Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 1,390,213 | ||
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 | 339,867,059 | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in real estate | ||
Real estate, at cost (inclusive of $139,507 and $144,753, respectively, attributable to variable interest entities, or VIEs) | $ 2,658,877 | $ 2,396,715 |
Operating real estate, at cost | 275,521 | 272,859 |
Accumulated depreciation (inclusive of $13,096 and $9,984, respectively, attributable to VIEs) | (256,175) | (197,695) |
Net investments in properties | 2,678,223 | 2,471,879 |
Real estate under construction | 1,068 | 110,983 |
Net investments in direct financing leases (inclusive of $247,340 and $245,815, respectively, attributable to VIEs) | 495,564 | 479,425 |
Net investments in real estate | 3,174,855 | 3,062,287 |
Equity investments in real estate | 514,147 | 531,000 |
Cash and cash equivalents (inclusive of $75 and $27, respectively, attributable to VIEs) | 152,889 | 275,719 |
In-place lease and tenant relationship intangible assets, net (inclusive of $15,447 and $16,348, respectively, attributable to VIEs) | 445,223 | 432,444 |
Other intangible assets, net | 80,049 | 83,238 |
Other assets, net (inclusive of $16,326 and $16,536, respectively, attributable to VIEs) | 258,852 | 221,209 |
Total assets | 4,626,015 | 4,605,897 |
Liabilities: | ||
Non-recourse debt, net (inclusive of $187,020 and $193,437, respectively, attributable to VIEs) | 1,894,271 | 1,896,489 |
Senior Credit Facility | 113,162 | 0 |
Accounts payable, accrued expenses and other liabilities (inclusive of $6,837 and $10,109, respectively, attributable to VIEs) | 133,948 | 141,043 |
Below-market rent and other intangible liabilities, net (inclusive of $343 and $365, respectively, attributable to VIEs) | 96,701 | 104,722 |
Deferred income taxes (inclusive of $0 and $60, respectively, attributable to VIEs) | 24,929 | 12,234 |
Due to affiliates | 13,634 | 12,634 |
Distributions payable | 54,775 | 53,378 |
Total liabilities | $ 2,331,420 | $ 2,220,500 |
Commitments and contingencies (Note 11) | ||
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; and 337,065,419 and 328,480,839 shares, respectively, issued and outstanding | 337 | 328 |
Additional paid-in capital | 3,037,727 | 2,955,440 |
Distributions in excess of accumulated earnings | (700,912) | (567,806) |
Accumulated other comprehensive loss | (139,805) | (81,007) |
Total CPA®:17 – Global stockholders’ equity | 2,197,347 | 2,306,955 |
Noncontrolling interests | 97,248 | 78,442 |
Total equity | 2,294,595 | 2,385,397 |
Total liabilities and equity | $ 4,626,015 | $ 4,605,897 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate, at cost attributable to VIEs | $ 2,658,877 | $ 2,396,715 |
Accumulated depreciation attributable to VIEs | 256,175 | 197,695 |
Net investments in direct financing leases | 495,564 | 479,425 |
Cash and cash equivalents attributable to VIEs | 152,889 | 275,719 |
In-place lease intangible assets, net attributable to VIEs | 445,223 | 432,444 |
Other assets, net attributable to VIEs | 258,852 | 221,209 |
Liabilities: | ||
Non-recourse debt | 1,894,271 | 1,896,489 |
Accounts payable, attributable to VIEs | 133,948 | 141,043 |
Below-market rent and other intangible liabilities, attributable to VIEs | 96,701 | 104,722 |
Deferred income taxes, attributable to VIEs | $ 24,929 | $ 12,234 |
CPA®:17 – Global stockholders’ equity: | ||
Preferred stock, par or stated value (usd per share) | $ 0.001 | $ 0.001 |
Preferred stock shares authorized, shares | 50,000,000 | 50,000,000 |
Preferred stock shares issued, shares | 0 | 0 |
Common stock, par or stated value (usd per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized, shares | 900,000,000 | 900,000,000 |
Common stock shares issued, shares | 337,065,419 | 328,480,839 |
Common stock shares outstanding, shares | 337,065,419 | 328,480,839 |
Variable Interest Entity Primary Beneficiary Member | ||
Assets | ||
Real estate, at cost attributable to VIEs | $ 139,507 | $ 144,753 |
Accumulated depreciation attributable to VIEs | 13,096 | 9,984 |
Net investments in direct financing leases | 247,340 | 245,815 |
Cash and cash equivalents attributable to VIEs | 75 | 27 |
In-place lease intangible assets, net attributable to VIEs | 15,447 | 16,348 |
Other assets, net attributable to VIEs | 16,326 | 16,536 |
Liabilities: | ||
Non-recourse debt | 187,020 | 193,437 |
Accounts payable, attributable to VIEs | 6,837 | 10,109 |
Below-market rent and other intangible liabilities, attributable to VIEs | 343 | 365 |
Deferred income taxes, attributable to VIEs | $ 0 | $ 60 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lease revenues: | |||
Rental income | $ 271,523 | $ 254,658 | $ 231,652 |
Interest income from direct financing leases | 55,669 | 54,517 | 53,736 |
Total lease revenues | 327,192 | 309,175 | 285,388 |
Other real estate income | 49,562 | 53,107 | 51,898 |
Other operating income | 36,591 | 28,536 | 19,050 |
Other interest income | 13,602 | 5,888 | 6,436 |
Gross Revenues | 426,947 | 396,706 | 362,772 |
Operating Expenses | |||
Depreciation and amortization | 106,732 | 102,167 | 93,742 |
Property expenses | 72,514 | 66,402 | 52,242 |
Other real estate expenses | 19,595 | 24,665 | 33,548 |
General and administrative | 18,377 | 22,253 | 20,416 |
Impairment charges | 1,023 | 570 | 0 |
Acquisition expenses | 651 | 5,169 | 16,884 |
Operating Expenses, Total | 218,892 | 221,226 | 216,832 |
Other Income and Expenses | |||
Equity in earnings (losses) of equity method investments in real estate | 14,667 | 24,073 | (9,500) |
Other income and (expenses) | 1,637 | (2,172) | 13,186 |
Interest expense | (93,551) | (93,001) | (88,656) |
Nonoperating income expense | (77,247) | (71,100) | (84,970) |
Income from continuing operations before income taxes and gain on sale of real estate | 130,808 | 104,380 | 60,970 |
Provision for income taxes | (8,885) | (10,725) | (1,467) |
Income from continuing operations before gain on sale of real estate, net of tax | 121,923 | 93,655 | 59,503 |
Income from discontinued operations, net of tax | 0 | 0 | 7,487 |
Gain on sale of real estate, net of tax | 2,197 | 13,338 | 659 |
Net Income | 124,120 | 106,993 | 67,649 |
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $24,668, $20,427, and $16,899, respectively) | (39,915) | (32,842) | (28,935) |
Net income attributable to CPA®:17 – Global | $ 84,205 | $ 74,151 | $ 38,714 |
Basic and Diluted Earnings Per Share | |||
Income from continuing operations attributable to CPA®:17 – Global (usd per share) | $ 0.25 | $ 0.23 | $ 0.10 |
Income from discontinued operations attributable to CPA®:17 – Global (usd per share) | 0 | 0 | 0.02 |
Net income attributable to CPA®:17 – Global (usd per share) | $ 0.25 | $ 0.23 | $ 0.12 |
Basic and Diluted Weighted-Average Shares Outstanding, shares | 334,468,363 | 324,117,508 | 313,010,828 |
Amounts Attributable to CPA®:17 – Global | |||
Income from continuing operations, net of tax | $ 84,205 | $ 74,151 | $ 31,227 |
Income from discontinued operations, net of tax | 0 | 0 | 7,487 |
Net income attributable to CPA®:17 – Global | $ 84,205 | $ 74,151 | $ 38,714 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses | |||
Available Cash Distributions | $ 24,668 | $ 20,427 | $ 16,899 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income Attributable to Parent | |||
Net Income | $ 124,120 | $ 106,993 | $ 67,649 |
Other Comprehensive (Loss) Income | |||
Foreign currency translation adjustments | (81,037) | (93,401) | 25,742 |
Change in net unrealized gain on derivative instruments | 20,889 | 24,439 | 3,068 |
Change in unrealized gain on marketable securities | 29 | 285 | 94 |
Total other comprehensive loss | (60,119) | (68,677) | 28,904 |
Comprehensive Income | 64,001 | 38,316 | 96,553 |
Amounts Attributable to Noncontrolling Interests | |||
Net income | (39,915) | (32,842) | (28,935) |
Foreign currency translation adjustments | 1,321 | 1,523 | (212) |
Change in net unrealized gain on derivative instruments | 0 | (411) | (535) |
Comprehensive income attributable to noncontrolling interests | (38,594) | (31,730) | (29,682) |
Comprehensive Income Attributable to CPA®:17 – Global | $ 25,407 | $ 6,586 | $ 66,871 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Total CPA®:17 – Global Stockholders | Noncontrolling Interests |
Beginning equity balance, value at Dec. 31, 2012 | $ 2,519,628 | $ 306 | $ 2,752,566 | $ (266,211) | $ (41,599) | $ 2,445,062 | $ 74,566 |
Beginning equity balance, shares at Dec. 31, 2012 | 306,903,020 | ||||||
Statement of Equity | |||||||
Shares issued, net of offering costs, value | 96,853 | $ 11 | 96,842 | 96,853 | |||
Shares issued, net of offering costs, shares | 10,252,652 | ||||||
Shares issued to affiliates, value | 21,232 | $ 2 | 21,230 | 21,232 | |||
Shares issued to affiliates, shares | 2,116,767 | ||||||
Distributions declared | (203,598) | (203,598) | (203,598) | ||||
Distributions to noncontrolling interests | (26,760) | (26,760) | |||||
Net Income | 67,649 | 38,714 | 38,714 | 28,935 | |||
Other comprehensive (loss) income: | |||||||
Foreign currency translation adjustments | 25,742 | 25,530 | 25,530 | 212 | |||
Change in net unrealized gain on derivative instruments | 3,068 | 2,533 | 2,533 | 535 | |||
Change in unrealized gain on marketable securities | 94 | 94 | 94 | ||||
Repurchase of shares, value | (18,184) | $ (2) | (18,182) | (18,184) | |||
Repurchase of shares, shares | (1,918,540) | ||||||
Ending equity balance, value at Dec. 31, 2013 | 2,485,724 | $ 317 | 2,852,456 | (431,095) | (13,442) | 2,408,236 | 77,488 |
Ending equity balance, shares at Dec. 31, 2013 | 317,353,899 | ||||||
Statement of Equity | |||||||
Shares issued, net of offering costs, value | 101,983 | $ 11 | 101,972 | 101,983 | |||
Shares issued, net of offering costs, shares | 11,168,340 | ||||||
Shares issued to affiliates, value | 26,387 | $ 3 | 26,384 | 26,387 | |||
Shares issued to affiliates, shares | 2,756,965 | ||||||
Distributions declared | (210,862) | (210,862) | (210,862) | ||||
Distributions to noncontrolling interests | (30,776) | (30,776) | |||||
Net Income | 106,993 | 74,151 | 74,151 | 32,842 | |||
Other comprehensive (loss) income: | |||||||
Foreign currency translation adjustments | (93,401) | (91,878) | (91,878) | (1,523) | |||
Change in net unrealized gain on derivative instruments | 24,439 | 24,028 | 24,028 | 411 | |||
Change in unrealized gain on marketable securities | 285 | 285 | 285 | ||||
Repurchase of shares, value | (25,375) | $ (3) | (25,372) | (25,375) | |||
Repurchase of shares, shares | (2,798,365) | ||||||
Ending equity balance, value at Dec. 31, 2014 | $ 2,385,397 | $ 328 | 2,955,440 | (567,806) | (81,007) | 2,306,955 | 78,442 |
Ending equity balance, shares at Dec. 31, 2014 | 328,480,839 | 328,480,839 | |||||
Statement of Equity | |||||||
Shares issued, net of offering costs, value | $ 103,657 | $ 11 | 103,646 | 103,657 | |||
Shares issued, net of offering costs, shares | 11,009,104 | ||||||
Shares issued to directors, value | 100 | $ 0 | 100 | 100 | |||
Shares issued to directors, shares | 10,288 | ||||||
Shares issued to affiliates, value | 15,630 | $ 2 | 15,628 | 15,630 | |||
Shares issued to affiliates, shares | 1,613,468 | ||||||
Contributions from noncontrolling interests | 15,928 | 15,928 | |||||
Distributions declared | (217,311) | (217,311) | (217,311) | ||||
Distributions to noncontrolling interests | (35,716) | (35,716) | |||||
Net Income | 124,120 | 84,205 | 84,205 | 39,915 | |||
Other comprehensive (loss) income: | |||||||
Foreign currency translation adjustments | (81,037) | (79,716) | (79,716) | (1,321) | |||
Change in net unrealized gain on derivative instruments | 20,889 | 20,889 | 20,889 | 0 | |||
Change in unrealized gain on marketable securities | 29 | 29 | 29 | ||||
Repurchase of shares, value | (37,091) | $ (4) | (37,087) | (37,091) | |||
Repurchase of shares, shares | (4,048,280) | ||||||
Ending equity balance, value at Dec. 31, 2015 | $ 2,294,595 | $ 337 | $ 3,037,727 | $ (700,912) | $ (139,805) | $ 2,197,347 | $ 97,248 |
Ending equity balance, shares at Dec. 31, 2015 | 337,065,419 | 337,065,419 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distribution per share | |||||||||||
Distributions Declared Per Share, (usd per share) | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.6500 | $ 0.6500 | $ 0.6500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow - Operating Activities | |||
Net Income | $ 124,120 | $ 106,993 | $ 67,649 |
Adjustments to net income: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 112,722 | 104,894 | 96,700 |
Straight-line rent adjustment and amortization of rent-related intangibles | (21,420) | (19,101) | (19,517) |
Non-cash asset management fee expense and directors’ compensation | 14,696 | 26,387 | 21,953 |
Realized and unrealized loss (gain) on foreign currency transactions and other | 7,696 | 5,408 | (7,929) |
Deferred income tax expense (benefit) | 4,150 | 7,599 | (1,961) |
Accretion of commercial mortgage-backed securities and other | (3,760) | (554) | (395) |
Equity in losses (earnings) of equity method investments in real estate in excess of distributions received | 2,501 | (13,974) | 18,521 |
Gain on sale of real estate | (2,197) | (13,338) | (8,059) |
Impairment charges | 1,023 | 570 | 0 |
Other non-cash adjustments | 928 | 0 | 0 |
Loss on extinguishment of debt | 58 | 0 | 538 |
Settlement of derivative asset | 2,948 | 0 | 2,964 |
Net changes in other operating assets and liabilities | 419 | 5,171 | 12,134 |
Net Cash Provided by Operating Activities | 243,884 | 210,055 | 182,598 |
Cash Flows - Investing Activities | |||
Acquisitions of real estate and direct financing leases | (293,324) | (74,993) | (310,890) |
Capital expenditures on owned real estate | (8,035) | (4,352) | (2,622) |
Funding of loans receivable | (42,600) | 0 | 0 |
Proceeds from repayment of loan receivable | 40,000 | 0 | 0 |
Capital contributions to equity investments in real estate | (39,015) | (199,470) | (156,228) |
Value added taxes paid in connection with acquisition of real estate | (37,540) | (5,499) | (29,071) |
Return of capital from equity investments in real estate | 34,962 | 83,882 | 9,050 |
Funding for build-to-suit projects | (24,258) | (68,901) | (91,402) |
Value added taxes refunded in connection with acquisition of real estate | 15,194 | 4,852 | 40,933 |
Proceeds from repayment of debenture | 7,633 | 0 | 0 |
Payment of deferred acquisition fees to an affiliate | (6,382) | (6,755) | (14,354) |
Changes in investing restricted cash | 6,300 | (4,691) | 3,036 |
Deposits for investments | (1,000) | 0 | 0 |
Investment in securities | 0 | (7,789) | (1,614) |
Proceeds from sale of real estate | 0 | 68,789 | 19,973 |
Net Cash Used in Investing Activities | (348,065) | (214,927) | (533,189) |
Cash Flows - Financing Activities | |||
Borrowings from Senior Credit Facility | 235,367 | 0 | 0 |
Distributions paid | (215,914) | (209,054) | (198,440) |
Proceeds from mortgage financing | 170,233 | 92,791 | 308,873 |
Scheduled payments and prepayments of mortgage principal | (121,267) | (51,309) | (44,830) |
Repayments of Senior Credit Facility | (120,400) | 0 | 0 |
Proceeds from issuance of shares, net of issuance costs | 103,657 | 101,983 | 97,975 |
Repurchase of shares | (37,091) | (25,375) | (18,184) |
Distributions to noncontrolling interests | (35,716) | (30,776) | (26,760) |
Proceeds from notes payable to affiliate | 25,000 | 0 | 0 |
Repayment of notes payable to affiliate | (25,000) | 0 | 0 |
Contributions from noncontrolling interests | 15,928 | 0 | 0 |
Payment of financing costs and mortgage deposits, net of deposits refunded | (3,408) | (878) | (4,006) |
Changes in financing restricted cash | (1,098) | (3,564) | (5,389) |
Net Cash (Used in) Provided by Financing Activities | (9,709) | (126,182) | 109,239 |
Change in Cash and Cash Equivalents During the Year | |||
Effect of exchange rate changes on cash | (8,940) | (11,335) | 7,130 |
Net decrease in cash and cash equivalents | (122,830) | (142,389) | (234,222) |
Cash and cash equivalents, beginning of year | 275,719 | 418,108 | 652,330 |
Cash and cash equivalents, end of year | $ 152,889 | $ 275,719 | $ 418,108 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information | |||
Interest paid, net of amounts capitalized | $ 90,448 | $ 90,477 | $ 84,003 |
Interest capitalized | 1,632 | 4,852 | 2,481 |
Income taxes paid | $ 3,399 | $ 4,467 | $ 2,920 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Corporate Property Associates 17 – Global Incorporated, or CPA ® :17 – Global, and, together with its consolidated subsidiaries, we, us, or our, is a publicly-owned, non-listed real estate investment trust, or REIT, that invests primarily in commercial real estate properties leased to companies both domestically and internationally. We were formed in 2007 and are managed by W. P. Carey Inc., or WPC, through one of its subsidiaries, or collectively the advisor. 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 and the level of our distributions, among other factors. We earn revenue primarily by leasing the properties we own to single corporate tenants, predominantly 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 due to 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 CPA ® :17 Limited Partnership, or the Operating Partnership, and at December 31, 2015 , 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, 2015 , our portfolio was comprised of full or partial ownership interests in 377 fully-occupied properties, substantially all of which were triple-net leased to 111 tenants, and totaled approximately 41 million square feet (unaudited). In addition, our portfolio was comprised of full or partial ownership interests in 72 operating properties, including 71 self-storage properties and one hotel property, 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 operate in two reportable business segments: Net Lease and Self Storage. Our Net Lease segment includes our domestic and foreign investments in net-leased properties, whether they are accounted for as operating or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. In addition, we have our investments in loans receivable, CMBS, hotels, and other properties, which are included in our All Other category ( Note 15 ). |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Estimates | Summary of Significant Accounting Policies and Estimates Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. 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 of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the 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 (i) 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 (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. 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, age, current lease rates relative to market lease rates, and anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in its determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. For self-storage assets, the hypothetical sales price is derived by capitalizing the stabilized estimated net operating income. 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 adjusted for 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. Purchase Price Allocation of Intangible 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 the estimated lease term which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated lease term, including renewal options at rental rates below estimated market rental rates; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of rental income over the contractual lease term. We amortize the below-market lease intangible as an increase to rental income over the contractual lease term and any below-market renewal periods in the respective leases. We include the value of above-market leases in Other intangible assets, net in the consolidated financial statements. 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 above- and below-market ground lease intangibles in Property expenses 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 rental income, and in-place lease values to amortization expense. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to our Net Lease reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. 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. 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, an upcoming lease expiration, a lease default by a tenant that is experiencing financial difficulty, the termination of a lease by a tenant, or a likely disposition of the property. 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 goodwill. Our policies and estimates 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. 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. The estimated fair value of the property’s asset group 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. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of that property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We 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 base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then 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 initial impairment 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 and third-party estimates where available. 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 we believe it is probable that the disposition will occur. If we determine that the disposition is probable and therefore the asset’s holding period is reduced, 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, that could impact our goodwill impairment calculations. The goodwill impairment test is a two-step test. However, we have the option to qualitatively assess any potential impairment via step zero prior to analyzing steps one and two quantitatively. If step zero is not considered, the first step is to identify whether the value of the recorded goodwill is impaired and if it is determined that goodwill is impaired, the second step seeks to measure the amount of the 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. Our annual impairment test for the goodwill recorded in our Net Lease reporting unit is evaluated in the fourth quarter of every year. 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. Under current authoritative accounting guidance, if the debt security’s market value is below its amortized cost and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we record the entire amount of the other-than-temporary impairment charge in earnings. We do not intend to sell our 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. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest, as described below. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. At December 31, 2015, we had 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 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. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE, and, if so, whether we should be 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 or joint-venture agreement, 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 the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We performed this analysis on all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, at December 31, 2015, we considered 14 entities VIEs, eight of which we consolidate and six of which we account for as an equity investments. We previously determined that the developer entity of our consolidated Agrokor d.d. build-to-suit investment, referred to as Agrokor 4, was a VIE and that we were its primary beneficiary. During 2015, in connection with the completion of the build-to-suit project, we acquired the shares of the developer entity and it is no longer a 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. 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, 2015 , none of our equity investments had carrying values below zero. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase and as a reduction to Additional paid-in capital for the excess over the amount allocated to common stock, as well as included as shares unissued within the consolidated financial statements. We previously classified common shares repurchased as Treasury stock. We repurchased 1,826,959 shares from inception through December 31, 2011, 1,818,685 shares in 2012, 1,918,540 shares in 2013, 2,798,365 shares in 2014, and 3,089,139 shares in the nine month period ended September 30, 2015. We evaluated the impact of this correction on previously-issued financial statements and concluded that they were not materially misstated. In order to conform previously-issued financial statements to the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statements of equity for the years ended December 31, 2014 and 2013 have been revised accordingly. In addition, we will revise the consolidated statements of equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings. The correction eliminates Treasury stock of $77.9 million and $52.5 million as of December 31, 2014 and 2013, respectively, and results in corresponding reductions of Common stock and Additional paid-in capital which results in no change in Total equity within the consolidated balance sheets as of December 31, 2014 and consolidated statements of equity for the years ended December 31, 2014 and 2013. The misclassification had no impact on the previously-reported consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows. 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 extend 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 any funding specific to the property or the interest rate applicable to any funding specific to the property or 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, or ADC Arrangements. Under such ADC Arrangements, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate these arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership, such as participating in the risks and rewards of the project as an owner or an investment partner. For those arrangements with characteristics of a loan, we follow the accounting guidance for loans and disclose within our Finance Receivables footnote ( Note 5 ). When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for those arrangements under the equity method of accounting ( Note 6 ). Once the investment or partnership begins operations, we use the hypothetical liquidation at book value method to calculate income or loss (which considers the principal and interest under the loan to be a preferential return). Assets Held for Sale — We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated 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. Loans 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 ac |
Agreements and Transactions wit
Agreements and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Agreements and Transactions with Related Parties | Agreements and Transactions with Related Parties Transactions with Our Advisor We have an advisory agreement with our advisor whereby our advisor performs certain services for us under a fee arrangement, including the identification, evaluation, negotiation, purchase, and disposition of real estate and related assets and mortgage loans; day-to-day management; and the performance of certain administrative duties. The advisory agreement has a term of one year and may be renewed for successive one-year periods. We may terminate the advisory agreement upon 60 days’ written notice without cause or penalty. In addition, we reimburse our advisor 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 our advisor and other affiliates in accordance with the advisory agreement and the operating partnership agreement (in thousands): Years Ended December 31, 2015 2014 2013 Amounts Included in the Consolidated Statements of Income Asset management fees $ 29,192 $ 26,694 $ 21,953 Available Cash Distributions 24,668 20,427 16,899 Personnel and overhead reimbursements 12,199 11,931 10,536 Acquisition expenses 430 2,637 11,448 Interest expense on deferred acquisition fees and loan from affiliate 309 516 827 $ 66,798 $ 62,205 $ 61,663 Acquisition Fees Capitalized Current acquisition fees $ 8,180 $ 3,979 $ 4,777 Deferred acquisition fees 6,325 2,510 3,063 Capitalized personnel and overhead reimbursements 858 — — $ 15,363 $ 6,489 $ 7,840 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2015 2014 Due to Affiliates Deferred acquisition fees, including interest $ 6,134 $ 9,394 Reimbursable costs 3,150 228 Asset management fees payable 2,497 2,283 Current acquisition fees 1,847 — Accounts payable 6 527 Subordinated disposition fees — 202 $ 13,634 $ 12,634 Acquisition and Disposition Fees We pay our 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, which is a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). Acquisition fees payable to our 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 deferred portion of 2.0% , typically paid over three years and subject to the 5.0% preferred return described above. The preferred return was achieved as of each of the cumulative periods ended December 31, 2015 , 2014 , and 2013 . For certain types of non-long term net-lease investments, initial acquisition fees are between 1.0% and 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 5.0% . Our advisor may be entitled to receive a disposition fee 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 5.0% preferred return. These fees, which are paid at the discretion of our board of directors, are deferred and are payable to our advisor only in connection with a liquidity event. Asset Management Fees and Available Cash Distribution As defined in the advisory agreement, we pay our 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 2014, the asset management fees were payable in cash or shares of our common stock at the option of our advisor. We amended the advisory agreement in 2015, so that asset management fees for 2015 and thereafter are payable in cash or shares of our common stock at our option, after consultation with our advisor. If our 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 estimated net asset value per share, or NAV, which was $10.24 as of December 31, 2015 as compared to $9.72 as of December 31, 2014. For 2015, we paid our advisor 50.0% of its asset management fees in cash and 50.0% in shares of our common stock. For 2014 and 2013, we paid our advisor 100% of its asset management fees in shares of our common stock. At December 31, 2015 , our advisor owned 10,404,985 shares ( 3.1% ) of our common stock. We also distribute to our advisor, depending on the type of investments we own, up to 10.0% 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, our advisor allocates a portion of its personnel and overhead expenses to us and the other publicly-owned, non-listed REITs that are managed by our advisor, including Corporate Property Associates 18 – Global Incorporated, which we refer to as CPA ® :18 – Global or, together with us, as the CPA ® REITs, Carey Watermark Investors Incorporated, or CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2. Our advisor allocates these expenses to us on the basis of our trailing four quarters of reported revenues and those of WPC and other entities managed by WPC and its affiliates. We reimburse our advisor for various expenses it incurs in the course of providing services to us. We reimburse certain third-party expenses paid by our advisor on our behalf, including property-specific costs, professional fees, office expenses, and business development expenses. In addition, we reimburse our 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 our advisor for the cost of personnel if these personnel provide services for transactions for which our advisor receives a transaction fee, such as acquisitions and dispositions. Under the advisory agreement currently in place, the amount of applicable personnel costs allocated to us is capped at 2.4% for 2015 and 2.2% for 2016, of pro rata lease revenues for each year. Beginning in 2017, the cap decreases to 2.0% of pro rata lease revenues for that year. Costs related to our advisor’s legal transactions group are based on a schedule of expenses for different types of transactions, including 0.25% of the total investment cost of an acquisition. Personnel and overhead reimbursements are included in General and administrative expenses in the consolidated financial statements. Our 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, our 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, our 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 our 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. Loans from WPC 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 was able to borrow funds under its line of credit, for the purpose of facilitating acquisitions approved by our advisor’s investment committee that we would not otherwise have sufficient available funds to complete. All loans were made solely at the discretion of WPC’s management. On July 1, 2015, we obtained a $10.0 million loan from WPC in connection with our acquisition of six retail facilities in Illinois, North Dakota, and Wisconsin ( Note 4 , Note 5 ) with a maturity date of December 30, 2015 . On July 14, 2015, we obtained an additional $15.0 million loan from WPC in connection with our acquisition of a warehouse facility in Sered, Slovakia ( Note 4 ) with a maturity date of December 30, 2015 . Both loans had a rate of London Interbank Offered Rate, or LIBOR, plus 1.1% . In June 2015, our board of directors approved us entering into a credit facility with a syndicate of lenders. We entered into a credit agreement on August 26, 2015, at which point we drew down from the Revolver ( Note 10 ) to fully repay our outstanding loans from WPC of $25.0 million , and the WPC line of credit was terminated. Jointly-Owned Investments and Other Transactions with Affiliates At December 31, 2015 , we owned interests ranging from 7% to 97% in jointly-owned investments, with the remaining interests held by affiliates or by third parties. We consolidate certain of these investments and account for the remainder under the equity method of accounting. We also owned an interest in a jointly-controlled tenancy-in-common interest in several properties, which we account for under the equity method of accounting. During 2014, we entered into the following investments with our affiliate, CPA ® :18 – Global, which we account for under the equity method of accounting ( Note 6 ): • $108.3 million , of which our share was $53.1 million , or 49% , for an office facility in Stavanger, Norway on October 31, 2014; and • $147.9 million , of which our share was $74.0 million , or 50% , for an office facility in Warsaw, Poland on March 31, 2014. CPA ® :18 – Global consolidates all of the above joint ventures because it is either the majority equity holder and/or it controls the significant activities of the ventures. |
