Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 09, 2018 | Jun. 30, 2017 | |
Document Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 352,603,437 | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in real estate: | ||
Real estate — Land, buildings and improvements | $ 2,772,611 | $ 2,745,424 |
Operating real estate — Land, buildings and improvements | 340,772 | 258,971 |
Net investments in direct financing leases | 509,228 | 508,392 |
In-place lease intangible assets | 629,961 | 620,149 |
Other intangible assets | 111,004 | 103,918 |
Assets held for sale | 0 | 14,850 |
Investments in real estate | 4,363,576 | 4,251,704 |
Accumulated depreciation and amortization | (626,655) | (506,238) |
Net investments in real estate | 3,736,921 | 3,745,466 |
Equity investments in real estate | 409,254 | 451,105 |
Cash and cash equivalents | 119,094 | 273,635 |
Other assets, net | 322,201 | 228,717 |
Total assets | 4,587,470 | 4,698,923 |
Debt: | ||
Mortgage debt, net | 1,849,459 | 2,022,250 |
Senior Credit Facility, net | 101,931 | 49,751 |
Debt, net | 1,951,390 | 2,072,001 |
Accounts payable, accrued expenses and other liabilities | 132,751 | 128,911 |
Below-market rent and other intangible liabilities, net | 61,222 | 82,799 |
Deferred income taxes | 30,524 | 32,655 |
Due to affiliates | 11,467 | 11,723 |
Distributions payable | 56,859 | 55,830 |
Total liabilities | 2,244,213 | 2,383,919 |
Commitments and contingencies (Note 11) | ||
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 349,899,827 and 343,575,840 shares, respectively, issued and outstanding | 349 | 343 |
Additional paid-in capital | 3,174,786 | 3,106,456 |
Distributions in excess of accumulated earnings | (861,319) | (732,613) |
Accumulated other comprehensive loss | (78,420) | (156,676) |
Total stockholders’ equity | 2,235,396 | 2,217,510 |
Noncontrolling interests | 107,861 | 97,494 |
Total equity | 2,343,257 | 2,315,004 |
Total liabilities and equity | $ 4,587,470 | $ 4,698,923 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par 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 value (usd per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized, shares | 900,000,000 | 900,000,000 |
Common stock shares outstanding, shares | 349,899,827 | 343,575,840 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Lease revenues: | |||
Rental income | $ 309,233 | $ 298,775 | $ 271,523 |
Interest income from direct financing leases | 58,399 | 58,066 | 55,669 |
Total lease revenues | 367,632 | 356,841 | 327,192 |
Other real estate income | 40,309 | 46,623 | 49,562 |
Other operating income | 27,875 | 30,224 | 36,591 |
Other interest income | 11,838 | 6,674 | 13,602 |
Gross Revenues | 447,654 | 440,362 | 426,947 |
Operating Expenses | |||
Depreciation and amortization | 115,630 | 122,259 | 106,732 |
Property expenses | 75,209 | 70,728 | 72,514 |
Other real estate expenses | 17,827 | 17,642 | 19,595 |
General and administrative | 15,358 | 16,310 | 18,377 |
Impairment charges | 8,959 | 29,706 | 1,023 |
Acquisition and other expenses | 1,343 | 7,157 | 651 |
Operating Expenses, Total | 234,326 | 263,802 | 218,892 |
Other Income and Expenses | |||
Interest expense | (88,270) | (98,813) | (93,551) |
Other income and (expenses) | 23,231 | (1,728) | 1,912 |
(Loss) gain on change in control of interests | (13,851) | 49,922 | 0 |
Loss on extinguishment of debt | (1,922) | (24,376) | (275) |
Equity in earnings of equity method investments in real estate | 261 | 3,262 | 14,667 |
Nonoperating income expense | (80,551) | (71,733) | (77,247) |
Income before income taxes and gain on sale of real estate | 132,777 | 104,827 | 130,808 |
Benefit from (provision for) income taxes | 513 | (8,477) | (8,885) |
Income before gain on sale of real estate, net of tax | 133,290 | 96,350 | 121,923 |
Gain on sale of real estate, net of tax | 2,879 | 132,858 | 2,197 |
Net Income | 136,169 | 229,208 | 124,120 |
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $26,675, $24,765, and $24,668, respectively) | (38,882) | (38,863) | (39,915) |
Net Income Attributable to CPA:17 – Global | $ 97,287 | $ 190,345 | $ 84,205 |
Basic and Diluted Earnings Per Share (usd per share) | $ 0.28 | $ 0.56 | $ 0.25 |
Basic and Diluted Weighted-Average Shares Outstanding, shares | 348,329,966 | 342,147,444 | 334,468,363 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses | |||
Available Cash Distributions | $ 26,675 | $ 24,765 | $ 24,668 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Comprehensive Income Attributable to Parent | |||
Net Income | $ 136,169 | $ 229,208 | $ 124,120 |
Other Comprehensive Income (Loss) | |||
Foreign currency translation adjustments | 100,948 | (18,785) | (81,037) |
Change in net unrealized (loss) gain on derivative instruments | (20,462) | 1,349 | 20,889 |
Change in unrealized gain on marketable investments | 33 | 29 | 29 |
Total other comprehensive loss | 80,519 | (17,407) | (60,119) |
Comprehensive Income | 216,688 | 211,801 | 64,001 |
Amounts Attributable to Noncontrolling Interests | |||
Net income | (38,882) | (38,863) | (39,915) |
Foreign currency translation adjustments | (2,263) | 536 | 1,321 |
Comprehensive income attributable to noncontrolling interests | (41,145) | (38,327) | (38,594) |
Comprehensive Income Attributable to CPA:17 – Global | $ 175,543 | $ 173,474 | $ 25,407 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total CPA:17 – Global Stockholders | Common Stock | Additional Paid-In Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning equity balance, value at Dec. 31, 2014 | $ 2,385,397 | $ 2,306,955 | $ 328 | $ 2,955,440 | $ (567,806) | $ (81,007) | $ 78,442 |
Beginning equity balance, shares at Dec. 31, 2014 | 328,480,839 | ||||||
Statement of Equity | |||||||
Shares issued, value | 103,657 | 103,657 | $ 11 | 103,646 | |||
Shares issued, shares | 11,009,104 | ||||||
Shares issued to affiliates, value | 15,630 | 15,630 | $ 2 | 15,628 | |||
Shares issued to affiliates, shares | 1,613,468 | ||||||
Shares issued to directors, value | 100 | 100 | $ 0 | 100 | |||
Shares issued to directors, shares | 10,288 | ||||||
Distributions declared | (217,311) | (217,311) | (217,311) | ||||
Distributions to noncontrolling interests | (35,716) | (35,716) | |||||
Contributions from noncontrolling interests | 15,928 | 15,928 | |||||
Net Income | 124,120 | 84,205 | 84,205 | 39,915 | |||
Other comprehensive income: | |||||||
Foreign currency translation adjustments | (81,037) | (79,716) | (79,716) | (1,321) | |||
Realized and unrealized loss on derivative instruments | 20,889 | 20,889 | 20,889 | ||||
Change in unrealized gain on marketable investments | 29 | 29 | 29 | ||||
Repurchase of shares, value | (37,091) | (37,091) | $ (4) | (37,087) | |||
Repurchase of shares, shares | (4,048,280) | ||||||
Ending equity balance, value at Dec. 31, 2015 | 2,294,595 | 2,197,347 | $ 337 | 3,037,727 | (700,912) | (139,805) | 97,248 |
Ending equity balance, shares at Dec. 31, 2015 | 337,065,419 | ||||||
Statement of Equity | |||||||
Shares issued, value | 103,618 | 103,618 | $ 10 | 103,608 | |||
Shares issued, shares | 10,255,011 | ||||||
Shares issued to affiliates, value | 14,976 | 14,976 | $ 1 | 14,975 | |||
Shares issued to affiliates, shares | 1,469,025 | ||||||
Shares issued to directors, value | 100 | 100 | $ 0 | 100 | |||
Shares issued to directors, shares | 9,766 | ||||||
Distributions declared | (222,046) | (222,046) | (222,046) | ||||
Distributions to noncontrolling interests | (38,228) | (38,228) | |||||
Contributions from noncontrolling interests | 147 | 147 | |||||
Net Income | 229,208 | 190,345 | 190,345 | 38,863 | |||
Other comprehensive income: | |||||||
Foreign currency translation adjustments | (18,785) | (18,249) | (18,249) | (536) | |||
Realized and unrealized loss on derivative instruments | 1,349 | 1,349 | 1,349 | ||||
Change in unrealized gain on marketable investments | 29 | 29 | 29 | ||||
Repurchase of shares, value | (49,959) | (49,959) | $ (5) | (49,954) | |||
Repurchase of shares, shares | (5,223,381) | ||||||
Ending equity balance, value at Dec. 31, 2016 | $ 2,315,004 | 2,217,510 | $ 343 | 3,106,456 | (732,613) | (156,676) | 97,494 |
Ending equity balance, shares at Dec. 31, 2016 | 343,575,840 | 343,575,840 | |||||
Statement of Equity | |||||||
Shares issued, value | $ 102,078 | 102,078 | $ 10 | 102,068 | |||
Shares issued, shares | 10,064,364 | ||||||
Shares issued to affiliates, value | 28,054 | 28,054 | $ 3 | 28,051 | |||
Shares issued to affiliates, shares | 2,773,407 | ||||||
Shares issued to directors, value | 100 | 100 | $ 0 | 100 | |||
Shares issued to directors, shares | 9,891 | ||||||
Distributions declared | (225,993) | (225,993) | (225,993) | ||||
Distributions to noncontrolling interests | (40,290) | (40,290) | |||||
Contributions from noncontrolling interests | 9,512 | 9,512 | |||||
Net Income | 136,169 | 97,287 | 97,287 | 38,882 | |||
Other comprehensive income: | |||||||
Foreign currency translation adjustments | 100,948 | 98,685 | 98,685 | 2,263 | |||
Realized and unrealized loss on derivative instruments | (20,462) | (20,462) | (20,462) | ||||
Change in unrealized gain on marketable investments | 33 | 33 | 33 | ||||
Repurchase of shares, value | (61,896) | (61,896) | $ (7) | (61,889) | |||
Repurchase of shares, shares | (6,523,675) | ||||||
Ending equity balance, value at Dec. 31, 2017 | $ 2,343,257 | $ 2,235,396 | $ 349 | $ 3,174,786 | $ (861,319) | $ (78,420) | $ 107,861 |
Ending equity balance, shares at Dec. 31, 2017 | 349,899,827 | 349,899,827 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 0.65 | $ 0.65 | $ 0.6500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows — Operating Activities | |||
Net Income | $ 136,169 | $ 229,208 | $ 124,120 |
Adjustments to net income: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 121,749 | 129,712 | 112,722 |
Non-cash asset management fee expense and directors’ compensation | 29,463 | 14,953 | 14,696 |
Realized and unrealized (gain) loss on foreign currency transactions and other | (18,040) | 8,746 | 7,696 |
Straight-line rent | (14,386) | (14,900) | (17,062) |
Equity in losses of equity method investments in real estate in excess of distributions received | 14,201 | 11,745 | 2,501 |
Loss (gain) on change in control of interests | 13,851 | (49,922) | 0 |
Impairment charges | 8,959 | 29,706 | 1,023 |
Write-off of real estate, provision for doubtful accounts, and other non-cash adjustments | (7,159) | (1,453) | 2,646 |
Amortization of rent-related intangibles and deferred rental revenue | (6,153) | (19,637) | (6,076) |
Deferred income tax (benefit) expense | (4,500) | 4,683 | 4,150 |
Accretion of commercial mortgage-backed securities and other | (3,171) | (1,827) | (3,760) |
Gain on sale of real estate | (2,879) | (132,858) | (2,197) |
Loss on extinguishment of debt | 1,587 | 1,136 | 58 |
Settlement of derivative asset | (26) | 0 | 2,948 |
Net changes in other operating assets and liabilities | (12,631) | 2,077 | 419 |
Net Cash Provided by Operating Activities | 257,034 | 211,369 | 243,884 |
Cash Flows — Investing Activities | |||
Capital contributions to equity investments in real estate | (153,460) | (11,048) | (39,015) |
Proceeds from sale of real estate | 111,229 | 258,293 | 0 |
Return of capital from equity investments in real estate | 39,974 | 42,744 | 34,962 |
Proceeds from repayment of preferred equity interest | 27,000 | 0 | 0 |
Funding for build-to-suit projects | (12,021) | (13,312) | (24,258) |
Acquisitions of real estate and direct financing leases | (10,822) | (203,093) | (293,324) |
Value added taxes refunded in connection with acquisition of real estate | 7,334 | 23,769 | 15,194 |
Other investing activities, net | 4,689 | 2,407 | 0 |
Payment of deferred acquisition fees to an affiliate | (3,828) | (2,631) | (6,382) |
Capital expenditures on owned real estate | (2,958) | (10,682) | (8,035) |
Value added taxes paid in connection with acquisition of real estate | (1,941) | (5,712) | (37,540) |
Changes in investing restricted cash | 1,480 | 1,870 | 6,300 |
Proceeds from repayment of loan receivable | 0 | 12,600 | 40,000 |
Deposits for investments | 0 | 2,501 | (1,000) |
Proceeds from repayment of debenture | 0 | 610 | 7,633 |
Funding of loans receivable | 0 | 0 | (42,600) |
Net Cash Provided by (Used in) Investing Activities | 6,676 | 98,316 | (348,065) |
Cash Flows — Financing Activities | |||
Scheduled payments and prepayments of mortgage principal | (458,010) | (177,469) | (121,267) |
Distributions paid | (224,964) | (220,991) | (215,914) |
Proceeds from mortgage financing | 203,478 | 266,970 | 170,233 |
Proceeds from Senior Credit Facility | 119,235 | 225,693 | 235,367 |
Proceeds from issuance of shares, net of issuance costs | 102,078 | 103,618 | 103,657 |
Repayments of Senior Credit Facility | (68,990) | (289,558) | (120,400) |
Repurchase of shares | (61,896) | (49,959) | (37,091) |
Distributions to noncontrolling interests | (40,290) | (38,228) | (35,716) |
Contributions from noncontrolling interests | 4,001 | 147 | 15,928 |
Payment of financing costs and mortgage deposits, net of deposits refunded | (1,058) | (2,203) | (3,544) |
Other financing activities, net | (595) | (81) | 0 |
Changes in financing restricted cash | (10) | (462) | (962) |
Proceeds from notes payable to affiliate | 0 | 0 | 25,000 |
Repayment of notes payable to affiliate | 0 | 0 | (25,000) |
Net Cash Used in Financing Activities | (427,021) | (182,523) | (9,709) |
Change in Cash and Cash Equivalents During the Year | |||
Effect of exchange rate changes on cash | 8,770 | (6,416) | (8,940) |
Net (decrease) increase in cash and cash equivalents | (154,541) | 120,746 | (122,830) |
Cash and cash equivalents, beginning of year | 273,635 | 152,889 | 275,719 |
Cash and cash equivalents, end of year | $ 119,094 | $ 273,635 | $ 152,889 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information | |||
Interest paid, net of amounts capitalized | $ 83,734 | $ 93,590 | $ 90,448 |
Interest capitalized | 0 | 0 | 1,632 |
Income taxes paid | $ 3,761 | $ 4,650 | $ 3,399 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
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-traded 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 our 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 leased 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, 2017 , 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, 2017 , our portfolio was comprised of full or partial ownership interests in 411 properties, substantially all of which were fully-occupied and triple-net leased to 116 tenants, and totaled approximately 44.4 million square feet (unaudited). In addition, our portfolio was comprised of full or majority ownership interests in 38 operating properties, including 37 self-storage properties and one hotel property, for an aggregate of approximately 2.7 million square feet (unaudited). 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 investments in loans receivable, commercial mortgage-backed securities, or CMBS, one hotel, and certain other properties, which are included in our All Other category ( Note 15 ). Our reportable business segments and All Other category are the same as our reporting units. We raised aggregate gross proceeds of approximately $2.9 billion from our initial public offering, which closed in April 2011, and our follow-on offering, which closed in January 2013. We have fully invested the proceeds from our initial and follow-on public offerings. In addition, from inception through December 31, 2017 , $676.0 million of distributions to our shareholders were reinvested in our common stock through our Distribution Reinvestment Plan, or DRIP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. 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. However, following our adoption of Accounting Standards Update, or ASU, 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily 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; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. 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 measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases ( Note 7 ). 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 improvements 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 ( Note 7 ). The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized into Interest expense within our consolidated financial statements 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 reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles, or GAAP, from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. 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 tenant with credit 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, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable investments, loans receivable and 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 market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. 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 the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The 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. Assets Held for Sale — We classify real estate assets that are subject to operating leases or direct financing 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 will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Real Estate Sales — In the unlikely event that 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. 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. We also 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. 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, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying 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 using a two-step process. 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. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. For the second step, if it were required, an impairment loss is recognized in an amount equal to the excess of the carrying amount over its estimated fair value, limited to the total amount of goodwill allocated to that reporting unit. Loans Receivable — We evaluate our loans receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determine the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. 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. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2017 , we considered 21 entities VIEs, nine of which we consolidated as we are considered the primary beneficiary and one of which we accounted for as a loan receivable. The following table presents a summary of selected financial data of the consolidated VIEs, included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) (b) Real estate — Land, buildings and improvements $ 109,426 $ 225,347 Operating real estate — Land, buildings and improvements 80,658 11,388 Net investments in direct financing leases 312,234 315,251 In-place lease intangible assets 8,650 8,795 Accumulated depreciation and amortization (26,395 ) (25,000 ) Other assets, net 73,620 52,565 Total assets 567,929 590,526 Mortgage debt, net $ 104,213 $ 192,839 Accounts payable, accrued expenses and other liabilities 12,693 11,187 Deferred income taxes 12,374 15,687 Total liabilities 129,662 220,077 ___________ (a) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation. (b) The consolidated financial statements as of and for the year ended December 31, 2016 accurately reflect the correct accounting treatment for VIEs. In the second quarter of 2017, we identified an error in the notes to the consolidated financial statements as of December 31, 2016 related to the VIE tabular disclosure above in which we improperly classified four consolidated entities as VIEs. We concluded that the disclosure error to the table above was not material to the notes to the consolidated financial statements. As such, we have corrected the information as of December 31, 2016 in the table above to correctly exclude these four entities, which reduced (i) Real estate — land, buildings and improvements by $111.1 million ; (ii) in-place lease intangible assets by $21.8 million ; (iii) accumulated depreciation and amortization by $21.6 million ; (iv) other assets, net by $13.0 million ; (v) total assets by $124.4 million ; (vi) mortgage debt, net by $73.0 million ; (vii) accounts payable, accrued expenses and other liabilities by $3.3 million ; and (viii) total liabilities by $76.6 million . At December 31, 2017 and 2016 , we had 11 and 13 unconsolidated VIEs, respectively, all of which we account for under the equity method of accounting. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities. As of December 31, 2017 and 2016 , the net carrying amount of our investments in these entities was $282.0 million and $377.4 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. At December 31, 2017 , we had an investment in a tenancy-in-common interest in a portfolio of 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. 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, 2017 , none of our equity investments had carrying values below zero. Reclassifications — Certain prior year amounts have been reclassified to conform to the current year presentation. In the second quarter of 2017, we reclassified in-place lease intangible assets, net and other intangible assets, net to be included within Net investments in real estate in our consolidated balance sheets. The accumulated amortization on these assets is now included in Accumulated depreciation and amortization in our consolidated balance sheets. In addition, we reclassified goodwill, which was previously included in other intangibles, net to be included in Other assets, net. Prior period balances have been reclassified to conform to the current period presentation. 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, insurance and legal costs) 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 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). 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. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements. 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 payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally-insurable limits. We seek to mitigate this risk by depositing funds only |
Agreements and Transactions wit
Agreements and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
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. We also reimburse our Advisor for general and administrative duties performed on our behalf. 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. 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 relevant agreements (in thousands): Years Ended December 31, 2017 2016 2015 Amounts Included in the Consolidated Statements of Income Asset management fees $ 29,363 $ 29,705 $ 29,192 Available Cash Distributions 26,675 24,765 24,668 Personnel and overhead reimbursements 8,878 9,684 12,199 Director compensation 310 310 310 Interest expense on deferred acquisition fees and loan from affiliate 273 238 309 Acquisition expenses — 2,844 430 $ 65,499 $ 67,546 $ 67,108 Acquisition Fees Capitalized Current acquisition fees $ 5,284 $ 3,985 $ 8,180 Deferred acquisition fees 4,228 3,188 6,325 Personnel and overhead reimbursements 849 584 858 $ 10,361 $ 7,757 $ 15,363 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2017 2016 Due to Affiliates Deferred acquisition fees, including interest $ 6,564 $ 6,584 Asset management fees payable 2,435 2,250 Reimbursable costs 2,162 2,299 Accounts payable 175 360 Current acquisition fees 131 230 $ 11,467 $ 11,723 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-leased 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, 2017 , 2016 , and 2015 . For certain types of non-long term net-leased 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% . The cumulative total acquisition costs, including acquisition fees paid to our Advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. Our cumulative total acquisition costs have not exceeded the amount that would require our Advisor to reimburse us. 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 are payable at the discretion of our board of directors. Asset Management Fees As described 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. Asset management fees are payable in cash and/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 $10.11 as of December 31, 2016 . For 2017 we paid our Advisor 100.0% of its asset management fees in shares of our common stock. For 2016 and 2015, we paid our Advisor 50% of its asset management fees in cash and 50.0% in shares of our common stock. At December 31, 2017 , our Advisor owned 14,647,412 shares ( 4.2% ) of our common stock. Asset management fees are included in Property expenses in the consolidated financial statements. Available Cash Distribution WPC’s interest in the Operating Partnership entitles it to receive distributions of up to 10.0% of available cash generated by 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. Available Cash Distributions are included in Net income attributable to noncontrolling interests 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 entities that are managed by our Advisor, including Corporate Property Associates 18 – Global Incorporated; Carey Watermark Investors Incorporated; Carey Watermark Investors 2 Incorporated; and Carey European Student Housing Fund I, L.P.; collectively referred to as the Managed Programs. Our Advisor also allocated a portion of its personnel and overhead expenses to Carey Credit Income Fund (now known as Guggenheim Credit Income Fund) prior to September 11, 2017, which was the effective date of its resignation as the advisor to that fund. Our Advisor allocates these expenses to us on the basis of our trailing four quarters of reported revenues in comparison to 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 for acquisitions and dispositions. As per the advisory agreement, the amount of applicable personnel costs allocated to us is capped at 2.0% and 2.2% for 2017 and 2016 , respectively, of pro rata lease revenues for each year. Beginning in 2018, the cap decreases to 1.0% of pro rata lease revenues for that year. Costs related to our Advisor’s legal transactions group are based on a schedule of expenses relating to services performed for different types of transactions, such as financings, lease amendments, and dispositions, among other categories, and includes 0.25% of the total investment cost of an acquisition. In general, personnel and overhead reimbursements are included in General and administrative expenses in the consolidated financial statements. However, we capitalize certain of the costs related to our Advisor’s legal transactions group if the costs relate to a transaction that is not considered to be a business combination. Excess Operating Expenses 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, subject to certain conditions. For the most recent trailing four quarters, our operating expenses were below this threshold. Jointly Owned Investments and Other Transactions with Affiliates At December 31, 2017 , we owned interests ranging from 6% 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 ( Note 6 ). At December 31, 2017 , we had $0.2 million due from an affiliate primarily related to one of our jointly owned investments, which is included in Other assets, net on our consolidated financial statements. At December 31, 2016 , we had $0.9 million due from an affiliate primarily related to one of our jointly owned investments, which was subsequently repaid. |
Real Estate, Operating Real Est
Real Estate, Operating Real Estate, and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate, Operating Real Estate, and Assets Held for Sale | Real Estate, Operating Real Estate, and Assets Held for Sale Real Estate — Land, Buildings and Improvements 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, 2017 2016 Land $ 567,113 $ 563,050 Buildings and improvements 2,200,901 2,182,374 Real estate under construction 4,597 — Less: Accumulated depreciation (354,668 ) (280,657 ) $ 2,417,943 $ 2,464,767 During the year ended December 31, 2017 , the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 13.8% to $1.1993 from $1.0541 . As a result, the carrying value of our real estate increased by $145.9 million from December 31, 2016 to December 31, 2017 . Depreciation expense, including the effect of foreign currency translation, on our real estate for the years ended December 31, 2017 , 2016 , and 2015 was $64.6 million , $63.1 million , and $57.9 million , respectively. Acquisitions of Real Estate During 2017 On February 2, 2017, we acquired an office facility in Buffalo Grove, Illinois, which was deemed to be a real estate asset acquisition, at a total cost of $11.5 million , including land of $2.0 million , building of $7.5 million (including acquisition-related costs of $0.5 million , which were capitalized), and an intangible asset of $2.0 million ( Note 7 ). On July 19, 2017, we acquired a parcel of land located in Zary, Poland for $0.4 million , which is adjacent to an industrial facility we previously acquired. The land will be used to construct an expansion to the existing facility, which is currently expected to cost $5.9 million (amounts are based on the exchange rate of the euro on the date of acquisition and includes capitalized acquisition related costs of $0.3 million ) and to be completed in 2018. See Real Estate Under Construction below for additional information. On October 27, 2017, we agreed to fund the expansion of a distribution facility in Dillon, South Carolina, which is adjacent to a distribution facility we previously acquired. The expansion of the facility is currently expected to cost $47.1 million (including capitalized acquisition related costs of $2.3 million ) and to be completed in 2018. See Real Estate Under Construction below for additional information. On December 8, 2017, we agreed to fund the expansion of a facility located in Zabia Wola, Poland, which is adjacent to a facility we previously acquired. The expansion to the existing facility is currently expected to cost $5.5 million (amount is based on the exchange rate of the euro on the date of acquisition and includes capitalized acquisition related costs of $0.3 million ) and to be completed in 2019. See Real Estate Under Construction below for additional information. Acquisitions of Real Estate During 2016 During the year ended December 31, 2016, we acquired the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, at a total cost of $51.2 million , including land of $6.7 million , buildings of $40.2 million , and net lease intangibles of $4.3 million : • $17.3 million for a student housing accommodation in Jacksonville, Florida on January 8, 2016; • $4.2 million for an industrial facility in Houston, Texas on February 10, 2016; • $16.9 million for an office building in Oak Creek, Wisconsin on September 1, 2016; and • $12.8 million for a warehouse and light manufacturing building in Perrysburg, Ohio on September 30, 2016. In connection with these investments, we expensed acquisition-related costs and fees totaling $2.6 million , which are included in Acquisition expenses in the consolidated financial statements. During the year ended December 31, 2016, we capitalized $10.4 million of building improvements with existing tenants of our net-leased properties. During 2016, 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 $134.8 million , including land of $8.6 million , buildings of $97.0 million (including acquisition-related costs of $7.1 million , which were capitalized), and net intangibles of $29.2 million : • an investment of $38.2 million for five distribution centers located in Tiffin, Ohio; Kalamazoo, Michigan; Andersonville, Tennessee; Shelbyville, Indiana; and Millwood, West Virginia on November 1, 2016; • an investment of $32.6 million for a facility located in Zabia Wola, Poland on November 29, 2016. In addition, we recorded a deferred tax liability of $2.1 million partially offset by intangible assets of $2.0 million and land of $0.1 million related to this transaction (amounts are based on the exchange rate of the euro on the date of acquisition); and • an investment of $64.0 million for a facility located in Kaunas, Lithuania on December 14, 2016. In addition, we recorded a deferred tax liability of $0.5 million partially offset by building and improvements and intangible assets (amounts are based on the exchange rate of the euro on the date of acquisition). Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 283,901 2019 285,026 2020 287,210 2021 289,060 2022 288,150 Thereafter 2,231,027 Total $ 3,664,374 Real Estate Under Construction As noted above, during 2017 we acquired three build-to-suit investments, which were still under construction as of December 31, 2017 . The aggregate unfunded commitment on our build-to-suit investments and certain other tenant improvements totaled approximately $56.5 million at December 31, 2017 . As of December 31, 2017 , real estate under construction totaled $4.6 million and is included within Real estate — Land, buildings and improvements on our consolidated financial statements . Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our wholly owned domestic self-storage operations and a majority ownership in one hotel, at cost, is summarized as follows (in thousands): December 31, 2017 2016 Land $ 90,042 $ 55,645 Buildings and improvements 250,730 203,326 Less: Accumulated depreciation (26,087 ) (18,876 ) $ 314,685 $ 240,095 Depreciation expense on our operating real estate for the years ended December 31, 2017 , 2016 , and 2015 was $6.7 million , $7.8 million , and $8.4 million , respectively. Acquisitions of Operating Real Estate During 2017 In 2012, we funded a domestic build-to-suit project for the construction and redevelopment of the Shelborne hotel located in Miami, Florida. The funding of the hotel was provided in the form of a $125.0 million loan (which subsequently increased to $174.0 million including accrued interest), which we refer to as the Shelborne Loan. In addition to providing the loan, we acquired a 33% equity interest in the build-to-suit investment. The remaining 67% equity interest was held by two third-party joint venture partners. Pursuant to the accounting guidance regarding ADC Arrangements, we accounted for the Shelborne Loan under the equity method of accounting as the characteristics of the arrangement with the third-party developer were more similar to a jointly owned investment or partnership rather than a loan ( Note 6 ). During 2014, construction was completed and the hotel was placed into service. During September 2017, the Shelborne hotel sustained estimated damages of $31.2 million from Hurricane Irma, all of which is expected to be covered by insurance, with exception to the estimated insurance deductible of $1.8 million . Of this amount, $1.7 million was recorded prior to the restructuring within Equity in earnings of equity method investments in real estate on our consolidated financial statements ( Note 6 ). On October 3, 2017, we restructured our Shelborne hotel investment. All equity interests in the investment were transferred to us in satisfaction of the Shelborne Loan. Simultaneously, we transferred a 4.5% minority interest back to one of the original equity partners in exchange for a cash contribution of $4.0 million from that partner. As a result of the restructuring, we became the managing member with the controlling financial interest in the investment. The minority interests have no decision-making control. Since the construction is now completed and the Shelborne Loan has been satisfied, we determined that this investment should no longer be accounted for as an ADC Arrangement ( Note 6 ) and, as a result, we consolidate this investment after October 3, 2017. We deemed this to be an asset acquisition as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset group. Due to the change in control resulting from the acquisition of this controlling interest, we accounted for this acquisition using the purchase method of accounting. We recorded a non-cash loss on change in control of interests of $13.9 million during 2017, which was the difference between the carrying value from our previously held equity investment of $118.7 million and the fair value of our 95.5% ownership interest on the date of restructuring of $104.9 million . We determined the following purchase price allocation based on an appraisal provided by an independent valuation firm performed as of the date of acquisition (in thousands): Shelborne Hotel October 3, 2017 Assets acquired at fair value: Land $ 34,397 Buildings and improvements 46,261 Other assets, net (a) 32,695 113,353 Liabilities assumed at fair value: Other liabilities assumed (2,777 ) (2,777 ) Total identifiable net assets 110,576 Noncontrolling interest contribution (b) (9,529 ) Net cash received 3,829 Fair value of our majority interest in investment 104,876 Carrying value of previously held equity investment (118,727 ) Loss on change in control of interest $ (13,851 ) ___________ (a) Includes insurance receivables of $29.4 million related to the damage caused by Hurricane Irma, which excludes remediation costs of $1.4 million noted below. (b) Includes a non-cash contribution of $5.5 million from the joint-venture partner. Subsequent to restructuring, and through December 31, 2017 , we incurred additional costs of $1.4 million related to remediation work at the hotel, which is covered by our insurance policy. In addition, we recognized $2.7 million in costs related to our insurance adjuster, which is recorded within Other income and (expenses) on our consolidated financial statements. As of December 31, 2017 , insurance receivables outstanding relating to the hurricane damage were $30.8 million , which is included in Other assets, net and represents our estimate of the net proceeds for damages to be received under our insurance policy related to this property. We are still assessing the impact of the hurricane to this hotel, and the final damages incurred could vary significantly from our estimate and additional remediation work may be performed. Any changes in estimates for property damage will be recorded in the periods in which they were determined and any additional work will be recorded in the periods in which it is performed. Acquisitions of Operating Real Estate During 2016 In 2013, we acquired a 45% equity interest and 40% indirect economic interest in Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC, which were previously accounted for under the equity method of accounting and included in Equity investments in real estate in the consolidated financial statements. On April 11, 2016, we acquired the remaining 15% controlling interest in these entities at a total cost of $22.0 million and, as a result, gained 100% of the economic interest and consolidated this investment. In connection with this business combination, we expensed acquisition-related costs and fees of $3.7 million , which are included in Acquisition expenses in the consolidated financial statements. Due to the change in control resulting from the acquisition of this controlling interest, we accounted for this acquisition using the purchase method of accounting. We recorded a non-cash gain on change in control of interests of $49.9 million during 2016, which was the difference between the carrying value of $15.1 million and the fair value of $64.9 million from our previously held equity interest on April 11, 2016. On October 26, 2016, we exercised our option to purchase the additional 40% indirect economic interest in Madison Storage NYC, LLC from CIF Storage LLC, and as a result, we directly owned 100% of these four entities at both December 31, 2017 and 2016 . There was no cash transfer for this additional interest as we previously owned this 40% interest indirectly. At December 31, 2016 , we had a 45% equity interest and 40% indirect economic interest in the Veritas Group IX-NYC, LLC property, which was deemed to be a VIE. In March 2017, we exercised our call option on this property, and as a result, we now own 100% of the entity. As such, since that date we no longer classify this entity as a VIE. The following tables present a summary of assets acquired and liabilities assumed, and revenues and earnings thereon since the date of acquisition through December 31, 2016 (in thousands): Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC Cash consideration $ 11,363 Assets acquired at fair value: Land $ 26,941 Buildings 109,399 In-place lease intangible assets 9,783 Other assets acquired 1,705 147,828 Liabilities assumed at fair value: Non-recourse debt, net (70,578 ) Other liabilities assumed (831 ) (71,409 ) Total identifiable net assets 76,419 Gain on change in control of interests (49,922 ) Carrying value of previously held equity investment (15,134 ) $ 11,363 Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC April 11, 2016 through December 31, 2016 Revenues $ 7,166 Net loss (a) (b) $ (9,021 ) Net loss attributable to CPA:17 – Global (a) (b) $ (9,021 ) ___________ (a) Excludes a $49.9 million gain on change in control of interests. (b) Includes equity in losses of equity method investments in real estate of $0.4 million . Pro Forma Financial Information The following consolidated pro forma financial information presents our financial results as if this business combination had occurred as of January 1, 2015. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisition actually occurred on January 1, 2015, nor does it purport to represent the results of operations for future periods. (In thousands, except per share data) Years Ended December 31, 2016 2015 Pro forma total revenues $ 442,972 $ 437,295 Pro forma net income (a) $ 184,487 $ 165,489 Pro forma net income attributable to noncontrolling interests (38,863 ) (39,915 ) Pro forma net income attributable to CPA:17 – Global $ 145,624 $ 125,574 Pro forma basic and diluted weighted-average shares outstanding 342,147,444 334,468,362 Pro-forma basic and diluted income per share $ 0.43 $ 0.38 ___________ (a) Pro forma net income for 2015 includes a gain on change in control of interests of $49.9 million and transaction costs of $3.7 million as if they were recognized on January 1, 2015. Dispositions and Assets Held for Sale Below is a summary of our properties held for sale (in thousands): December 31, 2017 2016 Real estate, net $ — $ 14,850 Assets held for sale $ — $ 14,850 At December 31, 2016 , we had a property classified as Assets held for sale ( Note 14 ). On March 13, 2017, we sold this property for $14.1 million , net of closing costs. In addition, during the year ended December 31, 2017 , we sold three net-leased properties, two of which were accounted for as direct financing leases ( Note 5 , Note 14 ). I-drive Property Disposition and I-drive Wheel Restructuring In 2012, we entered into a contract for the construction of a domestic build-to-suit project with IDL Master Tenant, LLC, a developer, for the construction of an entertainment complex, which we refer to as the I-drive Property , and an observation wheel, which we refer to as the I-drive Wheel , at the I-drive Property . We had accounted for the construction of the I-drive Property as Real estate under construction. The funding for the construction of the I-drive Wheel was provided by us in the form of a $50.0 million loan, which we refer to as the Wheel Loan . Pursuant to the accounting guidance regarding ADC Arrangements, we accounted for the Wheel Loan under the equity method of accounting as the characteristics of the arrangement with the third-party developer were more similar to a jointly-owned investment or partnership rather than a loan ( Note 6 ). During 2015, the construction on both the I-drive Property and the I-drive Wheel were completed and placed into service. On March 17, 2017, the developer exercised its purchase option and acquired the I-drive Property for a purchase price of $117.5 million ( Note 14 ). The $60.0 million non-recourse mortgage loan encumbering the I-drive Property was repaid at closing by the buyer ( Note 10 ). In connection with the disposition, we provided seller financing in the form of a $34.0 million mezzanine loan ( Note 5 ), which was considered to be a non-cash investing activity, and the sale was accounted for under the cost recovery method. As a result, the $2.1 million gain on sale was deferred and will be recognized into income upon recovery of the cost of the property from the future cash proceeds. As a result of the sale of the I-drive Property , we no longer consider this entity to be a VIE at December 31, 2017 . During 2016, we sold 34 self-storage properties ( Note 14 ). 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, 2017 2016 Beginning balance $ 17,749 $ 25,424 Reductions due to dispositions (2,038 ) (10,541 ) Accretion expense (a) 991 1,292 Foreign currency translation adjustments and other 230 (314 ) Additions — 1,888 Ending balance $ 16,932 $ 17,749 __________ (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, 2017 | |
