensive income (loss) | 24,439 | 3,068 | -15,744 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | -411 | -535 | -365 |
Ending balance | 7,311 | -16,717 | -19,250 |
Gains and Losses on Derivative Instruments | Interest Expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,970 | 8,457 | 5,757 |
Gains and Losses on Derivative Instruments | Other income and expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1,896 | -2,124 | -2,284 |
Gains and Losses on Marketable Securities | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | -391 | -485 | -1,520 |
Other comprehensive income (loss) before reclassifications | 285 | 94 | 281 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 754 |
Net current-period Other comprehensive income (loss) | 285 | 94 | 1,035 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Ending balance | -106 | -391 | -485 |
Gains and Losses on Marketable Securities | Interest Expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Gains and Losses on Marketable Securities | Other income and expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 754 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | 3,666 | -21,864 | -33,489 |
Other comprehensive income (loss) before reclassifications | -93,401 | 25,742 | 11,816 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Net current-period Other comprehensive income (loss) | -93,401 | 25,742 | 11,816 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 1,523 | -212 | -191 |
Ending balance | -88,212 | 3,666 | -21,864 |
Foreign Currency Translation Adjustments | Interest Expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
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) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 | $0 | $0 |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Tax Assets, Net of Valuation Allowance | ||||
Accrued interest related to uncertain tax position | 100,000 | $100,000 | ||
Deferred tax asset, gross | 16,200,000 | 7,800,000 | ||
Deferred tax liability | 12,234,000 | 4,582,000 | ||
Deferred tax asset valuation allowance | 13,100,000 | 4,800,000 | ||
Operating loss carryforwards | 46,600,000 | 58,800,000 | ||
Provision for income taxes | ||||
Deferred Tax Assets, Net of Valuation Allowance | ||||
Out-of-period adjustment | $600,000 | $500,000 | ||
Maximum | ||||
Deferred Tax Assets, Net of Valuation Allowance | ||||
Open tax year | 2010 | |||
Minimum | ||||
Deferred Tax Assets, Net of Valuation Allowance | ||||
Open tax year | 2014 | |||
NOL expiration year | 31-Dec-15 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||
Beginning balance | $931 | $647 |
(Reductions) additions based on tax positions related to the current year | -53 | 284 |
Reduction for tax positions of prior years | -267 | 0 |
Ending balance | $611 | $931 |
Discontinued_Operations_Narrat
Discontinued Operations (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 24, 2014 | |
Discontinued Operations [Line Items] | ||||
Gain on sale of real estate, net of tax | $0 | $7,987,000 | $740,000 | |
Non-recourse debt | 1,896,489,000 | 1,915,601,000 | ||
Loss on the extinguishment of debt | 0 | 983,000 | 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 | |||
Ishops | ||||
Discontinued Operations [Line Items] | ||||
Gain on sale of real estate, net of tax | $12,500,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | |||
Revenues | $0 | $3,807 | $4,568 |
Expenses | 0 | -3,324 | -3,385 |
Gain on sale of real estate | 0 | 7,987 | 740 |
Loss on the extinguishment of debt | 0 | -983 | 0 |
Income from discontinued operations, net of tax | $0 | $7,487 | $1,923 |
Segment_Information_Narratives
Segment Information (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $98,784 | $97,987 | $98,786 | $101,149 | $95,683 | $91,209 | $89,082 | $86,798 | $396,706 | $362,772 | $289,977 |
Income from continuing operations before income taxes | 117,718 | 61,629 | 69,384 | ||||||||
Net income attributable to noncontrolling interests | -8,332 | -9,193 | -7,640 | -7,677 | -7,221 | -6,508 | -7,926 | -7,280 | -32,842 | -28,935 | -26,498 |
Net income attributable to CPA:17 - Global | 20,455 | 10,289 | 8,801 | 4,198 | 7,280 | 13,906 | 74,151 | 38,714 | 43,596 | ||
Assets | |||||||||||
Long-lived assets | 3,593,287 | 3,564,982 | 3,593,287 | 3,564,982 | |||||||
Non-recourse debt | 1,896,489 | 1,915,601 | 1,896,489 | 1,915,601 | |||||||
Domestic | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 279,483 | 256,350 | 203,919 | ||||||||
Income from continuing operations before income taxes | 84,493 | 24,265 | 32,969 | ||||||||
Net income attributable to noncontrolling interests | -32,093 | -28,297 | -25,898 | ||||||||
Net income attributable to CPA:17 - Global | 43,987 | 2,569 | 8,036 | ||||||||
Assets | |||||||||||
Long-lived assets | 2,454,911 | 2,346,340 | 2,454,911 | 2,346,340 | |||||||
Non-recourse debt | 1,353,641 | 1,319,094 | 1,353,641 | 1,319,094 | |||||||
Italy | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 31,072 | 30,795 | 29,396 | ||||||||
Income from continuing operations before income taxes | 7,482 | 7,208 | 6,771 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to CPA:17 - Global | 7,342 | 7,128 | 6,733 | ||||||||
Assets | |||||||||||
Long-lived assets | 297,112 | 343,876 | 297,112 | 343,876 | |||||||
Non-recourse debt | 196,745 | 223,937 | 196,745 | 223,937 | |||||||
Other International | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 86,151 | 75,627 | 56,662 | ||||||||
Income from continuing operations before income taxes | 25,743 | 30,156 | 29,644 | ||||||||
Net income attributable to noncontrolling interests | -749 | -638 | -600 | ||||||||
Net income attributable to CPA:17 - Global | 22,822 | 29,017 | 28,827 | ||||||||
Assets | |||||||||||
Long-lived assets | 841,264 | 874,766 | 841,264 | 874,766 | |||||||
Non-recourse debt | $346,103 | $372,570 | $346,103 | $372,570 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data Unaudited) (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Apr. 24, 2014 |
Quarterly Financial Data | |||||||||||
Gain on sale of real estate | $0 | $7,987 | $740 | ||||||||
Out-of-period adjustment impact on net income per share | ($0.02) | ($0.01) | |||||||||
Net Income | |||||||||||
Quarterly Financial Data | |||||||||||
Out-of-period adjustment | -4,900 | -3,400 | -1,700 | 200 | 2,200 | 500 | -900 | ||||
Net income attributable to CPA 17 | |||||||||||
Quarterly Financial Data | |||||||||||
Out-of-period adjustment | -4,900 | -3,000 | -1,700 | 200 | 2,300 | 500 | -900 | ||||
Ishops | |||||||||||
Quarterly Financial Data | |||||||||||
Gain on sale of real estate | $12,500 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data Unaudited) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $98,784 | $97,987 | $98,786 | $101,149 | $95,683 | $91,209 | $89,082 | $86,798 | $396,706 | $362,772 | $289,977 |
Expenses | 57,152 | 52,186 | 53,365 | 58,523 | 60,393 | 58,649 | 49,038 | 48,752 | 221,226 | 216,832 | 164,546 |
Net Income | 28,787 | 19,482 | 42,246 | 16,478 | 11,419 | 13,788 | 21,256 | 21,186 | 106,993 | 67,649 | 70,094 |
Net income attributable to noncontrolling interests | -8,332 | -9,193 | -7,640 | -7,677 | -7,221 | -6,508 | -7,926 | -7,280 | -32,842 | -28,935 | -26,498 |
Net income attributable to CPA:17 - Global | $20,455 | $10,289 | $8,801 | $4,198 | $7,280 | $13,906 | $74,151 | $38,714 | $43,596 | ||
Earnings Per Share | |||||||||||
Earnings per share attributable to CPA:17 - Global (usd per share) | $0.06 | $0.11 | $0.03 | $0.01 | $0.02 | $0.04 | $0.23 | $0.12 | $0.17 | ||
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 |
Subsequent_Event_Narratives_De
Subsequent Event (Narratives) (Details) (Subsequent Event, WPC, USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Subsequent Event | WPC | |
Subsequent Event | |
Maximum borrowing capacity | $75 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Details) (Valuation reserve for deferred tax assets, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation reserve for deferred tax assets | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of Year | $5,581 | $3,901 | $3,057 |
Change | 7,522 | 1,680 | 844 |
Balance at End of Year | $13,103 | $5,581 | $3,901 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Basis from federal income taxes | $3.30 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Under Operating Leases | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $1,514,519 | |||
Initial Cost | ||||
Land | 592,309 | |||
Buildings | 1,776,805 | |||
Costs Capitalized Subsequent To Acquisition | 244,221 | |||
Increase (Decrease) in Net Investments | -216,620 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 513,172 | |||
Buildings | 1,883,543 | |||
Total | 2,396,715 | |||
Accumulated Depreciation | 175,478 | |||
Real Estate Under Operating Leases | Industrial facility in Norfolk, NE | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,577 | |||
Initial Cost | ||||
Land | 625 | |||
Buildings | 1,713 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 107 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 625 | |||
Buildings | 1,820 | |||
Total | 2,445 | |||
Accumulated Depreciation | 399 | |||
Date of Construction | 31-Dec-75 | |||
Date Acquired | 30-Jun-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Office facility in Soest, Germany and warehouse/distribution facility in Bad Wünnenbeg, Germany | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,345 | |||
Initial Cost | ||||
Land | 3,193 | |||
Buildings | 45,932 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -11,398 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,451 | |||
Buildings | 35,276 | |||
Total | 37,727 | |||
Accumulated Depreciation | 6,118 | |||
Date Acquired | 31-Jul-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Real Estate Under Operating Leases | Office facility in Soest, Germany and warehouse/distribution facility in Bad Wünnenbeg, Germany | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-82 | |||
Real Estate Under Operating Leases | Office facility in Soest, Germany and warehouse/distribution facility in Bad Wünnenbeg, Germany | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-96 | |||
Real Estate Under Operating Leases | Learning center in Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,876 | |||
Initial Cost | ||||
Land | 6,300 | |||