Net Investments in Properties a
Net Investments in Properties and Real Estate Under Construction | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land $ 560,257 $ 513,172 Buildings 2,098,620 1,883,543 Less: Accumulated depreciation (225,867 ) (175,478 ) $ 2,433,010 $ 2,221,237 The carrying value of our Real estate decreased $91.8 million from December 31, 2014 to December 31, 2015 , due to the strengthening of the U.S. dollar relative to foreign currencies, particularly the euro, during the same period. Acquisitions of Real Estate During 2015 During 2015, we entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with these acquisitions, at a total cost of $284.2 million , including net intangibles of $69.3 million ( Note 7 ) and acquisition-related costs and fees of $13.6 million , which were capitalized: • an investment of $22.2 million for an office facility in San Antonio, Texas on January 16, 2015; • an investment of $63.8 million for two warehouse facilities in Mszczonów and Tomaszów Mazowiecki, Poland on February 26, 2015 (dollar amount is based on the exchange rate of the euro on the date of acquisition); • an investment of $68.8 million primarily for four retail facilities in Fargo, North Dakota and Ashwaubenon, Brookfield, and Wauwatosa, Wisconsin on June 26, 2015; • an investment of $22.4 million primarily for a warehouse facility in Sered, Slovakia on July 9, 2015 (dollar amount is based on the exchange rate of the euro on the date of acquisition); • an investment of $33.2 million for an industrial facility in Tuchomerice, Czech Republic on December 10, 2015 (dollar amount is based on the exchange rate of the euro on the date of acquisition); and • an investment of $73.8 million for an office facility in Warsaw, Poland on December 11, 2015 (dollar amount is based on the exchange rate of the euro on the date of acquisition). During the year ended December 31, 2015, we placed into service four build-to-suit projects totaling $130.7 million and capitalized $8.0 million of building improvements with existing tenants. We are still in the process of finalizing our purchase accounting for certain investments that we made during 2015, which may result in measurement period adjustments in future periods in accordance with ASU 2015-16, Business Combinations ( Note 2 ). 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 and acquisition-related costs and fees of $3.6 million , which were capitalized: • an investment of $4.4 million for an industrial facility in New Concord, Ohio on April 21, 2014; • an investment of $12.5 million for an office facility in Krakow, Poland on September 9, 2014; and • an investment of $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 , and a purchase option of $0.6 million to acquire an office facility adjacent to one of the properties we purchased: • an investment of $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 10 ); and • an investment of $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. 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 262,532 2017 263,582 2018 266,243 2019 267,337 2020 270,545 Thereafter 2,806,192 Total $ 4,136,431 Operating Real Estate Operating real estate, which consists of our wholly-owned domestic self-storage operations, at cost, is summarized as follows (in thousands): December 31, 2015 2014 Land $ 66,066 $ 66,066 Buildings 209,455 206,793 Less: Accumulated depreciation (30,308 ) (22,217 ) $ 245,213 $ 250,642 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. As a result of the terms of that agreement, we consolidated the hotel and the shopping center. 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 did not exercise the option and it expired on January 31, 2015. On April 24, 2014, upon the substantial repayment of the construction loan by the developer, we deconsolidated our investment in the hotel as it no longer met the criteria for consolidation, which was accounted for as a partial sale due to our purchase option. The related gain on sale of real estate was $14.6 million , of which $12.4 million , or 85% , we recognized during the year ended December 31, 2014 and $2.2 million , or 15% , we deferred until the purchase option expired, in accordance with ASC 360-20-40-3, Criteria for Recognizing Profit on Sales of Real Estate Under Full Accrual Method . We recognized the $2.2 million gain on sale of real estate during the year ended December 31, 2015, after the option expired without being exercised on January 31, 2015. In accordance with ASU 2014-08, the results of operations for assets related to the partial sale are included in continuing operations in the consolidated financial statements. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 110,983 $ 127,935 Capitalized funds 20,064 74,420 Placed into service (130,704 ) (96,807 ) Capitalized interest 2,200 6,661 Foreign currency translation adjustments, building improvements, and other (1,475 ) (1,226 ) Ending balance $ 1,068 $ 110,983 Capitalized Funds — During 2015 , total capitalized funds were primarily comprised of $7.4 million in construction draws related to three existing build-to-suit projects and $11.7 million for the funding of one new build-to-suit project, which is an expansion of property acquired in a prior year. During 2014 , costs attributable to seven build-to-suit projects, including acquisition-related costs and fees related to two new build-to-suit projects, were capitalized. Placed into Service — During 2015 , we placed into service four build-to-suit projects totaling $130.7 million , of which one was completed and three were partially completed as of December 31, 2015 . The total was reclassified to Real estate, at cost. During 2014 , we placed four build-to-suit projects into service, of which three were completed and one was partially completed as of December 31, 2014 , 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. Capitalized Interest — Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest incurred during construction, totaling $2.2 million and $6.7 million for the years ended December 31, 2015 and 2014 , respectively. Ending Balance — At December 31, 2015 and 2014 we had three open build-to-suit projects. The aggregate unfunded commitment on the remaining open projects totaled approximately $2.8 million and $12.5 million at December 31, 2015 and 2014 , respectively. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. 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, 2015 2014 Beginning balance $ 23,271 $ 22,076 Additions 825 — Accretion expense (a) 1,467 1,233 Foreign currency translation adjustments and other (139 ) (38 ) Ending balance $ 25,424 $ 23,271 __________ (a) Accretion of the liability is included in Property expenses in the consolidated financial statements and recognized over the economic life of the properties. |
Finance Receivables
Finance Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Finance Receivables | Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases and loans receivable. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. Our loans receivable are included in Other assets, net in the consolidated financial statements. Earnings from our loans receivable are included in Other interest income 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, 2015 2014 Minimum lease payments receivable $ 927,405 $ 726,054 Unguaranteed residual value 480,319 466,170 1,407,724 1,192,224 Less: unearned income (912,160 ) (712,799 ) $ 495,564 $ 479,425 On June 26, 2015, we entered into a net lease financing transaction for two retail facilities in Joliet, Illinois and Greendale, Wisconsin for $18.6 million , including capitalized acquisition-related costs and fees of $1.2 million . 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 55,140 2017 55,829 2018 (a) 306,650 2019 57,177 2020 57,732 Thereafter 394,877 Total $ 927,405 ___________ (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. Loans Receivable 127 West 23 rd Manager, LLC — On February 3, 2015, we provided financing of $12.6 million to a subsidiary of 127 West 23 rd Manager, LLC for the acquisition of a building in New York, New York that is intended to be developed as a hotel. The loan has an interest rate of 7% and was scheduled to mature on February 3, 2016 . Subsequent to December 31, 2015 , the loan was extended to August 1, 2016 . In connection with this transaction, we expensed acquisition-related costs and fees of $0.1 million , which are included in Acquisition expenses in the consolidated financial statements. At December 31, 2015 , the balance of the loan receivable remained $12.6 million . 1185 Broadway LLC — On January 8, 2015, we provided a mezzanine loan of $30.0 million to a subsidiary of 1185 Broadway LLC for the development of a hotel on a parcel of land in New York, New York. The mezzanine loan is collateralized by an equity interest in a subsidiary of 1185 Broadway LLC. It has an interest rate of 10% and was scheduled to mature on January 8, 2016 . Subsequent to December 31, 2015 , the loan was extended to July 8, 2016 . In connection with this transaction, we expensed acquisition-related costs and fees of $0.3 million , which are included in Acquisition expenses in the consolidated financial statements. The agreement also contains rights to certain fees upon maturity and an equity interest in the underlying entity that has been recorded in Other assets, net in the consolidated financial statements. At December 31, 2015 , the balance of the loan receivable including interest thereon was $31.4 million . China Alliance Properties Limited — 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 was guaranteed by Shanghai Forte Land Co., Ltd.’s parent company, Fosun International Limited. It had an interest rate of 11% and was repaid in full to us on December 11, 2015 . 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, 2015 and 2014, 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, 2015 and 2014. 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 2015 . 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 2015 2014 2015 2014 1 — — $ — $ — 2 1 1 2,264 2,259 3 11 9 429,212 429,245 4 4 3 108,132 87,921 5 — — — — $ 539,608 $ 519,425 At December 31, 2015 and 2014, Other assets, net included $0.3 million and $0.6 million , respectively, of accounts receivable related to amounts billed under our direct financing leases. |
Equity Investments in Real Esta
Equity Investments in Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
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. As required by current authoritative accounting guidance, 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 the 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 rather than a loan. The following table presents Equity in earnings (losses) in equity method investments in real estate, which represents our proportionate share of the income or losses of these investments, as well as amortization of basis differences related to purchase accounting adjustments (in thousands): Years Ended December 31, 2015 2014 2013 Equity Earnings from Equity Investments: Net Lease $ 21,692 $ 12,571 $ (1,261 ) Self-Storage (1,703 ) (1,878 ) (1,024 ) All Other (1,762 ) 17,655 (3,322 ) 18,227 28,348 (5,607 ) Amortization of Basis Differences on Equity Investments: Net Lease (2,263 ) (3,381 ) (3,514 ) Self-Storage (155 ) (155 ) (66 ) All Other (1,142 ) (739 ) (313 ) (3,560 ) (4,275 ) (3,893 ) Equity in earnings (losses) of equity method investments in real estate $ 14,667 $ 24,073 $ (9,500 ) 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 at Carrying Value at December 31, Lessee/Equity Investee Co-owner December 31, 2015 2015 2014 Net Lease: C1000 Logistiek Vastgoed B.V. (a) WPC 85% $ 59,629 $ 71,130 U-Haul Moving Partners, Inc. and Mercury Partners, LP WPC 12% 39,309 41,028 Bank Pekao S.A. (a) CPA ® :18 – Global 50% 25,785 31,045 BPS Nevada, LLC (b) Third Party 15% 22,007 21,850 State Farm CPA ® :18 – Global 50% 18,587 20,414 Berry Plastics Corporation WPC 50% 16,094 16,632 Apply Sørco AS (a) CPA ® :18 – Global 49% 15,170 19,076 Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) (a) WPC 37% 12,212 9,935 Tesco plc (a) WPC 49% 11,849 14,194 Agrokor d.d. (referred to as Agrokor 5) (a) CPA ® :18 – Global 20% 7,858 8,760 Eroski Sociedad Cooperativa – Mallorca (a) WPC 30% 6,790 7,662 Dick’s Sporting Goods, Inc. WPC 45% 5,055 5,508 240,345 267,234 Self-Storage: Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC Third Party 45% 16,060 20,147 16,060 20,147 All Other: Shelborne Property Associates, LLC (b) Third Party 33% 148,121 152,801 IDL Wheel Tenant, LLC (b) Third Party N/A 44,387 30,049 BG LLH, LLC (b) Third Party 7% 37,720 42,587 BPS Nevada, LLC - Preferred Equity Third Party N/A 27,514 18,182 257,742 243,619 $ 514,147 $ 531,000 __________ (a) The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the applicable foreign currency. (b) This investment is subject to the hypothetical liquidation at book value model. C1000 Logistiek Vastgoed B.V. — Our investment in C1000 Logistiek Vastgoed B.V. 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 amount due under the arrangement was approximately $72.5 million and $82.7 million at December 31, 2015 and 2014, respectively. Of these amounts, $61.7 million and $70.3 million represent the amounts we agreed to pay and are included within the carrying value of this investment at December 31, 2015 and 2014, respectively. Bank Pekao S.A. — 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 . The decrease in carrying value was partially due to distributions made to us. BPS Nevada, LLC — As discussed in Note 8 , we recognized an other-than-temporary impairment charge on this investment in 2013. State Farm — 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 . Apply Sørco AS — 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 . Hellweg 2 — 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 recording 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. 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, 2015, 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. During the fourth quarter of 2015, the German tax authority revoked its previous position on the application of a ruling in an unrelated matter by a Federal German tax court. Based on this change in position, the obligation for German real estate transfer taxes recorded in connection with our acquisition of the Partner’s remaining 5% equity interest in PropCo was no longer deemed probable of occurring. As a result, Hellweg 2 recorded a reversal of the amount described above, of which our share was approximately $6.2 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, 2015. Agrokor 5 — 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 . Eroski Sociedad Cooperativa – Mallorca — As discussed in Note 8 , we recognized an other-than-temporary impairment charge on this investment in 2014. Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC — 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. Shelborne Property Associates , LLC — Our investment in Shelborne Property Associates, LLC, a VIE, represents a domestic ADC Arrangement. 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 $154.9 million through December 31, 2015. The loan is collateralized by the property and had 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% . On December 31, 2015, the investment exercised its option to extend the maturity of the loan until December 31, 2016, and the interest rate increased to 10% . There was no unfunded balance on the loan related to this investment at December 31, 2015 . IDL Wheel Tenant, LLC — Our investment in IDL Wheel Tenant, LLC, a VIE, represents a domestic ADC Arrangement. We provided funding of $17.7 million to this investment and capitalized $0.6 million of interest related to the investment during the year ended December 31, 2015. There was no unfunded balance on the loan related to this investment at December 31, 2015 . 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 4 ). The total estimated construction cost of the observation wheel is up to $50.0 million , which was fully funded through December 31, 2015 . 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 9 ). At December 31, 2015 , the related loan did not have any unfunded balance. BG LLH, LLC — 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 and reclassified our existing holdings, totaling $8.3 million , from Other assets, net to Equity investments in real estate during 2014. 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. BPS Nevada, LLC - Preferred Equity — 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% during the first four months of the term, 10% during the next four months of the term, and 12% thereafter, until 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, 2015, we recognized $4.2 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. 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 or September 30 (as applicable), (a) 2015 2014 Real estate assets $ 3,378,044 $ 3,271,264 Other assets 728,439 761,924 Total assets 4,106,483 4,033,188 Debt (2,530,826 ) (2,386,161 ) Accounts payable, accrued expenses and other liabilities (325,315 ) (242,703 ) Total liabilities (2,856,141 ) (2,628,864 ) Noncontrolling interests 360 — Partners’/members’ equity $ 1,250,702 $ 1,404,324 Twelve Months Ended December 31 or September 30 (as applicable), (a) 2015 2014 2013 Revenues $ 779,875 $ 595,228 $ 381,169 Expenses (791,224 ) (546,170 ) (368,302 ) (Loss) income from continuing operations $ (11,349 ) $ 49,058 $ 12,867 __________ (a) We recorded our investments in BPS Nevada, LLC, BG LLH, LLC, IDL Wheel Tenant, LLC, and Shelborne Property Associates, LLC on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2015, 2014, and 2013 are based on balances and results of operations from BPS Nevada, LLC, BG LLH, LLC, IDL Wheel Tenant, LLC, and Shelborne Property Associates, LLC as of and for the 12 months ended September 30, 2015, 2014, and 2013, respectively. Aggregate distributions from our interests in other unconsolidated real estate investments were $52.1 million , $28.7 million , and $18.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. At December 31, 2015 and 2014 , the unamortized basis differences on our equity investments were $26.5 million and $31.0 million , respectively. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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 intangibles and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent, 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 2015, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 12.0 $ 67,299 Above-market rent 10.0 619 Below-market ground lease 74.0 5,090 $ 73,008 Amortizable Intangible Liabilities Below-market rent 22.1 $ (1,833 ) Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease and tenant relationship $ 588,858 $ (143,635 ) $ 445,223 $ 551,569 $ (119,125 ) $ 432,444 Above-market rent 88,288 (20,405 ) 67,883 92,548 (16,539 ) 76,009 Below-market ground leases 12,184 (322 ) 11,862 7,124 (199 ) 6,925 689,330 (164,362 ) 524,968 651,241 (135,863 ) 515,378 Unamortizable Intangible Assets Goodwill 304 — 304 304 — 304 Total intangible assets $ 689,634 $ (164,362 ) $ 525,272 $ 651,545 $ (135,863 ) $ 515,682 Amortizable Intangible Liabilities Below-market rent $ (116,952 ) $ 21,364 $ (95,588 ) $ (116,887 ) $ 13,293 $ (103,594 ) Above-market ground lease (1,145 ) 32 (1,113 ) (1,145 ) 17 (1,128 ) Total intangible liabilities $ (118,097 ) $ 21,396 $ (96,701 ) $ (118,032 ) $ 13,310 $ (104,722 ) Net amortization of intangibles, including the effect of foreign currency translation, was $36.7 million , $38.0 million , and $35.5 million for years ended December 31, 2015, 2014 , and 2013. 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, 2015 and no impairment was indicated. Goodwill resides within our Net lease segment, which is also the reporting unit for goodwill impairment testing. Based on the intangible assets and liabilities recorded at December 31, 2015 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2016 $ (507 ) $ 36,159 $ 35,652 2017 (292 ) 34,331 34,039 2018 (268 ) 34,235 33,967 2019 (260 ) 33,998 33,738 2020 (267 ) 33,784 33,517 Thereafter (26,111 ) 283,465 257,354 $ (27,705 ) $ 455,972 $ 428,267 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward 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 foreign currency forward contracts, stock warrants, foreign currency collars, and a swaption ( Note 9 ). The foreign currency forward contracts, foreign currency collars, 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 were measured at fair value using internal valuation models that incorporated market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because they 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 and foreign currency collars ( Note 9 ). The interest rate swaps and foreign currency collars 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. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during either the years ended December 31, 2015, 2014, and 2013. 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): December 31, 2015 December 31, 2014 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse debt (a) 3 $ 1,894,271 $ 1,937,459 $ 1,896,489 $ 1,961,905 Senior Credit Facility (b) 2 113,162 113,162 — — Loans receivable (a) 3 44,044 44,044 40,000 41,990 Deferred acquisition fees payable (c) 3 5,942 5,973 9,009 10,077 CMBS (d) 3 2,765 8,739 3,053 8,899 Other securities (e) 3 892 892 9,381 9,649 ___________ (a) We determined the estimated fair value of our non-recourse debt 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. ( Note 5 ). (b) We determined the estimated fair value of our Senior Credit Facility ( Note 10 ) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit quality. (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 of 203 basis points and an illiquidity adjustment of 75 basis points. 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 2015 and 2014, as well as accretion related to the estimated cash flows expected to be received. (e) Amounts at December 31, 2015 and 2014 reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements. During the year ended December 31, 2015, we redeemed a foreign debenture investment in full. 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, 2015 and 2014 . 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 not recoverable. 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, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Fair Value Total Fair Value Total Fair Value Total Impairment Charges CMBS $ 1,478 $ 1,023 $ 1,808 $ 570 $ — $ — Total impairment charges included in expenses 1,023 570 — Equity investments in real estate — — 7,662 766 23,278 3,778 $ 1,023 $ 1,336 $ 3,778 Impairment charges, and their related fair value measurements, recognized during 2015, 2014, and 2013 were as follows: CMBS During the years ended December 31, 2015 and 2014, we incurred other-than-temporary impairment charges on two tranches in our CMBS portfolio totaling $1.0 million and $0.6 million , respectively, 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 derived from third-party appraisals, which were based on input from dealers, buyers, and other market participants, as well as updates on prepayments, losses, and delinquencies within our CMBS portfolio. Equity Investments in Real Estate During 2014, we recognized an other-than-temporary impairment charge of $0.8 million on our Eroski Sociedad Cooperativa – Mallorca investment ( Note 6 ), to reduce the carrying value of a property held by the 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 on our BPS Nevada, LLC investment ( Note 6 ), to reduce the carrying value of a property held by the 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 Deri
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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, including the Senior Credit Facility ( Note 10 ). 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 Asia and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For 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 any derivative is immediately recognized in earnings. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Foreign currency forward contracts Other assets, net $ 41,850 $ 24,051 $ — $ — Interest rate swaps Other assets, net — 71 — — Foreign currency collars Other assets, net 4 — — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (10,732 ) (14,554 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (109 ) — Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts Other assets, net — 5,120 — — Stock warrants Other assets, net 1,782 1,848 — — Swaption Other assets, net 309 505 — — Embedded credit derivatives Other assets, net — 499 — — Foreign currency forward contracts Accounts payable, accrued expenses and other liabilities — — — (2,904 ) Total derivatives $ 43,945 $ 32,094 $ (10,841 ) $ (17,458 ) 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, 2015 and 2014 , no cash collateral had been posted or 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 on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Foreign currency forward contracts $ 18,126 $ 29,313 $ (6,168 ) Interest rate swaps 2,715 (5,542 ) 10,107 Foreign currency collars (107 ) (290 ) (2,059 ) Interest rate cap (a) — 913 1,188 Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts 417 484 — Foreign currency collars 2 — — Derivatives Formerly in Net Investment Hedging Relationships (c) Foreign currency forward contracts — 4,511 (2,237 ) Total $ 21,153 $ 29,389 $ 831 Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified to Income Years Ended December 31, 2015 2014 2013 (d) Foreign currency forward contracts Other income and (expenses) $ 8,083 $ 1,145 $ 909 Interest rate swaps Interest expense (7,837 ) (7,057 ) (7,268 ) Interest rate cap Interest expense — (913 ) (1,189 ) Foreign currency collars Other income and (expenses) — 751 1,215 Total $ 246 $ (6,074 ) $ (6,333 ) __________ (a) Includes gains attributable to a noncontrolling interest of $0.4 million and $0.5 million for the years ended December 31, 2014, and 2013, 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 2014, a new forward contract was executed to offset this existing forward contract. 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 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. The forward contract matured during 2015. (d) The amounts included in this column for the period presented herein have been revised to reverse the signs that were incorrectly presented when originally filed. 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 contracts are settled. At December 31, 2015 , we estimated that an additional $5.8 million and $8.0 million will be reclassified as interest expense and as other expenses, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized in Income on Derivatives Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2015 2014 2013 Swaption Other income and (expenses) $ (196 ) $ (700 ) $ 428 Embedded credit derivatives Other income and (expenses) 177 1,378 1,159 Stock warrants Other income and (expenses) (66 ) 66 297 Foreign currency forward contracts Other income and (expenses) (16 ) 364 1,266 Foreign currency collars Other income and (expenses) (8 ) — — Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 302 (88 ) 212 Total $ 193 $ 1,020 $ 3,362 __________ (a) Relates to the ineffective portion of the hedging relationship. See below for information regarding why we enter into our derivative instruments and concerning 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 a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The 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 our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2015 (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 13 231,952 USD $ (7,112 ) Interest rate swaps 7 190,266 EUR (3,620 ) Not Designated as Hedging Instrument Swaption 1 13,230 USD 309 $ (10,423 ) __________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2015 , as applicable. The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2015 , which was designated as a cash flow hedge, is summarized as follows (currency in thousands): Interest Rate Derivative Ownership Interest in Investee at December 31, 2015 Number of Instruments Notional Amount Fair Value at December 31, 2015 (a) Interest rate swap 85% 1 11,102 EUR $ (516 ) __________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2015 . Foreign Currency Contracts and Collars 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, the Norwegian krone, and the Indian rupee. 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 that there is a 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. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. 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 guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2015 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2015 (a) Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 79 157,866 EUR $ 37,344 Foreign currency forward contracts 17 12,239 NOK 258 Foreign currency collar 1 6,100 EUR (109 ) Foreign currency collars 3 2,000 NOK 2 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 9 991,401 JPY 4,080 Foreign currency forward contracts 5 7,996 NOK 168 Foreign currency collar 1 2,500 NOK 2 $ 41,745 __________ (a) Fair value amounts are based on the exchange rate of the euro, the Norwegian krone, or the Japanese yen, as applicable, at December 31, 2015 . Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2015 . At December 31, 2015 , our total credit exposure was $41.9 million and the maximum exposure to any single counterparty was $17.5 million . Some of the agreements with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2015 , 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 $11.4 million and $18.5 million at December 31, 2015 and December 31, 2014 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2015 or December 31, 2014 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $11.9 million and $19.1 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, 2015, the following tenants represented 5% or more of total revenues: • KBR, Inc. ( 11% ); • A-American self-storage portfolio ( 7% ); • The New York Times Company ( 7% ); • Metro Cash & Carry Italia S.p.A. ( 6% ); and • Agrokor d.d. ( 5% ). |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 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 $2.8 billion and $2.9 billion at December 31, 2015 and 2014, respectively. At December 31, 2015 , our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 7.5% and variable contractual annual rates ranging from 1.6% to 6.1% , with maturity dates ranging from August 2016 to 2039 . Financing Activity During 2015 During 2015, we obtained six new non-recourse mortgage financings and one refinancing totaling $170.2 million , with a weighted-average annual interest rate of 2.9% and term of 8.6 years, of which $37.4 million related to investments acquired during prior years and $132.8 million related to investments acquired during 2015. During 2015, we repaid four non-recourse mortgage loans with outstanding principal balances totaling $93.7 million and a weighted-average interest rate of 6.2% . Two of these loans were repaid prior to maturity and had outstanding principal balances totaling $57.5 million and a weighted-average remaining term to maturity of 4.9 years . In addition, three of these non-recourse mortgages encumbered properties of jointly-owned investments with our advisor, WPC, which we consolidate. WPC contributed $15.9 million in connection with the repayment of these non-recourse mortgages. We recognized a loss on extinguishment of debt of $0.3 million on one of the non-recourse mortgages paid prior to maturity, which is included in Other income and (expenses) in the consolidated financial statements. 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 2014. 