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, 2017 2016 Minimum lease payments receivable $ 732,092 $ 790,111 Unguaranteed residual value 188,517 189,692 920,609 979,803 Less: unearned income (411,381 ) (471,411 ) $ 509,228 $ 508,392 During the year ended December 31, 2017 , the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 13.8% to $1.1993 from $1.0541 . As a result, the carrying value of our net investment in direct financing leases increased by $5.7 million from December 31, 2016 to December 31, 2017 . In June 2017, we sold two net-leased properties located in Lima and Miamisburg, Ohio, back to the tenant, Civitas Media, LLC, for net proceeds of $6.1 million ( Note 14 ). These properties were previously accounted for as direct financing leases. We retained the remaining four net-leased properties leased to this tenant. On February 10, 2016, we entered into a net lease financing transaction for an industrial facility in Houston, Texas for $4.2 million . In connection with this business combination, we expensed acquisition-related costs and fees of $0.3 million , which are included in Acquisition expenses in the consolidated financial statements. On April 8, 2016, we entered into a net lease financing transaction for six newspaper printing facilities in Ohio, North Carolina, Pennsylvania, and Missouri for $12.0 million , including capitalized acquisition-related costs and fees of $0.5 million . Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 58,257 2019 (a) 306,525 2020 31,696 2021 32,072 2022 32,548 Thereafter 270,994 Total $ 732,092 ___________ (a) Includes $250.0 million for a bargain purchase option. In January 2018, the tenant, The New York Times Company, exercised its bargain purchase option to acquire the property for $250.0 million , which is expected to occur on December 1, 2019 ( Note 17 ). Loans Receivable In connection with the I-drive Property disposition ( Note 4 , Note 14 ), on March 17, 2017 we provided seller financing in the form of a $34.0 million mezzanine loan ( Note 4 ) to the developer of the I-drive Property , which has an interest rate of 9.0% and is scheduled to mature in April 2019 with an option to extend to April 2020. In addition to the sale of the I-drive Property , we restructured the Wheel Loan ( Note 4 ) on March 17, 2017. Under the original ADC Arrangement that was accounted for as an equity method investment ( Note 6 ), (i) we provided all the equity for the initial construction and carried all of the risk, (ii) all interest and fees on the Wheel Loan were added to the Wheel Loan balance, and (iii) we participated in the residual profits of the I-drive Wheel post-construction through rents we received pursuant to a ground lease. The original $50.0 million Wheel Loan was restructured as follows: • $5.0 million of principal was repaid. • $10.0 million of principal was converted into separate loans to two individuals associated with the developer. These loans are guaranteed by their 80.0% equity interest in the I-Shops Property that we originally owned and sold back to the developer in 2014. The loans have an interest rate of 6.5% and are scheduled to mature in December 2018 with an option to extend to April 2020. • We reduced the interest rate to 6.5% on the remaining $35.0 million and extended the maturity in December 2018 with an option to extend to December 2020. In connection with the restructuring of the Wheel Loan , we determined that the loan no longer qualifies as an ADC Arrangement and should no longer be accounted for as an equity investment since (i) the construction was completed, (ii) the borrowers contributed cash and equity pledges as security, which substantially reduced our risk, and (iii) we no longer participate in the residual profits through the ground lease rents (pursuant to the aforementioned I-drive Property disposition mentioned in Note 4 ). As a result, we reclassified the aggregate loan balance noted above to loans receivable, included in Other Assets, net, which was a non-cash investing activity. A deferred gain of $16.4 million was recorded during the first quarter, which was the difference between the fair value of the remaining $35.0 million loan and the $18.6 million carrying value of our previously held equity investment on March 17, 2017. The deferred gain related to the restructuring of the Wheel Loan will be recognized into income upon recovery of the cost of the Wheel Loan from future cash proceeds. At December 31, 2017 and 2016 , we had five loans and one loan receivable with outstanding balances of $110.5 million and $31.5 million , respectively, which are included in Other assets, net in the consolidated financial statements. 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 is scheduled to mature on April 3, 2018 . 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, 2017 , the balance of the loan receivable including interest thereon was $31.5 million . Credit Quality of Finance Receivables We generally seek investments in facilities that we believe are critical to a tenant’s business and have a low risk of tenant default. At December 31, 2017 , we had $1.1 million of finance receivable balances that were past due, of which we established an allowance for credit losses of $0.7 million . At December 31, 2016 , we did not have any finance receivable balances that were past due. Additionally, there were no modifications of finance receivables during the years ended December 31, 2017 and 2016 . 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 2017 . 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 2017 2016 2017 2016 1 — — $ — $ — 2 2 2 62,744 61,949 3 8 9 379,621 412,075 4 8 5 165,413 65,868 5 1 — 11,950 — $ 619,728 $ 539,892 |
Equity Investments in Real Esta
Equity Investments in Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
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 ADC Arrangements, under which we have provided 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 of 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, 2017 2016 2015 Equity Earnings from Equity Investments: Net Lease (a) $ 9,369 $ 15,271 $ 21,692 Self Storage — (394 ) (1,703 ) All Other (b) (6,274 ) (5,010 ) (1,762 ) 3,095 9,867 18,227 Amortization of Basis Differences on Equity Investments: Net Lease (2,260 ) (3,077 ) (2,263 ) Self Storage — (39 ) (155 ) All Other (574 ) (3,489 ) (1,142 ) (2,834 ) (6,605 ) (3,560 ) Equity in earnings of equity method investments in real estate $ 261 $ 3,262 $ 14,667 __________ (a) For the years ended December 31, 2017 and 2016 , amounts include impairment charges of $10.6 million and $1.9 million , respectively, related to certain of our equity investments ( Note 8 ). (b) As of December 31, 2016 , the carrying value of one of our investments was reduced to reflect a $22.8 million impairment of goodwill at the investee level to its fair value ( Note 8 ). In addition, we recorded $10.6 million of income recognized in conjunction with the termination of a management agreement and a $10.6 million gain representing the portion of losses guaranteed by the previous management company under the terms of the management agreement. The following table sets forth our ownership interests in our equity method 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, 2017 2017 2016 Net Lease: Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) (a) (b) (c) WPC 37% $ 109,933 $ 10,125 Kesko Senukai (a) (d) Third Party 70% 58,136 — Jumbo Logistiek Vastgoed B.V. (a) (e) WPC 85% 55,162 54,621 U-Haul Moving Partners, Inc. and Mercury Partners, LP (b) WPC 12% 35,897 37,601 Bank Pekao S.A. (a) (b) CPA:18 – Global 50% 25,582 23,025 BPS Nevada, LLC (b) (f) Third Party 15% 23,455 23,036 State Farm Automobile Co. (b) CPA:18 – Global 50% 16,072 17,603 Berry Global Inc. (b) WPC 50% 14,476 14,974 Tesco Global Aruhazak Zrt. (a) (b) (g) WPC 49% 10,707 10,807 Eroski Sociedad Cooperativa — Mallorca (a) WPC 30% 7,629 6,576 Apply Sørco AS (referred to as Apply) (a) (h) CPA:18 – Global 49% 6,298 12,528 Dick’s Sporting Goods, Inc. (b) WPC 45% 3,750 4,367 Konzum d.d. (referred to as Agrokor) (a) (b) (i) CPA:18 – Global 20% 3,433 7,079 370,530 222,342 All Other: BG LLH, LLC (b) (f) Third Party 6% 38,724 36,756 Shelborne Operating Associates, LLC (referred to as Shelborne) (b) (f) (j) (k) (l) Third Party N/A — 127,424 IDL Wheel Tenant, LLC (m) Third Party N/A — 37,124 BPS Nevada, LLC — Preferred Equity (b) (n) Third Party N/A — 27,459 38,724 228,763 $ 409,254 $ 451,105 __________ (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 a VIE. (c) In January 2017, our Hellweg 2 jointly owned equity investment repaid non-recourse mortgage loans with an aggregate principal balance of approximately $243.8 million , of which we contributed $90.3 million (amounts are based on the exchange rate of the euro as of the date of repayment). This contribution was accounted for as a capital contribution to equity investments in real estate. (d) On May 23, 2017, we entered into a joint venture investment to acquire a 70% interest in a real estate portfolio for a total cost of $141.5 million , which excludes our portion of mortgage financing totaling $88.0 million (dollar amounts are based on the exchange rate of the euro on the date of acquisition). In addition, we recorded $7.2 million of basis difference, which was primarily attributable to acquisition costs. This was structured as a sale-leaseback transaction in which the tenant retained the remaining 30% ownership interest in the real estate portfolio. The portfolio includes 18 retail stores and one warehouse collectively located in Lithuania, Latvia, and Estonia, which we will account for as an equity method investment as the minority shareholders have significant influence. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders and, therefore, we do not have control over this investment. (e) This investment represents a tenancy-in-common interest, whereby the property is encumbered by debt for which we are jointly and severally liable. The co-obligor is WPC and the amount due under the arrangement was approximately $76.2 million at December 31, 2017 . Of this amount, $64.8 million represents the amount we are liable for and is included within the carrying value of this investment at December 31, 2017 . (f) This investment is reported using the hypothetical liquidation at book value model, which may be different then pro rata ownership percentages, primarily due to the complex capital structures of the partnership agreements. (g) On July 29, 2016, this investment refinanced a non-recourse mortgage loan that had an outstanding balance of $33.8 million with new financing of $34.6 million , of which our proportionate share was $17.0 million . The previous loan had an interest rate of 5.9% and a maturity date of July 31, 2016, while the new loan has an interest rate of Euro Interbank Offered Rate plus a margin of 3.3% and a term of five years. (h) During the year ended December 31, 2017 , we recognized an impairment charge of $6.3 million related to our Apply equity method investment ( Note 8 ). (i) During the year ended December 31, 2017 , we recognized an impairment charge of $4.3 million related to our Agrokor equity method investment ( Note 8 ). (j) On October 3, 2017, we restructured our Shelborne hotel investment by converting the underlying loan to equity when each of the partners transferred their equity interest in the investment to us in full satisfaction for the loan. We then transferred a 4.5% noncontrolling interest back to one of the original joint venture partners for a cash contribution of $4.0 million . As a result, we obtained approximately 95.5% (increased from 33% ) of the interest in the entity. As a result of the restructuring, we determined that this investment should no longer be accounted for as an ADC Arrangement ( Note 4 ) and we therefore consolidate this investment. During the year ended December 31, 2017 , we recognized a loss on change in control of interests of $13.9 million a s a result of this restructuring. (k) During the year ended December 31, 2017 , as a result of Hurricane Irma and prior to the restructuring of this investment, we incurred damage at the Shelborne hotel, which is currently expected to be covered by insurance proceeds after the estimated deductible is paid ( Note 4 ). We recognized this charge within Equity in earnings of equity method investments in real estate on our consolidated financial statements. (l) The carrying value as of December 31, 2016 includes a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value, partially offset by $10.6 million of income recognized in conjunction with the termination of a management agreement and a $10.6 million gain representing the portion of losses guaranteed by the previous management company under the terms of the management agreement. (m) As of December 31, 2016 , the carrying value included our investment in the Wheel Loan ( Note 5 ) that was considered to be a VIE and was reported using the hypothetical liquidation at book value model. The Wheel Loan was restructured on March 17, 2017 and, as a result, we have reclassified the equity investment to a loan receivable, included in Other assets, net and no longer consider this to be a VIE. (n) This investment represents a preferred equity interest, with a preferred rate of return of 12% . On May 19, 2017, we received the full repayment of our preferred equity interest totaling $27.0 million ; therefore, the preferred equity interest is now retired. 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) (b) (c) 2017 2016 Net investments in real estate (d) $ 3,850,204 $ 3,569,612 Other assets (d) 595,352 497,198 Total assets 4,445,556 4,066,810 Debt 2,584,248 2,619,153 Accounts payable, accrued expenses and other liabilities 374,040 447,944 Total liabilities 2,958,288 3,067,097 Total equity $ 1,487,268 $ 999,713 Twelve Months Ended December 31 or September 30 (as applicable), (a) (b) (c) 2017 2016 2015 Revenues $ 888,159 $ 815,161 $ 779,875 Expenses 927,121 865,706 791,224 Loss from continuing operations $ (38,962 ) $ (50,545 ) $ (11,349 ) __________ (a) We record our investments in BPS Nevada, LLC and BG LLH, LLC on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2017 , 2016 , and 2015 are based on balances and results of operations from the aforementioned investments is as of and for the 12 months ended September 30, 2017 , 2016 , and 2015 , respectively. (b) Our investment in IDL Wheel Tenant, LLC was restructured on March 17, 2017, and as a result, we no longer account for this investment as an equity method investment as of that date. Prior to the restructuring, we recorded this investment on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2016 and 2015 are based on balances and results of operations from IDL Wheel Tenant, LLC as of and for the 12 months ended September 30, 2016 and 2015, respectively. Therefore, amounts in our financial statements for the year ended December 31, 2017 , only include operations from this investment for the three months ended December 31, 2016 . (c) Our investment in Shelborne hotel was restructured on October 3, 2017, and as a result, we no longer account for this investment as an equity method investment as of that date. Prior to the restructuring, we recorded this investment on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2016 and 2015 are based on balances and results of operations from Shelborne hotel as of and for the 12 months ended September 30, 2016 and 2015, respectively. Therefore, amounts for the year ended December 31, 2017 in the table above, only include operations from this investment for the 12 months ended September 30, 2017 . (d) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets. As a result, amounts for certain line items included within Net investments in real estate as of December 31, 2016 have been revised to the current year presentation ( Note 2 ). Aggregate distributions from our interests in other unconsolidated real estate investments were $54.5 million , $57.8 million , and $52.1 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. At December 31, 2017 and 2016 , the unamortized basis differences on our equity investments were $26.3 million and $19.1 million , respectively. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets And Liabilities [Abstract] | |
Intangible Assets and Liabilities | Intangible Assets and Liabilities In-place lease intangibles are included in In-place lease intangible assets in the consolidated financial statements. Above-market rent and below-market ground lease and other (as lessee) intangibles are included in Other intangible assets in the consolidated financial statements. Goodwill is included in Other 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 2017 ( Note 4 ), we recorded an In-place lease intangible of $2.0 million , which has an expected life of 20 years . Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2017 December 31, 2016 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets In-place lease 4 – 53 $ 629,961 $ (213,641 ) $ 416,320 $ 620,149 $ (181,598 ) $ 438,551 Above-market rent 5 – 40 98,162 (31,533 ) 66,629 91,895 (24,599 ) 67,296 Below-market ground leases and other 55 – 94 12,842 (726 ) 12,116 12,023 (508 ) 11,515 740,965 (245,900 ) 495,065 724,067 (206,705 ) 517,362 Indefinite-Lived Intangible Assets Goodwill 304 — 304 304 — 304 Total intangible assets $ 741,269 $ (245,900 ) $ 495,369 $ 724,371 $ (206,705 ) $ 517,666 Finite-Lived Intangible Liabilities Below-market rent 7 – 53 $ (82,259 ) $ 22,121 $ (60,138 ) $ (120,725 ) $ 39,025 $ (81,700 ) Above-market ground lease 49 – 88 (1,145 ) 61 (1,084 ) (1,145 ) 46 (1,099 ) Total intangible liabilities $ (83,404 ) $ 22,182 $ (61,222 ) $ (121,870 ) $ 39,071 $ (82,799 ) 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 other and above-market ground lease intangibles is included in Property expenses; and amortization of in-place lease intangibles is included in Depreciation and amortization expense on our consolidated financial statements. Amortization of below- and above-market rent intangibles, including the effect of foreign currency translation, increased Rental income by $17.8 million , $14.2 million and $3.6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The year ended December 31, 2017 includes the impact of a below-market rent intangible liability write off of $15.7 million recognized in conjunction with the KBR lease modification ( Note 14 ) that occurred during the current year. Net amortization expense of all of our other net intangible assets totaled $43.7 million , $51.2 million , and $40.3 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. We performed our annual test for impairment of goodwill during the fourth quarter of 2017 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, 2017 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease (Increase) in Rental Income Increase to Amortization/Property Expenses Net 2018 $ 1,374 $ 37,007 $ 38,381 2019 1,374 36,740 38,114 2020 1,367 36,563 37,930 2021 1,369 36,435 37,804 2022 1,375 36,141 37,516 Thereafter (368 ) 244,466 244,098 $ 6,491 $ 427,352 $ 433,843 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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, foreign currency forward contracts, and foreign currency collars; and Level 3, for securities and other derivative assets that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate caps, interest rate swaps, foreign currency forward contracts, stock warrants, and foreign currency collars ( Note 9 ). The interest rate caps, interest rate swaps, foreign currency forward contracts, 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 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 ). These derivative instruments 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 the years ended December 31, 2017 , 2016 , or 2015 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other income and (expenses) on our 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, 2017 December 31, 2016 Level Carrying Value Fair Value Carrying Value Fair Value Mortgage debt, net (a) (b) 3 $ 1,849,459 $ 1,864,043 $ 2,022,250 $ 2,053,353 Loans receivable (b) 3 110,500 110,500 31,500 31,500 CMBS (c) 3 6,548 7,237 4,027 7,470 ___________ (a) The carrying value of Mortgage debt, net includes unamortized deferred financing costs of $7.9 million and $9.3 million at December 31, 2017 and 2016 , respectively. (b) We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, certain guarantees, and the time until maturity. (c) At December 31, 2017 and 2016 , we had two and three separate tranches of CMBS investments, respectively. The carrying value of our CMBS is inclusive of impairment charges for the years ended December 31, 2017 and 2016 , as well as accretion related to the estimated cash flows expected to be received. 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, 2017 and 2016 . 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. 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 the assets for which we recorded an impairment charge that was measured at fair value on a non-recurring basis (in thousands): Years Ended December 31, 2017 2016 2015 Fair Value Total Fair Value Total Fair Value Total Impairment Charges Equity investments in real estate $ 10,242 $ 10,576 $ 12,528 $ 1,919 $ — $ — Real estate 7,525 8,276 14,850 29,183 — — CMBS 258 683 400 523 1,478 1,023 $ 19,535 $ 31,625 $ 1,023 Impairment charges, and their related triggering events and fair value measurements, recognized during 2017 , 2016 , and 2015 were as follows: Equity Investments in Real Estate During the year ended December 31, 2017 , we recognized an other-than-temporary impairment charge of $6.3 million on our Apply Sørco AS 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 lease restructuring with the tenant that was executed in September 2017. 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 9.3% , 7.8% , and 6.8% , respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. During the year ended December 31, 2017 , we recognized an other-than-temporary impairment charge of $4.3 million on our Agrokor investment, 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 ( Note 6 ). 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 12.4% , 10.9% , and 10.4% , respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. During the year ended December 31, 2016 , we recognized an other-than-temporary impairment charge of $1.9 million on our Agrokor equity investment, 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 ( Note 6 ). 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 8.8% , 7.8% , and 6.8% , respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. During the year ended December 31, 2016 , our Shelborne equity method investment recorded a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value ( Note 6 ). 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 8.0% , 8.0% , and 6.8% , respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. Real Estate During the year ended December 31, 2017 , the Croatian government passed a special law assisting the restructuring of companies considered of systematic significance in Croatia. This law directly impacts our Agrokor tenant, which is currently experiencing financial distress and recently received a credit downgrade from both Standard & Poor’s and Moody’s. As a result of this information, we recognized an impairment charge of $3.8 million on a property within the Agrokor portfolio (amount is based on the exchange rate of the euro at the date of impairment). The fair value of the property after the impairment charge approximated $2.8 million . The fair value measurement related to the impairment charge were 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 11.8% , 10.5% , and 9.8% , respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. During the year ended December 31, 2017 , we were notified by the tenant currently occupying a property that we own with an affiliate, located in Waldaschaff, Germany, that the tenant will not be renewing its lease. As a result of this information, and with our expectation that we will not be able to replace the tenant upon the lease expiration primarily due to, among other things, the remote location of the facility and certain environmental concerns, we recognized an impairment charge of $4.5 million , which included $1.5 million attributed to a noncontrolling interest (amounts are based on the exchange rate of the euro at the date of impairment). The fair value of the property after the impairment charge approximated $4.7 million . The fair value measurement related to the impairment charge was determined by estimating discounted cash flows using a cash flow discount rate of 9.75% , which is considered a significant unobservable input. Significant increases or decreases to this input would result in a significant change in the fair value measurement. During the year ended December 31, 2016 , as a result of entering into a purchase agreement to sell one of our investments located in Houston Texas, which was classified as held for sale at that date and sold in the first quarter of 2017 , we recognized an impairment charge of $29.2 million in order to reduce the carrying value of the property to its estimated fair value. The fair value measurements for the property approximated its estimated selling price, less estimated cost to sell. We used available information, including third-party broker information and internal discounted cash flow models (Level 3 inputs), in determining the fair value of this property. CMBS During the years ended December 31, 2017 , 2016 , and 2015 , we incurred other-than-temporary impairment charges on certain tranches in our CMBS portfolio totaling $0.7 million , $0.5 million , and $1.0 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. |
Risk Management and Use of Deri
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management and Use of Derivative Financial Instruments | Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including 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 income (loss) 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 is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. 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, 2017 and 2016 , no cash collateral had been posted or received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Asset Derivatives Fair Value at Liability Derivatives Fair Value at Balance Sheet Location December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Foreign currency forward contracts Other assets, net $ 14,382 $ 38,735 $ — $ — Interest rate swaps Other assets, net 314 54 — — Interest rate caps Other assets, net 201 79 — — Foreign currency collars Other assets, net — 522 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,852 ) (6,011 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,431 ) (4 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 1,815 1,848 — — Foreign currency forward contracts Other assets, net 86 — — — Swaption Other assets, net — 264 — — Interest rate swap Accounts payable, accrued expenses and other liabilities — — (128 ) (173 ) Total derivatives $ 16,798 $ 41,502 $ (5,411 ) $ (6,188 ) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 Foreign currency forward contracts $ (20,620 ) $ (2,224 ) $ 18,126 Interest rate swaps 2,385 4,174 2,715 Foreign currency collars (1,919 ) 628 (107 ) Interest rate caps (509 ) 4 — Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts (156 ) (241 ) 417 Foreign currency collars (17 ) (5 ) 2 Total $ (20,836 ) $ 2,336 $ 21,153 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, 2017 2016 2015 Foreign currency forward contracts Other income and (expenses) $ 7,170 $ 7,558 $ 8,083 Interest rate swaps Interest expense (2,443 ) (6,339 ) (7,837 ) Total $ 4,727 $ 1,219 $ 246 __________ (a) Excludes net gains of $0.2 million recognized on unconsolidated jointly owned investments for both the years ended December 31, 2017 and 2015 and net losses of $1.2 million on unconsolidated jointly owned investments for year ended December 31, 2016 . (b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. Amounts reported in Other comprehensive income (loss) related to interest rate swaps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At December 31, 2017 , we estimated that an additional $1.5 million and $5.5 million will be reclassified as interest expense and as other income and (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, 2017 2016 2015 Swaption Other income and (expenses) $ (220 ) $ (45 ) $ (196 ) Stock warrants Other income and (expenses) (33 ) 66 (66 ) Interest rate swap Interest expense 11 6 — Foreign currency forward contracts Other income and (expenses) 10 — (16 ) Embedded credit derivatives Other income and (expenses) — — 177 Foreign currency collars Other income and (expenses) — — (8 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 121 463 302 Foreign currency collars Other income and (expenses) (12 ) — — Total $ (123 ) $ 490 $ 193 __________ (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, Caps, 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 may 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, interest rate cap 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 notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable rate debt obligations while allowing participants to share downward shifts in interest rates. A swaption gives us the right but not the obligation to enter into an interest rate swap, of which the terms and conditions are set on the trade date, on a specified date in the future. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2017 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2017 (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 12 123,536 USD $ (3,074 ) Interest rate swaps 5 69,345 EUR (464 ) Interest rate caps 4 132,770 EUR 177 Interest rate cap 1 6,394 GBP 13 Interest rate cap 1 75,000 USD 11 Not Designated as Hedging Instrument Interest rate swap 1 4,843 EUR (128 ) $ (3,465 ) __________ (a) Fair value amount is based on the exchange rate of the euro or British pound sterling at December 31, 2017 , as applicable. Foreign Currency Contracts We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling, the Japanese yen, and the Norwegian krone. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent 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. Our foreign currency forward contracts and foreign currency collars have maturities of 77 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2017 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2017 Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 43 88,173 EUR $ 14,325 Foreign currency collars 2 15,100 EUR (1,395 ) Foreign currency collars 3 2,000 NOK (16 ) Not Designated as Hedging Instruments Foreign currency forward contracts 9 6,521 NOK 86 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 2 4,329 NOK 57 Foreign currency collar 1 2,500 NOK (20 ) $ 13,037 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, 2017 . At December 31, 2017 , our total credit exposure was $12.8 million and the maximum exposure to any single counterparty was $6.0 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, 2017 , 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 $5.6 million and $6.7 million at December 31, 2017 and 2016 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2017 or 2016 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $5.7 million and $7.3 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 2. 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, 2017 , our KBR Inc. tenant contributed 12% of our total revenues, which included $15.7 million for the year ended December 31, 2017 as a result of a write-off of a below-market lease intangible liability that increased rental income ( Note 14 ). |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgage Debt, Net Mortgage debt, net consists of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2017 , our mortgage notes payable bore interest at fixed annual rates ranging from 1.9% to 7.4% and variable contractual annual rates ranging from 1.3% to 6.0% , with maturity dates ranging from 2018 to 2039 . Financing Activity During 2017 During 2017 , we drew down on two non-recourse mortgage loans totaling $25.1 million that have a weighted-average annual interest rate and term to maturity of 3.1% and seven years, respectively. In addition, we refinanced two non-recourse mortgage loans totaling $157.7 million with new loans of $180.0 million that have a weighted-average annual interest rate and term to maturity of 2.8% and three years, respectively. During 2017 , we repaid 13 non-recourse mortgage loans totaling $261.4 million , 11 of which were scheduled to mature in 2017 and two of which were scheduled to mature in 2018 (amount is based on the exchange rate of the euro as of the date of repayment, as applicable). Of that amount, $60.0 million pertained to the non-recourse mortgage loan that was repaid in full at closing by the buyer in connection with the I-drive Property disposition ( Note 4 , Note 14 ), on which we recognized a loss on extinguishment of debt of $1.3 million . In addition, in connection with our disposition of a property located in Pordenone, Italy, which was part of a larger portfolio of properties located throughout Italy leased to a single tenant, we repaid a portion of the principal balance of the mortgage loan on that portfolio for a total of $9.3 million (amount is based on the exchange rate of the euro as of the date of repayment). In March 2017, we completed the sale of the KBR II property ( Note 14 ), which had a non-recourse mortgage loan of $31.2 million at the time of sale. This mortgage loan, which has an interest rate 4.9% and is scheduled to mature in January 2024, has since been recollateralized with two of our existing net-lease properties. As a result of the swapping of the collateral of this loan, this debt is now considered to be a recourse mortgage loan to us in the event of a default. Financing Activity During 2016 During 2016, we obtained seven new non-recourse mortgage financings and completed two additional drawdowns on already existing mortgage financings totaling $170.9 million net of discounts with a weighted-average annual interest rate and term to maturity of 2.0% and 7.1 years, respectively. Additionally, in connection with the acquisition of the remaining 15% interest in a self-storage portfolio that we now control ( Note 4 ), we now consolidate the outstanding mortgage debt of this investment, which totaled $69.8 million net of discounts with a weighted-average annual interest rate of 4.5% and term to maturity of 1.1 years. During 2016, we defeased seven non-recourse mortgage loans with outstanding principal balances totaling $121.9 million net of discounts and recognized losses on extinguishment of debt totaling $23.6 million primarily comprised of prepayment penalties and defeasance costs. These mortgage loans had a weighted-average interest rate and remaining term to maturity of 4.9% and 5.7 years, respectively, and encumbered a total of 52 self-storage properties, 34 of which were sold ( Note 14 ) and 18 of which were refinanced with new non-recourse mortgage loans totaling $65.9 million . These loans have a weighted-average interest rate and term to maturity of 3.0% and 4.8 years, respectively. Additionally, during 2016, we refinanced four non-recourse mortgage loans totaling $206.4 million with new non-recourse mortgage financing totaling $211.8 million and recognized a loss on extinguishment of debt of $0.8 million . These mortgage loans have a weighted-average interest rate and term to maturity of 2.0% and 4.7 years, respectively. 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, which we refer to herein as the Credit Agreement. The Credit Agreement was amended on March 31, 2016 to clarify the Restricted Payments covenant (see below); no other terms were changed. 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, subject to lender approval, an accordion feature of $250.0 million . The Senior Credit Facility is scheduled to mature on August 26, 2018 , and 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 London Interbank Offered Rate, or 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 to interest expense over the remaining term of the Senior Credit Facility. The following table presents a summary of our Senior Credit Facility (dollars in thousands): Interest Rate at December 31, 2017 Outstanding Balance at December 31, Senior Credit Facility, net 2017 2016 Term Loan (a) LIBOR + 1.45% $ 49,915 $ 49,751 Revolver: Revolver — borrowing in euros (b) 1.50% 29,969 — Revolver — borrowing in yen (c) 1.50% 22,047 — $ 101,931 $ 49,751 __________ (a) Includes unamortized deferred financing costs and discounts. (b) Amount is based on the exchange rate of the euro at December 31, 2017 . (c) Amount is based on the exchange rate of the yen at December 31, 2017 . On September 30, 2016, we exercised the delayed draw option on our Term Loan and borrowed $50.0 million . The Term Loan bears interest at LIBOR + 1.45% and is scheduled to mature on August 26, 2018 , unless extended pursuant to its terms. The Revolver and Term Loan are used for our working capital needs and for new investments, as well as for general corporate purposes. During the year ended December 31, 2017 , we drew down a total of $119.2 million from our Senior Credit Facility (amount is based on the exchange rate of the euro on the date of each draw), of which we have since repaid $69.0 million . We are required to ensure that the total Restricted Payments (as defined in the amended Credit Agreement) in an aggregate amount in any fiscal year does not exceed the greater of 95% of Modified funds from operations, or MFFO, and 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, 2017 . Scheduled Debt Principal Payments Scheduled debt principal payments for each of the next five calendar years following December 31, 2017 and thereafter through 2039 are as follows (in thousands): Years Ending December 31, Total 2018 (a) $ 173,644 2019 74,452 2020 427,354 2021 452,057 2022 350,859 Thereafter through 2039 486,485 Total principal payments 1,964,851 Deferred financing costs (8,003 ) Unamortized discount, net (5,458 ) Total $ 1,951,390 __________ (a) Includes the $50.0 million Term Loan and $52.0 million Revolver outstanding at December 31, 2017 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, 2017 . The carrying value of our Debt, net increased by $79.0 million from December 31, 2016 to December 31, 2017 due to the weakening of the U.S. dollar relative to foreign currencies, particularly the euro, during the same period. Debt Covenants As of December 31, 2017 , we were in breach of a loan-to-value, or LTV, covenant on one of our non-recourse mortgage loans. On January 22, 2018, we repaid $6.1 million (amount is based on the exchange rate of the euro as of the date of repayment) of principal on this loan to cure the covenant breach ( Note 17 ). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At December 31, 2017 , 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, 2017 | |
