Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-37390 | ||
Entity Registrant Name | Global Net Lease, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 45-2771978 | ||
Entity Address, Address Line One | 650 Fifth Ave. | ||
Entity Address, Address Line Two | 30th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 415-6500 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,645,370,478 | ||
Entity Shares, Shares Outstanding | 89,458,753 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement to be delivered to stockholders in connection with the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end. | ||
Entity Central Index Key | 0001526113 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | GNL | ||
Security Exchange Name | NYSE | ||
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value | ||
Trading Symbol | GNL PR A | ||
Security Exchange Name | NYSE | ||
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value | ||
Trading Symbol | GNL PR B | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate investments, at cost (Note 3): | ||
Land | $ 414,446 | $ 398,911 |
Buildings, fixtures and improvements | 2,685,325 | 2,345,202 |
Construction in progress | 11,725 | 1,235 |
Acquired intangible lease assets | 651,768 | 675,551 |
Total real estate investments, at cost | 3,763,264 | 3,420,899 |
Less accumulated depreciation and amortization | (517,123) | (437,974) |
Total real estate investments, net | 3,246,141 | 2,982,925 |
Assets held for sale | 0 | 112,902 |
Cash and cash equivalents | 270,302 | 100,324 |
Restricted cash | 3,985 | 3,369 |
Derivative assets, at fair value (Note 7) | 4,151 | 8,730 |
Unbilled straight-line rent | 51,795 | 47,183 |
Operating lease right-of-use asset (Note 9) | 50,211 | |
Prepaid expenses and other assets | 37,370 | 22,245 |
Due from related parties | 351 | 16 |
Deferred tax assets | 4,441 | 3,293 |
Goodwill and other intangible assets, net | 21,920 | 22,180 |
Deferred financing costs, net | 10,938 | 6,311 |
Total Assets | 3,701,605 | 3,309,478 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net (Note 4) | 1,272,154 | 1,129,807 |
Revolving credit facility (Note 5) | 199,071 | 363,894 |
Term loan, net (Note 5) | 397,893 | 278,727 |
Acquired intangible lease liabilities, net | 30,529 | 35,757 |
Derivative liabilities, at fair value (Note 7) | 7,507 | 3,886 |
Due to related parties | 342 | 790 |
Accounts payable and accrued expenses | 22,903 | 31,529 |
Operating lease liability (Note 9) | 23,985 | |
Prepaid rent | 17,236 | 16,223 |
Deferred tax liability | 14,975 | 15,227 |
Taxes payable | 1,046 | 2,228 |
Dividends payable | 4,006 | 2,664 |
Total Liabilities | 1,991,647 | 1,880,732 |
Commitments and contingencies (Note 9) | 0 | 0 |
Stockholders’ Equity (Note 8): | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 89,458,752 shares issued and outstanding at December 31, 2019; 100,000,000 shares authorized, 76,080,625 shares issued and outstanding at December 31, 2018 | 2,225 | 2,091 |
Additional paid-in capital | 2,408,353 | 2,031,981 |
Accumulated other comprehensive income | 20,195 | 6,810 |
Accumulated deficit | (733,245) | (615,448) |
Total Stockholders’ Equity | 1,697,631 | 1,425,488 |
Non-controlling interest | 12,327 | 3,258 |
Total Equity | 1,709,958 | 1,428,746 |
Total Liabilities and Equity | 3,701,605 | 3,309,478 |
Series A Preferred Stock | ||
Stockholders’ Equity (Note 8): | ||
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of December 31, 2019; 13,409,650 shares authorized, 5,416,890 shares issued and outstanding as of December 31, 2018 | 68 | 54 |
Series B Preferred Stock | ||
Stockholders’ Equity (Note 8): | ||
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of December 31, 2019; 13,409,650 shares authorized, 5,416,890 shares issued and outstanding as of December 31, 2018 | $ 35 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred stock, authorized (in shares) | 30,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 250,000,000 | 100,000,000 |
Common stock, issued (in shares) | 89,458,752 | 76,080,625 |
Common stock, outstanding (in shares) | 89,458,752 | 76,080,625 |
Series A Preferred Stock | ||
Preferred stock, dividend rate | 7.25% | 7.25% |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, authorized (in shares) | 9,959,650 | 13,409,650 |
Preferred stock, issued (in shares) | 6,799,467 | 5,416,890 |
Preferred stock, outstanding (in shares) | 6,799,467 | 5,416,890 |
Series B Preferred Stock | ||
Preferred stock, dividend rate | 6.875% | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 0 |
Preferred stock, authorized (in shares) | 11,450,000 | 0 |
Preferred stock, issued (in shares) | 3,450,000 | 0 |
Preferred stock, outstanding (in shares) | 3,450,000 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenue from tenants | $ 306,214 | $ 282,207 | $ 259,295 |
Expenses (income): | |||
Property operating | 28,314 | 28,732 | 28,857 |
Fire (recovery) loss | 0 | (50) | |
Fire (recovery) loss | 45 | ||
Operating fees to related parties | 33,292 | 28,234 | 24,457 |
Impairment charges and related lease intangible write-offs | 6,375 | 5,000 | 0 |
Acquisition, transaction and other costs (Note 9) | 1,320 | 13,850 | 1,979 |
General and administrative | 10,108 | 10,439 | 8,648 |
Equity-based compensation | 9,530 | 2,649 | (3,787) |
Depreciation and amortization | 125,996 | 119,582 | 113,048 |
Total expenses | 214,935 | 208,436 | 173,247 |
Operating income before gain (loss) on dispositions of real estate investments | 91,279 | 73,771 | 86,048 |
Gain (loss) on dispositions of real estate investments | 23,616 | (5,751) | 1,089 |
Operating income | 114,895 | 68,020 | 87,137 |
Other income (expense): | |||
Interest expense | (64,199) | (57,973) | (48,450) |
Loss on extinguishment of debt | (949) | (3,897) | 0 |
Gain (loss) on derivative instruments | 769 | 7,638 | (8,304) |
Unrealized income (loss) on undesignated foreign currency advances and other hedge ineffectiveness | 76 | (434) | (3,679) |
Other income (loss) | 216 | (23) | 22 |
Total other expense, net | (64,087) | (54,689) | (60,411) |
Net income before income tax | 50,808 | 13,331 | 26,726 |
Income tax expense | (4,332) | (2,434) | (3,140) |
Net income | 46,476 | 10,897 | 23,586 |
Net income attributable to non-controlling interest | 0 | 0 | (21) |
Preferred stock dividends | (11,941) | (9,815) | (2,834) |
Net income attributable to common stockholders | $ 34,535 | $ 1,082 | $ 20,731 |
Basic and Diluted Earnings Per Common Share: | |||
Basic net income per share attributable to common stockholder (in dollars per share) | $ 0.40 | $ 0.01 | $ 0.30 |
Diluted net income per share attributable to common stockholders (in dollars per share) | $ 0.39 | $ 0.01 | $ 0.30 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 85,031,236 | 69,411,061 | 66,877,620 |
Diluted (in shares) | 86,349,645 | 69,663,208 | 66,877,620 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 46,476 | $ 10,897 | $ 23,586 |
Other comprehensive income (loss) | |||
Cumulative translation adjustment | 21,147 | (17,555) | 27,954 |
Designated derivatives, fair value adjustments | (7,430) | 4,918 | 8,163 |
Other comprehensive income (loss) | 13,717 | (12,637) | 36,117 |
Comprehensive income (loss) | 60,193 | (1,740) | 59,703 |
Amounts attributable to non-controlling interest | |||
Net income | 0 | 0 | (21) |
Cumulative translation adjustment | 0 | 0 | 2 |
Designated derivatives, fair value adjustments | 0 | 0 | 23 |
Comprehensive loss attributable to non-controlling interest | 0 | 0 | 4 |
Preferred stock dividends | (11,941) | (9,815) | (2,834) |
Comprehensive income (loss) attributable to common stockholders | $ 48,252 | $ (11,555) | $ 56,873 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Redeemable Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Common Stock | Common StockCommon Stock | Additional Paid-in Capital | Additional Paid-in CapitalCommon Stock | Additional Paid-in CapitalRedeemable Preferred Stock | Additional Paid-in CapitalSeries A Preferred Stock | Additional Paid-in CapitalSeries B Preferred Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated DeficitSeries A Preferred Stock | Accumulated DeficitSeries B Preferred Stock | Total Stockholders’ Equity | Total Stockholders’ EquityCommon Stock | Total Stockholders’ EquityRedeemable Preferred Stock | Total Stockholders’ EquitySeries A Preferred Stock | Total Stockholders’ EquitySeries B Preferred Stock | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2016 | 0 | 66,258,559 | ||||||||||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 1,355,981 | $ 0 | $ 1,990 | $ 1,708,541 | $ (16,695) | $ (346,058) | $ 1,347,778 | $ 8,203 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Issuance of stock, net (in shares) | 5,409,650 | 820,988 | ||||||||||||||||||||||
Issuance of stock, net | $ 18,295 | $ 130,051 | $ 54 | $ 8 | $ 18,287 | $ 129,997 | $ 18,295 | $ 130,051 | ||||||||||||||||
Conversion of OP Units to common stock (in shares) | 181,841 | |||||||||||||||||||||||
Conversion of OP Units to common stock | 0 | $ 5 | 2,624 | 2,629 | (2,629) | |||||||||||||||||||
Dividends declared, Common stock | (142,427) | (142,427) | (142,427) | |||||||||||||||||||||
Dividends declared, Preferred stock | $ (2,834) | $ (2,834) | $ (2,834) | |||||||||||||||||||||
Equity based compensation (in shares) | 25,843 | |||||||||||||||||||||||
Equity-based compensation | (3,787) | 662 | 662 | (4,449) | ||||||||||||||||||||
Distributions to non-controlling interest holders | (739) | (642) | (642) | (97) | ||||||||||||||||||||
Net income | 23,586 | 23,565 | 23,565 | 21 | ||||||||||||||||||||
Cumulative translation adjustment | 27,954 | 27,956 | 27,956 | (2) | ||||||||||||||||||||
Designated derivatives, fair value adjustments | 8,163 | 8,186 | 8,186 | (23) | ||||||||||||||||||||
Rebalancing of ownership percentage | 0 | (53) | (53) | 53 | ||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 5,409,650 | 67,287,231 | ||||||||||||||||||||||
Ending balance at Dec. 31, 2017 | 1,414,243 | $ 54 | $ 2,003 | 1,860,058 | 19,447 | (468,396) | 1,413,166 | 1,077 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Issuance of stock, net (in shares) | 7,240 | 8,793,394 | ||||||||||||||||||||||
Issuance of stock, net | 171,770 | $ (227) | $ 88 | 171,682 | $ (227) | 171,770 | $ (227) | |||||||||||||||||
Dividends declared, Common stock | (147,549) | (147,549) | (147,549) | |||||||||||||||||||||
Dividends declared, Preferred stock | (9,815) | (9,815) | (9,815) | |||||||||||||||||||||
Equity-based compensation | 2,649 | 468 | 468 | 2,181 | ||||||||||||||||||||
Distributions to non-controlling interest holders | (585) | (585) | (585) | |||||||||||||||||||||
Net income | 10,897 | 10,897 | 10,897 | |||||||||||||||||||||
Cumulative translation adjustment | (17,555) | (17,555) | (17,555) | |||||||||||||||||||||
Designated derivatives, fair value adjustments | 4,918 | 4,918 | 4,918 | |||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 5,416,890 | 0 | 76,080,625 | |||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 1,428,746 | $ 54 | $ 0 | $ 2,091 | 2,031,981 | 6,810 | (615,448) | 1,425,488 | 3,258 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Issuance of stock, net (in shares) | 1,382,577 | 3,450,000 | 13,355,773 | |||||||||||||||||||||
Issuance of stock, net | $ 258,422 | 34,604 | $ 83,068 | $ 14 | $ 35 | $ 134 | $ 258,288 | $ 34,590 | $ 83,033 | $ 258,422 | 34,604 | $ 83,068 | ||||||||||||
Dividends declared, Common stock | (150,922) | (150,922) | (150,922) | |||||||||||||||||||||
Dividends declared, Preferred stock | $ (11,353) | $ (588) | $ (11,353) | $ (588) | $ (11,353) | $ (588) | ||||||||||||||||||
Equity based compensation (in shares) | 22,354 | |||||||||||||||||||||||
Equity-based compensation | 9,530 | 461 | 461 | 9,069 | ||||||||||||||||||||
Distributions to non-controlling interest holders | (542) | (542) | (542) | |||||||||||||||||||||
Net income | 46,476 | 46,476 | 46,476 | |||||||||||||||||||||
Cumulative translation adjustment | 21,147 | 21,147 | 21,147 | |||||||||||||||||||||
Designated derivatives, fair value adjustments | (7,430) | (7,430) | (7,430) | |||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 6,799,467 | 3,450,000 | 89,458,752 | |||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,709,958 | $ 68 | $ 35 | $ 2,225 | $ 2,408,353 | $ 20,195 | $ (733,245) | $ 1,697,631 | $ 12,327 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends declared, Common Stock (in dollars per share) | $ 2.13 | $ 2.13 | $ 2.13 |
Series A Preferred Stock | |||
Dividends declared, Preferred stock (in dollars per share) | 1.81 | $ 1.81 | $ 1.81 |
Series B Preferred Stock | |||
Dividends declared, Preferred stock (in dollars per share) | $ 1.72 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 46,476,000 | $ 10,897,000 | $ 23,586,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation | 69,257,000 | 64,849,000 | 59,385,000 |
Amortization of intangibles | 56,739,000 | 54,733,000 | 53,663,000 |
Amortization of deferred financing costs | 6,614,000 | 5,193,000 | 4,420,000 |
Amortization of below-market lease liabilities | (3,518,000) | (3,463,000) | (3,364,000) |
Amortization of above-market lease assets | 4,328,000 | 4,614,000 | 4,346,000 |
Amortization of above- and below- market ground lease assets | 845,000 | 979,000 | 948,000 |
Bad debt expense | 0 | 835,000 | 1,185,000 |
Unbilled straight-line rent | (6,758,000) | (6,310,000) | (10,537,000) |
Equity-based compensation | 9,530,000 | 2,649,000 | (3,787,000) |
Unrealized losses (gains) on foreign currency transactions, derivatives, and other | 2,919,000 | (7,127,000) | 10,182,000 |
Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness | 76,000 | 434,000 | 3,679,000 |
Payments for settlement of derivatives | (1,879,000) | (1,926,000) | (1,547,000) |
Loss on extinguishment of debt | 949,000 | 3,897,000 | 0 |
(Gain) loss on dispositions of real estate investments | (23,616,000) | 5,751,000 | (1,089,000) |
Impairment charges and related lease intangible write-offs | 6,375,000 | 5,000,000 | 0 |
Changes in operating assets and liabilities, net: | |||
Prepaid expenses and other assets | (11,299,000) | (463,000) | (6,225,000) |
Deferred tax assets | (1,148,000) | (2,264,000) | 549,000 |
Accounts payable and accrued expenses | (9,730,000) | 8,263,000 | (593,000) |
Prepaid rent | 1,013,000 | (2,312,000) | 106,000 |
Deferred tax liability | (252,000) | (634,000) | 1,804,000 |
Taxes payable | (1,182,000) | (247,000) | (6,584,000) |
Net cash, cash equivalents and restricted cash provided by operating activities | 145,999,000 | 144,597,000 | 130,954,000 |
Cash flows from investing activities: | |||
Investment in real estate and real estate related assets | (562,733,000) | (479,648,000) | (98,777,000) |
Deposits for real estate investments | (2,795,000) | 0 | 0 |
Capital expenditures | (17,346,000) | (1,454,000) | (3,118,000) |
Proceeds from dispositions of real estate investments | 288,398,000 | 23,717,000 | 12,292,000 |
(Payments for) proceeds from settlement of net investment hedges | 0 | (561,000) | 10,625,000 |
Net cash, cash equivalents and restricted cash used in investing activities | (294,476,000) | (457,946,000) | (78,978,000) |
Cash flows from financing activities: | |||
Borrowings under revolving credit facilities | 209,995,000 | 247,000,000 | 647,353,000 |
Repayments on revolving credit facilities | (375,585,000) | (177,375,000) | (1,006,949,000) |
Repayment of mezzanine facility | 0 | 0 | (56,537,000) |
Proceeds from mortgage notes payable | 579,285,000 | 494,689,000 | 187,000,000 |
Payments on mortgage notes payable | (433,555,000) | (313,225,000) | (21,918,000) |
Payments on early extinguishment of debt charges | (137,000) | (2,398,000) | 0 |
Proceeds from issuance of Common Stock, net | 258,422,000 | 171,770,000 | 18,295,000 |
Proceeds from term loan | 125,019,000 | 60,400,000 | 225,000,000 |
Payments of financing costs | (19,065,000) | (10,601,000) | (14,612,000) |
Dividends paid on Common Stock | (150,779,000) | (147,444,000) | (142,739,000) |
Dividends paid on Series A Preferred Stock | (10,727,000) | (9,812,000) | (383,000) |
Distributions to non-controlling interest holders | (542,000) | (585,000) | (739,000) |
Payments received on related party notes receivable acquired in merger | 0 | 0 | 5,138,000 |
Net cash, cash equivalents and restricted cash provided by (used in) financing activities | 300,003,000 | 312,192,000 | (30,657,000) |
Net change in cash, cash equivalents and restricted cash | 151,526,000 | (1,157,000) | 21,319,000 |
Effect of exchange rate changes on cash | 19,068,000 | (2,877,000) | 9,080,000 |
Cash, cash equivalents and restricted cash at beginning of period | 103,693,000 | 107,727,000 | 77,328,000 |
Cash, cash equivalents and restricted cash at end of period | 274,287,000 | 103,693,000 | 107,727,000 |
Cash, cash equivalents and restricted cash at end of period | 274,287,000 | 107,727,000 | 107,727,000 |
Supplemental Disclosures: | |||
Cash paid for interest | 58,323,000 | 49,113,000 | 43,555,000 |
Cash paid for income taxes | 5,043,000 | 4,350,000 | 9,437,000 |
Non-Cash Investing and Financing Activities: | |||
Loss on extinguishment of debt | 812,000 | 1,499,000 | 0 |
Conversion of OP Units to common stock | 0 | 0 | 2,629,000 |
Series A Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series A Preferred Stock, net | 34,604,000 | (227,000) | 130,434,000 |
Series B Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series A Preferred Stock, net | 83,068,000 | 0 | 0 |
Mortgage Notes Payable | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Amortization of discounts and premium | 260,000 | 1,249,000 | 810,000 |
Mezzanine Loan Facility | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Amortization of discounts and premium | $ 0 | $ 0 | $ 17,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Global Net Lease, Inc. (the “Company”), formerly known as American Realty Capital Global Trust, Inc., incorporated on July 13, 2011, is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the taxable year ended December 31, 2013. The Company’s common stock, $0.01 par value per share (“Common Stock” is listed on the New York Stock Exchange (“NYSE”) under the symbol “GNL.” In addition, the Company’s 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”) and its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”) are both listed on the NYSE under the symbols “GNL PR A” and “GNL PR B,” respectively. The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical single tenant net-leased commercial properties. Substantially all of the Company’s business is conducted through the Global Net Lease Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company has retained Global Net Lease Advisors, LLC (the “Advisor”) to manage the Company’s affairs on a day-to-day basis. The Company’s properties are managed and leased to third parties by Global Net Lease Properties, LLC (the “Property Manager”). The Advisor and the Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital LLC, “AR Global”), and these related parties receive compensation and fees for various services provided to the Company. As of December 31, 2019 , the Company owned 278 properties (all references to number of properties and square footage are unaudited) consisting of 31.6 million rentable square feet, which were 99.6% leased, with a weighted average remaining lease term of 8.3 years . Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2019 , approximately 63% of the Company’s properties are located in the U.S. or Canada and approximately 37% are located in Europe. The Company may also originate or acquire first mortgage loans, mezzanine loans, preferred equity or securitized loans (secured by real estate). As of December 31, 2019 , the Company did not own any first mortgage loans, mezzanine loans, preferred equity or securitized loans. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to multi-year outperformance agreements entered into with the Advisor in 2015 (the “2015 OPP”) and 2018 (the “2018 OPP”) and fair value measurements, as applicable. Reclassifications The Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line (see additional information in the “Recently Issued Accounting Pronouncements” section below). Prior period have been reclassified to conform to this presentation. Out-of-Period Adjustments During the year ended December 31, 2017, the Company recorded $0.5 million of additional rental income and unbilled straight-line rent due to an error in the calculation of straight-line rent for one of the Company’s properties acquired during 2014. The Company concluded that this adjustment was not material to the financial position or results of operations for the 2017 period or any prior period. Also, during the year ended December 31, 2017, the Company identified certain historical errors in its current taxes payable as well as its statements of comprehensive income (loss), consolidated statements of changes in equity, and statements of cash flows since 2013 which impacted the quarterly financial statements and annual periods previously issued. Specifically, when recording its annual provision, the Company had adjusted its current taxes payable to the cumulative amount of taxes payable without consideration for cumulative payments. This adjustment was made with an offsetting amount in cumulative translation adjustments within other comprehensive income (“OCI”) and accumulated other comprehensive income (“AOCI”). As of December 31, 2016, income taxes payable were overstated and AOCI was understated by $4.7 million . OCI was understated by $2.9 million , $1.9 million and overstated by $0.1 million for the years ended December 31, 2016, 2015 and Pre-2015, respectively. The Company concluded that the errors noted above were not material for the 2017 period or any prior periods presented and has adjusted the amounts on a cumulative basis in the year ended December 31, 2017. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, which include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2019 , these leases had an average remaining lease term of 8.3 years . Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2019 and 2018 , the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $51.8 million and $47.2 million , respectively. For the years ended December 31, 2019 , 2018 and 2017 , the Company’s revenue from tenants included impacts of unbilled rental revenue of $6.8 million , $6.3 million and $10.5 million , respectively, to adjust contractual rent to straight-line rent. For new leases after acquisition, the commencement date is considered to be the date the lease is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company has also elected to reflect prior revenue and reimbursements previously reported under ASC 840 on a single line as well. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2019 . These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items: (In thousands) Future Minimum Base Rent Payments (1) 2020 $ 294,087 2021 295,428 2022 286,725 2023 264,583 2024 225,344 Thereafter 934,179 Total $ 2,300,346 _____ (1) Assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.12 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.77 as of December 31, 2019 for illustrative purposes, as applicable. The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2018 : (In thousands) Future Minimum Base Rent Payments (1) 2019 $ 275,118 2020 278,651 2021 279,630 2022 270,569 2023 247,237 Thereafter 856,838 Total $ 2,208,043 ________________________________________ (1) Assumes exchange rates of £1.00 to $1.27 for GBP and €1.00 to $1.14 for EUR as of December 31, 2018 for illustrative purposes, as applicable. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the new leasing standard (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk only, if it is probable that we will collect virtually all of the lease payments at lease commencement date and we must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in Revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. Under ASC 842, uncollectible amounts are reflected as reductions in revenue. Under ASC 840, the Company recorded such amounts as bad debt expense as part of property operating expenses. During the years ended December 31, 2018 and 2017, such amounts were $0.8 million and $1.2 million , respectively. The Company did no t record any uncollectible amounts as reductions of revenue during the year ended December 31, 2019 . Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2019 and 2018 . Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2019 , the Company did no t have any properties classified as held for sale and as of December 31, 2018, the Company had had three properties classified as held for sale (see Note 3 — Real Estate Investments, Net for additional information). As more fully discussed in Note 2 — Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption were accounted for as operating leases and will continue to be accounted for as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75% ), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90% ) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. As of December 31, 2019, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet and the rent expense is reflected on a straight line basis over the lease term. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases, and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2019 and 2018 were asset acquisitions. During 2017, prior to our adoption of ASU No. 2017-01, Business Combinations (Topic 805) (see Summary of Significant Accounting Policies below), all of our acquisitions were accounted for as business combinations. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. . Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates, and the value of in-place leases, as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months . The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease, and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the U.S. and other countries where we have deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) in the U.S., Financial Services Compensation Scheme (“FSCS”) in the United Kingdom, Duchy Deposit Guarantee Scheme (“DDGS”) in Luxembourg and by similar agencies in the other countries, up to insurance limits. The Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland, France and The Netherlands totaling $270.3 million at December 31, 2019 , of which $213.7 million , $25.3 million and $18.0 million are currently in excess of amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. At December 31, 2018 , the Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland and The Netherlands totaling $100.3 million , of which $14.3 million , $35.4 million and $41.8 million were in excess of the amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. Although the Company bears risk to amounts in excess of those insured, losses are not anticipated. Restricted Cash Restricted cash primarily consists of debt service and real estate tax reserves. The Company had restricted cash of $4.0 million and $3.4 million as of December 31, 2019 and 2018 , respectively. Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Based on our assessment we determined that the goodwill is not impaired as of December 31, 2019 . Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the U.S. dollar (“USD”). The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. Deferred Financing Costs, Net Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 5 — Credit Facilities ) and represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Equity-Based Compensation The Company has a stock-based incentive award plan for its directors, and awards thereunder which are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 12 — Equity-Based Compensation ). Multi-Year Outperformance Agreements Concurrent with the listing of the Company’s common stock on the NYSE (the “Listing”) and modifications to the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, the OP and the Advisor, the Company entered into the 2015 OPP with the Advisor. Also, in July 2018, the Company entered into the 2018 OPP, a new multi-year outperformance agreement with the Advisor . Under the 2015 OPP, which expired on June 2, 2018, the Company recorded equity-based compensation expense associated with the awards over the requisite service period on a graded basis. Under the 2018 OPP, effective June 2, 2018, the Company records equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. The equity-based compensation expense was adjusted each reporting period for changes in the estimated market-related performance. Under new accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of adoption of the new guidance will be fixed as of that date and reflected as a charge to earnings evenly over the service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for these awards see Recently Issued Accounting Pronouncements section below and Note 12 — Equity-based compensation . Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner so as to remain qualified as a REIT. As a REIT, the Company generally will not be subject to U.S. federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REIT’s are subject to a number of other organizational and operational requirements. The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a b |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Real Estate Investments, Net Property Acquisitions The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2019 , 2018 and 2017 , in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions in these periods were considered asset acquisitions for accounting purposes. Year Ended December 31, (Dollar amounts in thousands) 2019 2018 2017 Real estate investments, at cost: Land $ 43,259 $ 34,291 $ 18,410 Buildings, fixtures and improvements 449,745 384,603 66,704 Total tangible assets 493,004 418,894 85,114 Acquired intangible lease assets: In-place leases 70,628 70,414 15,365 Above-market lease assets 1,051 48 235 Below-market lease liabilities (1,950 ) (9,708 ) (1,937 ) Cash paid for acquired real estate investments $ 562,733 $ 479,648 $ 98,777 Number of properties purchased 39 23 12 Acquired Intangible Lease Assets The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. During the year ended December 31, 2018, the Company wrote off certain lease intangibles related to terminated leases (see the “Impairment Charges and Related Lease Intangible Write-offs” section below). The Company did not record an impairment to its intangible assets associated with our real estate investments during the years ended December 31, 2019 and 2017. Dispositions When the Company sells a property, any gains or losses from the sale are reflected within Gain (loss) on dispositions of real estate investments in the consolidated statements of operations. During the year ended December 31, 2019 , the Company sold 97 properties located in the United States ( 94 Family Dollar retail stores and three industrial properties), one property located in the United Kingdom, two properties in the Netherlands and three properties in Germany for a total contract sales price of $311.3 million , resulting in an aggregate gain of $23.6 million , which is reflected in gain (loss) on dispositions of real estate investments in the consolidated statements of operations for the year ended December 31, 2019 . During the year ended December 31, 2018 the Company sold two properties for a total contract sales price of $25.3 million . At closing, the Company paid approximately $1.7 million , net, in excess of proceeds received from the sales for the repayment of mortgage debt and a recorded a loss of $5.8 million , net. Prior to the sale of one of the properties, the Company agreed to terminate the lease with the existing tenant and received a termination fee of $3.0 million in accordance with the terms of the lease. This amount is recorded in revenue from tenants in the consolidated statements of operations for the year ended December 31, 2018. During the year ended December 31, 2017, the Company sold its property located in Fort Washington, Pennsylvania for net proceeds of $12.3 million , resulting in a net gain of $1.1 million , comprised of a $0.4 million gain on sale and a reduction of approximately $0.8 million in the Gain Fee payable to the Advisor (see Note 10 — Related Party Transactions for details). The following table summarizes the aforementioned properties sold: Portfolio State Disposition Date Number of Properties Square Feet Properties Sold in 2019: Crowne Group Indiana March 7, 2019 1 21,562 Crowne Group Michigan May 17, 2019 1 92,244 Talk Talk Manchester UK May 23, 2019 1 48,415 Family Dollar Various U.S. States June 28, 2019 62 518,634 Family Dollar Various U.S. States September 20, 2019 32 265,596 Panasonic New Jersey September 30, 2019 1 48,497 Achmea Netherlands November 1, 2019 2 190,252 RWE Germany December 27, 2019 3 198,138 103 1,383,338 Properties Sold in 2018: Western Digital California June 8, 2018 1 286,330 Veolia Water Ohio July 31, 2018 1 70,000 2 356,330 Properties Sold in 2017: Kulicke & Soffa Pennsylvania February 17, 2017 1 88,000 Impairment Charges and Related Lease Intangible Write-offs In November 2019, the Company sold two properties in the Netherlands. As of September 30, 2019 the Company concluded that the estimated future undiscounted cash flows associated with these two properties did not exceed their respective carrying values, and as a result, we recorded an impairment charge of $6.4 million in the third quarter of 2019 to reflect the estimated fair value of the properties. During the year ended December 31, 2018, certain related entity tenants in six of the Company’s properties affiliated by a common guarantor were in financial difficulties. As part of negotiations, the Company terminated the leases for the tenants of four of the properties, while the tenants of the remaining two properties continue to operate under their existing lease terms. Of these four properties with lease terminations, two were re-leased to other tenants and two were sold. Based on expected future cash flows, the Company concluded that the carrying amount was in excess of the estimated fair value of one of the properties being sold, resulting in an impairment charge of $1.6 million . Due to the four lease terminations, the Company wrote-off related lease intangibles of $3.4 million associated with the original tenants. Assets Held for Sale When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. As of December 31, 2019 , the Company did no t have any assets held for sale. As of December 31, 2018, the Company had three properties which were not considered discontinued operations and therefore were recorded and classified as held for sale. Accordingly, the operating results of these properties remain classified within continuing operations for all periods presented. The following table details the major classes of assets associated with the properties that were classified as held for sale as of December 31, 2018: December 31, (Dollar amounts in thousands) 2018 Real estate investments held for sale, at cost: Land $ 19,250 Buildings, fixtures and improvements 104,221 Total real estate assets held for sale, at cost 123,471 Less accumulated depreciation and amortization (10,569 ) Total real estate investments held for sale, net $ 112,902 Intangible Lease Assets and Lease Liabilities Acquired intangible lease assets and lease liabilities consist of the following: December 31, 2019 December 31, 2018 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying amount Gross Carrying Amount Accumulated Amortization Net Carrying amount Intangible assets: In-place leases $ 620,123 $ 237,585 $ 382,538 $ 602,631 $ 201,344 $ 401,287 Above-market leases 31,645 12,816 18,829 41,049 14,020 27,029 Below-market ground leases (1) — — — 31,871 2,384 29,487 Total acquired intangible lease assets $ 651,768 $ 250,401 $ 401,367 $ 675,551 $ 217,748 $ 457,803 Intangible liabilities: Below-market leases $ 42,413 $ 11,884 $ 30,529 $ 43,708 $ 9,857 $ 33,851 Above-market ground lease (1) — — — 2,108 202 1,906 Total acquired intangible lease liabilities $ 42,413 $ 11,884 $ 30,529 $ 45,816 $ 10,059 $ 35,757 (1) Upon adoption of ASC 842 effective January 1, 2019, intangible assets related to ground leases were reclassified to be included as part of Operating lease right-of-use assets presented on the Company’s consolidated balance sheet. See Note 2 — Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements for additional information. Projected Amortization for intangible lease assets and liabilities The following table provides the weighted-average amortization periods as of December 31, 2019 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years: (In thousands) Weighted-Average Amortization Years 2020 2021 2022 2023 2024 In-place leases 8.0 $ 57,673 $ 57,050 $ 53,560 $ 46,339 $ 36,825 Total to be included as an increase to depreciation and amortization $ 57,673 $ 57,050 $ 53,560 $ 46,339 $ 36,825 Above-market lease assets 6.0 $ 3,448 $ 3,448 $ 3,412 $ 3,235 $ 2,317 Below-market lease liabilities 11.9 (3,318 ) (3,318 ) (3,225 ) (3,199 ) (2,501 ) Total to be included as a decrease to rental income $ 130 $ 130 $ 187 $ 36 $ (184 ) Geographic Concentrations The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2019 , 2018 and 2017 . December 31, Country / U.S. State 2019 2018 2017 United States 63.0% 55.7% 48.9% Michigan 14.6% 13.7% * United Kingdom 18.2% 19.0% 22.1% |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Net | Mortgage Notes Payable, Net Mortgage notes payable as of December 31, 2019 and 2018 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio December 31, 2019 December 31, 2018 Maturity (In thousands) (In thousands) Finland: Finnair (2) — $ — $ 32,501 — — — Tokmanni (2) — — 33,159 — — — Finland 5 82,996 — 1.8% (10) Fixed/Variable Feb. 2024 France: Auchan (3) — — 9,498 —% —% — Pole Emploi (3) — — 6,637 —% —% — Sagemcom (3) — — 41,083 —% —% — Worldline 1 5,608 5,722 1.9% (11) Fixed Jul. 2020 DCNS 1 10,655 10,872 1.5% (11) Fixed Dec. 2020 ID Logistics II 2 11,776 12,016 1.3% Fixed Jun. 2021 Germany Rheinmetall (4) — — 12,130 — — — OBI DIY (4) — — 5,150 — — — RWE AG (3) — — 71,524 —% —% — Rexam (5) — — 5,876 — — — Metro Tonic (5) — — 30,326 — — — ID Logistics I (5) — — 4,578 — — — Germany 5 57,761 — 1.8% (12) Fixed/Variable Jun. 2023 Luxembourg: DB Luxembourg (6) — — 41,198 — — — The Netherlands: ING Amsterdam (6) — — 50,353 — — — Luxembourg/The Netherlands Benelux 3 134,587 — 1.4% Fixed Jun. 2024 Total EUR denominated 17 303,383 372,623 United Kingdom: UK Multi-Property Cross Collateralized Loan 42 294,315 292,890 3.2% (13) Fixed/Variable Aug. 2023 Total GBP denominated 42 294,315 292,890 United States: Quest Diagnostics (7) — — 52,800 — — — AT&T Services (7) — — 33,550 — — — Penske Logistics (8) 1 70,000 70,000 4.7% Fixed Nov. 2028 Multi-Tenant Mortgage Loan I (8) 12 187,000 187,000 4.4% Fixed Nov. 2027 Multi-Tenant Mortgage Loan II (8) 8 32,750 32,750 4.4% Fixed Feb. 2028 Multi-Tenant Mortgage Loan III (8) 7 98,500 98,500 4.9% Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV (8) 16 97,500 — 4.6% Fixed May 2029 Multi-Tenant Mortgage Loan V (8) 12 204,000 — 3.7% Fixed Oct. 2029 Total USD denominated 56 689,750 474,600 Gross mortgage notes payable 115 1,287,448 1,140,113 3.4% Mortgage discount (26 ) (569 ) — Deferred financing costs, net of accumulated amortization (9) (15,268 ) (9,737 ) — Mortgage notes payable, net of deferred financing costs 115 $ 1,272,154 $ 1,129,807 3.4% _________________________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) These loans were refinanced in February 2019 as part of the Finland Refinancing (see below for further details). (3) These loans were repaid in full upon maturity in December 2019. (4) These loans were repaid in full upon maturity in January 2019 and later encumbered in May 2019 as part of the German Refinancing (see below for further details. (5) These loans were refinanced in May 2019 as part of the German Refinancing (see below for further details). (6) These loans were refinanced in June 2019 as part of the Benelux Refinancing (see below for further details). (7) This loan was refinanced in September 2019 as part of the Multi-Tenant Mortgage Loan V. (8) The borrower’s (wholly owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (9) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. (10) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3 -month Euribor. Euribor rate in effect as of September 30, 2019. (11) Fixed as a result of a “pay-fixed” interest rate swap agreement. (12) The loan initially bore interest at a rate of 3-month Euribor plus 1.80% per annum, but, following the replacement of an easement on one property, the loan bears interest at a rate of Euribor plus 1.55% per annum beginning on October 1, 2019. 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. (13) 80% fixed as a result of an interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect is as of December 31, 2019 . The following table presents future scheduled aggregate principal payments on the mortgage notes payable over the next five calendar years and thereafter as of December 31, 2019 : (In thousands) Future Principal Payments (1) 2020 $ 18,872 2021 24,548 2022 19,779 2023 316,916 2024 217,583 Thereafter 689,750 Total $ 1,287,448 _________________________ (1) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. The Company’s mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 2019 , the Company was in compliance with all financial covenants under its mortgage notes payable agreements. The total gross carrying value of unencumbered assets as of December 31, 2019 was $1.5 billion , and approximately $1.3 billion of this amount was included in the unencumbered asset pool comprising the borrowing base under the Revolving Credit Facility (as defined in Note 5 — Credit Facilities ) and therefore is not available to serve as collateral for future borrowings. Multi-Tenant Mortgage Loan V On September 12, 2019, the Company, through certain wholly owned subsidiaries, borrowed $204.0 million from KeyBank National Association (“KeyBank”) secured by a first mortgage on 12 of the Company’s single tenant net leased office and industrial properties located in ten states. Approximately $86.5 million of the net proceeds from the loan was used to repay outstanding mortgage indebtedness related to the mortgaged properties. Of the remaining net proceeds, approximately $0.3 million was used to fund deposits required to be made at closing into reserve accounts and approximately $126.5 million was available for working capital and general corporate purposes. The loan bears interest at a fixed rate of 3.65% and matures on October 1, 2029. The loan is interest-only, with the principal balance due on the maturity date. From and after November 2, 2021, the loan may be prepaid at any time, in whole but not in part, subject to certain conditions and limitations, including payment of a prepayment premium for any prepayments made prior to July 1, 2029. Partial prepayments are also permitted under certain circumstances, subject to certain conditions and limitations. Benelux Refinancing On June 12, 2019, the Company, through certain wholly owned subsidiaries, borrowed €120.0 million (approximately $135.8 million based on the exchange rate on that date) from Landesbank Hessen-Thüringen Girozentrale, secured by three of the Company’s properties located in the Netherlands and Luxembourg. The loan bears interest at a fixed rate of 1.38% and matures on June 11, 2024. The loan is interest-only, with the principal due at maturity. At the closing of the loan, approximately €80.3 million (approximately $90.8 million based on the exchange rate on that date) of the net proceeds was used to repay all outstanding indebtedness encumbering two of the properties. German Refinancing On May 10, 2019, the Company, through certain wholly owned subsidiaries, borrowed €51.5 million (approximately $57.9 million based on the exchange rate on that date) from Landesbank Hessen-Thüringen Girozentrale, secured by five of the Company’s properties located in Germany. The loan is interest-only with the principal due at maturity, which is June 30, 2023. The maturity date may be extended at the Company’s option to February 29, 2024, subject to conditions. The loan initially bore interest at a rate of 3 -month Euribor plus 1.80% per annum, but, following the replacement of an easement on one property, the loan will bear interest going forward at a rate of Euribor plus 1.55% per annum beginning on October 1, 2019. The amount fixed by swap agreement represents 80% of the principal amount and the interest rate is fixed at 1.8% , for that portion. The net proceeds from the loan were used to repay all €35.6 million (approximately $40.0 million based on the exchange rate on that date) outstanding in mortgage indebtedness that previously encumbered three of the properties t hat secure the loan. Multi-Tenant Mortgage Loan IV On April 12, 2019, the Company, through certain wholly owned subsidiaries, borrowed $97.5 million from Column Financial, Inc. and Société Générale Financial Corporation, secured by 16 of the Company’s single tenant net leased office and industrial properties located in 12 states that were simultaneously removed from the borrowing base under the Revolving Credit Facility. At closing, approximately $90.0 million was used to repay outstanding indebtedness under the Revolving Credit Facility, with the remaining proceeds, after costs and fees related to the loan, available for working capital and general corporate purposes. The loan bears interest at a fixed rate of 4.489% and has a maturity date of May 6, 2029. The loan is interest-only, with the principal balance due on the maturity date. The Company may prepay the loan in whole or in part at any time, subject to certain fees and any unpaid interest depending on the timing and other circumstances of the prepayment. Finland Refinancing On February 6, 2019, the Company, through certain wholly owned subsidiaries, borrowed an aggregate of €74.0 million ( $84.3 million based on the prevailing exchange rate on that date) secured by mortgages on the Company’s five properties located in Finland. The maturity date of this loan is February 1, 2024, and it bears interest at a rate of 3 -month Euribor plus 1.4% per year, with the interest rate for approximately €59.2 million ( $67.4 million based on the prevailing exchange rate on that date) fixed by an interest rate swap agreement. The amount fixed by swap agreement represents 80% of the principal amount and the interest rate is fixed at 1.8% per year. The loan is interest-only with the principal due at maturity. At the closing of the loan, €57.4 million ( $65.4 million based on the prevailing exchange rate on that date) was used to repay all outstanding indebtedness encumbering the five properties, with the remaining proceeds, after costs and fees related to the loan, available for working capital and general corporate purposes. Penske Logistics On November 14, 2018, the Company, through certain wholly owned subsidiaries entered into a mortgage loan, yielding gross proceeds of approximately $70.0 million with a fixed rate of 4.6% and a 10 -year maturity. Proceeds were used to fund a portion of the $126.6 million purchase price to acquire a cold storage facility located in Romulus, Michigan. The borrower’s (a wholly owned subsidiary of ours) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. U.S. Multi-Tenant Mortgage Loan III On November 9, 2018, the Company, through certain wholly owned subsidiaries, entered into a multi-tenant mortgage loan, yielding gross proceeds of $98.5 million with a fixed interest rate of 4.9% and 10 -year maturity in December 2028. This multi-tenant mortgage loan is interest-only with a principal balance due on maturity, and it is secured by seven properties in six states, totaling approximately 651,313 square feet. Proceeds were used to pay down $90.0 million of outstanding indebtedness under the Revolving Credit Facility. U.K. Multi-Property Loan On August 13, 2018, the Company, through certain wholly owned subsidiaries, entered into a multi-tenant mortgage loan, yielding gross proceeds of £230.0 million and bearing interest at a rate of approximately 2.0% plus 3-month GBP LIBOR, maturing in August 2023. With respect to the interest, 80% of the principal amount is fixed by a swap agreement, while the remaining 20.0% of the principal remains variable. The loan is interest-only for the first two years, followed by scheduled principal amortization of £37.9 million in the final three years of the loan, with the remaining principal balance due on maturity. The loan is secured by all 43 of the Company’s properties located in the United Kingdom. At closing, £209.0 million of the net proceeds were used to repay all outstanding mortgage indebtedness encumbering 38 of the 43 properties. The other five properties were unencumbered prior to the loan. U.S. Multi-Tenant Mortgage Loan II On January 26, 2018, the Company entered into a multi-tenant mortgage loan, yielding gross proceeds of $32.8 million with a fixed interest rate of 4.3% and a 10 -year maturity in February 2028. This multi-tenant mortgage loan is interest-only with a principal balance due on maturity, and it is secured by eight properties in six states, totaling approximately 627,500 square feet. Proceeds were used to pay down approximately $30.0 million of outstanding indebtedness under the Revolving Credit Facility and for general corporate purposes and acquisitions. U.S. Multi-Tenant Mortgage Loan I On October 27, 2017, 12 wholly owned subsidiaries of the OP closed on a loan agreement with Column Financial, Inc. and Citi Real Estate Funding Inc. The Company received gross proceeds of $187.0 million with a fixed interest rate of 4.4% and a maturity date of November 2027. This multi-tenant mortgage loan is interest-only with the principal balance due on maturity, and it is secured by 12 single tenant net leased office and industrial properties in nine states totaling approximately 2.6 million square feet. At the closing of this multi-tenant mortgage loan, the net proceeds after accrued interest and closing costs (including $2.2 million in expenses related to the mortgaged properties) were used to repay approximately $120.0 million of indebtedness that was outstanding under the Revolving Credit Facility, while the remaining balance was used by the Company for general corporate purposes, including acquisitions. |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Credit Facilities The table below details the outstanding balances as of December 31, 2019 and 2018 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto, which provides for a $835.0 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”) and a €359.6 million ( $403.3 million USD based on the prevailing exchange rate as of December 31, 2019 ) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the credit agreement related to the Credit Facility (the “Credit Facility Amendment”) to, among other things, increase the aggregate total commitments, lower the interest rate and revise certain covenants. December 31, 2019 December 31, 2018 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 199,071 $ 62,211 £ 40,000 € 75,000 $ 363,894 $ 278,625 £ 40,000 € 30,000 Term Loan 403,258 — — 359,551 282,069 — — 246,481 Deferred financing costs (5,365 ) — — — (3,342 ) — — — Term Loan, Net 397,893 — — 359,551 278,727 — — 246,481 Total Credit Facility $ 596,964 $ 62,211 £ 40,000 € 434,551 $ 642,621 $ 278,625 £ 40,000 € 276,481 (1) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. (2) Assumes exchange rates of £1.00 to $1.27 for GBP and €1.00 to $1.14 for EUR as of December 31, 2018 for illustrative purposes, as applicable. Credit Facility - Terms On July 24, 2017 , the Company, through the OP, entered into a credit agreement with KeyBank. Based on USD equivalents at closing, on July 24, 2017 , the aggregate total commitments under the Credit Facility were $725.0 million . On July 2, 2018, upon the Company’s request, the lenders under the Credit Facility increased the aggregate total commitments from $722.2 million to $914.4 million , based on prevailing exchange rates on that date, with approximately $132.0 million of the increase allocated to the Revolving Credit Facility and approximately €51.8 million ( $60.2 million based on the prevailing exchange rate on that date) allocated to the Term Loan. The Company used all the proceeds from the increased borrowings under the Term Loan to repay amounts outstanding under the Revolving Credit Facility. Under the Credit Facility Amendment, the aggregate total commitments under the Credit Facility