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. Senior Credit Facility On August 26, 2015, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and a syndicate of other lenders. The Credit Agreement provides for a $200.0 million senior unsecured revolving credit facility, or the Revolver, and a $50.0 million delayed-draw term loan facility, or the Term Loan. We refer to the Revolver and the Term Loan together as the Senior Credit Facility, which has a maximum aggregate principal amount of $250.0 million and an accordion feature of $250.0 million , subject to lender approval. The Senior Credit Facility is scheduled to mature on August 26, 2018 , which may be extended by us for two 12-month periods. The Senior Credit Facility provides for an annual interest rate of either (i) the Eurocurrency Rate or (ii) the Base Rate, in each case plus the Applicable Rate (each as defined in the Credit Agreement). With respect to the Revolver, the Applicable Rate on Eurocurrency loans and letters of credit ranges from 1.50% to 2.25% (based on LIBOR) and the Applicable Rate on Base Rate loans ranges from 0.50% to 1.25% (as defined in the Credit Agreement), depending on our leverage ratio. With respect to the Term Loan, the Applicable Rate on Eurocurrency loans and letters of credit ranges from 1.45% to 2.20% (based on LIBOR) and the Applicable Rate on Base Rate loans ranges from 0.45% to 1.20% (as defined in the Credit Agreement), depending on our leverage ratio. In addition, we pay a fee of either 0.15% or 0.30% on the unused portion of the Senior Credit Facility. If usage of the Senior Credit Facility is equal to or greater than 50% of the Aggregate Commitments, the Unused Fee Rate will be 0.15% , and if usage of the Senior Credit Facility is less than 50% of the Aggregate Commitments, the Unused Fee Rate will be 0.30% . In connection with the transaction, we incurred costs of $1.9 million , which are being amortized over the remaining term of the Senior Credit Facility. At December 31, 2015 , availability under the Senior Credit Facility was $136.8 million , the outstanding balance under the Revolver was $113.2 million and we had not drawn on our Term Loan. At December 31, 2015 , interest was computed on the Senior Credit Facility at the annual interest rate consisting of LIBOR plus 1.60% . The Revolver is used for the working capital needs of the Company and its subsidiaries as well as for other general corporate purposes. We are required to ensure that the total Restricted Payments (as defined in the Credit Agreement) in an aggregate amount in any fiscal year does not exceed the amount of Restricted Payments required in order for us to (i) maintain our REIT status and (ii) avoid the payment of federal or state income or excise tax. Restricted Payments include quarterly dividends and the total amount of shares repurchased by us, if any, in excess of $100.0 million per year. In addition to placing limitations on dividend distributions and share repurchases, the Credit Agreement also stipulates certain customary financial covenants. We were in compliance with all such covenants at December 31, 2015. Scheduled Debt Principal Payments Scheduled debt principal payments for each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 228,367 2017 344,873 2018 (a) 258,474 2019 39,416 2020 128,265 Thereafter through 2039 1,010,394 2,009,789 Unamortized discount, net (2,356 ) Total $ 2,007,433 __________ (a) Includes $113.2 million outstanding under our Senior Credit Facility, which is scheduled to mature on August 26, 2018 , unless extended pursuant to its terms. Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2015 . The carrying value of our Non-recourse debt decreased by $52.3 million from December 31, 2014 to December 31, 2015 due to the strengthening of the U.S. dollar relative to foreign currencies, particularly the euro, during the same period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At December 31, 2015 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations. See Note 4 for unfunded construction commitments. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Ordinary income $ 0.3220 $ 0.3528 $ 0.3104 Capital gain — — 0.0110 Return of capital 0.3280 0.2972 0.3286 Total distributions paid $ 0.6500 $ 0.6500 $ 0.6500 During the fourth quarter of 2015 , our board of directors declared a quarterly distribution of $0.1625 per share, which was paid on January 15, 2016 to stockholders of record on December 31, 2015 , in the amount of $54.8 million . Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses on Derivative Instruments Gains and Losses on Marketable Securities Foreign Currency Translation Adjustments Total Balance at January 1, 2013 $ (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 ) Balance at December 31, 2013 (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 Balance at December 31, 2014 7,311 (106 ) (88,212 ) (81,007 ) Other comprehensive income (loss) before reclassifications 21,135 29 (81,037 ) (59,873 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 7,837 — — 7,837 Other income and (expenses) (8,083 ) — — (8,083 ) Total (246 ) — — (246 ) Net current-period Other comprehensive income (loss) 20,889 29 (81,037 ) (60,119 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — — 1,321 1,321 Balance at December 31, 2015 $ 28,200 $ (77 ) $ (167,928 ) $ (139,805 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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. The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Federal Current $ 110 $ 110 $ 175 Deferred 954 7,078 — 1,064 7,188 175 State and Local Current 840 426 771 Deferred 1,312 — — 2,152 426 771 Foreign Current 3,787 2,600 2,369 Deferred 1,882 511 (1,848 ) 5,669 3,111 521 Total Provision $ 8,885 $ 10,725 $ 1,467 In connection with our adoption of equity method accounting in 2014 for our investments in BG LLH, LLC and Shelborne Operating Associates, LLC, we recorded a deferred tax provision of $2.3 million in 2015 and $7.1 million in 2014. We account for uncertain tax positions in accordance with ASC 740, Income Taxes . The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 589 $ 857 Decrease due to lapse in statute of limitations (362 ) (216 ) Foreign currency translation adjustments (29 ) (52 ) Ending balance $ 198 $ 589 At December 31, 2015 and 2014, 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, 2015 and 2014, we had less than $0.1 million of accrued interest related to uncertain tax positions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The tax years 2010 through 2015 remain open to examination by the major taxing jurisdictions to which we are subject. Deferred Income Taxes Our deferred tax assets before valuation allowances were $33.1 million and $16.2 million at December 31, 2015 and 2014, respectively. Our deferred tax liabilities were $24.9 million and $12.2 million at December 31, 2015 and 2014, respectively. We determined that $29.0 million and $13.1 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, 2015 and 2014, respectively. Our deferred tax assets and liabilities at December 31, 2015 and 2014 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, 2015, we had net operating losses in U.S. federal, state, and foreign jurisdictions of approximately $30.8 million , $23.5 million , and $32.0 million , respectively. At December 31, 2014, we had net operating losses in U.S. federal, state and foreign jurisdictions of approximately $11.8 million , $7.6 million , and $46.6 million , respectively. If not utilized, the U.S. federal net operating loss carryforwards will begin to expire in 2032 . The state and local net operating loss carryforwards will begin to expire in 2017 . Certain of our foreign net operating loss carryforwards will begin to expire in 2016 . The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. |
Property Dispositions and Disco
Property Dispositions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions and 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 2 ). Property Dispositions Included in Continuing Operations In connection with the I Shops Partial Sale, we recognized a gain on sale of real estate of $14.6 million , of which $12.4 million , or 85% , we recognized during the year ended December 31, 2014 and $2.2 million , or 15% , we recognized during the year ended December 31, 2015 ( Note 4 ). 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. During the year ended December 31, 2013, income from discontinued operations was $7.5 million . 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 , revenues of $3.8 million , and expenses of $3.3 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 . None of our property dispositions during 2015 or 2014 qualified for classification as a discontinued operation. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We operate in two reportable business segments: Net Lease and Self Storage. Our Net Lease segment includes our domestic and foreign investments in net-leased properties, whether they are accounted for as operating or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. In addition, we have our investments in loans receivable, CMBS, hotels, and other properties, which are included in our All Other category . The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2015 2014 2013 Net Lease Revenues $ 366,904 $ 340,791 $ 307,185 Operating expenses (136,838 ) (132,206 ) (122,625 ) Interest expense (85,138 ) (85,563 ) (80,073 ) Other income and expenses, excluding interest expense 18,508 8,190 (2,766 ) (Provision for) benefit from income taxes (7,458 ) (9,486 ) 1,011 Gain on sale of real estate, net of tax 2,197 12,451 659 Net income attributable to noncontrolling interests (15,247 ) (12,415 ) (12,036 ) Income from continuing operations attributable to CPA ® :17 – Global $ 142,928 $ 121,762 $ 91,355 Self-Storage Revenues $ 46,418 $ 42,091 $ 35,993 Operating expenses (32,575 ) (32,797 ) (33,623 ) Interest expense (7,655 ) (7,723 ) (7,755 ) Other income and expenses, excluding interest expense (1,858 ) (2,032 ) (1,148 ) Provision for income taxes (167 ) (192 ) (281 ) Gain on sale of real estate, net of tax — 790 — Income (loss) from continuing operations attributable to CPA ® :17 – Global $ 4,163 $ 137 $ (6,814 ) All Other Revenues $ 13,625 $ 13,824 $ 19,539 Operating expenses (1,712 ) (7,215 ) (16,874 ) Interest expense 404 906 106 Other income and expenses, excluding interest expense (1,691 ) 17,541 (3,603 ) Provision for income taxes (150 ) (98 ) (2 ) Gain on sale of real estate, net of tax — 97 — Income from continuing operations attributable to CPA ® :17 – Global $ 10,476 $ 25,055 $ (834 ) Corporate Unallocated Corporate Overhead (a) $ (48,694 ) $ (52,376 ) $ (35,581 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (24,668 ) $ (20,427 ) $ (16,899 ) Total Company Revenues $ 426,947 $ 396,706 $ 362,772 Operating expenses (218,892 ) (221,226 ) (216,832 ) Interest expense (93,551 ) (93,001 ) (88,656 ) Other income and expenses, excluding interest expense 16,304 21,901 3,686 Provision for income taxes (8,885 ) (10,725 ) (1,467 ) Gain on sale of real estate, net of tax 2,197 13,338 659 Net income attributable to noncontrolling interests (39,915 ) (32,842 ) (28,935 ) Income from continuing operations attributable to CPA ® :17 – Global $ 84,205 $ 74,151 $ 31,227 Total Long-Lived Assets at December 31, Total Assets at December 31, 2015 2014 2015 2014 Net Lease $ 3,169,885 $ 3,078,900 $ 3,967,026 $ 3,800,141 Self-Storage 261,273 270,790 270,769 285,320 All Other 257,844 243,597 309,310 298,061 Corporate — — 78,910 222,375 Total Company $ 3,689,002 $ 3,593,287 $ 4,626,015 $ 4,605,897 ___________ (a) Included in unallocated corporate overhead are asset management fees, and general and administrative expenses, as well as interest expense and other charges related to our Senior Credit Facility. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2015 Texas Other Domestic International (a) Total Revenues $ 63,933 $ 249,961 $ 113,053 $ 426,947 Income from continuing operations before income taxes and after gain on sale of real estate, net of tax 9,321 77,930 45,754 133,005 Net income attributable to noncontrolling interests — (37,173 ) (2,742 ) (39,915 ) Net income attributable to CPA ® :17 – Global 9,317 37,402 37,486 84,205 Long-lived assets (b) 338,710 2,187,513 1,162,779 3,689,002 Non-recourse debt 269,798 1,107,468 517,005 1,894,271 As of and for the Year Ended December 31, 2014 Texas Other Domestic International (a) Total Revenues $ 58,167 $ 224,101 $ 114,438 $ 396,706 Income from continuing operations before income taxes and after gain on sale of real estate, net of tax 8,151 70,196 39,371 117,718 Net income attributable to noncontrolling interests — (32,093 ) (749 ) (32,842 ) Net income attributable to CPA ® :17 – Global 8,110 29,977 36,064 74,151 Long-lived assets (b) 332,209 2,122,702 1,138,376 3,593,287 Non-recourse debt 261,531 1,092,109 542,849 1,896,489 As of and for the Year Ended December 31, 2013 Texas Other Domestic International (a) Total Revenues $ 45,559 $ 213,105 $ 104,108 $ 362,772 Income from continuing operations before income taxes and after gain on sale of real estate, net of tax 2,789 28,928 29,912 61,629 Net income attributable to noncontrolling interests — (28,297 ) (638 ) (28,935 ) Net income attributable to CPA ® :17 – Global 2,731 7,229 28,754 38,714 ___________ (a) All years include operations in Croatia, Germany, Hungary, Japan, Poland, the Netherlands, Spain, Italy, the United Kingdom, and India; 2015 and 2014 include an investment in Norway; and 2015 includes investments in the Czech Republic and Slovakia. (b) Consists of Net investments in real estate and Equity investments in real estate. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 98,750 $ 109,667 $ 108,202 $ 110,328 Expenses 54,108 53,795 54,253 56,736 Net income (a) 23,844 39,375 29,199 31,702 Net income attributable to noncontrolling interests (9,264 ) (10,935 ) (9,147 ) (10,569 ) Net income attributable to CPA ® :17 – Global $ 14,580 $ 28,440 $ 20,052 $ 21,133 Earnings per share attributable to CPA ® :17 – Global $ 0.04 $ 0.09 $ 0.06 $ 0.06 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ 101,149 $ 98,786 $ 97,987 $ 98,784 Expenses 58,523 53,365 52,313 57,025 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 $ 8,801 $ 34,606 $ 10,289 $ 20,455 Earnings per share attributable to CPA ® :17 – Global $ 0.03 $ 0.11 $ 0.03 $ 0.06 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 __________ (a) Amounts for the three months ended June 30, 2014 and March 31, 2015 include gains on sale of real estate of $12.4 million and $2.2 million , respectively, recognized in connection with the I Shops Partial Sale ( Note 4 ). |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Schedule of Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2015 , 2014 , and 2013 (in thousands) Description Balance at Beginning of Year Change Balance at End of Year Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 13,103 $ 15,898 $ 29,001 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 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Industrial facility in Norfolk, NE $ 1,503 $ 625 $ 1,713 $ — $ 107 $ 625 $ 1,820 $ 2,445 $ 460 1975 Jun. 2008 30 yrs. Office facility in Soest, Germany and warehouse facility in Bad Wünnenberg, Germany — 3,193 45,932 — (15,335 ) 2,196 31,594 33,790 6,315 1982; 1996 Jul. 2008 36 yrs. Learning center in Chicago, IL 13,245 6,300 20,509 — (527 ) 6,300 19,982 26,282 4,995 1912 Jul. 2008 30 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX 29,475 2,725 25,233 28,116 (3,395 ) 4,701 47,978 52,679 6,529 Various Aug. 2008 25 - 40 yrs. Industrial facility in Waldaschaff, Germany — 10,373 16,708 — (13,122 ) 5,294 8,665 13,959 3,904 1937 Aug. 2008 15 yrs. Sports facilities in Phoenix, AZ and Columbia, MD 35,396 14,500 48,865 — (2,062 ) 14,500 46,803 61,303 8,485 2006 Sep. 2008 40 yrs. Office facility in Birmingham, United Kingdom 12,350 3,591 15,810 949 (1,616 ) 3,283 15,451 18,734 2,332 2009 Sep. 2009 40 yrs. Retail facilities in Gorzow, Poland 5,963 1,095 13,947 — (3,899 ) 812 10,331 11,143 1,618 2007; 2008 Oct. 2009 40 yrs. Office facility in Hoffman Estates, IL 18,619 5,000 21,764 — — 5,000 21,764 26,764 3,301 2009 Dec. 2009 40 yrs. Office facility in The Woodlands, TX 36,386 1,400 41,502 — — 1,400 41,502 42,902 6,311 2009 Dec. 2009 40 yrs. Retail facilities located throughout Spain 36,406 32,574 52,101 — (18,452 ) 25,331 40,892 66,223 6,124 Various Dec. 2009 20 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 5,902 1,000 10,793 2 — 1,000 10,795 11,795 1,596 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 13,008 19,001 13,059 — — 19,001 13,059 32,060 2,210 Various Mar. 2010 27 - 40 yrs. Industrial facility in Evansville, IN 15,942 150 9,183 11,745 — 150 20,928 21,078 2,741 2009 Mar. 2010 40 yrs. Warehouse facilities in Bristol, Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton, United Kingdom 4,780 8,639 2,019 — (374 ) 8,321 1,963 10,284 398 Various Apr. 2010 28 yrs. Warehouse facilities in Zagreb, Croatia 38,247 31,941 45,904 — (13,148 ) 26,395 38,302 64,697 7,236 2001; 2009 Apr. 2010 30 yrs. Office facilities in Tampa, FL 33,494 18,300 32,856 1,161 — 18,323 33,994 52,317 4,647 1985; 2000 May 2010 40 yrs. Warehouse facility in Bowling Green, KY 26,589 1,400 3,946 33,809 — 1,400 37,755 39,155 4,092 2011 May 2010 40 yrs. Retail facility in Elorrio, Spain — 19,924 3,981 — (2,180 ) 18,013 3,712 21,725 510 1996 Jun. 2010 40 yrs. Warehouse facility in Gadki, Poland 3,983 1,134 1,183 7,611 (2,269 ) 872 6,787 7,659 805 2011 Aug. 2010 40 yrs. Industrial and office facilities in Elberton, GA — 560 2,467 — — 560 2,467 3,027 379 1997; 2002 Sep. 2010 40 yrs. Warehouse facilities in Rincon and Unadilla, GA 25,450 1,595 44,446 — — 1,595 44,446 46,041 5,740 2000; 2006 Nov. 2010 40 yrs. Office facility in Hartland, WI 3,338 1,402 2,041 — — 1,402 2,041 3,443 301 2001 Nov. 2010 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia 16,530 6,700 24,114 194 (5,630 ) 5,444 19,934 25,378 3,374 2002; 2003; 2007 Dec. 2010 30 yrs. Warehouse facilities located throughout the United States 108,331 31,735 129,011 — (9,680 ) 28,511 122,555 151,066 17,592 Various Dec. 2010 40 yrs. Office facility in Madrid, Spain — 22,230 81,508 — (17,749 ) 18,423 67,566 85,989 8,444 2002 Dec. 2010 40 yrs. Office facility in Houston, TX 3,329 1,838 2,432 — 20 1,838 2,452 4,290 491 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 3,053 2012 Dec. 2010 40 yrs. Warehouse facilities in Oxnard and Watsonville, CA 42,735 16,036 67,300 — (7,149 ) 16,036 60,151 76,187 8,371 Various Jan. 2011 10 - 40 yrs. Warehouse facility in Dillon, SC 18,484 1,355 15,620 1,600 (69 ) 1,286 17,220 18,506 1,952 2001 Mar. 2011 40 yrs. Warehouse facility in Middleburg Heights, OH — 600 1,690 — — 600 1,690 2,290 201 2002 Mar. 2011 40 yrs. Office facility in Martinsville, VA 8,392 600 1,998 10,999 — 600 12,997 13,597 1,318 2011 May 2011 40 yrs. Land in Chicago, IL 4,921 7,414 — — — 7,414 — 7,414 — N/A Jun. 2011 N/A Industrial facility in Fraser, MI 4,093 928 1,392 6,193 (80 ) 928 7,505 8,433 754 2012 Sep. 2011 35 yrs. Retail facilities located throughout Italy 176,206 91,691 262,377 — (69,024 ) 73,390 211,654 285,044 24,784 Various Sep. 2011 29 - 40 yrs. Retail facilities in Delnice, Pozega, and Sesvete, Croatia 18,868 2,687 24,820 15,378 (8,977 ) 3,234 30,674 33,908 4,169 2011 Nov. 2011 30 yrs. Retail facility in Orlando, FL — 32,739 — 19,959 (32,739 ) 5,577 14,382 19,959 558 2011 Dec. 2011 40 yrs. Land in Hudson, NY 775 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 14,968 Various Jan. 2012 32 - 40 yrs. Industrial facility in Chmielów, Poland 15,589 1,323 5,245 30,804 (3,837 ) 1,794 31,741 33,535 1,809 2012 Apr. 2012 40 yrs. Office facility in St. Louis, MO 4,007 954 4,665 — — 954 4,665 5,619 448 1995 Jul. 2012 38 yrs. Industrial facility in Avon, OH 3,570 926 4,975 — — 926 4,975 5,901 519 2001 Aug. 2012 35 yrs. Industrial facility in Elk Grove Village, IL 9,062 1,269 11,317 59 — 1,269 11,376 12,645 1,799 1961 Aug. 2012 40 yrs. Learning centers in Montgomery, AL and Savannah, GA 15,950 5,255 16,960 — — 5,255 16,960 22,215 1,719 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 — 17,283 32,225 — (15 ) 17,269 32,224 49,493 4,751 Various Sep. 2012 16 yrs. Office facility in Warrenville, IL 18,956 3,698 28,635 — — 3,698 28,635 32,333 2,705 2002 Sep. 2012 40 yrs. Office and warehouse facilities in Zary, Poland 2,944 356 1,168 6,910 (1,394 ) 297 6,743 7,040 477 2013 Sep. 2012 40 yrs. Industrial facility in Sterling, VA 14,070 3,118 14,007 5,071 — 3,118 19,078 22,196 1,819 1980 Oct. 2012 35 yrs. Office facility in Houston, TX 128,200 19,331 123,084 4,520 2,899 19,331 130,503 149,834 13,645 1973 Nov. 2012 30 yrs. Retail facility in Orlando, FL 56,733 3,307 10,607 103,914 — 26,000 91,828 117,828 1,658 2012 Nov. 2012 40 yrs. Office facility in Eagan, MN 9,428 2,104 11,462 — (85 ) 1,994 11,487 13,481 1,073 2003 Dec. 2012 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Warehouse facility in Saitama Prefecture, Japan 21,596 17,292 28,575 — (14,565 ) 11,801 19,501 31,302 2,383 2006 Dec. 2012 26 yrs. Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia 20,060 5,059 28,294 6,634 (6,823 ) 5,928 27,236 33,164 2,105 Various Dec. 2012 32 - 40 yrs. Industrial facility in Portage, WI 4,738 3,338 4,556 502 — 3,338 5,058 8,396 552 1970 Jan. 2013 30 yrs. Retail facility in Dallas, TX 10,013 4,441 9,649 — — 4,441 9,649 14,090 706 1913 Feb. 2013 40 yrs. Warehouse facility in Dillon, SC 26,000 3,096 2,281 37,989 — 3,096 40,270 43,366 1,593 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 5,645 — 942 — — — 942 942 160 2007 May 2013 40 yrs. Industrial facility in Wageningen, Netherlands 17,559 4,790 24,301 47 (4,868 ) 4,028 20,242 24,270 1,286 2013 Jul. 2013 40 yrs. Warehouse facilities in Gadki, Poland 31,437 9,219 48,578 121 (9,613 ) 7,688 40,617 48,305 2,754 2007; 2010 Jul. 2013 40 yrs. Automotive dealership in Lewisville, TX 9,450 3,269 9,605 — — 3,269 9,605 12,874 787 2004 Aug. 2013 39 yrs. Office facility in Auburn Hills, MI 6,055 789 7,163 — — 789 7,163 7,952 428 2012 Oct. 2013 40 yrs. Office facility in Haibach, Germany 9,100 2,544 11,114 — (2,652 ) 2,050 8,956 11,006 743 1993 Oct. 2013 30 yrs. Office facility in Houston, TX 31,200 7,898 37,474 750 1,619 7,898 39,843 47,741 2,888 1963 Dec. 2013 30 yrs. Office facility in Tempe, AZ 14,800 — 16,996 4,272 — — 21,268 21,268 1,147 2000 Dec. 2013 40 yrs. Office facility in Tucson, AZ 8,917 2,440 11,175 — — 2,440 11,175 13,615 659 2002 Feb. 2014 38 yrs. Industrial facility in Drunen, Netherlands — 990 6,328 6,700 144 961 13,201 14,162 241 2014 Apr. 2014 40 yrs. Industrial facility in New Concord, OH 1,680 784 2,636 — — 784 2,636 3,420 153 1999 Apr. 2014 35 - 40 yrs. Office facility in Krakow, Poland 5,529 2,771 6,549 — (1,479 ) 2,331 5,510 7,841 207 2003 Sep. 2014 40 yrs. Retail facility in Gelsenkirchen, Germany — 2,060 17,534 123 (2,713 ) 1,775 15,229 17,004 584 1981 Oct. 2014 35 yrs. Office facility in Plymouth, Minnesota 22,250 2,601 15,599 3,256 — 2,601 18,855 21,456 561 1999 Dec. 2014 40 yrs. Office facility in San Antonio, TX 14,569 3,131 13,124 — — 3,131 13,124 16,255 372 2002 Jan. 2015 40 yrs. Warehouse facilities in Mszczonów and Tomaszów Mazowiecki, Poland 32,002 10,108 35,856 8 (1,772 ) 9,716 34,484 44,200 969 1995; 2000 Feb. 2015 31 yrs. Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI 42,284 20,936 34,627 98 — 20,936 34,725 55,661 759 Various Jun. 2015 27 - 29 yrs. Warehouse facility in Sered, Slovakia 11,391 4,059 15,297 61 (202 ) 4,017 15,198 19,215 233 2004 Jul. 2015 36 yrs. Industrial facility in Tuchomerice, Czech Republic 17,466 9,424 21,860 — 1 9,424 21,861 31,285 37 1998 Dec. 2015 40 yrs. Office facility in Warsaw, Poland — — 54,296 — 1 — 54,297 54,297 80 2015 Dec. 2015 40 yrs. $ 1,537,390 $ 640,957 $ 1,958,193 $ 375,603 $ (315,876 ) $ 560,257 $ 2,098,620 $ 2,658,877 $ 225,867 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial and office facilities in Nagold, Germany $ — $ 6,012 $ 41,493 $ — $ (28,529 ) $ 18,976 1937; 1994 Aug. 2008 Industrial facilities in Mayodan, Sanford, and Stoneville, NC — 3,100 35,766 — (2,070 ) 36,796 1992; 1997; 1998 Dec. 2008 Industrial facility in Glendale Heights, IL 17,527 3,820 11,148 18,245 2,758 35,971 1991 Jan. 2009 Office facility in New York City, NY 107,483 — 233,720 — 13,620 247,340 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 9,488 1,730 20,778 — (736 ) 21,772 Various Mar. 2010 Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom 10,788 508 24,009 — (2,202 ) 22,315 Various Apr. 2010 Retail facilities in Dugo Selo and Samobor, Croatia 8,211 1,804 11,618 — (2,492 ) 10,930 2002; 2003 Dec. 2010 Warehouse facility in Oxnard, CA 5,766 — 8,957 — 193 9,150 1975 Jan. 2011 Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK 21,888 3,750 50,177 — 4,864 58,791 Various Apr. 2011 Industrial facility in Clarksville, TN 4,373 600 7,291 — 348 8,239 1998 Aug. 2011 Industrial facility in Countryside, IL 1,984 425 1,800 — 39 2,264 1981 Dec. 2011 Industrial facility in Bluffton, IN 1,898 264 3,407 — 20 3,691 1975 Apr. 2014 Retail facilities in Joliet, Illinois and Greendale, Wisconsin 14,886 — 19,002 — 327 19,329 1970; 1978 Jun. 2015 $ 204,292 $ 22,013 $ 469,166 $ 18,245 $ (13,860 ) $ 495,564 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to (a) Increase (Decrease) in Net (b) Gross Amount at which Carried at Close of Period (c) Accumulated (c) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Description Encumbrances Land Buildings Land Buildings Total Operating Real Estate – Self-Storage Facilities Fort Worth, TX $ 1,538 $ 610 $ 2,672 $ 53 $ — $ 610 $ 2,725 $ 3,335 $ 386 2004 Apr. 2011 33 yrs. Anaheim, CA 1,149 1,040 1,166 96 — 1,040 1,262 2,302 196 1988 Jun. 2011 33 yrs. Apple Valley, CA 2,300 400 3,910 155 — 400 4,065 4,465 531 1989 Jun. 2011 35 yrs. Apple Valley, CA 1,446 230 2,196 56 — 230 2,252 2,482 307 1989 Jun. 2011 33 yrs. Bakersfield, CA 849 370 3,133 355 — 370 3,488 3,858 535 1972 Jun. 2011 30 yrs. Bakersfield, CA 2,130 690 3,238 80 — 690 3,318 4,008 447 1987 Jun. 2011 34 yrs. Bakersfield, CA 2,013 690 3,298 64 — 690 3,362 4,052 444 1990 Jun. 2011 35 yrs. Bakersfield, CA 1,714 480 3,297 94 — 480 3,391 3,871 586 1974 Jun. 2011 35 yrs. Fresno, CA 2,638 601 7,300 227 — 601 7,527 8,128 1,610 1976 Jun. 2011 30 yrs. Grand Terrace, CA 728 950 1,903 110 — 950 2,013 2,963 354 1978 Jun. 2011 25 yrs. Harbor City, CA 1,293 1,487 810 107 — 1,487 917 2,404 152 1987 Jun. 2011 30 yrs. San Diego, CA 6,273 7,951 3,926 248 — 7,951 4,174 12,125 642 1986 Jun. 2011 30 yrs. Palm Springs, CA 2,511 1,287 3,124 65 — 1,287 3,189 4,476 489 1989 Jun. 2011 30 yrs. Palmdale, CA 2,773 940 4,263 269 — 940 4,532 5,472 640 1988 Jun. 2011 32 yrs. Palmdale, CA 2,081 1,220 2,954 100 — 1,220 3,054 4,274 421 1988 Jun. 2011 33 yrs. Riverside, CA 1,124 560 1,492 93 — 560 1,585 2,145 234 1985 Jun. 2011 30 yrs. Rosamond, CA 1,700 460 3,220 54 — 460 3,274 3,734 449 1995 Jun. 2011 33 yrs. Rubidoux, CA 1,247 514 1,653 93 — 514 1,746 2,260 234 1986 Jun. 2011 33 yrs. South Gate, CA 1,774 1,597 2,067 102 — 1,597 2,169 3,766 337 1925 Jun. 2011 30 yrs. Kailua-Kona, HI 832 1,000 1,108 59 — 1,000 1,167 2,167 207 1987 Jun. 2011 30 yrs. Chicago, IL 2,342 600 4,124 198 — 600 4,322 4,922 588 1916 Jun. 2011 25 yrs. Chicago, IL 1,322 400 2,074 212 — 400 2,286 2,686 317 1968 Jun. 2011 30 yrs. Rockford, IL 1,363 548 1,881 5 — 548 1,886 2,434 345 1979 Jun. 2011 25 yrs. Rockford, IL 250 114 633 9 — 114 642 756 116 1979 Jun. 2011 25 yrs. Rockford, IL 1,319 380 2,321 19 — 380 2,340 2,720 422 1957 Jun. 2011 25 yrs. Kihei, HI 5,372 2,523 7,481 631 — 2,523 8,112 10,635 889 1991 Aug. 2011 40 yrs. Bakersfield, CA 1,875 1,060 3,138 73 (464 ) 1,060 2,747 3,807 478 1979 Aug. 2011 25 yrs. Bakersfield, CA 1,999 767 2,230 83 — 767 2,313 3,080 408 1979 Aug. 2011 25 yrs. National City, CA 2,517 3,158 1,483 86 — 3,158 1,569 4,727 247 1987 Aug. 2011 28 yrs. Mundelein, IL 3,553 1,080 5,287 217 — 1,080 5,504 6,584 959 1991 Aug. 2011 25 yrs. Pearl City, HI 3,450 — 5,141 502 — — 5,643 5,643 1,188 1977 Aug. 2011 20 yrs. Palm Springs, CA 2,000 1,019 2,131 257 — 1,019 2,388 3,407 364 1987 Sep. 2011 28 yrs. Loves Park, IL 1,214 394 3,390 38 (139 ) 394 3,289 3,683 712 1997 Sep. 2011 20 yrs. Mundelein, IL 747 535 1,757 44 — 535 1,801 2,336 393 1989 Sep. 2011 20 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to (a) Increase (Decrease) in Net (b) Gross Amount at which Carried at Close of Period (c) Accumulated (c) Date of Construction Date Life on which Depreciation in Latest Statement of Income is Description Encumbrances Land Buildings Land Buildings Total Chicago, IL 3,158 1,049 5,672 183 (3 ) 1,049 5,852 6,901 825 1988 Sep. 2011 30 yrs. Bakersfield, CA 2,500 1,068 2,115 93 464 1,068 2,672 3,740 392 1971 Nov. 2011 40 yrs. Beaumont, CA 2,610 1,616 2,873 82 — 1,616 2,955 4,571 388 1992 Nov. 2011 40 yrs. Victorville, CA 1,200 299 1,766 36 — 299 1,802 2,101 250 1990 Nov. 2011 40 yrs. Victorville, CA 1,021 190 1,756 82 — 190 1,838 2,028 241 1990 Nov. 2011 40 yrs. San Bernardino, CA 1,000 698 1,397 90 — 698 1,487 2,185 182 1989 Nov. 2011 40 yrs. Peoria, IL 2,230 549 2,424 32 — 549 2,456 3,005 421 1990 Nov. 2011 35 yrs. East Peoria, IL 1,775 409 1,816 45 — 409 1,861 2,270 297 1986 Nov. 2011 35 yrs. Loves Park, IL 1,000 439 998 159 139 439 1,296 1,735 197 1978 Nov. 2011 35 yrs. Hesperia, CA 888 648 1,377 79 — 648 1,456 2,104 199 1989 Dec. 2011 40 yrs. Mobile, AL 1,966 1,078 3,799 13 — 1,078 3,812 4,890 1,371 1974 Jun. 2012 12 yrs. Slidell, LA 2,389 620 3,434 32 — 620 3,466 4,086 571 1998 Jun. 2012 32 yrs. Baton Rouge, LA 796 401 955 15 — 401 970 1,371 265 1980 Jun. 2012 18 yrs. Baton Rouge, LA 2,115 820 3,222 94 — 820 3,316 4,136 681 1980 Jun. 2012 25 yrs. Gulfport, MS 1,194 591 2,539 77 — 591 2,616 3,207 827 1977 Jun. 2012 15 yrs. Cherry Valley, IL 1,775 1,076 1,763 13 — 1,076 1,776 2,852 421 1988 Jul. 2012 20 yrs. Fayetteville, NC 3,120 1,677 3,116 30 — 1,677 3,146 4,823 452 2001 Sep. 2012 34 yrs. Tampa, FL 3,800 599 6,273 66 — 599 6,339 6,938 503 1999 Nov. 2012 40 yrs. St. Petersburg, FL 4,100 2,253 3,512 303 (1 ) 2,253 3,814 6,067 309 1990 Nov. 2012 40 yrs. Palm Harbor, FL 7,100 2,192 7,237 141 — 2,192 7,378 9,570 631 2001 Nov. 2012 40 yrs. Midland, TX 4,300 1,026 5,546 2 — 1,026 5,548 6,574 583 2008 Dec. 2012 20 yrs. Midland, TX 5,830 2,136 6,665 6 — 2,136 6,671 8,807 675 2006 Dec. 2012 20 yrs. Odessa, TX 3,970 975 4,924 7 — 975 4,931 5,906 516 2006 Dec. 2012 20 yrs. Odessa, TX 5,400 1,099 6,510 5 — 1,099 6,515 7,614 692 2004 Dec. 2012 20 yrs. Cathedral City, CA 1,399 — 2,275 2 — — 2,277 2,277 242 1990 Mar. 2013 34 yrs. Hilo, HI 3,965 296 4,996 — — 296 4,996 5,292 324 2007 Jun. 2013 40 yrs. Clearwater, FL 2,880 924 2,966 32 — 924 2,998 3,922 242 2001 Jul. 2013 32 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried (c) Accumulated (c) Date of Construction Date Life on which Description Encumbrances Land Buildings Land Buildings Total Winder, GA 415 546 30 7 — 546 37 583 5 2006 Jul. 2013 31 yrs. Winder, GA 1,427 495 1,253 48 — 495 1,301 1,796 170 2001 Jul. 2013 25 yrs. Orlando, FL 4,160 1,064 4,889 46 — 1,064 4,935 5,999 365 2000 Aug. 2013 35 yrs. Palm Coast, FL 3,420 1,749 3,285 30 — 1,749 3,315 5,064 320 2001 Sep. 2013 29 yrs. Holiday, FL 2,250 1,829 1,097 474 — 1,829 1,571 3,400 124 1975 Nov. 2013 23 yrs. $ 152,589 $ 66,066 $ 202,281 $ 7,178 $ (4 ) $ 66,066 $ 209,455 $ 275,521 $ 30,308 ___________ (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: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2015 2014 2013 Beginning balance $ 2,396,715 $ 2,402,315 $ 2,107,549 Additions 222,739 65,115 226,123 Improvements 9,450 3,554 8,970 Dispositions — (32,739 ) — Foreign currency translation adjustment (99,252 ) (124,536 ) 30,155 Reclassification from real estate under construction 129,225 83,006 29,518 Ending balance $ 2,658,877 $ 2,396,715 $ 2,402,315 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2015 2014 2013 Beginning balance $ 175,478 $ 129,051 $ 77,326 Depreciation expense 57,831 54,976 49,785 Foreign currency translation adjustment (7,442 ) (8,549 ) 1,940 Ending balance $ 225,867 $ 175,478 $ 129,051 Reconciliation of Operating Real Estate Years Ended December 31, 2015 2014 2013 Beginning balance $ 272,859 $ 283,370 $ 254,805 Additions — — 27,697 Improvements 2,662 2,047 1,369 Reclassification from real estate under construction — 14,929 12,557 Dispositions — (27,487 ) (13,058 ) Ending balance $ 275,521 $ 272,859 $ 283,370 Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2015 2014 2013 Beginning balance $ 22,217 $ 15,354 $ 7,757 Depreciation expense 8,091 8,664 8,470 Dispositions — (1,801 ) (873 ) Ending balance $ 30,308 $ 22,217 $ 15,354 At December 31, 2015, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $3.9 billion . |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Mezzanine loan — 127 West 23rd Manager, LLC 7.0 % Aug. 2016 $ 12,600 $ 12,600 Financing agreement — 1185 Broadway LLC 10.0 % Jul. 2016 31,444 31,444 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2015 2014 2013 Balance $ 40,000 $ 40,000 $ 40,000 Additions 44,044 — — Repayment (40,000 ) — — Ending balance $ 44,044 $ 40,000 $ 40,000 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting for Acquisitions | Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. 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 of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the 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 (i) 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 (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. 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, age, current lease rates relative to market lease rates, and anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in its determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. For self-storage assets, the hypothetical sales price is derived by capitalizing the stabilized estimated net operating income. 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 adjusted for 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. Purchase Price Allocation of Intangible 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 the estimated lease term which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated lease term, including renewal options at rental rates below estimated market rental rates; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of rental income over the contractual lease term. We amortize the below-market lease intangible as an increase to rental income over the contractual lease term and any below-market renewal periods in the respective leases. We include the value of above-market leases in Other intangible assets, net in the consolidated financial statements. 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 above- and below-market ground lease intangibles in Property expenses 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 rental income, and in-place lease values to amortization expense. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to our Net Lease reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. 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. |