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, declared and paid during the years ended December 31, 2017 , 2016 and 2015 , 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, 2017 2016 2015 Ordinary income $ 0.3091 $ 0.1994 $ 0.3220 Return of capital 0.3409 0.1403 0.3280 Capital gain — 0.3103 — Total distributions paid $ 0.6500 $ 0.6500 $ 0.6500 During the fourth quarter of 2017 , our board of directors declared a quarterly distribution of $0.1625 per share, which was paid on January 16, 2018 to stockholders of record on December 29, 2017 , in the amount of $56.9 million . During the year ended December 31, 2017 , our board of directors declared distributions in the aggregate amount of $226.0 million , which equates to $0.6500 per share. 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 Investments Foreign Currency Translation Adjustments Total Balance at January 1, 2015 $ 7,311 $ (106 ) $ (88,212 ) $ (81,007 ) Other comprehensive 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 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 ) Other comprehensive loss before reclassifications 2,568 29 (18,785 ) (16,188 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 6,339 — — 6,339 Other income and (expenses) (7,558 ) — — (7,558 ) Total (1,219 ) — — (1,219 ) Net current-period Other comprehensive loss 1,349 29 (18,785 ) (17,407 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — — 536 536 Balance at December 31, 2016 29,549 (48 ) (186,177 ) (156,676 ) Other comprehensive income before reclassifications (15,735 ) 33 100,948 85,246 Amounts reclassified from accumulated other comprehensive income to: Interest expense 2,443 — — 2,443 Other income and (expenses) (7,170 ) — — (7,170 ) Total (4,727 ) — — (4,727 ) Net current-period Other comprehensive income (20,462 ) 33 100,948 80,519 Net current-period Other comprehensive income attributable to noncontrolling interests — — (2,263 ) (2,263 ) Balance at December 31, 2017 $ 9,087 $ (15 ) $ (87,492 ) $ (78,420 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, the only provision of income taxes in the consolidated financial statements relates to our TRSs. The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. As a result, we recognized a deferred tax benefit of $6.6 million for the year ended December 31, 2017 . 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. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2017 2016 2015 Federal Current $ 190 $ 130 $ 110 Deferred (3,577 ) 4,327 954 (3,387 ) 4,457 1,064 State and Local Current 838 (26 ) 840 Deferred 765 312 1,312 1,603 286 2,152 Foreign Current 2,959 3,677 3,787 Deferred (1,688 ) 57 1,882 1,271 3,734 5,669 Total (Benefit) Provision (a) $ (513 ) $ 8,477 $ 8,885 __________ (a) We recorded a deferred tax benefit of $2.6 million for certain of our equity investments in 2017. We recorded deferred tax provisions of $4.0 million and $2.3 million for certain of our equity investments in 2016 and 2015, respectively. We account for uncertain tax positions in accordance with Accounting Standards Codification 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ — $ 198 Addition based on tax positions related to the current year 437 — Decrease due to lapse in statute of limitations — (198 ) Ending balance $ 437 $ — At December 31, 2017 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 December 31, 2017 and 2016 , we had no significant accrued interest related to uncertain tax positions. Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2011 through 2016 remain open to adjustment in the major tax jurisdictions. Deferred Income Taxes Our deferred tax assets before valuation allowances were $31.8 million and $33.0 million at December 31, 2017 and 2016 , respectively. Our deferred tax liabilities were $30.5 million and $32.7 million at December 31, 2017 and 2016 , respectively. We determined that $26.3 million and $28.1 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, 2017 and 2016 , respectively. Our deferred tax asset, net of valuation allowance, is recorded in Other assets, net on our consolidated balance sheet. Our deferred tax assets and liabilities at December 31, 2017 and 2016 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.); • timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. At December 31, 2017 , we had net operating losses in U.S. federal, state, and foreign jurisdictions of approximately $48.9 million , $31.9 million , and $40.5 million , respectively. At December 31, 2016 , we had net operating losses in U.S. federal, state and foreign jurisdictions of approximately $35.1 million , $21.3 million , and $19.9 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 2027 . The foreign net operating loss carryforwards will begin to expire in 2018. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. |
Property Dispositions
Property Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions 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 decide to dispose of a property due to vacancy, 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. Property Dispositions The results of operations for properties that have been sold or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2017 2016 2015 Revenues $ 7,245 $ 46,928 $ 47,737 Operating expenses (excluding impairment charges) (3,150 ) (25,944 ) (29,365 ) Impairment charges — (29,183 ) — Interest expense (1,108 ) (7,485 ) (6,996 ) Other income and (expenses) — — 676 Loss on extinguishment of debt (1,364 ) (15,807 ) — Equity in losses of equity method investments (688 ) (3,137 ) (2,789 ) Provision for income taxes (2 ) (24 ) (4 ) Gain on sale of real estate, net of tax 2,879 132,858 2,197 Income from properties sold or classified as held for sale, net of income taxes $ 3,812 $ 98,206 $ 11,456 2017 — During the second quarter of 2017, we sold three properties for total proceeds of $14.6 million , net of selling costs, and recorded an aggregate gain on sale of $1.2 million (amounts are based on the euro exchange rate on the applicable date of disposition), which was recorded under the full accrual method. In March 2017, we sold one of our net-lease properties to the developer that constructed the I-drive Property for net proceeds of $23.5 million , inclusive of $34.0 million of financing provided by us to the developer in the form of a mezzanine loan. This sale was accounted for under the cost recovery method. As a result, we recorded a deferred gain on sale of $2.1 million , which will be recognized into income upon recovery of the cost of the property ( Note 4 , Note 5 ). The developer repaid the $60.0 million non-recourse mortgage loan encumbering the I-drive Property in full at closing ( Note 10 ). In addition, in connection with the I-drive Wheel restructuring, we recorded a deferred gain of $16.4 million , which will be recognized into income upon recovery of the cost of the Wheel Loan ( Note 5 ). In August 2016, we simultaneously entered into two agreements with one of our tenants, KBR, Inc., to amend the lease at one property and terminate the lease at another property, both located in Houston, Texas. The lease modification and lease termination were contingent upon one another and became effective upon disposing of one net-lease property on March 13, 2017, which was previously classified as held for sale as of December 31, 2016 prior to its sale in the first quarter of 2017. Upon disposition, we received proceeds of $14.1 million , net of closing costs, and recognized a gain on sale of $1.6 million , which was recorded under the full accrual method. In addition, as a result of the aforementioned lease modification, contractual rents were renegotiated to be at market and the existing below-market rent lease liability of $15.7 million was written off and recognized in Rental income during the year ended December 31, 2017 ( Note 7 ). In addition, as a result of the termination of the lease noted above, we accelerated the below-market lease intangible liabilities of $3.3 million and $13.9 million that were also recognized in Rental income during the year ended December 31, 2017 and 2016 , respectively. At December 31, 2016 , the land and building for this property were classified as held for sale and we recognized an impairment charge of $29.2 million during the year ended December 31, 2016 to reduce the carrying value of the property to its estimated fair value ( Note 8 ). 2016 — During 2016, we sold 34 self-storage properties for total proceeds of $259.1 million , net of selling costs and recognized a gain on the sale of these assets of $132.9 million in the aggregate. Proceeds from the sales were used to repay non-recourse mortgage loans encumbering the properties with outstanding principal balances aggregating $84.7 million , and as a result, we recorded a loss on extinguishment of debt of $15.8 million . 2015 — We did not have any dispositions during 2015. However, we recognized a gain on sale of real estate of $2.2 million during that year related to an equity interest option (on a property that was previously disposed of), which expired on January 31, 2015. None of our property dispositions during 2017, 2016, or 2015 qualified for classification as a discontinued operation. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
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 investments in loans receivable, CMBS, one hotel, and certain 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, 2017 2016 2015 Net Lease Revenues (a) $ 397,766 $ 389,709 $ 366,904 Operating expenses (b) (c) (157,206 ) (180,376 ) (136,838 ) Interest expense (77,503 ) (87,703 ) (85,138 ) Other income and (expenses), excluding interest expense (d) 5,839 10,412 18,508 Provision for income taxes (718 ) (2,887 ) (7,458 ) Gain on sale of real estate, net of tax 2,872 — 2,197 Net income attributable to noncontrolling interests (13,530 ) (14,098 ) (15,247 ) Net income attributable to CPA:17 – Global $ 157,520 $ 115,057 $ 142,928 Self-Storage Revenues $ 35,935 $ 43,979 $ 46,418 Operating expenses (26,235 ) (36,094 ) (32,575 ) Interest expense (7,638 ) (8,744 ) (7,655 ) Other income and (expenses), excluding interest expense (e) (f) (260 ) 25,920 (1,858 ) Provision for income taxes (163 ) (183 ) (167 ) Gain on sale of real estate, net of tax 7 132,858 — Net income attributable to CPA:17 – Global $ 1,646 $ 157,736 $ 4,163 All Other Revenues $ 13,953 $ 6,674 $ 13,625 Operating expenses (5,482 ) (633 ) (1,712 ) Interest expense — (5 ) 404 Other income and (expenses), excluding interest expense (g) (h) (23,428 ) (8,419 ) (1,691 ) Benefit from (provision for) income taxes 2,741 (4,671 ) (150 ) Net loss attributable to noncontrolling interests 1,323 — — Net (loss) income attributable to CPA:17 – Global $ (10,893 ) $ (7,054 ) $ 10,476 Corporate Unallocated Corporate Overhead (i) $ (24,311 ) $ (50,629 ) $ (48,694 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (26,675 ) $ (24,765 ) $ (24,668 ) Total Company Revenues $ 447,654 $ 440,362 $ 426,947 Operating expenses (234,326 ) (263,802 ) (218,892 ) Interest expense (88,270 ) (98,813 ) (93,551 ) Other income and (expenses), excluding interest expense 7,719 27,080 16,304 Benefit from (provision for) income taxes 513 (8,477 ) (8,885 ) Gain on sale of real estate, net of tax 2,879 132,858 2,197 Net income attributable to noncontrolling interests (38,882 ) (38,863 ) (39,915 ) Net income attributable to CPA:17 – Global $ 97,287 $ 190,345 $ 84,205 Total Assets at December 31, 2017 2016 Net Lease (j) $ 3,980,445 $ 3,905,402 Self-Storage 241,438 252,195 All Other (k) 277,702 266,231 Corporate 87,885 275,095 Total Company $ 4,587,470 $ 4,698,923 ___________ (a) Amount for the year ended December 31, 2017 includes a $15.7 million write-off of a below-market rent lease liability, pertaining to our KBR Inc., properties that were recognized in Rental income as a result of a lease modification ( Note 14 ). In addition, as a result of a lease termination, we accelerated the below-market rent lease intangible liabilities of $3.3 million and $13.9 million that were also recognized in Rental income during the year ended December 31, 2017 and 2016 , respectively. (b) Includes impairment charges of $8.3 million and $29.2 million incurred during the year ended December 31, 2017 and 2016, respectively ( Note 8 ). (c) In April 2017, the Croatian government passed a special law assisting the restructuring of companies considered of systematic significance in Croatia. This law directly impacts our Agrokor tenant, which is currently experiencing financial distress and recently received a credit downgrade from both Standard & Poor’s and Moody’s. As a result of the financial difficulties and the uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $8.1 million during the year ended December 31, 2017 . (d) For the years ended December 31, 2017 and 2016, amounts include impairment charges of $10.6 million and $1.9 million , respectively, related to certain of our equity investments ( Note 8 ). (e) Includes a gain on change in control of interests of $49.9 million for the year ended December 31, 2016 ( Note 4 ). (f) Includes loss on extinguishment of debt of $23.6 million for the year ended December 31, 2016 ( Note 10 ). (g) Includes a loss on change in control of interests of $13.9 million for the year ended December 31, 2017 ( Note 4 ). In addition, as a result of Hurricane Irma damage incurred at the Shelborne hotel investment ( Note 4 ), this amount includes an estimated insurance deductible of $1.8 million and $2.7 million of costs incurred related to our insurance adjuster. (h) For the year ended December 31, 2016 , our Shelborne equity method investment recorded a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value, partially offset by $10.6 million of income recognized in conjunction with the termination of a management agreement and a $10.6 million gain representing the portion of losses guaranteed by the previous management company under the terms of the management agreement. (i) 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. (j) Includes the impact of the I-drive Property disposition ( Note 4 , Note 14 ), the sale of a property classified as Assets held for sale as of December 31, 2016, and the sale of three other net-leased properties that occurred during the year ended December 31, 2017 ( Note 14 ). (k) Includes the impact of the I-drive Wheel restructuring during the year ended December 31, 2017 ( Note 5 , Note 6 , Note 14 ). 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, 2017 Texas New York Other Domestic International (a) Total Revenues $ 67,317 $ 45,430 $ 208,562 $ 126,345 $ 447,654 Operating expenses (28,389 ) (12,211 ) (121,672 ) (72,054 ) (234,326 ) Interest expense (10,053 ) (6,937 ) (50,087 ) (21,193 ) (88,270 ) Other income and (expenses), excluding interest expense 688 (257 ) (665 ) 7,953 7,719 Benefit from income taxes (53 ) 162 1,532 (1,128 ) 513 Gain on sale of real estate, net of tax 1,647 — 755 477 2,879 Net income attributable to noncontrolling interests — (11,222 ) (27,206 ) (454 ) (38,882 ) Net income attributable to CPA:17 – Global 31,157 14,965 11,219 39,946 97,287 Long-lived assets (b) 308,195 388,336 1,694,242 1,346,148 3,736,921 Equity investments in real estate 16,072 — 116,302 276,880 409,254 Debt, net 216,542 179,775 981,081 573,992 1,951,390 As of and for the Year Ended December 31, 2016 Texas New York Other Domestic International (a) Total Revenues $ 67,860 $ 42,912 $ 213,027 $ 116,563 $ 440,362 Operating expenses (c) (75,455 ) (13,152 ) (124,776 ) (50,419 ) (263,802 ) Interest expense (11,774 ) (7,098 ) (54,760 ) (25,181 ) (98,813 ) Other income and (expenses), excluding interest expense (2,859 ) 49,483 (10,428 ) (9,116 ) 27,080 Provision for income taxes (67 ) (682 ) (4,102 ) (3,626 ) (8,477 ) Gain on sale of real estate, net of tax 10,565 — 122,293 — 132,858 Net income attributable to noncontrolling interests — (10,972 ) (26,608 ) (1,283 ) (38,863 ) Net income attributable to CPA:17 – Global (11,730 ) 60,491 114,646 26,938 190,345 Long-lived assets (b) 337,379 395,508 1,770,506 1,242,073 3,745,466 Equity investments in real estate 17,603 — 308,741 124,761 451,105 Debt, net 249,336 173,823 1,012,929 635,913 2,072,001 For the Year Ended December 31, 2015 Texas New York Other Domestic International (a) Total Revenues $ 63,933 $ 37,567 $ 212,394 $ 113,053 $ 426,947 Operating expenses (42,934 ) (1,624 ) (131,013 ) (43,321 ) (218,892 ) Interest expense (12,465 ) (3,602 ) (52,853 ) (24,631 ) (93,551 ) Other income and (expenses), excluding interest expense 787 (1,857 ) 15,277 2,097 16,304 Provision for income taxes (4 ) — (3,354 ) (5,527 ) (8,885 ) Gain on sale of real estate, net of tax — — 2,197 — 2,197 Net income attributable to noncontrolling interests — (11,068 ) (26,105 ) (2,742 ) (39,915 ) Net income attributable to CPA:17 – Global 9,317 19,416 16,543 38,929 84,205 ___________ (a) All years include investments in Poland, Italy, Croatia, Spain, Germany, the United Kingdom, the Netherlands, Japan, the Czech Republic, Slovakia, Norway, and Hungary; 2017 and 2016 include investments in Lithuania; and 2017 includes investments in Latvia and Estonia. (b) Consists of Net investments in real estate. In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets. As a result, amounts for certain line items included within Net investments in real estate as of December 31, 2016 have been revised to the current year presentation ( Note 2 ). (c) Amount for Texas includes an impairment charge of $29.2 million recognized on one property for the year ended December 31, 2016 ( Note 8 ). |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 123,005 $ 106,513 $ 107,396 $ 110,740 Expenses (a) 59,615 55,581 53,313 65,817 Net income (a) (b) (c) 47,146 41,725 33,810 13,488 Net income attributable to noncontrolling interests (9,135 ) (10,919 ) (9,081 ) (9,747 ) Net income attributable to CPA:17 – Global (a) (b) (c) 38,011 30,806 24,729 3,741 Earnings per share attributable to CPA:17 – Global $ 0.11 $ 0.09 $ 0.07 $ 0.01 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 107,226 $ 109,185 $ 110,076 $ 113,875 Expenses (d) 56,205 60,037 87,442 60,118 Net income (e) 55,617 91,241 67,045 15,305 Net income attributable to noncontrolling interests (10,194 ) (9,383 ) (8,827 ) (10,459 ) Net income attributable to CPA:17 – Global (d) (e) 45,423 81,858 58,218 4,846 Earnings per share attributable to CPA:17 – Global $ 0.13 $ 0.24 $ 0.17 $ 0.01 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 __________ (a) Amounts for the three months ended December 31, 2017 and March 31, 2017 include impairment charges of $4.2 million and $4.5 million , respectively, on our consolidated real estate investments ( Note 8 ). (b) Amounts for the three months ended December 31, 2017 , September 30, 2017, and June 30, 2017 include impairment charges of $1.8 million , $6.3 million , and $2.5 million , respectively, on our equity investments on real estate ( Note 8 ). (c) Amount for the three months ended December 31, 2017 includes loss on change of control of interests of $13.9 million that was recognized in connection with the restructuring of the Shelborne hotel ( Note 4 ). (d) Amount for the three months ended September 30, 2016, includes an impairment charge of $29.2 million ( Note 8 ). (e) Amount for the three months ended June 30, 2016 includes gains on change of control of interests of $49.9 million , recognized in connection our acquisition of the remaining 15% controlling interest in a jointly owned investment in five self-storage properties ( Note 4 ). Amounts for the three months ended March 31, 2016, June 30, 2016, and September 30, 2016 include gain on sale of real estate, net of tax totaling $25.4 million , $25.0 million , and $82.3 million , respectively, recognized in connection with the disposition of certain self-storage properties that occurred during these periods. Amounts for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, and December 31, 2016 include a loss on extinguishment of debt of $2.5 million , $5.1 million , $16.0 million , and $0.8 million , respectively ( Note 10 ). During the three months ended December 31, 2016 , our Shelborne equity investment incurred a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value, partially offset by $10.6 million of income recognized in conjunction with the termination of a management agreement. Additionally, we recorded $10.6 million of losses guaranteed by the previous management company under the terms of the management agreement ( Note 6 ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 22, 2018, we repaid $6.1 million (amount is based on the exchange rate of the euro as of the date of repayment) of principal on one of our non-recourse mortgage loans to cure the LTV covenant breach that existed at December 31, 2017 ( Note 10 ). In January 2018, a tenant, The New York Times Company, exercised its bargain purchase option to acquire the property it leases from us for $250.0 million , which is expected to occur on December 1, 2019. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Schedule of Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 28,150 $ 3,406 $ (5,303 ) $ 26,253 Valuation for tenant receivables 36 8,565 (36 ) 8,565 Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 29,001 $ 5,151 $ (6,002 ) $ 28,150 Valuation for tenant receivables 1,750 24 (1,738 ) 36 Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 13,103 $ 21,211 $ (5,313 ) $ 29,001 Valuation for tenant receivables — 1,750 — 1,750 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which 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 $ 1,340 $ 625 $ 1,713 $ — $ 107 $ 625 $ 1,820 $ 2,445 $ 582 1975 Jun. 2008 30 yrs. Office facility in Soest, Germany and warehouse facility in Bad Wünnenberg, Germany — 3,193 45,932 — (11,903 ) 2,419 34,803 37,222 8,800 1982; 1996 Jul. 2008 36 yrs. Education facility in Chicago, IL 11,782 6,300 20,509 — (527 ) 6,300 19,982 26,282 6,329 1912 Jul. 2008 30 yrs. Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX 27,730 2,725 25,233 28,116 (3,395 ) 4,701 47,978 52,679 9,055 Various Aug. 2008 25 - 40 yrs. Industrial facility in Waldaschaff, Germany — 10,373 16,708 — (16,744 ) 2,987 7,350 10,337 5,269 1937 Aug. 2008 15 yrs. Fitness facilities in Phoenix, AZ and Columbia, MD 33,367 14,500 48,865 — (2,062 ) 14,500 46,803 61,303 10,833 2006 Sep. 2008 40 yrs. Office facility in Birmingham, United Kingdom 17,056 3,591 15,810 949 (3,279 ) 2,990 14,081 17,071 2,830 2009 Sep. 2009 40 yrs. Retail facility in Gorzow, Poland — 1,095 13,947 — (2,767 ) 895 11,380 12,275 2,352 2008 Oct. 2009 40 yrs. Office facility in Hoffman Estates, IL 25,817 5,000 21,764 — — 5,000 21,764 26,764 4,391 2009 Dec. 2009 40 yrs. Office facility in The Woodlands, TX 34,828 1,400 41,502 — — 1,400 41,502 42,902 8,387 2009 Dec. 2009 40 yrs. Retail facilities located throughout Spain — 32,574 52,101 — (11,943 ) 28,057 44,675 72,732 8,930 Various Dec. 2009 20 yrs. Industrial facilities in Middleburg Heights and Union Township, OH 5,318 1,000 10,793 2 — 1,000 10,795 11,795 2,137 1990; 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 12,185 19,001 13,059 — — 19,001 13,059 32,060 2,982 Various Mar. 2010 27 - 40 yrs. Industrial facility in Evansville, IN 14,936 150 9,183 11,745 — 150 20,928 21,078 3,805 2009 Mar. 2010 40 yrs. Warehouse facilities in Bristol, Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton, United Kingdom 3,905 8,639 2,019 — (1,511 ) 7,358 1,789 9,147 491 Various Apr. 2010 28 yrs. Warehouse facility in Zagreb, Croatia — 31,941 45,904 — (6,576 ) 29,077 42,192 71,269 10,795 2001 Apr. 2010 30 yrs. Office facilities in Tampa, FL 30,948 18,300 32,856 1,342 — 18,323 34,175 52,498 6,397 1985; 2000 May 2010 40 yrs. Warehouse facility in Bowling Green, KY 24,864 1,400 3,946 33,809 — 1,400 37,755 39,155 5,979 2011 May 2010 40 yrs. Land in Elorrio, Spain — 19,924 3,981 — 246 24,151 — 24,151 — N/A Jun. 2010 N/A Warehouse facility in Gadki, Poland — 1,134 1,183 7,611 (1,491 ) 960 7,477 8,437 1,261 2011 Aug. 2010 40 yrs. Industrial and office facilities in Elberton, GA — 560 2,467 — — 560 2,467 3,027 521 1997; 2002 Sep. 2010 40 yrs. Warehouse facilities in Rincon and Unadilla, GA 24,254 1,595 44,446 — — 1,595 44,446 46,041 7,964 2000; 2006 Nov. 2010 40 yrs. Office facility in Hartland, WI 2,996 1,402 2,041 — — 1,402 2,041 3,443 418 2001 Nov. 2010 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which 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 — 6,700 24,114 194 (5,624 ) 5,316 20,068 25,384 5,182 2000; 2002; 2003 Dec. 2010 30 yrs. Warehouse and office facilities located throughout the United States 104,062 31,735 129,011 855 (9,861 ) 28,511 123,229 151,740 24,696 Various Dec. 2010 40 yrs. Office facility in Madrid, Spain 59,012 22,230 81,508 — (9,013 ) 20,295 74,430 94,725 13,035 2002 Dec. 2010 40 yrs. Office facility in Houston, TX 3,055 1,838 2,432 — 20 1,838 2,452 4,290 688 1982 Dec. 2010 25 yrs. Retail facility in Las Vegas, NV 39,766 26,934 31,037 26,048 (44,166 ) 5,070 34,783 39,853 4,809 2012 Dec. 2010 40 yrs. Warehouse facilities in Oxnard and Watsonville, CA 40,106 16,036 67,300 — (7,149 ) 16,036 60,151 76,187 11,722 1975; 1994; 2002 Jan. 2011 10 - 40 yrs. Warehouse facility in Dillon, SC 16,970 1,355 15,620 1,600 (123 ) 1,232 17,220 18,452 2,821 2001 Mar. 2011 40 yrs. Warehouse facility in Middleburg Heights, OH — 600 1,690 — — 600 1,690 2,290 286 2002 Mar. 2011 40 yrs. Office facility in Martinsville, VA 7,847 600 1,998 11,331 — 600 13,329 13,929 2,038 2011 May 2011 40 yrs. Land in Chicago, IL 4,643 7,414 — — — 7,414 — 7,414 — N/A Jun. 2011 N/A Industrial facility in Fraser, MI 3,787 928 1,392 6,193 (80 ) 928 7,505 8,433 1,182 2012 Sep. 2011 35 yrs. Retail facilities located throughout Italy 178,792 91,691 262,377 — (49,384 ) 79,856 224,828 304,684 38,757 Various Sep. 2011 29 - 40 yrs. Retail facilities in Delnice, Pozega, and Sesvete, Croatia — 2,687 24,820 15,378 (5,533 ) 3,562 33,790 37,352 6,849 2011 Nov. 2011 30 yrs. Retail facility in Orlando, FL — 32,739 — 19,959 (32,739 ) 5,577 14,382 19,959 1,354 2011 Dec. 2011 40 yrs. Land in Hudson, NY 704 2,080 — — — 2,080 — 2,080 — N/A Dec. 2011 N/A Office facilities in Aurora, Eagan, and Virginia, MN 104,499 13,546 110,173 — 993 13,546 111,166 124,712 22,491 Various Jan. 2012 32 - 40 yrs. Industrial facility in Chmielów, Poland 17,536 1,323 5,245 30,804 (443 ) 1,977 34,952 36,929 3,792 2012 Apr. 2012 40 yrs. Office facility in St. Louis, MO 5,374 954 4,665 1,685 — 954 6,350 7,304 897 1995 Jul. 2012 38 yrs. Industrial facility in Avon, OH 3,325 926 4,975 — — 926 4,975 5,901 823 2001 Aug. 2012 35 yrs. Industrial facility in Elk Grove Village, IL 8,638 1,269 11,317 163 — 1,269 11,480 12,749 2,892 1961 Aug. 2012 40 yrs. Education facilities in Montgomery, AL and Savannah, GA 15,110 5,255 16,960 — — 5,255 16,960 22,215 2,751 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 — (32 ) 17,269 32,207 49,476 7,603 Various Sep. 2012 16 yrs. Office facility in Warrenville, IL 18,101 3,698 28,635 — — 3,698 28,635 32,333 4,360 2002 Sep. 2012 40 yrs. Office and warehouse facility in Zary, Poland 3,003 356 1,168 6,910 (680 ) 327 7,427 7,754 898 2013 Sep. 2012 40 yrs. Industrial facility in Sterling, VA — 3,118 14,007 5,071 — 3,118 19,078 22,196 2,981 1980 Oct. 2012 35 yrs. Office facility in Houston, TX 127,853 19,331 123,084 7,482 2,899 19,331 133,465 152,796 22,722 1973 Nov. 2012 30 yrs. Education facility in Eagan, MN 8,867 2,104 11,462 — (85 ) 1,994 11,487 13,481 1,769 2003 Dec. 2012 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Warehouse facility in Saitama Prefecture, Japan — 17,292 28,575 — (12,392 ) 12,620 20,855 33,475 4,204 2007 Dec. 2012 26 yrs. Retail facilities in Bjelovar, Karlovac, Krapina, Krizevci, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia 21,041 5,059 28,294 6,634 (3,453 ) 6,531 30,003 36,534 3,997 Various Dec. 2012 32 - 40 yrs. Industrial facility in Portage, WI 4,524 3,338 4,556 502 — 3,338 5,058 8,396 962 1970 Jan. 2013 30 yrs. Retail facility in Dallas, TX 9,431 4,441 9,649 87 — 4,441 9,736 14,177 1,207 1913 Feb. 2013 40 yrs. Warehouse facility in Dillon, SC 25,856 3,096 2,281 37,989 (566 ) 2,530 40,270 42,800 3,608 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 5,369 — 942 — — — 942 942 284 2007 May 2013 40 yrs. Industrial facility in Wageningen, Netherlands 18,853 4,790 24,301 47 (2,402 ) 4,438 22,298 26,736 2,565 2013 Jul. 2013 40 yrs. Warehouse facilities in Gadki, Poland 33,703 9,219 48,578 121 (4,706 ) 8,469 44,743 53,212 5,466 2007; 2010 Jul. 2013 40 yrs. Automotive dealership in Lewisville, TX 9,145 3,269 9,605 — — 3,269 9,605 12,874 1,465 2004 Aug. 2013 39 yrs. Office facility in Auburn Hills, MI 5,806 789 7,163 — — 789 7,163 7,952 823 2012 Oct. 2013 40 yrs. Office facility in Haibach, Germany 9,249 2,544 11,114 — (1,534 ) 2,258 9,866 12,124 1,547 1993 Oct. 2013 30 yrs. Office facility in Tempe, AZ 14,550 — 16,996 4,272 — — 21,268 21,268 2,373 2000 Dec. 2013 40 yrs. Office facility in Tucson, AZ — 2,440 11,175 — — 2,440 11,175 13,615 1,355 2002 Feb. 2014 38 yrs. Industrial facility in Drunen, Netherlands 10,296 990 6,328 7,922 1,693 1,470 15,463 16,933 1,025 2014 Apr. 2014 40 yrs. Industrial facility in New Concord, OH 1,532 784 2,636 — — 784 2,636 3,420 337 1999 Apr. 2014 35 - 40 yrs. Office facility in Krakow, Poland 5,669 2,771 6,549 — (682 ) 2,568 6,070 8,638 571 2003 Sep. 2014 40 yrs. Retail facility in Gelsenkirchen, Germany 14,232 2,060 17,534 123 (985 ) 1,956 16,776 18,732 1,682 2000 Oct. 2014 35 yrs. Office facility in Plymouth, Minnesota 22,117 2,601 15,599 5,835 926 2,601 22,360 24,961 2,665 1999 Dec. 2014 40 yrs. Office facility in San Antonio, TX 13,919 3,131 13,124 — — 3,131 13,124 16,255 1,148 2002 Jan. 2015 40 yrs. Warehouse facilities in Mszczonów and Tomaszów Mazowiecki, Poland 33,497 10,108 35,856 8 2,719 10,704 37,987 48,691 3,785 1995; 2000 Feb. 2015 31 yrs. Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI 41,388 20,936 34,627 332 — 20,936 34,959 55,895 3,708 Various Jun. 2015 27 - 29 yrs. Warehouse facility in Sered, Slovakia 17,867 4,059 15,297 9,920 2,557 4,425 27,408 31,833 1,712 2004 Jul. 2015 36 yrs. Industrial facility in Tuchomerice, Czech Republic 18,294 9,424 21,860 256 1,619 10,381 22,778 33,159 1,411 1998 Dec. 2015 40 yrs. Office facility in Warsaw, Poland 41,189 — 54,296 9 5,518 — 59,823 59,823 3,170 2015 Dec. 2015 40 yrs. Net-lease student housing facility in Jacksonville, FL 11,939 870 15,787 — — 870 15,787 16,657 824 2015 Jan. 2016 40 yrs. Warehouse facilities in Houston, TX — 2,210 1,362 — — 2,210 1,362 3,572 89 1972 Feb. 2016 38 yrs. Office facility in Oak Creek, WI — 2,801 11,301 — — 2,801 11,301 14,102 546 2000 Sep. 2016 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Buildings Land Buildings Total Warehouse facility in Perrysburg, OH — 774 11,756 — — 774 11,756 12,530 594 1974 Sep. 2016 30 yrs. Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV — 2,706 24,178 10,622 — 3,086 34,420 37,506 1,405 Various Nov. 2016 28 - 40 yrs. Warehouse facility in Zabia Wola, Poland 18,876 3,441 20,654 118 3,214 3,897 23,530 27,427 701 1999 Nov. 2016 40 yrs. Warehouse facility in Kaunas, Lithuania 43,141 2,194 42,109 167 5,636 2,472 47,634 50,106 1,325 2008 Dec. 2016 40 yrs. Office facility in Buffalo Grove, IL — 2,035 7,444 — — 2,035 7,444 9,479 208 1992 Feb. 2017 38 yrs. $ 1,493,859 $ 646,783 $ 2,044,703 $ 302,211 $ (225,683 ) $ 567,113 $ 2,200,901 $ 2,768,014 $ 354,668 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (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 $ — $ (27,418 ) $ 20,087 1937; 1994 Aug. 2008 Industrial facilities in Mayodan, Sanford, and Stoneville, NC — 3,100 35,766 — (3,152 ) 35,714 1992; 1997; 1998 Dec. 2008 Industrial facility in Glendale Heights, IL 16,562 3,820 11,148 18,245 3,172 36,385 1991 Jan. 2009 Office facility in New York City, NY 100,426 — 233,720 — 15,680 249,400 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 8,973 1,730 20,778 — (1,094 ) 21,414 Various Mar. 2010 Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom 8,780 508 24,009 — (5,052 ) 19,465 Various Apr. 2010 Retail facilities in Dugo Selo and Samobor, Croatia — 1,804 11,618 — (1,472 ) 11,950 2002; 2003 Dec. 2010 Warehouse facility in Oxnard, CA 5,658 — 8,957 — 137 9,094 1975 Jan. 2011 Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK 20,454 3,750 50,177 — 6,553 60,480 Various Apr. 2011 Industrial facility in Clarksville, TN 3,971 600 7,291 — 451 8,342 1998 Aug. 2011 Industrial facility in Countryside, IL 1,920 425 1,800 — 38 2,263 1981 Dec. 2011 Industrial facility in Bluffton, IN 1,834 264 3,407 — 19 3,690 1975 Apr. 2014 Retail facilities in Joliet, Illinois and Greendale, Wisconsin 15,568 — 19,002 2 626 19,630 1970; 1978 Jun. 2015 Warehouse facility in Houston, TX — — 4,233 — 48 4,281 1972 Feb. 2016 Industrial facilities in Sedalia, MO; Lumberton and Mount Airy, NC; and Wilkes-Barre, PA — 2,142 10,085 50 (5,244 ) 7,033 Various Apr. 2016 $ 184,146 $ 24,155 $ 483,484 $ 18,297 $ (16,708 ) $ 509,228 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (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) (d) Accumulated (d) 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 $ 3,539 $ 610 $ 2,672 $ 62 $ 36 $ 610 $ 2,770 $ 3,380 $ 594 2004 Apr. 2011 33 yrs. Palm Springs, CA 5,932 1,287 3,124 106 36 1,287 3,266 4,553 750 1989 Jun. 2011 30 yrs. Kailua-Kona, HI 3,803 1,000 1,108 70 38 1,000 1,216 2,216 343 1987 Jun. 2011 30 yrs. Chicago, IL 3,483 600 4,124 217 10 600 4,351 4,951 872 1916 Jun. 2011 25 yrs. Chicago, IL 2,490 400 2,074 229 4 400 2,307 2,707 478 1968 Jun. 2011 30 yrs. Rockford, IL 1,807 548 1,881 51 22 548 1,954 2,502 526 1979 Jun. 2011 25 yrs. Rockford, IL 586 114 633 139 41 114 813 927 242 1979 Jun. 2011 25 yrs. Rockford, IL 2,298 380 2,321 68 (98 ) 337 2,334 2,671 618 1957 Jun. 2011 25 yrs. Kihei, HI 5,064 2,523 7,481 818 26 2,523 8,325 10,848 1,388 1991 Aug. 2011 40 yrs. National City, CA 2,409 3,158 1,483 185 17 3,158 1,685 4,843 400 1987 Aug. 2011 28 yrs. Mundelein, IL 3,405 1,080 5,287 264 69 1,080 5,620 6,700 1,474 1991 Aug. 2011 25 yrs. Pearl City, HI 6,145 — 5,141 774 22 — 5,937 5,937 1,843 1977 Aug. 2011 20 yrs. Palm Springs, CA 1,968 1,019 2,131 435 7 1,019 2,573 3,592 583 1987 Sep. 2011 28 yrs. Loves Park, IL 1,127 394 3,390 137 (122 ) 394 3,405 3,799 1,069 1997 Sep. 2011 20 yrs. Mundelein, IL 684 535 1,757 157 21 535 1,935 2,470 622 1989 Sep. 2011 20 yrs. Chicago, IL 3,025 1,049 5,672 254 7 1,049 5,933 6,982 1,237 1988 Sep. 2011 30 yrs. Beaumont, CA 2,586 1,616 2,873 94 14 1,616 2,981 4,597 600 1992 Nov. 2011 40 yrs. San Bernardino, CA 990 698 1,397 95 15 698 1,507 2,205 292 1989 Nov. 2011 40 yrs. Peoria, IL 3,009 549 2,424 37 6 549 2,467 3,016 634 1990 Nov. 2011 35 yrs. East Peoria, IL 2,281 409 1,816 64 8 409 1,888 2,297 457 1986 Nov. 2011 35 yrs. Loves Park, IL 1,712 439 998 251 155 439 1,404 1,843 339 1978 Nov. 2011 35 yrs. Hesperia, CA 843 648 1,377 151 8 648 1,536 2,184 313 1989 Dec. 2011 40 yrs. Cherry Valley, IL 1,658 1,076 1,763 35 18 1,076 1,816 2,892 690 1988 Jul. 2012 20 yrs. Fayetteville, NC 3,093 1,677 3,116 67 10 1,677 3,193 4,870 743 2001 Sep. 2012 34 yrs. Cathedral City, CA 1,288 — 2,275 17 15 — 2,307 2,307 428 1990 Mar. 2013 34 yrs. Hilo, HI 7,758 296 4,996 45 — 296 5,041 5,337 587 2007 Jun. 2013 40 yrs. Clearwater, FL 3,684 924 2,966 66 14 924 3,046 3,970 463 2001 Jul. 2013 32 yrs. Winder, GA 954 546 30 7 8 546 45 591 16 2006 Jul. 2013 31 yrs. Winder, GA 3,281 495 1,253 55 9 495 1,317 1,812 323 2001 Jul. 2013 25 yrs. Orlando, FL 5,614 1,064 4,889 195 18 1,064 5,102 6,166 701 2000 Aug. 2013 35 yrs. Palm Coast, FL 3,372 1,749 3,285 117 155 1,749 3,557 5,306 691 2001 Sep. 2013 29 yrs. Holiday, FL 2,218 1,829 1,097 652 9 1,829 1,758 3,587 314 1975 Nov. 2013 23 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried (c) (d) Accumulated (d) Date of Construction Date Life on which Description Encumbrances Land Buildings Land Buildings Total New York City, NY 12,704 5,692 16,076 9 — 5,692 16,085 21,777 694 1963 Apr. 2016 40 yrs. New York City, NY 21,908 5,823 31,032 3 — 5,823 31,035 36,858 1,350 2005 Apr. 2016 40 yrs. New York City, NY 23,376 6,184 35,188 18 — 6,184 35,206 41,390 1,558 2007 Apr. 2016 40 yrs. New York City, NY 15,908 8,120 18,502 5 — 8,120 18,507 26,627 922 1948 Apr. 2016 35 yrs. New York City, NY 5,452 1,157 10,167 80 — 1,157 10,247 11,404 447 1928 Apr. 2016 40 yrs. Operating Real Estate — Hotel Miami, FL — 34,397 46,261 — — 34,397 46,261 80,658 486 1940 Oct. 2017 40 yrs. $ 171,454 $ 90,085 $ 244,060 $ 6,029 $ 598 $ 90,042 $ 250,730 $ 340,772 $ 26,087 ___________ (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) changes in foreign currency exchange rates, (ii) sales of properties, (iii) impairment charges, and (iv) 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. (c) Excludes (i) gross lease intangible assets of $741.0 million and the related accumulated amortization of $245.9 million , (ii) gross lease intangible liabilities of $83.4 million and the related accumulated amortization of $22.2 million , and (iii) real estate under construction of $4.6 million . (d) 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, 2017 2016 2015 Beginning balance $ 2,745,424 $ 2,658,877 $ 2,396,715 Foreign currency translation adjustment 145,945 (36,617 ) (99,252 ) Dispositions (127,577 ) — — Additions 9,481 142,142 222,739 Impairment charges (7,065 ) (29,183 ) — Reclassification from real estate under construction 1,024 21,825 129,225 Improvements 782 7,262 9,450 Reclassification to assets held for sale — (18,882 ) — Ending balance $ 2,768,014 $ 2,745,424 $ 2,658,877 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2017 2016 2015 Beginning balance $ 280,657 $ 225,867 $ 175,478 Depreciation expense 64,676 62,808 57,831 Foreign currency translation adjustment 15,045 (3,986 ) (7,442 ) Dispositions (5,710 ) — — Reclassification to assets held for sale — (4,032 ) — Ending balance $ 354,668 $ 280,657 $ 225,867 Reconciliation of Operating Real Estate Years Ended December 31, 2017 2016 2015 Beginning balance $ 258,971 $ 275,521 $ 272,859 Additions 80,658 137,958 — Improvements 1,143 2,443 2,662 Dispositions — (156,951 ) — Ending balance $ 340,772 $ 258,971 $ 275,521 Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2017 2016 2015 Beginning balance $ 18,876 $ 30,308 $ 22,217 Depreciation expense 7,211 7,791 8,091 Dispositions — (19,223 ) — Ending balance $ 26,087 $ 18,876 $ 30,308 At December 31, 2017 , the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $4.2 billion . |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2017 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — 1185 Broadway LLC 10.0 % Apr. 2018 $ 31,500 $ 31,500 Financing agreement — I-drive 9.0 % Apr. 2019 34,000 34,000 Financing agreement — I-drive Wheel 6.5 % Dec. 2018 35,000 35,000 Financing agreement — I-drive developer 6.5 % Dec. 2018 5,000 5,000 Financing agreement — I-drive developer 6.5 % Dec. 2018 5,000 5,000 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2017 2016 2015 Balance $ 31,500 $ 44,044 $ 40,000 Additions 79,000 — 42,600 Repayment — (12,600 ) (40,000 ) Accretion — 56 1,444 Ending balance $ 110,500 $ 31,500 $ 44,044 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. However, following our adoption of Accounting Standards Update, or ASU, 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily 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; • property location and age; • current lease rates relative to market lease rates; and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. 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 measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases ( Note 7 ). 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 improvements 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 ( Note 7 ). The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized into Interest expense within our consolidated financial statements 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 reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles, or GAAP, from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. |