were increased to $1.235 billion , based on the USD equivalent on August 1, 2019, the date of the closing. Prior to the Credit Facility Amendment, upon the Company’s request, subject in all respects to the consent of the lenders in their sole discretion, the aggregate total commitments under the Credit Facility could have been increased up to an aggregate additional amount of $35.6 million , allocated to either or both portions of the Credit Facility, with total commitments under the Credit Facility not to exceed $950.0 million . Following the Credit Facility Amendment, upon the Company’s request, subject in all respects to the consent of the lenders in their sole discretion, the aggregate total commitments under the Credit Facility may be increased up to an aggregate additional amount of $515.0 million , allocated to either or both portions of the Credit Facility, with total commitments under the Credit Facility not to exceed $1.75 billion , increased from the previous maximum of $950.0 million . The Credit Facility consists of two components, a Revolving Credit Facility and a Term Loan, both of which are interest only. Prior to the Credit Facility Amendment, the Revolving Credit Facility was scheduled to mature on July 24, 2021 , subject to one one -year extension at the Company’s option, and the Term Loan was scheduled to mature on July 24, 2022 . Following the Credit Facility Amendment, the Revolving Credit Facility matures on August 1, 2023 , subject to two six -month extensions at the Company’s option, and the Term Loan matures on August 1, 2024 . Borrowings under the Credit Facility bear interest at a variable rate per annum based on an applicable margin that varies based on the ratio of consolidated total indebtedness and the consolidated total asset value of the Company and its subsidiaries plus either (i) LIBOR, as applicable to the currency being borrowed, or (ii) a “base rate” equal to the greatest of (a) KeyBank’s “prime rate,” (b) 0.5% above the Federal Funds Effective Rate or (c) 1.0% above one-month LIBOR. Prior to the Credit Facility Amendment, the range of applicable interest rate margins was from 0.60% to 1.20% per annum with respect to base rate borrowings and 1.60% to 2.20% per annum with respect to LIBOR borrowings. Following the Credit Facility Amendment, the applicable interest rate margin is based on a range from 0.45% to 1.05% per annum with respect to base rate borrowings under the Revolving Credit Facility, 1.45% to 2.05% per annum with respect to LIBOR borrowings under the Revolving Credit Facility, 0.4% to 1.00% per annum with respect to base rate borrowings under the Term Loan and 1.40% to 2.00% per annum with respect to LIBOR borrowings under the Term Loan. The Credit Facility Amendment also added terms governing the establishment of a replacement index to serve as an alternative to LIBOR, if necessary. As of December 31, 2019 , the Credit Facility had a weighted average effective interest rate of 2.2% after giving effect to interest rate swaps in place. The Credit Facility requires the Company through the OP to pay an unused fee per annum of 0.25% of the unused balance of the Revolving Credit Facility if the unused balance exceeds or is equal to 50% of the total commitment or a fee per annum of 0.15% of the unused balance of the Revolving Credit Facility if the unused balance is less than 50% of the total commitment. From and after the time the Company obtains an investment grade credit rating, the unused fee will be replaced with a facility fee based on the total commitment under the Revolving Credit Facility multiplied by 0.30% , decreasing as the Company’s credit rating increases. The availability of borrowings under the Revolving Credit Facility is based on the value of a pool of eligible unencumbered real estate assets owned by the Company and compliance with various ratios related to those assets and the Credit Facility Amendment also included amendments to provisions governing the calculation of the value of the borrowing base. As of December 31, 2019 , approximately $204.1 million was available for future borrowings under the Revolving Credit Facility. Any future borrowings may, at the option of the Company, be denominated in USD, EUR, Canadian Dollars, British Pounds Sterling (“GBP”) or Swiss Francs. Amounts borrowed may not, however, be converted to, or repaid in, another currency once borrowed. The Term Loan is denominated in EUR. The availability of borrowings under the Revolving Credit Facility is based on the value of a pool of eligible unencumbered real estate assets owned by the Company and compliance with various ratios related to those assets. As of June 30, 2019, the Company had an outstanding balance of $259.5 million under the Revolving Credit Facility and an outstanding balance of $277.4 million under the Term Loan, net of deferred financing costs. Following the closing of the Credit Facility Amendment, the entire €359.6 million ( $400.0 million based on USD equivalents) total commitment with the respect to the Term Loan component was outstanding, and $170.7 million of the $835.0 million total commitment with the respect to the Revolving Credit Facility component was outstanding. Based on USD equivalents, this represented an increase of $39.4 million in the aggregate amount outstanding under the Credit Facility. In April 2019, the Company, through certain wholly owned subsidiaries, entered into a new loan agreement with Column Financial, Inc. and Société Générale Financial Corporation secured by 16 of the Company’s single tenant net leased office and industrial properties located in 12 states that were simultaneously removed from the borrowing base under the Revolving Credit Facility. For additional information, see Note 4 — Mortgage Notes Payable, net. The Company, through the OP, may reduce the amount committed under the Revolving Credit Facility and repay outstanding borrowings under the Credit Facility, in whole or in part, at any time without premium or penalty, other than customary “breakage” costs payable on LIBOR borrowings. In the event of a default, lenders have the right to terminate their obligations under the Credit Facility agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility also imposes certain affirmative and negative covenants on the OP, the Company and certain of its subsidiaries including restrictive covenants with respect to, among other things, liens, indebtedness, investments, distributions (see additional information below), mergers and asset sales, as well as financial covenants requiring the OP to maintain, among other things, ratios related to leverage, secured leverage, fixed charge coverage and unencumbered debt services, as well as a minimum consolidated tangible net worth. The Credit Facility Amendment also revised certain affirmative and negative covenants on the OP, the Company and certain of its subsidiaries including financial covenants and the covenant restricting the payment of distributions. The revisions to the restrictive covenants with respect to distributions increased the maximum amount the Company may use to pay cash distributions. Under the terms of the Credit Facility, the Company may not pay distributions, including cash dividends payable with respect to Common Stock, Series A Preferred Stock, Series B Preferred Stock or any other class or series of stock the Company may issue in the future, or redeem or otherwise repurchase shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, or any other class or series of stock the Company may issue in the future that exceed a threshold level of the Company’s Adjusted FFO, as defined in the Credit Facility (which is different from AFFO disclosed in this Annual Report on Form 10-K). Pursuant to the Credit Facility Amendment, this maximum threshold was increased from 95% to 100% of the Company’s Adjusted FFO for any period of four consecutive fiscal quarters, except in limited circumstances, including that for one fiscal quarter in each calendar year, the Company may pay cash dividends and other distributions, and make redemptions and other repurchases in an aggregate amount equal to no more than 100% of its Adjusted FFO prior to the Credit Facility Amendment and 105% of Adjusted AFFO after the Credit Facility Amendment. Following the Credit Facility Amendment, from and after the time the Company obtains and continues to maintain an investment grade rating, the limitation on distributions discussed above will not be applicable. The Company used the exception to pay dividends that were between 95% of Adjusted FFO to 100% of Adjusted FFO during the quarter ended on March 31, 2019. The Company’s ability to comply with the restrictions on the payment of distributions in the Credit Facility depends on its ability to generate sufficient cash flows from its existing properties and through acquisitions or otherwise such that its cash flows in the applicable periods exceed the level of Adjusted FFO required by these restrictions. Among other things, there can be no assurance the Company will complete acquisitions and other investments on a timely basis or on acceptable terms and conditions, if at all. If the Company is not able to increase the amount of cash it has available to pay dividends, including through additional cash flows the Company expects to generate from completing acquisitions, the Company may have to reduce dividend payments or identify other financing sources to fund the payment of dividends at their current levels. Alternatively, the Company could elect to pay a portion of its dividends in shares if approved by the Company’s board of directors. The Company and certain of its subsidiaries have guaranteed the OP’s obligations under the Credit Facility pursuant to a guarantee and a related contribution agreement which governs contribution rights of the guarantors in the event any amounts become payable under the guaranty. In connection with the Company’s replacement of its Prior Credit Facility (see definition below) with its Credit Facility, and the change in borrowings by currency resulting therefrom, the Company terminated its existing £160.3 million notional GBP-LIBOR interest rate swap and entered into a new £150.0 million notional five year USD-LIBOR interest rate swap. Additionally, the Company novated its existing £224.4 million notional Euribor interest rate swap from its existing counterparty to a new counterparty. Prior Credit Facility On July 24, 2017, the Company terminated a credit facility (as amended from time to time, the “Prior Credit Facility”) and repaid the outstanding balance of $725.8 million (based on USD equivalents on that date comprising €255.7 million , £160.2 million and $221.6 million ) of which $720.9 million was repaid with proceeds from the Credit Facility (as described below) and $4.9 million from cash on hand. The Prior Credit Facility, which was entered into in July 25, 2013, provided for borrowings of up to $740.0 million (subject to borrowing base availability). Under the Prior Credit Facility, the Company had the option to have draws under the Prior Credit Facility priced at either the Alternate Base Rate (as described below) plus, depending upon the Company’s consolidated leverage ratio, 0.60% to 1.20% or at Adjusted LIBOR (as described below) plus, depending upon the Company’s consolidated leverage ratio, 1.60% to 2.20% . The Alternate Base Rate was defined in the Prior Credit Facility as a rate per annum equal to the greatest of (a) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate” in effect on such day, (b) the federal funds effective rate in effect on such day plus half of 1% , and (c) the Adjusted LIBOR for a one-month interest period on such day plus 1% . Adjusted LIBOR was defined as LIBOR multiplied by the statutory reserve rate, as determined by the Federal Reserve System of the United States. The Prior Credit Facility agreement required the Company to pay an unused fee per annum of 0.25% if the unused balance of the Prior Credit Facility exceeded or was equal to 50% of the available facility or a fee per annum of 0.15% if the unused balance of the Prior Credit Facility was less than 50% of the available facility. Mezzanine Facility In December 2016, in connection with the Company’s merger with American Realty Capital Global Trust II, Inc., which was then advised by an affiliate of the Advisor, the Company assumed the mezzanine loan agreement (the “Mezzanine Facility”) with an estimated aggregate fair value of $107.0 million and which provided for aggregate borrowings up to €128.0 million subject to certain conditions. The Mezzanine Facility bore interest at 8.25% per annum, payable quarterly, and was scheduled to mature on August 13, 2017 . On March 30, 2017, the Company terminated the Mezzanine Facility agreement and repaid in full the outstanding balance of $56.5 million (or €52.7 million |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2019 and 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy level within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD, GBP & EUR) $ — $ (6,082 ) $ — $ (6,082 ) December 31, 2018 Foreign currency forwards, net (GBP & EUR) $ — $ 5,472 $ — $ 5,472 Interest rate swaps, net (USD, GBP & EUR) $ — $ (628 ) $ — $ (628 ) 2018 OPP (1) $ — $ — $ (18,804 ) $ (18,804 ) (1) Effective with the adoption of ASU 2018-07 on January 1, 2019, the 2018 OPP is no longer measured at fair market value on a recurring basis (see Note 2 — Summary of Significant Accounting Policies — Recently Issued Accounting Pronouncements and see Note 12 — Equity-Based Compensation for additional information). The valuation of the 2018 OPP was determined using a Monte Carlo simulation. This analysis reflected the contractual terms of the 2018 OPP, including the performance periods and total return hurdles, as well as observable market-based inputs, including interest rate curves, and unobservable inputs, such as expected volatility. As a result, the Company has determined that the 2018 OPP valuation in its entirety was classified in Level 3 of the fair value hierarchy as of December 31, 2018 . A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2019 or 2018 . Level 3 Valuations As discussed above, the 2018 OPP is no longer measured at fair value on a recurring basis and in accordance with newly adopted accounting rules is being amortized on a straight-line basis beginning on January 1, 2019 (see Note 2 — Summary of Significant Accounting Policies — Recently Issued Accounting Pronouncements and see Note 12 — Equity-Based Compensation for additional information). The following is a reconciliation of the beginning and ending balance for the changes in the fair value of the 2018 OPP, prior to the adoption on ASU 2018-07 described above, for the year ended December 31, 2019 : (In thousands) 2018 OPP Beginning Value as of December 31, 2017 $ — Initial value 27,600 Fair value adjustment (8,796 ) Ending Value as of December 31, 2018 $ 18,804 The following table provides quantitative information about the significant Level 3 inputs used (in thousands): Financial Instrument Fair Value at December 31, 2019 Principal Valuation Technique Unobservable Inputs Input Value (In thousands) 2018 OPP $ 18,804 Monte Carlo Simulation Expected volatility 23.0% The following discussion provides a description of the impact on a fair value measurement of a change in each unobservable input in isolation. For the relationship described below, the inverse relationship would also generally apply. Expected volatility is a measure of the variability in possible returns for an instrument, parameter or market index given how much the particular instrument, parameter or index changes in value over time. Generally, the higher the expected volatility of the underlying instrument, parameter or market index, the wider the range of potential future returns. An increase in expected volatility, in isolation, would generally result in an increase in the fair value measurement of an instrument. Financial Instruments not Measured at Fair Value on a Recurring Basis The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash due to/from related parties, accounts payable and dividends payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below. December 31, 2019 December 31, 2018 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable (1) (2) 3 $ 1,272,154 $ 1,339,931 $ 1,129,807 $ 1,157,710 Revolving Credit Facility (3) 3 $ 199,071 $ 210,997 $ 363,894 $ 365,591 Term Loan (3) (4) 3 $ 397,893 $ 403,631 $ 278,727 $ 283,558 ______________ (1) Carrying value includes $1.3 billion gross mortgage notes payable less $26,000 of mortgage discounts and $15.3 million of deferred financing costs as of December 31, 2019 . (2) Carrying value includes $1.1 billion gross mortgage notes payable less $0.6 million of mortgage discounts and $9.7 million of deferred financing costs as of December 31, 2018 . (3) Both the Revolving Credit Facility and Term Loan are part of the Credit Facility (see Note 5 — Credit Facilities for more information). (4) Carrying value includes $403.3 million and $282.1 million gross Term Loan payable less $5.4 million and $3.3 million of deferred financing costs as of December 31, 2019 and 2018 , respectively. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to help protect the value or fix the amount of certain obligations in terms of its functional currency, the USD. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate and currency risk management. The use of derivative financial instruments carries certain risks, including the risk that any counterparty to a contractual arrangement may not able to perform under the agreement. To mitigate this risk, the Company only enters into a derivative financial instrument with a counterparty with a high credit rating with a major financial institution which the Company and its affiliates may also have other financial relationships with. The Company does not anticipate that any such counterparty will fail to meet its obligations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : December 31, (In thousands) Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative assets, at fair value $ — $ 3,258 Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value (939 ) — Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value 366 — Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (4,524 ) (1,157 ) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value 228 — Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (1,139 ) (1,443 ) Total $ (6,008 ) $ 658 Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 1,205 $ 3,247 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (831 ) — Foreign currency forwards (EUR-USD) Derivative assets, at fair value 2,352 2,225 Interest rate swaps (EUR) Derivative liabilities, at fair value (74 ) (1,286 ) Total $ 2,652 $ 4,186 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Effective January 1, 2019, all of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. During the year ended December 31, 2019 , such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Prior to January 1, 2019, the ineffective portion of the change in fair value of the derivatives was recognized directly in earnings and as a result, during the years ended December 31, 2018 and 2017 , the Company recorded a loss of $0.4 million and a gain of $0.2 million respectively. Additionally, during the years ended December 31, 2019 , 2018 and 2017 , the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts were losses of $0.1 million , $0.1 million and $1.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months ending December 31, 2020, the Company estimates that an additional $3.0 million will be reclassified from other comprehensive income as an increase to interest expense. As of December 31, 2019 and 2018 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2019 2018 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 290,965 48 $ 234,312 Interest rate “pay-fixed” swaps (EUR) 16 521,471 13 212,255 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 68 $ 962,436 64 $ 596,567 In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable secured by its properties located in Finland during the first quarter of 2019 (see Note 4 — Mortgage Notes Payable, Net ), the Company terminated five interest rate swaps with an aggregate notional amount of €57.4 million for a payment of approximately $0.8 million . Following these terminations, $0.7 million was recorded in AOCI and is being recorded as an adjustment to interest expense over the term of the original EUR hedges and respective borrowings. Of the amount recorded in AOCI following these terminations, approximately $0.4 million was recorded as an increase to interest expense for the year ended December 31, 2019 and approximately $0.3 million remained in AOCI as of December 31, 2019 . In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable denominated in GBP (see Note 4 — Mortgage Notes Payable, Net ) the Company terminated 15 interest rate swaps with an aggregate notional amount of £208.8 million and one floor with a notional amount of £28.1 million . Following these terminations, the amount relating to GBP borrowings still outstanding of approximately $1.2 million was recorded in AOCI and is being recorded as an adjustment to interest expense over the term of the original GBP hedges and respective borrowings. Of the amount recorded in AOCI following these terminations, $0.6 million and $0.4 million was recorded as an increase to interest expense for the years ended December 31, 2019 and 2018 and approximately $0.2 million remained in AOCI as of December 31, 2019 . In connection with the July 24, 2017 refinancing of the Prior Credit Facility, the Company terminated an interest rate swap with notional amount of £160.0 million for a payment of $1.5 million . This swap was designated as a cash flow hedge on the Company’s GBP borrowings which were partially paid off. As a result of the termination, the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The portion of the termination payment relating to the GBP borrowings that were paid off resulted in a charge to earnings of $1.1 million , included in losses on derivative instruments for the year ended December 31, 2017. The remaining amount relating to GBP borrowings still outstanding remained in AOCI and was recorded as an adjustment to interest expense over the term of the related GBP borrowings. During the remainder of 2017 and the year ended December 31, 2018, $0.2 million and $0.2 million , respectively, was recorded as an increase to interest expense and there was no remaining amount in AOCI as of December 31, 2018. In connection with the July 24, 2017 refinancing of the Prior Credit Facility, the Company novated an interest rate swap with a notional amount of €224.0 million . Subsequent to the novation, the swap no longer qualified for hedge accounting. The interest swap liability of $0.7 million at was recorded in AOCI and was recorded as an adjustment to interest expense over the term of the related LIBOR borrowings. During the remainder of 2017 and the year ended December 31, 2018, $0.3 million and $0.4 million was recorded as an increase to interest expense and there was no remaining amount in AOCI as of December 31, 2018. Subsequent changes in the value of the swap were reflected in earnings. The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (In thousands) 2019 2018 2017 Amount of gain (loss) recognized in AOCI from derivatives $ (9,047 ) $ 2,739 $ (12,893 ) Amount of loss reclassified from AOCI into income as interest expense $ (2,439 ) $ (3,746 ) $ (6,029 ) Amount of loss recognized on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — $ (559 ) $ (931 ) Total interest expense recorded in the consolidated statements of operations $ 64,199 $ 57,973 $ 48,450 Net Investment Hedges The Company is exposed to fluctuations in foreign currency exchange rates on property investments in foreign countries which pay rental income, incur property related expenses and hold debt instruments in currencies other than its functional currency, the USD. Until the third quarter of 2018, when it ceased doing so the Company used foreign currency derivatives that were designated as net investment hedges, including cross currency swaps to hedge its exposure to changes in foreign exchange rates on certain of its foreign investments. Cross currency swaps involve fixing the applicable exchange rate for delivery of a specified amount of foreign currency on specified dates. As of December 31, 2019 and 2018 the Company did not have foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operation. Effective January 1, 2019, for derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Prior to January 1, 2019, the ineffective portion of the change in fair value of the derivatives, if any, was recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Foreign Denominated Debt Designated as Net Investment Hedges Effective May 17, 2015, all foreign currency draws under the Prior Credit Facility were designated as net investment hedges. As such, the effective portion of changes in value due to currency fluctuations are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. The undesignated portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated, or if the Company should no longer possess a controlling interest. The Company records adjustments to earnings for currency impacts related to undesignated excess positions, if any. There were no undesignated excess positions at any time during the years ended December 31, 2019 and 2018. The Company recorded a loss of $3.7 million for the year ended December 31, 2017 due to currency changes on the undesignated excess foreign currency advances over the related net investments. Additionally, in connection with the July 24, 2017 refinancing of the Prior Credit Facility, the Company terminated a cross-currency swap with a notional amount of £49.1 million for a payment of $10.6 million . This swap was designated as a net investment hedge on the Company’s EUR investments, and this swap is still outstanding. The termination payment amount will remain in AOCI until the hedged item is liquidated. Non-Designated Derivatives The Company is exposed to fluctuations in the exchange rates of its functional currency, the USD, against the GBP and the EUR. The Company has used and may continue to uses foreign currency