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, an upcoming lease expiration, a lease default by a tenant that is experiencing financial difficulty, the termination of a lease by a tenant, or a likely disposition of the property. 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 goodwill. Our policies and estimates 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. 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. The estimated fair value of the property’s asset group 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. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of that property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We 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 base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then 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 initial impairment 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 and third-party estimates where available. 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 we believe it is probable that the disposition will occur. If we determine that the disposition is probable and therefore the asset’s holding period is reduced, 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, that could impact our goodwill impairment calculations. The goodwill impairment test is a two-step test. However, we have the option to qualitatively assess any potential impairment via step zero prior to analyzing steps one and two quantitatively. If step zero is not considered, the first step is to identify whether the value of the recorded goodwill is impaired and if it is determined that goodwill is impaired, the second step seeks to measure the amount of the 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. Our annual impairment test for the goodwill recorded in our Net Lease reporting unit is evaluated in the fourth quarter of every year. 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. Under current authoritative accounting guidance, if the debt security’s market value is below its amortized cost and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we record the entire amount of the other-than-temporary impairment charge in earnings. We do not intend to sell our 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. |
Basis of Consolidation | Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries and our tenancy-in-common interest, as described below. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. |
Consolidation, Variable Interest Entity | At December 31, 2015, we had 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 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. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE, and, if so, whether we should be 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 or joint-venture agreement, 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 the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We performed this analysis on all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, at December 31, 2015, we considered 14 entities VIEs, eight of which we consolidate and six of which we account for as an equity investments. We previously determined that the developer entity of our consolidated Agrokor d.d. build-to-suit investment, referred to as Agrokor 4, was a VIE and that we were its primary beneficiary. During 2015, in connection with the completion of the build-to-suit project, we acquired the shares of the developer entity and it is no longer a 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. |
Reclassification | Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. |
Share Repurchases | Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital 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. During the year ended December 31, 2015, we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase and as a reduction to Additional paid-in capital for the excess over the amount allocated to common stock, as well as included as shares unissued within the consolidated financial statements. |
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 extend 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 any funding specific to the property or the interest rate applicable to any funding specific to the property or 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, or ADC Arrangements. Under such ADC Arrangements, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate these arrangements to determine if they have characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership, such as participating in the risks and rewards of the project as an owner or an investment partner. For those arrangements with characteristics of a loan, we follow the accounting guidance for loans and disclose within our Finance Receivables footnote ( Note 5 ). When we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for those arrangements under the equity method of accounting ( Note 6 ). Once the investment or partnership begins operations, we use the hypothetical liquidation at book value method to calculate income or loss (which considers the principal and interest under the loan to be a preferential return). |
Assets Held for Sale | Assets Held for Sale — We classify those assets that are associated with operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. Assets held for sale are recorded at the lower of carrying value or estimated fair value, less estimated 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. |
Loans Receivable | Loans 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 loans receivable are 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 loans 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. |
Debt Securities | Debt Securities — We have investments, such as commercial mortgage-backed securities, or 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 | Other Assets and Liabilities — We include prepaid expenses, 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 3 ). |
Noncontrolling Interests | Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). 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 — 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. For the years ended December 31, 2015, 2014, and 2013, our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $23.6 million , $22.2 million , and $23.2 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore usually 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 — For operating leases we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). Direct Financing Method — We record leases accounted for under the direct financing method as a net investment ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. |
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. |
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 7 years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. |
Foreign Currency | Foreign Currency Translation and Transaction Gains and Losses — We have interests in real estate investments in Europe and the United Kingdom, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone, and in Asia, for which the functional currency is either the Japanese yen or the Indian rupee. We perform the translation from local currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using 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. 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 short-term 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. |
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, or ASC, 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. 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 any derivative is immediately recognized in earnings. |
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 United States 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 taxable subsidiaries in their 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 13 ). 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 our hotel property, 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. 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 13 ). In addition, deferred tax assets arise from unutilized tax net operating losses generated in current and 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 | Recent Accounting Requirements The following ASUs, promulgated by the Financial Accounting Standards Board, or FASB, are applicable to us: ASU 2015-16, Business Combinations (Topic 805) — ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015. The adoption and implementation of the standard did not have a material impact on our financial statements. ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements and expect to reclassify $14.3 million of deferred financing costs, net from Other assets, net to Non-recourse debt, net and Senior Credit Facility as of January 1, 2016. ASU 2015-02, Consolidation (Topic 810) — We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements. We are evaluating our joint ventures, as well as existing leases that create VIEs based on lease terms, including a fixed-price purchase option or fixed-price renewal option. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include additional entities as part of our VIE disclosures. However, there is not expected to be a material impact to our consolidated balance sheets or results of operations for any of the periods presented. 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 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. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017, the original public company effective date. 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. Recent Accounting Change The following recent accounting change may potentially impact our business if the outcome has a significant influence on sale-leaseback demand in the marketplace: The FASB previously issued an Exposure Draft on a joint proposal with the International Accounting Standards Board, or IASB, that would significantly transform lease accounting from the existing model. These changes would impact most companies but are particularly applicable to those that are significant users of real estate. The proposal outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. In November 2015, the FASB directed the staff to draft a final ASU on leases for vote by written ballot. In addition, the FASB decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities upon issuance of the final standard. In the first quarter of 2016, the IASB and FASB finalized their lease standards, which brings most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019. For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize. We are evaluating the impact of the new standards and have not determined if they will have a material impact on our business. |
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. As required by current authoritative accounting guidance, 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 the 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 rather than a loan. |
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 intangibles and tenant relationship intangibles are included in In-place lease and tenant relationship intangible assets, net in the consolidated financial statements. Above-market rent, 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. 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. |
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 caps, interest rate swaps, and foreign currency forward 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. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts, stock warrants, foreign currency collars, and a swaption ( Note 9 ). The foreign currency forward contracts, foreign currency collars, 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 were measured at fair value using internal valuation models that incorporated market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because they 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 and foreign currency collars ( Note 9 ). The interest rate swaps and foreign currency collars 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. |
Agreements and Transactions w31
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 our advisor and other affiliates in accordance with the advisory agreement and the operating partnership agreement (in thousands): Years Ended December 31, 2015 2014 2013 Amounts Included in the Consolidated Statements of Income Asset management fees $ 29,192 $ 26,694 $ 21,953 Available Cash Distributions 24,668 20,427 16,899 Personnel and overhead reimbursements 12,199 11,931 10,536 Acquisition expenses 430 2,637 11,448 Interest expense on deferred acquisition fees and loan from affiliate 309 516 827 $ 66,798 $ 62,205 $ 61,663 Acquisition Fees Capitalized Current acquisition fees $ 8,180 $ 3,979 $ 4,777 Deferred acquisition fees 6,325 2,510 3,063 Capitalized personnel and overhead reimbursements 858 — — $ 15,363 $ 6,489 $ 7,840 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2015 2014 Due to Affiliates Deferred acquisition fees, including interest $ 6,134 $ 9,394 Reimbursable costs 3,150 228 Asset management fees payable 2,497 2,283 Current acquisition fees 1,847 — Accounts payable 6 527 Subordinated disposition fees — 202 $ 13,634 $ 12,634 |
Net Investments in Properties32
Net Investments in Properties and Real Estate Under Construction (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | 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, 2015 2014 Land $ 560,257 $ 513,172 Buildings 2,098,620 1,883,543 Less: Accumulated depreciation (225,867 ) (175,478 ) $ 2,433,010 $ 2,221,237 Operating real estate, which consists of our wholly-owned domestic self-storage operations, at cost, is summarized as follows (in thousands): December 31, 2015 2014 Land $ 66,066 $ 66,066 Buildings 209,455 206,793 Less: Accumulated depreciation (30,308 ) (22,217 ) $ 245,213 $ 250,642 |
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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 262,532 2017 263,582 2018 266,243 2019 267,337 2020 270,545 Thereafter 2,806,192 Total $ 4,136,431 |
Real Estate Under Construction | The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2015 2014 Beginning balance $ 110,983 $ 127,935 Capitalized funds 20,064 74,420 Placed into service (130,704 ) (96,807 ) Capitalized interest 2,200 6,661 Foreign currency translation adjustments, building improvements, and other (1,475 ) (1,226 ) Ending balance $ 1,068 $ 110,983 |
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, 2015 2014 Beginning balance $ 23,271 $ 22,076 Additions 825 — Accretion expense (a) 1,467 1,233 Foreign currency translation adjustments and other (139 ) (38 ) Ending balance $ 25,424 $ 23,271 __________ (a) Accretion of the liability is included in Property expenses in the consolidated financial statements and recognized over the economic life of the properties. |
Finance Receivables (Tables)
Finance Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Capital Leases Net Investment In Direct Financing Leases | Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2015 2014 Minimum lease payments receivable $ 927,405 $ 726,054 Unguaranteed residual value 480,319 466,170 1,407,724 1,192,224 Less: unearned income (912,160 ) (712,799 ) $ 495,564 $ 479,425 |
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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 55,140 2017 55,829 2018 (a) 306,650 2019 57,177 2020 57,732 Thereafter 394,877 Total $ 927,405 ___________ (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 2015 2014 2015 2014 1 — — $ — $ — 2 1 1 2,264 2,259 3 11 9 429,212 429,245 4 4 3 108,132 87,921 5 — — — — $ 539,608 $ 519,425 |
Equity Investments in Real Es34
Equity Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 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 or September 30 (as applicable), (a) 2015 2014 Real estate assets $ 3,378,044 $ 3,271,264 Other assets 728,439 761,924 Total assets 4,106,483 4,033,188 Debt (2,530,826 ) (2,386,161 ) Accounts payable, accrued expenses and other liabilities (325,315 ) (242,703 ) Total liabilities (2,856,141 ) (2,628,864 ) Noncontrolling interests 360 — Partners’/members’ equity $ 1,250,702 $ 1,404,324 Twelve Months Ended December 31 or September 30 (as applicable), (a) 2015 2014 2013 Revenues $ 779,875 $ 595,228 $ 381,169 Expenses (791,224 ) (546,170 ) (368,302 ) (Loss) income from continuing operations $ (11,349 ) $ 49,058 $ 12,867 __________ (a) We recorded our investments in BPS Nevada, LLC, BG LLH, LLC, IDL Wheel Tenant, LLC, and Shelborne Property Associates, LLC on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2015, 2014, and 2013 are based on balances and results of operations from BPS Nevada, LLC, BG LLH, LLC, IDL Wheel Tenant, LLC, and Shelborne Property Associates, LLC as of and for the 12 months ended September 30, 2015, 2014, and 2013, respectively. The following table presents Equity in earnings (losses) in equity method investments in real estate, which represents our proportionate share of the income or losses of these investments, as well as amortization of basis differences related to purchase accounting adjustments (in thousands): Years Ended December 31, 2015 2014 2013 Equity Earnings from Equity Investments: Net Lease $ 21,692 $ 12,571 $ (1,261 ) Self-Storage (1,703 ) (1,878 ) (1,024 ) All Other (1,762 ) 17,655 (3,322 ) 18,227 28,348 (5,607 ) Amortization of Basis Differences on Equity Investments: Net Lease (2,263 ) (3,381 ) (3,514 ) Self-Storage (155 ) (155 ) (66 ) All Other (1,142 ) (739 ) (313 ) (3,560 ) (4,275 ) (3,893 ) Equity in earnings (losses) of equity method investments in real estate $ 14,667 $ 24,073 $ (9,500 ) 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 at Carrying Value at December 31, Lessee/Equity Investee Co-owner December 31, 2015 2015 2014 Net Lease: C1000 Logistiek Vastgoed B.V. (a) WPC 85% $ 59,629 $ 71,130 U-Haul Moving Partners, Inc. and Mercury Partners, LP WPC 12% 39,309 41,028 Bank Pekao S.A. (a) CPA ® :18 – Global 50% 25,785 31,045 BPS Nevada, LLC (b) Third Party 15% 22,007 21,850 State Farm CPA ® :18 – Global 50% 18,587 20,414 Berry Plastics Corporation WPC 50% 16,094 16,632 Apply Sørco AS (a) CPA ® :18 – Global 49% 15,170 19,076 Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) (a) WPC 37% 12,212 9,935 Tesco plc (a) WPC 49% 11,849 14,194 Agrokor d.d. (referred to as Agrokor 5) (a) CPA ® :18 – Global 20% 7,858 8,760 Eroski Sociedad Cooperativa – Mallorca (a) WPC 30% 6,790 7,662 Dick’s Sporting Goods, Inc. WPC 45% 5,055 5,508 240,345 267,234 Self-Storage: Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC Third Party 45% 16,060 20,147 16,060 20,147 All Other: Shelborne Property Associates, LLC (b) Third Party 33% 148,121 152,801 IDL Wheel Tenant, LLC (b) Third Party N/A 44,387 30,049 BG LLH, LLC (b) Third Party 7% 37,720 42,587 BPS Nevada, LLC - Preferred Equity Third Party N/A 27,514 18,182 257,742 243,619 $ 514,147 $ 531,000 __________ (a) The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the applicable foreign currency. (b) This investment is subject to the hypothetical liquidation at book value model. |
Intangible Assets and Liabili35
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets And Liabilities [Abstract] | |
Schedule Of Acquired Intangible Assets Liabilities By Major Class | In connection with our investment activity during 2015, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 12.0 $ 67,299 Above-market rent 10.0 619 Below-market ground lease 74.0 5,090 $ 73,008 Amortizable Intangible Liabilities Below-market rent 22.1 $ (1,833 ) |
Schedule Of Intangible Assets and Liabilities | Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease and tenant relationship $ 588,858 $ (143,635 ) $ 445,223 $ 551,569 $ (119,125 ) $ 432,444 Above-market rent 88,288 (20,405 ) 67,883 92,548 (16,539 ) 76,009 Below-market ground leases 12,184 (322 ) 11,862 7,124 (199 ) 6,925 689,330 (164,362 ) 524,968 651,241 (135,863 ) 515,378 Unamortizable Intangible Assets Goodwill 304 — 304 304 — 304 Total intangible assets $ 689,634 $ (164,362 ) $ 525,272 $ 651,545 $ (135,863 ) $ 515,682 Amortizable Intangible Liabilities Below-market rent $ (116,952 ) $ 21,364 $ (95,588 ) $ (116,887 ) $ 13,293 $ (103,594 ) Above-market ground lease (1,145 ) 32 (1,113 ) (1,145 ) 17 (1,128 ) Total intangible liabilities $ (118,097 ) $ 21,396 $ (96,701 ) $ (118,032 ) $ 13,310 $ (104,722 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2015 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2016 $ (507 ) $ 36,159 $ 35,652 2017 (292 ) 34,331 34,039 2018 (268 ) 34,235 33,967 2019 (260 ) 33,998 33,738 2020 (267 ) 33,784 33,517 Thereafter (26,111 ) 283,465 257,354 $ (27,705 ) $ 455,972 $ 428,267 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): December 31, 2015 December 31, 2014 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse debt (a) 3 $ 1,894,271 $ 1,937,459 $ 1,896,489 $ 1,961,905 Senior Credit Facility (b) 2 113,162 113,162 — — Loans receivable (a) 3 44,044 44,044 40,000 41,990 Deferred acquisition fees payable (c) 3 5,942 5,973 9,009 10,077 CMBS (d) 3 2,765 8,739 3,053 8,899 Other securities (e) 3 892 892 9,381 9,649 ___________ (a) We determined the estimated fair value of our non-recourse debt 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. ( Note 5 ). (b) We determined the estimated fair value of our Senior Credit Facility ( Note 10 ) using a discounted cash flow model with rates that take into account the market-based credit spread and our credit quality. (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 of 203 basis points and an illiquidity adjustment of 75 basis points. 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 2015 and 2014, as well as accretion related to the estimated cash flows expected to be received. (e) Amounts at December 31, 2015 and 2014 reflect our interest in a foreign debenture, which is included in Other assets, net in the consolidated financial statements. During the year ended December 31, 2015, we redeemed a foreign debenture investment in full. |
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, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Fair Value Total Fair Value Total Fair Value Total Impairment Charges CMBS $ 1,478 $ 1,023 $ 1,808 $ 570 $ — $ — Total impairment charges included in expenses 1,023 570 — Equity investments in real estate — — 7,662 766 23,278 3,778 $ 1,023 $ 1,336 $ 3,778 |
Risk Management and Use of De37
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Foreign currency forward contracts Other assets, net $ 41,850 $ 24,051 $ — $ — Interest rate swaps Other assets, net — 71 — — Foreign currency collars Other assets, net 4 — — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (10,732 ) (14,554 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (109 ) — Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts Other assets, net — 5,120 — — Stock warrants Other assets, net 1,782 1,848 — — Swaption Other assets, net 309 505 — — Embedded credit derivatives Other assets, net — 499 — — Foreign currency forward contracts Accounts payable, accrued expenses and other liabilities — — — (2,904 ) Total derivatives $ 43,945 $ 32,094 $ (10,841 ) $ (17,458 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Foreign currency forward contracts $ 18,126 $ 29,313 $ (6,168 ) Interest rate swaps 2,715 (5,542 ) 10,107 Foreign currency collars (107 ) (290 ) (2,059 ) Interest rate cap (a) — 913 1,188 Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts 417 484 — Foreign currency collars 2 — — Derivatives Formerly in Net Investment Hedging Relationships (c) Foreign currency forward contracts — 4,511 (2,237 ) Total $ 21,153 $ 29,389 $ 831 Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified to Income Years Ended December 31, 2015 2014 2013 (d) Foreign currency forward contracts Other income and (expenses) $ 8,083 $ 1,145 $ 909 Interest rate swaps Interest expense (7,837 ) (7,057 ) (7,268 ) Interest rate cap Interest expense — (913 ) (1,189 ) Foreign currency collars Other income and (expenses) — 751 1,215 Total $ 246 $ (6,074 ) $ (6,333 ) __________ (a) Includes gains attributable to a noncontrolling interest of $0.4 million and $0.5 million for the years ended December 31, 2014, and 2013, 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 2014, a new forward contract was executed to offset this existing forward contract. 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 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. The forward contract matured during 2015. (d) The amounts included in this column for the period presented herein have been revised to reverse the signs that were incorrectly presented when originally filed. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized in Income on Derivatives Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2015 2014 2013 Swaption Other income and (expenses) $ (196 ) $ (700 ) $ 428 Embedded credit derivatives Other income and (expenses) 177 1,378 1,159 Stock warrants Other income and (expenses) (66 ) 66 297 Foreign currency forward contracts Other income and (expenses) (16 ) 364 1,266 Foreign currency collars Other income and (expenses) (8 ) — — Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 302 (88 ) 212 Total $ 193 $ 1,020 $ 3,362 __________ (a) Relates to the ineffective portion of the hedging relationship. |
Schedule of Derivative Instruments | The interest rate swaps and swaption that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2015 (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 13 231,952 USD $ (7,112 ) Interest rate swaps 7 190,266 EUR (3,620 ) Not Designated as Hedging Instrument Swaption 1 13,230 USD 309 $ (10,423 ) __________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2015 , as applicable. The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2015 , which was designated as a cash flow hedge, is summarized as follows (currency in thousands): Interest Rate Derivative Ownership Interest in Investee at December 31, 2015 Number of Instruments Notional Amount Fair Value at December 31, 2015 (a) Interest rate swap 85% 1 11,102 EUR $ (516 ) __________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2015 . The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2015 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2015 (a) Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 79 157,866 EUR $ 37,344 Foreign currency forward contracts 17 12,239 NOK 258 Foreign currency collar 1 6,100 EUR (109 ) Foreign currency collars 3 2,000 NOK 2 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 9 991,401 JPY 4,080 Foreign currency forward contracts 5 7,996 NOK 168 Foreign currency collar 1 2,500 NOK 2 $ 41,745 __________ (a) Fair value amounts are based on the exchange rate of the euro, the Norwegian krone, or the Japanese yen, as applicable, at December 31, 2015 . |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Scheduled debt principal payments for each of the next five calendar years following December 31, 2015 and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 228,367 2017 344,873 2018 (a) 258,474 2019 39,416 2020 128,265 Thereafter through 2039 1,010,394 2,009,789 Unamortized discount, net (2,356 ) Total $ 2,007,433 __________ (a) Includes $113.2 million outstanding under our Senior Credit Facility, which is scheduled to mature on August 26, 2018 , unless extended pursuant to its terms. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Ordinary income $ 0.3220 $ 0.3528 $ 0.3104 Capital gain — — 0.0110 Return of capital 0.3280 0.2972 0.3286 Total distributions paid $ 0.6500 $ 0.6500 $ 0.6500 |
Reclassification out of Accumulated Other Comprehensive Income | The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses on Derivative Instruments Gains and Losses on Marketable Securities Foreign Currency Translation Adjustments Total Balance at January 1, 2013 $ (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 ) Balance at December 31, 2013 (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 Balance at December 31, 2014 7,311 (106 ) (88,212 ) (81,007 ) Other comprehensive income (loss) before reclassifications 21,135 29 (81,037 ) (59,873 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 7,837 — — 7,837 Other income and (expenses) (8,083 ) — — (8,083 ) Total (246 ) — — (246 ) Net current-period Other comprehensive income (loss) 20,889 29 (81,037 ) (60,119 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — — 1,321 1,321 Balance at December 31, 2015 $ 28,200 $ (77 ) $ (167,928 ) $ (139,805 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of our provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Federal Current $ 110 $ 110 $ 175 Deferred 954 7,078 — 1,064 7,188 175 State and Local Current 840 426 771 Deferred 1,312 — — 2,152 426 771 Foreign Current 3,787 2,600 2,369 Deferred 1,882 511 (1,848 ) 5,669 3,111 521 Total Provision $ 8,885 $ 10,725 $ 1,467 |
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, 2015 2014 Beginning balance $ 589 $ 857 Decrease due to lapse in statute of limitations (362 ) (216 ) Foreign currency translation adjustments (29 ) (52 ) Ending balance $ 198 $ 589 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | (a) Included in unallocated corporate overhead are asset management fees, and general and administrative expenses, as well as interest expense and other charges related to our Senior Credit Facility. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2015 2014 2013 Net Lease Revenues $ 366,904 $ 340,791 $ 307,185 Operating expenses (136,838 ) (132,206 ) (122,625 ) Interest expense (85,138 ) (85,563 ) (80,073 ) Other income and expenses, excluding interest expense 18,508 8,190 (2,766 ) (Provision for) benefit from income taxes (7,458 ) (9,486 ) 1,011 Gain on sale of real estate, net of tax 2,197 12,451 659 Net income attributable to noncontrolling interests (15,247 ) (12,415 ) (12,036 ) Income from continuing operations attributable to CPA ® :17 – Global $ 142,928 $ 121,762 $ 91,355 Self-Storage Revenues $ 46,418 $ 42,091 $ 35,993 Operating expenses (32,575 ) (32,797 ) (33,623 ) Interest expense (7,655 ) (7,723 ) (7,755 ) Other income and expenses, excluding interest expense (1,858 ) (2,032 ) (1,148 ) Provision for income taxes (167 ) (192 ) (281 ) Gain on sale of real estate, net of tax — 790 — Income (loss) from continuing operations attributable to CPA ® :17 – Global $ 4,163 $ 137 $ (6,814 ) All Other Revenues $ 13,625 $ 13,824 $ 19,539 Operating expenses (1,712 ) (7,215 ) (16,874 ) Interest expense 404 906 106 Other income and expenses, excluding interest expense (1,691 ) 17,541 (3,603 ) Provision for income taxes (150 ) (98 ) (2 ) Gain on sale of real estate, net of tax — 97 — Income from continuing operations attributable to CPA ® :17 – Global $ 10,476 $ 25,055 $ (834 ) Corporate Unallocated Corporate Overhead (a) $ (48,694 ) $ (52,376 ) $ (35,581 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (24,668 ) $ (20,427 ) $ (16,899 ) Total Company Revenues $ 426,947 $ 396,706 $ 362,772 Operating expenses (218,892 ) (221,226 ) (216,832 ) Interest expense (93,551 ) (93,001 ) (88,656 ) Other income and expenses, excluding interest expense 16,304 21,901 3,686 Provision for income taxes (8,885 ) (10,725 ) (1,467 ) Gain on sale of real estate, net of tax 2,197 13,338 659 Net income attributable to noncontrolling interests (39,915 ) (32,842 ) (28,935 ) Income from continuing operations attributable to CPA ® :17 – Global $ 84,205 $ 74,151 $ 31,227 Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2015 Texas Other Domestic International (a) Total Revenues $ 63,933 $ 249,961 $ 113,053 $ 426,947 Income from continuing operations before income taxes and after gain on sale of real estate, net of tax 9,321 77,930 45,754 133,005 Net income attributable to noncontrolling interests — (37,173 ) (2,742 ) (39,915 ) Net income attributable to CPA ® :17 – Global 9,317 37,402 37,486 84,205 Long-lived assets (b) 338,710 2,187,513 1,162,779 3,689,002 Non-recourse debt 269,798 1,107,468 517,005 1,894,271 As of and for the Year Ended December 31, 2014 Texas Other Domestic International (a) Total Revenues $ 58,167 $ 224,101 $ 114,438 $ 396,706 Income from continuing operations before income taxes and after gain on sale of real estate, net of tax 8,151 70,196 39,371 117,718 Net income attributable to noncontrolling interests — (32,093 ) (749 ) (32,842 ) Net income attributable to CPA ® :17 – Global 8,110 29,977 36,064 74,151 Long-lived assets (b) 332,209 2,122,702 1,138,376 3,593,287 Non-recourse debt 261,531 1,092,109 542,849 1,896,489 As of and for the Year Ended December 31, 2013 Texas Other Domestic International (a) Total Revenues $ 45,559 $ 213,105 $ 104,108 $ 362,772 Income from continuing operations before income taxes and after gain on sale of real estate, net of tax 2,789 28,928 29,912 61,629 Net income attributable to noncontrolling interests — (28,297 ) (638 ) (28,935 ) Net income attributable to CPA ® :17 – Global 2,731 7,229 28,754 38,714 ___________ (a) All years include operations in Croatia, Germany, Hungary, Japan, Poland, the Netherlands, Spain, Italy, the United Kingdom, and India; 2015 and 2014 include an investment in Norway; and 2015 includes investments in the Czech Republic and Slovakia. (b) Consists of Net investments in real estate and Equity investments in real estate. |