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 tenant with credit 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, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on marketable investments, loans receivable and 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 market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. 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 the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The 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. Assets Held for Sale — We classify real estate assets that are subject to operating leases or direct financing 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 will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Real Estate Sales — In the unlikely event that 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. 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. We also 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. 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, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying 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 using a two-step process. 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. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. For the second step, if it were required, an impairment loss is recognized in an amount equal to the excess of the carrying amount over its estimated fair value, limited to the total amount of goodwill allocated to that reporting unit. Loans Receivable — We evaluate our loans receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determine the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. 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. |
Variable Interest Entity | When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2017 , we considered 21 entities VIEs, nine of which we consolidated as we are considered the primary beneficiary and one of which we accounted for as a loan receivable. The following table presents a summary of selected financial data of the consolidated VIEs, included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) (b) Real estate — Land, buildings and improvements $ 109,426 $ 225,347 Operating real estate — Land, buildings and improvements 80,658 11,388 Net investments in direct financing leases 312,234 315,251 In-place lease intangible assets 8,650 8,795 Accumulated depreciation and amortization (26,395 ) (25,000 ) Other assets, net 73,620 52,565 Total assets 567,929 590,526 Mortgage debt, net $ 104,213 $ 192,839 Accounts payable, accrued expenses and other liabilities 12,693 11,187 Deferred income taxes 12,374 15,687 Total liabilities 129,662 220,077 ___________ (a) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation. (b) The consolidated financial statements as of and for the year ended December 31, 2016 accurately reflect the correct accounting treatment for VIEs. In the second quarter of 2017, we identified an error in the notes to the consolidated financial statements as of December 31, 2016 related to the VIE tabular disclosure above in which we improperly classified four consolidated entities as VIEs. We concluded that the disclosure error to the table above was not material to the notes to the consolidated financial statements. As such, we have corrected the information as of December 31, 2016 in the table above to correctly exclude these four entities, which reduced (i) Real estate — land, buildings and improvements by $111.1 million ; (ii) in-place lease intangible assets by $21.8 million ; (iii) accumulated depreciation and amortization by $21.6 million ; (iv) other assets, net by $13.0 million ; (v) total assets by $124.4 million ; (vi) mortgage debt, net by $73.0 million ; (vii) accounts payable, accrued expenses and other liabilities by $3.3 million ; and (viii) total liabilities by $76.6 million . At December 31, 2017 and 2016 , we had 11 and 13 unconsolidated VIEs, respectively, all of which we account for under the equity method of accounting. We do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities. As of December 31, 2017 and 2016 , the net carrying amount of our investments in these entities was $282.0 million and $377.4 million , respectively, and our maximum exposure to loss in these entities was limited to our investments. |
Reclassification | Reclassifications — Certain prior year amounts have been reclassified to conform to the current year presentation. |
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, insurance and legal costs) 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 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). |
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 payment, 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 CMBS, 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, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, marketable debt securities, derivative assets, and loans receivable in Other assets, net in the consolidated financial statements. We include derivative liabilities, amounts held on behalf of tenants, asset retirement obligations, and deferred revenue in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred charges include costs incurred in connection with the Revolver in the Senior Credit Facility that are amortized over the term of the facility and included in Interest expense in the consolidated financial statements. Deferred rental income for operating leases is the aggregate cumulative difference 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 our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). |
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. |
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 W. P. Carey Holdings, LLC, or Carey Holdings, also known as 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 leased 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, 2017 , 2016 , and 2015 , our tenants, pursuant to their lease obligations, have made direct payment to the taxing authorities of real estate taxes of approximately $26.3 million , $22.9 million , and $23.6 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 not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we 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 ). We record leases accounted for under the direct financing method as a net investment in leases ( 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 in Property expenses on our consolidated financial statements 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 seven years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. |
Interest Capitalized in Connection with Real Estate Under Construction | Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations. |
Foreign Currency | Foreign Currency Translation and Transaction Gains and Losses — We have interests in real estate investments primarily in Europe, for which the functional currency is either the euro or the British pound sterling. We perform the translation from euro or the British pound sterling 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 loss 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 generally will 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 qualifies as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated, and that qualifies, as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. 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 is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of 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 taxable REIT subsidiaries, or 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. 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% 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 ( Note 13 ). |
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 and diluted 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 Pronouncements Pronouncements Adopted as of December 31, 2017 In October 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control . ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which we adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We adopted ASU 2016-17 as of January 1, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 intends to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business: inputs, processes, and outputs. While an integrated set of assets and activities, collectively referred to as a “set,” that is a business usually has outputs, outputs are not required to be present. ASU 2017-01 provides a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. ASU 2017-01 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We elected to early adopt ASU 2017-01 on January 1, 2017 on a prospective basis. While our acquisitions have historically been classified as either business combinations or asset acquisitions, certain acquisitions that were classified as business combinations by us likely would have been considered asset acquisitions under the new standard. As a result, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions under this new standard. In addition, goodwill that was previously allocated to businesses that were sold or held for sale will no longer be allocated and written off upon sale if future sales were deemed to be sales of assets and not businesses. In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 removes step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years in which a goodwill impairment test is performed, with early adoption permitted. We adopted ASU 2017-04 as of April 1, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2017 In May 2014, the FASB issued 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, which constitute a majority of our revenues, but will primarily apply to revenues generated from our operating properties. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams, and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 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. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces existing sale-leaseback guidance with a new model applicable to both lessees and lessors. In addition, it also requires lessors to record gross revenues and expenses associated with activities that do not transfer services to the lessee (such as real estate taxes and insurance). Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We will adopt this guidance for our interim and annual periods beginning January 1, 2019. The ASU is expected to impact our consolidated financial statements as we have certain land lease arrangements for which we are the lessee. We are evaluating the impact of the new standard and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses based on current expected credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, and (iv) distributions received from equity method investees. ASU 2016-15 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 is not expected to have a material impact on our consolidated financial statements, with the exception of debt prepayment or debt extinguishment cost reclassifications between operating and financing cash flow activities. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-18 is not expected to have a material impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) . ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term “in substance nonfinancial asset,” in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. ASU 2017-05 is effective for periods beginning after December 15, 2017, with early application permitted for fiscal years beginning after December 15, 2016. We are in the process of evaluating the impact of ASU 2017-05 on our consolidated financial statements and will adopt the standard for the fiscal year beginning January 1, 2018. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 will be effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-12 on our consolidated financial statements, and expect to adopt the standard for the fiscal year beginning January 1, 2019. |
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 ADC Arrangements, under which we have provided 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 | 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 other and above-market ground lease intangibles is included in Property expenses; and amortization of in-place lease intangibles is included in Depreciation and amortization expense on our consolidated financial statements. |
Fair Value of Financial Instruments | Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate caps, interest rate swaps, foreign currency forward contracts, stock warrants, and foreign currency collars ( Note 9 ). The interest rate caps, interest rate swaps, foreign currency forward contracts, 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 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 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The 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, foreign currency forward contracts, and foreign currency collars; 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. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | The following table presents a summary of selected financial data of the consolidated VIEs, included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) (b) Real estate — Land, buildings and improvements $ 109,426 $ 225,347 Operating real estate — Land, buildings and improvements 80,658 11,388 Net investments in direct financing leases 312,234 315,251 In-place lease intangible assets 8,650 8,795 Accumulated depreciation and amortization (26,395 ) (25,000 ) Other assets, net 73,620 52,565 Total assets 567,929 590,526 Mortgage debt, net $ 104,213 $ 192,839 Accounts payable, accrued expenses and other liabilities 12,693 11,187 Deferred income taxes 12,374 15,687 Total liabilities 129,662 220,077 ___________ (a) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation. (b) The consolidated financial statements as of and for the year ended December 31, 2016 accurately reflect the correct accounting treatment for VIEs. In the second quarter of 2017, we identified an error in the notes to the consolidated financial statements as of December 31, 2016 related to the VIE tabular disclosure above in which we improperly classified four consolidated entities as VIEs. We concluded that the disclosure error to the table above was not material to the notes to the consolidated financial statements. As such, we have corrected the information as of December 31, 2016 in the table above to correctly exclude these four entities, which reduced (i) Real estate — land, buildings and improvements by $111.1 million ; (ii) in-place lease intangible assets by $21.8 million ; (iii) accumulated depreciation and amortization by $21.6 million ; (iv) other assets, net by $13.0 million ; (v) total assets by $124.4 million ; (vi) mortgage debt, net by $73.0 million ; (vii) accounts payable, accrued expenses and other liabilities by $3.3 million ; and (viii) total liabilities by $76.6 million . |
Agreements and Transactions w33
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 relevant agreements (in thousands): Years Ended December 31, 2017 2016 2015 Amounts Included in the Consolidated Statements of Income Asset management fees $ 29,363 $ 29,705 $ 29,192 Available Cash Distributions 26,675 24,765 24,668 Personnel and overhead reimbursements 8,878 9,684 12,199 Director compensation 310 310 310 Interest expense on deferred acquisition fees and loan from affiliate 273 238 309 Acquisition expenses — 2,844 430 $ 65,499 $ 67,546 $ 67,108 Acquisition Fees Capitalized Current acquisition fees $ 5,284 $ 3,985 $ 8,180 Deferred acquisition fees 4,228 3,188 6,325 Personnel and overhead reimbursements 849 584 858 $ 10,361 $ 7,757 $ 15,363 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2017 2016 Due to Affiliates Deferred acquisition fees, including interest $ 6,564 $ 6,584 Asset management fees payable 2,435 2,250 Reimbursable costs 2,162 2,299 Accounts payable 175 360 Current acquisition fees 131 230 $ 11,467 $ 11,723 |
Real Estate, Operating Real E34
Real Estate, Operating Real Estate, and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | Operating real estate, which consists of our wholly owned domestic self-storage operations and a majority ownership in one hotel, at cost, is summarized as follows (in thousands): December 31, 2017 2016 Land $ 90,042 $ 55,645 Buildings and improvements 250,730 203,326 Less: Accumulated depreciation (26,087 ) (18,876 ) $ 314,685 $ 240,095 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, 2017 2016 Land $ 567,113 $ 563,050 Buildings and improvements 2,200,901 2,182,374 Real estate under construction 4,597 — Less: Accumulated depreciation (354,668 ) (280,657 ) $ 2,417,943 $ 2,464,767 |
Schedule of Future Minimum Rental Payments for Operating Leases | Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 283,901 2019 285,026 2020 287,210 2021 289,060 2022 288,150 Thereafter 2,231,027 Total $ 3,664,374 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following tables present a summary of assets acquired and liabilities assumed, and revenues and earnings thereon since the date of acquisition through December 31, 2016 (in thousands): Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC Cash consideration $ 11,363 Assets acquired at fair value: Land $ 26,941 Buildings 109,399 In-place lease intangible assets 9,783 Other assets acquired 1,705 147,828 Liabilities assumed at fair value: Non-recourse debt, net (70,578 ) Other liabilities assumed (831 ) (71,409 ) Total identifiable net assets 76,419 Gain on change in control of interests (49,922 ) Carrying value of previously held equity investment (15,134 ) $ 11,363 We determined the following purchase price allocation based on an appraisal provided by an independent valuation firm performed as of the date of acquisition (in thousands): Shelborne Hotel October 3, 2017 Assets acquired at fair value: Land $ 34,397 Buildings and improvements 46,261 Other assets, net (a) 32,695 113,353 Liabilities assumed at fair value: Other liabilities assumed (2,777 ) (2,777 ) Total identifiable net assets 110,576 Noncontrolling interest contribution (b) (9,529 ) Net cash received 3,829 Fair value of our majority interest in investment 104,876 Carrying value of previously held equity investment (118,727 ) Loss on change in control of interest $ (13,851 ) ___________ (a) Includes insurance receivables of $29.4 million related to the damage caused by Hurricane Irma, which excludes remediation costs of $1.4 million noted below. (b) Includes a non-cash contribution of $5.5 million from the joint-venture partner. |
Schedule Of Revenues and Net Income | Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC April 11, 2016 through December 31, 2016 Revenues $ 7,166 Net loss (a) (b) $ (9,021 ) Net loss attributable to CPA:17 – Global (a) (b) $ (9,021 ) ___________ (a) Excludes a $49.9 million gain on change in control of interests. (b) Includes equity in losses of equity method investments in real estate of $0.4 million . |
Business Acquisition, Pro Forma Information | The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisition actually occurred on January 1, 2015, nor does it purport to represent the results of operations for future periods. (In thousands, except per share data) Years Ended December 31, 2016 2015 Pro forma total revenues $ 442,972 $ 437,295 Pro forma net income (a) $ 184,487 $ 165,489 Pro forma net income attributable to noncontrolling interests (38,863 ) (39,915 ) Pro forma net income attributable to CPA:17 – Global $ 145,624 $ 125,574 Pro forma basic and diluted weighted-average shares outstanding 342,147,444 334,468,362 Pro-forma basic and diluted income per share $ 0.43 $ 0.38 ___________ (a) Pro forma net income for 2015 includes a gain on change in control of interests of $49.9 million and transaction costs of $3.7 million as if they were recognized on January 1, 2015. |
Disclosure of Long Lived Assets Held-for-sale | Below is a summary of our properties held for sale (in thousands): December 31, 2017 2016 Real estate, net $ — $ 14,850 Assets held for sale $ — $ 14,850 |
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, 2017 2016 Beginning balance $ 17,749 $ 25,424 Reductions due to dispositions (2,038 ) (10,541 ) Accretion expense (a) 991 1,292 Foreign currency translation adjustments and other 230 (314 ) Additions — 1,888 Ending balance $ 16,932 $ 17,749 __________ (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, 2017 | |
Receivables [Abstract] | |
Capital Leases Net Investment In Direct Financing Leases | Net investments in direct financing leases is summarized as follows (in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 732,092 $ 790,111 Unguaranteed residual value 188,517 189,692 920,609 979,803 Less: unearned income (411,381 ) (471,411 ) $ 509,228 $ 508,392 |
Schedule of Future Minimum Lease Payments for Capital Leases | Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 58,257 2019 (a) 306,525 2020 31,696 2021 32,072 2022 32,548 Thereafter 270,994 Total $ 732,092 ___________ (a) Includes $250.0 million for a bargain purchase option. In January 2018, the tenant, The New York Times Company, exercised its bargain purchase option to acquire the property for $250.0 million , which is expected to occur on December 1, 2019 ( Note 17 ). |
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 2017 2016 2017 2016 1 — — $ — $ — 2 2 2 62,744 61,949 3 8 9 379,621 412,075 4 8 5 165,413 65,868 5 1 — 11,950 — $ 619,728 $ 539,892 |
Equity Investments in Real Es36
Equity Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table presents Equity in earnings of 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, 2017 2016 2015 Equity Earnings from Equity Investments: Net Lease (a) $ 9,369 $ 15,271 $ 21,692 Self Storage — (394 ) (1,703 ) All Other (b) (6,274 ) (5,010 ) (1,762 ) 3,095 9,867 18,227 Amortization of Basis Differences on Equity Investments: Net Lease (2,260 ) (3,077 ) (2,263 ) Self Storage — (39 ) (155 ) All Other (574 ) (3,489 ) (1,142 ) (2,834 ) (6,605 ) (3,560 ) Equity in earnings of equity method investments in real estate $ 261 $ 3,262 $ 14,667 __________ (a) For the years ended December 31, 2017 and 2016 , amounts include impairment charges of $10.6 million and $1.9 million , respectively, related to certain of our equity investments ( Note 8 ). (b) As of December 31, 2016 , the carrying value of one of our investments was reduced to reflect a $22.8 million impairment of goodwill at the investee level to its fair value ( Note 8 ). In addition, we recorded $10.6 million of income recognized in conjunction with the termination of a management agreement and a $10.6 million gain representing the portion of losses guaranteed by the previous management company under the terms of the management agreement. 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) (b) (c) 2017 2016 Net investments in real estate (d) $ 3,850,204 $ 3,569,612 Other assets (d) 595,352 497,198 Total assets 4,445,556 4,066,810 Debt 2,584,248 2,619,153 Accounts payable, accrued expenses and other liabilities 374,040 447,944 Total liabilities 2,958,288 3,067,097 Total equity $ 1,487,268 $ 999,713 Twelve Months Ended December 31 or September 30 (as applicable), (a) (b) (c) 2017 2016 2015 Revenues $ 888,159 $ 815,161 $ 779,875 Expenses 927,121 865,706 791,224 Loss from continuing operations $ (38,962 ) $ (50,545 ) $ (11,349 ) __________ (a) We record our investments in BPS Nevada, LLC and BG LLH, LLC on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2017 , 2016 , and 2015 are based on balances and results of operations from the aforementioned investments is as of and for the 12 months ended September 30, 2017 , 2016 , and 2015 , respectively. (b) Our investment in IDL Wheel Tenant, LLC was restructured on March 17, 2017, and as a result, we no longer account for this investment as an equity method investment as of that date. Prior to the restructuring, we recorded this investment on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2016 and 2015 are based on balances and results of operations from IDL Wheel Tenant, LLC as of and for the 12 months ended September 30, 2016 and 2015, respectively. Therefore, amounts in our financial statements for the year ended December 31, 2017 , only include operations from this investment for the three months ended December 31, 2016 . (c) Our investment in Shelborne hotel was restructured on October 3, 2017, and as a result, we no longer account for this investment as an equity method investment as of that date. Prior to the restructuring, we recorded this investment on a one quarter lag. Therefore, amounts in our financial statements for the years ended December 31, 2016 and 2015 are based on balances and results of operations from Shelborne hotel as of and for the 12 months ended September 30, 2016 and 2015, respectively. Therefore, amounts for the year ended December 31, 2017 in the table above, only include operations from this investment for the 12 months ended September 30, 2017 . (d) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets. As a result, amounts for certain line items included within Net investments in real estate as of December 31, 2016 have been revised to the current year presentation ( Note 2 ). The following table sets forth our ownership interests in our equity method 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, 2017 2017 2016 Net Lease: Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) (a) (b) (c) WPC 37% $ 109,933 $ 10,125 Kesko Senukai (a) (d) Third Party 70% 58,136 — Jumbo Logistiek Vastgoed B.V. (a) (e) WPC 85% 55,162 54,621 U-Haul Moving Partners, Inc. and Mercury Partners, LP (b) WPC 12% 35,897 37,601 Bank Pekao S.A. (a) (b) CPA:18 – Global 50% 25,582 23,025 BPS Nevada, LLC (b) (f) Third Party 15% 23,455 23,036 State Farm Automobile Co. (b) CPA:18 – Global 50% 16,072 17,603 Berry Global Inc. (b) WPC 50% 14,476 14,974 Tesco Global Aruhazak Zrt. (a) (b) (g) WPC 49% 10,707 10,807 Eroski Sociedad Cooperativa — Mallorca (a) WPC 30% 7,629 6,576 Apply Sørco AS (referred to as Apply) (a) (h) CPA:18 – Global 49% 6,298 12,528 Dick’s Sporting Goods, Inc. (b) WPC 45% 3,750 4,367 Konzum d.d. (referred to as Agrokor) (a) (b) (i) CPA:18 – Global 20% 3,433 7,079 370,530 222,342 All Other: BG LLH, LLC (b) (f) Third Party 6% 38,724 36,756 Shelborne Operating Associates, LLC (referred to as Shelborne) (b) (f) (j) (k) (l) Third Party N/A — 127,424 IDL Wheel Tenant, LLC (m) Third Party N/A — 37,124 BPS Nevada, LLC — Preferred Equity (b) (n) Third Party N/A — 27,459 38,724 228,763 $ 409,254 $ 451,105 __________ (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 a VIE. (c) In January 2017, our Hellweg 2 jointly owned equity investment repaid non-recourse mortgage loans with an aggregate principal balance of approximately $243.8 million , of which we contributed $90.3 million (amounts are based on the exchange rate of the euro as of the date of repayment). This contribution was accounted for as a capital contribution to equity investments in real estate. (d) On May 23, 2017, we entered into a joint venture investment to acquire a 70% interest in a real estate portfolio for a total cost of $141.5 million , which excludes our portion of mortgage financing totaling $88.0 million (dollar amounts are based on the exchange rate of the euro on the date of acquisition). In addition, we recorded $7.2 million of basis difference, which was primarily attributable to acquisition costs. This was structured as a sale-leaseback transaction in which the tenant retained the remaining 30% ownership interest in the real estate portfolio. The portfolio includes 18 retail stores and one warehouse collectively located in Lithuania, Latvia, and Estonia, which we will account for as an equity method investment as the minority shareholders have significant influence. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from all of the shareholders and, therefore, we do not have control over this investment. (e) This investment represents a tenancy-in-common interest, whereby the property is encumbered by debt for which we are jointly and severally liable. The co-obligor is WPC and the amount due under the arrangement was approximately $76.2 million at December 31, 2017 . Of this amount, $64.8 million represents the amount we are liable for and is included within the carrying value of this investment at December 31, 2017 . (f) This investment is reported using the hypothetical liquidation at book value model, which may be different then pro rata ownership percentages, primarily due to the complex capital structures of the partnership agreements. (g) On July 29, 2016, this investment refinanced a non-recourse mortgage loan that had an outstanding balance of $33.8 million with new financing of $34.6 million , of which our proportionate share was $17.0 million . The previous loan had an interest rate of 5.9% and a maturity date of July 31, 2016, while the new loan has an interest rate of Euro Interbank Offered Rate plus a margin of 3.3% and a term of five years. (h) During the year ended December 31, 2017 , we recognized an impairment charge of $6.3 million related to our Apply equity method investment ( Note 8 ). (i) During the year ended December 31, 2017 , we recognized an impairment charge of $4.3 million related to our Agrokor equity method investment ( Note 8 ). (j) On October 3, 2017, we restructured our Shelborne hotel investment by converting the underlying loan to equity when each of the partners transferred their equity interest in the investment to us in full satisfaction for the loan. We then transferred a 4.5% noncontrolling interest back to one of the original joint venture partners for a cash contribution of $4.0 million . As a result, we obtained approximately 95.5% (increased from 33% ) of the interest in the entity. As a result of the restructuring, we determined that this investment should no longer be accounted for as an ADC Arrangement ( Note 4 ) and we therefore consolidate this investment. During the year ended December 31, 2017 , we recognized a loss on change in control of interests of $13.9 million a s a result of this restructuring. (k) During the year ended December 31, 2017 , as a result of Hurricane Irma and prior to the restructuring of this investment, we incurred damage at the Shelborne hotel, which is currently expected to be covered by insurance proceeds after the estimated deductible is paid ( Note 4 ). We recognized this charge within Equity in earnings of equity method investments in real estate on our consolidated financial statements. (l) The carrying value as of December 31, 2016 includes a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value, partially offset by $10.6 million of income recognized in conjunction with the termination of a management agreement and a $10.6 million gain representing the portion of losses guaranteed by the previous management company under the terms of the management agreement. (m) As of December 31, 2016 , the carrying value included our investment in the Wheel Loan ( Note 5 ) that was considered to be a VIE and was reported using the hypothetical liquidation at book value model. The Wheel Loan was restructured on March 17, 2017 and, as a result, we have reclassified the equity investment to a loan receivable, included in Other assets, net and no longer consider this to be a VIE. (n) This investment represents a preferred equity interest, with a preferred rate of return of 12% . On May 19, 2017, we received the full repayment of our preferred equity interest totaling $27.0 million ; therefore, the preferred equity interest is now retired. |
Intangible Assets and Liabili37
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets And Liabilities [Abstract] | |
Schedule Of Intangible Assets and Liabilities | Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2017 December 31, 2016 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets In-place lease 4 – 53 $ 629,961 $ (213,641 ) $ 416,320 $ 620,149 $ (181,598 ) $ 438,551 Above-market rent 5 – 40 98,162 (31,533 ) 66,629 91,895 (24,599 ) 67,296 Below-market ground leases and other 55 – 94 12,842 (726 ) 12,116 12,023 (508 ) 11,515 740,965 (245,900 ) 495,065 724,067 (206,705 ) 517,362 Indefinite-Lived Intangible Assets Goodwill 304 — 304 304 — 304 Total intangible assets $ 741,269 $ (245,900 ) $ 495,369 $ 724,371 $ (206,705 ) $ 517,666 Finite-Lived Intangible Liabilities Below-market rent 7 – 53 $ (82,259 ) $ 22,121 $ (60,138 ) $ (120,725 ) $ 39,025 $ (81,700 ) Above-market ground lease 49 – 88 (1,145 ) 61 (1,084 ) (1,145 ) 46 (1,099 ) Total intangible liabilities $ (83,404 ) $ 22,182 $ (61,222 ) $ (121,870 ) $ 39,071 $ (82,799 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2017 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Decrease (Increase) in Rental Income Increase to Amortization/Property Expenses Net 2018 $ 1,374 $ 37,007 $ 38,381 2019 1,374 36,740 38,114 2020 1,367 36,563 37,930 2021 1,369 36,435 37,804 2022 1,375 36,141 37,516 Thereafter (368 ) 244,466 244,098 $ 6,491 $ 427,352 $ 433,843 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2016 Level Carrying Value Fair Value Carrying Value Fair Value Mortgage debt, net (a) (b) 3 $ 1,849,459 $ 1,864,043 $ 2,022,250 $ 2,053,353 Loans receivable (b) 3 110,500 110,500 31,500 31,500 CMBS (c) 3 6,548 7,237 4,027 7,470 ___________ (a) The carrying value of Mortgage debt, net includes unamortized deferred financing costs of $7.9 million and $9.3 million at December 31, 2017 and 2016 , respectively. (b) We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, certain guarantees, and the time until maturity. (c) At December 31, 2017 and 2016 , we had two and three separate tranches of CMBS investments, respectively. The carrying value of our CMBS is inclusive of impairment charges for the years ended December 31, 2017 and 2016 , as well as accretion related to the estimated cash flows expected to be received. |
Schedule Of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis | The following table presents information about the assets for which we recorded an impairment charge that was measured at fair value on a non-recurring basis (in thousands): Years Ended December 31, 2017 2016 2015 Fair Value Total Fair Value Total Fair Value Total Impairment Charges Equity investments in real estate $ 10,242 $ 10,576 $ 12,528 $ 1,919 $ — $ — Real estate 7,525 8,276 14,850 29,183 — — CMBS 258 683 400 523 1,478 1,023 $ 19,535 $ 31,625 $ 1,023 |
Risk Management and Use of De39
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Foreign currency forward contracts Other assets, net $ 14,382 $ 38,735 $ — $ — Interest rate swaps Other assets, net 314 54 — — Interest rate caps Other assets, net 201 79 — — Foreign currency collars Other assets, net — 522 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,852 ) (6,011 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (1,431 ) (4 ) Derivatives Not Designated as Hedging Instruments Stock warrants Other assets, net 1,815 1,848 — — Foreign currency forward contracts Other assets, net 86 — — — Swaption Other assets, net — 264 — — Interest rate swap Accounts payable, accrued expenses and other liabilities — — (128 ) (173 ) Total derivatives $ 16,798 $ 41,502 $ (5,411 ) $ (6,188 ) |
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 (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) (a) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 Foreign currency forward contracts $ (20,620 ) $ (2,224 ) $ 18,126 Interest rate swaps 2,385 4,174 2,715 Foreign currency collars (1,919 ) 628 (107 ) Interest rate caps (509 ) 4 — Derivatives in Net Investment Hedging Relationships (b) Foreign currency forward contracts (156 ) (241 ) 417 Foreign currency collars (17 ) (5 ) 2 Total $ (20,836 ) $ 2,336 $ 21,153 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, 2017 2016 2015 Foreign currency forward contracts Other income and (expenses) $ 7,170 $ 7,558 $ 8,083 Interest rate swaps Interest expense (2,443 ) (6,339 ) (7,837 ) Total $ 4,727 $ 1,219 $ 246 __________ (a) Excludes net gains of $0.2 million recognized on unconsolidated jointly owned investments for both the years ended December 31, 2017 and 2015 and net losses of $1.2 million on unconsolidated jointly owned investments for year ended December 31, 2016 . (b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. |
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, 2017 2016 2015 Swaption Other income and (expenses) $ (220 ) $ (45 ) $ (196 ) Stock warrants Other income and (expenses) (33 ) 66 (66 ) Interest rate swap Interest expense 11 6 — Foreign currency forward contracts Other income and (expenses) 10 — (16 ) Embedded credit derivatives Other income and (expenses) — — 177 Foreign currency collars Other income and (expenses) — — (8 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 121 463 302 Foreign currency collars Other income and (expenses) (12 ) — — Total $ (123 ) $ 490 $ 193 __________ (a) Relates to the ineffective portion of the hedging relationship. |
Schedule of Derivative Instruments | The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2017 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2017 Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 43 88,173 EUR $ 14,325 Foreign currency collars 2 15,100 EUR (1,395 ) Foreign currency collars 3 2,000 NOK (16 ) Not Designated as Hedging Instruments Foreign currency forward contracts 9 6,521 NOK 86 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 2 4,329 NOK 57 Foreign currency collar 1 2,500 NOK (20 ) $ 13,037 The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2017 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Amount Fair Value at December 31, 2017 (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 12 123,536 USD $ (3,074 ) Interest rate swaps 5 69,345 EUR (464 ) Interest rate caps 4 132,770 EUR 177 Interest rate cap 1 6,394 GBP 13 Interest rate cap 1 75,000 USD 11 Not Designated as Hedging Instrument Interest rate swap 1 4,843 EUR (128 ) $ (3,465 ) __________ (a) Fair value amount is based on the exchange rate of the euro or British pound sterling at December 31, 2017 , as applicable. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Credit Facilities | The following table presents a summary of our Senior Credit Facility (dollars in thousands): Interest Rate at December 31, 2017 Outstanding Balance at December 31, Senior Credit Facility, net 2017 2016 Term Loan (a) LIBOR + 1.45% $ 49,915 $ 49,751 Revolver: Revolver — borrowing in euros (b) 1.50% 29,969 — Revolver — borrowing in yen (c) 1.50% 22,047 — $ 101,931 $ 49,751 __________ (a) Includes unamortized deferred financing costs and discounts. (b) Amount is based on the exchange rate of the euro at December 31, 2017 . (c) Amount is based on the exchange rate of the yen at December 31, 2017 . |