Buildings | 20,509 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -527 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,300 | |||
Buildings | 19,982 | |||
Total | 26,282 | |||
Accumulated Depreciation | 4,330 | |||
Date of Construction | 31-Dec-12 | |||
Date Acquired | 31-Jul-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,245 | |||
Initial Cost | ||||
Land | 2,725 | |||
Buildings | 25,233 | |||
Costs Capitalized Subsequent To Acquisition | 28,116 | |||
Increase (Decrease) in Net Investments | -3,395 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,701 | |||
Buildings | 47,978 | |||
Total | 52,679 | |||
Accumulated Depreciation | 5,268 | |||
Date Acquired | 31-Aug-08 | |||
Real Estate Under Operating Leases | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real Estate Under Operating Leases | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facility in Waldaschaff, Germany | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,719 | |||
Initial Cost | ||||
Land | 10,373 | |||
Buildings | 16,708 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -11,495 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,911 | |||
Buildings | 9,675 | |||
Total | 15,586 | |||
Accumulated Depreciation | 3,759 | |||
Date of Construction | 31-Dec-37 | |||
Date Acquired | 31-Aug-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real Estate Under Operating Leases | Sports facilities in Phoenix, AZ and Columbia, MD | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,304 | |||
Initial Cost | ||||
Land | 14,500 | |||
Buildings | 48,865 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,062 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 14,500 | |||
Buildings | 46,803 | |||
Total | 61,303 | |||
Accumulated Depreciation | 7,313 | |||
Date of Construction | 31-Dec-06 | |||
Date Acquired | 30-Sep-08 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Birmingham, United Kingdom | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,932 | |||
Initial Cost | ||||
Land | 3,591 | |||
Buildings | 15,810 | |||
Costs Capitalized Subsequent To Acquisition | 949 | |||
Increase (Decrease) in Net Investments | -731 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,438 | |||
Buildings | 16,181 | |||
Total | 19,619 | |||
Accumulated Depreciation | 2,037 | |||
Date of Construction | 31-Dec-09 | |||
Date Acquired | 30-Sep-09 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Retail facilities in Gorzow, Poland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,807 | |||
Initial Cost | ||||
Land | 1,095 | |||
Buildings | 13,947 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -2,600 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 907 | |||
Buildings | 11,535 | |||
Total | 12,442 | |||
Accumulated Depreciation | 1,519 | |||
Date Acquired | 31-Oct-09 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Retail facilities in Gorzow, Poland | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-07 | |||
Real Estate Under Operating Leases | Retail facilities in Gorzow, Poland | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-08 | |||
Real Estate Under Operating Leases | Office facility in Hoffman Estates, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,912 | |||
Initial Cost | ||||
Land | 5,000 | |||
Buildings | 21,764 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,000 | |||
Buildings | 21,764 | |||
Total | 26,764 | |||
Accumulated Depreciation | 2,757 | |||
Date of Construction | 31-Dec-09 | |||
Date Acquired | 31-Dec-09 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in The Woodlands, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,039 | |||
Initial Cost | ||||
Land | 1,400 | |||
Buildings | 41,502 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings | 41,502 | |||
Total | 42,902 | |||
Accumulated Depreciation | 5,274 | |||
Date of Construction | 31-Dec-09 | |||
Date Acquired | 31-Dec-09 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Retail facilities located throughout Spain | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 41,920 | |||
Initial Cost | ||||
Land | 32,574 | |||
Buildings | 52,101 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -10,732 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 28,284 | |||
Buildings | 45,659 | |||
Total | 73,943 | |||
Accumulated Depreciation | 5,698 | |||
Date Acquired | 31-Dec-09 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Real Estate Under Operating Leases | Industrial facilities in Middleburg Heights and Union Township, OH | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,131 | |||
Initial Cost | ||||
Land | 1,000 | |||
Buildings | 10,793 | |||
Costs Capitalized Subsequent To Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Buildings | 10,795 | |||
Total | 11,795 | |||
Accumulated Depreciation | 1,327 | |||
Date of Construction | 31-Dec-97 | |||
Date Acquired | 28-Feb-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,322 | |||
Initial Cost | ||||
Land | 19,001 | |||
Buildings | 13,059 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,001 | |||
Buildings | 13,059 | |||
Total | 32,060 | |||
Accumulated Depreciation | 1,832 | |||
Date Acquired | 31-Mar-10 | |||
Real Estate Under Operating Leases | Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate Under Operating Leases | Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facility in Evansville, IN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,419 | |||
Initial Cost | ||||
Land | 150 | |||
Buildings | 9,183 | |||
Costs Capitalized Subsequent To Acquisition | 11,745 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 150 | |||
Buildings | 20,928 | |||
Total | 21,078 | |||
Accumulated Depreciation | 2,210 | |||
Date of Construction | 31-Dec-09 | |||
Date Acquired | 31-Mar-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Bristol, Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton, United Kingdom | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,100 | |||
Initial Cost | ||||
Land | 8,639 | |||
Buildings | 2,019 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 112 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,714 | |||
Buildings | 2,056 | |||
Total | 10,770 | |||
Accumulated Depreciation | 343 | |||
Date Acquired | 30-Apr-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Zagreb, Croatia | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 44,339 | |||
Initial Cost | ||||
Land | 31,941 | |||
Buildings | 45,904 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -5,607 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 29,472 | |||
Buildings | 42,766 | |||
Total | 72,238 | |||
Accumulated Depreciation | 6,650 | |||
Date Acquired | 30-Apr-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Zagreb, Croatia | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-01 | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Zagreb, Croatia | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-09 | |||
Real Estate Under Operating Leases | Office facilities in Tampa, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,093 | |||
Initial Cost | ||||
Land | 18,300 | |||
Buildings | 32,856 | |||
Costs Capitalized Subsequent To Acquisition | 549 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,323 | |||
Buildings | 33,382 | |||
Total | 51,705 | |||
Accumulated Depreciation | 3,790 | |||
Date Acquired | 31-May-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facilities in Tampa, FL | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-85 | |||
Real Estate Under Operating Leases | Office facilities in Tampa, FL | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-00 | |||
Real Estate Under Operating Leases | Warehouse/distribution facility in Bowling Green, KY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,318 | |||
Initial Cost | ||||
Land | 1,400 | |||
Buildings | 3,946 | |||
Costs Capitalized Subsequent To Acquisition | 33,809 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings | 37,755 | |||
Total | 39,155 | |||
Accumulated Depreciation | 3,146 | |||
Date of Construction | 31-Dec-11 | |||
Date Acquired | 31-May-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Retail facility in Elorrio, Spain | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 19,924 | |||
Buildings | 3,981 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 352 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,113 | |||
Buildings | 4,144 | |||
Total | 24,257 | |||
Accumulated Depreciation | 465 | |||
Date of Construction | 31-Dec-96 | |||
Date Acquired | 30-Jun-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facility in Gadki, Poland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,526 | |||
Initial Cost | ||||
Land | 1,134 | |||
Buildings | 1,183 | |||
Costs Capitalized Subsequent To Acquisition | 7,611 | |||
Increase (Decrease) in Net Investments | -1,376 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 973 | |||
Buildings | 7,579 | |||
Total | 8,552 | |||
Accumulated Depreciation | 710 | |||
Date of Construction | 31-Dec-11 | |||
Date Acquired | 31-Aug-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial and office facilities in Elberton, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 560 | |||
Buildings | 2,467 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 560 | |||
Buildings | 2,467 | |||
Total | 3,027 | |||
Accumulated Depreciation | 308 | |||
Date Acquired | 30-Sep-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial and office facilities in Elberton, GA | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-97 | |||
Real Estate Under Operating Leases | Industrial and office facilities in Elberton, GA | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-02 | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Rincon and Unadilla, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,998 | |||
Initial Cost | ||||
Land | 1,595 | |||
Buildings | 44,446 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,595 | |||
Buildings | 44,446 | |||
Total | 46,041 | |||
Accumulated Depreciation | 4,630 | |||
Date Acquired | 30-Nov-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Rincon and Unadilla, GA | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-00 | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Rincon and Unadilla, GA | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-06 | |||