Reconciliation of Assets from Segment to Consolidated | Total Long-Lived Assets at December 31, Total Assets at December 31, 2015 2014 2015 2014 Net Lease $ 3,169,885 $ 3,078,900 $ 3,967,026 $ 3,800,141 Self-Storage 261,273 270,790 270,769 285,320 All Other 257,844 243,597 309,310 298,061 Corporate — — 78,910 222,375 Total Company $ 3,689,002 $ 3,593,287 $ 4,626,015 $ 4,605,897 |
Selected Quarterly Financial 42
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 98,750 $ 109,667 $ 108,202 $ 110,328 Expenses 54,108 53,795 54,253 56,736 Net income (a) 23,844 39,375 29,199 31,702 Net income attributable to noncontrolling interests (9,264 ) (10,935 ) (9,147 ) (10,569 ) Net income attributable to CPA ® :17 – Global $ 14,580 $ 28,440 $ 20,052 $ 21,133 Earnings per share attributable to CPA ® :17 – Global $ 0.04 $ 0.09 $ 0.06 $ 0.06 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenues $ 101,149 $ 98,786 $ 97,987 $ 98,784 Expenses 58,523 53,365 52,313 57,025 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 $ 8,801 $ 34,606 $ 10,289 $ 20,455 Earnings per share attributable to CPA ® :17 – Global $ 0.03 $ 0.11 $ 0.03 $ 0.06 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 __________ (a) Amounts for the three months ended June 30, 2014 and March 31, 2015 include gains on sale of real estate of $12.4 million and $2.2 million , respectively, recognized in connection with the I Shops Partial Sale ( Note 4 ). |
Organization (Narratives) (Deta
Organization (Narratives) (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2015ft²segmentpropertytenant | |
Real Estate Properties | |
Capital interest in operating partnership | 99.99% |
Number of tenants | tenant | 111 |
Square footage of real estate properties | ft² | 41 |
Number of real estate properties | 377 |
Number of reportable segments | segment | 2 |
Operating real estate | |
Real Estate Properties | |
Number of real estate properties | 72 |
Square footage of operating properties | ft² | 5 |
Self storage | |
Real Estate Properties | |
Number of real estate properties | 71 |
Hotel | |
Real Estate Properties | |
Number of real estate properties | 1 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies and Estimates (Narratives) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015shares | Dec. 31, 2015USD ($)vieshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012shares | Dec. 31, 2011shares | Jan. 01, 2016USD ($) | |
Property, Plant and Equipment | |||||||
Variable interest entities, count | vie | 14 | ||||||
Real estate taxes | $ 23.6 | $ 22.2 | $ 23.2 | ||||
Foreign currency translation (loss) gain | $ (2.3) | $ (2.9) | $ 3.5 | ||||
Subsequent Event | Other assets | New Accounting Pronouncement, Early Adoption, Effect | |||||||
Property, Plant and Equipment | |||||||
Deferred financing cost | $ (14.3) | ||||||
Subsequent Event | Non recourse debt | New Accounting Pronouncement, Early Adoption, Effect | |||||||
Property, Plant and Equipment | |||||||
Deferred financing cost | $ 14.3 | ||||||
Common Stock | |||||||
Property, Plant and Equipment | |||||||
Repurchase of shares, shares | shares | 3,089,139 | 4,048,280 | 2,798,365 | 1,918,540 | 1,818,685 | 1,826,959 | |
Common Stock | Restatement Adjustment | |||||||
Property, Plant and Equipment | |||||||
Reclassification adjustment | $ (52.5) | $ (34.3) | |||||
Treasury Stock | Restatement Adjustment | |||||||
Property, Plant and Equipment | |||||||
Reclassification adjustment | (77.9) | (52.5) | |||||
Additional Paid-In Capital | Restatement Adjustment | |||||||
Property, Plant and Equipment | |||||||
Reclassification adjustment | $ (52.5) | $ (34.3) | |||||
Building and building improvements | Maximum | |||||||
Property, Plant and Equipment | |||||||
Property plant and equipment (useful life) | 40 years | ||||||
Furniture and fixtures | Maximum | |||||||
Property, Plant and Equipment | |||||||
Property plant and equipment (useful life) | 7 years | ||||||
Consolidated Properties | |||||||
Property, Plant and Equipment | |||||||
Variable interest entities, count | vie | 8 | ||||||
Equity Investment | |||||||
Property, Plant and Equipment | |||||||
Variable interest entities, count | vie | 6 |
Agreements and Transactions w45
Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($) | Aug. 26, 2015 | Jul. 14, 2015 | Jul. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | Oct. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2013 |
Acquisitions and Disposition Fees | ||||||||||||
Preferred return by advisor | 5.00% | |||||||||||
Interest rate on unpaid deferred acquisition fees | 5.00% | |||||||||||
Asset Management Fees and Available Cash Distributions | ||||||||||||
Net asset value (usd per share) | $ 10.24 | $ 9.72 | ||||||||||
Percentage of asset management fees paid in cash | 50.00% | |||||||||||
Percentage of asset management fees paid in shares | 50.00% | 100.00% | 100.00% | |||||||||
Common stock shares outstanding, shares | 337,065,419 | 328,480,839 | ||||||||||
Percentage of available cash distribution to advisor | 10.00% | |||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Maximum personnel and overhead reimbursement, percentage | 2.40% | |||||||||||
Legal fee reimbursement rate | 0.25% | |||||||||||
Percentage limit on O&O | 15.00% | |||||||||||
Selling commission per share sold (usd per share) | $ 0.65 | |||||||||||
Dealer manager fee per share sold (usd per share) | $ 0.35 | |||||||||||
Underwriting compensation limit | 10.00% | |||||||||||
Offering proceeds reimbursed for due diligence expenses percentage | 0.50% | |||||||||||
Reimbursement threshold | 4.00% | |||||||||||
Reimbursed offering costs | $ 20,900,000 | |||||||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | $ 136,800,000 | ||||||||||
Repayment of notes payable to affiliate | 25,000,000 | $ 0 | $ 0 | |||||||||
Equity investment | $ 514,147,000 | $ 531,000,000 | ||||||||||
Office facility in Norway | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Ownership interest, percentage | 49.00% | |||||||||||
Net Assets | $ 108,300,000 | |||||||||||
Equity investment | $ 53,100,000 | |||||||||||
Office facility in Warsaw, Poland | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Ownership interest, percentage | 50.00% | |||||||||||
Net Assets | $ 147,900,000 | |||||||||||
Equity investment | $ 74,000,000 | |||||||||||
Forecast | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Maximum personnel and overhead reimbursement, percentage | 2.00% | 2.20% | ||||||||||
Adjusted net income | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Percentage of operating expenses reimbursements | 25.00% | |||||||||||
Average invested assets | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Percentage of operating expenses reimbursements | 2.00% | |||||||||||
Long-term net lease | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of acquisition fees | 4.50% | |||||||||||
Long-term net lease | Average market value | ||||||||||||
Asset Management Fees and Available Cash Distributions | ||||||||||||
Percentage of asset management fees | 0.50% | |||||||||||
Long-term net lease | Current | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of acquisition fees | 2.50% | |||||||||||
Long-term net lease | Deferred | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of acquisition fees | 2.00% | |||||||||||
Minimum | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Debt maturity date | Aug. 31, 2016 | |||||||||||
Ownership interest, percentage | 7.00% | |||||||||||
Minimum | Average equity value | ||||||||||||
Asset Management Fees and Available Cash Distributions | ||||||||||||
Percentage of asset management fees | 1.50% | |||||||||||
Minimum | Non-long term net lease | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of acquisition fees | 1.00% | |||||||||||
Maximum | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Debt maturity date | Aug. 31, 2039 | |||||||||||
Ownership interest, percentage | 97.00% | |||||||||||
Maximum | Real estate commission | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of subordinated disposition fees | 50.00% | |||||||||||
Maximum | Average equity value | ||||||||||||
Asset Management Fees and Available Cash Distributions | ||||||||||||
Percentage of asset management fees | 1.75% | |||||||||||
Maximum | Contract sales price of investment | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of subordinated disposition fees | 3.00% | |||||||||||
Maximum | Non-long term net lease | ||||||||||||
Acquisitions and Disposition Fees | ||||||||||||
Percentage of acquisition fees | 1.75% | |||||||||||
Advisor | ||||||||||||
Asset Management Fees and Available Cash Distributions | ||||||||||||
Common stock shares outstanding, shares | 10,404,985 | |||||||||||
Percentage of total common stock outstanding held by related party | 3.10% | |||||||||||
WPC | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Line of credit, maximum borrowing capacity | $ 75,000,000 | |||||||||||
Notes payable related party | $ 15,000,000 | $ 10,000,000 | ||||||||||
Debt maturity date | Dec. 30, 2015 | Dec. 30, 2015 | ||||||||||
Repayment of notes payable to affiliate | $ 25,000,000 | |||||||||||
WPC | LIBOR | ||||||||||||
Personnel And Office Rent Reimbursement | ||||||||||||
Basis spread | 1.10% |
Agreements and Transactions w46
Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts Included in the Consolidated Statements of Income | |||
Asset management fees | $ 29,192 | $ 26,694 | $ 21,953 |
Available Cash Distributions | 24,668 | 20,427 | 16,899 |
Personnel and overhead reimbursements | 12,199 | 11,931 | 10,536 |
Acquisition expenses | 430 | 2,637 | 11,448 |
Interest expense on deferred acquisition fees and loan from affiliate | 309 | 516 | 827 |
Operating expenses | 66,798 | 62,205 | 61,663 |
Acquisition Fees Capitalized | |||
Current acquisition fees | 8,180 | 3,979 | 4,777 |
Deferred acquisition fees | 6,325 | 2,510 | 3,063 |
Capitalized personnel and overhead reimbursements | 858 | 0 | 0 |
Transaction fees incurred | $ 15,363 | $ 6,489 | $ 7,840 |
Agreements and Transactions w47
Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due to Affiliates | ||
Deferred acquisition fees, including interest | $ 6,134 | $ 9,394 |
Reimbursable costs | 3,150 | 228 |
Asset management fees payable | 2,497 | 2,283 |
Current acquisition fees | 1,847 | 0 |
Accounts payable | 6 | 527 |
Subordinated disposition fees | 0 | 202 |
Due to Related Parties | $ 13,634 | $ 12,634 |
Net Investments in Properties48
Net Investments in Properties and Real Estate Under Construction (Narratives) (Details) $ in Thousands | Dec. 11, 2015USD ($) | Dec. 10, 2015USD ($) | Jul. 09, 2015USD ($) | Jun. 26, 2015USD ($)property | Feb. 26, 2015USD ($)property | Jan. 16, 2015USD ($) | Dec. 09, 2014USD ($) | Oct. 13, 2014USD ($) | Sep. 09, 2014USD ($) | Apr. 24, 2014USD ($) | Apr. 21, 2014USD ($) | Feb. 07, 2014USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Dec. 01, 2011 |
Foreign Currency Translation | ||||||||||||||||||
Effects of foreign currency translation on balance sheet item | $ (81,037) | $ (93,401) | $ 25,742 | |||||||||||||||
Acquisition | ||||||||||||||||||
Acquired finite-lived intangible asset, amount | 73,008 | |||||||||||||||||
Acquisition-related cost and fees, capitalized | 15,363 | $ 6,489 | 7,840 | |||||||||||||||
Number of construction projects put in service | property | 4 | |||||||||||||||||
Acquisition costs, expensed | 651 | $ 5,169 | 16,884 | |||||||||||||||
Gain on the sale of property | $ 2,197 | $ 13,338 | $ 659 | |||||||||||||||
Ishops | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Potential business acquisition, percentage of voting interest acquired | 15.00% | |||||||||||||||||
Gain on the sale of property | $ 14,600 | $ 2,200 | $ 12,400 | |||||||||||||||
Percentage of gain on sale recognized | 15.00% | 85.00% | ||||||||||||||||
Deferred gain on the sale of property | $ 2,200 | |||||||||||||||||
Real estate | ||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||
Effects of foreign currency translation on balance sheet item | $ (91,800) | |||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | 284,200 | $ 40,700 | ||||||||||||||||
Acquired finite-lived intangible asset, amount | 69,300 | 8,400 | ||||||||||||||||
Acquisition-related cost and fees, capitalized | 13,600 | 3,600 | ||||||||||||||||
Capitalized funds | 83,000 | |||||||||||||||||
Improvements | $ 8,000 | 3,600 | ||||||||||||||||
Real estate | Office building in Tucson, Arizona | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Loans assumed | $ 10,300 | |||||||||||||||||
Business Combinations | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | 37,700 | |||||||||||||||||
Land assumed | 5,000 | |||||||||||||||||
Building assumed | 26,800 | |||||||||||||||||
Intangible assets assumed | 6,600 | |||||||||||||||||
Purchase options assumed | 600 | |||||||||||||||||
Acquisition costs, expensed | $ 4,700 | |||||||||||||||||
Business Combinations | Office building in Tucson, Arizona | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 19,000 | |||||||||||||||||
Business Combinations | Office building in Plymouth, Minnesota | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 18,700 | |||||||||||||||||
Other Commitment | 7,300 | |||||||||||||||||
Lease inducement | $ 2,000 | |||||||||||||||||
Real estate under construction | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Number of properties acquired | property | 7 | |||||||||||||||||
Number of construction projects put in service | property | 4 | 1 | ||||||||||||||||
Capitalized funds | $ 20,064 | $ 74,420 | ||||||||||||||||
Number of open construction projects | property | 3 | |||||||||||||||||
Assets placed into service, value | $ 130,704 | 96,807 | ||||||||||||||||
Number of partially completed construction projects | property | 3 | |||||||||||||||||
Capitalized interest | $ 2,200 | 6,661 | ||||||||||||||||
Unfunded commitments | 2,800 | $ 12,500 | ||||||||||||||||
Ongoing Build-to-Suit Projects | Real estate under construction | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Capitalized funds | $ 7,400 | |||||||||||||||||
Number of open construction projects | property | 3 | |||||||||||||||||
New Build-to-Suit Projects | Real estate under construction | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Capitalized funds | $ 11,700 | |||||||||||||||||
Number of open construction projects | property | 1 | |||||||||||||||||
Completed construction projects put in service | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Number of construction projects put in service | property | 1 | 3 | ||||||||||||||||
Completed construction projects put in service | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Transfer of assets noncash | $ 81,900 | |||||||||||||||||
Partially completed projects put in service | Operating real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Transfer of assets noncash | $ 14,900 | |||||||||||||||||
Office facility in San Antonio, TX | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 22,200 | |||||||||||||||||
Warehouse facility in Mszczonów and Tomaszów Mazowiecki, Poland | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 63,800 | |||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||||
Bon-Ton Retail facilities | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 68,800 | |||||||||||||||||
Number of properties acquired | property | 4 | |||||||||||||||||
Warehouse facility in Sered, Slovakia | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 22,400 | |||||||||||||||||
Facility in Tuchomrice, Czech Republic | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 33,200 | |||||||||||||||||
Telecom Facility in Mokotow, Poland | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 73,800 | |||||||||||||||||
Industrial facility in New Concord, Ohio | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 4,400 | |||||||||||||||||
Office facility in Krakow, Poland | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 12,500 | |||||||||||||||||
Retail Facility in Gelsenkirchen, Germany | Real estate | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Investment purchase price | $ 23,800 |
Net Investments in Properties49
Net Investments in Properties and Real Estate Under Construction (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in real estate | ||
Less: Accumulated depreciation | $ (256,175) | $ (197,695) |
Net investments in properties | 2,678,223 | 2,471,879 |
Real estate | ||
Investments in real estate | ||
Land | 560,257 | 513,172 |
Buildings | 2,098,620 | 1,883,543 |
Less: Accumulated depreciation | (225,867) | (175,478) |
Net investments in properties | 2,433,010 | 2,221,237 |
Operating real estate | ||
Investments in real estate | ||
Land | 66,066 | 66,066 |
Buildings | 209,455 | 206,793 |
Less: Accumulated depreciation | (30,308) | (22,217) |
Net investments in properties | $ 245,213 | $ 250,642 |
Net Investments in Properties50
Net Investments in Properties and Real Estate Under Construction (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled Future Minimum Rents | |
2,016 | $ 262,532 |
2,017 | 263,582 |
2,018 | 266,243 |
2,019 | 267,337 |
2,020 | 270,545 |
Thereafter | 2,806,192 |
Total | $ 4,136,431 |
Net Investments in Properties51
Net Investments in Properties and Real Estate Under Construction (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Under Construction | ||
Beginning balance | $ 110,983 | |
Ending balance | 1,068 | $ 110,983 |
Real estate under construction | ||
Real Estate Under Construction | ||
Beginning balance | 110,983 | 127,935 |
Capitalized funds | 20,064 | 74,420 |
Placed into service | (130,704) | (96,807) |
Capitalized interest | 2,200 | 6,661 |
Foreign currency translation adjustments, building improvements, and other | (1,475) | (1,226) |
Ending balance | $ 1,068 | $ 110,983 |
Net Investments in Properties52
Net Investments in Properties and Real Estate Under Construction (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Asset Retirement Obligations | |||
Beginning balance | $ 23,271 | $ 22,076 | |
Additions | 825 | 0 | |
Accretion expense | 1,467 | 1,233 | |
Foreign currency translation adjustments and other | (139) | (38) | |
Asset Retirement Obligations, Noncurrent | $ 23,271 | $ 22,076 | $ 25,424 |
Finance Receivables (Narratives
Finance Receivables (Narratives) (Details) $ in Thousands | Feb. 03, 2015USD ($) | Jan. 08, 2015USD ($) | Dec. 14, 2010USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 26, 2015USD ($)property | Apr. 21, 2014USD ($) |
Accounts, Notes, Loans and Financing Receivable | ||||||||
Net investments in direct financing leases | $ 495,564 | $ 479,425 | ||||||
Acquisition costs, expensed | 651 | 5,169 | $ 16,884 | |||||
Lease receivable maturing in 2018 | 306,650 | |||||||
Financing receivable | 539,608 | 519,425 | ||||||
AR billed under DFL | 300 | $ 600 | ||||||
Retail Facilities | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Number of properties acquired | property | 2 | |||||||
Net investments in direct financing leases | $ 18,600 | |||||||
Acquisition fees capitalized | $ 1,200 | |||||||
Manufacturing facility in Bluffton Indiana | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Net investments in direct financing leases | $ 3,700 | |||||||
Acquisition fees capitalized | $ 300 | |||||||
New York Times Company | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Lease receivable maturing in 2018 | 250,000 | |||||||
127 West 23rd Investors, LLC | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Notes receivable interest rate | 7.00% | |||||||
Acquisition costs, expensed | $ 100 | |||||||
Financing receivable | $ 12,600 | 12,600 | ||||||
Notes receivable maturity date | Feb. 3, 2016 | |||||||
1185 Broadway LLC | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Notes receivable interest rate | 10.00% | |||||||
Acquisition costs, expensed | $ 300 | |||||||
Financing receivable | $ 30,000 | $ 31,400 | ||||||
Notes receivable maturity date | Jan. 8, 2016 | |||||||
China Alliance Properties Limited | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Notes receivable interest rate | 11.00% | |||||||
Financing receivable | $ 40,000 | |||||||
Notes receivable maturity date | Dec. 11, 2015 |
Finance Receivables (Details 1)
Finance Receivables (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net Investment in Direct Financing Leases | ||
Minimum lease payments receivable | $ 927,405 | $ 726,054 |
Unguaranteed residual value | 480,319 | 466,170 |
Gross minimum lease payments receivable | 1,407,724 | 1,192,224 |
Less: unearned income | (912,160) | (712,799) |
Net investment in direct financing leases | $ 495,564 | $ 479,425 |
Finance Receivables (Details 2)
Finance Receivables (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,016 | $ 55,140 |
2,017 | 55,829 |
2,018 | 306,650 |
2,019 | 57,177 |
2,020 | 57,732 |
Thereafter | 394,877 |
Total | 927,405 |
New York Times Company | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,018 | $ 250,000 |
Finance Receivables (Details 3)
Finance Receivables (Details 3) $ in Thousands | Dec. 31, 2015USD ($)tenant | Dec. 31, 2014USD ($)tenant |
Credit Quality Of Finanace Receivables: | ||
Financing receivable | $ 539,608 | $ 519,425 |
Internally Assigned Grade 1 | Direct Financing Method | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 0 | 0 |
Financing receivable | $ 0 | $ 0 |
Internally Assigned Grade 2 | Direct Financing Method | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 1 | 1 |
Financing receivable | $ 2,264 | $ 2,259 |
Internally Assigned Grade 3 | Direct Financing Method | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 11 | 9 |
Financing receivable | $ 429,212 | $ 429,245 |
Internally Assigned Grade 4 | Direct Financing Method | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 4 | 3 |
Financing receivable | $ 108,132 | $ 87,921 |
Internally Assigned Grade 5 | Direct Financing Method | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 0 | 0 |
Financing receivable | $ 0 | $ 0 |
Equity Investments in Real Es57
Equity Investments in Real Estate (Narratives) (Details) | Feb. 02, 2015USD ($) | Nov. 19, 2014USD ($) | Oct. 31, 2014USD ($) | May. 21, 2014USD ($) | Apr. 07, 2014USD ($) | Mar. 31, 2014USD ($) | Feb. 25, 2014USD ($) | Dec. 18, 2013USD ($)property | Aug. 20, 2013USD ($) | Dec. 27, 2012USD ($) | Nov. 16, 2012USD ($)$ / € | Oct. 31, 2013USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)property | Jul. 01, 2015 | Dec. 31, 2010 | Nov. 30, 2010 | Dec. 31, 2007property |
Schedule of Equity Method Investments | ||||||||||||||||||||
Non-recourse mortgage loans | $ 170,200,000 | $ 67,900,000 | $ 170,200,000 | |||||||||||||||||
Equity investments in real estate | 514,147,000 | 531,000,000 | $ 514,147,000 | |||||||||||||||||
Acquisition costs, expensed | $ 651,000 | 5,169,000 | $ 16,884,000 | |||||||||||||||||
Preferred return | 5.00% | |||||||||||||||||||
Equity in earnings (losses) of equity method investments in real estate | $ 14,667,000 | 24,073,000 | (9,500,000) | |||||||||||||||||
Payments to acquire equity method investments | 39,015,000 | 199,470,000 | 156,228,000 | |||||||||||||||||
Interest capitalized | $ 1,632,000 | 4,852,000 | 2,481,000 | |||||||||||||||||
Interest rate on debt | 1.10% | |||||||||||||||||||
Number of real estate properties | property | 377 | 377 | ||||||||||||||||||
Payments for construction in process | $ 24,258,000 | 68,901,000 | 91,402,000 | |||||||||||||||||
Acquisition-related cost and fees, capitalized | 15,363,000 | 6,489,000 | 7,840,000 | |||||||||||||||||
Deferred tax liability | 24,929,000 | 12,234,000 | $ 24,929,000 | |||||||||||||||||
Proceeds from equity method investment | 34,962,000 | 83,882,000 | 9,050,000 | |||||||||||||||||
Unamortized basis differences on our equity investments | 26,500,000 | 31,000,000 | 26,500,000 | |||||||||||||||||
Unconsolidated Equity Investments | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Proceeds from equity method investment | 52,100,000 | 28,700,000 | $ 18,100,000 | |||||||||||||||||
Shelborne Property Associates, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Construction loan | $ 125,000,000 | 154,900,000 | 154,900,000 | |||||||||||||||||
Payments for construction in process | $ 154,900,000 | |||||||||||||||||||
IDL Wheel Tenant, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Construction loan | $ 50,000,000 | |||||||||||||||||||
Interest rate on mortgage loan | 9.00% | |||||||||||||||||||
Debt instrument, maturity date | Nov. 30, 2017 | |||||||||||||||||||
Foreign currency exchange rate | $ / € | 1.278 | |||||||||||||||||||
BG LLH, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Equity in earnings (losses) of equity method investments in real estate | 11,500,000 | |||||||||||||||||||
Investment purchase price | $ 20,400,000 | |||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 400,000 | |||||||||||||||||||
Transfer of assets noncash | 8,300,000 | |||||||||||||||||||
BPS Nevada, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Equity investments in real estate | $ 18,200,000 | |||||||||||||||||||
Acquisition costs, expensed | $ 100,000 | $ 200,000 | ||||||||||||||||||
Increase in equity method investments | $ 9,100,000 | |||||||||||||||||||
Equity in earnings (losses) of equity method investments in real estate | 4,200,000 | |||||||||||||||||||
Ownership interest, percentage | 15.00% | |||||||||||||||||||
Bank Pekao S.A. | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Equity investments in real estate | $ 74,000,000 | |||||||||||||||||||
Net Assets | $ 147,900,000 | |||||||||||||||||||
Ownership interest, percentage | 50.00% | |||||||||||||||||||
Hellweg 2 | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Equity in earnings (losses) of equity method investments in real estate | $ 6,200,000 | |||||||||||||||||||
Real estate transfer tax | $ 8,100,000 | |||||||||||||||||||
Hellweg 2 | WPC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 63.00% | 63.00% | ||||||||||||||||||
Third Party | Shelborne Property Associates, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||||||||||
Third Party | IDL Wheel Tenant, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Payments to acquire equity method investments | 17,700,000 | |||||||||||||||||||
Interest capitalized | 600,000 | |||||||||||||||||||
Unfunded commitments | $ 0 | $ 0 | ||||||||||||||||||
Third Party | Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Indirect ownership interest in equity investments | 40.00% | 40.00% | ||||||||||||||||||
Propco | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 75.00% | |||||||||||||||||||
Propco | Hellweg 2 | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 95.00% | 70.00% | 25.00% | |||||||||||||||||
Number of real estate properties | property | 37 | |||||||||||||||||||
Increase in ownership interest in equity investments | 5.00% | |||||||||||||||||||
Real estate transfer tax | $ 21,900,000 | |||||||||||||||||||
WPC | C1000 Logistiek Vastgooed B.V | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Non-recourse mortgage loans | $ 72,500,000 | 82,700,000 | $ 72,500,000 | |||||||||||||||||
Share of the non-recourse debt | $ 61,700,000 | 70,300,000 | $ 61,700,000 | |||||||||||||||||
WPC | Hellweg 2 | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 37.00% | 37.00% | ||||||||||||||||||
CPA:14 | Hellweg 2 | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 33.00% | |||||||||||||||||||
CPA:15 | Hellweg 2 | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 40.00% | |||||||||||||||||||
CPA:16 | Hellweg 2 | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 27.00% | |||||||||||||||||||
Real estate | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Investment purchase price | $ 284,200,000 | 40,700,000 | ||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 13,600,000 | 3,600,000 | ||||||||||||||||||
Period One | BPS Nevada, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Preferred return | 8.00% | |||||||||||||||||||
Period Two | BPS Nevada, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Preferred return | 10.00% | |||||||||||||||||||
Period Three | BPS Nevada, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Preferred return | 12.00% | |||||||||||||||||||
Agrokor d.d. | Real estate | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Non-recourse mortgage loans | $ 42,900,000 | |||||||||||||||||||
Share of the non-recourse debt | $ 8,600,000 | |||||||||||||||||||
Equity investments in real estate | $ 19,400,000 | |||||||||||||||||||
Number of properties acquired | property | 5 | |||||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2020 | |||||||||||||||||||
Net Assets | $ 97,000,000 | |||||||||||||||||||
Ownership interest, percentage | 20.00% | |||||||||||||||||||
Interest rate on debt | 5.80% | |||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 6,300,000 | |||||||||||||||||||
Apply Sorco | Real estate | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Non-recourse mortgage loans | $ 53,300,000 | |||||||||||||||||||
Share of the non-recourse debt | 26,100,000 | |||||||||||||||||||
Equity investments in real estate | $ 53,100,000 | |||||||||||||||||||
Debt instrument, maturity date | Oct. 31, 2021 | |||||||||||||||||||
Net Assets | $ 108,300,000 | |||||||||||||||||||
Ownership interest, percentage | 49.00% | |||||||||||||||||||
Interest rate on debt | 4.40% | |||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 5,700,000 | |||||||||||||||||||
Deferred tax liability | $ 12,500,000 | |||||||||||||||||||
Bank Pekao S.A. | Business Combinations | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Non-recourse mortgage loans | $ 36,600,000 | |||||||||||||||||||
Share of the non-recourse debt | $ 73,100,000 | |||||||||||||||||||
Equity investments in real estate | $ 74,000,000 | |||||||||||||||||||
Acquisition costs, expensed | 8,400,000 | |||||||||||||||||||
Debt instrument, maturity date | Mar. 10, 2021 | |||||||||||||||||||
Net Assets | $ 147,900,000 | |||||||||||||||||||
Ownership interest, percentage | 50.00% | |||||||||||||||||||
Interest rate on debt | 3.30% | |||||||||||||||||||
State Farm | Real estate | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Non-recourse mortgage loans | $ 72,800,000 | |||||||||||||||||||
Share of the non-recourse debt | 36,400,000 | |||||||||||||||||||
Equity investments in real estate | $ 57,800,000 | |||||||||||||||||||
Debt instrument, maturity date | Sep. 10, 2023 | |||||||||||||||||||
Net Assets | $ 115,600,000 | |||||||||||||||||||
Ownership interest, percentage | 50.00% | |||||||||||||||||||
Interest rate on debt | 4.50% | |||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 5,600,000 | |||||||||||||||||||
Minimum | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 7.00% | 7.00% | ||||||||||||||||||
Maximum | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Ownership interest, percentage | 97.00% | 97.00% | ||||||||||||||||||
Initial Term | Minimum | Shelborne Property Associates, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Interest rate on mortgage loan | 6.00% | |||||||||||||||||||
Initial Term | Maximum | Shelborne Property Associates, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Interest rate on mortgage loan | 8.00% | |||||||||||||||||||
Extensions | Shelborne Property Associates, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Interest rate on mortgage loan | 10.00% | |||||||||||||||||||
Extensions | Minimum | Shelborne Property Associates, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Interest rate on mortgage loan | 10.00% | |||||||||||||||||||
Self storage | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Equity investments in real estate | $ 16,060,000 | 20,147,000 | $ 16,060,000 | |||||||||||||||||
Self storage | Third Party | Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | ||||||||||||||||||||
Schedule of Equity Method Investments | ||||||||||||||||||||
Equity investments in real estate | $ 16,060,000 | $ 20,147,000 | $ 16,060,000 | |||||||||||||||||