Schedule of Debt | Scheduled debt principal payments for each of the next five calendar years following December 31, 2017 and thereafter through 2039 are as follows (in thousands): Years Ending December 31, Total 2018 (a) $ 173,644 2019 74,452 2020 427,354 2021 452,057 2022 350,859 Thereafter through 2039 486,485 Total principal payments 1,964,851 Deferred financing costs (8,003 ) Unamortized discount, net (5,458 ) Total $ 1,951,390 __________ (a) Includes the $50.0 million Term Loan and $52.0 million Revolver outstanding at December 31, 2017 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, 2017 | |
Equity [Abstract] | |
Schedule Of Distributions Paid Per Share For Tax | The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2017 , 2016 and 2015 , 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, 2017 2016 2015 Ordinary income $ 0.3091 $ 0.1994 $ 0.3220 Return of capital 0.3409 0.1403 0.3280 Capital gain — 0.3103 — 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 Investments Foreign Currency Translation Adjustments Total Balance at January 1, 2015 $ 7,311 $ (106 ) $ (88,212 ) $ (81,007 ) Other comprehensive 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 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 ) Other comprehensive loss before reclassifications 2,568 29 (18,785 ) (16,188 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 6,339 — — 6,339 Other income and (expenses) (7,558 ) — — (7,558 ) Total (1,219 ) — — (1,219 ) Net current-period Other comprehensive loss 1,349 29 (18,785 ) (17,407 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — — 536 536 Balance at December 31, 2016 29,549 (48 ) (186,177 ) (156,676 ) Other comprehensive income before reclassifications (15,735 ) 33 100,948 85,246 Amounts reclassified from accumulated other comprehensive income to: Interest expense 2,443 — — 2,443 Other income and (expenses) (7,170 ) — — (7,170 ) Total (4,727 ) — — (4,727 ) Net current-period Other comprehensive income (20,462 ) 33 100,948 80,519 Net current-period Other comprehensive income attributable to noncontrolling interests — — (2,263 ) (2,263 ) Balance at December 31, 2017 $ 9,087 $ (15 ) $ (87,492 ) $ (78,420 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2017 2016 2015 Federal Current $ 190 $ 130 $ 110 Deferred (3,577 ) 4,327 954 (3,387 ) 4,457 1,064 State and Local Current 838 (26 ) 840 Deferred 765 312 1,312 1,603 286 2,152 Foreign Current 2,959 3,677 3,787 Deferred (1,688 ) 57 1,882 1,271 3,734 5,669 Total (Benefit) Provision (a) $ (513 ) $ 8,477 $ 8,885 __________ (a) We recorded a deferred tax benefit of $2.6 million for certain of our equity investments in 2017. We recorded deferred tax provisions of $4.0 million and $2.3 million for certain of our equity investments in 2016 and 2015, respectively. |
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, 2017 2016 Beginning balance $ — $ 198 Addition based on tax positions related to the current year 437 — Decrease due to lapse in statute of limitations — (198 ) Ending balance $ 437 $ — |
Property Disposition (Tables)
Property Disposition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The results of operations for properties that have been sold or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2017 2016 2015 Revenues $ 7,245 $ 46,928 $ 47,737 Operating expenses (excluding impairment charges) (3,150 ) (25,944 ) (29,365 ) Impairment charges — (29,183 ) — Interest expense (1,108 ) (7,485 ) (6,996 ) Other income and (expenses) — — 676 Loss on extinguishment of debt (1,364 ) (15,807 ) — Equity in losses of equity method investments (688 ) (3,137 ) (2,789 ) Provision for income taxes (2 ) (24 ) (4 ) Gain on sale of real estate, net of tax 2,879 132,858 2,197 Income from properties sold or classified as held for sale, net of income taxes $ 3,812 $ 98,206 $ 11,456 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | (a) Amount for the year ended December 31, 2017 includes a $15.7 million write-off of a below-market rent lease liability, pertaining to our KBR Inc., properties that were recognized in Rental income as a result of a lease modification ( Note 14 ). In addition, as a result of a lease termination, we accelerated the below-market rent lease intangible liabilities of $3.3 million and $13.9 million that were also recognized in Rental income during the year ended December 31, 2017 and 2016 , respectively. (b) Includes impairment charges of $8.3 million and $29.2 million incurred during the year ended December 31, 2017 and 2016, respectively ( Note 8 ). (c) In April 2017, the Croatian government passed a special law assisting the restructuring of companies considered of systematic significance in Croatia. This law directly impacts our Agrokor tenant, which is currently experiencing financial distress and recently received a credit downgrade from both Standard & Poor’s and Moody’s. As a result of the financial difficulties and the uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $8.1 million during the year ended December 31, 2017 . (d) For the years ended December 31, 2017 and 2016, amounts include impairment charges of $10.6 million and $1.9 million , respectively, related to certain of our equity investments ( Note 8 ). (e) Includes a gain on change in control of interests of $49.9 million for the year ended December 31, 2016 ( Note 4 ). (f) Includes loss on extinguishment of debt of $23.6 million for the year ended December 31, 2016 ( Note 10 ). (g) Includes a loss on change in control of interests of $13.9 million for the year ended December 31, 2017 ( Note 4 ). In addition, as a result of Hurricane Irma damage incurred at the Shelborne hotel investment ( Note 4 ), this amount includes an estimated insurance deductible of $1.8 million and $2.7 million of costs incurred related to our insurance adjuster. (h) For the year ended December 31, 2016 , our Shelborne equity method investment recorded a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value, partially offset by $10.6 million of income recognized in conjunction with the termination of a management agreement and a $10.6 million gain representing the portion of losses guaranteed by the previous management company under the terms of the management agreement. (i) 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, 2017 2016 2015 Net Lease Revenues (a) $ 397,766 $ 389,709 $ 366,904 Operating expenses (b) (c) (157,206 ) (180,376 ) (136,838 ) Interest expense (77,503 ) (87,703 ) (85,138 ) Other income and (expenses), excluding interest expense (d) 5,839 10,412 18,508 Provision for income taxes (718 ) (2,887 ) (7,458 ) Gain on sale of real estate, net of tax 2,872 — 2,197 Net income attributable to noncontrolling interests (13,530 ) (14,098 ) (15,247 ) Net income attributable to CPA:17 – Global $ 157,520 $ 115,057 $ 142,928 Self-Storage Revenues $ 35,935 $ 43,979 $ 46,418 Operating expenses (26,235 ) (36,094 ) (32,575 ) Interest expense (7,638 ) (8,744 ) (7,655 ) Other income and (expenses), excluding interest expense (e) (f) (260 ) 25,920 (1,858 ) Provision for income taxes (163 ) (183 ) (167 ) Gain on sale of real estate, net of tax 7 132,858 — Net income attributable to CPA:17 – Global $ 1,646 $ 157,736 $ 4,163 All Other Revenues $ 13,953 $ 6,674 $ 13,625 Operating expenses (5,482 ) (633 ) (1,712 ) Interest expense — (5 ) 404 Other income and (expenses), excluding interest expense (g) (h) (23,428 ) (8,419 ) (1,691 ) Benefit from (provision for) income taxes 2,741 (4,671 ) (150 ) Net loss attributable to noncontrolling interests 1,323 — — Net (loss) income attributable to CPA:17 – Global $ (10,893 ) $ (7,054 ) $ 10,476 Corporate Unallocated Corporate Overhead (i) $ (24,311 ) $ (50,629 ) $ (48,694 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (26,675 ) $ (24,765 ) $ (24,668 ) Total Company Revenues $ 447,654 $ 440,362 $ 426,947 Operating expenses (234,326 ) (263,802 ) (218,892 ) Interest expense (88,270 ) (98,813 ) (93,551 ) Other income and (expenses), excluding interest expense 7,719 27,080 16,304 Benefit from (provision for) income taxes 513 (8,477 ) (8,885 ) Gain on sale of real estate, net of tax 2,879 132,858 2,197 Net income attributable to noncontrolling interests (38,882 ) (38,863 ) (39,915 ) Net income attributable to CPA:17 – Global $ 97,287 $ 190,345 $ 84,205 |
Reconciliation of Assets from Segment to Consolidated | Total Assets at December 31, 2017 2016 Net Lease (j) $ 3,980,445 $ 3,905,402 Self-Storage 241,438 252,195 All Other (k) 277,702 266,231 Corporate 87,885 275,095 Total Company $ 4,587,470 $ 4,698,923 (j) Includes the impact of the I-drive Property disposition ( Note 4 , Note 14 ), the sale of a property classified as Assets held for sale as of December 31, 2016, and the sale of three other net-leased properties that occurred during the year ended December 31, 2017 ( Note 14 ). (k) Includes the impact of the I-drive Wheel restructuring during the year ended December 31, 2017 ( Note 5 , Note 6 , Note 14 ). |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | 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, 2017 Texas New York Other Domestic International (a) Total Revenues $ 67,317 $ 45,430 $ 208,562 $ 126,345 $ 447,654 Operating expenses (28,389 ) (12,211 ) (121,672 ) (72,054 ) (234,326 ) Interest expense (10,053 ) (6,937 ) (50,087 ) (21,193 ) (88,270 ) Other income and (expenses), excluding interest expense 688 (257 ) (665 ) 7,953 7,719 Benefit from income taxes (53 ) 162 1,532 (1,128 ) 513 Gain on sale of real estate, net of tax 1,647 — 755 477 2,879 Net income attributable to noncontrolling interests — (11,222 ) (27,206 ) (454 ) (38,882 ) Net income attributable to CPA:17 – Global 31,157 14,965 11,219 39,946 97,287 Long-lived assets (b) 308,195 388,336 1,694,242 1,346,148 3,736,921 Equity investments in real estate 16,072 — 116,302 276,880 409,254 Debt, net 216,542 179,775 981,081 573,992 1,951,390 As of and for the Year Ended December 31, 2016 Texas New York Other Domestic International (a) Total Revenues $ 67,860 $ 42,912 $ 213,027 $ 116,563 $ 440,362 Operating expenses (c) (75,455 ) (13,152 ) (124,776 ) (50,419 ) (263,802 ) Interest expense (11,774 ) (7,098 ) (54,760 ) (25,181 ) (98,813 ) Other income and (expenses), excluding interest expense (2,859 ) 49,483 (10,428 ) (9,116 ) 27,080 Provision for income taxes (67 ) (682 ) (4,102 ) (3,626 ) (8,477 ) Gain on sale of real estate, net of tax 10,565 — 122,293 — 132,858 Net income attributable to noncontrolling interests — (10,972 ) (26,608 ) (1,283 ) (38,863 ) Net income attributable to CPA:17 – Global (11,730 ) 60,491 114,646 26,938 190,345 Long-lived assets (b) 337,379 395,508 1,770,506 1,242,073 3,745,466 Equity investments in real estate 17,603 — 308,741 124,761 451,105 Debt, net 249,336 173,823 1,012,929 635,913 2,072,001 For the Year Ended December 31, 2015 Texas New York Other Domestic International (a) Total Revenues $ 63,933 $ 37,567 $ 212,394 $ 113,053 $ 426,947 Operating expenses (42,934 ) (1,624 ) (131,013 ) (43,321 ) (218,892 ) Interest expense (12,465 ) (3,602 ) (52,853 ) (24,631 ) (93,551 ) Other income and (expenses), excluding interest expense 787 (1,857 ) 15,277 2,097 16,304 Provision for income taxes (4 ) — (3,354 ) (5,527 ) (8,885 ) Gain on sale of real estate, net of tax — — 2,197 — 2,197 Net income attributable to noncontrolling interests — (11,068 ) (26,105 ) (2,742 ) (39,915 ) Net income attributable to CPA:17 – Global 9,317 19,416 16,543 38,929 84,205 ___________ (a) All years include investments in Poland, Italy, Croatia, Spain, Germany, the United Kingdom, the Netherlands, Japan, the Czech Republic, Slovakia, Norway, and Hungary; 2017 and 2016 include investments in Lithuania; and 2017 includes investments in Latvia and Estonia. (b) Consists of Net investments in real estate. In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets. As a result, amounts for certain line items included within Net investments in real estate as of December 31, 2016 have been revised to the current year presentation ( Note 2 ). (c) Amount for Texas includes an impairment charge of $29.2 million recognized on one property for the year ended December 31, 2016 ( Note 8 ). |
Selected Quarterly Financial 45
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 123,005 $ 106,513 $ 107,396 $ 110,740 Expenses (a) 59,615 55,581 53,313 65,817 Net income (a) (b) (c) 47,146 41,725 33,810 13,488 Net income attributable to noncontrolling interests (9,135 ) (10,919 ) (9,081 ) (9,747 ) Net income attributable to CPA:17 – Global (a) (b) (c) 38,011 30,806 24,729 3,741 Earnings per share attributable to CPA:17 – Global $ 0.11 $ 0.09 $ 0.07 $ 0.01 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 107,226 $ 109,185 $ 110,076 $ 113,875 Expenses (d) 56,205 60,037 87,442 60,118 Net income (e) 55,617 91,241 67,045 15,305 Net income attributable to noncontrolling interests (10,194 ) (9,383 ) (8,827 ) (10,459 ) Net income attributable to CPA:17 – Global (d) (e) 45,423 81,858 58,218 4,846 Earnings per share attributable to CPA:17 – Global $ 0.13 $ 0.24 $ 0.17 $ 0.01 Distributions declared per share $ 0.1625 $ 0.1625 $ 0.1625 $ 0.1625 __________ (a) Amounts for the three months ended December 31, 2017 and March 31, 2017 include impairment charges of $4.2 million and $4.5 million , respectively, on our consolidated real estate investments ( Note 8 ). (b) Amounts for the three months ended December 31, 2017 , September 30, 2017, and June 30, 2017 include impairment charges of $1.8 million , $6.3 million , and $2.5 million , respectively, on our equity investments on real estate ( Note 8 ). (c) Amount for the three months ended December 31, 2017 includes loss on change of control of interests of $13.9 million that was recognized in connection with the restructuring of the Shelborne hotel ( Note 4 ). (d) Amount for the three months ended September 30, 2016, includes an impairment charge of $29.2 million ( Note 8 ). (e) Amount for the three months ended June 30, 2016 includes gains on change of control of interests of $49.9 million , recognized in connection our acquisition of the remaining 15% controlling interest in a jointly owned investment in five self-storage properties ( Note 4 ). Amounts for the three months ended March 31, 2016, June 30, 2016, and September 30, 2016 include gain on sale of real estate, net of tax totaling $25.4 million , $25.0 million , and $82.3 million , respectively, recognized in connection with the disposition of certain self-storage properties that occurred during these periods. Amounts for the three months ended March 31, 2016, June 30, 2016, September 30, 2016, and December 31, 2016 include a loss on extinguishment of debt of $2.5 million , $5.1 million , $16.0 million , and $0.8 million , respectively ( Note 10 ). During the three months ended December 31, 2016 , our Shelborne equity investment incurred a $22.8 million impairment charge to reduce goodwill at the investee level to its fair value, partially offset by $10.6 million of income recognized in conjunction with the termination of a management agreement. Additionally, we recorded $10.6 million of losses guaranteed by the previous management company under the terms of the management agreement ( Note 6 ). |
Organization - Narratives (Deta
Organization - Narratives (Details) $ in Thousands, ft² in Millions | 12 Months Ended | 73 Months Ended | 132 Months Ended | ||
Dec. 31, 2017USD ($)ft²segmentpropertytenant | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2013USD ($) | Dec. 31, 2017USD ($)ft²propertytenant | |
Real Estate Properties | |||||
Capital interest in operating partnership | 99.99% | 99.99% | |||
Number of real estate properties | 411 | 411 | |||
Number of tenants | tenant | 116 | 116 | |||
Square footage of real estate properties | ft² | 44.4 | 44.4 | |||
Number of reportable segments | segment | 2 | ||||
Proceeds from issuance of shares, net of issuance costs | $ | $ 102,078 | $ 103,618 | $ 103,657 | $ 2,900,000 | |
Proceeds from DRIP shares | $ | $ 676,000 | ||||
Operating real estate | |||||
Real Estate Properties | |||||
Number of real estate properties | 38 | 38 | |||
Square footage of operating properties | ft² | 2.7 | 2.7 | |||
Self storage | |||||
Real Estate Properties | |||||
Number of real estate properties | 37 | 37 | |||
Hotel | |||||
Real Estate Properties | |||||
Number of real estate properties | 1 | 1 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Narratives (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)vie | Dec. 31, 2016USD ($)vie | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment | |||
Variable interest entities, count | 21 | ||
Variable interest entities consolidated, count | 9 | ||
Variable interest entities unconsolidated, count | 11 | 13 | |
Variable interest entities maximum risk exposure | $ | $ 282 | $ 377.4 | |
Preferred return | 5.00% | ||
Real estate taxes | $ | $ 26.3 | 22.9 | $ 23.6 |
Foreign currency translation gain (loss) | $ | $ 2.9 | $ (2.3) | $ (2.3) |
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 | ||
Loans and Finance Receivables | |||
Property, Plant and Equipment | |||
Variable interest entities, count | 1 | ||
Variable Interest Entity, Primary Beneficiary | Adjustments | |||
Property, Plant and Equipment | |||
Variable interest entities consolidated, count | (4) |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Real estate — Land, buildings and improvements | $ 2,772,611 | $ 2,745,424 |
Operating real estate — Land, buildings and improvements | 340,772 | 258,971 |
Net investments in direct financing leases | 509,228 | 508,392 |
In-place lease intangible assets | 629,961 | 620,149 |
Accumulated depreciation and amortization | (626,655) | (506,238) |
Other assets, net | 322,201 | 228,717 |
Total assets | 4,587,470 | 4,698,923 |
Liabilities | ||
Mortgage debt, net | 1,849,459 | 2,022,250 |
Accounts payable, accrued expenses and other liabilities | 132,751 | 128,911 |
Deferred income taxes | 30,524 | 32,655 |
Total liabilities | 2,244,213 | 2,383,919 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Real estate — Land, buildings and improvements | 109,426 | 225,347 |
Operating real estate — Land, buildings and improvements | 80,658 | 11,388 |
Net investments in direct financing leases | 312,234 | 315,251 |
In-place lease intangible assets | 8,650 | 8,795 |
Accumulated depreciation and amortization | (26,395) | (25,000) |
Other assets, net | 73,620 | 52,565 |
Total assets | 567,929 | 590,526 |
Liabilities | ||
Mortgage debt, net | 104,213 | 192,839 |
Accounts payable, accrued expenses and other liabilities | 12,693 | 11,187 |
Deferred income taxes | 12,374 | 15,687 |
Total liabilities | $ 129,662 | 220,077 |
Variable Interest Entity, Primary Beneficiary | Adjustments | ||
Assets | ||
Real estate — Land, buildings and improvements | (111,100) | |
In-place lease intangible assets | (21,800) | |
Accumulated depreciation and amortization | 21,600 | |
Other assets, net | (13,000) | |
Total assets | (124,400) | |
Liabilities | ||
Mortgage debt, net | (73,000) | |
Accounts payable, accrued expenses and other liabilities | (3,300) | |
Total liabilities | $ (76,600) |
Agreements and Transactions w49
Agreements and Transactions with Related Parties - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 | |
Related Party Transaction | ||||
Advisory agreement, term | 1 year | |||
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) | $ 10.11 | |||
Percentage of asset management fees paid in cash | 100.00% | 50.00% | ||
Percentage of asset management fees paid in shares | 50.00% | 50.00% | ||
Common stock shares outstanding, shares | 349,899,827 | 343,575,840 | ||
Percentage of available cash distribution to advisor | 10.00% | |||
Personnel And Office Rent Reimbursement | ||||
Personnel and overhead reimbursement, percentage | 2.00% | 2.20% | ||
Legal fee reimbursement rate | 0.25% | |||
Due from affiliate | $ 0.2 | $ 0.9 | ||
Forecasted | ||||
Personnel And Office Rent Reimbursement | ||||
Personnel and overhead reimbursement, percentage | 1.00% | |||
Advisor | ||||
Asset Management Fees and Available Cash Distributions | ||||
Common stock shares outstanding, shares | 14,647,412 | |||
Percentage of total common stock outstanding held by related party | 4.20% | |||
Average invested assets | ||||
Personnel And Office Rent Reimbursement | ||||
Percentage of operating expenses reimbursements | 2.00% | |||
Adjusted net income | ||||
Personnel And Office Rent Reimbursement | ||||
Percentage of operating expenses reimbursements | 25.00% | |||
Minimum | ||||
Personnel And Office Rent Reimbursement | ||||
Ownership interest, percentage | 6.00% | |||
Minimum | Average equity value | ||||
Asset Management Fees and Available Cash Distributions | ||||
Percentage of asset management fees | 1.50% | |||
Maximum | ||||
Acquisitions and Disposition Fees | ||||
Interest rate on unpaid deferred acquisition fees | 6.00% | |||
Personnel And Office Rent Reimbursement | ||||
Ownership interest, percentage | 97.00% | |||
Maximum | Real estate commission | ||||
Acquisitions and Disposition Fees | ||||
Percentage of subordinated disposition fees | 50.00% | |||
Maximum | Contract sales price of investment | ||||
Acquisitions and Disposition Fees | ||||
Percentage of subordinated disposition fees | 3.00% | |||
Maximum | Average equity value | ||||
Asset Management Fees and Available Cash Distributions | ||||
Percentage of asset management fees | 1.75% | |||
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% | |||
Non-long term net lease | Minimum | ||||
Acquisitions and Disposition Fees | ||||
Percentage of acquisition fees | 1.00% | |||
Non-long term net lease | Maximum | ||||
Acquisitions and Disposition Fees | ||||
Percentage of acquisition fees | 1.75% |
Agreements and Transactions w50
Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts Included in the Consolidated Statements of Income | |||
Asset management fees | $ 29,363 | $ 29,705 | $ 29,192 |
Available Cash Distributions | 26,675 | 24,765 | 24,668 |
Personnel and overhead reimbursements | 8,878 | 9,684 | 12,199 |
Director compensation | 310 | 310 | 310 |
Interest expense on deferred acquisition fees and loan from affiliate | 273 | 238 | 309 |
Acquisition expenses | 0 | 2,844 | 430 |
Operating expenses | 65,499 | 67,546 | 67,108 |
Acquisition Fees Capitalized | |||
Current acquisition fees | 5,284 | 3,985 | 8,180 |
Deferred acquisition fees | 4,228 | 3,188 | 6,325 |
Personnel and overhead reimbursements | 849 | 584 | 858 |
Transaction fees incurred | $ 10,361 | $ 7,757 | $ 15,363 |
Agreements and Transactions w51
Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Due to Affiliates | ||
Deferred acquisition fees, including interest | $ 6,564 | $ 6,584 |
Asset management fees payable | 2,435 | 2,250 |
Reimbursable costs | 2,162 | 2,299 |
Accounts payable | 175 | 360 |
Current acquisition fees | 131 | 230 |
Due to Related Parties | $ 11,467 | $ 11,723 |
Real Estate, Operating Real E52
Real Estate, Operating Real Estate, and Assets Held for Sale - Narratives (Details) $ in Thousands | Dec. 08, 2017USD ($) | Oct. 27, 2017USD ($) | Oct. 03, 2017USD ($) | Jul. 19, 2017USD ($) | Mar. 13, 2017USD ($) | Feb. 02, 2017USD ($) | Dec. 14, 2016USD ($) | Nov. 29, 2016USD ($) | Nov. 01, 2016USD ($)property | Oct. 26, 2016entity | Sep. 30, 2016USD ($) | Sep. 01, 2016USD ($) | Apr. 11, 2016USD ($) | Feb. 10, 2016USD ($) | Jan. 08, 2016USD ($) | Jun. 30, 2017property | Dec. 31, 2017USD ($)property$ / € | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)$ / € | Dec. 31, 2017USD ($)property$ / € | Dec. 31, 2016USD ($)property$ / € | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017 | Mar. 17, 2017USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Foreign Currency Translation | |||||||||||||||||||||||||||
Effects of foreign currency translation on balance sheet item | $ 100,948 | $ (18,785) | $ (81,037) | ||||||||||||||||||||||||
Depreciation expense including effects of foreign currency translation | 64,600 | 63,100 | 57,900 | ||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 10,361 | 7,757 | 15,363 | ||||||||||||||||||||||||
Acquired finite-lived intangible asset, amount | 2,000 | ||||||||||||||||||||||||||
Acquisition costs, expensed | 1,343 | 7,157 | 651 | ||||||||||||||||||||||||
(Loss) gain on change in control of interests | (13,851) | 49,922 | 0 | ||||||||||||||||||||||||
Loss on equity method investments | (261) | (3,262) | (14,667) | ||||||||||||||||||||||||
Financing receivable | $ 619,728 | $ 539,892 | 619,728 | $ 539,892 | |||||||||||||||||||||||
I Drive Wheel | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Financing receivable | $ 50,000 | ||||||||||||||||||||||||||
Deferred gain on the sale of property | $ 16,400 | ||||||||||||||||||||||||||
I Drive Property | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Financing receivable | 34,000 | ||||||||||||||||||||||||||
Deferred gain on the sale of property | 2,100 | ||||||||||||||||||||||||||
I Drive Property | Developer | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Gross purchase price | 117,500 | ||||||||||||||||||||||||||
Non recourse mortgage loan paid by buyer | $ 60,000 | $ 60,000 | 60,000 | ||||||||||||||||||||||||
Self storage | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Number of properties sold | property | 34 | ||||||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Proceeds from assets disposed of | $ 14,100 | ||||||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Direct Financing Lease | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Number of properties sold | property | 2 | ||||||||||||||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Number of properties sold | property | 3 | ||||||||||||||||||||||||||
Self storage | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Ownership interest, percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||
Number of entities acquired | entity | 4 | ||||||||||||||||||||||||||
Carrying Value | I Drive Property | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Assets fair value | $ 18,600 | ||||||||||||||||||||||||||
Shelborne | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Loans receivable | $ 174,000 | $ 125,000 | |||||||||||||||||||||||||
Ownership interest, percentage | 33.00% | ||||||||||||||||||||||||||
Ownership interest in joint venture | 95.50% | 95.50% | |||||||||||||||||||||||||
Proceeds from noncontrolling interest | $ 4,000 | ||||||||||||||||||||||||||
Due from insurer | $ 30,800 | $ 30,800 | |||||||||||||||||||||||||
Liability for catastrophic event | $ 31,200 | ||||||||||||||||||||||||||
Insurance premium for catastrophic event | 1,800 | ||||||||||||||||||||||||||
Insurance adjuster fees | 2,700 | ||||||||||||||||||||||||||
Shelborne | Third Party | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Ownership interest, percentage | 67.00% | ||||||||||||||||||||||||||
Ownership interest in joint venture | 4.50% | ||||||||||||||||||||||||||
Shelborne | Equity Method Investments | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Insurance premium for catastrophic event | $ 1,700 | ||||||||||||||||||||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | Self storage | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 22,000 | ||||||||||||||||||||||||||
Acquisition costs, expensed | $ 3,700 | 3,700 | |||||||||||||||||||||||||
Ownership interest, percentage | 100.00% | 45.00% | 45.00% | 100.00% | 45.00% | ||||||||||||||||||||||
(Loss) gain on change in control of interests | $ 49,900 | ||||||||||||||||||||||||||
Indirect ownership interest in equity investments | 40.00% | 40.00% | 40.00% | ||||||||||||||||||||||||
Increase in ownership equity investments | 40.00% | 15.00% | 15.00% | ||||||||||||||||||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | Carrying Value | Self storage | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Assets fair value | $ 15,100 | ||||||||||||||||||||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | Fair Value | Self storage | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Assets fair value | 64,900 | ||||||||||||||||||||||||||
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | 11,363 | ||||||||||||||||||||||||||
Land assumed | 26,941 | ||||||||||||||||||||||||||
Building assumed | 109,399 | ||||||||||||||||||||||||||
(Loss) gain on change in control of interests | 49,922 | ||||||||||||||||||||||||||
Carrying value of previously held equity investment | $ 15,134 | ||||||||||||||||||||||||||
Loss on equity method investments | $ 400 | ||||||||||||||||||||||||||
Shelborne | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
(Loss) gain on change in control of interests | $ (13,851) | ||||||||||||||||||||||||||
Carrying value of previously held equity investment | 118,727 | ||||||||||||||||||||||||||
Fair value of our majority interest in investment | 104,876 | ||||||||||||||||||||||||||
Due from insurer | 29,400 | ||||||||||||||||||||||||||
Non cash contributions from noncontrolling interest | $ 5,500 | ||||||||||||||||||||||||||
Remediation costs | 1,400 | ||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||
Effects of foreign currency translation on balance sheet item | 145,900 | ||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 134,800 | ||||||||||||||||||||||||||
Land acquired in real estate acquisition | 8,600 | 8,600 | |||||||||||||||||||||||||
Buildings acquired in real estate acquisition | 97,000 | 97,000 | |||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 7,100 | ||||||||||||||||||||||||||
Acquired finite-lived intangible asset, amount | 29,200 | ||||||||||||||||||||||||||
Acquisition costs, expensed | 2,600 | ||||||||||||||||||||||||||
Improvements | 10,400 | ||||||||||||||||||||||||||
Real estate under construction | $ 4,597 | 0 | $ 4,597 | 0 | |||||||||||||||||||||||
Real estate | Student Accommodation in Jacksonville, FL | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 17,300 | ||||||||||||||||||||||||||
Real estate | Industrial Facility in Houston, TX | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 4,200 | ||||||||||||||||||||||||||
Real estate | Office Building in Oak Creek, Wisconsin | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 16,900 | ||||||||||||||||||||||||||
Real estate | Manufacturing Building in Perryburg, Ohio | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 12,800 | ||||||||||||||||||||||||||
Real estate | Facility in Buffalo Grove, IL | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 11,500 | ||||||||||||||||||||||||||
Land acquired in real estate acquisition | 2,000 | ||||||||||||||||||||||||||
Buildings acquired in real estate acquisition | 7,500 | ||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 500 | ||||||||||||||||||||||||||
Acquired finite-lived intangible asset, amount | $ 2,000 | ||||||||||||||||||||||||||
Real estate | Property in Zary Poland | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Land acquired in real estate acquisition | $ 400 | ||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 300 | ||||||||||||||||||||||||||
Anticipated future construction costs | $ 5,900 | ||||||||||||||||||||||||||
Real estate | Land in Dillon, South Carolina | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 2,300 | ||||||||||||||||||||||||||
Anticipated future construction costs | $ 47,100 | ||||||||||||||||||||||||||
Real estate | Facility in Zabia Wola, Poland | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 32,600 | ||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | $ 300 | ||||||||||||||||||||||||||
Acquired finite-lived intangible asset, amount | 2,000 | ||||||||||||||||||||||||||
Anticipated future construction costs | $ 5,500 | ||||||||||||||||||||||||||
Land assumed | 100 | ||||||||||||||||||||||||||
Deferred tax liability | $ 2,100 | ||||||||||||||||||||||||||
Real estate | Distribution Centers in Tiffin, Ohio; Kalamazoo, Michigan; Andersonville, Tennessee; Shelbyville, Indiana; and Millwood, West Virginia | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 38,200 | ||||||||||||||||||||||||||
Number of properties acquired | property | 5 | ||||||||||||||||||||||||||
Real estate | Facility in Kaunas, Lithuania | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | $ 64,000 | ||||||||||||||||||||||||||
Deferred tax liability | $ 500 | ||||||||||||||||||||||||||
Business Combinations | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Investment purchase price | 51,200 | ||||||||||||||||||||||||||
Acquired finite-lived intangible asset, amount | 4,300 | ||||||||||||||||||||||||||
Land assumed | 6,700 | 6,700 | |||||||||||||||||||||||||
Building assumed | $ 40,200 | 40,200 | |||||||||||||||||||||||||
Real estate under construction | |||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||
Number of open built to suit projects | property | 3 | 3 | |||||||||||||||||||||||||
Unfunded commitments | $ 56,500 | $ 56,500 | |||||||||||||||||||||||||
Operating real estate | |||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||
Depreciation expense including effects of foreign currency translation | $ 6,700 | $ 7,800 | $ 8,400 | ||||||||||||||||||||||||
Euro | |||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||
Increase decrease in foreign currency exchange rate | 13.80% | 13.80% | |||||||||||||||||||||||||
Foreign currency exchange rate | $ / € | 1.1993 | 1.0541 | 1.1993 | 1.0541 |
Real Estate, Operating Real E53
Real Estate, Operating Real Estate, and Assets Held for Sale - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in real estate: | ||
Net investments in real estate | $ 3,736,921 | $ 3,745,466 |
Real estate | ||
Investments in real estate: | ||
Land | 567,113 | 563,050 |
Buildings and improvements | 2,200,901 | 2,182,374 |
Real estate under construction | 4,597 | 0 |
Less: Accumulated depreciation | (354,668) | (280,657) |
Net investments in real estate | 2,417,943 | 2,464,767 |
Operating real estate | ||
Investments in real estate: | ||
Land | 90,042 | 55,645 |
Buildings and improvements | 250,730 | 203,326 |
Less: Accumulated depreciation | (26,087) | (18,876) |
Net investments in real estate | $ 314,685 | $ 240,095 |
Real Estate, Operating Real E54
Real Estate, Operating Real Estate, and Assets Held for Sale - Scheduled Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Schedule of Future Minimum Rents | |
2,018 | $ 283,901 |
2,019 | 285,026 |
2,020 | 287,210 |
2,021 | 289,060 |
2,022 | 288,150 |
Thereafter | 2,231,027 |
Total | $ 3,664,374 |
Real Estate, Operating Real E55
Real Estate, Operating Real Estate, and Assets Held for Sale - Net Assets Acquired (Details) - USD ($) $ in Thousands | Oct. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | |||||
Other assets, net | $ 322,201 | $ 228,717 | |||
Total assets | 4,587,470 | 4,698,923 | |||
Liabilities | |||||
Total liabilities | 2,244,213 | 2,383,919 | |||
Noncontrolling interest contribution | (107,861) | (97,494) | |||
Net cash received | 119,094 | 273,635 | $ 152,889 | $ 275,719 | |
(Loss) gain on change in control of interests | $ (13,851) | $ 49,922 | $ 0 | ||
Shelborne | |||||
Assets | |||||
Land | $ 34,397 | ||||
Buildings and improvements | 46,261 | ||||
Other assets, net | 32,695 | ||||
Total assets | 113,353 | ||||
Liabilities | |||||
Other Liabilities | 2,777 | ||||
Total liabilities | 2,777 | ||||
Total identifiable net assets | 110,576 | ||||
Noncontrolling interest contribution | (9,529) | ||||
Net cash received | 3,829 | ||||
Fair value of our majority interest in investment | 104,876 | ||||
Carrying value of previously held equity investment | (118,727) | ||||
(Loss) gain on change in control of interests | $ (13,851) |
Real Estate, Operating Real E56
Real Estate, Operating Real Estate, and Assets Held for Sale - Summary of Business Combinations (Details) - USD ($) $ in Thousands | Apr. 11, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities assumed at fair value: | ||||
Gain on change in control of interests | $ 13,851 | $ (49,922) | $ 0 | |
Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | ||||
Investments In Real Estate | ||||
Cash consideration | $ 11,363 | |||
Assets acquired at fair value: | ||||
Land | 26,941 | |||
Buildings | 109,399 | |||
In-place lease intangible assets | 9,783 | |||
Other assets acquired | 1,705 | |||
Assets acquired | 147,828 | |||
Liabilities assumed at fair value: | ||||
Non-recourse debt, net | (70,578) | |||
Other liabilities assumed | (831) | |||
Liabilities Assumed | (71,409) | |||
Total identifiable net assets | 76,419 | |||
Gain on change in control of interests | (49,922) | |||
Carrying value of previously held equity investment | (15,134) | |||
Net assets acquired | $ 11,363 |
Real Estate, Operating Real E57
Real Estate, Operating Real Estate, and Assets Held for Sale - Income From Acquisitions (Details) - Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC $ in Thousands | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition | |
Revenues | $ 7,166 |
Net loss | (9,021) |
Net loss attributable to CPA:17 – Global | $ (9,021) |
Real Estate, Operating Real E58
Real Estate, Operating Real Estate, and Assets Held for Sale - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Pro Forma Information | ||
Pro forma total revenues | $ 442,972 | $ 437,295 |
Pro forma net income | 184,487 | 165,489 |
Pro forma net income attributable to noncontrolling interests | (38,863) | (39,915) |
Pro forma net income attributable to CPA:17 – Global | $ 145,624 | $ 125,574 |
Pro forma basic and diluted weighted-average shares outstanding (shares) | 342,147,444 | 334,468,362 |
Pro-forma basic and diluted income per share (usd per share) | $ 0.43 | $ 0.38 |
Real Estate, Operating Real E59
Real Estate, Operating Real Estate, and Assets Held for Sale - Assets Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long Lived Assets Held-for-sale | ||
Assets held for sale | $ 0 | $ 14,850 |
Real estate | ||
Long Lived Assets Held-for-sale | ||
Assets held for sale | $ 0 | $ 14,850 |
Real Estate, Operating Real E60
Real Estate, Operating Real Estate, and Assets Held for Sale - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligations | ||
Beginning balance | $ 17,749 | $ 25,424 |
Reductions due to dispositions | (2,038) | (10,541) |
Accretion expense | 991 | 1,292 |
Foreign currency translation adjustments and other | 230 | (314) |
Additions | 0 | 1,888 |
Ending balance | $ 16,932 | $ 17,749 |
Finance Receivables - Narrative
Finance Receivables - Narratives (Details) $ in Thousands | Dec. 01, 2019USD ($) | Mar. 17, 2017USD ($) | Mar. 13, 2017USD ($) | Apr. 08, 2016USD ($)property | Feb. 10, 2016USD ($) | Jan. 08, 2015USD ($) | Jun. 30, 2017USD ($)property | Dec. 31, 2017USD ($)propertyloan$ / € | Dec. 31, 2016USD ($)loan$ / € | Dec. 31, 2015USD ($) | Dec. 31, 2012USD ($) |
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Effects of foreign currency translation on balance sheet item | $ 100,948 | $ (18,785) | $ (81,037) | ||||||||
Number of real estate properties | property | 411 | ||||||||||
Net investments in direct financing leases | $ 509,228 | 508,392 | |||||||||
Financing receivable | $ 619,728 | $ 539,892 | |||||||||
Loans outstanding count | loan | 5 | 1 | |||||||||
Past due receivables | $ 1,100 | ||||||||||
Financing receivable allowance for credit loss | 700 | ||||||||||
I Drive Property | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Financing receivable | $ 34,000 | ||||||||||
Notes receivable interest rate | 9.00% | ||||||||||
Proceeds from collection of loans receivable | $ 5,000 | ||||||||||
Principal loan converted | 10,000 | ||||||||||
Deferred gain on the sale of property | $ 2,100 | ||||||||||
I Drive Property | Fair Value | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Loans receivable, fair value | 35,000 | ||||||||||
I Drive Property | Carrying Value | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Equity investments fair value | 18,600 | ||||||||||
I Drive Wheel | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Financing receivable | 50,000 | ||||||||||
Deferred gain on the sale of property | $ 16,400 | ||||||||||