Real Estate Under Operating Leases | Office facility in Hartland, WI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,471 | |||
Initial Cost | ||||
Land | 1,402 | |||
Buildings | 2,041 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,402 | |||
Buildings | 2,041 | |||
Total | 3,443 | |||
Accumulated Depreciation | 243 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 30-Nov-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,332 | |||
Initial Cost | ||||
Land | 6,700 | |||
Buildings | 24,114 | |||
Costs Capitalized Subsequent To Acquisition | 194 | |||
Increase (Decrease) in Net Investments | -2,672 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,079 | |||
Buildings | 22,257 | |||
Total | 28,336 | |||
Accumulated Depreciation | 3,025 | |||
Date Acquired | 31-Dec-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-02 | |||
Real Estate Under Operating Leases | Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-07 | |||
Real Estate Under Operating Leases | Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | Date Of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-03 | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities located throughout the United States | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 110,281 | |||
Initial Cost | ||||
Land | 31,735 | |||
Buildings | 129,011 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -9,680 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 28,511 | |||
Buildings | 122,555 | |||
Total | 151,066 | |||
Accumulated Depreciation | 14,102 | |||
Date Acquired | 31-Dec-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Madrid, Spain | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 22,230 | |||
Buildings | 81,508 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -7,726 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,570 | |||
Buildings | 75,442 | |||
Total | 96,012 | |||
Accumulated Depreciation | 7,538 | |||
Date of Construction | 31-Dec-02 | |||
Date Acquired | 31-Dec-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,451 | |||
Initial Cost | ||||
Land | 1,838 | |||
Buildings | 2,432 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 20 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,838 | |||
Buildings | 2,452 | |||
Total | 4,290 | |||
Accumulated Depreciation | 392 | |||
Date of Construction | 31-Dec-82 | |||
Date Acquired | 31-Dec-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real Estate Under Operating Leases | Retail facility in Las Vegas, NV | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,000 | |||
Initial Cost | ||||
Land | 26,934 | |||
Buildings | 31,037 | |||
Costs Capitalized Subsequent To Acquisition | 26,048 | |||
Increase (Decrease) in Net Investments | -44,166 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,070 | |||
Buildings | 34,783 | |||
Total | 39,853 | |||
Accumulated Depreciation | 2,176 | |||
Date of Construction | 31-Dec-12 | |||
Date Acquired | 31-Dec-10 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Oxnard and Watsonville, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,927 | |||
Initial Cost | ||||
Land | 16,036 | |||
Buildings | 67,300 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -7,149 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 16,036 | |||
Buildings | 60,151 | |||
Total | 76,187 | |||
Accumulated Depreciation | 6,698 | |||
Date Acquired | 31-Jan-11 | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Oxnard and Watsonville, CA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 10 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Oxnard and Watsonville, CA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facility in Dillon, SC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,173 | |||
Initial Cost | ||||
Land | 1,355 | |||
Buildings | 15,620 | |||
Costs Capitalized Subsequent To Acquisition | 1,600 | |||
Increase (Decrease) in Net Investments | -69 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,286 | |||
Buildings | 17,220 | |||
Total | 18,506 | |||
Accumulated Depreciation | 1,520 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 31-Mar-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facility in Middleburg Heights, OH | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 600 | |||
Buildings | 1,690 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 600 | |||
Buildings | 1,690 | |||
Total | 2,290 | |||
Accumulated Depreciation | 158 | |||
Date of Construction | 31-Dec-02 | |||
Date Acquired | 31-Mar-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Martinsville, VA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,620 | |||
Initial Cost | ||||
Land | 600 | |||
Buildings | 1,998 | |||
Costs Capitalized Subsequent To Acquisition | 10,999 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 600 | |||
Buildings | 12,997 | |||
Total | 13,597 | |||
Accumulated Depreciation | 982 | |||
Date of Construction | 31-Dec-11 | |||
Date Acquired | 31-May-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Land in Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,031 | |||
Initial Cost | ||||
Land | 7,414 | |||
Buildings | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,414 | |||
Buildings | 0 | |||
Total | 7,414 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 30-Jun-11 | |||
Real Estate Under Operating Leases | Industrial facility in Fraser, MI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,215 | |||
Initial Cost | ||||
Land | 928 | |||
Buildings | 1,392 | |||
Costs Capitalized Subsequent To Acquisition | 5,803 | |||
Increase (Decrease) in Net Investments | -80 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 928 | |||
Buildings | 7,115 | |||
Total | 8,043 | |||
Accumulated Depreciation | 541 | |||
Date of Construction | 31-Dec-12 | |||
Date Acquired | 30-Sep-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Retail facilities located throughout Italy | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 196,745 | |||
Initial Cost | ||||
Land | 91,691 | |||
Buildings | 262,377 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -35,797 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 81,944 | |||
Buildings | 236,327 | |||
Total | 318,271 | |||
Accumulated Depreciation | 21,159 | |||
Date Acquired | 30-Sep-11 | |||
Real Estate Under Operating Leases | Retail facilities located throughout Italy | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate Under Operating Leases | Retail facilities located throughout Italy | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Retail facilities in Delnice, Pozega, and Sesvete, Croatia | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,230 | |||
Initial Cost | ||||
Land | 2,687 | |||
Buildings | 24,820 | |||
Costs Capitalized Subsequent To Acquisition | 15,378 | |||
Increase (Decrease) in Net Investments | -5,025 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,611 | |||
Buildings | 34,249 | |||
Total | 37,860 | |||
Accumulated Depreciation | 3,513 | |||
Date of Construction | 31-Dec-11 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Retail facility in Orlando, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 32,739 | |||
Buildings | 0 | |||
Costs Capitalized Subsequent To Acquisition | 19,909 | |||
Increase (Decrease) in Net Investments | -32,739 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,577 | |||
Buildings | 14,332 | |||
Total | 19,909 | |||
Accumulated Depreciation | 147 | |||
Date of Construction | 31-Dec-11 | |||
Date Acquired | 31-Dec-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Land in Hudson, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 809 | |||
Initial Cost | ||||
Land | 2,080 | |||
Buildings | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,080 | |||
Buildings | 0 | |||
Total | 2,080 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 31-Dec-11 | |||
Real Estate Under Operating Leases | Office facilities in Aurora, Eagan, and Virginia, MN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 92,400 | |||
Initial Cost | ||||
Land | 13,546 | |||
Buildings | 110,173 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 993 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 13,546 | |||
Buildings | 111,166 | |||
Total | 124,712 | |||
Accumulated Depreciation | 11,203 | |||
Date Acquired | 31-Jan-12 | |||
Real Estate Under Operating Leases | Office facilities in Aurora, Eagan, and Virginia, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate Under Operating Leases | Office facilities in Aurora, Eagan, and Virginia, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facility in Chimelow, Poland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,453 | |||
Initial Cost | ||||
Land | 1,323 | |||
Buildings | 5,245 | |||
Costs Capitalized Subsequent To Acquisition | 18,841 | |||
Increase (Decrease) in Net Investments | -914 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,274 | |||
Buildings | 23,221 | |||
Total | 24,495 | |||
Accumulated Depreciation | 1,353 | |||
Date of Construction | 31-Dec-12 | |||
Date Acquired | 30-Apr-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in St. Louis, MO | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,107 | |||
Initial Cost | ||||
Land | 954 | |||
Buildings | 4,665 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 954 | |||
Buildings | 4,665 | |||
Total | 5,619 | |||
Accumulated Depreciation | 316 | |||
Date of Construction | 31-Dec-95 | |||
Date Acquired | 31-Jul-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Under Operating Leases | Industrial facility in Avon, OH | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,659 | |||
Initial Cost | ||||
Land | 926 | |||
Buildings | 4,975 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 926 | |||
Buildings | 4,975 | |||
Total | 5,901 | |||
Accumulated Depreciation | 367 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 31-Aug-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Industrial facility in Elk Grove Village, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,223 | |||
Initial Cost | ||||
Land | 1,269 | |||
Buildings | 11,317 | |||
Costs Capitalized Subsequent To Acquisition | 59 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,269 | |||
Buildings | 11,376 | |||
Total | 12,645 | |||
Accumulated Depreciation | 1,256 | |||
Date of Construction | 31-Dec-61 | |||
Date Acquired | 31-Aug-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Learning centers in Montgomery, AL and Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,318 | |||