Ownership interest, percentage | 45.00% | 45.00% |
Equity Investments in Real Es58
Equity Investments in Real Estate (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | $ 14,667 | $ 24,073 | $ (9,500) |
Equity Method Investments | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | 18,227 | 28,348 | (5,607) |
Equity Method Investments | Net Lease | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | 21,692 | 12,571 | (1,261) |
Equity Method Investments | Self-Storage | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | (1,703) | (1,878) | (1,024) |
Equity Method Investments | All Other | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | (1,762) | 17,655 | (3,322) |
Amortization of Basis Difference on Equity Investments | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | (3,560) | (4,275) | (3,893) |
Amortization of Basis Difference on Equity Investments | Net Lease | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | (2,263) | (3,381) | (3,514) |
Amortization of Basis Difference on Equity Investments | Self-Storage | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | (155) | (155) | (66) |
Amortization of Basis Difference on Equity Investments | All Other | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings (losses) of equity method investments in real estate | $ (1,142) | $ (739) | $ (313) |
Equity Investments in Real Es59
Equity Investments in Real Estate (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 19, 2014 | Oct. 31, 2014 | Mar. 31, 2014 |
Ownership interest in equity investments: | |||||
Equity investments in real estate | $ 514,147 | $ 531,000 | |||
Net Lease | |||||
Ownership interest in equity investments: | |||||
Equity investments in real estate | 240,345 | 267,234 | |||
Self-Storage | |||||
Ownership interest in equity investments: | |||||
Equity investments in real estate | 16,060 | 20,147 | |||
All Other | |||||
Ownership interest in equity investments: | |||||
Equity investments in real estate | $ 257,742 | 243,619 | |||
C1000 Logistiek Vastgooed B.V | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 85.00% | ||||
Equity investments in real estate | $ 59,629 | 71,130 | |||
U-Haul Moving Partners, Inc. and Mercury Partners, LP | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 12.00% | ||||
Equity investments in real estate | $ 39,309 | 41,028 | |||
Bank Pekao S.A. | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 50.00% | ||||
Equity investments in real estate | $ 74,000 | ||||
Bank Pekao S.A. | CPA 18 - Global | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 50.00% | ||||
Equity investments in real estate | $ 25,785 | 31,045 | |||
BPS Nevada, LLC | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 15.00% | ||||
Equity investments in real estate | $ 18,200 | ||||
BPS Nevada, LLC | Net Lease | Third Party | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 15.00% | ||||
Equity investments in real estate | $ 22,007 | 21,850 | |||
State Farm | CPA 18 - Global | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 50.00% | ||||
Equity investments in real estate | $ 18,587 | 20,414 | |||
Berry Plastics Corporation | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 50.00% | ||||
Equity investments in real estate | $ 16,094 | 16,632 | |||
Apply Sorco | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 49.00% | ||||
Equity investments in real estate | $ 53,100 | ||||
Apply Sorco | CPA 18 - Global | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 49.00% | ||||
Equity investments in real estate | $ 15,170 | 19,076 | |||
Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) | WPC | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 37.00% | ||||
Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 37.00% | ||||
Equity investments in real estate | $ 12,212 | 9,935 | |||
Tesco plc | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 49.00% | ||||
Equity investments in real estate | $ 11,849 | 14,194 | |||
Agorkor (referred to as Agrokor 5) | CPA 18 - Global | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 20.00% | ||||
Equity investments in real estate | $ 7,858 | 8,760 | |||
Eroski Sociedad Cooperativa - Mallorca | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 30.00% | ||||
Equity investments in real estate | $ 6,790 | 7,662 | |||
Dick’s Sporting Goods, Inc. | WPC | Net Lease | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 45.00% | ||||
Equity investments in real estate | $ 5,055 | 5,508 | |||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | Self-Storage | Third Party | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 45.00% | ||||
Equity investments in real estate | $ 16,060 | 20,147 | |||
Shelborne Property Associates, LLC | All Other | Third Party | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 33.00% | ||||
Equity investments in real estate | $ 148,121 | 152,801 | |||
IDL Wheel Tenant, LLC | All Other | Third Party | |||||
Ownership interest in equity investments: | |||||
Equity investments in real estate | $ 44,387 | 30,049 | |||
BG LLH, LLC | All Other | Third Party | |||||
Ownership interest in equity investments: | |||||
Ownership interest, percentage | 7.00% | ||||
Equity investments in real estate | $ 37,720 | 42,587 | |||
BPS Nevada, LLC Preferred Equity | All Other | Third Party | |||||
Ownership interest in equity investments: | |||||
Equity investments in real estate | $ 27,514 | $ 18,182 |
Equity Investments in Real Es60
Equity Investments in Real Estate (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Method Investment, Summarized Financial Information | ||
Real estate assets | $ 3,378,044 | $ 3,271,264 |
Other assets | 728,439 | 761,924 |
Total assets | 4,106,483 | 4,033,188 |
Debt | (2,530,826) | (2,386,161) |
Accounts payable, accrued expenses and other liabilities | (325,315) | (242,703) |
Total liabilities | (2,856,141) | (2,628,864) |
Noncontrolling interests | 360 | 0 |
Partners’/members’ equity | $ 1,250,702 | $ 1,404,324 |
Equity Investments in Real Es61
Equity Investments in Real Estate (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investment, Summarized Financial Information, Income Statement | |||
Revenues | $ 779,875 | $ 595,228 | $ 381,169 |
Expenses | (791,224) | (546,170) | (368,302) |
(Loss) income from continuing operations | $ (11,349) | $ 49,058 | $ 12,867 |
Intangible Assets and Liabili62
Intangible Assets and Liabilities (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets Liabilities | |||
Net amortization of intangibles | $ 36,700,000 | $ 38,000,000 | $ 35,500,000 |
Goodwill impairment | $ 0 | ||
Minimum | |||
Intangible Assets Liabilities | |||
Weighted average useful life, intangible assets | 1 year | ||
Maximum | |||
Intangible Assets Liabilities | |||
Weighted average useful life, intangible assets | 53 years | ||
Ground lease | Maximum | |||
Intangible Assets Liabilities | |||
Weighted average useful life, intangible assets | 94 years |
Intangible Assets and Liabili63
Intangible Assets and Liabilities (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Intangible Assets Liabilities | |
Amortizable Intangible Assets | $ 73,008 |
Below-market rent | |
Acquired Intangible Assets Liabilities | |
Weighted-average useful life, intangible liabilities | 22 years 1 month 6 days |
Amortizable Intangible Liabilities | $ (1,833) |
In-place lease | |
Acquired Intangible Assets Liabilities | |
Weighted average useful life, intangible assets | 12 years |
Amortizable Intangible Assets | $ 67,299 |
Above-market rent | |
Acquired Intangible Assets Liabilities | |
Weighted average useful life, intangible assets | 10 years |
Amortizable Intangible Assets | $ 619 |
Below-market ground leases | |
Acquired Intangible Assets Liabilities | |
Weighted average useful life, intangible assets | 74 years |
Amortizable Intangible Assets | $ 5,090 |
Intangible Assets and Liabili64
Intangible Assets and Liabilities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | $ 689,330 | $ 651,241 |
Less: accumulated amortization | (164,362) | (135,863) |
Finite-lived intangible assets, net | 524,968 | 515,378 |
Unamortizable Intangible Assets | ||
Goodwill | 304 | 304 |
Total intangible assets, gross | 689,634 | 651,545 |
Total intangible assets, net | 525,272 | 515,682 |
Amortizable intangible liabilities | ||
Finite-lived intangible liabilities, gross | (118,097) | (118,032) |
Less: accumulated amortization | 21,396 | 13,310 |
Finite-lived intangible liabilities, net | (96,701) | (104,722) |
Below-market rent | ||
Amortizable intangible liabilities | ||
Finite-lived intangible liabilities, gross | (116,952) | (116,887) |
Less: accumulated amortization | 21,364 | 13,293 |
Finite-lived intangible liabilities, net | (95,588) | (103,594) |
Above-market ground lease | ||
Amortizable intangible liabilities | ||
Finite-lived intangible liabilities, gross | (1,145) | (1,145) |
Less: accumulated amortization | 32 | 17 |
Finite-lived intangible liabilities, net | (1,113) | (1,128) |
In-place lease and tenant relationship | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 588,858 | 551,569 |
Less: accumulated amortization | (143,635) | (119,125) |
Finite-lived intangible assets, net | 445,223 | 432,444 |
Above-market rent | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 88,288 | 92,548 |
Less: accumulated amortization | (20,405) | (16,539) |
Finite-lived intangible assets, net | 67,883 | 76,009 |
Below-market ground leases | ||
Amortizable intangible assets | ||
Finite-lived intangible assets, gross | 12,184 | 7,124 |
Less: accumulated amortization | (322) | (199) |
Finite-lived intangible assets, net | $ 11,862 | $ 6,925 |
Intangible Assets and Liabili65
Intangible Assets and Liabilities (Details 3) $ in Thousands | Dec. 31, 2015USD ($) |
Net | |
2,016 | $ 35,652 |
2,017 | 34,039 |
2,018 | 33,967 |
2,019 | 33,738 |
2,020 | 33,517 |
Thereafter | 257,354 |
Finite lived intangible assets liabilities, net | 428,267 |
Net Increase in Rental Income | |
Net | |
2,016 | (507) |
2,017 | (292) |
2,018 | (268) |
2,019 | (260) |
2,020 | (267) |
Thereafter | (26,111) |
Finite lived intangible assets liabilities, net | (27,705) |
Increase to Amortization/Property Expenses | |
Net | |
2,016 | 36,159 |
2,017 | 34,331 |
2,018 | 34,235 |
2,019 | 33,998 |
2,020 | 33,784 |
Thereafter | 283,465 |
Finite lived intangible assets liabilities, net | $ 455,972 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Impairment charges | $ 1,023 | $ 570 | $ 0 |
Deferred acquisition fees payable | |||
Fair Value Inputs | |||
Leverage adjusted unsecured spread | 2.03% | ||
Illiquidity Adjustment | 0.75% | ||
Equity investments in real estate | |||
Fair Value Inputs | |||
Cash flows discount rate | 11.75% | 6.00% | |
Discount rate | 10.50% | 6.25% | |
Cap rate | 9.50% | 5.75% | |
Nonrecurring | Level 3 | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Impairment charges | $ 1,023 | $ 1,336 | $ 3,778 |
Nonrecurring | Equity investments in real estate | Level 3 | |||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Impairment charges | $ 0 | $ 766 | $ 3,778 |
Fair Value Measurements (Detail
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value | Level 2 | ||
Fair Value, Balance Sheet Grouping | ||
Senior unsecured revolving credit facility | $ 113,162 | $ 0 |
Carrying Value | Level 3 | ||
Fair Value, Balance Sheet Grouping | ||
Non-recourse debt | 1,894,271 | 1,896,489 |
Loan receivable | 44,044 | 40,000 |
Other securities | 892 | 9,381 |
Deferred acquisition fees payable | 5,942 | 9,009 |
CMBS | 2,765 | 3,053 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping | ||
Senior unsecured revolving credit facility | 113,162 | 0 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping | ||
Non-recourse debt | 1,937,459 | 1,961,905 |
Loan receivable | 44,044 | 41,990 |
Other securities | 892 | 9,649 |
Deferred acquisition fees payable | 5,973 | 10,077 |
CMBS | $ 8,739 | $ 8,899 |
Fair Value Measurements (Deta68
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impairment Charges From Continuing Operations | |||
Impairment charges | $ 1,023 | $ 570 | $ 0 |
Nonrecurring | Level 3 | |||
Impairment Charges From Continuing Operations | |||
Impairment charges | 1,023 | 1,336 | 3,778 |
Nonrecurring | Level 3 | Equity investments in real estate | |||
Impairment Charges From Continuing Operations | |||
Fair Value Measurements | 0 | 7,662 | 23,278 |
Impairment charges | 0 | 766 | 3,778 |
Nonrecurring | Level 3 | Operating expenses | |||
Impairment Charges From Continuing Operations | |||
Impairment charges | 1,023 | 570 | 0 |
Nonrecurring | Level 3 | Operating expenses | CMBS | |||
Impairment Charges From Continuing Operations | |||
Fair Value Measurements | 1,478 | 1,808 | 0 |
Impairment charges | $ 1,023 | $ 570 | $ 0 |
Risk Management and Use of De69
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instrument Detail | ||
Collateral received | $ 0 | |
Total credit exposure on derivatives | 41,900,000 | |
Derivatives, net liability position | 11,400,000 | $ 18,500,000 |
Aggregate termination value for immediate settlement | 11,900,000 | $ 19,100,000 |
Other income and (expense) | ||
Derivative Instrument Detail | ||
Estimated amount reclassified from OCI to income, derivatives | 8,000,000 | |
Interest expense | ||
Derivative Instrument Detail | ||
Estimated amount reclassified from OCI to income, derivatives | 5,800,000 | |
Single Counterparty | ||
Derivative Instrument Detail | ||
Total credit exposure on derivatives | $ 17,500,000 | |
Lease revenue | KBR, Inc | ||
Derivative Instrument Detail | ||
Concentration risk, percentage | 11.00% | |
Lease revenue | A-American Self-Storage | ||
Derivative Instrument Detail | ||
Concentration risk, percentage | 7.00% | |
Lease revenue | New York Times Company | ||
Derivative Instrument Detail | ||
Concentration risk, percentage | 7.00% | |
Lease revenue | Metro Cash & Italia S.p.A | ||
Derivative Instrument Detail | ||
Concentration risk, percentage | 6.00% | |
Lease revenue | Agrokor d.d. | ||
Derivative Instrument Detail | ||
Concentration risk, percentage | 5.00% |
Risk Management and Use of De70
Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value | ||
Derivative assets, fair value, net | $ 43,945 | $ 32,094 |
Derivative liability, fair value, net | (10,841) | (17,458) |
Foreign currency forward contracts | Designated as hedging | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 41,850 | 24,051 |
Foreign currency forward contracts | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 0 | 5,120 |
Interest rate swap | Designated as hedging | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 0 | 71 |
Interest rate swap | Designated as hedging | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | (10,732) | (14,554) |
Foreign currency collars | Designated as hedging | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 4 | 0 |
Foreign currency collars | Designated as hedging | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | (109) | 0 |
Embedded derivatives | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 0 | 499 |
Stock warrants | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 1,782 | 1,848 |
Swaption | Not designated | Other assets | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 309 | 505 |
Swaption | Not designated | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | $ 0 | $ (2,904) |
Risk Management and Use of De71
Risk Management and Use of Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | $ 21,153 | $ 29,389 | $ 831 |
Foreign currency forward contracts | Cash Flow Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | 18,126 | 29,313 | (6,168) |
Foreign currency forward contracts | Net Investment Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | 417 | 484 | 0 |
Foreign currency forward contracts | Derivatives Formerly in Net Investment Hedging Relationships | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | 0 | 4,511 | (2,237) |
Interest rate swap | Cash Flow Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | 2,715 | (5,542) | 10,107 |
Foreign currency collars | Cash Flow Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | (107) | (290) | (2,059) |
Foreign currency collars | Net Investment Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | 2 | 0 | 0 |
Interest rate cap | Cash Flow Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | $ 0 | 913 | 1,188 |
Noncontrolling interest | Interest rate cap | Cash Flow Hedging | |||
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion) | |||
Derivatives, gain (loss) recognized in OCI, effective portion, net | $ 400 | $ 500 |
Risk Management and Use of De72
Risk Management and Use of Derivative Financial Instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) | |||
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | $ 246 | $ (6,074) | $ (6,333) |
Foreign currency forward contracts | Other income and (expense) | |||
Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) | |||
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | 8,083 | 1,145 | 909 |
Interest rate swap | Interest expense | |||
Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) | |||
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | (7,837) | (7,057) | (7,268) |
Interest rate cap | Interest expense | |||
Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) | |||
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | 0 | (913) | (1,189) |
Foreign currency collars | Other income and (expense) | |||
Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) | |||
Derivatives, gain (loss) reclassified from AOCI to Income, effective portion, net | $ 0 | $ 751 | $ 1,215 |
Risk Management and Use of De73
Risk Management and Use of Derivative Financial Instruments (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | $ 193 | $ 1,020 | $ 3,362 |
Swaption | Not designated | Other income and (expense) | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | (196) | (700) | 428 |
Embedded derivatives | Not designated | Other income and (expense) | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | 177 | 1,378 | 1,159 |
Stock warrants | Not designated | Other income and (expense) | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | (66) | 66 | 297 |
Foreign currency collars | Not designated | Other income and (expense) | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | (8) | 0 | 0 |
Foreign currency forward contracts | Not designated | Other income and (expense) | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | (16) | 364 | 1,266 |
Interest rate swap | Designated as hedging | Interest expense | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | $ 302 | $ (88) | $ 212 |
Risk Management and Use of De74
Risk Management and Use of Derivative Financial Instruments (Details 5) € in Thousands, $ in Thousands | Dec. 31, 2015USD ($)instrument | Dec. 31, 2015EUR (€)instrument |
Derivative | ||
Fair value | $ (10,423) | |
Cash Flow Hedging | Interest rate swap | USD | ||
Derivative | ||
Derivative number of instruments | instrument | 13 | 13 |
Derivative notional amount | $ 231,952 | |
Fair value | $ (7,112) | |
Cash Flow Hedging | Interest rate swap | Euro | ||
Derivative | ||
Derivative number of instruments | instrument | 7 | 7 |
Derivative notional amount | € | € 190,266 | |
Fair value | $ (3,620) | |
Not designated | Swaption | USD | ||
Derivative | ||
Derivative number of instruments | instrument | 1 | 1 |
Derivative notional amount | $ 13,230 | |
Fair value | $ 309 |
Risk Management and Use of De75
Risk Management and Use of Derivative Financial Instruments (Details 6) - Dec. 31, 2015 € in Thousands, $ in Thousands | USD ($)instrument | EUR (€)instrument |
Derivative Instrument Detail | ||
Derivative fair value | $ (10,423) | |
Cash Flow Hedging | Interest rate swap | ||
Derivative Instrument Detail | ||
Ownership interest, percentage | 85.00% | 85.00% |
Derivative number of instruments | instrument | 1 | 1 |
Derivative notional amount | € | € 11,102 | |
Derivative fair value | $ (516) |
Risk Management and Use of De76
Risk Management and Use of Derivative Financial Instruments (Details 7) € in Thousands, ¥ in Thousands, NOK in Thousands, $ in Thousands | Dec. 31, 2015USD ($)instrument | Dec. 31, 2015JPY (¥)instrument | Dec. 31, 2015NOKinstrument | Dec. 31, 2015EUR (€)instrument |
Derivative Instrument Detail | ||||
Fair value, foreign currency derivatives | $ 41,745 | |||
Cash Flow Hedging | Designated as hedging | Foreign currency forward contracts | Euro | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 79 | 79 | 79 | 79 |
Derivative notional amount | € | € 157,866 | |||
Fair value, foreign currency derivatives | $ 37,344 | |||
Cash Flow Hedging | Designated as hedging | Foreign currency forward contracts | NOK | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 17 | 17 | 17 | 17 |
Derivative notional amount | NOK | NOK 12,239 | |||
Fair value, foreign currency derivatives | $ 258 | |||
Cash Flow Hedging | Designated as hedging | Foreign currency collars | Euro | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 1 | 1 | 1 | 1 |
Derivative notional amount | € | € 6,100 | |||
Fair value, foreign currency derivatives | $ (109) | |||
Cash Flow Hedging | Designated as hedging | Foreign currency collars | NOK | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 3 | 3 | 3 | 3 |
Derivative notional amount | NOK | NOK 2,000 | |||
Fair value, foreign currency derivatives | $ 2 | |||
Net Investment Hedging | Designated as hedging | Foreign currency forward contracts | NOK | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 5 | 5 | 5 | 5 |
Derivative notional amount | NOK | NOK 7,996 | |||
Fair value, foreign currency derivatives | $ 168 | |||
Net Investment Hedging | Designated as hedging | Foreign currency forward contracts | JPY | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 9 | 9 | 9 | 9 |
Derivative notional amount | ¥ | ¥ 991,401 | |||
Fair value, foreign currency derivatives | $ 4,080 | |||
Net Investment Hedging | Designated as hedging | Foreign currency collars | NOK | ||||
Derivative Instrument Detail | ||||
Derivative number of instruments | instrument | 1 | 1 | 1 | 1 |
Derivative notional amount | NOK | NOK 2,500 | |||
Fair value, foreign currency derivatives | $ 2 |
Debt (Narratives) (Details)
Debt (Narratives) (Details) | Aug. 26, 2015USD ($) | Jul. 14, 2015 | Jul. 01, 2015 | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) |
Additional Debt Disclosures | |||||||
Mortgage notes payable, collateral | $ 2,800,000,000 | $ 2,900,000,000 | |||||
Mortgages acquired | loan | 6 | 5 | |||||
Non-recourse mortgage loans | $ 170,200,000 | $ 67,900,000 | |||||
Loans repaid | loan | 2 | ||||||
Payments of mortgage principal | $ 121,267,000 | $ 51,309,000 | $ 44,830,000 | ||||
Debt, weighted average interest rate | 2.90% | 3.70% | |||||
Debt instrument terms (years) | 8 years 7 months 6 days | 7 years 1 month 6 days | |||||
Loss on extinguishment of debt | $ 58,000 | $ 0 | 538,000 | ||||
Interest rate on debt | 1.10% | ||||||
Effects of foreign currency translation on balance sheet item | (81,037,000) | (93,401,000) | $ 25,742,000 | ||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | 136,800,000 | |||||
Commitment fee threshold | 50.00% | ||||||
Credit facility fees | $ 1,900,000 | ||||||
Line of credit outstanding | 113,162,000 | 0 | |||||
Restriction payment threshold | 100,000,000 | ||||||
Unamortized premium | $ (2,356,000) | ||||||
Minimum | |||||||
Additional Debt Disclosures | |||||||
Debt maturity date | Aug. 31, 2016 | ||||||
Credit facility fee, rate | 0.15% | ||||||
Maximum | |||||||
Additional Debt Disclosures | |||||||
Debt maturity date | Aug. 31, 2039 | ||||||
Credit facility fee, rate | 0.30% | ||||||
Investments made in prior years | |||||||
Additional Debt Disclosures | |||||||
Non-recourse mortgage loans | $ 37,400,000 | 57,800,000 | |||||
Current | |||||||
Additional Debt Disclosures | |||||||
Non-recourse mortgage loans | $ 132,800,000 | 10,100,000 | |||||
Fixed interest rate | |||||||
Additional Debt Disclosures | |||||||
Mortgage loan real estate, minimum interest rate | 2.00% | ||||||
Mortgage loan real estate, maximum interest rate | 7.50% | ||||||
Variable interest rate | |||||||
Additional Debt Disclosures | |||||||
Mortgage loan real estate, minimum interest rate | 1.60% | ||||||
Mortgage loan real estate, maximum interest rate | 6.10% | ||||||
Mortgages | |||||||
Additional Debt Disclosures | |||||||
Loans repaid | loan | 4 | ||||||
Payments of mortgage principal | $ 93,700,000 | ||||||
Debt, weighted average interest rate | 6.20% | ||||||
Non-recourse debt | |||||||
Additional Debt Disclosures | |||||||
Effects of foreign currency translation on balance sheet item | $ (52,300,000) | ||||||
Other mortgage loan | |||||||
Additional Debt Disclosures | |||||||
Non-recourse mortgage loans | $ 57,500,000 | ||||||
Debt instrument terms (years) | 4 years 10 months 24 days | ||||||
Loss on extinguishment of debt | $ 300,000 | ||||||
Other mortgage loan | WPC | |||||||
Additional Debt Disclosures | |||||||
Payments of mortgage principal | 15,900,000 | ||||||
Revolver | |||||||
Additional Debt Disclosures | |||||||
Debt maturity date | Aug. 26, 2018 | ||||||
Line of credit, maximum borrowing capacity | $ 200,000,000 | ||||||
Line of credit outstanding | $ 113,200,000 | ||||||
Revolver | LIBOR | |||||||
Additional Debt Disclosures | |||||||
Basis spread | 1.60% | ||||||
Term Loan | |||||||
Additional Debt Disclosures | |||||||
Line of credit, maximum borrowing capacity | $ 50,000,000 | ||||||
Euro Currency Rate | Revolver | Minimum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 1.50% | ||||||
Euro Currency Rate | Revolver | Maximum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 2.25% | ||||||
Euro Currency Rate | Term Loan | Minimum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 1.45% | ||||||
Euro Currency Rate | Term Loan | Maximum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 2.20% | ||||||
Base Rate | Revolver | Minimum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 0.50% | ||||||
Base Rate | Revolver | Maximum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 1.25% | ||||||
Base Rate | Term Loan | Minimum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 0.45% | ||||||
Base Rate | Term Loan | Maximum | |||||||
Additional Debt Disclosures | |||||||
Interest rate on debt | 1.20% | ||||||
Accordion | Revolver | |||||||
Additional Debt Disclosures | |||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||
Asset Acquisition | |||||||
Additional Debt Disclosures | |||||||
Loans assumed | 10,300,000 | ||||||
Unamortized premium | $ 1,300,000 | ||||||
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 | ||||||
Loss on extinguishment of debt | $ 300,000 | ||||||
Debt repayment | 22,100,000 | ||||||
WPC | |||||||
Additional Debt Disclosures | |||||||
Debt maturity date | Dec. 30, 2015 | Dec. 30, 2015 | |||||
Line of credit, maximum borrowing capacity | $ 75,000,000 | ||||||
WPC | LIBOR | |||||||
Additional Debt Disclosures | |||||||
Basis spread | 1.10% | ||||||
WPC | C 1000 BV [Member] | |||||||
Additional Debt Disclosures | |||||||
Non-recourse mortgage loans | 72,500,000 | 82,700,000 | |||||
Equity Method Investment Underlying Equity in Nonrecourse Debt | $ 61,700,000 | $ 70,300,000 |
Debt (Details 1)
Debt (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity | |
2,016 | $ 228,367 |
2,017 | 344,873 |
2,018 | 258,474 |
2,019 | 39,416 |
2,020 | 128,265 |
Thereafter through 2039 | 1,010,394 |
Long-term debt | 2,009,789 |
Unamortized discount, net | (2,356) |
Total | $ 2,007,433 |
Equity (Narratives) (Details)
Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions Per Share | |||||||||||
Distributions declared per share, (usd per share) | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.6500 | $ 0.6500 | $ 0.6500 |
Distributions payable | $ 54,775 | $ 53,378 | $ 54,775 | $ 53,378 |
Equity (Details 1)
Equity (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions Per Share | |||
Total distributions paid | $ 0.6500 | $ 0.6500 | $ 0.6500 |
Ordinary income | |||
Distributions Per Share | |||
Total distributions paid | 0.3220 | 0.3528 | 0.3104 |
Capital gain | |||
Distributions Per Share | |||
Total distributions paid | 0 | 0 | 0.0110 |
Return of capital | |||
Distributions Per Share | |||
Total distributions paid | $ 0.3280 | $ 0.2972 | $ 0.3286 |
Equity (Details 2)
Equity (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | $ (81,007) | $ (13,442) | $ (41,599) |
Other comprehensive (loss) income before reclassifications | (59,873) | (74,751) | 22,571 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (246) | 6,074 | 6,333 |
Net current-period Other comprehensive income (loss) | (60,119) | (68,677) | 28,904 |
Net current-period Other comprehensive income attributable to noncontrolling interests | 1,321 | 1,112 | (747) |
Ending balance | (139,805) | (81,007) | (13,442) |
Interest Expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,837 | 7,970 | 8,457 |
Other income and (expense) | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8,083) | (1,896) | (2,124) |
Gains and Losses on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | 7,311 | (16,717) | (19,250) |
Other comprehensive (loss) income before reclassifications | 21,135 | 18,365 | (3,265) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (246) | 6,074 | 6,333 |
Net current-period Other comprehensive income (loss) | 20,889 | 24,439 | 3,068 |
Net current-period Other comprehensive income attributable to noncontrolling interests | 0 | (411) | (535) |
Ending balance | 28,200 | 7,311 | (16,717) |
Gains and Losses on Derivative Instruments | Interest Expense | |||
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,837 | 7,970 | 8,457 |
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 | (8,083) | (1,896) | (2,124) |
Gains and Losses on Marketable Securities | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | (106) | (391) | (485) |
Other comprehensive (loss) income before reclassifications | 29 | 285 | 94 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Net current-period Other comprehensive income (loss) | 29 | 285 | 94 |
Net current-period Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Ending balance | (77) | (106) | (391) |
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 | 0 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | (88,212) | 3,666 | (21,864) |
Other comprehensive (loss) income before reclassifications | (81,037) | (93,401) | 25,742 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Net current-period Other comprehensive income (loss) | (81,037) | (93,401) | 25,742 |
Net current-period Other comprehensive income attributable to noncontrolling interests | 1,321 | 1,523 | (212) |
Ending balance | (167,928) | (88,212) | 3,666 |
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) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes | ||
Accrued interest related to uncertain tax position | $ 100 | $ 100 |
Deferred tax asset | 33,100 | 16,200 |
Deferred tax liability | 24,929 | 12,234 |
Deferred tax assets, valuation allowance | 29,000 | 13,100 |
Operating loss carryforward, federal | 30,800 | 11,800 |
Operating loss carry forward, state | 23,500 | 7,600 |
Operating loss carry forward, foreign | $ 32,000 | 46,600 |
Minimum | Federal | ||
Income Taxes | ||
Operating loss carryforwards, expiration date | Dec. 31, 2032 | |
Minimum | State and Local | ||
Income Taxes | ||
Operating loss carryforwards, expiration date | Dec. 31, 2017 | |
Minimum | Foreign | ||
Income Taxes | ||
Operating loss carryforwards, expiration date | Dec. 31, 2016 | |
Equity Method Investments | ||
Income Taxes | ||
Deferred tax assets, net of valuation allowance | $ 2,300 | $ 7,100 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal | |||
Current | $ 110 | $ 110 | $ 175 |
Deferred | 954 | 7,078 | 0 |
Total Federal | 1,064 | 7,188 | 175 |
State and Local | |||
Current | 840 | 426 | 771 |
Deferred | 1,312 | 0 | 0 |
Total State and Local | 2,152 | 426 | 771 |
Foreign | |||
Current | 3,787 | 2,600 | 2,369 |
Deferred | 1,882 | 511 | (1,848) |
Total Foreign | 5,669 | 3,111 | 521 |
Total Provision | $ 8,885 | $ 10,725 | $ 1,467 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||
Beginning balance | $ 589 | $ 857 |
Decrease due to lapse in statute of limitations | (362) | (216) |
Foreign currency translation adjustments | (29) | (52) |
Ending balance | $ 198 | $ 589 |
Property Dispositions and Dis85
Property Dispositions and Discontinued Operations (Narratives) (Details) $ in Thousands | Apr. 24, 2014USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of real estate, net of tax | $ 2,197 | $ 13,338 | $ 659 | |||
Income from discontinued operations, net of tax | 0 | 0 | 7,487 | |||
Payments of mortgage principal | $ 121,267 | $ 51,309 | 44,830 | |||
Hotel | Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of real estate, net of tax | $ 8,000 | |||||
Number of properties sold | property | 1 | |||||
Sales of real estate | $ 20,000 | |||||
Revenues | 3,800 | |||||
Expenses | 3,300 | |||||
Loss on extinguishment of debt | 1,000 | |||||
Income from discontinued operations, net of tax | 7,500 | |||||
Payments of mortgage principal | $ 5,100 | |||||
Ishops | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of real estate, net of tax | $ 14,600 | $ 2,200 | $ 12,400 | |||
Percentage of gain on sale recognized | 15.00% | 85.00% | ||||
Deferred gain on the sale of property | $ 2,200 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $ 110,328 | $ 108,202 | $ 109,667 | $ 98,750 | $ 98,784 | $ 97,987 | $ 98,786 | $ 101,149 | $ 426,947 | $ 396,706 | $ 362,772 |