I Drive Wheel | Refinanced Receivables | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Financing receivable | $ 35,000 | ||||||||||
Notes receivable interest rate | 6.50% | ||||||||||
New York Times Company | Forecasted | Bargain Purchase Option | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Proceeds from assets disposed of | $ 250,000 | ||||||||||
Developer | I Shop | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Percentage of equity pledged as collateral | 80.00% | ||||||||||
Developer | I Drive Wheel | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Notes receivable interest rate | 6.50% | ||||||||||
1185 Broadway LLC | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Financing receivable | $ 30,000 | 31,500 | |||||||||
Notes receivable interest rate | 10.00% | ||||||||||
Notes receivable maturity date | Apr. 3, 2018 | ||||||||||
Industrial Facility in Houston, TX | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Net investments in direct financing leases | $ 4,200 | ||||||||||
Acquisition costs | $ 300 | ||||||||||
Facilities in Ohio, North Carolina, Pennsylvania and Missouri | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Net investments in direct financing leases | $ 12,000 | ||||||||||
Acquisition costs | $ 500 | ||||||||||
Number of properties acquired | property | 6 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Proceeds from assets disposed of | $ 14,100 | ||||||||||
Net investments in direct financing lease | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Effects of foreign currency translation on balance sheet item | 5,700 | ||||||||||
Net investments in direct financing lease | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Number of properties sold | property | 2 | ||||||||||
Proceeds from assets disposed of | $ 6,100 | ||||||||||
Number of real estate properties | property | 4 | ||||||||||
Other assets | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Financing receivable | $ 110,500 | $ 31,500 | |||||||||
Euro | |||||||||||
Accounts, Notes, Loans and Financing Receivable | |||||||||||
Increase decrease in foreign currency exchange rate | 13.80% | ||||||||||
Foreign currency exchange rate | $ / € | 1.1993 | 1.0541 |
Finance Receivables - Net Inves
Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Net Investment in Direct Financing Leases | ||
Minimum lease payments receivable | $ 732,092 | $ 790,111 |
Unguaranteed residual value | 188,517 | 189,692 |
Gross minimum lease payments receivable | 920,609 | 979,803 |
Less: unearned income | (411,381) | (471,411) |
Net investment in direct financing leases | $ 509,228 | $ 508,392 |
Finance Receivables - Scheduled
Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,018 | $ 58,257 |
2,019 | 306,525 |
2,020 | 31,696 |
2,021 | 32,072 |
2,022 | 32,548 |
Thereafter | 270,994 |
Total | 732,092 |
New York Times Company | Bargain Purchase Option | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity | |
2,019 | $ 250,000 |
Finance Receivables - Internal
Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands | Dec. 31, 2017USD ($)tenant | Dec. 31, 2016USD ($)tenant |
Credit Quality Of Finanace Receivables: | ||
Financing receivable | $ 619,728 | $ 539,892 |
Direct Financing Method | Internally Assigned Grade 1 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 0 | 0 |
Financing receivable | $ 0 | $ 0 |
Direct Financing Method | Internally Assigned Grade 2 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 2 | 2 |
Financing receivable | $ 62,744 | $ 61,949 |
Direct Financing Method | Internally Assigned Grade 3 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 8 | 9 |
Financing receivable | $ 379,621 | $ 412,075 |
Direct Financing Method | Internally Assigned Grade 4 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 8 | 5 |
Financing receivable | $ 165,413 | $ 65,868 |
Direct Financing Method | Internally Assigned Grade 5 | ||
Credit Quality Of Finanace Receivables: | ||
Number of tenants and obligors | tenant | 1 | 0 |
Financing receivable | $ 11,950 | $ 0 |
Equity Investments in Real Es65
Equity Investments in Real Estate - Narratives (Details) | Oct. 03, 2017USD ($) | May 19, 2017USD ($) | Jul. 29, 2016USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2017USD ($)property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 23, 2017USD ($)property | Dec. 31, 2012 |
Schedule of Equity Method Investments | |||||||||||||||
Impairment charges | $ 29,200,000 | ||||||||||||||
Goodwill impairment | $ 0 | ||||||||||||||
Proceeds from mortgage financing | $ 203,478,000 | $ 266,970,000 | $ 170,233,000 | ||||||||||||
Mortgage debt, net | $ 1,849,459,000 | $ 2,022,250,000 | $ 1,849,459,000 | 2,022,250,000 | |||||||||||
Number of real estate properties | property | 411 | 411 | |||||||||||||
Repayments of secured debt | $ 458,010,000 | 177,469,000 | 121,267,000 | ||||||||||||
Non-recourse mortgage loans | 170,900,000 | $ 170,900,000 | |||||||||||||
Debt instrument terms (years) | 7 years 1 month 6 days | ||||||||||||||
(Loss) gain on change in control of interests | $ (13,851,000) | $ 49,922,000 | 0 | ||||||||||||
Preferred return | 5.00% | ||||||||||||||
Proceeds from equity method investment | $ 39,974,000 | 42,744,000 | 34,962,000 | ||||||||||||
Unamortized basis differences on our equity investments | $ 26,300,000 | $ 19,100,000 | 26,300,000 | 19,100,000 | |||||||||||
Unconsolidated Equity Investments | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Proceeds from equity method investment | $ 54,500,000 | $ 57,800,000 | 52,100,000 | ||||||||||||
Self storage | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Hellweg 2 | Net Lease | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Proceeds from mortgage financing | $ 90,300,000 | ||||||||||||||
Hellweg 2 | Net Lease | WPC | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Proceeds from mortgage financing | $ 243,800,000 | ||||||||||||||
Ownership interest, percentage | 37.00% | 37.00% | |||||||||||||
Kesko Senukai | Net Lease | Third Party | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 70.00% | 70.00% | 70.00% | ||||||||||||
Equity method investment excluding debt obligation | $ 141,500,000 | ||||||||||||||
Mortgage debt, net | 88,000,000 | ||||||||||||||
Adjustment for basis difference | $ 7,200,000 | ||||||||||||||
Kesko Senukai | Net Lease | Third Party | Retail Site | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Number of real estate properties | property | 18 | ||||||||||||||
Kesko Senukai | Net Lease | Third Party | Warehouse | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Number of real estate properties | property | 1 | ||||||||||||||
Kesko Senukai | Net Lease | Third Party | Tenant | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 30.00% | ||||||||||||||
Jumbo Logistiek Vastgooed B.V | Net Lease | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Mortgage debt on tenancy in common | $ 64,800,000 | $ 64,800,000 | |||||||||||||
Jumbo Logistiek Vastgooed B.V | Net Lease | WPC | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 85.00% | 85.00% | |||||||||||||
Mortgage debt on tenancy in common | $ 76,200,000 | $ 76,200,000 | |||||||||||||
Tesco Global Aruhazak Zrt. | Net Lease | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Non-recourse mortgage loans | $ 17,000,000 | ||||||||||||||
Tesco Global Aruhazak Zrt. | Net Lease | WPC | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 49.00% | 49.00% | |||||||||||||
Repayments of secured debt | 33,800,000 | ||||||||||||||
Non-recourse mortgage loans | $ 34,600,000 | ||||||||||||||
Interest rate on debt | 5.90% | ||||||||||||||
Debt instrument terms (years) | 5 years | ||||||||||||||
Tesco Global Aruhazak Zrt. | Net Lease | WPC | EURIBOR | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Interest rate on debt | 3.30% | ||||||||||||||
Apply Sorco AS | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Equity method investment, impairment | $ 6,300,000 | ||||||||||||||
Shelborne Property Associates, LLC | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 33.00% | ||||||||||||||
Ownership interest in joint venture | 95.50% | 95.50% | |||||||||||||
Proceeds from noncontrolling interest | $ 4,000,000 | ||||||||||||||
Shelborne Property Associates, LLC | Third Party | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership interest, percentage | 67.00% | ||||||||||||||
Ownership interest in joint venture | 4.50% | ||||||||||||||
Shelborne Property Associates, LLC | All Other | Third Party | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Goodwill impairment | $ 22,800,000 | ||||||||||||||
Contract termination income | 10,600,000 | ||||||||||||||
Guaranteed loss compensation | $ 10,600,000 | ||||||||||||||
Ownership interest, percentage | 33.00% | ||||||||||||||
BPS Nevada, LLC Preferred Equity | All Other | Third Party | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Preferred return | 12.00% | ||||||||||||||
Proceeds from equity method investment | $ 27,000,000 | ||||||||||||||
Nonrecurring | Level 3 | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Impairment charges | $ 19,535,000 | $ 31,625,000 | 1,023,000 | ||||||||||||
Nonrecurring | Equity Method Investments | Level 3 | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Impairment charges | $ 6,300,000 | $ 2,500,000 | 10,576,000 | 1,919,000 | $ 0 | ||||||||||
Nonrecurring | Equity Method Investments | Level 3 | Agrokor | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Impairment charges | $ 1,800,000 | $ 4,281,000 | $ 1,919,000 |
Equity Investments in Real Es66
Equity Investments in Real Estate - Proportionate Share of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | $ 261 | $ 3,262 | $ 14,667 |
Equity Method Investments | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | 3,095 | 9,867 | 18,227 |
Equity Method Investments | Net Lease | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | 9,369 | 15,271 | 21,692 |
Equity Method Investments | Self-Storage | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | 0 | (394) | (1,703) |
Equity Method Investments | All Other | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | (6,274) | (5,010) | (1,762) |
Amortization of Basis Difference on Equity Investments | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | (2,834) | (6,605) | (3,560) |
Amortization of Basis Difference on Equity Investments | Net Lease | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | (2,260) | (3,077) | (2,263) |
Amortization of Basis Difference on Equity Investments | Self-Storage | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | 0 | (39) | (155) |
Amortization of Basis Difference on Equity Investments | All Other | |||
Equity Method Investment, Financial Statement, Reported Amounts | |||
Equity in earnings of equity method investments in real estate | $ (574) | $ (3,489) | $ (1,142) |
Equity Investments in Real Es67
Equity Investments in Real Estate - Ownership Interest in Equity Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | May 23, 2017 | Dec. 31, 2016 | Dec. 31, 2012 |
Ownership interest in equity investments: | ||||
Equity investments in real estate | $ 409,254 | $ 451,105 | ||
Shelborne Property Associates, LLC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 33.00% | |||
Net Lease | ||||
Ownership interest in equity investments: | ||||
Equity investments in real estate | $ 370,530 | 222,342 | ||
Net Lease | Third Party | Kesko Senukai | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 70.00% | 70.00% | ||
Equity investments in real estate | $ 58,136 | 0 | ||
Net Lease | Third Party | BPS Nevada, LLC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 15.00% | |||
Equity investments in real estate | $ 23,455 | 23,036 | ||
Net Lease | WPC | Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 37.00% | |||
Equity investments in real estate | $ 109,933 | 10,125 | ||
Net Lease | WPC | Jumbo Logistiek Vastgooed B.V | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 85.00% | |||
Equity investments in real estate | $ 55,162 | 54,621 | ||
Net Lease | WPC | U-Haul Moving Partners, Inc. and Mercury Partners, LP (b) | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 12.00% | |||
Equity investments in real estate | $ 35,897 | 37,601 | ||
Net Lease | WPC | Berry Global Inc. | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 50.00% | |||
Equity investments in real estate | $ 14,476 | 14,974 | ||
Net Lease | WPC | Tesco Global Aruhazak Zrt. | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 49.00% | |||
Equity investments in real estate | $ 10,707 | 10,807 | ||
Net Lease | WPC | Eroski Sociedad Cooperativa - Mallorca | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 30.00% | |||
Equity investments in real estate | $ 7,629 | 6,576 | ||
Net Lease | WPC | Dick’s Sporting Goods, Inc. | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 45.00% | |||
Equity investments in real estate | $ 3,750 | 4,367 | ||
Net Lease | CPA 18 - Global | Bank Pekao S.A. | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 50.00% | |||
Equity investments in real estate | $ 25,582 | 23,025 | ||
Net Lease | CPA 18 - Global | State Farm Automobile Co. | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 50.00% | |||
Equity investments in real estate | $ 16,072 | 17,603 | ||
Net Lease | CPA 18 - Global | Apply Sorco AS | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 49.00% | |||
Equity investments in real estate | $ 6,298 | 12,528 | ||
Net Lease | CPA 18 - Global | Konzum d.d. (referred to as Agrokor) | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 20.00% | |||
Equity investments in real estate | $ 3,433 | 7,079 | ||
All Other | ||||
Ownership interest in equity investments: | ||||
Equity investments in real estate | $ 38,724 | 228,763 | ||
All Other | Third Party | BG LLH, LLC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 6.00% | |||
Equity investments in real estate | $ 38,724 | 36,756 | ||
All Other | Third Party | Shelborne Property Associates, LLC | ||||
Ownership interest in equity investments: | ||||
Ownership interest, percentage | 33.00% | |||
Equity investments in real estate | 0 | 127,424 | ||
All Other | Third Party | IDL Wheel Tenant, LLC | ||||
Ownership interest in equity investments: | ||||
Equity investments in real estate | 0 | 37,124 | ||
All Other | Third Party | BPS Nevada, LLC Preferred Equity | ||||
Ownership interest in equity investments: | ||||
Equity investments in real estate | $ 0 | $ 27,459 |
Equity Investments in Real Es68
Equity Investments in Real Estate - Summarized Investee Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Equity Method Investment, Summarized Financial Information | ||
Net investments in real estate | $ 3,850,204 | $ 3,569,612 |
Other assets | 595,352 | 497,198 |
Total assets | 4,445,556 | 4,066,810 |
Debt | 2,584,248 | 2,619,153 |
Accounts payable, accrued expenses and other liabilities | 374,040 | 447,944 |
Total liabilities | 2,958,288 | 3,067,097 |
Total equity | $ 1,487,268 | $ 999,713 |
Equity Investments in Real Es69
Equity Investments in Real Estate - Summarized Investee Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investment, Summarized Financial Information, Income Statement | |||
Revenues | $ 888,159 | $ 815,161 | $ 779,875 |
Expenses | 927,121 | 865,706 | 791,224 |
Loss from continuing operations | $ (38,962) | $ (50,545) | $ (11,349) |
Intangible Assets and Liabili70
Intangible Assets and Liabilities - Narratives (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets | ||||
Acquired finite-lived intangible asset, amount | $ 2,000,000 | |||
Finite lived intangible asset/liability, useful life | 20 years | |||
Net amortization of intangibles | $ 43,700,000 | $ 51,200,000 | $ 40,300,000 | |
Goodwill impairment | $ 0 | |||
KBR | Discontinued Operations, Disposed of by Means Other than Sale | ||||
Finite-Lived Intangible Assets | ||||
Intangible liability | $ 15,700,000 | 15,700,000 | ||
Below Market and Above Market Rents | ||||
Finite-Lived Intangible Assets | ||||
Rental income | $ 17,800,000 | $ 14,200,000 | $ 3,600,000 |
Intangible Assets and Liabili71
Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 20 years | |
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | $ 740,965 | $ 724,067 |
Less: accumulated amortization | (245,900) | (206,705) |
Finite-lived intangible assets, net | 495,065 | 517,362 |
Indefinite-Lived Intangible Assets | ||
Goodwill | 304 | 304 |
Total intangible assets, gross | 741,269 | 724,371 |
Total intangible assets, net | 495,369 | 517,666 |
Finite-Lived Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | (83,404) | (121,870) |
Less: accumulated amortization | 22,182 | 39,071 |
Finite-lived intangible liabilities, net | (61,222) | (82,799) |
Below-market rent | ||
Finite-Lived Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | (82,259) | (120,725) |
Less: accumulated amortization | 22,121 | 39,025 |
Finite-lived intangible liabilities, net | $ (60,138) | (81,700) |
Below-market rent | Minimum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 7 years | |
Below-market rent | Maximum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 53 years | |
Above-market ground lease | ||
Finite-Lived Intangible Liabilities | ||
Finite-lived intangible liabilities, gross | $ (1,145) | (1,145) |
Less: accumulated amortization | 61 | 46 |
Finite-lived intangible liabilities, net | $ (1,084) | (1,099) |
Above-market ground lease | Minimum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 49 years | |
Above-market ground lease | Maximum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 88 years | |
In-place lease | ||
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | $ 629,961 | 620,149 |
Less: accumulated amortization | (213,641) | (181,598) |
Finite-lived intangible assets, net | $ 416,320 | 438,551 |
In-place lease | Minimum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 4 years | |
In-place lease | Maximum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 53 years | |
Above-market rent | ||
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | $ 98,162 | 91,895 |
Less: accumulated amortization | (31,533) | (24,599) |
Finite-lived intangible assets, net | $ 66,629 | 67,296 |
Above-market rent | Minimum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 5 years | |
Above-market rent | Maximum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 40 years | |
Below-market ground leases and other | ||
Finite-Lived Intangible Assets | ||
Finite-lived intangible assets, gross | $ 12,842 | 12,023 |
Less: accumulated amortization | (726) | (508) |
Finite-lived intangible assets, net | $ 12,116 | $ 11,515 |
Below-market ground leases and other | Minimum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 55 years | |
Below-market ground leases and other | Maximum | ||
Intangible Assets Liabilities | ||
Finite lived intangible asset/liability, useful life | 94 years |
Intangible Assets and Liabili72
Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Net | |
2,018 | $ 38,381 |
2,019 | 38,114 |
2,020 | 37,930 |
2,021 | 37,804 |
2,022 | 37,516 |
Thereafter | 244,098 |
Finite lived intangible assets liabilities, net | 433,843 |
Net Decrease (Increase) in Rental Income | |
Net | |
2,018 | 1,374 |
2,019 | 1,374 |
2,020 | 1,367 |
2,021 | 1,369 |
2,022 | 1,375 |
Thereafter | (368) |
Finite lived intangible assets liabilities, net | 6,491 |
Increase to Amortization/Property Expenses | |
Net | |
2,018 | 37,007 |
2,019 | 36,740 |
2,020 | 36,563 |
2,021 | 36,435 |
2,022 | 36,141 |
Thereafter | 244,466 |
Finite lived intangible assets liabilities, net | $ 427,352 |
Fair Value Measurements - Narra
Fair Value Measurements - Narratives (Details) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017USD ($)tranch | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)tranch | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)tranch | Dec. 31, 2016USD ($)tranch | Dec. 31, 2015USD ($) | |
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Deferred financing cost | $ 8,003,000 | $ 8,003,000 | |||||||
Impairment charges | $ 29,200,000 | ||||||||
Goodwill impairment | 0 | ||||||||
Shelborne Property Associates, LLC | All Other | Third Party | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Goodwill impairment | $ 22,800,000 | ||||||||
Level 3 | Nonrecurring | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | 19,535,000 | $ 31,625,000 | $ 1,023,000 | ||||||
Level 3 | Equity investments in real estate | Nonrecurring | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | $ 6,300,000 | $ 2,500,000 | 10,576,000 | 1,919,000 | 0 | ||||
Fair value of asset impaired | $ 10,242,000 | 12,528,000 | 0 | ||||||
Level 3 | Equity investments in real estate | Nonrecurring | Apply Sorco AS | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Discount rate | 9.30% | ||||||||
Residual discount rate | 7.80% | ||||||||
Residual capitalization rate | 6.80% | ||||||||
Level 3 | Equity investments in real estate | Nonrecurring | Agrokor | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | $ 1,800,000 | $ 4,281,000 | $ 1,919,000 | ||||||
Discount rate | 12.40% | 8.80% | |||||||
Residual discount rate | 10.90% | 7.80% | |||||||
Residual capitalization rate | 10.40% | 6.80% | |||||||
Level 3 | Equity investments in real estate | Nonrecurring | Shelborne Property Associates, LLC | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Discount rate | 8.00% | ||||||||
Residual discount rate | 8.00% | ||||||||
Residual capitalization rate | 6.80% | ||||||||
Level 3 | Real estate | Nonrecurring | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | 4,200,000 | $ 8,276,000 | $ 29,183,000 | 0 | |||||
Fair value of asset impaired | $ 7,525,000 | 14,850,000 | 0 | ||||||
Level 3 | Real estate | Nonrecurring | Agrokor | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Discount rate | 11.80% | ||||||||
Residual discount rate | 10.50% | ||||||||
Residual capitalization rate | 9.80% | ||||||||
Level 3 | CMBS | Nonrecurring | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | $ 683,000 | 523,000 | 1,023,000 | ||||||
Fair value of asset impaired | 258,000 | 400,000 | $ 1,478,000 | ||||||
Level 3 | Agrokor | Real estate | Nonrecurring | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | 3,800,000 | ||||||||
Fair value of asset impaired | 2,800,000 | ||||||||
Level 3 | Property in Waldaschaff Germany | Real estate | Nonrecurring | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | $ 4,500,000 | ||||||||
Fair value of asset impaired | $ 4,700,000 | ||||||||
Discount rate | 9.75% | ||||||||
Level 3 | Property in Waldaschaff Germany | Real estate | Nonrecurring | Noncontrolling Interests | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Impairment charges | $ 1,500,000 | ||||||||
Level 3 | Carrying Value | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information | |||||||||
Deferred financing cost | $ 7,900,000 | $ 9,300,000 | $ 7,900,000 | $ 9,300,000 | |||||
Number of tranches | tranch | 2 | 3 | 2 | 3 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping | ||
Non-recourse debt | $ 1,849,459 | $ 2,022,250 |
Loans receivable | 110,500 | 31,500 |
CMBS | 6,548 | 4,027 |
Fair Value | ||
Fair Value, Balance Sheet Grouping | ||
Non-recourse debt | 1,864,043 | 2,053,353 |
Loans receivable | 110,500 | 31,500 |
CMBS | $ 7,237 | $ 7,470 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment Charges From Continuing Operations | |||||||
Impairment charges | $ 29,200 | ||||||
Nonrecurring | Level 3 | |||||||
Impairment Charges From Continuing Operations | |||||||
Impairment charges | $ 19,535 | $ 31,625 | $ 1,023 | ||||
Equity investments in real estate | Nonrecurring | Level 3 | |||||||
Impairment Charges From Continuing Operations | |||||||
Fair Value Measurements | 10,242 | 12,528 | 0 | ||||
Impairment charges | $ 6,300 | $ 2,500 | 10,576 | 1,919 | 0 | ||
Real estate | Nonrecurring | Level 3 | |||||||
Impairment Charges From Continuing Operations | |||||||
Fair Value Measurements | 7,525 | 14,850 | 0 | ||||
Impairment charges | $ 4,200 | 8,276 | 29,183 | 0 | |||
CMBS | Nonrecurring | Level 3 | |||||||
Impairment Charges From Continuing Operations | |||||||
Fair Value Measurements | 258 | 400 | 1,478 | ||||
Impairment charges | $ 683 | $ 523 | $ 1,023 |
Risk Management and Use of De76
Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instrument Detail | ||
Derivative asset collateral offset | $ 0 | $ 0 |
Derivative, remaining maturity | 77 months | |
Collateral received | $ 0 | |
Total credit exposure on derivatives | 12,800,000 | |
Derivatives, net liability position | 5,600,000 | 6,700,000 |
Aggregate termination value for immediate settlement | 5,700,000 | $ 7,300,000 |
KBR | Discontinued Operations, Disposed of by Means Other than Sale | ||
Derivative Instrument Detail | ||
Intangible liability | $ 15,700,000 | |
KBR | Sales Revenue | ||
Derivative Instrument Detail | ||
Concentration risk, percentage | 12.00% | |
Single Counterparty | ||
Derivative Instrument Detail | ||
Total credit exposure on derivatives | $ 6,000,000 | |
Interest expense | ||
Derivative Instrument Detail | ||
Estimated amount reclassified from OCI to income, derivatives | (1,500,000) | |
Other income and (expense) | ||
Derivative Instrument Detail | ||
Estimated amount reclassified from OCI to income, derivatives | $ 5,500,000 |
Risk Management and Use of De77
Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value | ||
Derivative assets, fair value, net | $ 16,798 | $ 41,502 |
Derivative liability, fair value, net | (5,411) | (6,188) |
Designated as hedging | Other assets | Foreign currency forward contracts | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 14,382 | 38,735 |
Designated as hedging | Other assets | Interest rate swap | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 314 | 54 |
Designated as hedging | Other assets | Interest rate caps | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 201 | 79 |
Designated as hedging | Other assets | Foreign currency collars | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 0 | 522 |
Designated as hedging | Accounts payable, accrued expenses and other liabilities | Interest rate swap | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | (3,852) | (6,011) |
Designated as hedging | Accounts payable, accrued expenses and other liabilities | Foreign currency collars | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | (1,431) | (4) |
Not designated | Other assets | Foreign currency forward contracts | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 86 | 0 |
Not designated | Other assets | Stock warrants | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 1,815 | 1,848 |
Not designated | Other assets | Swaption | ||
Derivatives, Fair Value | ||
Derivative assets, fair value, net | 0 | 264 |
Not designated | Accounts payable, accrued expenses and other liabilities | Interest rate swap | ||
Derivatives, Fair Value | ||
Derivative liability, fair value, net | $ (128) | $ (173) |
Risk Management and Use of De78
Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | $ (20,836) | $ 2,336 | $ 21,153 |
Equity investments in real estate | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | 200 | (1,200) | 200 |
Cash Flow Hedging | Foreign currency forward contracts | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | (20,620) | (2,224) | 18,126 |
Cash Flow Hedging | Interest rate swap | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | 2,385 | 4,174 | 2,715 |
Cash Flow Hedging | Foreign currency collars | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | (1,919) | 628 | (107) |
Cash Flow Hedging | Interest rate cap | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | (509) | 4 | 0 |
Net Investment Hedging | Foreign currency forward contracts | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | (156) | (241) | 417 |
Net Investment Hedging | Foreign currency collars | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | |||
Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) | $ (17) | $ (5) | $ 2 |
Risk Management and Use of De79
Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 4,727 | $ 1,219 | $ 246 |
Other income and (expense) | Foreign currency forward contracts | |||
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 | 7,170 | 7,558 | 8,083 |
Interest expense | Interest rate swap | |||
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 | $ (2,443) | $ (6,339) | $ (7,837) |
Risk Management and Use of De80
Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | $ (123) | $ 490 | $ 193 |
Not designated | Interest expense | Interest rate swap | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | 11 | 6 | 0 |
Not designated | Other income and (expense) | Swaption | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | (220) | (45) | (196) |
Not designated | Other income and (expense) | Stock warrants | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | (33) | 66 | (66) |
Not designated | Other income and (expense) | Foreign currency forward contracts | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | 10 | 0 | (16) |
Not designated | Other income and (expense) | Embedded derivatives | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | 0 | 0 | 177 |
Not designated | Other income and (expense) | Foreign currency collars | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | 0 | 0 | (8) |
Designated as hedging | Interest expense | Interest rate swap | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | 121 | 463 | 302 |
Designated as hedging | Other income and (expense) | Foreign currency collars | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||
Amount of gain (loss) recognized income on derivatives | $ (12) | $ 0 | $ 0 |
Risk Management and Use of De81
Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Swaptions Summary (Details) € in Thousands, £ in Thousands, $ in Thousands | Dec. 31, 2017USD ($)instrument | Dec. 31, 2017EUR (€)instrument | Dec. 31, 2017GBP (£)instrument |
Derivative | |||
Fair value | $ (3,465) | ||
Cash Flow Hedging | Interest rate swap | USD | |||
Derivative | |||
Derivative number of instruments | instrument | 12 | 12 | 12 |
Derivative notional amount | $ 123,536 | ||
Fair value | $ (3,074) | ||
Cash Flow Hedging | Interest rate swap | Euro | |||
Derivative | |||
Derivative number of instruments | instrument | 5 | 5 | 5 |
Derivative notional amount | € | € 69,345 | ||
Fair value | $ (464) | ||
Cash Flow Hedging | Interest rate cap | USD | |||
Derivative | |||
Derivative number of instruments | instrument | 1 | 1 | 1 |
Derivative notional amount | $ 75,000 | ||
Fair value | $ 11 | ||
Cash Flow Hedging | Interest rate cap | Euro | |||
Derivative | |||
Derivative number of instruments | instrument | 4 | 4 | 4 |
Derivative notional amount | € | € 132,770 | ||
Fair value | $ 177 | ||
Cash Flow Hedging | Interest rate cap | GBP | |||
Derivative | |||
Derivative number of instruments | instrument | 1 | 1 | 1 |
Derivative notional amount | £ | £ 6,394 | ||
Fair value | $ 13 | ||
Not designated | Swap | Euro | |||
Derivative | |||
Derivative number of instruments | instrument | 1 | 1 | 1 |
Derivative notional amount | € | € 4,843 | ||
Fair value | $ (128) |
Risk Management and Use of De82
Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands | Dec. 31, 2017USD ($)instrument | Dec. 31, 2017NOK (kr)instrument | Dec. 31, 2017EUR (€)instrument |
Derivative Instrument Detail | |||
Fair value, foreign currency derivatives | $ 13,037 | ||
Designated as hedging | Cash Flow Hedging | Foreign currency forward contracts | Euro | |||
Derivative Instrument Detail | |||
Derivative number of instruments | instrument | 43 | 43 | 43 |
Derivative notional amount | € | € 88,173 | ||
Fair value, foreign currency derivatives | $ 14,325 | ||
Designated as hedging | Cash Flow Hedging | Foreign currency collars | Euro | |||
Derivative Instrument Detail | |||
Derivative number of instruments | instrument | 2 | 2 | 2 |
Derivative notional amount | € | € 15,100 | ||
Fair value, foreign currency derivatives | $ (1,395) | ||
Designated as hedging | Cash Flow Hedging | Foreign currency collars | NOK | |||
Derivative Instrument Detail | |||
Derivative number of instruments | instrument | 3 | 3 | 3 |
Derivative notional amount | kr | kr 2,000 | ||
Fair value, foreign currency derivatives | $ (16) | ||
Designated as hedging | Net Investment Hedging | Foreign currency forward contracts | NOK | |||
Derivative Instrument Detail | |||
Derivative number of instruments | instrument | 2 | 2 | 2 |
Derivative notional amount | kr | kr 4,329 | ||
Fair value, foreign currency derivatives | $ 57 | ||
Designated as hedging | Net Investment Hedging | Foreign currency collars | NOK | |||
Derivative Instrument Detail | |||
Derivative number of instruments | instrument | 1 | 1 | 1 |
Derivative notional amount | kr | kr 2,500 | ||
Fair value, foreign currency derivatives | $ (20) | ||
Not designated | Foreign currency forward contracts | NOK | |||
Derivative Instrument Detail | |||
Derivative number of instruments | instrument | 9 | 9 | 9 |
Derivative notional amount | kr | kr 6,521 | ||
Fair value, foreign currency derivatives | $ 86 |
Debt - Narratives (Details)
Debt - Narratives (Details) | Jan. 22, 2018USD ($) | Mar. 17, 2017USD ($)property | Oct. 26, 2016 | Apr. 11, 2016property | Aug. 26, 2015USD ($) | Jun. 30, 2017property | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)propertyloan | Dec. 31, 2016USD ($)propertyloan | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) |
Additional Debt Disclosures | |||||||||||||||
Number of loans assumed (loans) | loan | 7 | ||||||||||||||
Debt, weighted average interest rate | 2.00% | 2.00% | |||||||||||||
Payments of mortgage principal | $ 458,010,000 | $ 177,469,000 | $ 121,267,000 | ||||||||||||
Mortgage debt, net | $ 2,022,250,000 | 1,849,459,000 | 2,022,250,000 | ||||||||||||
Loss on extinguishment of debt | 800,000 | $ 16,000,000 | $ 5,100,000 | $ 2,500,000 | $ 1,922,000 | 24,376,000 | 275,000 | ||||||||
Non-recourse mortgage loans | 170,900,000 | $ 170,900,000 | |||||||||||||
Debt instrument terms (years) | 7 years 1 month 6 days | ||||||||||||||
Number of real estate properties | property | 411 | ||||||||||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||||||||||
Commitment fee threshold | 50.00% | ||||||||||||||
Credit facility fees | $ 1,900,000 | ||||||||||||||
Debt and capital lease obligation | 49,751,000 | $ 101,931,000 | $ 49,751,000 | ||||||||||||
Proceeds from Senior Credit Facility | 119,235,000 | 225,693,000 | 235,367,000 | ||||||||||||
Repayments of Senior Credit Facility | 68,990,000 | 289,558,000 | 120,400,000 | ||||||||||||
Restriction payment threshold | 100,000,000 | ||||||||||||||
Effects of foreign currency translation on balance sheet item | 100,948,000 | (18,785,000) | $ (81,037,000) | ||||||||||||
Subsequent Event | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Payments of mortgage principal | $ 6,100,000 | ||||||||||||||
Non-recourse debt | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Effects of foreign currency translation on balance sheet item | 79,000,000 | ||||||||||||||
Revolver | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 200,000,000 | ||||||||||||||
Debt maturity date | Aug. 26, 2018 | ||||||||||||||
Revolver | Accordion | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||||||||||
Term Loan | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 50,000,000 | ||||||||||||||
Debt maturity date | Aug. 26, 2018 | ||||||||||||||
Debt and capital lease obligation | $ 49,751,000 | $ 50,000,000 | $ 50,000,000 | $ 49,915,000 | $ 49,751,000 | ||||||||||
Term Loan | LIBOR | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Basis spread | 1.45% | 1.45% | |||||||||||||
Self storage | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Number of real estate properties | property | 37 | ||||||||||||||
Self storage | Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Debt, weighted average interest rate | 4.50% | 4.50% | |||||||||||||
Non-recourse mortgage loans | $ 69,800,000 | $ 69,800,000 | |||||||||||||
Debt instrument terms (years) | 1 year 1 month 6 days | ||||||||||||||
Increase in ownership equity investments | 40.00% | 15.00% | 15.00% | ||||||||||||
Number of real estate properties | property | 5 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Mortgage debt, net | $ 31,200,000 | ||||||||||||||
Interest rate on debt | 4.90% | ||||||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Number of real estate properties | property | 52 | 52 | |||||||||||||
Number of properties sold | property | 34 | ||||||||||||||
Thirteen Properties | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Payments of mortgage principal | $ 261,400,000 | ||||||||||||||
Loans repaid | loan | 13 | ||||||||||||||
I Drive Property | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Loss on extinguishment of debt | $ 1,300,000 | ||||||||||||||
I Drive Property | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Number of properties sold | property | 1 | ||||||||||||||
I Drive Property | Developer | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Non recourse mortgage loan paid by buyer | $ 60,000,000 | 60,000,000 | |||||||||||||
Property in Italy | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Payments of mortgage principal | $ 9,300,000 | ||||||||||||||
Property in Italy | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Number of properties sold | property | 3 | ||||||||||||||
Debt Refinanced | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Number of loans assumed (loans) | loan | 2 | ||||||||||||||
Debt, weighted average interest rate | 2.00% | 2.80% | 2.00% | ||||||||||||
Payments of mortgage principal | $ 157,700,000 | ||||||||||||||
Mortgage debt, net | $ 180,000,000 | ||||||||||||||
Loss on extinguishment of debt | $ 800,000 | ||||||||||||||
Non-recourse mortgage loans | $ 211,800,000 | $ 211,800,000 | |||||||||||||
Debt instrument terms (years) | 3 years | 4 years 8 months 12 days | |||||||||||||
Mortgages | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Number of loans assumed (loans) | loan | 2 | 2 | |||||||||||||
Non recourse mortgage loans acquired | $ 25,100,000 | ||||||||||||||
Debt, weighted average interest rate | 3.00% | 3.10% | 3.00% | ||||||||||||
Payments of mortgage principal | $ 206,400,000 | ||||||||||||||
Non-recourse mortgage loans | $ 65,900,000 | $ 65,900,000 | |||||||||||||
Debt instrument terms (years) | 7 years | 4 years 9 months 18 days | |||||||||||||
Number of loans refinanced (loans) | loan | 4 | ||||||||||||||
Mortgages | Self storage | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Debt, weighted average interest rate | 4.90% | 4.90% | |||||||||||||
Payments of mortgage principal | $ 121,900,000 | ||||||||||||||
Loss on extinguishment of debt | $ 23,600,000 | ||||||||||||||
Debt instrument terms (years) | 5 years 8 months 12 days | ||||||||||||||
Loans defeased, count | loan | 7 | ||||||||||||||
Number of real estate properties | property | 18 | 18 | |||||||||||||
Minimum | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Debt maturity date | Aug. 31, 2018 | ||||||||||||||
Credit facility fee, rate | 0.15% | ||||||||||||||
Minimum | Revolver | Euro Currency Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 1.50% | ||||||||||||||
Minimum | Revolver | Base Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 0.50% | ||||||||||||||
Minimum | Term Loan | Euro Currency Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 1.45% | ||||||||||||||
Minimum | Term Loan | Base Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 0.45% | ||||||||||||||
Maximum | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Debt maturity date | Aug. 31, 2039 | ||||||||||||||
Credit facility fee, rate | 0.30% | ||||||||||||||
Maximum | Revolver | Euro Currency Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 2.25% | ||||||||||||||
Maximum | Revolver | Base Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 1.25% | ||||||||||||||
Maximum | Term Loan | Euro Currency Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 2.20% | ||||||||||||||
Maximum | Term Loan | Base Rate | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on debt | 1.20% | ||||||||||||||
Fixed interest rate | Minimum | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on mortgage loan | 1.90% | ||||||||||||||
Fixed interest rate | Maximum | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on mortgage loan | 7.40% | ||||||||||||||
Variable interest rate | Minimum | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on mortgage loan | 1.30% | ||||||||||||||
Variable interest rate | Maximum | |||||||||||||||
Additional Debt Disclosures | |||||||||||||||
Interest rate on mortgage loan | 6.00% |