Initial Cost | ||||
Land | 5,255 | |||
Buildings | 16,960 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,255 | |||
Buildings | 16,960 | |||
Total | 22,215 | |||
Accumulated Depreciation | 1,203 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Learning centers in Montgomery, AL and Savannah, GA | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-69 | |||
Real Estate Under Operating Leases | Learning centers in Montgomery, AL and Savannah, GA | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-02 | |||
Real Estate Under Operating Leases | Automotive dealerships in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee’s Summit, MO; Fayetteville, TN; and Fort Worth, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,896 | |||
Initial Cost | ||||
Land | 17,283 | |||
Buildings | 32,225 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -15 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 17,269 | |||
Buildings | 32,224 | |||
Total | 49,493 | |||
Accumulated Depreciation | 3,327 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 16 years | |||
Real Estate Under Operating Leases | Office facility in Warrenville, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,319 | |||
Initial Cost | ||||
Land | 3,698 | |||
Buildings | 28,635 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,698 | |||
Buildings | 28,635 | |||
Total | 32,333 | |||
Accumulated Depreciation | 1,879 | |||
Date of Construction | 31-Dec-02 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office and warehouse/distribution facilities in Zary, Poland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,405 | |||
Initial Cost | ||||
Land | 356 | |||
Buildings | 1,168 | |||
Costs Capitalized Subsequent To Acquisition | 6,910 | |||
Increase (Decrease) in Net Investments | -574 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 332 | |||
Buildings | 7,528 | |||
Total | 7,860 | |||
Accumulated Depreciation | 345 | |||
Date of Construction | 31-Dec-13 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facility in Sterling, VA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,430 | |||
Initial Cost | ||||
Land | 3,118 | |||
Buildings | 14,007 | |||
Costs Capitalized Subsequent To Acquisition | 5,071 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,118 | |||
Buildings | 19,078 | |||
Total | 22,196 | |||
Accumulated Depreciation | 1,242 | |||
Date of Construction | 31-Dec-80 | |||
Date Acquired | 31-Oct-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 128,200 | |||
Initial Cost | ||||
Land | 19,331 | |||
Buildings | 123,084 | |||
Costs Capitalized Subsequent To Acquisition | 4,088 | |||
Increase (Decrease) in Net Investments | 2,899 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,331 | |||
Buildings | 130,071 | |||
Total | 149,402 | |||
Accumulated Depreciation | 9,193 | |||
Date of Construction | 31-Dec-73 | |||
Date Acquired | 30-Nov-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Retail facility in Orlando, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 48,914 | |||
Initial Cost | ||||
Land | 3,307 | |||
Buildings | 10,607 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,307 | |||
Buildings | 10,607 | |||
Total | 13,914 | |||
Accumulated Depreciation | 0 | |||
Date of Construction | 31-Dec-12 | |||
Date Acquired | 30-Nov-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Eagan, MN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,640 | |||
Initial Cost | ||||
Land | 2,104 | |||
Buildings | 11,462 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -84 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,994 | |||
Buildings | 11,488 | |||
Total | 13,482 | |||
Accumulated Depreciation | 725 | |||
Date of Construction | 31-Dec-03 | |||
Date Acquired | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facility in Saitama Prefecture, Japan | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,679 | |||
Initial Cost | ||||
Land | 17,292 | |||
Buildings | 28,575 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -14,445 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,846 | |||
Buildings | 19,576 | |||
Total | 31,422 | |||
Accumulated Depreciation | 1,617 | |||
Date of Construction | 31-Dec-06 | |||
Date Acquired | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate Under Operating Leases | Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,793 | |||
Initial Cost | ||||
Land | 5,059 | |||
Buildings | 28,294 | |||
Costs Capitalized Subsequent To Acquisition | 5,816 | |||
Increase (Decrease) in Net Investments | -3,045 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,619 | |||
Buildings | 29,505 | |||
Total | 36,124 | |||
Accumulated Depreciation | 1,484 | |||
Date Acquired | 31-Dec-12 | |||
Real Estate Under Operating Leases | Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate Under Operating Leases | Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facility in Portage, WI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,836 | |||
Initial Cost | ||||
Land | 3,338 | |||
Buildings | 4,556 | |||
Costs Capitalized Subsequent To Acquisition | 502 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,338 | |||
Buildings | 5,058 | |||
Total | 8,396 | |||
Accumulated Depreciation | 347 | |||
Date of Construction | 31-Dec-70 | |||
Date Acquired | 31-Jan-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Retail facility in Dallas, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,237 | |||
Initial Cost | ||||
Land | 4,441 | |||
Buildings | 9,649 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,441 | |||
Buildings | 9,649 | |||
Total | 14,090 | |||
Accumulated Depreciation | 456 | |||
Date of Construction | 31-Dec-13 | |||
Date Acquired | 28-Feb-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facility in Dillon, SC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,000 | |||
Initial Cost | ||||
Land | 3,096 | |||
Buildings | 2,281 | |||
Costs Capitalized Subsequent To Acquisition | 37,989 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,096 | |||
Buildings | 40,270 | |||
Total | 43,366 | |||
Accumulated Depreciation | 582 | |||
Date of Construction | 31-Dec-13 | |||
Date Acquired | 31-Mar-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Land in Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 15,459 | |||
Buildings | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 15,459 | |||
Buildings | 0 | |||
Total | 15,459 | |||
Accumulated Depreciation | 0 | |||
Date Acquired | 30-Apr-13 | |||
Real Estate Under Operating Leases | Office facility in Northbrook, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,742 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 942 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 942 | |||
Total | 942 | |||
Accumulated Depreciation | 98 | |||
Date of Construction | 31-Dec-07 | |||
Date Acquired | 31-May-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Industrial facility in Wageningen, Netherlands | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,807 | |||
Initial Cost | ||||
Land | 4,790 | |||
Buildings | 24,301 | |||
Costs Capitalized Subsequent To Acquisition | 47 | |||
Increase (Decrease) in Net Investments | -2,039 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,497 | |||
Buildings | 22,602 | |||
Total | 27,099 | |||
Accumulated Depreciation | 855 | |||
Date of Construction | 31-Dec-13 | |||
Date Acquired | 31-Jul-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Gadki, Poland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,460 | |||
Initial Cost | ||||
Land | 9,219 | |||
Buildings | 48,578 | |||
Costs Capitalized Subsequent To Acquisition | 121 | |||
Increase (Decrease) in Net Investments | -3,983 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,584 | |||
Buildings | 45,351 | |||
Total | 53,935 | |||
Accumulated Depreciation | 1,823 | |||
Date Acquired | 31-Jul-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Gadki, Poland | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-07 | |||
Real Estate Under Operating Leases | Warehouse/distribution facilities in Gadki, Poland | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-10 | |||
Real Estate Under Operating Leases | Automotive dealership in Lewisville, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,450 | |||
Initial Cost | ||||
Land | 3,269 | |||
Buildings | 9,605 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,269 | |||
Buildings | 9,605 | |||
Total | 12,874 | |||
Accumulated Depreciation | 449 | |||
Date of Construction | 31-Dec-04 | |||
Date Acquired | 31-Aug-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Real Estate Under Operating Leases | Office facility in Auburn Hills, MI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,151 | |||
Initial Cost | ||||
Land | 789 | |||
Buildings | 7,163 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 789 | |||
Buildings | 7,163 | |||
Total | 7,952 | |||
Accumulated Depreciation | 230 | |||
Date of Construction | 31-Dec-12 | |||
Date Acquired | 31-Oct-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Haibach, Germany | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,473 | |||
Initial Cost | ||||
Land | 2,544 | |||
Buildings | 11,114 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,369 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,289 | |||
Buildings | 10,000 | |||
Total | 12,289 | |||
Accumulated Depreciation | 461 | |||
Date of Construction | 31-Dec-93 | |||
Date Acquired | 31-Oct-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Office facility in Houston, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,200 | |||
Initial Cost | ||||
Land | 7,898 | |||
Buildings | 37,474 | |||
Costs Capitalized Subsequent To Acquisition | 435 | |||
Increase (Decrease) in Net Investments | 1,619 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,898 | |||
Buildings | 39,528 | |||
Total | 47,426 | |||
Accumulated Depreciation | 1,450 | |||
Date of Construction | 31-Dec-63 | |||
Date Acquired | 31-Dec-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Under Operating Leases | Office facility in Tempe, AZ | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,800 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 16,996 | |||
Costs Capitalized Subsequent To Acquisition | 1,630 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 18,626 | |||