derivatives including options, currency forward and cross currency swap agreements to manage its exposure to fluctuations in GBP-USD and EUR-USD exchange rates. While these derivatives are economically hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under qualifying hedging relationships are recorded directly in net income (loss). The Company recorded a gain of $0.9 million , a gain of $7.8 million and a loss of $7.1 million on the non-designated hedges for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 and 2018 , the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships: December 31, 2019 December 31, 2018 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP - USD) 38 $ 38,898 50 $ 43,000 Foreign currency forwards (EUR - USD) 32 27,478 38 39,500 Interest rate swaps (EUR) 1 10,655 5 138,625 Total 71 $ 77,031 93 $ 221,125 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2019 $ 4,151 $ (7,507 ) $ — $ (3,356 ) $ — $ — $ (3,356 ) December 31, 2018 $ 8,730 $ (3,886 ) $ — $ 4,844 $ — $ — $ 4,844 In addition to the above derivative arrangements, the Company also uses non-derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations as part of its risk management program, including foreign denominated debt issued and outstanding with third parties to protect the value of its net investments in foreign subsidiaries against exchange rate fluctuations. The Company has drawn, and expects to continue to draw, foreign currency advances under the Credit Facility to fund certain investments in the respective local currency which creates a natural hedge against the original equity invested in the real estate investments, removing the need for the final cross currency swaps. Credit-Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2019 , the fair value of derivatives in net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $7.8 million . As of December 31, 2019 , the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock As of December 31, 2019 and 2018 , the Company had 89,458,752 and 76,080,625 , respectively, shares of Common Stock outstanding, respectively, excluding unvested restricted stock units in respect of shares of Common Stock (“RSUs”) and long-term incentive plan units of limited partner interest in the OP (“LTIP Units”). LTIP Units may be convertible into shares of Common Stock in the future. ATM Program — Common Stock The Company has an “at the market” equity offering program (the “Common Stock ATM Program”) pursuant to which the Company may sell shares of Common Stock, from time to time through its sales agents. • During the three months ended March 31, 2019, the Company sold 7,759,322 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $152.7 million , before commissions paid of $1.5 million and additional issuance costs of $0.8 million . Following these sales, the Company had raised all $175.0 million contemplated by its existing equity distribution agreement related to the Common Stock ATM Program. In February 2019, the Company terminated its existing equity distribution agreement and entered into a new equity distribution agreement with substantially the same sales agents on substantially the same terms. Under the new equity distribution agreement, through December 31, 2019 , the Company sold 5,596,452 shares of Common Stock for gross proceeds of $109.9 million , before commissions paid of $1.6 million and additional issuance costs of $0.4 million . In total, during the year ended December 31, 2019, the Company sold 13,355,773 shares of Common Stock for gross proceeds of $262.6 million , before commissions paid of $3.2 million and additional issuance costs of $1.2 million . • During the year ended December 31, 2018, the Company sold 164,927 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $3.5 million , before commissions paid of $35,140 and additional issuance costs of $0.3 million . • During the year ended December 31, 2017, the Company sold 820,988 shares of Common Stock through the Common Stock ATM Program for gross sales proceeds of $18.7 million , before issuance costs of $0.4 million . Commissions paid and issuance cost are recorded in additional paid-in capital on the consolidated balance sheets. Underwritten Offerings — Common Stock On August 20, 2018, the Company completed the issuance and sale of 4,600,000 shares of Common Stock (including 600,000 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares in full) in an underwritten public offering at a price per share of $20.65 . The gross proceeds from this offering were $95.0 million before deducting the underwriting discount of $3.8 million and additional offering expenses of $0.3 million . On November 28, 2018, the Company completed the issuance and sale of 4,000,000 shares of Common Stock in an underwritten public offering at a price per share of $20.20 . The gross proceeds from this offering were $80.8 million before deducting the underwriting discount of $3.2 million and additional offering expenses of $0.1 million . Preferred Stock The Company is authorized, after an amendment to its charter on December 13, 2019, to issue up to 30,000,000 shares of Preferred Stock. • The Company has classified and designated 9,959,650 and 13,409,650 as authorized shares of its 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), as of December 31, 2019 and December 31, 2018 , respectively. The Company had 6,799,467 and 5,416,890 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2019 and December 31, 2018, respectively. • The Company has classified and designated, after an amendment to its charter on December 13, 2019, 11,450,000 as authorized shares of its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”), as of December 31, 2019 . The Company had 3,450,000 shares of Series B Preferred Stock issued and outstanding, as of December 31, 2019 (see the Underwritten Offering — Series B Preferred Stock section below for additional information). ATM Programs — Series A Preferred Stock and Series B Preferred Stock In March 2018, the Company established an “at the market” equity offering program for its Series A Preferred Stock (the “Series A Preferred Stock ATM Program”) pursuant to which the Company was permitted to raise aggregate sales proceeds of $200.0 million through sales of shares of Series A Preferred Stock from time to time through its sales agents. In November 2019, the Company terminated the Series A Preferred Stock ATM Program. • During the year ended December 31, 2019, the Company sold 1,382,577 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $35.3 million , before commissions paid of $0.5 million and additional issuance costs of $0.2 million . In November 2019, the Company terminated the Series A Preferred Stock ATM Program. • During the year ended December 31, 2018, the Company sold 7,240 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $0.2 million , before commissions paid of $2,724 and additional issuance costs of $0.4 million . In December 2019, the Company established an “at the market” equity offering program for its Series B Preferred Stock (the “Series B Preferred Stock ATM Program”) pursuant to which the Company may raise aggregate sales proceeds of $200.0 million through sales of shares of Series B Preferred Stock from time to time through its sales agents. The Company did not sell any shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program during 2019. Underwritten Offerings — Series A Preferred Stock On September 7, 2017, the Company completed the initial issuance and sale of 4,000,000 shares of the Series A Preferred Stock in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share, and, on October 11, 2017, the Company issued and sold an additional 259,650 shares of Series A Preferred Stock pursuant to the underwriters’ partial exercise of their option to purchase additional shares in accordance with terms of the underwriting agreement. The gross proceeds from this offering were $106.5 million before deducting the underwriting discount of $3.4 million and additional offering expenses of $0.5 million . On December 14, 2017, the Company completed the issuance and sale of 1,150,000 shares of the Series A Preferred Stock (including 150,000 shares pursuant to the underwriter’s exercise of its option to purchase additional shares in full) in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share. The gross proceeds from this offering were $28.8 million before deducting the underwriting discount of $0.8 million and additional offering expenses of $0.2 million. Series A Preferred Stock - Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in an amount equal to $1.8125 per share each year, which is equivalent to the rate of 7.25% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after September 12, 2022, at any time and from time to time, the Series A Preferred Stock is redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series A Preferred Stock may receive a maximum of 2.301 shares of Common Stock (as adjusted for any stock splits) per share of Series A Preferred Stock. The necessary conditions to convert the Series A Preferred Stock into Common Stock have not been met as of December 31, 2019 . Therefore, Series A Preferred Stock will not impact Company’s earnings per share calculations. The Series A Preferred Stock ranks senior to the Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. Voting rights for holders of Series A Preferred Stock exist primarily with respect to the ability to elect two additional directors to the Company’s board of directors if six or more quarterly dividends (whether or not consecutive) payable on the Series A Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Articles Supplementary) that materially and adversely affect the rights of the Series A Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Underwritten Offering — Series B Preferred Stock On November 20, 2019, the Company completed the issuance and sale of 3,450,000 shares of Series B Preferred Stock (including 450,000 shares pursuant to the underwriters’ partial exercise of their option to purchase additional shares in accordance with terms of the underwriting agreement) in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share. The gross proceeds from this offering were approximately $86.2 million before deducting the underwriting discount of $2.7 million and additional offering expenses of $0.5 million . Series B Preferred Stock - Terms Holders of Series B Preferred Stock are entitled to cumulative dividends in an amount equal to $1.71875 per share each year, which is equivalent to the rate of 6.875% of the $25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after November 26, 2024, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series B Preferred Stock (the “Series B Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series B Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series B Preferred Stock will have certain rights to convert Series B Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series B Preferred Stock may receive a maximum of 2.5126 shares of Common Stock (as adjusted for any stock splits) per share of Series B Preferred Stock. The necessary conditions to convert the Series B Preferred Stock into Common Stock have not been met as of December 31, 2019 . Therefore, Series B Preferred Stock will not impact Company’s earnings per share calculations. The Series B Preferred Stock ranks senior to the Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series A Preferred Stock. Voting rights for holders of Series B Preferred Stock exist primarily with respect to the ability to elect two additional directors to the Company’s board of directors if six or more quarterly dividends (whether or not consecutive) payable on the Series B Preferred Stock are in arrears, and with respect to voting on amendments to the Company’s charter (which includes the Series B Articles Supplementary) that materially and adversely affect the rights of the Series B Preferred Stock or create additional classes or series of shares of the Company’s capital stock that are senior to the Series B Preferred Stock. Other than the limited circumstances described above and in the Series B Articles Supplementary, holders of Series B Preferred Stock do not have any voting rights. Dividends Common Stock Dividends Historically, and through March 31, 2019, the Company generally paid dividends on its Common Stock on the 15th day of each month (or, if not a business day, the next succeeding business day) to common stockholders of record on the applicable record date during the month at an annualized rate of $2.13 per share or $0.1775 per share on a monthly basis. Prior to July 2018, the record date for the Company’s regular dividend was generally the 8th day of the applicable month. On April 5, 2019, the Company’s board of directors approved a change in the Company’s Common Stock dividend policy. Accordingly, the Company anticipates paying future dividends authorized by its board of directors on shares of its Common Stock on a quarterly basis in arrears on the 15th day of the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment. This change affects the frequency of dividend payments only, and does not impact the annualized dividend rate on Common Stock of $2.13 . The Company’s board of directors may alter the amounts of dividends paid or suspend dividend payments at any time prior to declaration and therefore dividend payments are not assured. For purposes of the presentation of information herein, the Company may refer to distributions by the OP on ordinary units of limited partner interest in the OP (“OP Units”) and LTIP Units as dividends. In addition, see Note 5 — Credit Facilities for additional information on the restrictions on the payment of dividends and other distributions imposed by the Credit Facility. The following table details from a tax perspective, the portion of cash paid for common stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum: Year Ended December 31, (In thousands) 2019 2018 2017 Return of capital $ 1.23 69.1 % $ 1.57 73.7 % $ 0.39 18.3 % Ordinary dividend income 0.55 30.9 % 0.56 26.3 % 1.74 81.7 % Total $ 1.78 100.0 % $ 2.13 100.0 % $ 2.13 100.0 % Series A Preferred Stock Dividends Dividends on Series A Preferred Stock accrue in an amount equal to $0.453125 per share per quarter to Series A Preferred Stock holders, which is equivalent to 7.25% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors, which must be not more than 30 nor fewer than 10 days prior to the applicable payment date. All dividends paid on the Series A Preferred Stock were considered 100% ordinary dividend income. Series B Preferred Stock Dividends Dividends on Series B Preferred Stock accrue in an amount equal to $0.429688 per share per quarter to Series B Preferred Stock holders, which is equivalent to 6.875% of the $25.00 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lessee Arrangements — Ground Leases The Company leases land under ground leases for eight of its properties with lease durations ranging from 16 to 85 years as of December 31, 2019 . On January 1, 2019, the Company adopted ASU 2016- 02 and recorded ROU assets and lease liabilities related to these ground leases, which are all considered operating leases under the new standard (see Note 2 — Summary of Significant Accounting Policies for additional information on the impact of adopting the new standard). As of December 31, 2019 , the Company’s balance sheet includes ROU assets and liabilities of $50.2 million and $24.0 million , respectively. In determining operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the new lease guidance as well as for new operating leases in the current period, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term of approximately 33.3 years and a weighted-average discount rate of 4.33% as of December 31, 2019 . For the year ended December 31, 2019 , the Company paid cash of approximately $1.4 million for amounts included in the measurement of lease liabilities and recorded expense of $1.3 million , respectively, on a straight-line basis in accordance with the standard. The lease expense is recorded in property operating expenses in the consolidated statements of operations and comprehensive loss. The Company entered into one additional ground lease during the year ended December 31, 2019 . The Company incurred rent expense on ground leases of $1.3 million during the years ended December 31, 2018 and 2017 , respectively. The following table reflects the base cash rental payments due from the Company as of December 31, 2019 : (In thousands) Future Base Rent Payments (1) 2020 $ 1,385 2021 1,385 2022 1,385 2023 1,385 2024 1,389 Thereafter 40,180 Total minimum lease payments (2) 47,109 Less: Effects of discounting (23,124 ) Total present value of lease payments $ 23,985 (1) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050. The following table reflects the base cash rental payments due from the Company as of December 31, 2018 : (In thousands) Future Base Rent Payments (1) 2019 $ 1,371 2020 1,371 2021 1,371 2022 1,371 2023 1,371 Thereafter 40,519 Total (2) $ 47,374 (1) Assumes exchange rates of £1.00 to $1.27 for GBP and €1.00 to $1.14 for EUR as of December 31, 2018 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company's ING Amsterdam lease are not included in the table above as the Company's ground for this property is prepaid through 2050. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. On January 16, 2018, the Company notified Moor Park Capital Partners LLP (the “Former Service Provider”), an entity that had, subject to the Advisor's oversight and pursuant to a service provider agreement, provided certain real estate and investment-related services with respect to the Company’s investments in Europe, that it was being terminated, and this termination became effective as of March 17, 2018. On January 25, 2018, the Former Service Provider filed a complaint against (i) the Company and the OP; (ii) the Property Manager, Global Net Lease Special Limited Partner, LLC, an affiliate of AR Global that directly owns the Advisor and the Property Manager, and the Advisor (collectively, the “GNL Advisor Defendants”); and (iii) AR Capital Global Holdings, LLC, and AR Global (together, the “AR Defendants”), in the Supreme Court of the State of New York, County of New York (“New York Supreme Court”). The complaint alleged that the notice sent to the Former Service Provider by the Company on January 15, 2018, terminating the service provider agreement, was a pretext to enable the AR Defendants to seize the Former Service Provider’s business. The complaint alleged breach of contract against the Company, the OP and the GNL Advisor Defendants, and tortious interference against the AR Defendants. The complaint sought: (i) monetary damages against the defendants, (ii) to enjoin the termination of the Service Provider Agreement, and (iii) judgment declaring the termination to be void. On March 4, 2019, the parties entered into a settlement agreement pursuant to which the lawsuit was dismissed. During the years ended December 31, 2019 and 2018 the Company incurred $1.0 million and $2.9 million , respectively, of litigation costs relating to the matter. In the fourth quarter of 2018, the Company recorded a reserve of $7.4 million related to the then anticipated settlement payment and subsequently paid the settlement amount to the Former Service Provider during the first quarter of 2019. These costs are included in acquisition, transaction and other costs in the consolidated statements of operations. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 2019 , the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of December 31, 2019 and 2018 , AR Global and certain affiliates owned, in the aggregate, 35,900 shares of the Company’s outstanding Common Stock, respectively. The Advisor, which is an affiliate of AR Global, and its affiliates currently may incur, and, the Former Service Provider previously incurred costs and fees on behalf of the Company. As of December 31, 2019 and 2018 , the Company had $351,000 and $16,000 , respectively, of receivables from former affiliates of the Advisor and $0.3 million and $0.8 million of payables to their affiliates, respectively. As of December 31, 2019 , AR Global indirectly owned 95% of the membership interests in the Advisor and Scott J. Bowman, the Company’s former chief executive officer and president, directly owned the other 5% of the membership interests in the Advisor. James L. Nelson, the Company’s chief executive officer and president, holds a non-controlling profit interest in the Advisor and Property Manager. Mr. Nelson was appointed the Company’s chief executive officer and president, effective as of August 8, 2017. The Company is the sole general partner of the OP. During the first half of 2017, 181,841 OP Units, representing all of remaining OP Units outstanding , and which were held by individual members and employees of AR Global, were redeemed on a one-for-one basis for shares of Common Stock. There were no OP Units held by anyone other than the Company outstanding as of December 31, 2019, 2018 and 2017. The OP made distributions to holders of OP Units other than the Company of $0.1 million during the year ended December 31, 2017. In addition, the Company paid $0.5 million in distributions to the Advisor as the sole holder of LTIP Units (as defined in Note 12 — Equity-Based Compensation ) during the year ended December 31, 2019 and $0.6 million during the years ended December 31, 2018 and 2017, which are included in accumulated deficit in the consolidated statements of equity. As of December 31, 2019 and 2018 , the Company had no unpaid distributions on the LTIP Units. Fees Paid in Connection with the Operations of the Company On June 2, 2015, concurrent with its listing on the NYSE, the Company entered into the Advisory Agreement, which was subsequently amended on August 14, 2018 (the “August Amendment”) and November 6, 2018 (the “November Amendment”). These amendments only revised the provisions regarding the effective annual thresholds of Core AFFO Per Share (as defined in the Advisory Agreement) that the Company must satisfy for the Advisor to be paid Incentive Compensation (as defined in the Advisory Agreement). Under the Advisory Agreement, the Company pays the Advisor the following fees in cash: (i) a base fee of $18.0 million per annum payable in cash monthly in advance (“Minimum Base Management Fee”); and (ii) a variable fee, equal to 1.25% per annum of the cumulative net proceeds realized by the Company from the issuance of any common equity, including any common equity issued in exchange for or conversion of preferred stock or exchangeable notes, as well as, from any other issuances of common, preferred, or other forms of common, preferred, or other forms of equity of the Company, including units of any operating partnership (“Variable Base Management Fee”). Additionally, the Company pays the Advisor the Incentive Compensation, an amount earned each quarter, 50% payable in cash and 50% payable in shares of Common Stock (subject to certain lock up restrictions). The Incentive Compensation is calculated on an annual basis for the 12 -month period from July 1 to June 30 of each year, in quarterly installments, subject to a final year-end adjustment, such that the difference, if any, between the amount of the Incentive Compensation actually paid to the Advisor in the preceding year under the quarterly installments and the actual amount payable for the year is either repaid by or paid to the Advisor as applicable. Shares of Common Stock that were issued as a portion of any quarterly installment payment are retained and, for purposes of any repayment required to be made by the Advisor, have the value they had at the time of issuance and are adjusted in respect of any dividend or other distribution received with respect to those shares to allow recoupment of the same. Under the Advisory Agreement, prior to the August Amendment, the Incentive Compensation was equal to: (a) 15% of the Company’s Core AFFO (as defined in the Advisory Agreement) per weighted-average share of Common Stock outstanding for the applicable period (“Core AFFO Per Share”) (1) in excess of an incentive hurdle based on an annualized Core AFFO Per Share of $2.37 , plus (b) 10% of the Core AFFO Per Share in excess of an incentive hurdle of an annualized Core AFFO Per Share of $3.08 . The $2.37 and $3.08 incentive hurdles were subject to annual increases of 1% to 3% . Under the Advisory Agreement, as amended by the August Amendment, the Incentive Fee Lower Hurdle (as defined in the Advisory Agreement) was decreased from $2.37 to (a) $2.15 for the 12 months ending June 30, 2019, and (b) $2.25 for the 12 months ending June 30, 2020, and the Incentive Fee Upper Hurdle (as defined in the Advisory Agreement) was decreased from $3.08 to (a) $2.79 for the 12 months ending June 30, 2019, and (b) $2.92 for the 12 months ending June 30, 2020. During the years ended December 31, 2019 , 2018 and 2017 , no Incentive Compensation was earned. In addition, the August Amendment revised the provisions in the Advisory Agreement governing adjustments to these annual thresholds. The annual thresholds may, beginning with effect from July 1, 2020, be increased each year in the sole discretion of a majority of the Company’s independent directors (in their good faith reasonable judgment, after consultation with the Advisor), by a percentage equal to between 0% and 3% instead of 1% and 3% . In addition, in August 2023 and every five years thereafter, the Advisor will have a right to request that the Company’s independent directors reduce the then current Incentive Fee Lower Hurdle and Incentive Fee Upper Hurdle and make a determination whether any reduction in the annual thresholds is warranted. The annual aggregate amount of the Minimum Base Management Fee and Variable Base Management Fee (collectively, the “Base Management Fee”) that may be paid under the Advisory Agreement are subject to varying caps based on assets under management (“AUM”)(2), as defined in the Advisory Agreement. The amount of the Base Management Fee to be paid under the Advisory Agreement is capped at the AUM for the preceding year multiplied by (a) 0.75% if equal to or less than $3.0 billion ; (b) 0.75% less (i) a fraction, (x) the numerator of which is the AUM