Debt - Summary of Senior Credit
Debt - Summary of Senior Credit Facility (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument | |||
Debt and capital lease obligation | $ 101,931 | $ 49,751 | |
Term Loan | |||
Debt Instrument | |||
Debt and capital lease obligation | $ 50,000 | $ 49,915 | 49,751 |
Term Loan | LIBOR | |||
Debt Instrument | |||
Basis spread | 1.45% | 1.45% | |
Revolver | Euro | |||
Debt Instrument | |||
Debt and capital lease obligation | $ 29,969 | 0 | |
Revolver | Euro | LIBOR | |||
Debt Instrument | |||
Interest rate on debt | 1.50% | ||
Revolver | Yen | |||
Debt Instrument | |||
Debt and capital lease obligation | $ 22,047 | $ 0 | |
Revolver | Yen | LIBOR | |||
Debt Instrument | |||
Interest rate on debt | 1.50% |
Debt - Schedule of Debt Princip
Debt - Schedule of Debt Principal Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Long-term Debt, Fiscal Year Maturity | |
2,018 | $ 173,644 |
2,019 | 74,452 |
2,020 | 427,354 |
2,021 | 452,057 |
2,022 | 350,859 |
Thereafter through 2039 | 486,485 |
Total principal payments | 1,964,851 |
Deferred financing cost | (8,003) |
Unamortized discount, net | (5,458) |
Total | 1,951,390 |
Term Loan | |
Long-term Debt, Fiscal Year Maturity | |
2,018 | 50,000 |
Revolver | |
Long-term Debt, Fiscal Year Maturity | |
2,018 | $ 52,000 |
Equity - Narratives (Details)
Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 0.65 | $ 0.65 | $ 0.6500 |
Distributions payable | $ 56,859 | $ 55,830 | $ 56,859 | $ 55,830 | |||||||
Aggregate distributions declared | $ 226,000 |
Equity - Distributions (Details
Equity - Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distributions Per Share | |||
Total distributions paid (usd per share) | $ 0.6500 | $ 0.6500 | $ 0.6500 |
Ordinary income | |||
Distributions Per Share | |||
Total distributions paid (usd per share) | 0.3091 | 0.1994 | 0.3220 |
Return of capital | |||
Distributions Per Share | |||
Total distributions paid (usd per share) | 0.3409 | 0.1403 | 0.3280 |
Capital gain | |||
Distributions Per Share | |||
Total distributions paid (usd per share) | $ 0 | $ 0.3103 | $ 0 |
Equity - Reclassifications Out
Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) | |||
Beginning equity balance, value | $ 2,315,004 | $ 2,294,595 | $ 2,385,397 |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Interest expense | 88,270 | 98,813 | 93,551 |
Total other comprehensive loss | 80,519 | (17,407) | (60,119) |
Ending equity balance, value | 2,343,257 | 2,315,004 | 2,294,595 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning equity balance, value | (156,676) | (139,805) | (81,007) |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Ending equity balance, value | (78,420) | (156,676) | (139,805) |
Gains and (Losses) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning equity balance, value | 29,549 | 28,200 | 7,311 |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Ending equity balance, value | 9,087 | 29,549 | 28,200 |
Gains and (Losses) on Marketable Investments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning equity balance, value | (48) | (77) | (106) |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Ending equity balance, value | (15) | (48) | (77) |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning equity balance, value | (186,177) | (167,928) | (88,212) |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Ending equity balance, value | (87,492) | (186,177) | (167,928) |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive loss before reclassifications | 85,246 | (16,188) | (59,873) |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Total | (4,727) | (1,219) | (246) |
Total other comprehensive loss | 80,519 | (17,407) | (60,119) |
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Interest expense | 2,443 | 6,339 | 7,837 |
Other income and (expenses) | (7,170) | (7,558) | (8,083) |
Gains and (Losses) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive loss before reclassifications | (15,735) | 2,568 | 21,135 |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Total | (4,727) | (1,219) | (246) |
Total other comprehensive loss | (20,462) | 1,349 | 20,889 |
Gains and (Losses) on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Interest expense | 2,443 | 6,339 | 7,837 |
Other income and (expenses) | (7,170) | (7,558) | (8,083) |
Gains and (Losses) on Marketable Investments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive loss before reclassifications | 33 | 29 | 29 |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Total | 0 | 0 | 0 |
Total other comprehensive loss | 33 | 29 | 29 |
Gains and (Losses) on Marketable Investments | Reclassification out of Accumulated Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Interest expense | 0 | 0 | 0 |
Other income and (expenses) | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) | |||
Other comprehensive loss before reclassifications | 100,948 | (18,785) | (81,037) |
Amounts reclassified from accumulated other comprehensive loss to: | |||
Total | 0 | 0 | 0 |
Total other comprehensive loss | 100,948 | (18,785) | (81,037) |
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Interest expense | 0 | 0 | 0 |
Other income and (expenses) | 0 | 0 | 0 |
AOCI Attributable to Noncontrolling Interest | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Net current-period Other comprehensive income attributable to noncontrolling interests | (2,263) | 536 | 1,321 |
Gains and (Losses) on Derivative Instruments | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Net current-period Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Gains and (Losses) on Marketable Investments | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Net current-period Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Foreign Currency Translation Adjustments | |||
Amounts reclassified from accumulated other comprehensive loss to: | |||
Net current-period Other comprehensive income attributable to noncontrolling interests | $ (2,263) | $ 536 | $ 1,321 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes | |||
Tax Cuts And Jobs Act Of 2017, deferred tax benefits realized | $ 6,600,000 | ||
Accrued interest related to uncertain tax position | 0 | $ 0 | |
Deferred tax asset | 31,800,000 | 33,000,000 | |
Deferred tax liability | 30,524,000 | 32,655,000 | |
Deferred tax assets, valuation allowance | 26,300,000 | 28,100,000 | |
Operating loss carryforward, federal | 48,900,000 | 35,100,000 | |
Operating loss carry forward, state | 31,900,000 | 21,300,000 | |
Operating loss carry forward, foreign | $ 40,500,000 | 19,900,000 | |
Minimum | |||
Income Taxes | |||
Open tax year | 2,016 | ||
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, 2027 | ||
Maximum | |||
Income Taxes | |||
Open tax year | 2,011 | ||
Equity Method Investments | |||
Income Taxes | |||
Deferred tax expense | $ 2,600,000 | $ 4,000,000 | $ 2,300,000 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal | |||
Current | $ 190 | $ 130 | $ 110 |
Deferred | (3,577) | 4,327 | 954 |
Total Federal | (3,387) | 4,457 | 1,064 |
State and Local | |||
Current | 838 | (26) | 840 |
Deferred | 765 | 312 | 1,312 |
Total State and Local | 1,603 | 286 | 2,152 |
Foreign | |||
Current | 2,959 | 3,677 | 3,787 |
Deferred | (1,688) | 57 | 1,882 |
Total Foreign | 1,271 | 3,734 | 5,669 |
Total (Benefit) Provision | $ (513) | $ 8,477 | $ 8,885 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | ||
Beginning balance | $ 0 | $ 198 |
Addition based on tax positions related to the current year | 437 | 0 |
Decrease due to lapse in statute of limitations | 0 | (198) |
Ending balance | $ 437 | $ 0 |
Property Dispositions - Narrati
Property Dispositions - Narratives (Details) $ in Thousands | Mar. 17, 2017USD ($)property | Mar. 13, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($)property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2012USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Financing receivable | $ 619,728 | $ 539,892 | $ 619,728 | $ 539,892 | ||||||||
Impairment charges | $ 29,200 | |||||||||||
Payments of mortgage principal | 458,010 | 177,469 | $ 121,267 | |||||||||
Loss on extinguishment of debt | $ (800) | $ (16,000) | $ (5,100) | $ (2,500) | (1,922) | $ (24,376) | (275) | |||||
Property in Italy | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Payments of mortgage principal | 9,300 | |||||||||||
I Drive Property | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Financing receivable | $ 34,000 | |||||||||||
Deferred gain on the sale of property | 2,100 | |||||||||||
Loss on extinguishment of debt | (1,300) | |||||||||||
I Drive Property | Developer | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Non recourse mortgage loan paid by buyer | 60,000 | 60,000 | 60,000 | |||||||||
I Drive Wheel | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Financing receivable | $ 50,000 | |||||||||||
Deferred gain on the sale of property | $ 16,400 | |||||||||||
Self storage | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold | property | 34 | |||||||||||
Nonrecurring | Level 3 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Impairment charges | 19,535 | $ 31,625 | 1,023 | |||||||||
Nonrecurring | Level 3 | Real estate | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Impairment charges | 4,200 | 8,276 | $ 29,183 | 0 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sales of real estate | $ 14,100 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Property in Italy | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold | property | 3 | |||||||||||
Proceeds from sales of real estate | $ 14,600 | |||||||||||
Gain on sale of real estate, net of tax | $ 1,200 | |||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold | property | 34 | |||||||||||
Gain on sale of real estate, net of tax | $ 1,600 | 2,879 | $ 132,858 | $ 2,197 | ||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | KBR | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Accelerated amortization of intangible liability | 3,300 | $ 13,900 | ||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | I Drive Property | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold | property | 1 | |||||||||||
Proceeds from sales of real estate | $ 23,500 | |||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Self storage | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold | property | 34 | |||||||||||
Proceeds from sales of real estate | $ 259,100 | |||||||||||
Gain on sale of real estate, net of tax | 132,900 | |||||||||||
Payments of mortgage principal | 84,700 | |||||||||||
Loss on extinguishment of debt | $ (15,800) | |||||||||||
Discontinued Operations, Disposed of by Means Other than Sale | KBR | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Intangible liability | $ 15,700 | $ 15,700 |
Property Dispositions - Results
Property Dispositions - Results of Operations (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands | Mar. 13, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures | ||||
Revenues | $ 7,245 | $ 46,928 | $ 47,737 | |
Operating expenses (excluding impairment charges) | (3,150) | (25,944) | (29,365) | |
Impairment charges | 0 | (29,183) | 0 | |
Interest expense | (1,108) | (7,485) | (6,996) | |
Other income and (expenses) | 0 | 0 | 676 | |
Loss on extinguishment of debt | (1,364) | (15,807) | 0 | |
Equity in losses of equity method investments | (688) | (3,137) | (2,789) | |
Provision for income taxes | (2) | (24) | (4) | |
Gain on sale of real estate, net of tax | $ 1,600 | 2,879 | 132,858 | 2,197 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 3,812 | $ 98,206 | $ 11,456 |
Segment Reporting - Narratives
Segment Reporting - Narratives (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Segment Reporting Information | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Impairment charges | $ 29,200,000 | ||||||||||
Impairment of real estates | $ 8,959,000 | $ 29,706,000 | $ 1,023,000 | ||||||||
(Loss) gain on change in control of interests | (13,851,000) | 49,922,000 | 0 | ||||||||
Loss on extinguishment of debt | $ 800,000 | $ 16,000,000 | $ 5,100,000 | $ 2,500,000 | 1,922,000 | 24,376,000 | 275,000 | ||||
Goodwill impairment | $ 0 | ||||||||||
Texas | |||||||||||
Segment Reporting Information | |||||||||||
Impairment of real estates | 29,200,000 | ||||||||||
Shelborne Property Associates, LLC | |||||||||||
Segment Reporting Information | |||||||||||
Insurance premium for catastrophic event | $ 1,800,000 | ||||||||||
Insurance adjuster fees | $ 2,700,000 | ||||||||||
Net Lease | Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Bad debt expense | 8,100,000 | ||||||||||
Self storage | Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Loss on extinguishment of debt | 23,600,000 | ||||||||||
All Other | Shelborne Property Associates, LLC | Third Party | |||||||||||
Segment Reporting Information | |||||||||||
Goodwill impairment | 22,800,000 | ||||||||||
Contract termination income | 10,600,000 | ||||||||||
Guaranteed loss compensation | $ 10,600,000 | ||||||||||
Level 3 | Nonrecurring | |||||||||||
Segment Reporting Information | |||||||||||
Impairment charges | 19,535,000 | 31,625,000 | 1,023,000 | ||||||||
Level 3 | Real estate | Nonrecurring | |||||||||||
Segment Reporting Information | |||||||||||
Impairment charges | 4,200,000 | 8,276,000 | 29,183,000 | 0 | |||||||
Level 3 | Equity Method Investments | Nonrecurring | |||||||||||
Segment Reporting Information | |||||||||||
Impairment charges | $ 6,300,000 | $ 2,500,000 | 10,576,000 | $ 1,919,000 | $ 0 | ||||||
Discontinued Operations, Disposed of by Means Other than Sale | KBR | |||||||||||
Segment Reporting Information | |||||||||||
Intangible liability | $ 15,700,000 | $ 15,700,000 | 15,700,000 | ||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||||
Segment Reporting Information | |||||||||||
Number of properties sold | property | 34 | ||||||||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | KBR | |||||||||||
Segment Reporting Information | |||||||||||
Accelerated amortization of intangible liability | $ 3,300,000 | $ 13,900,000 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Property in Italy | |||||||||||
Segment Reporting Information | |||||||||||
Number of properties sold | property | 3 |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $ 110,740 | $ 107,396 | $ 106,513 | $ 123,005 | $ 113,875 | $ 110,076 | $ 109,185 | $ 107,226 | $ 447,654 | $ 440,362 | $ 426,947 |
Operating expenses | (65,817) | (53,313) | (55,581) | (59,615) | (60,118) | (87,442) | (60,037) | (56,205) | (234,326) | (263,802) | (218,892) |
Interest expense | (88,270) | (98,813) | (93,551) | ||||||||
Other income and (expenses), excluding interest expense | 7,719 | 27,080 | 16,304 | ||||||||
Benefit from (provision for) income taxes | 513 | (8,477) | (8,885) | ||||||||
Gain on sale of real estate, net of tax | 2,879 | 132,858 | 2,197 | ||||||||
Net income attributable to noncontrolling interests | (9,747) | (9,081) | (10,919) | (9,135) | (10,459) | (8,827) | (9,383) | (10,194) | (38,882) | (38,863) | (39,915) |
Net Income Attributable to CPA:17 – Global | $ 3,741 | $ 24,729 | $ 30,806 | $ 38,011 | $ 4,846 | $ 58,218 | $ 81,858 | $ 45,423 | 97,287 | 190,345 | 84,205 |
Operating Segments | Net Lease | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 397,766 | 389,709 | 366,904 | ||||||||
Operating expenses | (157,206) | (180,376) | (136,838) | ||||||||
Interest expense | (77,503) | (87,703) | (85,138) | ||||||||
Other income and (expenses), excluding interest expense | 5,839 | 10,412 | 18,508 | ||||||||
Benefit from (provision for) income taxes | (718) | (2,887) | (7,458) | ||||||||
Gain on sale of real estate, net of tax | 2,872 | 0 | 2,197 | ||||||||
Net income attributable to noncontrolling interests | (13,530) | (14,098) | (15,247) | ||||||||
Net Income Attributable to CPA:17 – Global | 157,520 | 115,057 | 142,928 | ||||||||
Operating Segments | Self-Storage | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 35,935 | 43,979 | 46,418 | ||||||||
Operating expenses | (26,235) | (36,094) | (32,575) | ||||||||
Interest expense | (7,638) | (8,744) | (7,655) | ||||||||
Other income and (expenses), excluding interest expense | (260) | 25,920 | (1,858) | ||||||||
Benefit from (provision for) income taxes | (163) | (183) | (167) | ||||||||
Gain on sale of real estate, net of tax | 7 | 132,858 | 0 | ||||||||
Net Income Attributable to CPA:17 – Global | 1,646 | 157,736 | 4,163 | ||||||||
Operating Segments | All Other | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 13,953 | 6,674 | 13,625 | ||||||||
Operating expenses | (5,482) | (633) | (1,712) | ||||||||
Interest expense | 0 | (5) | 404 | ||||||||
Other income and (expenses), excluding interest expense | (23,428) | (8,419) | (1,691) | ||||||||
Benefit from (provision for) income taxes | 2,741 | (4,671) | (150) | ||||||||
Net income attributable to noncontrolling interests | 1,323 | 0 | 0 | ||||||||
Net Income Attributable to CPA:17 – Global | (10,893) | (7,054) | 10,476 | ||||||||
Corporate | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Unallocated Corporate Overhead | (24,311) | (50,629) | (48,694) | ||||||||
Net income attributable to noncontrolling interests | $ (26,675) | $ (24,765) | $ (24,668) |
Segment Reporting - Segment Ass
Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information, Additional Information | ||
Assets | $ 4,587,470 | $ 4,698,923 |
Operating Segments | Net Lease | ||
Segment Reporting Information, Additional Information | ||
Assets | 3,980,445 | 3,905,402 |
Operating Segments | Self-Storage | ||
Segment Reporting Information, Additional Information | ||
Assets | 241,438 | 252,195 |
Operating Segments | All Other | ||
Segment Reporting Information, Additional Information | ||
Assets | 277,702 | 266,231 |
Corporate | ||
Segment Reporting Information, Additional Information | ||
Assets | $ 87,885 | $ 275,095 |
Segment Reporting - Geography (
Segment Reporting - Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $ 110,740 | $ 107,396 | $ 106,513 | $ 123,005 | $ 113,875 | $ 110,076 | $ 109,185 | $ 107,226 | $ 447,654 | $ 440,362 | $ 426,947 |
Operating expenses | (65,817) | (53,313) | (55,581) | (59,615) | (60,118) | (87,442) | (60,037) | (56,205) | (234,326) | (263,802) | (218,892) |
Interest expense | (88,270) | (98,813) | (93,551) | ||||||||
Other income and (expenses), excluding interest expense | 7,719 | 27,080 | 16,304 | ||||||||
Benefit from (provision for) income taxes | 513 | (8,477) | (8,885) | ||||||||
Gain on sale of real estate, net of tax | 2,879 | 132,858 | 2,197 | ||||||||
Net income attributable to noncontrolling interests | (9,747) | (9,081) | (10,919) | (9,135) | (10,459) | (8,827) | (9,383) | (10,194) | (38,882) | (38,863) | (39,915) |
Net Income Attributable to CPA:17 – Global | 3,741 | $ 24,729 | $ 30,806 | $ 38,011 | 4,846 | $ 58,218 | $ 81,858 | $ 45,423 | 97,287 | 190,345 | 84,205 |
Long-lived assets | 3,736,921 | 3,745,466 | 3,736,921 | 3,745,466 | |||||||
Equity investments in real estate | 409,254 | 451,105 | 409,254 | 451,105 | |||||||
Debt | 1,951,390 | 2,072,001 | 1,951,390 | 2,072,001 | |||||||
Texas | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 67,317 | 67,860 | 63,933 | ||||||||
Operating expenses | (28,389) | (75,455) | (42,934) | ||||||||
Interest expense | (10,053) | (11,774) | (12,465) | ||||||||
Other income and (expenses), excluding interest expense | 688 | (2,859) | 787 | ||||||||
Benefit from (provision for) income taxes | (53) | (67) | (4) | ||||||||
Gain on sale of real estate, net of tax | 1,647 | 10,565 | 0 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net Income Attributable to CPA:17 – Global | 31,157 | (11,730) | 9,317 | ||||||||
Long-lived assets | 308,195 | 337,379 | 308,195 | 337,379 | |||||||
Equity investments in real estate | 16,072 | 17,603 | 16,072 | 17,603 | |||||||
Debt | 216,542 | 249,336 | 216,542 | 249,336 | |||||||
New York | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 45,430 | 42,912 | 37,567 | ||||||||
Operating expenses | (12,211) | (13,152) | (1,624) | ||||||||
Interest expense | (6,937) | (7,098) | (3,602) | ||||||||
Other income and (expenses), excluding interest expense | (257) | 49,483 | (1,857) | ||||||||
Benefit from (provision for) income taxes | 162 | (682) | 0 | ||||||||
Gain on sale of real estate, net of tax | 0 | 0 | 0 | ||||||||
Net income attributable to noncontrolling interests | (11,222) | (10,972) | (11,068) | ||||||||
Net Income Attributable to CPA:17 – Global | 14,965 | 60,491 | 19,416 | ||||||||
Long-lived assets | 388,336 | 395,508 | 388,336 | 395,508 | |||||||
Equity investments in real estate | 0 | 0 | 0 | 0 | |||||||
Debt | 179,775 | 173,823 | 179,775 | 173,823 | |||||||
Other Domestic | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 208,562 | 213,027 | 212,394 | ||||||||
Operating expenses | (121,672) | (124,776) | (131,013) | ||||||||
Interest expense | (50,087) | (54,760) | (52,853) | ||||||||
Other income and (expenses), excluding interest expense | (665) | (10,428) | 15,277 | ||||||||
Benefit from (provision for) income taxes | 1,532 | (4,102) | (3,354) | ||||||||
Gain on sale of real estate, net of tax | 755 | 122,293 | 2,197 | ||||||||
Net income attributable to noncontrolling interests | (27,206) | (26,608) | (26,105) | ||||||||
Net Income Attributable to CPA:17 – Global | 11,219 | 114,646 | 16,543 | ||||||||
Long-lived assets | 1,694,242 | 1,770,506 | 1,694,242 | 1,770,506 | |||||||
Equity investments in real estate | 116,302 | 308,741 | 116,302 | 308,741 | |||||||
Debt | 981,081 | 1,012,929 | 981,081 | 1,012,929 | |||||||
International | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 126,345 | 116,563 | 113,053 | ||||||||
Operating expenses | (72,054) | (50,419) | (43,321) | ||||||||
Interest expense | (21,193) | (25,181) | (24,631) | ||||||||
Other income and (expenses), excluding interest expense | 7,953 | (9,116) | 2,097 | ||||||||
Benefit from (provision for) income taxes | (1,128) | (3,626) | (5,527) | ||||||||
Gain on sale of real estate, net of tax | 477 | 0 | 0 | ||||||||
Net income attributable to noncontrolling interests | (454) | (1,283) | (2,742) | ||||||||
Net Income Attributable to CPA:17 – Global | 39,946 | 26,938 | $ 38,929 | ||||||||
Long-lived assets | 1,346,148 | 1,242,073 | 1,346,148 | 1,242,073 | |||||||
Equity investments in real estate | 276,880 | 124,761 | 276,880 | 124,761 | |||||||
Debt | $ 573,992 | $ 635,913 | $ 573,992 | $ 635,913 |
Selected Quarterly Financial 98
Selected Quarterly Financial Data (Unaudited) - Narratives (Details) | Oct. 26, 2016 | Apr. 11, 2016property | Dec. 31, 2017USD ($)property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition | |||||||||||||
Impairment charges | $ 29,200,000 | ||||||||||||
(Loss) gain on change in control of interests | $ (13,851,000) | $ 49,922,000 | $ 0 | ||||||||||
Number of real estate properties | property | 411 | 411 | |||||||||||
Gain on sale of real estate, net of tax | $ 2,879,000 | 132,858,000 | 2,197,000 | ||||||||||
Loss on extinguishment of debt | $ 800,000 | 16,000,000 | $ 5,100,000 | $ 2,500,000 | 1,922,000 | $ 24,376,000 | 275,000 | ||||||
Goodwill impairment | $ 0 | ||||||||||||
Self storage | Madison Storage NYC, LLC and Veritas Group IX-NYC, LLC | |||||||||||||
Business Acquisition | |||||||||||||
(Loss) gain on change in control of interests | 49,900,000 | ||||||||||||
Increase in ownership equity investments | 40.00% | 15.00% | 15.00% | ||||||||||
Number of real estate properties | property | 5 | ||||||||||||
Gain on sale of real estate, net of tax | $ 82,300,000 | $ 25,000,000 | $ 25,400,000 | ||||||||||
All Other | Shelborne Property Associates, LLC | Third Party | |||||||||||||
Business Acquisition | |||||||||||||
Goodwill impairment | 22,800,000 | ||||||||||||
Contract termination income | 10,600,000 | ||||||||||||
Guaranteed loss compensation | $ 10,600,000 | ||||||||||||
Level 3 | Nonrecurring | |||||||||||||
Business Acquisition | |||||||||||||
Impairment charges | 19,535,000 | $ 31,625,000 | 1,023,000 | ||||||||||
Real estate | Level 3 | Nonrecurring | |||||||||||||
Business Acquisition | |||||||||||||
Impairment charges | $ 4,200,000 | 8,276,000 | 29,183,000 | 0 | |||||||||
Equity Method Investments | Level 3 | Nonrecurring | |||||||||||||
Business Acquisition | |||||||||||||
Impairment charges | $ 6,300,000 | $ 2,500,000 | 10,576,000 | 1,919,000 | $ 0 | ||||||||
Equity Method Investments | Level 3 | Nonrecurring | Agrokor | |||||||||||||
Business Acquisition | |||||||||||||
Impairment charges | $ 1,800,000 | $ 4,281,000 | $ 1,919,000 |
Selected Quarterly Financial 99
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selected Quarterly Financial Information | |||||||||||
Revenues | $ 110,740 | $ 107,396 | $ 106,513 | $ 123,005 | $ 113,875 | $ 110,076 | $ 109,185 | $ 107,226 | $ 447,654 | $ 440,362 | $ 426,947 |
Expenses | 65,817 | 53,313 | 55,581 | 59,615 | 60,118 | 87,442 | 60,037 | 56,205 | 234,326 | 263,802 | 218,892 |
Net Income | 13,488 | 33,810 | 41,725 | 47,146 | 15,305 | 67,045 | 91,241 | 55,617 | 136,169 | 229,208 | 124,120 |
Net income attributable to noncontrolling interests | (9,747) | (9,081) | (10,919) | (9,135) | (10,459) | (8,827) | (9,383) | (10,194) | (38,882) | (38,863) | (39,915) |
Net Income Attributable to CPA:17 – Global | $ 3,741 | $ 24,729 | $ 30,806 | $ 38,011 | $ 4,846 | $ 58,218 | $ 81,858 | $ 45,423 | $ 97,287 | $ 190,345 | $ 84,205 |
Earnings per share attributable to CPA®:17 – Global (usd per share) | $ 0.01 | $ 0.07 | $ 0.09 | $ 0.11 | $ 0.01 | $ 0.17 | $ 0.24 | $ 0.13 | |||
Distributions declared per share (usd per share) | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.1625 | $ 0.65 | $ 0.65 | $ 0.6500 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Dec. 01, 2019 | Jan. 22, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event | |||||
Repayments of secured debt | $ 458,010 | $ 177,469 | $ 121,267 | ||
Bargain Purchase Option | New York Times Company | Forecasted | |||||
Subsequent Event | |||||
Proceeds from sales of real estate | $ 250,000 | ||||
Subsequent Event | |||||
Subsequent Event | |||||
Repayments of secured debt | $ 6,100 |
Schedule II - Valuation and 101
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation reserve for deferred tax assets | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 28,150 | $ 29,001 | $ 13,103 |
Other Additions | 3,406 | 5,151 | 21,211 |
Deductions | (5,303) | (6,002) | (5,313) |
Balance at End of Year | 26,253 | 28,150 | 29,001 |
Valuation for tenant receivables | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | 36 | 1,750 | 0 |
Other Additions | 8,565 | 24 | 1,750 |
Deductions | (36) | (1,738) | 0 |
Balance at End of Year | $ 8,565 | $ 36 | $ 1,750 |
Schedule III - Real Estate a102
Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures | ||
Finite-lived intangible assets, gross | $ 740,965 | $ 724,067 |
Accumulated amortization | 245,900 | 206,705 |
Finite-lived intangible liabilities, gross | 83,404 | 121,870 |
Accumulated amortization | 22,182 | 39,071 |
Basis from federal income taxes | 4,200,000 | |
Real Estate | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures | ||
Real estate under construction | $ 4,597 | $ 0 |
Schedule III - Real Estate a103
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Subject To Operating Lease | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,493,859 | |||
Initial Cost to Company | ||||
Land | 646,783 | |||
Buildings | 2,044,703 | |||
Cost Capitalized Subsequent to Acquisition | 302,211 | |||
Increase (Decrease) in Net Investments | (225,683) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 567,113 | |||
Buildings | 2,200,901 | |||
Total | 2,768,014 | |||
Accumulated Depreciation | 354,668 | |||
Real Estate Subject To Operating Lease | Industrial facility in Norfolk, NE | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,340 | |||
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 | $ 582 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Office facility in Soest, Germany and warehouse facility in Bad Wünnenberg, Germany | ||||
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 | (11,903) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,419 | |||
Buildings | 34,803 | |||
Total | 37,222 | |||
Accumulated Depreciation | $ 8,800 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Real Estate Subject To Operating Lease | Education facility in Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,782 | |||
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 | $ 6,329 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 27,730 | |||
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 | $ 9,055 | |||
Real Estate Subject To Operating Lease | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real Estate Subject To Operating Lease | Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Waldaschaff, Germany | ||||
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 | (16,744) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,987 | |||
Buildings | 7,350 | |||
Total | 10,337 | |||
Accumulated Depreciation | $ 5,269 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Real Estate Subject To Operating Lease | Fitness facilities in Phoenix, AZ and Columbia, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,367 | |||
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 | $ 10,833 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Birmingham, United Kingdom | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,056 | |||
Initial Cost to Company | ||||
Land | 3,591 | |||
Buildings | 15,810 | |||
Cost Capitalized Subsequent to Acquisition | 949 | |||
Increase (Decrease) in Net Investments | (3,279) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,990 | |||
Buildings | 14,081 | |||
Total | 17,071 | |||
Accumulated Depreciation | $ 2,830 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Retail facility in Gorzow, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,095 | |||
Buildings | 13,947 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,767) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 895 | |||
Buildings | 11,380 | |||
Total | 12,275 | |||
Accumulated Depreciation | $ 2,352 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Hoffman Estates, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 25,817 | |||
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 | $ 4,391 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in The Woodlands, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 34,828 | |||
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 | $ 8,387 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Retail facilities located throughout Spain | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 32,574 | |||
Buildings | 52,101 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (11,943) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 28,057 | |||
Buildings | 44,675 | |||
Total | 72,732 | |||
Accumulated Depreciation | $ 8,930 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Real Estate Subject To Operating Lease | Industrial facilities in Middleburg Heights and Union Township, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,318 | |||
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 | $ 2,137 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,185 | |||
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 | $ 2,982 | |||
Real Estate Subject To Operating Lease | Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate Subject To Operating Lease | Industrial facilities in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Evansville, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,936 | |||
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 | $ 3,805 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Bristol, Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton, United Kingdom | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,905 | |||
Initial Cost to Company | ||||
Land | 8,639 | |||
Buildings | 2,019 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,511) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,358 | |||
Buildings | 1,789 | |||
Total | 9,147 | |||
Accumulated Depreciation | $ 491 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Zagreb, Croatia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 31,941 | |||
Buildings | 45,904 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6,576) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 29,077 | |||
Buildings | 42,192 | |||
Total | 71,269 | |||
Accumulated Depreciation | $ 10,795 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Office facilities in Tampa, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 30,948 | |||
Initial Cost to Company | ||||
Land | 18,300 | |||
Buildings | 32,856 | |||
Cost Capitalized Subsequent to Acquisition | 1,342 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 18,323 | |||
Buildings | 34,175 | |||
Total | 52,498 | |||
Accumulated Depreciation | $ 6,397 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Bowling Green, KY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 24,864 | |||
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 | $ 5,979 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Land in Elorrio, Spain | ||||
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 | 246 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 24,151 | |||
Buildings | 0 | |||
Total | 24,151 | |||
Accumulated Depreciation | $ 0 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Gadki, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,134 | |||
Buildings | 1,183 | |||
Cost Capitalized Subsequent to Acquisition | 7,611 | |||
Increase (Decrease) in Net Investments | (1,491) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 960 | |||
Buildings | 7,477 | |||
Total | 8,437 | |||
Accumulated Depreciation | $ 1,261 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial and office facilities in Elberton, GA | ||||
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 | $ 521 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Rincon and Unadilla, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 24,254 | |||
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 | $ 7,964 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Hartland, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,996 | |||
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 | $ 418 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Retail facilities in Kutina, Slavonski Brod, Spansko, and Zagreb, Croatia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 6,700 | |||
Buildings | 24,114 | |||
Cost Capitalized Subsequent to Acquisition | 194 | |||
Increase (Decrease) in Net Investments | (5,624) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,316 | |||
Buildings | 20,068 | |||
Total | 25,384 | |||
Accumulated Depreciation | $ 5,182 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Warehouse and office facilities located throughout the United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 104,062 | |||
Initial Cost to Company | ||||
Land | 31,735 | |||
Buildings | 129,011 | |||
Cost Capitalized Subsequent to Acquisition | 855 | |||
Increase (Decrease) in Net Investments | (9,861) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 28,511 | |||
Buildings | 123,229 | |||
Total | 151,740 | |||
Accumulated Depreciation | $ 24,696 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Madrid, Spain | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 59,012 | |||
Initial Cost to Company | ||||
Land | 22,230 | |||
Buildings | 81,508 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (9,013) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,295 | |||
Buildings | 74,430 | |||
Total | 94,725 | |||
Accumulated Depreciation | $ 13,035 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,055 | |||
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 | $ 688 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Real Estate Subject To Operating Lease | Retail facility in Las Vegas, NV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 39,766 | |||
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 | $ 4,809 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Oxnard and Watsonville, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 40,106 | |||
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 | $ 11,722 | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Oxnard and Watsonville, CA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 10 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Oxnard and Watsonville, CA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Dillon, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 16,970 | |||
Initial Cost to Company | ||||
Land | 1,355 | |||
Buildings | 15,620 | |||
Cost Capitalized Subsequent to Acquisition | 1,600 | |||
Increase (Decrease) in Net Investments | (123) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,232 | |||
Buildings | 17,220 | |||
Total | 18,452 | |||
Accumulated Depreciation | $ 2,821 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Middleburg Heights, OH | ||||
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 | $ 286 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Martinsville, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,847 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 1,998 | |||
Cost Capitalized Subsequent to Acquisition | 11,331 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 600 | |||
Buildings | 13,329 | |||
Total | 13,929 | |||
Accumulated Depreciation | $ 2,038 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Land in Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,643 | |||
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 | |||
Real Estate Subject To Operating Lease | Industrial facility in Fraser, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,787 | |||
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 | $ 1,182 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Retail facilities located throughout Italy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 178,792 | |||
Initial Cost to Company | ||||
Land | 91,691 | |||
Buildings | 262,377 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (49,384) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 79,856 | |||
Buildings | 224,828 | |||
Total | 304,684 | |||
Accumulated Depreciation | $ 38,757 | |||
Real Estate Subject To Operating Lease | Retail facilities located throughout Italy | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate Subject To Operating Lease | Retail facilities located throughout Italy | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Retail facilities in Delnice, Pozega, and Sesvete, Croatia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,687 | |||
Buildings | 24,820 | |||
Cost Capitalized Subsequent to Acquisition | 15,378 | |||
Increase (Decrease) in Net Investments | (5,533) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,562 | |||
Buildings | 33,790 | |||
Total | 37,352 | |||
Accumulated Depreciation | $ 6,849 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Retail facility in Orlando, FL | ||||
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 | $ 1,354 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Land in Hudson, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 704 | |||
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 | |||
Real Estate Subject To Operating Lease | Office facilities in Aurora, Eagan, and Virginia, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 104,499 | |||
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 | $ 22,491 | |||
Real Estate Subject To Operating Lease | Office facilities in Aurora, Eagan, and Virginia, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate Subject To Operating Lease | Office facilities in Aurora, Eagan, and Virginia, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Chmielów, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,536 | |||
Initial Cost to Company | ||||
Land | 1,323 | |||
Buildings | 5,245 | |||
Cost Capitalized Subsequent to Acquisition | 30,804 | |||
Increase (Decrease) in Net Investments | (443) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,977 | |||
Buildings | 34,952 | |||
Total | 36,929 | |||
Accumulated Depreciation | $ 3,792 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in St. Louis, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,374 | |||
Initial Cost to Company | ||||
Land | 954 | |||
Buildings | 4,665 | |||
Cost Capitalized Subsequent to Acquisition | 1,685 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 954 | |||
Buildings | 6,350 | |||
Total | 7,304 | |||