Total | 18,626 | |||
Accumulated Depreciation | 543 | |||
Date of Construction | 31-Dec-00 | |||
Date Acquired | 31-Dec-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Tucson, AZ | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,662 | |||
Initial Cost | ||||
Land | 2,440 | |||
Buildings | 11,175 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,440 | |||
Buildings | 11,175 | |||
Total | 13,615 | |||
Accumulated Depreciation | 312 | |||
Date of Construction | 31-Dec-02 | |||
Date Acquired | 28-Feb-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Under Operating Leases | Industrial facility in New Concord, OH | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,742 | |||
Initial Cost | ||||
Land | 784 | |||
Buildings | 2,636 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 784 | |||
Buildings | 2,636 | |||
Total | 3,420 | |||
Accumulated Depreciation | 61 | |||
Date of Construction | 31-Dec-99 | |||
Date Acquired | 30-Apr-14 | |||
Real Estate Under Operating Leases | Industrial facility in New Concord, OH | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Industrial facility in New Concord, OH | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Office facility in Krakow, Poland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,316 | |||
Initial Cost | ||||
Land | 2,771 | |||
Buildings | 6,549 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -540 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,603 | |||
Buildings | 6,177 | |||
Total | 8,780 | |||
Accumulated Depreciation | 58 | |||
Date of Construction | 31-Dec-03 | |||
Date Acquired | 30-Sep-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Under Operating Leases | Retail facility in Gelsenkirchen, Germany | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,060 | |||
Buildings | 17,534 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -688 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,982 | |||
Buildings | 16,924 | |||
Total | 18,906 | |||
Accumulated Depreciation | 130 | |||
Date of Construction | 31-Dec-81 | |||
Date Acquired | 31-Oct-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Under Operating Leases | Office facility in Plymouth, Minnesota | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,601 | |||
Buildings | 15,599 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,601 | |||
Buildings | 15,599 | |||
Total | 18,200 | |||
Accumulated Depreciation | 36 | |||
Date of Construction | 31-Dec-99 | |||
Date Acquired | 31-Dec-14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Direct Financing Method | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 228,909 | |||
Initial Cost | ||||
Land | 22,013 | |||
Buildings | 450,164 | |||
Costs Capitalized Subsequent To Acquisition | 18,245 | |||
Increase (Decrease) in Net Investments | -10,997 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 479,425 | |||
Direct Financing Method | Industrial and office facilities in Nagold, Germany | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,423 | |||
Initial Cost | ||||
Land | 6,012 | |||
Buildings | 41,493 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -25,949 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 21,556 | |||
Date Acquired | 31-Aug-08 | |||
Direct Financing Method | Industrial and office facilities in Nagold, Germany | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-37 | |||
Direct Financing Method | Industrial and office facilities in Nagold, Germany | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-94 | |||
Direct Financing Method | Industrial facilities in Mayodan, Sanford, and Stoneville, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,444 | |||
Initial Cost | ||||
Land | 3,100 | |||
Buildings | 35,766 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,616 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 37,250 | |||
Date Acquired | 31-Dec-08 | |||
Direct Financing Method | Industrial facilities in Mayodan, Sanford, and Stoneville, NC | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-92 | |||
Direct Financing Method | Industrial facilities in Mayodan, Sanford, and Stoneville, NC | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-98 | |||
Direct Financing Method | Industrial facilities in Mayodan, Sanford, and Stoneville, NC | Date Of Construction Year Three | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-97 | |||
Direct Financing Method | Industrial facility in Glendale Heights, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,931 | |||
Initial Cost | ||||
Land | 3,820 | |||
Buildings | 11,148 | |||
Costs Capitalized Subsequent To Acquisition | 18,245 | |||
Increase (Decrease) in Net Investments | 2,431 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 35,644 | |||
Date of Construction | 31-Dec-91 | |||
Date Acquired | 31-Jan-09 | |||
Direct Financing Method | Office facility in New York City, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 111,702 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 233,720 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 12,095 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 245,815 | |||
Date of Construction | 31-Dec-07 | |||
Date Acquired | 31-Mar-09 | |||
Direct Financing Method | Industrial facilities in Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,665 | |||
Initial Cost | ||||
Land | 1,730 | |||
Buildings | 20,778 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -579 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 21,929 | |||
Date Acquired | 31-Mar-10 | |||
Direct Financing Method | Warehouse/distribution facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,696 | |||
Initial Cost | ||||
Land | 508 | |||
Buildings | 24,009 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -606 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,911 | |||
Date Acquired | 30-Apr-10 | |||
Direct Financing Method | Retail facilities in Dugo Selo and Samobor, Croatia | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,349 | |||
Initial Cost | ||||
Land | 1,804 | |||
Buildings | 11,618 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | -1,182 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 12,240 | |||
Date Acquired | 31-Dec-10 | |||
Direct Financing Method | Retail facilities in Dugo Selo and Samobor, Croatia | Date Of Construction Year One | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-02 | |||
Direct Financing Method | Retail facilities in Dugo Selo and Samobor, Croatia | Date Of Construction Year Two | ||||
Gross Amount at which Carried at Close of Period | ||||
Date of Construction | 31-Dec-03 | |||
Direct Financing Method | Warehouse/distribution facility in Oxnard, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,777 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 8,957 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 181 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,138 | |||
Date of Construction | 31-Dec-75 | |||
Date Acquired | 31-Jan-11 | |||
Direct Financing Method | Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,473 | |||
Initial Cost | ||||
Land | 3,750 | |||
Buildings | 50,177 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 3,893 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 57,820 | |||
Date Acquired | 30-Apr-11 | |||
Direct Financing Method | Industrial facility in Clarksville, TN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,535 | |||
Initial Cost | ||||
Land | 600 | |||
Buildings | 7,291 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 281 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 8,172 | |||
Date of Construction | 31-Dec-98 | |||
Date Acquired | 31-Aug-11 | |||
Direct Financing Method | Industrial facility in Countryside, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,000 | |||
Initial Cost | ||||
Land | 425 | |||
Buildings | 1,800 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 34 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 2,259 | |||
Date of Construction | 31-Dec-81 | |||
Date Acquired | 31-Dec-11 | |||
Direct Financing Method | Industrial facility in Bluffton, IN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,914 | |||
Initial Cost | ||||
Land | 264 | |||
Buildings | 3,407 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 20 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,691 | |||
Date of Construction | 31-Dec-75 | |||
Date Acquired | 30-Apr-14 | |||
Operating real estate | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 153,061 | |||
Initial Cost | ||||
Land | 66,066 | |||
Buildings | 202,281 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 4,516 | |||
Increase (Decrease) in Net Investments | -4 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 66,066 | |||
Buildings | 206,793 | |||
Personal property | 0 | |||
Total | 272,859 | 283,370 | 254,805 | 178,141 |
Accumulated Depreciation | 22,217 | 15,354 | 7,757 | 2,745 |
Operating real estate | Fort Worth, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,538 | |||
Initial Cost | ||||
Land | 610 | |||
Buildings | 2,672 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 14 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 610 | |||
Buildings | 2,686 | |||
Personal property | 0 | |||
Total | 3,296 | |||
Accumulated Depreciation | 301 | |||
Date of Construction | 31-Dec-04 | |||
Date Acquired | 30-Apr-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating real estate | Anaheim, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,148 | |||
Initial Cost | ||||
Land | 1,040 | |||
Buildings | 1,166 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 31 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,040 | |||
Buildings | 1,197 | |||
Personal property | 0 | |||
Total | 2,237 | |||
Accumulated Depreciation | 149 | |||
Date of Construction | 31-Dec-88 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating real estate | Apple Valley, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300 | |||
Initial Cost | ||||
Land | 400 | |||
Buildings | 3,910 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 132 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 400 | |||
Buildings | 4,042 | |||
Personal property | 0 | |||
Total | 4,442 | |||
Accumulated Depreciation | 407 | |||
Date of Construction | 31-Dec-89 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | Apple Valley, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,446 | |||