for such specified period less $3.0 billion and (y) the denominator of which is $11.7 billion multiplied by 0.35% if AUM is greater than $3.0 billion but less than $14.6 billion ; or (c) 0.4% if equal to or greater than $14.7 billion . _______________________________ (1) For purposes of the Advisory Agreement, as amended by the November Amendment, Core AFFO per share means (i) net income adjusted for the following items (to the extent they are included in net income): (a) real estate related depreciation and amortization; (b) net income from unconsolidated partnerships and joint ventures; (c) one-time costs that the Advisor deems to be non-recurring; (d) non-cash equity compensation (other than any Restricted Share Payments (as defined in the Advisory Agreement)); (e) other non-cash income and expense items; (f) certain non-cash interest expenses related to securities that are convertible to Common Stock; (g) gain (or loss) from the sale of investments; (h) impairment loss on real estate; (i) acquisition and transactions related costs (now known as acquisition, transaction and other costs on the face of the Company’s income statement); (j) straight-line rent; (k) amortization of above and below market leases assets and liabilities; (l) amortization of deferred financing costs; (m) accretion of discounts and amortization of premiums on debt investments; (n) marked-to-market adjustments included in net income; (o) unrealized gain (loss) resulting from consolidation from, or deconsolidation to, equity accounting, (p) consolidated and unconsolidated partnerships and joint ventures and (q) Incentive Compensation, (ii) divided by the weighted-average outstanding shares of Common Stock on a fully-diluted basis for such period. (2) For purposes of the Advisory Agreement, AUM means, for a specified period, an amount equal to (A) (i) the aggregate costs of the Company’s investments (including acquisition fees and expenses) at the beginning of such period (before reserves for depreciation of bad debts, or similar non-cash reserves) plus (ii) the aggregate cost of the Company’s investment at the end of such period (before reserves from depreciation or bad debts, or similar non-cash reserves) divided by (B) two (2). In addition, the per annum aggregate amount of the Base Management Fee and the Incentive Compensation to be paid under the Advisory Agreement is capped at (a) 1.25% of the AUM for the previous year if AUM is less than or equal to $5.0 billion ; (b) 0.95% if the AUM is equal to or exceeds $15.0 billion ; or (c) a percentage equal to: (A) 1.25% less (B) (i) a fraction, (x) the numerator of which is the AUM for such specified period less $5.0 billion and (y) the denominator of which is $10.0 billion multiplied by (ii) 0.30% if AUM is greater than $5.0 billion but less than $15.0 billion . The Variable Base Management Fee is also subject to reduction if there is a sale or sales of one or more Investments in a single or series of related transactions exceeding $200.0 million and a special dividend(s) related thereto is paid to stockholders. The Company has also agreed under the Advisory Agreement to reimburse, indemnify and hold harmless each of the Advisor and its affiliates, and the directors, officers, employees, partners, members, stockholders, other equity holders, agents and representatives of the Advisor and its affiliates (each, a “Advisor Indemnified Party”), of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising from any acts or omissions of the Advisor Indemnified Party performed in good faith under the Advisory Agreement and not constituting bad faith, willful misconduct, gross negligence, or reckless disregard of duties on the part of the Advisor Indemnified Party. In addition, the Company has agreed to advance funds to an Advisor Indemnified Party for reasonable legal fees and other reasonable costs and expenses incurred as a result of any claim, suit, action or proceeding for which indemnification is being sought, subject to repayment if the Advisor Indemnified Party is later found pursuant to a final and non-appealable order or judgment to not be entitled to indemnification. Property Management Fees The Property Manager provides property management and leasing services for properties owned by the Company, for which the Company pays fees to the Property Manager equal to: (i) with respect to stand-alone, single-tenant net leased properties which are not part of a shopping center, 2.0% of gross revenues from the properties managed and (ii) with respect to all other types of properties, 4.0% of gross revenues from the properties managed. For services related to overseeing property management and leasing services provided by any person or entity that is not an affiliate of the Property Manager, the Company pays the Property Manager an oversight fee equal to 1.0% of gross revenues of the property managed. This oversight fee is no longer applicable to 39 of the Company’s properties which became subject to separate property management agreements with the Property Manager in connection with a multi-property mortgage loan in October 2017, a multi-property mortgage loan in April 2019, and a multi-property mortgage loan in September 2019 (the “Loan Property PMLAs”) on otherwise nearly identical terms to the primary property and management leasing agreement (the “Primary PMLA”), which remains applicable to all other properties. In February 2019, the Company entered into an amendment to the Primary PMLA, following which it continues to have a one -year term that is automatically extended for an unlimited number of successive one -year terms unless terminated by either party upon notice. Under the Primary PMLA prior to this amendment, either the Company or the Property Manager could terminate upon 60 days ' written notice prior to the end of the applicable term. Following this amendment, either the Company or the Property Manager may terminate the Primary PMLA at any time upon at least 12 months prior written notice. The extended termination notice period does not apply to the Loan Property PMLAs, pursuant to which either the Company or the Property Manager can terminate upon 60 days ’ written notice prior to end of the applicable term. Solely with respect to the Company’s investments in properties located in Europe, prior to the effectiveness of the termination of the Former Service Provider in March 2018, the Former Service Provider received, from the Property Manager, a portion of the fees payable to the Property Manager equal to: (i) with respect to single-tenant net leased properties which are not part of a shopping center, 1.75% of the gross revenues from such properties and (ii) with respect to all other types of properties, 3.5% of the gross revenues from such properties. The Property Manager was paid 0.25% of the gross revenues from European single-tenant net leased properties which are not part of a shopping center and 0.5% of the gross revenues from all other types of properties, reflecting a split of the oversight fee with the Former Service Provider. Following the termination of the Former Service Provider, the Former Service Provider no longer receives any amounts from the Advisor. Professional Fees and Other Reimbursements The Company reimburses the Advisor’s costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income, unless the excess amount is otherwise approved by the Company’s board of directors. Additionally, the Company reimburses the Advisor for expenses of the Advisor and its affiliates incurred on behalf of the Company, except for those expenses that are specifically the responsibility of the Advisor under the Advisory Agreement, such as fees and compensation paid to the Former Service Provider prior to its termination and the Advisor’s overhead expenses, rent and travel expenses, professional services fees incurred with respect to the Advisor for the operation of its business, insurance expenses (other than with respect to the Company’s directors and officers) and information technology expenses. In certain instances, to improve the Company’s working capital, the Advisor may elect to absorb a portion of the Company’s general and administrative costs or property operating expenses. These absorbed costs are presented net in the accompanying consolidated statements of operations. During the years ended December 31, 2019 and 2018, there were no property operating and general administrative expenses absorbed by the Advisor. During the year ended December 31, 2017, the Advisor elected to forgive $1.2 million of property management fees, and $4.2 million of property management fees were incurred. The following table reflects related party fees, as described above, incurred, forgiven and contractually due as of and for the periods presented: Year Ended December 31, 2019 2018 2017 (Receivable) Payable as of December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2019 2018 One-time fees and reimbursements: Fees on gain from sale of investments $ — $ — $ — $ — $ — $ 875 $ — $ 49 (4) Ongoing fees (1) : Asset management fees (2) 27,530 — 23,212 — 21,353 — — — Property management fees (3) 5,762 — 5,022 — 4,281 1,177 — — Total related party operational fees and reimbursements $ 33,292 $ — $ 28,234 $ — $ 25,634 $ 2,052 $ — $ 49 ___________________________________________________________________________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $1.1 million , $1.1 million and $0.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above. (2) The Advisor, in accordance with the Advisory Agreement, received asset management fees in ca sh equal to the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $9.5 million , $5.2 million and $3.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. (3) For all periods through the six months ended June 30, 2017, the Advisor waived 100% of fees from U.S. assets and its allocated portion of fees from European assets. (4) Balance included within due to related parties on the consolidated balance sheets as of December 31, 2019 and 2018 . Fees Paid in Connection with the Liquidation of the Company’s Real Estate Assets In connection with any sale or similar transaction involving any investment, subject to the terms of the Advisory Agreement, the Company will pay to the Advisor a fee in connection with net gain recognized by the Company in connection with the sale or transaction (the “Gain Fee”) unless the proceeds of such transaction or series of transactions are reinvested in one or more investments within 180 days thereafter. The Gain Fee is calculated at the end of each month and paid, to the extent due, with the next installment of the Base Management Fee. The Gain Fee is calculated by aggregating all of the gains and losses from the preceding month. During the year ended December 31, 2017, the Company reinvested proceeds of $30.3 million and sold one property which resulted in a reduction to the Gain Fee of $0.8 million . As of December 31, 2018, the Gain Fee due to the Advisor was approximately $49,000 . There was no Gain Fee for the years ended December 31, 2019 or 2018 . |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2019 | |
Economic Dependency [Abstract] | |
Economic Dependency | Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor, to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of Common Stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation Stock Option Plan The Company has a stock option plan (the “Plan”) which authorizes the grant of nonqualified Common Stock options to the Company’s directors, officers, advisors, consultants and other personnel of the Company, the Advisor and the Property Manager and their affiliates, subject to the absolute discretion of the board of directors and the applicable limitations of the Plan. The exercise price for any stock options granted under the Plan will be equal to the closing price of a share of Common Stock on the last trading day preceding the date of grant. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of December 31, 2019 , 2018 and 2017 , no stock options were issued under the Plan. Restricted Share Plan The Company’s employee and director incentive restricted share plan (“RSP”) provides the Company with the ability to grant awards of restricted shares of Common Stock (“Restricted Shares”) and RSUs to the Company’s directors, officers and employees, employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The Company pays independent director compensation as follows: (i) the annual retainer payable to all independent directors is $100,000 per year, (ii) the annual retainer for the non-executive chair is $105,000 , (iii) the annual retainer for independent directors serving on the audit committee, compensation committee or nominating and corporate governance committee is $30,000 . All annual retainers are payable 50% in the form of cash and 50% in the form of RSUs which vest over a three -year period. In addition, the directors have the option to elect to receive the cash component in the form of RSUs which would vest over a three -year period. Under the RSP, the number of shares of Common Stock available for awards is equal to 10.0% of the Company’s outstanding shares of Common Stock on a fully diluted basis at any time. If any awards granted under the RSP are forfeited for any reason, the number of forfeited shares is again available for purposes of granting awards under the RSP. Restricted Share awards entitle the recipient to receive shares of Common Stock from the Company under terms that provide for vesting over a specified period of time. Restricted Shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of Restricted Shares receive cash dividends prior to the time that the restrictions on the Restricted Shares have lapsed. Any dividends to holders of Restricted Shares payable in shares of Common Stock are subject to the same restrictions as the underlying Restricted Shares. RSUs represent a contingent right to receive shares of Common Stock at a future settlement date, subject to satisfaction of applicable vesting conditions or other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of Common Stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders are generally credited with dividend or other distribution equivalents which are subject to the same vesting conditions or other restrictions as the underlying RSUs and only paid at the time such RSUs are settled in shares of Common Stock. RSU award agreements generally provide for accelerated vesting of all unvested RSUs in connection with a termination without cause from the Company’s board of directors or a change of control and accelerated vesting of the portion of the unvested RSUs scheduled to vest in the year of the recipient’s voluntary resignation from or failure to be re-elected to the Company’s board of directors. The following table reflects equity awards activity for the years ended December 31, 2019 , 2018 and 2017 . Number of RSUs/Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2016 61,099 $ 25.07 Granted 13,861 22.54 Vested (25,848 ) 25.25 Unvested, December 31, 2017 49,112 24.29 Granted 17,039 18.34 Vested (19,799 ) 24.40 Unvested, December 31, 2018 46,352 22.04 Granted 16,543 18.89 Vested (22,354 ) 22.58 Unvested, December 31, 2019 40,541 20.47 The fair value of the equity awards in the form of Restricted Shares granted prior to the listing of the Company’s common stock on the NYSE on June 2, 2015 was based on the per share price in the Company’s initial public offering of Common Stock completed prior to the listing, and the fair value of the equity awards in the form of RSUs granted on or after the listing is based on the market price of Common Stock as of the grant date. The fair value of equity awards is expensed over the vesting period. Compensation expense related to RSUs was approximately $0.5 million , $0.5 million and $0.7 million during the years ended December 31, 2019 , 2018 and 2017 , respectively, and is recorded as equity-based compensation in the accompanying consolidated statements of operations. As of December 31, 2019 , the Company had $0.5 million of unrecognized compensation cost related to unvested RSUs granted under the RSP. That cost is expected to be recognized over a weighted average period of 1.5 years . Multi-Year Outperformance Agreement On July 16, 2018, the Company’s compensation committee approved the 2018 OPP, which was subsequently entered into by the Company and the OP with the Advisor on July 19, 2018. The 2018 OPP was entered into in connection with the conclusion of the performance period under the 2015 OPP on June 2, 2018. Because no performance goals under the 2015 OPP were achieved during the performance period, no LTIP Units issued under the 2015 OPP were earned and all LTIP Units issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP effective as of June 2, 2018. The equity-based compensation expense associated with the awards pursuant to the 2015 OPP was adjusted each reporting period for changes in the estimated market-related performance and expensed over the requisite service period on a graded vesting basis. Under new accounting rules adopted by the Company on January 1, 2019, the total fair value of the LTIP Units of $18.8 million was calculated in accordance with the new guidance and is fixed as of that date, and will not be remeasured in subsequent periods unless the 2018 OPP is amended (see Note 2 — Summary of Significan t Accounting Policies for a description of new accounting rules related to non-employee equity awards). The value of LTIP Units is being recorded evenly over the requisite service period of approximately 2.8 years from the grant date. In February 2019, the Company entered into an amendment to the 2018 OPP with the Advisor to reflect a change in the peer group resulting from the merger of two members of the peer group. Under the accounting rules, the Company was required to calculate any excess of the new value of LTIP Units awarded pursuant to the 2018 OPP (the “Award LTIP Units”) in accordance with the provisions of the amendment ( $29.9 million ) over the fair value immediately prior to the amendment ( $23.3 million ). This excess of approximately $6.6 million is being expensed over the period from February 21, 2019, the date the Company’s compensation committee approved the amendment, through June 2, 2021, the end of the service period. During the years ended December 31, 2019 and 2018, the Company recorded expense of $9.1 million and $3.3 million related to the 2018 OPP and during the years ended December 31, 2018 and 2017, the Company recorded reductions in expense of $1.1 million and $4.4 million , respectively, for the 2015 OPP. LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units contained in the agreement of limited partnership of the OP. The agreement of limited partnership of the OP was amended in July 2018 in connection with the execution of the 2018 OPP to reflect the issuance of LTIP Units thereunder and to make certain clarifying and ministerial revisions, but these amendments did not alter the terms of the LTIP Units established in connection with the Company’s entry into the 2015 OPP in June 2015. The Advisor, as the holder of the LTIP Units is entitled to distributions on the LTIP Units equal to 10% of the distributions made per OP Unit (other than distributions of sale proceeds) until the LTIP Units are earned. The Company paid approximately $0.5 million in distributions related to LTIP Units during the years ended December 31, 2019 and $0.6 million for the years ended 2018 and 2017, which is included in accumulated deficit in the consolidated statements of changes in equity. These distributions are not subject to forfeiture, even if the LTIP Units are ultimately forfeited. If any LTIP Units are earned, the Advisor will be entitled to a priority catch-up distribution on each earned LTIP Unit equal to the aggregate distributions paid on OP Units during the applicable performance period, less the aggregate distributions paid on the LTIP Unit during the performance period. As of the valuation date on the final day of the applicable performance period, the earned LTIP Units will become entitled to receive the same distributions paid on the OP Units. Further, at the time the Advisor’s capital account with respect to an LTIP Unit is economically equivalent to the average capital account balance of an OP Unit, the LTIP Unit has been earned and it has been vested for 30 days, the Advisor, as the holder of the earned LTIP Unit, in its sole discretion, will in accordance with the limited partnership agreement of the OP, be entitled to convert the LTIP Unit into an OP Unit, which may, in turn, be redeemed on a one-for-one basis for, at the Company’s election, a share of Common Stock or the cash equivalent thereof. 2018 OPP Based on a maximum award value of $50.0 million and $19.57 (the “Initial Share Price”), the closing price of Common Stock on June 1, 2018, the trading day prior to the effective date of the 2018 OPP, the Advisor was issued a total of 2,554,930 LTIP Units pursuant to the 2018 OPP. These LTIP Units represent the maximum number of LTIP Units that could be earned by the Advisor based on the Company’s total shareholder return (“TSR”), including both share price appreciation and Common Stock dividends, against the Initial Share Price over a performance period, commencing on June 2, 2018 and ending on the earliest of (i) June 2, 2021, (ii) the effective date of any Change of Control (as defined in the 2018 OPP) and (iii) the effective date of any termination of the Advisor’s service as advisor of the Company (the “Performance Period”). Half of the LTIP Units (the “Absolute TSR LTIP Units”) are eligible to be earned as of the last day of the Performance Period (the “Valuation Date”) if the Company achieves an absolute TSR with respect to threshold, target and maximum performance goals for the Performance Period as follows: Performance Level (% of Absolute TSR LTIP Units Earned) Absolute TSR Number of Absolute TSR LTIP Units Earned Below Threshold — % Less than 24% — Threshold 25 % 24% 319,366 Target 50 % 30% 638,733 Maximum 100 % 36% or higher 1,277,465 If the Company’s absolute TSR is more than 24% but less than 30% , or more than 30% but less than 36% , the percentage of the Absolute TSR LTIP Units earned is determined using linear interpolation as between those tiers, respectively. Half of the LTIP Units (the “Relative TSR LTIP Units”) are eligible to be earned as of the Valuation Date if the amount, expressed in terms of basis points, whether positive or negative, by which the Company’s absolute TSR for the Performance Period exceeds the average TSR of a peer group for the Performance Period consisting of Lexington Realty Trust, W.P. Carey Inc. and Office Properties Income Trust as follows: Performance Level (% of Relative TSR LTIP Units Earned) Relative TSR Excess Number of Absolute TSR LTIP Units Earned Below Threshold — % Less than -600 basis points — Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % +600 basis points 1,277,465 If the relative TSR excess is more than -600 basis points but less than 0 basis points, or more than 0 basis points but less than +600 bps, the percentage of the Relative TSR LTIP Units earned is determined using linear interpolation as between those tiers, respectively. If the Valuation Date is the effective date of a Change of Control or a termination of the Advisor for any reason (i.e., with or without cause), then calculations relating to the number of LTIP Units earned pursuant to the 2018 OPP will be based on actual performance the last trading day prior to the effective date of the Change of Control or termination (as applicable), with the hurdles for calculating absolute TSR pro-rated to reflect that the Performance Period lasted less than three years but without pro-rating the number of Absolute TSR LTIP Units or Relative TSR LTIP Units the Advisor would be eligible to earn to reflect the shortened period. The award of LTIP Units under the 2018 OPP is administered by the compensation committee, provided that any of the compensation committee’s powers can be exercised instead by the Company’s board of directors if the board of directors so elects. Following the Valuation Date, the compensation committee is responsible for determining the number of Absolute TSR LTIP Units and Relative TSR LTIP Units earned, as calculated by an independent consultant engaged by the compensation committee and as approved by the compensation committee in its reasonable and good faith discretion. The compensation committee also must approve the transfer of any Absolute TSR LTIP Units and Relative TSR LTIP Units (or OP Units into which they may be converted in accordance with the terms of the agreement of limited partnership of the OP). LTIP Units earned as of the Valuation Date will also become vested as of the Valuation Date. Any LTIP Units that are not earned and vested after the Compensation Committee makes the required determination will automatically and without notice be forfeited without the payment of any consideration by the Company or the OP, effective as of the Valuation Date. 2015 OPP In connection with the Listing, the Company entered into the 2015 OPP with the OP and the Advisor. Under the 2015 OPP, the Advisor was issued 3,013,933 LTIP Units in the OP with a maximum award value on the issuance date equal to 5.00% of the Company’s market capitalization (the “OPP Cap”). Because no performance goals under the 2015 OPP were achieved, no LTIP Units issued under the 2015 OPP were earned and all LTIP Units issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP, effective as of June 2, 2018. Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “ Three -Year Period”); each 12-month period during the Three -Year Period (the “ One -Year Periods”); and the initial 24-month period of the Three -Year Period (the “ Two -Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% __________________________________ * The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. The potential outperformance award was calculated at the end of each One -Year Period, the Two -Year Period and the Three -Year Period. The award earned for the Three -Year Period was based on the formula in the table above less any awards earned for the Two -Year Period and One -Year Periods, but not less than zero; the award earned for the Two -Year Period was based on the formula in the table above less any award earned for the first and second One -Year Period, but not less than zero. Any LTIP Units that were unearned at the end of the Performance Period were to be forfeited. One third of any earned LTIP Units were to vest, subject to the Advisor’s continued service through each vesting date, on each of the third, fourth and fifth anniversaries of June 2, 2015. Any earned and vested LTIP Units would have been converted into OP Units in accordance with the terms and conditions of the limited partnership agreement of the OP. The 2015 OPP provided for early calculation of LTIP Units earned and for the accelerated vesting of any earned LTIP Units in the event the Advisor was terminated or in the event the Company incurred a change in control, in either case prior to the end of the Three -Year Period. As of June 2, 2017 (end of the Two -Year Period) and June 2, 2016 (end of the first One -Year Period), and June 2, 2018 (end of the Three -Year Period), no LTIP units were earned by the Advisor under the terms of the 2015 OPP. Accordingly, all LTIP Units that had been issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP as of the end of the Three-Year Period. Other Equity-Based Compensation The Company may issue Common Stock in lieu of cash to pay fees earned by the Company’s directors at each director’s election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were no such shares of Common Stock issued in lieu of cash during the years ended December 31, 2019 , 2018 and 2017 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a summary of the basic and diluted net income per share computation for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (In thousands, except share and per share data) 2019 2018 2017 Net income attributable to common stockholders $ 34,535 $ 1,082 $ 20,731 Adjustments to net income attributable to common stockholders for common share equivalents (660 ) (689 ) (742 ) Adjusted net income attributable to common stockholders $ 33,875 $ 393 $ 19,989 Basic net income per share attributable to common stockholders $ 0.40 $ 0.01 $ 0.30 Diluted net income per share attributable to common stockholders $ 0.39 $ 0.01 $ 0.30 Basic weighted average common shares outstanding 85,031,236 69,411,061 66,877,620 Diluted weighted average common shares outstanding 86,349,645 69,663,208 66,877,620 Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share below excludes the non-forfeitable distributions to the unvested RSUs and unearned LTIP Units from the numerator. Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested RSUs and unearned LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 : December 31, 2019 2018 2017 Unvested RSUs 40,541 46,352 49,112 LTIP Units (1) 1,277,465 970,173 3,013,933 Total anti-dilutive common share equivalents 1,318,006 1,016,525 3,063,045 (1) Weighted-average number of LTIP Units outstanding. There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of December 31, 2019 . The 3,013,933 LTIP Units issued under the 2015 OPP were forfeited as of June 2, 2018 since no LTIP Units were earned under the 2015 OPP. See Note 12 — Equity-Based Compensation for additional information on the 2018 OPP and 2015 OPP. Conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Equity-Based Compensation ) are included in the computation of fully diluted EPS on a weighted average basis for the years ended December 31, 2019 and 2018 based on shares that would have been issued if the balance sheet dates were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the year ended December 31, 2017 because no LTIP Units would have been earned based on the trading price of Common Stock at December 31, 2017. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for years ended December 31, 2019 and 2018 : (In thousands, except share and per share data) Quarters Ended 2019 March 31, June 30, September 30, (1) December 31, Revenue from tenants $ 75,468 $ 76,119 $ 77,942 $ 76,685 Net income attributable to common stockholders $ 5,791 $ 12,621 $ 6,860 $ 9,263 Adjustments to net income attributable to common stockholders for common share equivalents (160 ) (174 ) (176 ) (150 ) Adjusted net income attributable to common stockholders $ 5,631 $ 12,447 $ 6,684 $ 9,113 Basic weighted average shares outstanding 81,474,615 83,847,120 85,254,638 89,458,381 Diluted weighted average shares outstanding 82,798,432 85,165,549 86,202,582 90,776,790 Basic and diluted net income per share attributable to common stockholders $ 0.07 $ 0.15 $ 0.08 $ 0.10 (In thousands, except share and per share data) Quarters Ended 2018 March 31, June 30, September 30, December 31, (2) Revenue from tenants $ 68,086 $ 70,971 $ 71,924 $ 71,226 Net income (loss) attributable to common stockholders $ 2,361 $ 5,288 $ 177 $ (6,744 ) Adjustments to net income (loss) attributable to common stockholders for common share equivalents (184 ) (26 ) (316 ) (163 ) Adjusted net income (loss) attributable to common stockholders $ 2,177 $ 5,262 $ (139 ) $ (6,907 ) Basic weighted average shares outstanding 67,287,231 67,292,021 69,441,639 73,554,137 Diluted weighted average shares outstanding 67,287,231 67,292,021 69,441,639 74,001,250 Basic and diluted net income (loss) per share attributable to common stockholders $ 0.03 $ 0.08 $ — $ (0.09 ) _______ (1) During the three months ended September 30, 2019, the Company recorded an impairment charge of $6.4 million for two properties which it sold in the fourth quarter of 2019. For additional details see Note 3 — Real Estate Investments, Net . (2) During the three months ended December 31, 2018, the Company recorded (i) impairment charges and related lease intangible write-offs of lease intangibles of $5.0 million which are more fully discussed in Note 3 — Real Estate Investments, Net and (ii) a litigation reserve of $7.4 million related to the anticipated settlement of the litigation with the Former Service Provider, which is more fully discussed in Note 9 — Commitments and Contingencies. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except for as previously disclosed or disclosed below. Acquisitions In January 2020 the Company acquired one property for a contract purchase price of $9.4 million . In February 2020, through the date of this filing, the Company acquired four properties for an aggregate contract purchase price of $38.9 million |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation Schedule III | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation Schedule III | Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) McDonalds Corporation Carlisle United Kingdom Oct. 2012 $ — (6) $ 423 $ 803 $ — $ — $ 1,226 $ 144 Wickes Blackpool United Kingdom May 2013 — (6) 1,780 1,778 — — 3,558 434 Everything Everywhere Merthyr Tydfil United Kingdom Jun. 2013 — (6) 3,626 2,100 — — 5,726 460 Thames Water Swindon United Kingdom Jul. 2013 — (6) 3,626 3,900 — 11 7,537 832 Wickes Tunstall United Kingdom Jul. 2013 — (6) 923 1,962 — — 2,885 461 PPD Global Labs Highland Heights KY Aug. 2013 — (9) 2,001 5,162 — 167 7,330 992 Northern Rock Sunderland United Kingdom Sep. 2013 — (6) 1,319 4,200 — — 5,519 884 Wickes Clifton United Kingdom Nov. 2013 — (6) 1,319 1,717 — — 3,036 388 Con-Way Freight, Inc. Aurora NE Nov. 2013 — (13) 295 1,470 — — 1,765 376 Con-Way Freight, Inc. Grand Rapids MI Nov. 2013 — (13) 945 1,247 — — 2,192 319 Con-Way Freight, Inc. Riverton IL Nov. 2013 — (13) 344 707 — — 1,051 181 Con-Way Freight, Inc. Salina KS Nov. 2013 — (13) 461 1,622 — — 2,083 415 Con-Way Freight, Inc. Uhrichsville OH Nov. 2013 — (13) 380 780 — — 1,160 199 Con-Way Freight, Inc. Vincennes IN Nov. 2013 — (13) 220 633 — — 853 167 Con-Way Freight, Inc. Waite Park MN Nov. 2013 — (13) 366 700 — — 1,066 165 Wolverine Howard City MI Dec. 2013 — (13) 719 12,027 — — 12,746 3,034 Encanto Restaurants Baymon PR Dec. 2013 — 1,150 1,552 — — 2,702 366 Encanto Restaurants Caguas PR Dec. 2013 — — 2,233 — — 2,233 527 Encanto Restaurants Carolina PR Dec. 2013 — 1,840 2,485 — — 4,325 587 Encanto Restaurants Carolina PR Dec. 2013 — 615 676 — — 1,291 160 Encanto Restaurants Guayama PR Dec. 2013 — 673 740 — — 1,413 175 Encanto Restaurants Mayaguez PR Dec. 2013 — 410 862 — — 1,272 203 Encanto Restaurants Ponce PR Dec. 2013 — 600 1,218 — — 1,818 263 Encanto Restaurants Ponce PR Dec. 2013 — 655 1,375 — — 2,030 325 Encanto Restaurants Puerto Neuvo PR Dec. 2013 — — 704 — — 704 166 Encanto Restaurants Quebrada Arena PR Dec. 2013 — 843 1,410 — — 2,253 333 Encanto Restaurants Rio Piedras PR Dec. 2013 — 963 1,609 — — 2,572 380 Encanto Restaurants Rio Piedras PR Dec. 2013 — 505 1,061 — — 1,566 251 Encanto Restaurants San German PR Dec. 2013 — 391 631 — — 1,022 136 Encanto Restaurants San Juan PR Dec. 2013 — 153 551 — — 704 130 Encanto Restaurants San Juan PR Dec. 2013 — 1,235 1,358 — — 2,593 321 Encanto Restaurants San Juan PR Dec. 2013 — 389 1,051 — — 1,440 248 Encanto Restaurants Toa Baja PR Dec. 2013 — 68 536 — — 604 116 Encanto Restaurants Vega Baja PR Dec. 2013 — 822 1,374 — — 2,196 324 Rheinmetall Neuss Germany Jan. 2014 — (11) 5,767 16,191 — 73 22,031 2,648 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) GE Aviation Grand Rapids MI Jan. 2014 — (7) 3,174 27,076 — 102 30,352 4,327 Provident Financial Bradford United Kingdom Feb. 2014 — (6) 1,330 24,674 — — 26,004 3,721 Crown Crest Leicester United Kingdom Feb. 2014 — (6) 7,578 31,293 — — 38,871 5,377 Trane Davenport IA Feb. 2014 — 291 1,968 — — 2,259 376 Aviva Sheffield United Kingdom Mar. 2014 — (6) 2,865 32,463 — — 35,328 4,984 DFS Trading Brigg United Kingdom Mar. 2014 — (6) 1,338 3,795 — — 5,133 654 DFS Trading Carcroft United Kingdom Mar. 2014 — (6) 1,125 4,456 — — 5,581 711 DFS Trading Carcroft United Kingdom Mar. 2014 — (6) 305 2,193 — — 2,498 398 DFS Trading Darley Dale United Kingdom Mar. 2014 — (6) 1,317 3,380 — — 4,697 595 DFS Trading Somercotes United Kingdom Mar. 2014 — (6) 774 2,762 — — 3,536 573 Government Services Administration (GSA) Fanklin TN Mar. 2014 — 4,160 30,083 — — 34,243 4,600 National Oilwell Williston ND Mar. 2014 — 211 3,513 — — 3,724 725 Government Services Administration (GSA) Dover DE Apr. 2014 — 1,097 1,715 — — 2,812 291 Government Services Administration (GSA) Germantown PA Apr. 2014 — 1,097 3,573 — — 4,670 544 OBI DIY Mayen Germany Apr. 2014 — (11) 1,257 7,501 — — 8,758 1,295 DFS Trading South Yorkshire United Kingdom Apr. 2014 — (6) — 1,378 — — 1,378 316 DFS Trading Yorkshire United Kingdom Apr. 2014 — (6) — 1,797 — — 1,797 277 Government Services Administration (GSA) Dallas TX Apr. 2014 — 484 2,934 — — 3,418 446 Government Services Administration (GSA) Mission TX Apr. 2014 — 618 3,145 — — 3,763 505 Government Services Administration (GSA) International Falls MN May 2014 — (7) 350 11,182 — 63 11,595 1,748 Indiana Department of Revenue Indianapolis IN May 2014 — 891 7,677 — — 8,568 1,228 National Oilwell Pleasanton TX May 2014 — 202 1,643 — — 1,845 318 Nissan Murfreesboro TN May 2014 — (7) 966 19,573 — — 20,539 2,866 Government Services Administration (GSA) Lakewood CO Jun. 2014 — 1,220 7,928 — — 9,148 1,164 Lippert Components South Bend IN Jun. 2014 — (7) 3,195 6,883 — — 10,078 1,032 Axon Energy Products Conroe TX Jun. 2014 — 826 6,132 — — 6,958 870 Axon Energy Products Houston TX Jun. 2014 — 294 2,310 — — 2,604 366 Axon Energy Products Houston TX Jun. 2014 — 416 5,186 — — 5,602 796 Bell Supply Co Carrizo Springs TX Jun. 2014 — 260 1,445 — — 1,705 263 Bell Supply Co Cleburne TX Jun. 2014 — 301 323 — — 624 66 Bell Supply Co Frierson LA Jun. 2014 — 260 1,054 — — 1,314 266 Bell Supply Co Gainesville TX Jun. 2014 — 131 1,420 — — 1,551 219 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) Bell Supply Co Killdeer ND Jun. 2014 — 307 1,250 — — 1,557 222 Bell Supply Co Williston ND Jun. 2014 — 162 2,323 — — 2,485 372 GE Oil & Gas Canton OH Jun. 2014 — 437 3,039 — 300 3,776 483 GE Oil & Gas Odessa TX Jun. 2014 — 1,611 3,322 — — 4,933 951 Lhoist Irving TX Jun. 2014 — 173 2,154 — — 2,327 400 Select Energy Services DeBerry TX Jun. 2014 — 533 7,551 — — 8,084 1,841 Select Energy Services Gainesville TX Jun. 2014 — 519 7,482 — — 8,001 1,082 Select Energy Services Victoria TX Jun. 2014 — 354 1,698 — — 2,052 322 Bell Supply Co Jacksboro TX Jun. 2014 — 51 657 — — 708 165 Bell Supply Co Kenedy TX Jun. 2014 — 190 1,669 — — 1,859 331 Select Energy Services Alice TX Jun. 2014 — 518 1,331 — — 1,849 227 Select Energy Services Dilley TX Jun. 2014 — 429 1,777 — — 2,206 357 Select Energy Services Kenedy TX Jun. 2014 — 815 8,355 — — 9,170 1,438 Select Energy Services Laredo TX Jun. 2014 — 2,472 944 — — 3,416 241 Superior Energy Services Gainesville TX Jun. 2014 — 322 480 — — 802 75 Superior Energy Services Jacksboro TX Jun. 2014 — 408 312 — — 720 67 Amcor Packaging Workington United Kingdom Jun. 2014 — (6) 1,148 6,767 — — 7,915 1,203 Government Services Administration (GSA) Raton NM Jun. 2014 — 93 875 — — 968 142 Nimble Storage San Jose CA Jun. 2014 — (9) 30,227 10,795 — 180 41,202 1,637 FedEx Amarillo TX Jul. 2014 — 889 6,446 — — 7,335 1,151 FedEx Chicopee MA Jul. 2014 — 1,030 7,022 — — 8,052 1,313 FedEx San Antonio TX Jul. 2014 — (13) 3,283 17,756 — — 21,039 2,636 Sandoz Princeton NJ Jul. 2014 — (7) 7,766 31,994 — 11,648 51,408 9,481 Wyndham Branson MO Jul. 2014 — 881 3,307 — — 4,188 520 Valassis Livonia MI Jul. 2014 — 1,735 8,119 — — 9,854 1,170 Government Services Administration (GSA) Fort Fairfield ME Jul. 2014 — 26 9,315 — — 9,341 1,288 AT&T Services, Inc. San Antonio TX Jul. 2014 — (14) 5,312 41,201 — — 46,513 5,636 PNC Bank Erie PA Jul. 2014 — (9) 242 6,195 — — 6,437 865 PNC Bank Scranton PA Jul. 2014 — (7) 1,324 3,004 — — 4,328 430 Continental Tire Fort Mill SC Jul. 2014 — 780 14,259 — — 15,039 1,987 Fujitsu Office Properties Manchester United Kingdom Jul. 2014 — (6) 3,724 40,307 — — 44,031 5,704 BP Oil Wootton Bassett United Kingdom Aug. 2014 — (6) 604 2,611 — — 3,215 393 HBOS Derby United Kingdom Aug. 2014 — (6) 606 6,105 — — 6,711 948 HBOS St. Helens United Kingdom Aug. 2014 — (6) 230 3,460 — — 3,690 542 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) HBOS Warrington United Kingdom Aug. 2014 — (6) 438 2,067 — — 2,505 349 Malthurst Shiptonthorpe United Kingdom Aug. 2014 — (6) 278 1,975 — — 2,253 327 Malthurst Yorkshire United Kingdom Aug. 2014 — (6) 493 1,293 — — 1,786 280 Stanley Black & Decker Westerville OH Aug. 2014 — 958 6,933 — — 7,891 1,001 Thermo Fisher Kalamazoo MI Aug. 2014 — 1,176 10,179 — — 11,355 1,396 Capgemini Birmingham United Kingdom Aug. 2014 — (6) 1,641 15,561 — — 17,202 2,314 Merck Madison NJ Aug. 2014 — (7) 10,290 32,530 — — 42,820 4,425 Government Services Administration (GSA) Rangeley ME Aug. 2014 — 1,377 4,746 — 262 6,385 721 Hewlett-Packard Newcastle United Kingdom Sep. 2014 — (6) 1,134 18,877 — — 20,011 2,628 Intier Automotive Redditch United Kingdom Sep. 2014 — (6) 1,171 9,270 — — 10,441 1,436 Waste Management Winston-Salem NC Sep. 2014 — 494 3,235 — — 3,729 461 FedEx Winona MN Sep. 2014 — 83 1,785 — — 1,868 292 Dollar General Allen OK Sep. 2014 — 99 793 — — 892 118 Dollar General Cherokee KS Sep. 2014 — 27 769 — — 796 116 Dollar General Clearwater KS Sep. 2014 — 90 785 — — 875 118 Dollar General Dexter NM Sep. 2014 — 329 585 — — 914 88 Dollar General Elmore City OK Sep. 2014 — 21 742 — — 763 114 Dollar General Eunice NM Sep. 2014 — 269 569 — — 838 87 Dollar General Gore OK Sep. 2014 — 143 813 — — 956 123 Dollar General Kingston OK Sep. 2014 — 81 778 — — 859 118 Dollar General Lordsburg NM Sep. 2014 — 212 719 — — 931 108 Dollar General Lyons KS Sep. 2014 — 120 970 — — 1,090 145 Dollar General Mansfield LA Sep. 2014 — 169 812 — — 981 122 Dollar General Neligh NE Sep. 2014 — 83 1,045 — — 1,128 152 Dollar General Norman OK Sep. 2014 — 40 913 — — 953 137 Dollar General Peggs OK Sep. 2014 — 72 879 — — 951 131 Dollar General Santa Rosa NM Sep. 2014 — 324 575 — — 899 87 Dollar General Sapulpa OK Sep. 2014 — 143 745 — — 888 115 Dollar General Schuyler NE Sep. 2014 — 144 905 — — 1,049 133 Dollar General Tahlequah OK Sep. 2014 — 132 925 — — 1,057 137 Dollar General Townville PA Sep. 2014 — 78 882 — — 960 139 Dollar General Valley Falls KS Sep. 2014 — 51 922 — — 973 134 Dollar General Wymore NE Sep. 2014 — 21 872 — — 893 129 FedEx Bohemia NY Sep. 2014 — (7) 4,838 19,596 — — 24,434 2,965 FedEx Watertown NY Sep. 2014 — 561 4,757 — — 5,318 758 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) Shaw Aero Naples FL Sep. 2014 — 998 22,332 — — 23,330 3,050 Mallinckrodt St. Louis MO Sep. 2014 — (9) 1,499 16,828 — — 18,327 2,322 Kuka Warehouse Sterling Heights MI Sep. 2014 — 1,227 10,790 — — 12,017 1,489 Trinity Health Livonia MI Sep. 2014 — 4,273 16,574 — 2,075 22,922 2,696 Trinity Health Livonia MI Sep. 2014 — 4,680 11,568 — 2,423 18,671 2,243 FedEx Hebron KY Sep. 2014 — 1,106 7,750 — 109 8,965 1,149 FedEx Lexington KY Sep. 2014 — 1,118 7,961 — — 9,079 1,145 GE Aviation Cincinnati OH Sep. 2014 — 1,393 10,490 — — 11,883 1,450 Bradford & Bingley Bingley United Kingdom Oct. 2014 — (6) 4,397 11,041 — — 15,438 1,651 DNV GL Dublin OH Oct. 2014 — 2,509 3,140 — 126 5,775 472 Rexam Reckinghausen Germany Oct. 2014 — (11) 791 11,131 — — 11,922 1,529 C&J Energy Houston TX Oct. 2014 — (7) 3,865 9,457 — — 13,322 1,371 FedEx Lake Charles LA Oct. 2014 — (14) 255 7,485 — — 7,740 1,215 Onguard Havre De Grace MD Oct. 2014 — 2,216 6,585 — — 8,801 1,278 Axon Energy Products Houston TX Oct. 2014 — 297 2,432 — — 2,729 327 Metro Tonic Halle Peissen Germany Oct. 2014 — (11) 6,816 47,750 — — 54,566 7,265 Tokmanni Matsala Finland Nov. 2014 — (10) 1,766 53,455 — — 55,221 7,663 Fife Council Dunfermline United Kingdom Nov. 2014 — (6) 347 4,479 — — 4,826 623 Government Services Administration (GSA) Rapid City SD Nov. 2014 — 504 7,837 — — 8,341 1,096 KPN BV Houten The Netherlands Nov. 2014 — (12) 1,581 19,345 — — 20,926 2,537 Follett School McHenry IL Dec. 2014 — 3,423 15,600 — — 19,023 2,533 Quest Diagnostics, Inc. Santa Clarita CA Dec. 2014 — (14) 10,714 69,018 — — 79,732 8,923 Diebold North Canton OH Dec. 2014 — (13) — 9,142 — — 9,142 1,416 Weatherford International Odessa TX Dec. 2014 — (9) 665 1,795 — 78 2,538 399 AM Castle Wichita KS Dec. 2014 — 426 6,681 — 509 7,616 845 FedEx Billerica MA Dec. 2014 — 1,138 6,674 — 752 8,564 1,038 Constellium Auto Wayne MI Dec. 2014 — (7) 1,180 13,781 — 7,875 22,836 4,518 C&J Energy Houston TX Mar. 2015 — (7) 6,196 21,745 — — 27,941 2,739 FedEx Salina UT Mar. 2015 — 428 3,447 — — 3,875 615 FedEx Pierre SD Apr. 2015 — — 3,288 — — 3,288 563 Crowne Group Fraser MI Aug. 2015 — 350 3,865 — — 4,215 472 Crowne Group Jonesville MI Aug. 2015 — 101 3,136 — — 3,237 394 Crowne Group Logansport IN Aug. 2015 — 1,843 5,430 — — 7,273 769 Crowne Group Marion SC Aug. 2015 — 386 7,993 — — 8,379 1,034 JIT Steel Chattanooga TN Sep. 2015 — 582 3,122 — — 3,704 358 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) JIT Steel Chattanooga TN Sep. 2015 — 316 1,986 — — 2,302 222 Mapes & Sprowl Elk Grove Village IL Sep. 2015 — (13) 954 4,619 — — 5,573 546 Beacon Health South Bend IN Sep. 2015 — 1,636 8,190 — — 9,826 982 National Oilwell Pleasanton TX Sep. 2015 — 80 3,372 — — 3,452 418 Office Depot Venlo The Netherlands Sep. 2015 — 3,498 15,468 — — 18,966 1,991 Finnair Helsinki Finland Sep. 2015 — (10) 2,524 71,920 — — 74,444 8,306 Hannibal Houston TX Sep. 2015 — 2,090 11,138 — — 13,228 1,247 FedEx Mankato MN Sep. 2015 — 472 6,780 — — 7,252 973 Auchan Beychac-et-Caillau France Dec. 2016 — 4,061 13,207 — — 17,268 1,338 DCNS Guipavas France Dec. 2016 10,655 1,895 14,377 — — 16,272 1,200 Deutsche Bank Kirchberg Luxembourg Dec. 2016 — (12) 14,486 49,274 — 474 64,234 3,822 FedEx Greensboro NC Dec. 2016 — 1,820 8,252 — — 10,072 866 Foster Wheeler Reading United Kingdom Dec. 2016 — (6) 27,893 76,305 — — 104,198 5,900 Harper Collins Glasgow United Kingdom Dec. 2016 — (6) 10,417 53,213 — — 63,630 4,452 ID Logistics Landersheim France Dec. 2016 6,169 1,933 8,122 — — 10,055 670 ID Logistics Moreuil France Dec. 2016 5,608 2,983 6,034 — — 9,017 523 ID Logistics Weilbach Germany Dec. 2016 — (11) 1,335 8,826 — — 10,161 695 ING Bank Amsterdam Zuidoos The Netherlands Dec. 2016 — (12) — 73,034 — 269 73,303 5,575 NCR Financial Solutions Group Dundee United Kingdom Dec. 2016 — (6) 2,651 8,479 — — 11,130 797 Pole Emploi Marseille France Dec. 2016 — 800 8,429 — — 9,229 649 Sagemcom Rueil Malmaison France Dec. 2016 — 3,014 72,394 — 2,474 77,882 5,597 Worldline SA Blois France Dec. 2016 5,608 1,133 5,392 — — 6,525 572 Cott Beverages Sikeston MO Feb. 2017 — 456 8,291 — — 8,747 632 FedEx Great Falls MT Mar. 2017 — (9) 326 5,439 — — 5,765 543 FedEx Morgantown WV Mar. 2017 — (7) 4,661 8,401 — — 13,062 662 Bridgestone Tire Mt. Olive Township NJ Sep. 2017 — (8) 916 5,088 — — 6,004 326 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 210 1,753 — — 1,963 111 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 300 3,936 — — 4,236 282 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 270 3,858 — — 4,128 249 GKN Aerospace Blue Ash OH Oct. 2017 — (8) 790 4,079 — — 4,869 255 Tremec Wixom MI Nov. 2017 — (8) 1,002 17,376 — — 18,378 1,092 NSA Industries Groveton NH Dec. 2017 — (8) 59 3,517 — — 3,576 181 Cummins Omaha NE Dec. 2017 — (8) 1,448 6,469 — — 7,917 405 Government Services Administration (GSA) Gainsville FL Dec. 2017 — 451 6,016 — — 6,467 315 Chemours Pass Christian MS Feb. 2018 — (13) 382 16,149 — — 16,531 899 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) Lee Steel Wyoming MI Mar. 2018 — 504 7,256 — — 7,760 333 LSI Steel Chicago IL Mar. 2018 — 3,341 1,181 — — 4,522 54 LSI Steel Chicago IL Mar. 2018 — 1,792 5,615 — — 7,407 247 LSI Steel Chicago IL Mar. 2018 — 2,856 948 — — 3,804 47 Fiat Chrysler Sterling Heights MI Mar. 2018 — 1,855 13,623 — — 15,478 718 Contractors Steel Belleville MI May 2018 — 2,862 25,878 — 6,296 35,036 1,129 Contractors Steel Hammond IN May 2018 — 1,970 8,859 — — 10,829 453 Contractors Steel Livonia MI May 2018 — 933 8,554 — 1,357 10,844 384 Contractors Steel Twinsburg OH May 2018 — 729 8,707 — 2,500 11,936 431 Contractors Steel Wyoming MI May 2018 — 970 12,426 — 1,232 14,628 568 FedEx Blackfoot ID Jun. 2018 — (13) 350 6,882 — — 7,232 497 DuPont Pioneer Spencer IA Jun. 2018 — 273 6,718 — — 6,991 317 Rubbermaid Akron OH Jul. 2018 — (13) 1,221 17,145 — — 18,366 624 NetScout Allen TX Aug. 2018 — (9) 2,115 41,486 — — 43,601 1,492 Bush Industries Jamestown NY Sep. 2018 — (13) 1,535 14,818 — — 16,353 501 FedEx Greenville NC Sep. 2018 — (13) 581 9,744 — — 10,325 616 Penske Romulus MI Nov. 2018 70,000 4,701 105,826 — — 110,527 3,319 NSA Industries Georgetown MA Nov. 2018 — 1,100 6,059 — — 7,159 225 LKQ Corp. Cullman AL Dec. 2018 — 61 3,781 — — 3,842 108 Grupo Antolin North America, Inc. Shelby Township MI Dec. 2018 — 1,941 41,648 — — 43,589 1,153 Walgreens Pittsburgh PA Dec. 2018 — 1,701 13,718 — 16 15,435 384 VersaFlex Kansas City KS Dec. 2018 — 519 7,581 — — 8,100 197 Cummins Gillette WY Mar. 2019 — (14) 1,197 5,470 — 35 6,702 139 Stanley Security Fishers IN Mar. 2019 — (14) 1,246 11,879 — — 13,125 245 Sierra Nevada Colorado Springs CO Apr. 2019 — — 16,105 — — 16,105 328 EQT Waynesburg PA Apr. 2019 — (14) 875 11,126 — — 12,001 220 Hanes Calhoun GA Apr. 2019 — (14) 731 8,104 — — 8,835 171 Union Partners Aurora IL May. 2019 — 929 11,621 — — 12,550 183 Union Partners Dearborn MI May. 2019 — (14) 3,028 11,645 — — 14,673 192 ComDoc North Canton OH Jun. 2019 — (14) 602 15,128 — — 15,730 225 Metal Technologies Bloomfield IN Jun. 2019 — (14) 277 9,552 — — 9,829 148 Encompass Health Birmingham AL Jun. 2019 — (14) 1,746 55,568 — — 57,314 706 Heatcraft Tifton GA Jun. 2019 — (14) 346 9,064 — — 9,410 115 CF Sauer SLB Mauldin SC Aug. 2019 — 40 343 — — 383 4 CF Sauer SLB Mauldin SC Aug. 2019 — 232 15,488 — — 15,720 173 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Date Encumbrances at December 31, 2019 (1) Land Building and Improvements Land Building and Improvements Gross Amount at December 31, 2019 (2)(3) Accumulated Depreciation (4)(5) CF Sauer SLB Mauldin SC Aug. 2019 — 348 4,747 — — 5,095 65 CF Sauer SLB Mauldin SC Aug. 2019 — 190 9,488 — — 9,678 105 CF Sauer SLB Orange FL Aug. 2019 — 237 351 — — 588 5 CF Sauer SLB San Luis Obispo CA Aug. 2019 — 2,201 12,884 — — 15,085 149 SWECO Florence KY Sep. 2019 — 2,080 21,924 — — 24,004 170 Viavi Solutions Santa Rosa CA Sep. 2019 — 3,061 5,929 — 22 9,012 45 Viavi Solutions Santa Rosa CA Sep. 2019 — 3,073 7,130 — 22 10,225 54 Faurecia Auburn Hills MI Dec. 2019 — 3,310 38,278 — 456 42,044 89 Plasma Garland TX Dec. 2019 — 595 2,421 — — 3,016 7 Plasma El Paso TX Dec. 2019 — 72 2,478 — — 2,550 5 Plasma Bradenton FL Dec. 2019 — 185 3,747 — — 3,932 8 Plasma Hickory NC Dec. 2019 — 494 3,702 — — 4,196 9 Plasma Irving TX Dec. 2019 — 673 3,916 — — 4,589 11 Plasma Lake Charles LA Dec. 2019 — 301 1,730 — — 2,031 4 Plasma Mission TX Dec. 2019 — 275 1,735 — — 2,010 4 Plasma Meridian MS Dec. 2019 — 203 2,965 — — 3,168 7 Plasma Peoria IL Dec. 2019 — 206 2,578 — — 2,784 6 Whirlpool Cleveland TN Dec. 2019 — 2,230 20,923 — — 23,153 51 Whirlpool Clyde OH Dec. 2019 — 1,641 20,072 — — 21,713 48 Whirlpool Clyde OH Dec. 2019 — 3,559 17,283 — — 20,842 48 Whirlpool Findlay OH Dec. 2019 — 1,344 22,624 — — 23,968 51 Whirlpool Marion OH Dec. 2019 — 1,876 27,850 — — 29,726 63 Whirlpool Ottawa OH Dec. 2019 — 3,155 19,919 — — 23,074 41 FedEx Bathurst Canada Dec. 2019 — 39 2,205 — — 2,244 — FedEx Woodstock Canada Dec. 2019 — 430 3,857 — — 4,287 — NSA Industries Franklin NH Dec. 2019 — 237 7,968 — — 8,205 — Encumbrances allocated based on notes below 1,189,408 $ 1,287,448 $ 414,446 $ 2,655,144 — $ 41,906 $ 3,111,496 $ 266,722 _______ (1) These are stated principal amounts at spot rates for those in local currency and exclude $15.3 million of deferred financing costs and $26,000 of mortgage discounts, net. (2) Acquired intangible lease assets allocated to individual properties in the amount of $651.8 million are not reflected in the table above. (3) The tax basis of aggregate land, buildings and improvements as of December 31, 2019 is $3.8 billion . (4) The accumulated depreciation column excludes approximately $250.4 million of accumulated amortization associated with acquired intangible lease assets. (5) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for improvements and five years for fixtures. (6) These properties collateralize the UK Multi-Property Cross Collateralized Loan of $294.3 million as of December 31, 2019 . (7) These properties collateralize the U.S. Multi-Property Loan I of $187.0 million as of December 31, 2019 . (8) These properties collateralize the U.S. Multi-Property Loan II of $32.8 million as of December 31, 2019 . (9) These properties collateralize the U.S. Multi-Property Loan III of $98.5 million as of December 31, 2019 . (10) These properties collateralize the loan on the Finland properties of $83.0 million as of December 31, 2019 . (11) These properties collateralize the loan on the Germany properties of $57.8 million as of December 31, 2019 . (12) These properties collateralize the loan on the Luxembourg and Netherlands properties of $134.6 million as of December 31, 2019 . (13) These properties collateralize the U.S. Multi-Property Loan IV of $97.5 million as of December 31, 2019 . (14) These properties collateralize the U.S. Multi-Property Loan V of $204.0 million as of December 31, 2019 . . A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019 , 2018 and 2017 : December 31, 2019 2018 2017 Real estate investments, at cost: Balance at beginning of year $ 2,745,348 $ 2,543,052 $ 2,344,634 Additions-Acquisitions 511,378 420,529 88,231 Asset remeasurement — — (8,559 ) Asset dispositions (143,004 ) (32,110 ) — Transfer to assets held for sale — (123,021 ) — Impairment charge (6,299 ) (1,603 ) — Currency translation adjustment 4,073 (61,499 ) 133,891 Balance at end of the year $ 3,111,496 $ 2,745,348 $ 2,543,052 Accumulated depreciation: Balance at beginning of year $ 220,225 $ 174,452 $ 111,321 Depreciation expense 69,257 64,849 59,385 Asset dispositions (22,821 ) (3,861 ) (2,122 ) Transfer to assets held for sale — (10,633 ) — Currency translation adjustment 61 (4,582 ) 5,868 Balance at end of the year $ 266,722 $ 220,225 $ 174,452 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. |