Accumulated Depreciation | $ 897 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Avon, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,325 | |||
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 | $ 823 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Elk Grove Village, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,638 | |||
Initial Cost to Company | ||||
Land | 1,269 | |||
Buildings | 11,317 | |||
Cost Capitalized Subsequent to Acquisition | 163 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,269 | |||
Buildings | 11,480 | |||
Total | 12,749 | |||
Accumulated Depreciation | $ 2,892 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Education facilities in Montgomery, AL and Savannah, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,110 | |||
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 | $ 2,751 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Automotive dealerships in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee’s Summit, MO; Fayetteville, TN; and Fort Worth, TX | ||||
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 | (32) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 17,269 | |||
Buildings | 32,207 | |||
Total | 49,476 | |||
Accumulated Depreciation | $ 7,603 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 16 years | |||
Real Estate Subject To Operating Lease | Office facility in Warrenville, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,101 | |||
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 | $ 4,360 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office and warehouse facility in Zary, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,003 | |||
Initial Cost to Company | ||||
Land | 356 | |||
Buildings | 1,168 | |||
Cost Capitalized Subsequent to Acquisition | 6,910 | |||
Increase (Decrease) in Net Investments | (680) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 327 | |||
Buildings | 7,427 | |||
Total | 7,754 | |||
Accumulated Depreciation | $ 898 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Sterling, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | $ 2,981 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Office facility in Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 127,853 | |||
Initial Cost to Company | ||||
Land | 19,331 | |||
Buildings | 123,084 | |||
Cost Capitalized Subsequent to Acquisition | 7,482 | |||
Increase (Decrease) in Net Investments | 2,899 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 19,331 | |||
Buildings | 133,465 | |||
Total | 152,796 | |||
Accumulated Depreciation | $ 22,722 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Education facility in Eagan, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,867 | |||
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 | $ 1,769 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Saitama Prefecture, Japan | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 17,292 | |||
Buildings | 28,575 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (12,392) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 12,620 | |||
Buildings | 20,855 | |||
Total | 33,475 | |||
Accumulated Depreciation | $ 4,204 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Real Estate Subject To Operating Lease | Retail facilities in Bjelovar, Karlovac, Krapina, Krizevci, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,041 | |||
Initial Cost to Company | ||||
Land | 5,059 | |||
Buildings | 28,294 | |||
Cost Capitalized Subsequent to Acquisition | 6,634 | |||
Increase (Decrease) in Net Investments | (3,453) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,531 | |||
Buildings | 30,003 | |||
Total | 36,534 | |||
Accumulated Depreciation | $ 3,997 | |||
Real Estate Subject To Operating Lease | Retail facilities in Bjelovar, Karlovac, Krapina, Krizevci, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Real Estate Subject To Operating Lease | Retail facilities in Bjelovar, Karlovac, Krapina, Krizevci, Metkovic, Novigrad, Porec, Umag, and Vodnjan, Croatia | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Portage, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,524 | |||
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 | $ 962 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Retail facility in Dallas, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,431 | |||
Initial Cost to Company | ||||
Land | 4,441 | |||
Buildings | 9,649 | |||
Cost Capitalized Subsequent to Acquisition | 87 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,441 | |||
Buildings | 9,736 | |||
Total | 14,177 | |||
Accumulated Depreciation | $ 1,207 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Dillon, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 25,856 | |||
Initial Cost to Company | ||||
Land | 3,096 | |||
Buildings | 2,281 | |||
Cost Capitalized Subsequent to Acquisition | 37,989 | |||
Increase (Decrease) in Net Investments | (566) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,530 | |||
Buildings | 40,270 | |||
Total | 42,800 | |||
Accumulated Depreciation | $ 3,608 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Land in Chicago, IL | ||||
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 | |||
Real Estate Subject To Operating Lease | Office facility in Northbrook, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,369 | |||
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 | $ 284 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Wageningen, Netherlands | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,853 | |||
Initial Cost to Company | ||||
Land | 4,790 | |||
Buildings | 24,301 | |||
Cost Capitalized Subsequent to Acquisition | 47 | |||
Increase (Decrease) in Net Investments | (2,402) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,438 | |||
Buildings | 22,298 | |||
Total | 26,736 | |||
Accumulated Depreciation | $ 2,565 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Gadki, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,703 | |||
Initial Cost to Company | ||||
Land | 9,219 | |||
Buildings | 48,578 | |||
Cost Capitalized Subsequent to Acquisition | 121 | |||
Increase (Decrease) in Net Investments | (4,706) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,469 | |||
Buildings | 44,743 | |||
Total | 53,212 | |||
Accumulated Depreciation | $ 5,466 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Automotive dealership in Lewisville, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,145 | |||
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 | $ 1,465 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
Real Estate Subject To Operating Lease | Office facility in Auburn Hills, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,806 | |||
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 | $ 823 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Haibach, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,249 | |||
Initial Cost to Company | ||||
Land | 2,544 | |||
Buildings | 11,114 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,534) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,258 | |||
Buildings | 9,866 | |||
Total | 12,124 | |||
Accumulated Depreciation | $ 1,547 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Office facility in Tempe, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,550 | |||
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 | $ 2,373 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Tucson, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | $ 1,355 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Drunen, Netherlands | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,296 | |||
Initial Cost to Company | ||||
Land | 990 | |||
Buildings | 6,328 | |||
Cost Capitalized Subsequent to Acquisition | 7,922 | |||
Increase (Decrease) in Net Investments | 1,693 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,470 | |||
Buildings | 15,463 | |||
Total | 16,933 | |||
Accumulated Depreciation | $ 1,025 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Industrial facility in New Concord, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,532 | |||
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 | $ 337 | |||
Real Estate Subject To Operating Lease | Industrial facility in New Concord, OH | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Industrial facility in New Concord, OH | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Krakow, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,669 | |||
Initial Cost to Company | ||||
Land | 2,771 | |||
Buildings | 6,549 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (682) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,568 | |||
Buildings | 6,070 | |||
Total | 8,638 | |||
Accumulated Depreciation | $ 571 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Retail facility in Gelsenkirchen, Germany | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,232 | |||
Initial Cost to Company | ||||
Land | 2,060 | |||
Buildings | 17,534 | |||
Cost Capitalized Subsequent to Acquisition | 123 | |||
Increase (Decrease) in Net Investments | (985) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,956 | |||
Buildings | 16,776 | |||
Total | 18,732 | |||
Accumulated Depreciation | $ 1,682 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Office facility in Plymouth, Minnesota | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,117 | |||
Initial Cost to Company | ||||
Land | 2,601 | |||
Buildings | 15,599 | |||
Cost Capitalized Subsequent to Acquisition | 5,835 | |||
Increase (Decrease) in Net Investments | 926 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,601 | |||
Buildings | 22,360 | |||
Total | 24,961 | |||
Accumulated Depreciation | $ 2,665 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,919 | |||
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 | $ 1,148 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Mszczonów and Tomaszów Mazowiecki, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 33,497 | |||
Initial Cost to Company | ||||
Land | 10,108 | |||
Buildings | 35,856 | |||
Cost Capitalized Subsequent to Acquisition | 8 | |||
Increase (Decrease) in Net Investments | 2,719 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,704 | |||
Buildings | 37,987 | |||
Total | 48,691 | |||
Accumulated Depreciation | $ 3,785 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Real Estate Subject To Operating Lease | Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 41,388 | |||
Initial Cost to Company | ||||
Land | 20,936 | |||
Buildings | 34,627 | |||
Cost Capitalized Subsequent to Acquisition | 332 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 20,936 | |||
Buildings | 34,959 | |||
Total | 55,895 | |||
Accumulated Depreciation | $ 3,708 | |||
Real Estate Subject To Operating Lease | Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Real Estate Subject To Operating Lease | Retail facilities in Joliet, IL; Fargo, ND; and Ashwaubenon, Brookfield, Greendale, and Wauwatosa, WI | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Sered, Slovakia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,867 | |||
Initial Cost to Company | ||||
Land | 4,059 | |||
Buildings | 15,297 | |||
Cost Capitalized Subsequent to Acquisition | 9,920 | |||
Increase (Decrease) in Net Investments | 2,557 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,425 | |||
Buildings | 27,408 | |||
Total | 31,833 | |||
Accumulated Depreciation | $ 1,712 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Real Estate Subject To Operating Lease | Industrial facility in Tuchomerice, Czech Republic | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,294 | |||
Initial Cost to Company | ||||
Land | 9,424 | |||
Buildings | 21,860 | |||
Cost Capitalized Subsequent to Acquisition | 256 | |||
Increase (Decrease) in Net Investments | 1,619 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,381 | |||
Buildings | 22,778 | |||
Total | 33,159 | |||
Accumulated Depreciation | $ 1,411 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Warsaw, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 41,189 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 54,296 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | 5,518 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 59,823 | |||
Total | 59,823 | |||
Accumulated Depreciation | $ 3,170 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Net-lease student housing facility in Jacksonville, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,939 | |||
Initial Cost to Company | ||||
Land | 870 | |||
Buildings | 15,787 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 870 | |||
Buildings | 15,787 | |||
Total | 16,657 | |||
Accumulated Depreciation | $ 824 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,210 | |||
Buildings | 1,362 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,210 | |||
Buildings | 1,362 | |||
Total | 3,572 | |||
Accumulated Depreciation | $ 89 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Real Estate Subject To Operating Lease | Office facility in Oak Creek, WI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,801 | |||
Buildings | 11,301 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,801 | |||
Buildings | 11,301 | |||
Total | 14,102 | |||
Accumulated Depreciation | $ 546 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Perrysburg, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 774 | |||
Buildings | 11,756 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 774 | |||
Buildings | 11,756 | |||
Total | 12,530 | |||
Accumulated Depreciation | $ 594 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,706 | |||
Buildings | 24,178 | |||
Cost Capitalized Subsequent to Acquisition | 10,622 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,086 | |||
Buildings | 34,420 | |||
Total | 37,506 | |||
Accumulated Depreciation | $ 1,405 | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Real Estate Subject To Operating Lease | Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Zabia Wola, Poland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,876 | |||
Initial Cost to Company | ||||
Land | 3,441 | |||
Buildings | 20,654 | |||
Cost Capitalized Subsequent to Acquisition | 118 | |||
Increase (Decrease) in Net Investments | 3,214 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,897 | |||
Buildings | 23,530 | |||
Total | 27,427 | |||
Accumulated Depreciation | $ 701 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Warehouse facility in Kaunas, Lithuania | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 43,141 | |||
Initial Cost to Company | ||||
Land | 2,194 | |||
Buildings | 42,109 | |||
Cost Capitalized Subsequent to Acquisition | 167 | |||
Increase (Decrease) in Net Investments | 5,636 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,472 | |||
Buildings | 47,634 | |||
Total | 50,106 | |||
Accumulated Depreciation | $ 1,325 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Real Estate Subject To Operating Lease | Office facility in Buffalo Grove, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,035 | |||
Buildings | 7,444 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,035 | |||
Buildings | 7,444 | |||
Total | 9,479 | |||
Accumulated Depreciation | 208 | |||
Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 184,146 | |||
Initial Cost to Company | ||||
Land | 24,155 | |||
Buildings | 483,484 | |||
Cost Capitalized Subsequent to Acquisition | 18,297 | |||
Increase (Decrease) in Net Investments | (16,708) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 509,228 | |||
Direct Financing Method | Warehouse facilities in Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 4,233 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 48 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 4,281 | |||
Direct Financing Method | Industrial and office facilities in Nagold, Germany | ||||
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 | (27,418) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 20,087 | |||
Direct Financing Method | Industrial facilities in Mayodan, Sanford, and Stoneville, NC | ||||
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 | (3,152) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 35,714 | |||
Direct Financing Method | Industrial facility in Glendale Heights, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,562 | |||
Initial Cost to Company | ||||
Land | 3,820 | |||
Buildings | 11,148 | |||
Cost Capitalized Subsequent to Acquisition | 18,245 | |||
Increase (Decrease) in Net Investments | 3,172 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 36,385 | |||
Direct Financing Method | Office facility in New York City, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 100,426 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 233,720 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 15,680 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 249,400 | |||
Direct Financing Method | Industrial facilities in Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,973 | |||
Initial Cost to Company | ||||
Land | 1,730 | |||
Buildings | 20,778 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,094) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 21,414 | |||
Direct Financing Method | Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,780 | |||
Initial Cost to Company | ||||
Land | 508 | |||
Buildings | 24,009 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (5,052) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 19,465 | |||
Direct Financing Method | Retail facilities in Dugo Selo and Samobor, Croatia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 1,804 | |||
Buildings | 11,618 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,472) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 11,950 | |||
Direct Financing Method | Warehouse facility in Oxnard, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,658 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 8,957 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 137 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,094 | |||
Direct Financing Method | Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,454 | |||
Initial Cost to Company | ||||
Land | 3,750 | |||
Buildings | 50,177 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 6,553 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 60,480 | |||
Direct Financing Method | Industrial facility in Clarksville, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,971 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 7,291 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 451 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 8,342 | |||
Direct Financing Method | Industrial facility in Countryside, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,920 | |||
Initial Cost to Company | ||||
Land | 425 | |||
Buildings | 1,800 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 38 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 2,263 | |||
Direct Financing Method | Industrial facility in Bluffton, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,834 | |||
Initial Cost to Company | ||||
Land | 264 | |||
Buildings | 3,407 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 19 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 3,690 | |||
Direct Financing Method | Retail facilities in Joliet, Illinois and Greendale, Wisconsin | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,568 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 19,002 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 626 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 19,630 | |||
Direct Financing Method | Industrial facilities in Sedalia, MO; Lumberton and Mount Airy, NC; and Wilkes-Barre, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 2,142 | |||
Buildings | 10,085 | |||
Cost Capitalized Subsequent to Acquisition | 50 | |||
Increase (Decrease) in Net Investments | (5,244) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 7,033 | |||
Operating Real Estate — Self-Storage Facilities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 171,454 | |||
Initial Cost to Company | ||||
Land | 90,085 | |||
Buildings | 244,060 | |||
Cost Capitalized Subsequent to Acquisition | 6,029 | |||
Increase (Decrease) in Net Investments | 598 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 90,042 | |||
Buildings | 250,730 | |||
Total | 340,772 | $ 258,971 | $ 275,521 | $ 272,859 |
Accumulated Depreciation | 26,087 | $ 18,876 | $ 30,308 | $ 22,217 |
Operating Real Estate — Self-Storage Facilities | Fort Worth, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,539 | |||
Initial Cost to Company | ||||
Land | 610 | |||
Buildings | 2,672 | |||
Cost Capitalized Subsequent to Acquisition | 62 | |||
Increase (Decrease) in Net Investments | 36 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 610 | |||
Buildings | 2,770 | |||
Total | 3,380 | |||
Accumulated Depreciation | $ 594 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Operating Real Estate — Self-Storage Facilities | Palm Springs, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,932 | |||
Initial Cost to Company | ||||
Land | 1,287 | |||
Buildings | 3,124 | |||
Cost Capitalized Subsequent to Acquisition | 106 | |||
Increase (Decrease) in Net Investments | 36 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,287 | |||
Buildings | 3,266 | |||
Total | 4,553 | |||
Accumulated Depreciation | $ 750 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating Real Estate — Self-Storage Facilities | Kailua-Kona, HI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,803 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings | 1,108 | |||
Cost Capitalized Subsequent to Acquisition | 70 | |||
Increase (Decrease) in Net Investments | 38 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,000 | |||
Buildings | 1,216 | |||
Total | 2,216 | |||
Accumulated Depreciation | $ 343 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating Real Estate — Self-Storage Facilities | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,483 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings | 4,124 | |||
Cost Capitalized Subsequent to Acquisition | 217 | |||
Increase (Decrease) in Net Investments | 10 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 600 | |||
Buildings | 4,351 | |||
Total | 4,951 | |||
Accumulated Depreciation | $ 872 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating Real Estate — Self-Storage Facilities | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,490 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings | 2,074 | |||
Cost Capitalized Subsequent to Acquisition | 229 | |||
Increase (Decrease) in Net Investments | 4 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 400 | |||
Buildings | 2,307 | |||
Total | 2,707 | |||
Accumulated Depreciation | $ 478 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating Real Estate — Self-Storage Facilities | Rockford, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,807 | |||
Initial Cost to Company | ||||
Land | 548 | |||
Buildings | 1,881 | |||
Cost Capitalized Subsequent to Acquisition | 51 | |||
Increase (Decrease) in Net Investments | 22 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 548 | |||
Buildings | 1,954 | |||
Total | 2,502 | |||
Accumulated Depreciation | $ 526 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating Real Estate — Self-Storage Facilities | Rockford, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 586 | |||
Initial Cost to Company | ||||
Land | 114 | |||
Buildings | 633 | |||
Cost Capitalized Subsequent to Acquisition | 139 | |||
Increase (Decrease) in Net Investments | 41 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 114 | |||
Buildings | 813 | |||
Total | 927 | |||
Accumulated Depreciation | $ 242 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating Real Estate — Self-Storage Facilities | Rockford, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,298 | |||
Initial Cost to Company | ||||
Land | 380 | |||
Buildings | 2,321 | |||
Cost Capitalized Subsequent to Acquisition | 68 | |||
Increase (Decrease) in Net Investments | (98) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 337 | |||
Buildings | 2,334 | |||
Total | 2,671 | |||
Accumulated Depreciation | $ 618 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating Real Estate — Self-Storage Facilities | Kihei, HI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,064 | |||
Initial Cost to Company | ||||
Land | 2,523 | |||
Buildings | 7,481 | |||
Cost Capitalized Subsequent to Acquisition | 818 | |||
Increase (Decrease) in Net Investments | 26 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,523 | |||
Buildings | 8,325 | |||
Total | 10,848 | |||
Accumulated Depreciation | $ 1,388 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | National City, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,409 | |||
Initial Cost to Company | ||||
Land | 3,158 | |||
Buildings | 1,483 | |||
Cost Capitalized Subsequent to Acquisition | 185 | |||
Increase (Decrease) in Net Investments | 17 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,158 | |||
Buildings | 1,685 | |||
Total | 4,843 | |||
Accumulated Depreciation | $ 400 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Operating Real Estate — Self-Storage Facilities | Mundelein, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,405 | |||
Initial Cost to Company | ||||
Land | 1,080 | |||
Buildings | 5,287 | |||
Cost Capitalized Subsequent to Acquisition | 264 | |||
Increase (Decrease) in Net Investments | 69 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,080 | |||
Buildings | 5,620 | |||
Total | 6,700 | |||
Accumulated Depreciation | $ 1,474 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating Real Estate — Self-Storage Facilities | Pearl City, HI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,145 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 5,141 | |||
Cost Capitalized Subsequent to Acquisition | 774 | |||
Increase (Decrease) in Net Investments | 22 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 5,937 | |||
Total | 5,937 | |||
Accumulated Depreciation | $ 1,843 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating Real Estate — Self-Storage Facilities | Palm Springs, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,968 | |||
Initial Cost to Company | ||||
Land | 1,019 | |||
Buildings | 2,131 | |||
Cost Capitalized Subsequent to Acquisition | 435 | |||
Increase (Decrease) in Net Investments | 7 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,019 | |||
Buildings | 2,573 | |||
Total | 3,592 | |||
Accumulated Depreciation | $ 583 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Operating Real Estate — Self-Storage Facilities | Loves Park, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,127 | |||
Initial Cost to Company | ||||
Land | 394 | |||
Buildings | 3,390 | |||
Cost Capitalized Subsequent to Acquisition | 137 | |||
Increase (Decrease) in Net Investments | (122) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 394 | |||
Buildings | 3,405 | |||
Total | 3,799 | |||
Accumulated Depreciation | $ 1,069 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating Real Estate — Self-Storage Facilities | Mundelein, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 684 | |||
Initial Cost to Company | ||||
Land | 535 | |||
Buildings | 1,757 | |||
Cost Capitalized Subsequent to Acquisition | 157 | |||
Increase (Decrease) in Net Investments | 21 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 535 | |||
Buildings | 1,935 | |||
Total | 2,470 | |||
Accumulated Depreciation | $ 622 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating Real Estate — Self-Storage Facilities | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,025 | |||
Initial Cost to Company | ||||
Land | 1,049 | |||
Buildings | 5,672 | |||
Cost Capitalized Subsequent to Acquisition | 254 | |||
Increase (Decrease) in Net Investments | 7 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,049 | |||
Buildings | 5,933 | |||
Total | 6,982 | |||
Accumulated Depreciation | $ 1,237 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Operating Real Estate — Self-Storage Facilities | Beaumont, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,586 | |||
Initial Cost to Company | ||||
Land | 1,616 | |||
Buildings | 2,873 | |||
Cost Capitalized Subsequent to Acquisition | 94 | |||
Increase (Decrease) in Net Investments | 14 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,616 | |||
Buildings | 2,981 | |||
Total | 4,597 | |||
Accumulated Depreciation | $ 600 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | San Bernardino, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 990 | |||
Initial Cost to Company | ||||
Land | 698 | |||
Buildings | 1,397 | |||
Cost Capitalized Subsequent to Acquisition | 95 | |||
Increase (Decrease) in Net Investments | 15 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 698 | |||
Buildings | 1,507 | |||
Total | 2,205 | |||
Accumulated Depreciation | $ 292 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | Peoria, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,009 | |||
Initial Cost to Company | ||||
Land | 549 | |||
Buildings | 2,424 | |||
Cost Capitalized Subsequent to Acquisition | 37 | |||
Increase (Decrease) in Net Investments | 6 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 549 | |||
Buildings | 2,467 | |||
Total | 3,016 | |||
Accumulated Depreciation | $ 634 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating Real Estate — Self-Storage Facilities | East Peoria, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,281 | |||
Initial Cost to Company | ||||
Land | 409 | |||
Buildings | 1,816 | |||
Cost Capitalized Subsequent to Acquisition | 64 | |||
Increase (Decrease) in Net Investments | 8 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 409 | |||
Buildings | 1,888 | |||
Total | 2,297 | |||
Accumulated Depreciation | $ 457 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating Real Estate — Self-Storage Facilities | Loves Park, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,712 | |||
Initial Cost to Company | ||||
Land | 439 | |||
Buildings | 998 | |||
Cost Capitalized Subsequent to Acquisition | 251 | |||
Increase (Decrease) in Net Investments | 155 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 439 | |||
Buildings | 1,404 | |||
Total | 1,843 | |||
Accumulated Depreciation | $ 339 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating Real Estate — Self-Storage Facilities | Hesperia, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 843 | |||
Initial Cost to Company | ||||
Land | 648 | |||
Buildings | 1,377 | |||
Cost Capitalized Subsequent to Acquisition | 151 | |||
Increase (Decrease) in Net Investments | 8 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 648 | |||
Buildings | 1,536 | |||
Total | 2,184 | |||
Accumulated Depreciation | $ 313 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | Cherry Valley, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,658 | |||
Initial Cost to Company | ||||
Land | 1,076 | |||
Buildings | 1,763 | |||
Cost Capitalized Subsequent to Acquisition | 35 | |||
Increase (Decrease) in Net Investments | 18 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,076 | |||
Buildings | 1,816 | |||
Total | 2,892 | |||
Accumulated Depreciation | $ 690 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Operating Real Estate — Self-Storage Facilities | Fayetteville, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,093 | |||
Initial Cost to Company | ||||
Land | 1,677 | |||
Buildings | 3,116 | |||
Cost Capitalized Subsequent to Acquisition | 67 | |||
Increase (Decrease) in Net Investments | 10 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,677 | |||
Buildings | 3,193 | |||
Total | 4,870 | |||
Accumulated Depreciation | $ 743 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating Real Estate — Self-Storage Facilities | Cathedral City, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,288 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 2,275 | |||
Cost Capitalized Subsequent to Acquisition | 17 | |||
Increase (Decrease) in Net Investments | 15 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 2,307 | |||
Total | 2,307 | |||
Accumulated Depreciation | $ 428 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Operating Real Estate — Self-Storage Facilities | Hilo, HI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,758 | |||
Initial Cost to Company | ||||
Land | 296 | |||
Buildings | 4,996 | |||
Cost Capitalized Subsequent to Acquisition | 45 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 296 | |||
Buildings | 5,041 | |||
Total | 5,337 | |||
Accumulated Depreciation | $ 587 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | Clearwater, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,684 | |||
Initial Cost to Company | ||||
Land | 924 | |||
Buildings | 2,966 | |||
Cost Capitalized Subsequent to Acquisition | 66 | |||
Increase (Decrease) in Net Investments | 14 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 924 | |||
Buildings | 3,046 | |||
Total | 3,970 | |||
Accumulated Depreciation | $ 463 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Operating Real Estate — Self-Storage Facilities | Winder, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 954 | |||
Initial Cost to Company | ||||
Land | 546 | |||
Buildings | 30 | |||
Cost Capitalized Subsequent to Acquisition | 7 | |||
Increase (Decrease) in Net Investments | 8 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 546 | |||
Buildings | 45 | |||
Total | 591 | |||
Accumulated Depreciation | $ 16 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Operating Real Estate — Self-Storage Facilities | Winder, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,281 | |||
Initial Cost to Company | ||||
Land | 495 | |||
Buildings | 1,253 | |||
Cost Capitalized Subsequent to Acquisition | 55 | |||
Increase (Decrease) in Net Investments | 9 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 495 | |||
Buildings | 1,317 | |||
Total | 1,812 | |||
Accumulated Depreciation | $ 323 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Operating Real Estate — Self-Storage Facilities | Orlando, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,614 | |||
Initial Cost to Company | ||||
Land | 1,064 | |||
Buildings | 4,889 | |||
Cost Capitalized Subsequent to Acquisition | 195 | |||
Increase (Decrease) in Net Investments | 18 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,064 | |||
Buildings | 5,102 | |||
Total | 6,166 | |||
Accumulated Depreciation | $ 701 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating Real Estate — Self-Storage Facilities | Palm Coast, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,372 | |||
Initial Cost to Company | ||||
Land | 1,749 | |||
Buildings | 3,285 | |||
Cost Capitalized Subsequent to Acquisition | 117 | |||
Increase (Decrease) in Net Investments | 155 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,749 | |||
Buildings | 3,557 | |||
Total | 5,306 | |||
Accumulated Depreciation | $ 691 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Operating Real Estate — Self-Storage Facilities | Holiday, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,218 | |||
Initial Cost to Company | ||||
Land | 1,829 | |||
Buildings | 1,097 | |||
Cost Capitalized Subsequent to Acquisition | 652 | |||
Increase (Decrease) in Net Investments | 9 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,829 | |||
Buildings | 1,758 | |||
Total | 3,587 | |||
Accumulated Depreciation | $ 314 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Operating Real Estate — Self-Storage Facilities | New York City, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,704 | |||
Initial Cost to Company | ||||
Land | 5,692 | |||
Buildings | 16,076 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,692 | |||
Buildings | 16,085 | |||
Total | 21,777 | |||
Accumulated Depreciation | $ 694 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | New York City, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,908 | |||
Initial Cost to Company | ||||
Land | 5,823 | |||
Buildings | 31,032 | |||
Cost Capitalized Subsequent to Acquisition | 3 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,823 | |||
Buildings | 31,035 | |||
Total | 36,858 | |||
Accumulated Depreciation | $ 1,350 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | New York City, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 23,376 | |||
Initial Cost to Company | ||||
Land | 6,184 | |||
Buildings | 35,188 | |||
Cost Capitalized Subsequent to Acquisition | 18 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,184 | |||
Buildings | 35,206 | |||
Total | 41,390 | |||
Accumulated Depreciation | $ 1,558 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | New York City, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,908 | |||
Initial Cost to Company | ||||
Land | 8,120 | |||
Buildings | 18,502 | |||
Cost Capitalized Subsequent to Acquisition | 5 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,120 | |||
Buildings | 18,507 | |||
Total | 26,627 | |||
Accumulated Depreciation | $ 922 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Operating Real Estate — Self-Storage Facilities | New York City, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,452 | |||
Initial Cost to Company | ||||
Land | 1,157 | |||
Buildings | 10,167 | |||
Cost Capitalized Subsequent to Acquisition | 80 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,157 | |||
Buildings | 10,247 | |||
Total | 11,404 | |||
Accumulated Depreciation | $ 447 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Operating Real Estate — Self-Storage Facilities | Miami, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 34,397 | |||
Buildings | 46,261 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 34,397 | |||
Buildings | 46,261 | |||
Total | 80,658 | |||
Accumulated Depreciation | $ 486 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years |
Schedule III - Real Estate a104
Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | $ 2,745,424 | $ 2,658,877 | $ 2,396,715 |
Foreign currency translation adjustment | 145,945 | (36,617) | (99,252) |
Dispositions | (127,577) | 0 | 0 |
Additions | 9,481 | 142,142 | 222,739 |
Impairment charges | (7,065) | (29,183) | 0 |
Reclassification from real estate under construction | 1,024 | 21,825 | 129,225 |
Improvements | 782 | 7,262 | 9,450 |
Reclassification to assets held for sale | 0 | (18,882) | 0 |
Ending balance | 2,768,014 | 2,745,424 | 2,658,877 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 280,657 | 225,867 | 175,478 |
Depreciation expense | 64,676 | 62,808 | 57,831 |
Foreign currency translation adjustment | 15,045 | (3,986) | (7,442) |
Dispositions | (5,710) | 0 | 0 |
Reclassification to assets held for sale | 0 | (4,032) | 0 |
Ending balance | 354,668 | 280,657 | 225,867 |
Operating Real Estate — Self-Storage Facilities | |||
Rollforward of Carrying Amounts of Real Estate Investments | |||
Beginning balance | 258,971 | 275,521 | 272,859 |
Dispositions | 0 | (156,951) | 0 |
Additions | 80,658 | 137,958 | 0 |
Improvements | 1,143 | 2,443 | 2,662 |
Ending balance | 340,772 | 258,971 | 275,521 |
Rollforward of Accumulated Depreciation of Real Estate Investments | |||
Beginning balance | 18,876 | 30,308 | 22,217 |
Depreciation expense | 7,211 | 7,791 | 8,091 |
Dispositions | 0 | (19,223) | 0 |
Ending balance | $ 26,087 | $ 18,876 | $ 30,308 |
Schedule IV - Mortgage Loans105
Schedule IV - Mortgage Loans on Real Estate - Property (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
1185 Broadway LLC | |
Mortgage Loans on Real Estate | |
Interest Rate | 10.00% |
Final Maturity Date | Apr. 30, 2018 |
Fair Value | $ 31,500 |
Carrying Amount | $ 31,500 |
I Drive Property | |
Mortgage Loans on Real Estate | |
Interest Rate | 9.00% |
Final Maturity Date | Apr. 30, 2019 |
Fair Value | $ 34,000 |
Carrying Amount | $ 34,000 |
I Drive Wheel | |
Mortgage Loans on Real Estate | |
Interest Rate | 6.50% |
Final Maturity Date | Dec. 31, 2018 |
Fair Value | $ 35,000 |
Carrying Amount | $ 35,000 |
Developer | |
Mortgage Loans on Real Estate | |
Interest Rate | 6.50% |
Final Maturity Date | Dec. 31, 2018 |
Fair Value | $ 5,000 |
Carrying Amount | $ 5,000 |
Developer | |
Mortgage Loans on Real Estate | |
Interest Rate | 6.50% |
Final Maturity Date | Dec. 31, 2018 |
Fair Value | $ 5,000 |
Carrying Amount | $ 5,000 |
Schedule IV - Mortgage Loans106
Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate | |||
Balance | $ 31,500 | $ 44,044 | $ 40,000 |
Additions | 79,000 | 0 | 42,600 |
Repayment | 0 | (12,600) | (40,000) |
Accretion | 0 | 56 | 1,444 |
Ending balance | $ 110,500 | $ 31,500 | $ 44,044 |