Expenses | (56,736) | (54,253) | (53,795) | (54,108) | (57,025) | (52,313) | (53,365) | (58,523) | (218,892) | (221,226) | (216,832) |
Interest expense | (93,551) | (93,001) | (88,656) | ||||||||
Other income and expenses, excluding interest expense | 16,304 | 21,901 | 3,686 | ||||||||
Provision for income taxes | (8,885) | (10,725) | (1,467) | ||||||||
Gain on the sale of property | 2,197 | 13,338 | 659 | ||||||||
Net income attributable to noncontrolling interests | $ (10,569) | $ (9,147) | $ (10,935) | $ (9,264) | $ (8,332) | $ (9,193) | $ (7,640) | $ (7,677) | (39,915) | (32,842) | (28,935) |
Income from continuing operations attributable to CPA®:17 – Global | 84,205 | 74,151 | 31,227 | ||||||||
Operating Segments | Net Lease | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 366,904 | 340,791 | 307,185 | ||||||||
Expenses | (136,838) | (132,206) | (122,625) | ||||||||
Interest expense | (85,138) | (85,563) | (80,073) | ||||||||
Other income and expenses, excluding interest expense | 18,508 | 8,190 | (2,766) | ||||||||
Provision for income taxes | (7,458) | (9,486) | 1,011 | ||||||||
Gain on the sale of property | 2,197 | 12,451 | 659 | ||||||||
Net income attributable to noncontrolling interests | (15,247) | (12,415) | (12,036) | ||||||||
Income from continuing operations attributable to CPA®:17 – Global | 142,928 | 121,762 | 91,355 | ||||||||
Operating Segments | Self-Storage | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 46,418 | 42,091 | 35,993 | ||||||||
Expenses | (32,575) | (32,797) | (33,623) | ||||||||
Interest expense | (7,655) | (7,723) | (7,755) | ||||||||
Other income and expenses, excluding interest expense | (1,858) | (2,032) | (1,148) | ||||||||
Provision for income taxes | (167) | (192) | (281) | ||||||||
Gain on the sale of property | 0 | 790 | 0 | ||||||||
Income from continuing operations attributable to CPA®:17 – Global | 4,163 | 137 | (6,814) | ||||||||
Operating Segments | All Other | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 13,625 | 13,824 | 19,539 | ||||||||
Expenses | (1,712) | (7,215) | (16,874) | ||||||||
Interest expense | 404 | 906 | 106 | ||||||||
Other income and expenses, excluding interest expense | (1,691) | 17,541 | (3,603) | ||||||||
Provision for income taxes | (150) | (98) | (2) | ||||||||
Gain on the sale of property | 0 | 97 | 0 | ||||||||
Income from continuing operations attributable to CPA®:17 – Global | 10,476 | 25,055 | (834) | ||||||||
Corporate | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Net income attributable to noncontrolling interests | 24,668 | 20,427 | 16,899 | ||||||||
Unallocated Corporate Overhead | $ 48,694 | $ 52,376 | $ 35,581 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | $ 3,689,002 | $ 3,593,287 |
Assets | 4,626,015 | 4,605,897 |
Operating Segments | Net Lease | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 3,169,885 | 3,078,900 |
Assets | 3,967,026 | 3,800,141 |
Operating Segments | Self-Storage | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 261,273 | 270,790 |
Assets | 270,769 | 285,320 |
Operating Segments | All Other | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 257,844 | 243,597 |
Assets | 309,310 | 298,061 |
Corporate | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 0 | 0 |
Assets | $ 78,910 | $ 222,375 |
Segment Information (Details 3)
Segment Information (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $ 110,328 | $ 108,202 | $ 109,667 | $ 98,750 | $ 98,784 | $ 97,987 | $ 98,786 | $ 101,149 | $ 426,947 | $ 396,706 | $ 362,772 |
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 133,005 | 117,718 | 61,629 | ||||||||
Net income attributable to noncontrolling interests | (10,569) | (9,147) | (10,935) | (9,264) | (8,332) | (9,193) | (7,640) | (7,677) | (39,915) | (32,842) | (28,935) |
Net income attributable to CPA®:17 – Global | 21,133 | $ 20,052 | $ 28,440 | $ 14,580 | 20,455 | $ 10,289 | $ 34,606 | $ 8,801 | 84,205 | 74,151 | 38,714 |
Long-lived assets | 3,689,002 | 3,593,287 | 3,689,002 | 3,593,287 | |||||||
Non-recourse debt | 1,894,271 | 1,896,489 | 1,894,271 | 1,896,489 | |||||||
Texas | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 63,933 | 58,167 | 45,559 | ||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 9,321 | 8,151 | 2,789 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to CPA®:17 – Global | 9,317 | 8,110 | 2,731 | ||||||||
Long-lived assets | 338,710 | 332,209 | 338,710 | 332,209 | |||||||
Non-recourse debt | 269,798 | 261,531 | 269,798 | 261,531 | |||||||
Other Domestic | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 249,961 | 224,101 | 213,105 | ||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 77,930 | 70,196 | 28,928 | ||||||||
Net income attributable to noncontrolling interests | (37,173) | (32,093) | (28,297) | ||||||||
Net income attributable to CPA®:17 – Global | 37,402 | 29,977 | 7,229 | ||||||||
Long-lived assets | 2,187,513 | 2,122,702 | 2,187,513 | 2,122,702 | |||||||
Non-recourse debt | 1,107,468 | 1,092,109 | 1,107,468 | 1,092,109 | |||||||
International | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 113,053 | 114,438 | 104,108 | ||||||||
Income from continuing operations before income taxes and after gain on sale of real estate, net of tax | 45,754 | 39,371 | 29,912 | ||||||||
Net income attributable to noncontrolling interests | (2,742) | (749) | (638) | ||||||||
Net income attributable to CPA®:17 – Global | 37,486 | 36,064 | $ 28,754 | ||||||||
Long-lived assets | 1,162,779 | 1,138,376 | 1,162,779 | 1,138,376 | |||||||
Non-recourse debt | $ 517,005 | $ 542,849 | $ 517,005 | $ 542,849 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) (Narratives) (Details) - USD ($) $ in Thousands | Apr. 24, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition | ||||||
Gain on the sale of property | $ 2,197 | $ 13,338 | $ 659 | |||
Ishops | ||||||
Business Acquisition | ||||||
Gain on the sale of property | $ 14,600 | $ 2,200 | $ 12,400 | |||
Deferred gain on the sale of property | $ 2,200 |
Selected Quarterly Financial 90
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information | |||||||||||
Revenues | $ 110,328 | $ 108,202 | $ 109,667 | $ 98,750 | $ 98,784 | $ 97,987 | $ 98,786 | $ 101,149 | $ 426,947 | $ 396,706 | $ 362,772 |
Expenses | 56,736 | 54,253 | 53,795 | 54,108 | 57,025 | 52,313 | 53,365 | 58,523 | 218,892 | 221,226 | 216,832 |
Net Income | 31,702 | 29,199 | 39,375 | 23,844 | 28,787 | 19,482 | 42,246 | 16,478 | 124,120 | 106,993 | 67,649 |
Net income attributable to noncontrolling interests | (10,569) | (9,147) | (10,935) | (9,264) | (8,332) | (9,193) | (7,640) | (7,677) | (39,915) | (32,842) | (28,935) |
Net income attributable to CPA®:17 – Global | $ 21,133 | $ 20,052 | $ 28,440 | $ 14,580 | $ 20,455 | $ 10,289 | $ 34,606 | $ 8,801 | $ 84,205 | $ 74,151 | $ 38,714 |
Net income attributable to CPA®:17 – Global (usd per share) | $ 0.06 | $ 0.06 | $ 0.09 | $ 0.04 | $ 0.06 | $ 0.03 | $ 0.11 | $ 0.03 | $ 0.25 | $ 0.23 | $ 0.12 |
Distributions declared per share, (usd per share) | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.6500 | $ 0.6500 | $ 0.6500 |
Schedule II - Valuation and Q91
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 13,103 | $ 5,581 | $ 3,901 |
Change | 15,898 | 7,522 | 1,680 |
Balance at End of Year | $ 29,001 | $ 13,103 | $ 5,581 |
Schedule III - Real Estate an92
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) $ in Billions | Dec. 31, 2015USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures | |
Basis from federal income taxes | $ 3.9 |
Schedule III - Real Estate an93
Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,537,390 | |||
Initial Cost to Company | ||||
Land | 640,957 | |||
Buildings | 1,958,193 | |||
Cost Capitalized Subsequent to Acquisition | 375,603 | |||
Increase (Decrease) in Net Investments | (315,876) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 560,257 | |||
Buildings | 2,098,620 | |||
Total | 2,658,877 | |||
Accumulated Depreciation | 225,867 | |||
Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 204,292 | |||
Initial Cost to Company | ||||
Land | 22,013 | |||
Buildings | 469,166 | |||
Cost Capitalized Subsequent to Acquisition | 18,245 | |||
Increase (Decrease) in Net Investments | (13,860) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 495,564 | |||
Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 152,589 | |||
Initial Cost to Company | ||||
Land | 66,066 | |||
Buildings | 202,281 | |||
Cost Capitalized Subsequent to Acquisition | 7,178 | |||
Increase (Decrease) in Net Investments | (4) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 66,066 | |||
Buildings | 209,455 | |||
Total | 275,521 | $ 272,859 | $ 283,370 | $ 254,805 |
Accumulated Depreciation | 30,308 | $ 22,217 | $ 15,354 | $ 7,757 |
Industrial facility in Norfolk, NE | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,503 | |||
Initial Cost to Company | ||||
Land | 625 | |||
Buildings | 1,713 | |||
Cost 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 | $ 460 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Soest, Germany and warehouse facility in Bad Wünnenberg, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 3,193 | |||
Buildings | 45,932 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (15,335) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,196 | |||
Buildings | 31,594 | |||
Total | 33,790 | |||
Accumulated Depreciation | $ 6,315 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Learning center in Chicago, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,245 | |||
Initial Cost to Company | ||||
Land | 6,300 | |||
Buildings | 20,509 | |||
Cost 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 | $ 4,995 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 29,475 | |||
Initial Cost to Company | ||||
Land | 2,725 | |||
Buildings | 25,233 | |||
Cost 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 | 6,529 | |||
Industrial facility in Waldaschaff, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 10,373 | |||
Buildings | 16,708 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (13,122) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,294 | |||
Buildings | 8,665 | |||
Total | 13,959 | |||
Accumulated Depreciation | $ 3,904 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Sports facilities in Phoenix, AZ and Columbia, MD | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 35,396 | |||
Initial Cost to Company | ||||
Land | 14,500 | |||
Buildings | 48,865 | |||
Cost 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 | $ 8,485 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Birmingham, United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,350 | |||
Initial Cost to Company | ||||
Land | 3,591 | |||
Buildings | 15,810 | |||
Cost Capitalized Subsequent to Acquisition | 949 | |||
Increase (Decrease) in Net Investments | (1,616) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,283 | |||
Buildings | 15,451 | |||
Total | 18,734 | |||
Accumulated Depreciation | $ 2,332 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facilities in Gorzow, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,963 | |||
Initial Cost to Company | ||||
Land | 1,095 | |||
Buildings | 13,947 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (3,899) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 812 | |||
Buildings | 10,331 | |||
Total | 11,143 | |||
Accumulated Depreciation | $ 1,618 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Hoffman Estates, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,619 | |||
Initial Cost to Company | ||||
Land | 5,000 | |||
Buildings | 21,764 | |||
Cost 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 | $ 3,301 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in The Woodlands, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 36,386 | |||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings | 41,502 | |||
Cost 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 | $ 6,311 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facilities located throughout Spain | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 36,406 | |||
Initial Cost to Company | ||||
Land | 32,574 | |||
Buildings | 52,101 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (18,452) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 25,331 | |||
Buildings | 40,892 | |||
Total | 66,223 | |||
Accumulated Depreciation | $ 6,124 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Industrial facilities in Middleburg Heights and Union Township, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,902 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings | 10,793 | |||
Cost 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 | $ 1,596 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
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 Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,008 | |||
Initial Cost to Company | ||||
Land | 19,001 | |||
Buildings | 13,059 | |||
Cost 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 | 2,210 | |||
Industrial facility in Evansville, IN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,942 | |||
Initial Cost to Company | ||||
Land | 150 | |||
Buildings | 9,183 | |||
Cost 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 | $ 2,741 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Bristol, Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton, United Kingdom | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,780 | |||
Initial Cost to Company | ||||
Land | 8,639 | |||
Buildings | 2,019 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (374) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,321 | |||
Buildings | 1,963 | |||
Total | 10,284 | |||
Accumulated Depreciation | $ 398 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Warehouse facilities in Zagreb, Croatia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 38,247 | |||
Initial Cost to Company | ||||
Land | 31,941 | |||
Buildings | 45,904 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (13,148) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 26,395 | |||
Buildings | 38,302 | |||
Total | 64,697 | |||
Accumulated Depreciation | $ 7,236 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facilities in Tampa, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,494 | |||
Initial Cost to Company | ||||
Land | 18,300 | |||
Buildings | 32,856 | |||
Cost Capitalized Subsequent to Acquisition | 1,161 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,323 | |||
Buildings | 33,994 | |||
Total | 52,317 | |||
Accumulated Depreciation | $ 4,647 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Bowling Green, KY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 26,589 | |||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings | 3,946 | |||
Cost 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 | $ 4,092 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facility in Elorrio, Spain | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 19,924 | |||
Buildings | 3,981 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,180) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,013 | |||
Buildings | 3,712 | |||
Total | 21,725 | |||
Accumulated Depreciation | $ 510 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Gadki, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,983 | |||
Initial Cost to Company | ||||
Land | 1,134 | |||
Buildings | 1,183 | |||
Cost Capitalized Subsequent to Acquisition | 7,611 | |||
Increase (Decrease) in Net Investments | (2,269) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 872 | |||
Buildings | 6,787 | |||
Total | 7,659 | |||
Accumulated Depreciation | $ 805 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial and office facilities in Elberton, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 560 | |||
Buildings | 2,467 | |||
Cost 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 | $ 379 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Rincon and Unadilla, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 25,450 | |||
Initial Cost to Company | ||||
Land | 1,595 | |||
Buildings | 44,446 | |||
Cost 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 | $ 5,740 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Hartland, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,338 | |||
Initial Cost to Company | ||||
Land | 1,402 | |||
Buildings | 2,041 | |||
Cost 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 | $ 301 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 16,530 | |||
Initial Cost to Company | ||||
Land | 6,700 | |||
Buildings | 24,114 | |||
Cost Capitalized Subsequent to Acquisition | 194 | |||
Increase (Decrease) in Net Investments | (5,630) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,444 | |||
Buildings | 19,934 | |||
Total | 25,378 | |||
Accumulated Depreciation | $ 3,374 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Warehouse facilities located throughout the United States | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 108,331 | |||
Initial Cost to Company | ||||
Land | 31,735 | |||
Buildings | 129,011 | |||
Cost 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 | $ 17,592 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Madrid, Spain | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 22,230 | |||
Buildings | 81,508 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (17,749) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,423 | |||
Buildings | 67,566 | |||
Total | 85,989 | |||
Accumulated Depreciation | $ 8,444 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,329 | |||
Initial Cost to Company | ||||
Land | 1,838 | |||
Buildings | 2,432 | |||
Cost 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 | $ 491 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Retail facility in Las Vegas, NV | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 40,000 | |||
Initial Cost to Company | ||||
Land | 26,934 | |||
Buildings | 31,037 | |||
Cost 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 | $ 3,053 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Oxnard and Watsonville, CA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 42,735 | |||
Initial Cost to Company | ||||
Land | 16,036 | |||
Buildings | 67,300 | |||
Cost 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 | 8,371 | |||
Warehouse facility in Dillon, SC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,484 | |||
Initial Cost to Company | ||||
Land | 1,355 | |||
Buildings | 15,620 | |||
Cost 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 | $ 1,952 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Middleburg Heights, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 1,690 | |||
Cost 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 | $ 201 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Martinsville, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,392 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 1,998 | |||
Cost 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 | $ 1,318 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Land in Chicago, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,921 | |||
Initial Cost to Company | ||||
Land | 7,414 | |||
Buildings | 0 | |||
Cost 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 | |||
Industrial facility in Fraser, MI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,093 | |||
Initial Cost to Company | ||||
Land | 928 | |||
Buildings | 1,392 | |||
Cost Capitalized Subsequent to Acquisition | 6,193 | |||
Increase (Decrease) in Net Investments | (80) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 928 | |||
Buildings | 7,505 | |||
Total | 8,433 | |||
Accumulated Depreciation | $ 754 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Retail facilities located throughout Italy | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 176,206 | |||
Initial Cost to Company | ||||
Land | 91,691 | |||
Buildings | 262,377 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (69,024) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 73,390 | |||
Buildings | 211,654 | |||
Total | 285,044 | |||
Accumulated Depreciation | 24,784 | |||
Retail facilities in Delnice, Pozega, and Sesvete, Croatia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,868 | |||
Initial Cost to Company | ||||
Land | 2,687 | |||
Buildings | 24,820 | |||
Cost Capitalized Subsequent to Acquisition | 15,378 | |||
Increase (Decrease) in Net Investments | (8,977) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,234 | |||
Buildings | 30,674 | |||
Total | 33,908 | |||
Accumulated Depreciation | $ 4,169 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facility in Orlando, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 32,739 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 19,959 | |||
Increase (Decrease) in Net Investments | (32,739) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,577 | |||
Buildings | 14,382 | |||
Total | 19,959 | |||
Accumulated Depreciation | $ 558 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Land in Hudson, NY | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 775 | |||
Initial Cost to Company | ||||
Land | 2,080 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,080 | |||
Buildings | 0 | |||
Total | 2,080 | |||
Accumulated Depreciation | 0 | |||
Office facilities in Aurora, Eagan, and Virginia, MN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 92,400 | |||
Initial Cost to Company | ||||
Land | 13,546 | |||
Buildings | 110,173 | |||
Cost 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 | 14,968 | |||
Industrial facility in Chmielów, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,589 | |||
Initial Cost to Company | ||||
Land | 1,323 | |||
Buildings | 5,245 | |||
Cost Capitalized Subsequent to Acquisition | 30,804 | |||
Increase (Decrease) in Net Investments | (3,837) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,794 | |||
Buildings | 31,741 | |||
Total | 33,535 | |||
Accumulated Depreciation | $ 1,809 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in St. Louis, MO | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,007 | |||
Initial Cost to Company | ||||
Land | 954 | |||
Buildings | 4,665 | |||
Cost 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 | $ 448 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Industrial facility in Avon, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,570 | |||
Initial Cost to Company | ||||
Land | 926 | |||
Buildings | 4,975 | |||
Cost 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 | $ 519 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial facility in Elk Grove Village, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,062 | |||
Initial Cost to Company | ||||
Land | 1,269 | |||
Buildings | 11,317 | |||
Cost 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 | $ 1,799 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Learning centers in Montgomery, AL and Savannah, GA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,950 | |||
Initial Cost to Company | ||||
Land | 5,255 | |||
Buildings | 16,960 | |||
Cost 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 | $ 1,719 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Automotive dealerships in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee’s Summit, MO; Fayetteville, TN; and Fort Worth, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 17,283 | |||
Buildings | 32,225 | |||
Cost 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 | $ 4,751 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 16 years | |||
Office facility in Warrenville, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,956 | |||
Initial Cost to Company | ||||
Land | 3,698 | |||
Buildings | 28,635 | |||
Cost 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 | $ 2,705 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office and warehouse facilities in Zary, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,944 | |||
Initial Cost to Company | ||||
Land | 356 | |||
Buildings | 1,168 | |||
Cost Capitalized Subsequent to Acquisition | 6,910 | |||
Increase (Decrease) in Net Investments | (1,394) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 297 | |||
Buildings | 6,743 | |||
Total | 7,040 | |||
Accumulated Depreciation | $ 477 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Sterling, VA | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,070 | |||
Initial Cost to Company | ||||
Land | 3,118 | |||
Buildings | 14,007 | |||
Cost 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 | $ 1,819 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 128,200 | |||
Initial Cost to Company | ||||
Land | 19,331 | |||
Buildings | 123,084 | |||
Cost Capitalized Subsequent to Acquisition | 4,520 | |||
Increase (Decrease) in Net Investments | 2,899 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,331 | |||
Buildings | 130,503 | |||
Total | 149,834 | |||
Accumulated Depreciation | $ 13,645 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facility in Orlando, FL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 56,733 | |||
Initial Cost to Company | ||||
Land | 3,307 | |||
Buildings | 10,607 | |||
Cost Capitalized Subsequent to Acquisition | 103,914 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 26,000 | |||
Buildings | 91,828 | |||
Total | 117,828 | |||
Accumulated Depreciation | $ 1,658 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Eagan, MN | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,428 | |||
Initial Cost to Company | ||||
Land | 2,104 | |||
Buildings | 11,462 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (85) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,994 | |||
Buildings | 11,487 | |||
Total | 13,481 | |||
Accumulated Depreciation | $ 1,073 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Warehouse facility in Saitama Prefecture, Japan | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,596 | |||
Initial Cost to Company | ||||
Land | 17,292 | |||
Buildings | 28,575 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (14,565) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 11,801 | |||
Buildings | 19,501 | |||
Total | 31,302 | |||
Accumulated Depreciation | $ 2,383 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,060 | |||
Initial Cost to Company | ||||
Land | 5,059 | |||
Buildings | 28,294 | |||
Cost Capitalized Subsequent to Acquisition | 6,634 | |||
Increase (Decrease) in Net Investments | (6,823) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,928 | |||
Buildings | 27,236 | |||
Total | 33,164 | |||
Accumulated Depreciation | 2,105 | |||
Industrial facility in Portage, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,738 | |||
Initial Cost to Company | ||||
Land | 3,338 | |||
Buildings | 4,556 | |||
Cost 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 | $ 552 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Retail facility in Dallas, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,013 | |||
Initial Cost to Company | ||||
Land | 4,441 | |||
Buildings | 9,649 | |||
Cost 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 | $ 706 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Dillon, SC | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 26,000 | |||
Initial Cost to Company | ||||
Land | 3,096 | |||
Buildings | 2,281 | |||
Cost 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 | $ 1,593 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Land in Chicago, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 15,459 | |||
Buildings | 0 | |||
Cost 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 | |||
Office facility in Northbrook, IL | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,645 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 942 | |||
Cost 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 | $ 160 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Wageningen, Netherlands | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,559 | |||
Initial Cost to Company | ||||
Land | 4,790 | |||
Buildings | 24,301 | |||
Cost Capitalized Subsequent to Acquisition | 47 | |||
Increase (Decrease) in Net Investments | (4,868) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,028 | |||
Buildings | 20,242 | |||
Total | 24,270 | |||
Accumulated Depreciation | $ 1,286 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Gadki, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 31,437 | |||
Initial Cost to Company | ||||
Land | 9,219 | |||
Buildings | 48,578 | |||
Cost Capitalized Subsequent to Acquisition | 121 | |||
Increase (Decrease) in Net Investments | (9,613) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,688 | |||
Buildings | 40,617 | |||
Total | 48,305 | |||
Accumulated Depreciation | $ 2,754 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Automotive dealership in Lewisville, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,450 | |||
Initial Cost to Company | ||||
Land | 3,269 | |||
Buildings | 9,605 | |||
Cost 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 | $ 787 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Office facility in Auburn Hills, MI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,055 | |||
Initial Cost to Company | ||||
Land | 789 | |||
Buildings | 7,163 | |||
Cost 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 | $ 428 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Haibach, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,100 | |||
Initial Cost to Company | ||||
Land | 2,544 | |||
Buildings | 11,114 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,652) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,050 | |||
Buildings | 8,956 | |||
Total | 11,006 | |||
Accumulated Depreciation | $ 743 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Houston, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 31,200 | |||
Initial Cost to Company | ||||
Land | 7,898 | |||
Buildings | 37,474 | |||
Cost Capitalized Subsequent to Acquisition | 750 | |||
Increase (Decrease) in Net Investments | 1,619 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,898 | |||
Buildings | 39,843 | |||
Total | 47,741 | |||
Accumulated Depreciation | $ 2,888 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Tempe, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,800 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 16,996 | |||
Cost Capitalized Subsequent to Acquisition | 4,272 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 21,268 | |||
Total | 21,268 | |||
Accumulated Depreciation | $ 1,147 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Tucson, AZ | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,917 | |||
Initial Cost to Company | ||||
Land | 2,440 | |||
Buildings | 11,175 | |||
Cost 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 | $ 659 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Industrial facility in Drunen, Netherlands | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 990 | |||
Buildings | 6,328 | |||
Cost Capitalized Subsequent to Acquisition | 6,700 | |||
Increase (Decrease) in Net Investments | 144 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 961 | |||
Buildings | 13,201 | |||
Total | 14,162 | |||
Accumulated Depreciation | $ 241 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in New Concord, OH | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,680 | |||
Initial Cost to Company | ||||
Land | 784 | |||
Buildings | 2,636 | |||
Cost 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 | 153 | |||
Office facility in Krakow, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,529 | |||
Initial Cost to Company | ||||
Land | 2,771 | |||
Buildings | 6,549 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,479) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,331 | |||
Buildings | 5,510 | |||
Total | 7,841 | |||
Accumulated Depreciation | $ 207 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facility in Gelsenkirchen, Germany | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,060 | |||
Buildings | 17,534 | |||
Cost Capitalized Subsequent to Acquisition | 123 | |||
Increase (Decrease) in Net Investments | (2,713) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,775 | |||
Buildings | 15,229 | |||
Total | 17,004 | |||
Accumulated Depreciation | $ 584 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Office facility in Plymouth, Minnesota | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,250 | |||
Initial Cost to Company | ||||
Land | 2,601 | |||
Buildings | 15,599 | |||
Cost Capitalized Subsequent to Acquisition | 3,256 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,601 | |||
Buildings | 18,855 | |||
Total | 21,456 | |||
Accumulated Depreciation | $ 561 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in San Antonio, TX | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,569 | |||
Initial Cost to Company | ||||
Land | 3,131 | |||
Buildings | 13,124 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,131 | |||
Buildings | 13,124 | |||
Total | 16,255 | |||
Accumulated Depreciation | $ 372 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facilities in Mszczonów and Tomaszów Mazowiecki, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 32,002 | |||
Initial Cost to Company | ||||
Land | 10,108 | |||
Buildings | 35,856 | |||
Cost Capitalized Subsequent to Acquisition | 8 | |||
Increase (Decrease) in Net Investments | (1,772) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,716 | |||