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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to multi-year outperformance agreements entered into with the Advisor in 2015 (the “2015 OPP”) and 2018 (the “2018 OPP”) and fair value measurements, as applicable. |
Reclassifications | Reclassifications The Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line (see additional information in the “Recently Issued Accounting Pronouncements” section below). Prior period have been reclassified to conform to this presentation. |
Revenue Recognition | The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the new leasing standard (see the “Recently Issued Accounting Pronouncements” section below), the Company is required to assess, based on credit risk only, if it is probable that we will collect virtually all of the lease payments at lease commencement date and we must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in Revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, which include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2019 , these leases had an average remaining lease term of 8.3 years . Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2019 and 2018 , the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $51.8 million and $47.2 million , respectively. For the years ended December 31, 2019 , 2018 and 2017 , the Company’s revenue from tenants included impacts of unbilled rental revenue of $6.8 million , $6.3 million and $10.5 million , respectively, to adjust contractual rent to straight-line rent. |
Investments in Real Estate | Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2019 and 2018 . Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2019 , the Company did no t have any properties classified as held for sale and as of December 31, 2018, the Company had had three properties classified as held for sale (see Note 3 — Real Estate Investments, Net for additional information). As more fully discussed in Note 2 — Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases , all of the Company’s leases as lessor prior to adoption were accounted for as operating leases and will continue to be accounted for as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75% ), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90% ) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. As of December 31, 2019, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet and the rent expense is reflected on a straight line basis over the lease term. |
Purchase Price Allocation | Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases, and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2019 and 2018 were asset acquisitions. During 2017, prior to our adoption of ASU No. 2017-01, Business Combinations (Topic 805) (see Summary of Significant Accounting Policies below), all of our acquisitions were accounted for as business combinations. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. . Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates, and the value of in-place leases, as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months . The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease, and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. |
Impairment of Long Lived Assets | Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. |
Gain on Dispositions Of Real Estate Investments | Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). |
Depreciation and Amortization and Above Market Lease Amortization | Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the |
Restricted Cash | Restricted Cash |
Goodwill | Goodwill |
Derivatives Instruments | Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the U.S. dollar (“USD”). The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. |
Deferred Financing Costs, Net | Deferred Financing Costs, Net Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 5 — Credit Facilities ) and represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. |
Equity-Based Compensation | Equity-Based Compensation The Company has a stock-based incentive award plan for its directors, and awards thereunder which are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 12 — Equity-Based Compensation ). Multi-Year Outperformance Agreements Concurrent with the listing of the Company’s common stock on the NYSE (the “Listing”) and modifications to the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, the OP and the Advisor, the Company entered into the 2015 OPP with the Advisor. Also, in July 2018, the Company entered into the 2018 OPP, a new multi-year outperformance agreement with the Advisor . Under the 2015 OPP, which expired on June 2, 2018, the Company recorded equity-based compensation expense associated with the awards over the requisite service period on a graded basis. Under the 2018 OPP, effective June 2, 2018, the Company records equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. The equity-based compensation expense was adjusted each reporting period for changes in the estimated market-related performance. Under new accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of adoption of the new guidance will be fixed as of that date and reflected as a charge to earnings evenly over the service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for these awards see Recently Issued Accounting Pronouncements section below and Note 12 — Equity-based compensation . |
Income Taxes | Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner so as to remain qualified as a REIT. As a REIT, the Company generally will not be subject to U.S. federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REIT’s are subject to a number of other organizational and operational requirements. The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a benefit recognition model, which the Company believes 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, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The Company derecognizes the tax position when the likelihood of the tax position being sustained is no longer more likely than not. The Company recognizes deferred income taxes in certain of its subsidiaries taxable in the U.S. or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. The Company provides a valuation allowance against its deferred income tax assets when it believes that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). The Company derives most of its REIT taxable income from its real estate operations in the U.S. and has historically distributed all of its REIT taxable income to its shareholders. As such, the Company’s real estate operations are generally not subject to U.S federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income. The Company recognizes current income tax expense for state and local income taxes and taxes incurred in its foreign jurisdictions. The Company’s current income tax expense fluctuates from period to period based primarily on the timing of its taxable income. The Company’s current income tax provision for the years ended December 31, 2019 , 2018 and 2017 was $4.7 million , $2.4 million , and $2.1 million , respectively. The Company’s deferred income tax (benefit) provision for the years ended December 31, 2019 , 2018 , and 2017 was $(0.4) million , $3.3 million , and $1.0 million , respectively. Deferred income tax (expense) benefit is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as deferred income tax assets from state and local taxes in the U.S. or in foreign jurisdictions. For the years ended December 31, 2019 , 2018 and 2017 the Company recognized income tax expense of $4.3 million , $2.4 million and $3.1 million , respectively. Deferred tax assets on the consolidated balance sheets are net of valuation allowances of $4.3 million and $3.0 million as of December 31, 2019 and 2018 , respectively. The amount of dividends payable to the Company’s stockholders is determined by the board of directors and is dependent on a number of factors, including funds available for distributions, financial condition, capital expenditure requirements, as applicable, and annual dividend requirements needed to qualify and maintain the Company’s status as a REIT under the Code. |
Foreign Currency Translation | Foreign Currency Translation The Company’s reporting currency is the USD. The functional currency of the Company’s foreign operations is the applicable local currency for each foreign subsidiary. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. The amounts reported in the consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of AOCI in the consolidated statements of equity. |
Per Share Data | Per Share Data Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share below excludes the non-forfeitable distributions to the unvested RSUs and unearned LTIP Units from the numerator. Conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Equity-Based Compensation ) are included in the computation of fully diluted EPS on a weighted average basis for the years ended December 31, 2019 |
Reportable Segments | Reportable Segments The Company determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate rental revenue and other income through the leasing of properties, which comprise 100% of total consolidated revenues. Management evaluates the operating performance of the Company’s investments in real estate on an individual property level. |
Recently Issued and Pending Adoption Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted as of January 1, 2019 ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which provides new guidance related to the accounting for leases, as well as the related disclosures. For lessors of real estate, leases are accounted for using an approach substantially the same as previous accounting guidance for operating leases and direct financing leases. For lessees, the new standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. Upon adoption, lessors were allowed a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Also, upon adoption, companies were allowed a practical expedient package, which the Company has elected, that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019 (including assessing sale-leaseback transactions); and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. As a result, all of the Company’s existing leases will continue to be classified as operating leases under the new standard. Further, any existing leases for which the property is leased to a tenant in a transaction that at inception was a sale-leaseback transaction will continue to be treated (absent a modification) as operating leases. The Company did not have any leases that would be considered financing leases as of January 1, 2019. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, using a prospective transition approach under which the Company elected to apply the guidance effective January 1, 2019 and not adjust prior comparative reporting periods (except for the Company’s presentation of lease revenue discussed below). Lessor Accounting As discussed above, the Company was not required to re-assess the classification of its leases, which are considered operating leases under ASU 2016-02. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessor: • Because the Company elected the practical expedient noted above to not separate non-lease component revenue from the associated lease component, the Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. Prior period have been conformed to this new presentation. • Changes in the Company’s assessment of receivables that result in bad debt expense is now required to be recorded as an adjustment to revenue from tenants, rather than a charge to bad debt expense. This new classification applies for the first quarter of 2019 and reclassification of prior period amounts is not permitted. At transition on January 1, 2019, after assessing its reserve balances at December 31, 2018 under the new guidance, the Company wrote off accounts receivable of $ 3.4 million , net of $2.2 million in bad debt reserves as an adjustment to the opening balance of accumulated deficit, and accordingly rent for these tenants is currently recorded on a cash basis. • Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Under prior accounting guidance, the recognition would have been deferred. Lessee Accounting The Company is a lessee under ground leases for seven properties as of January 1, 2019. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessee: • Upon adoption of the new standard, the Company recorded ROU assets and lease liabilities equal to $24.0 million for the present value of the lease payments related to its ground leases. These amounts are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. • The Company also reclassified $27.0 million , net related to amounts previously reported as above and below market ground lease intangibles to the ROU assets. For additional information and disclosures related to these operating leases, see Note 9 — Commitments and Contingencies. Other Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): S implifying the Test for Goodwill Impairment. This standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. In 2019, the Company early adopted this guidance , in connection with the reassessments and impairment of goodwill during the year ended December 31, 2019. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) : (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception guidance that changes the method to determine the classification of certain financial instruments with a down round feature as liabilities or equity instruments and clarify existing disclosure requirements for equity-classified instruments. A down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. As a result, a freestanding equity-linked financial instrument no longer would be accounted for as a derivative liability, rather, an entity that presents earnings per share is required to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The revised guidance became effective for the Company effective January 1, 2019 and it did not have an impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018. The Company adopted ASU 2017-12 on January 1, 2019 using a modified retrospective transition method, as required, and recognized the cumulative effect of the change on the opening balance of each affected component of equity as of the date of adoption. The opening balance sheet adjustment specifically related to the elimination of the requirement for separate measurement of hedge ineffectiveness and resulted in a credit, or decrease, to accumulated deficit of $0.3 million , with a corresponding debit, or decrease, to accumulated other comprehensive income. In February 2018, the FASB issued ASU 2018-02, Income Statement- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance addresses the impact of Tax Cuts and Jobs Act signed into law on December 22, 2017, (“Tax Cuts and Jobs Act”) on items within AOCI which do not reflect the appropriate tax rate. ASU 2018-02 allows the Company to retrospectively reclassify the income tax effects on items in AOCI to retained earnings for all periods in which the effect of the change in the U.S. federal corporate income tax rate was recognized. In addition, all companies are required to disclose whether the company has elected to reclassify the income tax effects of the Tax Cuts and Jobs Act to retained earnings and disclose information about any other income tax effects that are reclassified from AOCI by the Company. The amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Companies are required to apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The revised guidance became effective for the Company effective January 1, 2019 and it did not have an impact on the Company’s consolidated financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation- Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) as an amendment and update expanding the scope of Topic 718. The amendment specifies that Topic 718 now applies to all share-based payment transactions, even non-employee awards, in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Under the new guidance, a wards to nonemployees are measured on the grant date, rather than on the earlier of the performance commitment date or the date at which the nonemployee’s performance is complete. Also, the awards would be measured by estimating the fair value of the equity instruments to be issued, rather than the fair value of the goods or services received or the fair value of the equity instruments issued, whichever can be measured more reliably. In addition, entities may use the expected term to measure nonemployee awards or elect to use the contractual term as the expected term, on an award-by-award basis. The new guidance is effective for the Company in annual periods beginning after December 15, 2018, and interim periods within those annual periods, with early adoption permitted. The Company adopted the new guidance on January 1, 2019 and began applying the new rules to its non-employee award made to the Advisor pursuant to the 2018 OPP. As a result, total equity-based compensation expense calculated as of adoption of the new guidance will be fixed as of that date and will not be remeasured in subsequent periods (unless modified). In addition, the expense is being recorded over the requisite service period from the grant date. See Note 12 — Equity-Based Compensation for additional information on the awards to the Advisor pursuant to the 2018 OPP and the 2015 OPP. Pending Adoption as of December 31, 2019 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The revised guidance became effective for the Company effective January 1, 2020 and it is not expected to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020 and it is not expected to have a material impact on the Company’s financial statements. |
Fair Value of Financial Instruments | The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2019 and 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Future Minimum Base Rent Payments | The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2019 . These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items: (In thousands) Future Minimum Base Rent Payments (1) 2020 $ 294,087 2021 295,428 2022 286,725 2023 264,583 2024 225,344 Thereafter 934,179 Total $ 2,300,346 _____ (1) Assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.12 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.77 as of December 31, 2019 for illustrative purposes, as applicable. |
Future Minimum Base Rent Payments (Prior Year) | The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2018 : (In thousands) Future Minimum Base Rent Payments (1) 2019 $ 275,118 2020 278,651 2021 279,630 2022 270,569 2023 247,237 Thereafter 856,838 Total $ 2,208,043 ________________________________________ (1) Assumes exchange rates of £1.00 to $1.27 for GBP and €1.00 to $1.14 for EUR as of December 31, 2018 for illustrative purposes, as applicable. |
Schedule of Real Estate Investments by Location | The following tables present the geographic information for Revenue from tenants and Investments in real estate: Year Ended December 31, (In thousands) 2019 2018 2017 Revenue from tenants: United States and Puerto Rico $ 180,100 $ 148,588 $ 133,060 United Kingdom 51,215 54,025 52,567 Europe (Finland, France, Germany, Luxembourg, and the Netherlands) 74,881 79,594 73,668 Canada 18 — — Total $ 306,214 $ 282,207 $ 259,295 As of December 31, (In thousands) 2019 2018 Investments in real estate: United States $ 2,496,960 $ 2,073,022 United Kingdom 593,845 586,836 Europe (Finland, France, Germany, Luxembourg, and the Netherlands) 665,236 761,041 Canada 7,223 — Total $ 3,763,264 $ 3,420,899 |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Allocation of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2019 , 2018 and 2017 , in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions in these periods were considered asset acquisitions for accounting purposes. Year Ended December 31, (Dollar amounts in thousands) 2019 2018 2017 Real estate investments, at cost: Land $ 43,259 $ 34,291 $ 18,410 Buildings, fixtures and improvements 449,745 384,603 66,704 Total tangible assets 493,004 418,894 85,114 Acquired intangible lease assets: In-place leases 70,628 70,414 15,365 Above-market lease assets 1,051 48 235 Below-market lease liabilities (1,950 ) (9,708 ) (1,937 ) Cash paid for acquired real estate investments $ 562,733 $ 479,648 $ 98,777 Number of properties purchased 39 23 12 |
Summary of Properties Sold | The following table summarizes the aforementioned properties sold: Portfolio State Disposition Date Number of Properties Square Feet Properties Sold in 2019: Crowne Group Indiana March 7, 2019 1 21,562 Crowne Group Michigan May 17, 2019 1 92,244 Talk Talk Manchester UK May 23, 2019 1 48,415 Family Dollar Various U.S. States June 28, 2019 62 518,634 Family Dollar Various U.S. States September 20, 2019 32 265,596 Panasonic New Jersey September 30, 2019 1 48,497 Achmea Netherlands November 1, 2019 2 190,252 RWE Germany December 27, 2019 3 198,138 103 1,383,338 Properties Sold in 2018: Western Digital California June 8, 2018 1 286,330 Veolia Water Ohio July 31, 2018 1 70,000 2 356,330 Properties Sold in 2017: Kulicke & Soffa Pennsylvania February 17, 2017 1 88,000 |
Properties Reclassified as Held For Sale | The following table details the major classes of assets associated with the properties that were classified as held for sale as of December 31, 2018: December 31, (Dollar amounts in thousands) 2018 Real estate investments held for sale, at cost: Land $ 19,250 Buildings, fixtures and improvements 104,221 Total real estate assets held for sale, at cost 123,471 Less accumulated depreciation and amortization (10,569 ) Total real estate investments held for sale, net $ 112,902 |
Acquired Intangible Lease Assets and Lease Liabilities | Acquired intangible lease assets and lease liabilities consist of the following: December 31, 2019 December 31, 2018 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying amount Gross Carrying Amount Accumulated Amortization Net Carrying amount Intangible assets: In-place leases $ 620,123 $ 237,585 $ 382,538 $ 602,631 $ 201,344 $ 401,287 Above-market leases 31,645 12,816 18,829 41,049 14,020 27,029 Below-market ground leases (1) — — — 31,871 2,384 29,487 Total acquired intangible lease assets $ 651,768 $ 250,401 $ 401,367 $ 675,551 $ 217,748 $ 457,803 Intangible liabilities: Below-market leases $ 42,413 $ 11,884 $ 30,529 $ 43,708 $ 9,857 $ 33,851 Above-market ground lease (1) — — — 2,108 202 1,906 Total acquired intangible lease liabilities $ 42,413 $ 11,884 $ 30,529 $ 45,816 $ 10,059 $ 35,757 (1) Upon adoption of ASC 842 effective January 1, 2019, intangible assets related to ground leases were reclassified to be included as part of Operating lease right-of-use assets presented on the Company’s consolidated balance sheet. See Note 2 — Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements |
Intangible Asset Weighted-Average Amortization Periods and Expense | The following table provides the weighted-average amortization periods as of December 31, 2019 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years: (In thousands) Weighted-Average Amortization Years 2020 2021 2022 2023 2024 In-place leases 8.0 $ 57,673 $ 57,050 $ 53,560 $ 46,339 $ 36,825 Total to be included as an increase to depreciation and amortization $ 57,673 $ 57,050 $ 53,560 $ 46,339 $ 36,825 Above-market lease assets 6.0 $ 3,448 $ 3,448 $ 3,412 $ 3,235 $ 2,317 Below-market lease liabilities 11.9 (3,318 ) (3,318 ) (3,225 ) (3,199 ) (2,501 ) Total to be included as a decrease to rental income $ 130 $ 130 $ 187 $ 36 $ (184 ) |