Initial Cost | ||||
Land | 230 | |||
Buildings | 2,196 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 25 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 230 | |||
Buildings | 2,221 | |||
Personal property | 0 | |||
Total | 2,451 | |||
Accumulated Depreciation | 237 | |||
Date of Construction | 31-Dec-89 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 849 | |||
Initial Cost | ||||
Land | 370 | |||
Buildings | 3,133 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 256 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 370 | |||
Buildings | 3,389 | |||
Personal property | 0 | |||
Total | 3,759 | |||
Accumulated Depreciation | 409 | |||
Date of Construction | 31-Dec-72 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,130 | |||
Initial Cost | ||||
Land | 690 | |||
Buildings | 3,238 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 80 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 690 | |||
Buildings | 3,318 | |||
Personal property | 0 | |||
Total | 4,008 | |||
Accumulated Depreciation | 343 | |||
Date of Construction | 31-Dec-87 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,013 | |||
Initial Cost | ||||
Land | 690 | |||
Buildings | 3,298 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 62 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 690 | |||
Buildings | 3,360 | |||
Personal property | 0 | |||
Total | 4,050 | |||
Accumulated Depreciation | 343 | |||
Date of Construction | 31-Dec-90 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,714 | |||
Initial Cost | ||||
Land | 480 | |||
Buildings | 3,297 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 56 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 480 | |||
Buildings | 3,353 | |||
Personal property | 0 | |||
Total | 3,833 | |||
Accumulated Depreciation | 451 | |||
Date of Construction | 31-Dec-74 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | Fresno, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,638 | |||
Initial Cost | ||||
Land | 601 | |||
Buildings | 7,300 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 201 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 601 | |||
Buildings | 7,501 | |||
Personal property | 0 | |||
Total | 8,102 | |||
Accumulated Depreciation | 1,243 | |||
Date of Construction | 31-Dec-76 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Grand Terrace, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 728 | |||
Initial Cost | ||||
Land | 950 | |||
Buildings | 1,903 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 42 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 950 | |||
Buildings | 1,945 | |||
Personal property | 0 | |||
Total | 2,895 | |||
Accumulated Depreciation | 270 | |||
Date of Construction | 31-Dec-78 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Harbor City, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,293 | |||
Initial Cost | ||||
Land | 1,487 | |||
Buildings | 810 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 22 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,487 | |||
Buildings | 832 | |||
Personal property | 0 | |||
Total | 2,319 | |||
Accumulated Depreciation | 116 | |||
Date of Construction | 31-Dec-87 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | San Diego, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,273 | |||
Initial Cost | ||||
Land | 7,951 | |||
Buildings | 3,926 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 152 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,951 | |||
Buildings | 4,078 | |||
Personal property | 0 | |||
Total | 12,029 | |||
Accumulated Depreciation | 495 | |||
Date of Construction | 31-Dec-86 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Palm Springs, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,511 | |||
Initial Cost | ||||
Land | 1,287 | |||
Buildings | 3,124 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 65 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,287 | |||
Buildings | 3,189 | |||
Personal property | 0 | |||
Total | 4,476 | |||
Accumulated Depreciation | 378 | |||
Date of Construction | 31-Dec-89 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Palmdale, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,773 | |||
Initial Cost | ||||
Land | 940 | |||
Buildings | 4,263 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 225 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 940 | |||
Buildings | 4,488 | |||
Personal property | 0 | |||
Total | 5,428 | |||
Accumulated Depreciation | 492 | |||
Date of Construction | 31-Dec-88 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Operating real estate | Palmdale, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,081 | |||
Initial Cost | ||||
Land | 1,220 | |||
Buildings | 2,954 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 33 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,220 | |||
Buildings | 2,987 | |||
Personal property | 0 | |||
Total | 4,207 | |||
Accumulated Depreciation | 321 | |||
Date of Construction | 31-Dec-88 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating real estate | Riverside, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,124 | |||
Initial Cost | ||||
Land | 560 | |||
Buildings | 1,492 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 35 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 560 | |||
Buildings | 1,527 | |||
Personal property | 0 | |||
Total | 2,087 | |||
Accumulated Depreciation | 180 | |||
Date of Construction | 31-Dec-85 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Rosamond, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700 | |||
Initial Cost | ||||
Land | 460 | |||
Buildings | 3,220 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 27 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 460 | |||
Buildings | 3,247 | |||
Personal property | 0 | |||
Total | 3,707 | |||
Accumulated Depreciation | 347 | |||
Date of Construction | 31-Dec-95 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating real estate | Rubidoux, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,247 | |||
Initial Cost | ||||
Land | 514 | |||
Buildings | 1,653 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 40 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 514 | |||
Buildings | 1,693 | |||
Personal property | 0 | |||
Total | 2,207 | |||
Accumulated Depreciation | 180 | |||
Date of Construction | 31-Dec-86 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating real estate | South Gate, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,774 | |||
Initial Cost | ||||
Land | 1,597 | |||
Buildings | 2,067 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 86 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,597 | |||
Buildings | 2,153 | |||
Personal property | 0 | |||
Total | 3,750 | |||
Accumulated Depreciation | 258 | |||
Date of Construction | 31-Dec-25 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Kailua-Kona, HI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 832 | |||
Initial Cost | ||||
Land | 1,000 | |||
Buildings | 1,108 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 59 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Buildings | 1,167 | |||
Personal property | 0 | |||
Total | 2,167 | |||
Accumulated Depreciation | 159 | |||
Date of Construction | 31-Dec-87 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,342 | |||
Initial Cost | ||||
Land | 600 | |||
Buildings | 4,124 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 194 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 600 | |||
Buildings | 4,318 | |||
Personal property | 0 | |||
Total | 4,918 | |||
Accumulated Depreciation | 452 | |||
Date of Construction | 31-Dec-16 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,321 | |||
Initial Cost | ||||
Land | 400 | |||
Buildings | 2,074 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 143 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 400 | |||
Buildings | 2,217 | |||
Personal property | 0 | |||
Total | 2,617 | |||
Accumulated Depreciation | 243 | |||
Date of Construction | 31-Dec-68 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Rockford, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,363 | |||
Initial Cost | ||||
Land | 548 | |||
Buildings | 1,881 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 5 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 548 | |||
Buildings | 1,886 | |||
Personal property | 0 | |||
Total | 2,434 | |||
Accumulated Depreciation | 268 | |||
Date of Construction | 31-Dec-79 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Rockford, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 250 | |||
Initial Cost | ||||
Land | 114 | |||
Buildings | 633 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 9 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 114 | |||
Buildings | 642 | |||
Personal property | 0 | |||
Total | 756 | |||
Accumulated Depreciation | 89 | |||
Date of Construction | 31-Dec-79 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Rockford, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,319 | |||
Initial Cost | ||||
Land | 380 | |||
Buildings | 2,321 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 15 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 380 | |||
Buildings | 2,336 | |||
Personal property | 0 | |||
Total | 2,716 | |||
Accumulated Depreciation | 326 | |||
Date of Construction | 31-Dec-57 | |||
Date Acquired | 30-Jun-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Kihei, HI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,501 | |||
Initial Cost | ||||
Land | 2,523 | |||
Buildings | 7,481 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 414 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,523 | |||
Buildings | 7,895 | |||
Personal property | 0 | |||
Total | 10,418 | |||
Accumulated Depreciation | 668 | |||
Date of Construction | 31-Dec-91 | |||
Date Acquired | 31-Aug-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900 | |||
Initial Cost | ||||
Land | 1,060 | |||
Buildings | 3,138 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 37 | |||
Increase (Decrease) in Net Investments | -464 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,060 | |||
Buildings | 2,711 | |||
Personal property | 0 | |||
Total | 3,771 | |||
Accumulated Depreciation | 368 | |||
Date of Construction | 31-Dec-79 | |||