Buildings | 34,484 | |||
Total | 44,200 | |||
Accumulated Depreciation | $ 969 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 42,284 | |||
Initial Cost to Company | ||||
Land | 20,936 | |||
Buildings | 34,627 | |||
Cost Capitalized Subsequent to Acquisition | 98 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,936 | |||
Buildings | 34,725 | |||
Total | 55,661 | |||
Accumulated Depreciation | 759 | |||
Warehouse facility in Sered, Slovakia | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,391 | |||
Initial Cost to Company | ||||
Land | 4,059 | |||
Buildings | 15,297 | |||
Cost Capitalized Subsequent to Acquisition | 61 | |||
Increase (Decrease) in Net Investments | (202) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,017 | |||
Buildings | 15,198 | |||
Total | 19,215 | |||
Accumulated Depreciation | $ 233 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Industrial facility in Tuchomerice, Czech Republic | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,466 | |||
Initial Cost to Company | ||||
Land | 9,424 | |||
Buildings | 21,860 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,424 | |||
Buildings | 21,861 | |||
Total | 31,285 | |||
Accumulated Depreciation | $ 37 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Warsaw, Poland | Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 54,296 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 54,297 | |||
Total | 54,297 | |||
Accumulated Depreciation | $ 80 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial and office facilities in Nagold, Germany | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 6,012 | |||
Buildings | 41,493 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (28,529) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 18,976 | |||
Industrial facilities in Mayodan, Sanford, and Stoneville, NC | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 3,100 | |||
Buildings | 35,766 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,070) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 36,796 | |||
Industrial facility in Glendale Heights, IL | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,527 | |||
Initial Cost to Company | ||||
Land | 3,820 | |||
Buildings | 11,148 | |||
Cost Capitalized Subsequent to Acquisition | 18,245 | |||
Increase (Decrease) in Net Investments | 2,758 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 35,971 | |||
Office facility in New York City, NY | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 107,483 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 233,720 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 13,620 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 247,340 | |||
Industrial facilities in Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,488 | |||
Initial Cost to Company | ||||
Land | 1,730 | |||
Buildings | 20,778 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (736) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 21,772 | |||
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,788 | |||
Initial Cost to Company | ||||
Land | 508 | |||
Buildings | 24,009 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,202) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 22,315 | |||
Retail facilities in Dugo Selo and Samobor, Croatia | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,211 | |||
Initial Cost to Company | ||||
Land | 1,804 | |||
Buildings | 11,618 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,492) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 10,930 | |||
Warehouse facility in Oxnard, CA | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,766 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 8,957 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 193 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,150 | |||
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,888 | |||
Initial Cost to Company | ||||
Land | 3,750 | |||
Buildings | 50,177 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 4,864 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 58,791 | |||
Industrial facility in Clarksville, TN | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,373 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 7,291 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 348 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 8,239 | |||
Industrial facility in Countryside, IL | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,984 | |||
Initial Cost to Company | ||||
Land | 425 | |||
Buildings | 1,800 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 39 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 2,264 | |||
Industrial facility in Bluffton, IN | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,898 | |||
Initial Cost to Company | ||||
Land | 264 | |||
Buildings | 3,407 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 20 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,691 | |||
Retail facilities in Joliet, Illinois and Greendale, Wisconsin | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,886 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 19,002 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 327 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 19,329 | |||
Fort Worth, TX | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,538 | |||
Initial Cost to Company | ||||
Land | 610 | |||
Buildings | 2,672 | |||
Cost Capitalized Subsequent to Acquisition | 53 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 610 | |||
Buildings | 2,725 | |||
Total | 3,335 | |||
Accumulated Depreciation | $ 386 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Anaheim, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,149 | |||
Initial Cost to Company | ||||
Land | 1,040 | |||
Buildings | 1,166 | |||
Cost Capitalized Subsequent to Acquisition | 96 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,040 | |||
Buildings | 1,262 | |||
Total | 2,302 | |||
Accumulated Depreciation | $ 196 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Apple Valley, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,300 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings | 3,910 | |||
Cost Capitalized Subsequent to Acquisition | 155 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 400 | |||
Buildings | 4,065 | |||
Total | 4,465 | |||
Accumulated Depreciation | $ 531 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Apple Valley, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,446 | |||
Initial Cost to Company | ||||
Land | 230 | |||
Buildings | 2,196 | |||
Cost Capitalized Subsequent to Acquisition | 56 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 230 | |||
Buildings | 2,252 | |||
Total | 2,482 | |||
Accumulated Depreciation | $ 307 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 849 | |||
Initial Cost to Company | ||||
Land | 370 | |||
Buildings | 3,133 | |||
Cost Capitalized Subsequent to Acquisition | 355 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 370 | |||
Buildings | 3,488 | |||
Total | 3,858 | |||
Accumulated Depreciation | $ 535 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,130 | |||
Initial Cost to Company | ||||
Land | 690 | |||
Buildings | 3,238 | |||
Cost 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 | |||
Total | 4,008 | |||
Accumulated Depreciation | $ 447 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,013 | |||
Initial Cost to Company | ||||
Land | 690 | |||
Buildings | 3,298 | |||
Cost Capitalized Subsequent to Acquisition | 64 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 690 | |||
Buildings | 3,362 | |||
Total | 4,052 | |||
Accumulated Depreciation | $ 444 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,714 | |||
Initial Cost to Company | ||||
Land | 480 | |||
Buildings | 3,297 | |||
Cost Capitalized Subsequent to Acquisition | 94 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 480 | |||
Buildings | 3,391 | |||
Total | 3,871 | |||
Accumulated Depreciation | $ 586 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Fresno, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,638 | |||
Initial Cost to Company | ||||
Land | 601 | |||
Buildings | 7,300 | |||
Cost Capitalized Subsequent to Acquisition | 227 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 601 | |||
Buildings | 7,527 | |||
Total | 8,128 | |||
Accumulated Depreciation | $ 1,610 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Grand Terrace, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 728 | |||
Initial Cost to Company | ||||
Land | 950 | |||
Buildings | 1,903 | |||
Cost Capitalized Subsequent to Acquisition | 110 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 950 | |||
Buildings | 2,013 | |||
Total | 2,963 | |||
Accumulated Depreciation | $ 354 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Harbor City, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,293 | |||
Initial Cost to Company | ||||
Land | 1,487 | |||
Buildings | 810 | |||
Cost Capitalized Subsequent to Acquisition | 107 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,487 | |||
Buildings | 917 | |||
Total | 2,404 | |||
Accumulated Depreciation | $ 152 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
San Diego, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,273 | |||
Initial Cost to Company | ||||
Land | 7,951 | |||
Buildings | 3,926 | |||
Cost Capitalized Subsequent to Acquisition | 248 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,951 | |||
Buildings | 4,174 | |||
Total | 12,125 | |||
Accumulated Depreciation | $ 642 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Palm Springs, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,511 | |||
Initial Cost to Company | ||||
Land | 1,287 | |||
Buildings | 3,124 | |||
Cost 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 | |||
Total | 4,476 | |||
Accumulated Depreciation | $ 489 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Palmdale, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,773 | |||
Initial Cost to Company | ||||
Land | 940 | |||
Buildings | 4,263 | |||
Cost Capitalized Subsequent to Acquisition | 269 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 940 | |||
Buildings | 4,532 | |||
Total | 5,472 | |||
Accumulated Depreciation | $ 640 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Palmdale, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,081 | |||
Initial Cost to Company | ||||
Land | 1,220 | |||
Buildings | 2,954 | |||
Cost Capitalized Subsequent to Acquisition | 100 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,220 | |||
Buildings | 3,054 | |||
Total | 4,274 | |||
Accumulated Depreciation | $ 421 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Riverside, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,124 | |||
Initial Cost to Company | ||||
Land | 560 | |||
Buildings | 1,492 | |||
Cost Capitalized Subsequent to Acquisition | 93 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 560 | |||
Buildings | 1,585 | |||
Total | 2,145 | |||
Accumulated Depreciation | $ 234 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Rosamond, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,700 | |||
Initial Cost to Company | ||||
Land | 460 | |||
Buildings | 3,220 | |||
Cost Capitalized Subsequent to Acquisition | 54 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 460 | |||
Buildings | 3,274 | |||
Total | 3,734 | |||
Accumulated Depreciation | $ 449 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Rubidoux, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,247 | |||
Initial Cost to Company | ||||
Land | 514 | |||
Buildings | 1,653 | |||
Cost Capitalized Subsequent to Acquisition | 93 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 514 | |||
Buildings | 1,746 | |||
Total | 2,260 | |||
Accumulated Depreciation | $ 234 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
South Gate, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,774 | |||
Initial Cost to Company | ||||
Land | 1,597 | |||
Buildings | 2,067 | |||
Cost Capitalized Subsequent to Acquisition | 102 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,597 | |||
Buildings | 2,169 | |||
Total | 3,766 | |||
Accumulated Depreciation | $ 337 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Kailua-Kona, HI | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 832 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings | 1,108 | |||
Cost 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 | |||
Total | 2,167 | |||
Accumulated Depreciation | $ 207 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Chicago, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,342 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 4,124 | |||
Cost Capitalized Subsequent to Acquisition | 198 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 600 | |||
Buildings | 4,322 | |||
Total | 4,922 | |||
Accumulated Depreciation | $ 588 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Chicago, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,322 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings | 2,074 | |||
Cost Capitalized Subsequent to Acquisition | 212 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 400 | |||
Buildings | 2,286 | |||
Total | 2,686 | |||
Accumulated Depreciation | $ 317 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Rockford, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,363 | |||
Initial Cost to Company | ||||
Land | 548 | |||
Buildings | 1,881 | |||
Cost 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 | |||
Total | 2,434 | |||
Accumulated Depreciation | $ 345 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Rockford, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 250 | |||
Initial Cost to Company | ||||
Land | 114 | |||
Buildings | 633 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 114 | |||
Buildings | 642 | |||
Total | 756 | |||
Accumulated Depreciation | $ 116 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Rockford, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,319 | |||
Initial Cost to Company | ||||
Land | 380 | |||
Buildings | 2,321 | |||
Cost Capitalized Subsequent to Acquisition | 19 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 380 | |||
Buildings | 2,340 | |||
Total | 2,720 | |||
Accumulated Depreciation | $ 422 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Kihei, HI | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,372 | |||
Initial Cost to Company | ||||
Land | 2,523 | |||
Buildings | 7,481 | |||
Cost Capitalized Subsequent to Acquisition | 631 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,523 | |||
Buildings | 8,112 | |||
Total | 10,635 | |||
Accumulated Depreciation | $ 889 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,875 | |||
Initial Cost to Company | ||||
Land | 1,060 | |||
Buildings | 3,138 | |||
Cost Capitalized Subsequent to Acquisition | 73 | |||
Increase (Decrease) in Net Investments | (464) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,060 | |||
Buildings | 2,747 | |||
Total | 3,807 | |||
Accumulated Depreciation | $ 478 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,999 | |||
Initial Cost to Company | ||||
Land | 767 | |||
Buildings | 2,230 | |||
Cost Capitalized Subsequent to Acquisition | 83 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 767 | |||
Buildings | 2,313 | |||
Total | 3,080 | |||
Accumulated Depreciation | $ 408 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
National City, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,517 | |||
Initial Cost to Company | ||||
Land | 3,158 | |||
Buildings | 1,483 | |||
Cost Capitalized Subsequent to Acquisition | 86 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,158 | |||
Buildings | 1,569 | |||
Total | 4,727 | |||
Accumulated Depreciation | $ 247 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Mundelein, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,553 | |||
Initial Cost to Company | ||||
Land | 1,080 | |||
Buildings | 5,287 | |||
Cost Capitalized Subsequent to Acquisition | 217 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,080 | |||
Buildings | 5,504 | |||
Total | 6,584 | |||
Accumulated Depreciation | $ 959 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Pearl City, HI | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,450 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 5,141 | |||
Cost Capitalized Subsequent to Acquisition | 502 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 5,643 | |||
Total | 5,643 | |||
Accumulated Depreciation | $ 1,188 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Palm Springs, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 1,019 | |||
Buildings | 2,131 | |||
Cost Capitalized Subsequent to Acquisition | 257 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,019 | |||
Buildings | 2,388 | |||
Total | 3,407 | |||
Accumulated Depreciation | $ 364 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Loves Park, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,214 | |||
Initial Cost to Company | ||||
Land | 394 | |||
Buildings | 3,390 | |||
Cost Capitalized Subsequent to Acquisition | 38 | |||
Increase (Decrease) in Net Investments | (139) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 394 | |||
Buildings | 3,289 | |||
Total | 3,683 | |||
Accumulated Depreciation | $ 712 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Mundelein, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 747 | |||
Initial Cost to Company | ||||
Land | 535 | |||
Buildings | 1,757 | |||
Cost 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 | |||
Total | 2,336 | |||
Accumulated Depreciation | $ 393 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Chicago, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,158 | |||
Initial Cost to Company | ||||
Land | 1,049 | |||
Buildings | 5,672 | |||
Cost Capitalized Subsequent to Acquisition | 183 | |||
Increase (Decrease) in Net Investments | (3) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,049 | |||
Buildings | 5,852 | |||
Total | 6,901 | |||
Accumulated Depreciation | $ 825 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Bakersfield, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,500 | |||
Initial Cost to Company | ||||
Land | 1,068 | |||
Buildings | 2,115 | |||
Cost Capitalized Subsequent to Acquisition | 93 | |||
Increase (Decrease) in Net Investments | 464 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,068 | |||
Buildings | 2,672 | |||
Total | 3,740 | |||
Accumulated Depreciation | $ 392 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Beaumont, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,610 | |||
Initial Cost to Company | ||||
Land | 1,616 | |||
Buildings | 2,873 | |||
Cost Capitalized Subsequent to Acquisition | 82 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,616 | |||
Buildings | 2,955 | |||
Total | 4,571 | |||
Accumulated Depreciation | $ 388 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Victorville, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,200 | |||
Initial Cost to Company | ||||
Land | 299 | |||
Buildings | 1,766 | |||
Cost 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 | |||
Total | 2,101 | |||
Accumulated Depreciation | $ 250 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Victorville, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,021 | |||
Initial Cost to Company | ||||
Land | 190 | |||
Buildings | 1,756 | |||
Cost Capitalized Subsequent to Acquisition | 82 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 190 | |||
Buildings | 1,838 | |||
Total | 2,028 | |||
Accumulated Depreciation | $ 241 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
San Bernardino, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 698 | |||
Buildings | 1,397 | |||
Cost Capitalized Subsequent to Acquisition | 90 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 698 | |||
Buildings | 1,487 | |||
Total | 2,185 | |||
Accumulated Depreciation | $ 182 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Peoria, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,230 | |||
Initial Cost to Company | ||||
Land | 549 | |||
Buildings | 2,424 | |||
Cost Capitalized Subsequent to Acquisition | 32 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 549 | |||
Buildings | 2,456 | |||
Total | 3,005 | |||
Accumulated Depreciation | $ 421 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
East Peoria, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,775 | |||
Initial Cost to Company | ||||
Land | 409 | |||
Buildings | 1,816 | |||
Cost Capitalized Subsequent to Acquisition | 45 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 409 | |||
Buildings | 1,861 | |||
Total | 2,270 | |||
Accumulated Depreciation | $ 297 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Loves Park, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,000 | |||
Initial Cost to Company | ||||
Land | 439 | |||
Buildings | 998 | |||
Cost Capitalized Subsequent to Acquisition | 159 | |||
Increase (Decrease) in Net Investments | 139 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 439 | |||
Buildings | 1,296 | |||
Total | 1,735 | |||
Accumulated Depreciation | $ 197 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Hesperia, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 888 | |||
Initial Cost to Company | ||||
Land | 648 | |||
Buildings | 1,377 | |||
Cost Capitalized Subsequent to Acquisition | 79 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 648 | |||
Buildings | 1,456 | |||
Total | 2,104 | |||
Accumulated Depreciation | $ 199 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Mobile, AL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,966 | |||
Initial Cost to Company | ||||
Land | 1,078 | |||
Buildings | 3,799 | |||
Cost Capitalized Subsequent to Acquisition | 13 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,078 | |||
Buildings | 3,812 | |||
Total | 4,890 | |||
Accumulated Depreciation | $ 1,371 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 12 years | |||
Slidell, LA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,389 | |||
Initial Cost to Company | ||||
Land | 620 | |||
Buildings | 3,434 | |||
Cost 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 | |||
Total | 4,086 | |||
Accumulated Depreciation | $ 571 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Baton Rouge, LA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 796 | |||
Initial Cost to Company | ||||
Land | 401 | |||
Buildings | 955 | |||
Cost Capitalized Subsequent to Acquisition | 15 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 401 | |||
Buildings | 970 | |||
Total | 1,371 | |||
Accumulated Depreciation | $ 265 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 18 years | |||
Baton Rouge, LA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,115 | |||
Initial Cost to Company | ||||
Land | 820 | |||
Buildings | 3,222 | |||
Cost 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 | |||
Total | 4,136 | |||
Accumulated Depreciation | $ 681 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Gulfport, MS | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,194 | |||
Initial Cost to Company | ||||
Land | 591 | |||
Buildings | 2,539 | |||
Cost Capitalized Subsequent to Acquisition | 77 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 591 | |||
Buildings | 2,616 | |||
Total | 3,207 | |||
Accumulated Depreciation | $ 827 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Cherry Valley, IL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,775 | |||
Initial Cost to Company | ||||
Land | 1,076 | |||
Buildings | 1,763 | |||
Cost Capitalized Subsequent to Acquisition | 13 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,076 | |||
Buildings | 1,776 | |||
Total | 2,852 | |||
Accumulated Depreciation | $ 421 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Fayetteville, NC | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,120 | |||
Initial Cost to Company | ||||
Land | 1,677 | |||
Buildings | 3,116 | |||
Cost Capitalized Subsequent to Acquisition | 30 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,677 | |||
Buildings | 3,146 | |||
Total | 4,823 | |||
Accumulated Depreciation | $ 452 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Tampa, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,800 | |||
Initial Cost to Company | ||||
Land | 599 | |||
Buildings | 6,273 | |||
Cost Capitalized Subsequent to Acquisition | 66 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 599 | |||
Buildings | 6,339 | |||
Total | 6,938 | |||
Accumulated Depreciation | $ 503 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
St. Petersburg, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,100 | |||
Initial Cost to Company | ||||
Land | 2,253 | |||
Buildings | 3,512 | |||
Cost Capitalized Subsequent to Acquisition | 303 | |||
Increase (Decrease) in Net Investments | (1) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,253 | |||
Buildings | 3,814 | |||
Total | 6,067 | |||
Accumulated Depreciation | $ 309 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Palm Harbor, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,100 | |||
Initial Cost to Company | ||||
Land | 2,192 | |||
Buildings | 7,237 | |||
Cost Capitalized Subsequent to Acquisition | 141 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,192 | |||
Buildings | 7,378 | |||
Total | 9,570 | |||
Accumulated Depreciation | $ 631 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Midland, TX | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,300 | |||
Initial Cost to Company | ||||
Land | 1,026 | |||
Buildings | 5,546 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,026 | |||
Buildings | 5,548 | |||
Total | 6,574 | |||
Accumulated Depreciation | $ 583 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Midland, TX | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,830 | |||
Initial Cost to Company | ||||
Land | 2,136 | |||
Buildings | 6,665 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,136 | |||
Buildings | 6,671 | |||
Total | 8,807 | |||
Accumulated Depreciation | $ 675 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Odessa, TX | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,970 | |||
Initial Cost to Company | ||||
Land | 975 | |||
Buildings | 4,924 | |||
Cost Capitalized Subsequent to Acquisition | 7 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 975 | |||
Buildings | 4,931 | |||
Total | 5,906 | |||
Accumulated Depreciation | $ 516 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Odessa, TX | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,400 | |||
Initial Cost to Company | ||||
Land | 1,099 | |||
Buildings | 6,510 | |||
Cost Capitalized Subsequent to Acquisition | 5 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,099 | |||
Buildings | 6,515 | |||
Total | 7,614 | |||
Accumulated Depreciation | $ 692 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Cathedral City, CA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,399 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 2,275 | |||
Cost 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 | |||
Total | 2,277 | |||
Accumulated Depreciation | $ 242 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Hilo, HI | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,965 | |||
Initial Cost to Company | ||||
Land | 296 | |||
Buildings | 4,996 | |||
Cost 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 | |||
Total | 5,292 | |||
Accumulated Depreciation | $ 324 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Clearwater, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,880 | |||
Initial Cost to Company | ||||
Land | 924 | |||
Buildings | 2,966 | |||
Cost Capitalized Subsequent to Acquisition | 32 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 924 | |||
Buildings | 2,998 | |||
Total | 3,922 | |||
Accumulated Depreciation | $ 242 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Winder, GA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 415 | |||
Initial Cost to Company | ||||
Land | 546 | |||
Buildings | 30 | |||
Cost Capitalized Subsequent to Acquisition | 7 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 546 | |||
Buildings | 37 | |||
Total | 583 | |||
Accumulated Depreciation | $ 5 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Winder, GA | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,427 | |||
Initial Cost to Company | ||||
Land | 495 | |||
Buildings | 1,253 | |||
Cost Capitalized Subsequent to Acquisition | 48 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 495 | |||
Buildings | 1,301 | |||
Total | 1,796 | |||
Accumulated Depreciation | $ 170 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Orlando, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,160 | |||
Initial Cost to Company | ||||
Land | 1,064 | |||
Buildings | 4,889 | |||
Cost Capitalized Subsequent to Acquisition | 46 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,064 | |||
Buildings | 4,935 | |||
Total | 5,999 | |||
Accumulated Depreciation | $ 365 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Palm Coast, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,420 | |||
Initial Cost to Company | ||||
Land | 1,749 | |||
Buildings | 3,285 | |||
Cost Capitalized Subsequent to Acquisition | 30 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,749 | |||
Buildings | 3,315 | |||
Total | 5,064 | |||
Accumulated Depreciation | $ 320 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Holiday, FL | Operating Real Estate – Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,250 | |||
Initial Cost to Company | ||||
Land | 1,829 | |||
Buildings | 1,097 | |||
Cost Capitalized Subsequent to Acquisition | 474 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,829 | |||
Buildings | 1,571 | |||
Total | 3,400 | |||
Accumulated Depreciation | $ 124 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Minimum | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Minimum | 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 Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Minimum | Warehouse facilities in Oxnard and Watsonville, CA | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 10 years | |||
Minimum | Retail facilities located throughout Italy | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Minimum | Office facilities in Aurora, Eagan, and Virginia, MN | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Minimum | Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Minimum | Industrial facility in New Concord, OH | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Minimum | Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Maximum | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Maximum | 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 Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Maximum | Warehouse facilities in Oxnard and Watsonville, CA | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Maximum | Retail facilities located throughout Italy | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Maximum | Office facilities in Aurora, Eagan, and Virginia, MN | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Maximum | Retail facilities in Bjelovar, Karlovac, Krapina, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Maximum | Industrial facility in New Concord, OH | Real Estate Subject To Operating Lease | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years |
Schedule III - Real Estate an94
Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real estate | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | $ 2,396,715 | $ 2,402,315 | $ 2,107,549 |
Additions | 222,739 | 65,115 | 226,123 |
Improvements | 9,450 | 3,554 | 8,970 |
Dispositions | 0 | (32,739) | 0 |
Foreign currency translation adjustment | (99,252) | (124,536) | 30,155 |
Reclassification from real estate under construction | 129,225 | 83,006 | 29,518 |
Ending balance | 2,658,877 | 2,396,715 | 2,402,315 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 175,478 | 129,051 | 77,326 |
Depreciation expense | 57,831 | 54,976 | 49,785 |
Foreign currency translation adjustment | (7,442) | (8,549) | 1,940 |
Ending balance | 225,867 | 175,478 | 129,051 |
Operating Real Estate – Self-Storage Facilities | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | 272,859 | 283,370 | 254,805 |
Additions | 0 | 0 | 27,697 |
Improvements | 2,662 | 2,047 | 1,369 |
Dispositions | 0 | (27,487) | (13,058) |
Reclassification from real estate under construction | 0 | 14,929 | 12,557 |
Ending balance | 275,521 | 272,859 | 283,370 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 22,217 | 15,354 | 7,757 |
Depreciation expense | 8,091 | 8,664 | 8,470 |
Dispositions | 0 | (1,801) | (873) |
Ending balance | $ 30,308 | $ 22,217 | $ 15,354 |
Schedule IV - Mortgage Loans 95
Schedule IV - Mortgage Loans on Real Estate (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
127 West 23rd Investors, LLC | |
Mortgage Loans on Real Estate | |
Interest Rate | 7.00% |
Final Maturity Date | Aug. 31, 2016 |
Fair Value | $ 12,600 |
Carrying Amount | $ 12,600 |
1185 Broadway LLC | |
Mortgage Loans on Real Estate | |
Interest Rate | 10.00% |
Final Maturity Date | Jan. 31, 2016 |
Fair Value | $ 31,444 |
Carrying Amount | $ 31,444 |
Schedule IV - Mortgage Loans 96
Schedule IV - Mortgage Loans on Real Estate (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Mortgage Loans on Real Estate | |||
Balance | $ 40,000 | $ 40,000 | $ 40,000 |
Additions | 44,044 | 0 | 0 |
Repayment | (40,000) | 0 | 0 |
Ending balance | $ 44,044 | $ 40,000 | $ 40,000 |