Date Acquired | 31-Aug-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,025 | |||
Initial Cost | ||||
Land | 767 | |||
Buildings | 2,230 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 57 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 767 | |||
Buildings | 2,287 | |||
Personal property | 0 | |||
Total | 3,054 | |||
Accumulated Depreciation | 313 | |||
Date of Construction | 31-Dec-79 | |||
Date Acquired | 31-Aug-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | National City, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,550 | |||
Initial Cost | ||||
Land | 3,158 | |||
Buildings | 1,483 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 44 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,158 | |||
Buildings | 1,527 | |||
Personal property | 0 | |||
Total | 4,685 | |||
Accumulated Depreciation | 188 | |||
Date of Construction | 31-Dec-87 | |||
Date Acquired | 31-Aug-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Operating real estate | Mundelein, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600 | |||
Initial Cost | ||||
Land | 1,080 | |||
Buildings | 5,287 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 192 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,080 | |||
Buildings | 5,479 | |||
Personal property | 0 | |||
Total | 6,559 | |||
Accumulated Depreciation | 736 | |||
Date of Construction | 31-Dec-91 | |||
Date Acquired | 31-Aug-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Pearl City, HI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,450 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 5,141 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 240 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 5,381 | |||
Personal property | 0 | |||
Total | 5,381 | |||
Accumulated Depreciation | 908 | |||
Date of Construction | 31-Dec-77 | |||
Date Acquired | 31-Aug-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Palm Springs, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,000 | |||
Initial Cost | ||||
Land | 1,019 | |||
Buildings | 2,131 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 140 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,019 | |||
Buildings | 2,271 | |||
Personal property | 0 | |||
Total | 3,290 | |||
Accumulated Depreciation | 269 | |||
Date of Construction | 31-Dec-87 | |||
Date Acquired | 30-Sep-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Operating real estate | Loves Park, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,244 | |||
Initial Cost | ||||
Land | 394 | |||
Buildings | 3,390 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 12 | |||
Increase (Decrease) in Net Investments | -139 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 394 | |||
Buildings | 3,263 | |||
Personal property | 0 | |||
Total | 3,657 | |||
Accumulated Depreciation | 547 | |||
Date of Construction | 31-Dec-97 | |||
Date Acquired | 30-Sep-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Mundelein, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 765 | |||
Initial Cost | ||||
Land | 535 | |||
Buildings | 1,757 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 44 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 535 | |||
Buildings | 1,801 | |||
Personal property | 0 | |||
Total | 2,336 | |||
Accumulated Depreciation | 300 | |||
Date of Construction | 31-Dec-89 | |||
Date Acquired | 30-Sep-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200 | |||
Initial Cost | ||||
Land | 1,049 | |||
Buildings | 5,672 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 241 | |||
Increase (Decrease) in Net Investments | -3 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,049 | |||
Buildings | 5,910 | |||
Personal property | 0 | |||
Total | 6,959 | |||
Accumulated Depreciation | 625 | |||
Date of Construction | 31-Dec-88 | |||
Date Acquired | 30-Sep-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating real estate | Bakersfield, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500 | |||
Initial Cost | ||||
Land | 1,068 | |||
Buildings | 2,115 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 70 | |||
Increase (Decrease) in Net Investments | 464 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,068 | |||
Buildings | 2,649 | |||
Personal property | 0 | |||
Total | 3,717 | |||
Accumulated Depreciation | 294 | |||
Date of Construction | 31-Dec-71 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Beaumont, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,610 | |||
Initial Cost | ||||
Land | 1,616 | |||
Buildings | 2,873 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 48 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,616 | |||
Buildings | 2,921 | |||
Personal property | 0 | |||
Total | 4,537 | |||
Accumulated Depreciation | 291 | |||
Date of Construction | 31-Dec-92 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Victorville, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200 | |||
Initial Cost | ||||
Land | 299 | |||
Buildings | 1,766 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 36 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 299 | |||
Buildings | 1,802 | |||
Personal property | 0 | |||
Total | 2,101 | |||
Accumulated Depreciation | 189 | |||
Date of Construction | 31-Dec-90 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Victorville, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,020 | |||
Initial Cost | ||||
Land | 190 | |||
Buildings | 1,756 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 46 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 190 | |||
Buildings | 1,802 | |||
Personal property | 0 | |||
Total | 1,992 | |||
Accumulated Depreciation | 180 | |||
Date of Construction | 31-Dec-90 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | San Bernardino, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,000 | |||
Initial Cost | ||||
Land | 698 | |||
Buildings | 1,397 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 75 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 698 | |||
Buildings | 1,472 | |||
Personal property | 0 | |||
Total | 2,170 | |||
Accumulated Depreciation | 136 | |||
Date of Construction | 31-Dec-89 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Peoria, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,230 | |||
Initial Cost | ||||
Land | 549 | |||
Buildings | 2,424 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 20 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 549 | |||
Buildings | 2,444 | |||
Personal property | 0 | |||
Total | 2,993 | |||
Accumulated Depreciation | 319 | |||
Date of Construction | 31-Dec-90 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | East Peoria, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,775 | |||
Initial Cost | ||||
Land | 409 | |||
Buildings | 1,816 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 43 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 409 | |||
Buildings | 1,859 | |||
Personal property | 0 | |||
Total | 2,268 | |||
Accumulated Depreciation | 224 | |||
Date of Construction | 31-Dec-86 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | Loves Park, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,000 | |||
Initial Cost | ||||
Land | 439 | |||
Buildings | 998 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 106 | |||
Increase (Decrease) in Net Investments | 139 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 439 | |||
Buildings | 1,243 | |||
Personal property | 0 | |||
Total | 1,682 | |||
Accumulated Depreciation | 144 | |||
Date of Construction | 31-Dec-78 | |||
Date Acquired | 30-Nov-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | Hesperia, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 900 | |||
Initial Cost | ||||
Land | 648 | |||
Buildings | 1,377 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 11 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 648 | |||
Buildings | 1,388 | |||
Personal property | 0 | |||
Total | 2,036 | |||
Accumulated Depreciation | 148 | |||
Date of Construction | 31-Dec-89 | |||
Date Acquired | 31-Dec-11 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Mobile, AL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,975 | |||
Initial Cost | ||||
Land | 1,078 | |||
Buildings | 3,799 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 7 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,078 | |||
Buildings | 3,806 | |||
Personal property | 0 | |||
Total | 4,884 | |||
Accumulated Depreciation | 972 | |||
Date of Construction | 31-Dec-74 | |||
Date Acquired | 30-Jun-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 12 years | |||
Operating real estate | Slidell, LA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400 | |||
Initial Cost | ||||
Land | 620 | |||
Buildings | 3,434 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 32 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 620 | |||
Buildings | 3,466 | |||
Personal property | 0 | |||
Total | 4,086 | |||
Accumulated Depreciation | 406 | |||
Date of Construction | 31-Dec-98 | |||
Date Acquired | 30-Jun-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Operating real estate | Baton Rouge, LA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 800 | |||
Initial Cost | ||||
Land | 401 | |||
Buildings | 955 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 11 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 401 | |||
Buildings | 966 | |||
Personal property | 0 | |||
Total | 1,367 | |||
Accumulated Depreciation | 188 | |||
Date of Construction | 31-Dec-80 | |||
Date Acquired | 30-Jun-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 18 years | |||
Operating real estate | Baton Rouge, LA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,125 | |||
Initial Cost | ||||
Land | 820 | |||
Buildings | 3,222 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 94 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 820 | |||
Buildings | 3,316 | |||
Personal property | 0 | |||
Total | 4,136 | |||
Accumulated Depreciation | 481 | |||
Date of Construction | 31-Dec-80 | |||
Date Acquired | 30-Jun-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Gulfport, MS | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200 | |||
Initial Cost | ||||
Land | 591 | |||
Buildings | 2,539 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 58 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 591 | |||
Buildings | 2,597 | |||
Personal property | 0 | |||
Total | 3,188 | |||
Accumulated Depreciation | 586 | |||
Date of Construction | 31-Dec-77 | |||
Date Acquired | 30-Jun-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Operating real estate | Cherry Valley, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,818 | |||
Initial Cost | ||||
Land | 1,076 | |||
Buildings | 1,763 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,076 | |||
Buildings | 1,765 | |||
Personal property | 0 | |||
Total | 2,841 | |||
Accumulated Depreciation | 296 | |||
Date of Construction | 31-Dec-88 | |||
Date Acquired | 31-Jul-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Fayetteville, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,120 | |||
Initial Cost | ||||
Land | 1,677 | |||
Buildings | 3,116 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 23 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,677 | |||
Buildings | 3,139 | |||
Personal property | 0 | |||
Total | 4,816 | |||
Accumulated Depreciation | 315 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 30-Sep-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating real estate | Tampa, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,800 | |||
Initial Cost | ||||
Land | 599 | |||
Buildings | 6,273 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 12 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 599 | |||
Buildings | 6,285 | |||
Personal property | 0 | |||
Total | 6,884 | |||
Accumulated Depreciation | 339 | |||
Date of Construction | 31-Dec-99 | |||
Date Acquired | 30-Nov-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | St. Petersburg, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100 | |||
Initial Cost | ||||
Land | 2,253 | |||
Buildings | 3,512 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 137 | |||
Increase (Decrease) in Net Investments | -1 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,253 | |||
Buildings | 3,648 | |||
Personal property | 0 | |||
Total | 5,901 | |||
Accumulated Depreciation | 204 | |||
Date of Construction | 31-Dec-90 | |||
Date Acquired | 30-Nov-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Palm Harbor, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,100 | |||
Initial Cost | ||||
Land | 2,192 | |||
Buildings | 7,237 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 131 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,192 | |||
Buildings | 7,368 | |||
Personal property | 0 | |||
Total | 9,560 | |||
Accumulated Depreciation | 423 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 30-Nov-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Midland, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300 | |||
Initial Cost | ||||
Land | 1,026 | |||
Buildings | 5,546 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,026 | |||
Buildings | 5,546 | |||
Personal property | 0 | |||
Total | 6,572 | |||
Accumulated Depreciation | 392 | |||
Date of Construction | 31-Dec-08 | |||
Date Acquired | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Midland, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,830 | |||
Initial Cost | ||||
Land | 2,136 | |||
Buildings | 6,665 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,136 | |||
Buildings | 6,665 | |||
Personal property | 0 | |||
Total | 8,801 | |||
Accumulated Depreciation | 454 | |||
Date of Construction | 31-Dec-06 | |||
Date Acquired | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Odessa, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,970 | |||
Initial Cost | ||||
Land | 975 | |||
Buildings | 4,924 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 975 | |||
Buildings | 4,924 | |||
Personal property | 0 | |||
Total | 5,899 | |||
Accumulated Depreciation | 347 | |||
Date of Construction | 31-Dec-06 | |||
Date Acquired | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Odessa, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,400 | |||
Initial Cost | ||||
Land | 1,099 | |||
Buildings | 6,510 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,099 | |||
Buildings | 6,510 | |||
Personal property | 0 | |||
Total | 7,609 | |||
Accumulated Depreciation | 465 | |||
Date of Construction | 31-Dec-04 | |||
Date Acquired | 31-Dec-12 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating real estate | Cathedral City, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,429 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings | 2,275 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 2,277 | |||
Personal property | 0 | |||
Total | 2,277 | |||
Accumulated Depreciation | 157 | |||
Date of Construction | 31-Dec-90 | |||
Date Acquired | 31-Mar-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating real estate | Hilo, HI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,965 | |||
Initial Cost | ||||
Land | 296 | |||
Buildings | 4,996 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 296 | |||
Buildings | 4,996 | |||
Personal property | 0 | |||
Total | 5,292 | |||
Accumulated Depreciation | 194 | |||
Date of Construction | 31-Dec-07 | |||
Date Acquired | 30-Jun-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating real estate | Clearwater, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,880 | |||
Initial Cost | ||||
Land | 924 | |||
Buildings | 2,966 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 18 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 924 | |||
Buildings | 2,984 | |||
Personal property | 0 | |||
Total | 3,908 | |||
Accumulated Depreciation | 140 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 31-Jul-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Operating real estate | Winder, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 415 | |||
Initial Cost | ||||
Land | 546 | |||
Buildings | 30 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 5 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 546 | |||
Buildings | 35 | |||
Personal property | 0 | |||
Total | 581 | |||
Accumulated Depreciation | 3 | |||
Date of Construction | 31-Dec-06 | |||
Date Acquired | 31-Jul-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Operating real estate | Winder, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,427 | |||
Initial Cost | ||||
Land | 495 | |||
Buildings | 1,253 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 41 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 495 | |||
Buildings | 1,294 | |||
Personal property | 0 | |||
Total | 1,789 | |||
Accumulated Depreciation | 99 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 31-Jul-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating real estate | Orlando, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,160 | |||
Initial Cost | ||||
Land | 1,064 | |||
Buildings | 4,889 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 36 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,064 | |||
Buildings | 4,925 | |||
Personal property | 0 | |||
Total | 5,989 | |||
Accumulated Depreciation | 213 | |||
Date of Construction | 31-Dec-00 | |||
Date Acquired | 31-Aug-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating real estate | Palm Coast, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,420 | |||
Initial Cost | ||||
Land | 1,749 | |||
Buildings | 3,285 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 20 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,749 | |||
Buildings | 3,305 | |||
Personal property | 0 | |||
Total | 5,054 | |||
Accumulated Depreciation | 176 | |||
Date of Construction | 31-Dec-01 | |||
Date Acquired | 30-Sep-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Operating real estate | Holiday, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,250 | |||
Initial Cost | ||||
Land | 1,829 | |||
Buildings | 1,097 | |||
Personal property | 0 | |||
Costs Capitalized Subsequent To Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,829 | |||
Buildings | 1,099 | |||
Personal property | 0 | |||
Total | 2,928 | |||
Accumulated Depreciation | 63 | |||
Date of Construction | 31-Dec-75 | |||
Date Acquired | 30-Nov-13 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Real estate | ||||
Gross Amount at which Carried at Close of Period | ||||
Total | 2,396,715 | 2,402,315 | 2,107,549 | 1,494,273 |
Accumulated Depreciation | $175,478 | $129,051 | $77,326 | $39,857 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | $2,402,315 | $2,107,549 | $1,494,273 |
Additions | 65,115 | 226,123 | 508,443 |
Improvements | 3,554 | 8,970 | 4,964 |
Dispositions | -32,739 | 0 | -56,200 |
Foreign currency translation adjustment | -124,536 | 30,155 | 23,123 |
Reclassification from real estate under construction | 83,006 | 29,518 | 140,324 |
Reclassification to direct financing lease | 0 | 0 | -7,378 |
Ending balance | 2,396,715 | 2,402,315 | 2,107,549 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 129,051 | 77,326 | 39,857 |
Depreciation expense | 54,976 | 49,785 | 37,265 |
Dispositions | 0 | 0 | -447 |
Foreign currency translation adjustment | -8,549 | 1,940 | 1,371 |
Reclassification to direct financing lease | 0 | 0 | -720 |
Ending balance | 175,478 | 129,051 | 77,326 |
Operating real estate | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | 283,370 | 254,805 | 178,141 |
Additions | 0 | 27,697 | 74,968 |
Improvements | 2,047 | 1,369 | 2,235 |
Dispositions | -27,487 | -13,058 | 0 |
Reclassification from real estate under construction | 14,929 | 12,557 | 0 |
Write-off of fully depreciated asset | 0 | 0 | -539 |
Ending balance | 272,859 | 283,370 | 254,805 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 15,354 | 7,757 | 2,745 |
Depreciation expense | 8,664 | 8,470 | 5,551 |
Dispositions | -1,801 | -873 | 0 |
Write-off of fully depreciated asset | 0 | 0 | -539 |
Ending balance | $22,217 | $15,354 | $7,757 |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate (Details 1) (Financing Agreement - China Alliance Properties Limited, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Financing Agreement - China Alliance Properties Limited | |
Mortgage Loans on Real Estate | |
Interest rate on mortgage loan | 11.00% |
Final Maturity Date | 31-Dec-15 |
Face Amount of Mortgage | $41,990 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Mortgage Loans on Real Estate | |||
Balance | $40,000 | $40,000 | $70,000 |
Conversion to equity investment | 0 | 0 | -30,000 |
Ending balance | $40,000 | $40,000 | $40,000 |