Properties With Significant Annualized Straight-line Rental Income, by Geographical Areas | The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2019 , 2018 and 2017 . December 31, Country / U.S. State 2019 2018 2017 United States 63.0% 55.7% 48.9% Michigan 14.6% 13.7% * United Kingdom 18.2% 19.0% 22.1% |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage Notes Payable | Mortgage notes payable as of December 31, 2019 and 2018 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio December 31, 2019 December 31, 2018 Maturity (In thousands) (In thousands) Finland: Finnair (2) — $ — $ 32,501 — — — Tokmanni (2) — — 33,159 — — — Finland 5 82,996 — 1.8% (10) Fixed/Variable Feb. 2024 France: Auchan (3) — — 9,498 —% —% — Pole Emploi (3) — — 6,637 —% —% — Sagemcom (3) — — 41,083 —% —% — Worldline 1 5,608 5,722 1.9% (11) Fixed Jul. 2020 DCNS 1 10,655 10,872 1.5% (11) Fixed Dec. 2020 ID Logistics II 2 11,776 12,016 1.3% Fixed Jun. 2021 Germany Rheinmetall (4) — — 12,130 — — — OBI DIY (4) — — 5,150 — — — RWE AG (3) — — 71,524 —% —% — Rexam (5) — — 5,876 — — — Metro Tonic (5) — — 30,326 — — — ID Logistics I (5) — — 4,578 — — — Germany 5 57,761 — 1.8% (12) Fixed/Variable Jun. 2023 Luxembourg: DB Luxembourg (6) — — 41,198 — — — The Netherlands: ING Amsterdam (6) — — 50,353 — — — Luxembourg/The Netherlands Benelux 3 134,587 — 1.4% Fixed Jun. 2024 Total EUR denominated 17 303,383 372,623 United Kingdom: UK Multi-Property Cross Collateralized Loan 42 294,315 292,890 3.2% (13) Fixed/Variable Aug. 2023 Total GBP denominated 42 294,315 292,890 United States: Quest Diagnostics (7) — — 52,800 — — — AT&T Services (7) — — 33,550 — — — Penske Logistics (8) 1 70,000 70,000 4.7% Fixed Nov. 2028 Multi-Tenant Mortgage Loan I (8) 12 187,000 187,000 4.4% Fixed Nov. 2027 Multi-Tenant Mortgage Loan II (8) 8 32,750 32,750 4.4% Fixed Feb. 2028 Multi-Tenant Mortgage Loan III (8) 7 98,500 98,500 4.9% Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV (8) 16 97,500 — 4.6% Fixed May 2029 Multi-Tenant Mortgage Loan V (8) 12 204,000 — 3.7% Fixed Oct. 2029 Total USD denominated 56 689,750 474,600 Gross mortgage notes payable 115 1,287,448 1,140,113 3.4% Mortgage discount (26 ) (569 ) — Deferred financing costs, net of accumulated amortization (9) (15,268 ) (9,737 ) — Mortgage notes payable, net of deferred financing costs 115 $ 1,272,154 $ 1,129,807 3.4% _________________________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) These loans were refinanced in February 2019 as part of the Finland Refinancing (see below for further details). (3) These loans were repaid in full upon maturity in December 2019. (4) These loans were repaid in full upon maturity in January 2019 and later encumbered in May 2019 as part of the German Refinancing (see below for further details. (5) These loans were refinanced in May 2019 as part of the German Refinancing (see below for further details). (6) These loans were refinanced in June 2019 as part of the Benelux Refinancing (see below for further details). (7) This loan was refinanced in September 2019 as part of the Multi-Tenant Mortgage Loan V. (8) The borrower’s (wholly owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (9) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. (10) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3 -month Euribor. Euribor rate in effect as of September 30, 2019. (11) Fixed as a result of a “pay-fixed” interest rate swap agreement. (12) The loan initially bore interest at a rate of 3-month Euribor plus 1.80% per annum, but, following the replacement of an easement on one property, the loan bears interest at a rate of Euribor plus 1.55% per annum beginning on October 1, 2019. 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. (13) 80% fixed as a result of an interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect is as of December 31, 2019 . |
Future Principal Payments on Mortgage Notes Payable | The following table presents future scheduled aggregate principal payments on the mortgage notes payable over the next five calendar years and thereafter as of December 31, 2019 : (In thousands) Future Principal Payments (1) 2020 $ 18,872 2021 24,548 2022 19,779 2023 316,916 2024 217,583 Thereafter 689,750 Total $ 1,287,448 _________________________ (1) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The table below details the outstanding balances as of December 31, 2019 and 2018 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto, which provides for a $835.0 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”) and a €359.6 million ( $403.3 million USD based on the prevailing exchange rate as of December 31, 2019 ) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the credit agreement related to the Credit Facility (the “Credit Facility Amendment”) to, among other things, increase the aggregate total commitments, lower the interest rate and revise certain covenants. December 31, 2019 December 31, 2018 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 199,071 $ 62,211 £ 40,000 € 75,000 $ 363,894 $ 278,625 £ 40,000 € 30,000 Term Loan 403,258 — — 359,551 282,069 — — 246,481 Deferred financing costs (5,365 ) — — — (3,342 ) — — — Term Loan, Net 397,893 — — 359,551 278,727 — — 246,481 Total Credit Facility $ 596,964 $ 62,211 £ 40,000 € 434,551 $ 642,621 $ 278,625 £ 40,000 € 276,481 (1) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. (2) Assumes exchange rates of £1.00 to $1.27 for GBP and €1.00 to $1.14 for EUR as of December 31, 2018 for illustrative purposes, as applicable. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy level within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD, GBP & EUR) $ — $ (6,082 ) $ — $ (6,082 ) December 31, 2018 Foreign currency forwards, net (GBP & EUR) $ — $ 5,472 $ — $ 5,472 Interest rate swaps, net (USD, GBP & EUR) $ — $ (628 ) $ — $ (628 ) 2018 OPP (1) $ — $ — $ (18,804 ) $ (18,804 ) (1) Effective with the adoption of ASU 2018-07 on January 1, 2019, the 2018 OPP is no longer measured at fair market value on a recurring basis (see Note 2 — Summary of Significant Accounting Policies — Recently Issued Accounting Pronouncements and see Note 12 — Equity-Based Compensation for additional information). |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balance for the changes in the fair value of the 2018 OPP, prior to the adoption on ASU 2018-07 described above, for the year ended December 31, 2019 : (In thousands) 2018 OPP Beginning Value as of December 31, 2017 $ — Initial value 27,600 Fair value adjustment (8,796 ) Ending Value as of December 31, 2018 $ 18,804 |
Fair Value Inputs, Instruments Classified in Shareholders' Equity, Quantitative Information | The following table provides quantitative information about the significant Level 3 inputs used (in thousands): Financial Instrument Fair Value at December 31, 2019 Principal Valuation Technique Unobservable Inputs Input Value (In thousands) 2018 OPP $ 18,804 Monte Carlo Simulation Expected volatility 23.0% |
Fair Value, by Balance Sheet Grouping | The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below. December 31, 2019 December 31, 2018 (In thousands) Level Carrying Amount Fair Value Carrying Amount Fair Value Mortgage notes payable (1) (2) 3 $ 1,272,154 $ 1,339,931 $ 1,129,807 $ 1,157,710 Revolving Credit Facility (3) 3 $ 199,071 $ 210,997 $ 363,894 $ 365,591 Term Loan (3) (4) 3 $ 397,893 $ 403,631 $ 278,727 $ 283,558 ______________ (1) Carrying value includes $1.3 billion gross mortgage notes payable less $26,000 of mortgage discounts and $15.3 million of deferred financing costs as of December 31, 2019 . (2) Carrying value includes $1.1 billion gross mortgage notes payable less $0.6 million of mortgage discounts and $9.7 million of deferred financing costs as of December 31, 2018 . (3) Both the Revolving Credit Facility and Term Loan are part of the Credit Facility (see Note 5 — Credit Facilities for more information). (4) Carrying value includes $403.3 million and $282.1 million gross Term Loan payable less $5.4 million and $3.3 million of deferred financing costs as of December 31, 2019 and 2018 , respectively. |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : December 31, (In thousands) Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative assets, at fair value $ — $ 3,258 Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value (939 ) — Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value 366 — Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (4,524 ) (1,157 ) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value 228 — Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (1,139 ) (1,443 ) Total $ (6,008 ) $ 658 Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 1,205 $ 3,247 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (831 ) — Foreign currency forwards (EUR-USD) Derivative assets, at fair value 2,352 2,225 Interest rate swaps (EUR) Derivative liabilities, at fair value (74 ) (1,286 ) Total $ 2,652 $ 4,186 |
Schedule of Interest Rate Derivatives | As of December 31, 2019 and 2018 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2019 2018 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 290,965 48 $ 234,312 Interest rate “pay-fixed” swaps (EUR) 16 521,471 13 212,255 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 68 $ 962,436 64 $ 596,567 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (In thousands) 2019 2018 2017 Amount of gain (loss) recognized in AOCI from derivatives $ (9,047 ) $ 2,739 $ (12,893 ) Amount of loss reclassified from AOCI into income as interest expense $ (2,439 ) $ (3,746 ) $ (6,029 ) Amount of loss recognized on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ — $ (559 ) $ (931 ) Total interest expense recorded in the consolidated statements of operations $ 64,199 $ 57,973 $ 48,450 |
Disclosure of Credit Derivatives | As of December 31, 2019 and 2018 , the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships: December 31, 2019 December 31, 2018 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP - USD) 38 $ 38,898 50 $ 43,000 Foreign currency forwards (EUR - USD) 32 27,478 38 39,500 Interest rate swaps (EUR) 1 10,655 5 138,625 Total 71 $ 77,031 93 $ 221,125 |
Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2019 and 2018 . The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2019 $ 4,151 $ (7,507 ) $ — $ (3,356 ) $ — $ — $ (3,356 ) December 31, 2018 $ 8,730 $ (3,886 ) $ — $ 4,844 $ — $ — $ 4,844 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Distributions From Tax Perspective | The following table details from a tax perspective, the portion of cash paid for common stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum: Year Ended December 31, (In thousands) 2019 2018 2017 Return of capital $ 1.23 69.1 % $ 1.57 73.7 % $ 0.39 18.3 % Ordinary dividend income 0.55 30.9 % 0.56 26.3 % 1.74 81.7 % Total $ 1.78 100.0 % $ 2.13 100.0 % $ 2.13 100.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments | The following table reflects the base cash rental payments due from the Company as of December 31, 2019 : (In thousands) Future Base Rent Payments (1) 2020 $ 1,385 2021 1,385 2022 1,385 2023 1,385 2024 1,389 Thereafter 40,180 Total minimum lease payments (2) 47,109 Less: Effects of discounting (23,124 ) Total present value of lease payments $ 23,985 (1) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050. |
Future Minimum Rental Payments (Prior Year) | The following table reflects the base cash rental payments due from the Company as of December 31, 2018 : (In thousands) Future Base Rent Payments (1) 2019 $ 1,371 2020 1,371 2021 1,371 2022 1,371 2023 1,371 Thereafter 40,519 Total (2) $ 47,374 (1) Assumes exchange rates of £1.00 to $1.27 for GBP and €1.00 to $1.14 for EUR as of December 31, 2018 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company's ING Amsterdam lease are not included in the table above as the Company's ground for this property is prepaid through 2050. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services | The following table reflects related party fees, as described above, incurred, forgiven and contractually due as of and for the periods presented: Year Ended December 31, 2019 2018 2017 (Receivable) Payable as of December 31, (In thousands) Incurred Forgiven Incurred Forgiven Incurred Forgiven 2019 2018 One-time fees and reimbursements: Fees on gain from sale of investments $ — $ — $ — $ — $ — $ 875 $ — $ 49 (4) Ongoing fees (1) : Asset management fees (2) 27,530 — 23,212 — 21,353 — — — Property management fees (3) 5,762 — 5,022 — 4,281 1,177 — — Total related party operational fees and reimbursements $ 33,292 $ — $ 28,234 $ — $ 25,634 $ 2,052 $ — $ 49 ___________________________________________________________________________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $1.1 million , $1.1 million and $0.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above. (2) The Advisor, in accordance with the Advisory Agreement, received asset management fees in ca sh equal to the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $9.5 million , $5.2 million and $3.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. (3) For all periods through the six months ended June 30, 2017, the Advisor waived 100% of fees from U.S. assets and its allocated portion of fees from European assets. (4) Balance included within due to related parties on the consolidated balance sheets as of December 31, 2019 and 2018 . |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Restricted Share Award Activity | The following table reflects equity awards activity for the years ended December 31, 2019 , 2018 and 2017 . Number of RSUs/Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2016 61,099 $ 25.07 Granted 13,861 22.54 Vested (25,848 ) 25.25 Unvested, December 31, 2017 49,112 24.29 Granted 17,039 18.34 Vested (19,799 ) 24.40 Unvested, December 31, 2018 46,352 22.04 Granted 16,543 18.89 Vested (22,354 ) 22.58 Unvested, December 31, 2019 40,541 20.47 |
Schedule of Share Based Compensation Total Return | Half of the LTIP Units (the “Relative TSR LTIP Units”) are eligible to be earned as of the Valuation Date if the amount, expressed in terms of basis points, whether positive or negative, by which the Company’s absolute TSR for the Performance Period exceeds the average TSR of a peer group for the Performance Period consisting of Lexington Realty Trust, W.P. Carey Inc. and Office Properties Income Trust as follows: Performance Level (% of Relative TSR LTIP Units Earned) Relative TSR Excess Number of Absolute TSR LTIP Units Earned Below Threshold — % Less than -600 basis points — Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % +600 basis points 1,277,465 Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “ Three -Year Period”); each 12-month period during the Three -Year Period (the “ One -Year Periods”); and the initial 24-month period of the Three -Year Period (the “ Two -Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% __________________________________ * The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. Half of the LTIP Units (the “Absolute TSR LTIP Units”) are eligible to be earned as of the last day of the Performance Period (the “Valuation Date”) if the Company achieves an absolute TSR with respect to threshold, target and maximum performance goals for the Performance Period as follows: Performance Level (% of Absolute TSR LTIP Units Earned) Absolute TSR Number of Absolute TSR LTIP Units Earned Below Threshold — % Less than 24% — Threshold 25 % 24% 319,366 Target 50 % 30% 638,733 Maximum 100 % 36% or higher 1,277,465 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a summary of the basic and diluted net income per share computation for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, (In thousands, except share and per share data) 2019 2018 2017 Net income attributable to common stockholders $ 34,535 $ 1,082 $ 20,731 Adjustments to net income attributable to common stockholders for common share equivalents (660 ) (689 ) (742 ) Adjusted net income attributable to common stockholders $ 33,875 $ 393 $ 19,989 Basic net income per share attributable to common stockholders $ 0.40 $ 0.01 $ 0.30 Diluted net income per share attributable to common stockholders $ 0.39 $ 0.01 $ 0.30 Basic weighted average common shares outstanding 85,031,236 69,411,061 66,877,620 Diluted weighted average common shares outstanding 86,349,645 69,663,208 66,877,620 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 : December 31, 2019 2018 2017 Unvested RSUs 40,541 46,352 49,112 LTIP Units (1) 1,277,465 970,173 3,013,933 Total anti-dilutive common share equivalents 1,318,006 1,016,525 3,063,045 (1) Weighted-average number of LTIP Units outstanding. There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of December 31, 2019 . The 3,013,933 LTIP Units issued under the 2015 OPP were forfeited as of June 2, 2018 since no LTIP Units were earned under the 2015 OPP. See Note 12 — Equity-Based Compensation for additional information on the 2018 OPP and 2015 OPP. |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for years ended December 31, 2019 and 2018 : (In thousands, except share and per share data) Quarters Ended 2019 March 31, June 30, September 30, (1) December 31, Revenue from tenants $ 75,468 $ 76,119 $ 77,942 $ 76,685 Net income attributable to common stockholders $ 5,791 $ 12,621 $ 6,860 $ 9,263 Adjustments to net income attributable to common stockholders for common share equivalents (160 ) (174 ) (176 ) (150 ) Adjusted net income attributable to common stockholders $ 5,631 $ 12,447 $ 6,684 $ 9,113 Basic weighted average shares outstanding 81,474,615 83,847,120 85,254,638 89,458,381 Diluted weighted average shares outstanding 82,798,432 85,165,549 86,202,582 90,776,790 Basic and diluted net income per share attributable to common stockholders $ 0.07 $ 0.15 $ 0.08 $ 0.10 (In thousands, except share and per share data) Quarters Ended 2018 March 31, June 30, September 30, December 31, (2) Revenue from tenants $ 68,086 $ 70,971 $ 71,924 $ 71,226 Net income (loss) attributable to common stockholders $ 2,361 $ 5,288 $ 177 $ (6,744 ) Adjustments to net income (loss) attributable to common stockholders for common share equivalents (184 ) (26 ) (316 ) (163 ) Adjusted net income (loss) attributable to common stockholders $ 2,177 $ 5,262 $ (139 ) $ (6,907 ) Basic weighted average shares outstanding 67,287,231 67,292,021 69,441,639 73,554,137 Diluted weighted average shares outstanding 67,287,231 67,292,021 69,441,639 74,001,250 Basic and diluted net income (loss) per share attributable to common stockholders $ 0.03 $ 0.08 $ — $ (0.09 ) _______ (1) During the three months ended September 30, 2019, the Company recorded an impairment charge of $6.4 million for two properties which it sold in the fourth quarter of 2019. For additional details see Note 3 — Real Estate Investments, Net . (2) During the three months ended December 31, 2018, the Company recorded (i) impairment charges and related lease intangible write-offs of lease intangibles of $5.0 million which are more fully discussed in Note 3 — Real Estate Investments, Net and (ii) a litigation reserve of $7.4 million related to the anticipated settlement of the litigation with the Former Service Provider, which is more fully discussed in Note 9 — Commitments and Contingencies. |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended | ||
Dec. 31, 2019ft²property$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017 | |
Operations [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Number of real estate properties (property) | property | 278 | ||
Rentable square feet (sqft) | ft² | 31.6 | ||
Occupancy rate | 99.60% | ||
Weighted average remaining lease term | 8 years 3 months 18 days | ||
United States | |||
Operations [Line Items] | |||
Entity wide revenue percentage | 63.00% | 55.70% | 48.90% |
Europe | |||
Operations [Line Items] | |||
Target portfolio investment | 37.00% | ||
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value | |||
Operations [Line Items] | |||
Stated interest rate | 7.25% | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock | |||
Operations [Line Items] | |||
Stated interest rate | 6.875% | ||
Preferred stock, par value (in dollars per share) | $ 0.01 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) ft² in Millions | Jan. 01, 2019USD ($)property | Dec. 31, 2018USD ($)$ / € | Dec. 31, 2019USD ($)segmentproperty$ / € | Dec. 31, 2018USD ($)property$ / € | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019tenant | Dec. 31, 2019$ / £ | Dec. 31, 2019ft² | Dec. 31, 2019$ / $ | Dec. 31, 2019 | Dec. 31, 2019property | Dec. 31, 2018USD ($) | Dec. 31, 2018$ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Foreign currency exchange rate | 1.14 | 1.12 | 1.14 | 1.32 | 0.77 | 1.27 | 1.14 | 1.27 | |||||||||||
Unbilled rental revenue | $ 5,000,000 | $ 6,758,000 | $ 6,310,000 | $ 10,537,000 | |||||||||||||||
Reduction in income tax payable | $ 1,046,000 | $ 2,228,000 | |||||||||||||||||
Adjustments to comprehensive income (loss) attributable to common stockholders | $ 48,252,000 | (11,555,000) | 56,873,000 | ||||||||||||||||
Weighted average remaining lease term | 8 years 3 months 18 days | ||||||||||||||||||
Straight-line rents receivable | 51,795,000 | 47,183,000 | |||||||||||||||||
Bad debt expense | $ 0 | $ 835,000 | 1,185,000 | ||||||||||||||||
Number of real estate properties held for sale | property | 0 | 3 | |||||||||||||||||
Useful life, buildings | 40 years | ||||||||||||||||||
Useful life, land improvements | 15 years | ||||||||||||||||||
Useful life, fixtures and improvements | 5 years | ||||||||||||||||||
Cash and cash equivalents | 270,300,000 | 100,300,000 | |||||||||||||||||
Cash in excess of FDIC limit | 213,700,000 | 14,300,000 | |||||||||||||||||
Cash in excess of FSCS limit | 25,300,000 | 35,400,000 | |||||||||||||||||
Cash in excess of European limits | 18,000,000 | 41,800,000 | |||||||||||||||||
Restricted cash | 5,302,000 | 3,985,000 | 3,369,000 | ||||||||||||||||
Current income tax provision | $ 4,700,000 | $ 2,400,000 | 2,100,000 | ||||||||||||||||
Deferred income tax provision | (400,000) | 3,300,000 | 1,000,000 | ||||||||||||||||
Income tax expense | $ 4,332,000 | $ 2,434,000 | 3,140,000 | ||||||||||||||||
Valuation allowance | 4,300,000 | 3,000,000 | |||||||||||||||||
Number of reportable segments (segment) | segment | 1 | ||||||||||||||||||
Number of real estate properties (property) | property | 278 | ||||||||||||||||||
Number of tenants (tenant) | tenant | 124 | ||||||||||||||||||
Occupancy rate | 99.60% | ||||||||||||||||||
Rentable square feet (sqft) | ft² | 31.6 | ||||||||||||||||||
Number of lease contracts | property | 7 | ||||||||||||||||||
Operating lease right-of-use asset | 50,211,000 | ||||||||||||||||||
Operating lease liability | 23,985,000 | ||||||||||||||||||
Retained earnings | 733,245,000 | 615,448,000 | |||||||||||||||||
Accumulated other comprehensive income (loss) | $ 20,195,000 | $ 6,810,000 | |||||||||||||||||
ASU 2017-12 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Retained earnings | $ 300,000 | ||||||||||||||||||
Accumulated other comprehensive income (loss) | (300,000) | ||||||||||||||||||
ASU 2016-02 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Accounts receivable, net | 3,400,000 | ||||||||||||||||||
Bad debt reserve | 2,200,000 | ||||||||||||||||||
Operating lease right-of-use asset | 24,000,000 | ||||||||||||||||||
Operating lease liability | 24,000,000 | ||||||||||||||||||
Ground lease intangibles | $ 27,000,000 | ||||||||||||||||||
Minimum | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Lease-up period | 12 months | ||||||||||||||||||
Maximum | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Lease-up period | 18 months | ||||||||||||||||||
Adjustment | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Unbilled rental revenue | $ 500,000 | ||||||||||||||||||
Reduction in income tax payable | $ 4,700,000 | ||||||||||||||||||
Adjustments to comprehensive income (loss) attributable to common stockholders | 2,900,000 | $ 1,900,000 | $ (100,000) | ||||||||||||||||
Accumulated other comprehensive income (loss) | $ 4,700,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Future Minimum Base Rent Payments (Details) $ in Thousands | Dec. 31, 2019$ / € | Dec. 31, 2019USD ($) | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / € | Dec. 31, 2018$ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ |
Accounting Policies [Abstract] | ||||||||
2020 | $ 294,087 | |||||||
2021 | 295,428 | |||||||
2022 | 286,725 | |||||||
2023 | 264,583 | |||||||
2024 | 225,344 | |||||||
Thereafter | 934,179 | |||||||
Total | $ 2,300,346 | |||||||
Foreign currency exchange rate | 1.12 | 1.32 | 0.77 | 1.14 | 1.27 | 1.14 | 1.27 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Future Minimum Base Rent Payments (Prior Year) (Details) $ in Thousands | Dec. 31, 2019$ / € | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / € | Dec. 31, 2018USD ($) | Dec. 31, 2018$ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ |
Accounting Policies [Abstract] | ||||||||
2019 | $ 275,118 | |||||||
2020 | 278,651 | |||||||
2021 | 279,630 | |||||||
2022 | 270,569 | |||||||
2023 | 247,237 | |||||||
Thereafter | 856,838 | |||||||
Total | $ 2,208,043 | |||||||
Foreign currency exchange rate | 1.12 | 1.32 | 0.77 | 1.14 | 1.27 | 1.14 | 1.27 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Geographic Distribution of Real Estate Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 76,685 | $ 77,942 | $ 76,119 | $ 75,468 | $ 71,226 | $ 71,924 | $ 70,971 | $ 68,086 | $ 306,214 | $ 282,207 | $ 259,295 |
Investments in Real Estate | 3,763,264 | 3,420,899 | 3,763,264 | 3,420,899 | |||||||
Real Estate Investing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 306,214 | 282,207 | 259,295 | ||||||||
Investments in Real Estate | 3,763,264 | 3,420,899 | 3,763,264 | 3,420,899 | |||||||
Real Estate Investing | United States and Puerto Rico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 180,100 | 148,588 | 133,060 | ||||||||
Investments in Real Estate | 2,496,960 | 2,073,022 | 2,496,960 | 2,073,022 | |||||||
Real Estate Investing | United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 51,215 | 54,025 | 52,567 | ||||||||
Investments in Real Estate | 593,845 | 586,836 | 593,845 | 586,836 | |||||||
Real Estate Investing | Europe (Finland, France, Germany, Luxembourg, and the Netherlands) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 74,881 | 79,594 | 73,668 | ||||||||
Investments in Real Estate | 665,236 | 761,041 | 665,236 | 761,041 | |||||||
Real Estate Investing | Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 18 | 0 | $ 0 | ||||||||
Investments in Real Estate | $ 7,223 | $ 0 | $ 7,223 | $ 0 |
Real Estate Investments, Net -
Real Estate Investments, Net - Schedule of Property Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
Real estate investments, at cost: | |||
Land | $ 43,259 | $ 34,291 | $ 18,410 |
Buildings, fixtures and improvements | 449,745 | 384,603 | 66,704 |
Total tangible assets | 493,004 | 418,894 | 85,114 |
Acquired intangible lease assets: | |||
Cash paid for acquired real estate investments | $ 562,733 | $ 479,648 | $ 98,777 |
Number of properties purchased | property | 39 | 23 | 12 |
In-place leases | |||
Acquired intangible lease assets: | |||
Assets acquired | $ 70,628 | $ 70,414 | $ 15,365 |
Above-market lease assets | |||
Acquired intangible lease assets: | |||
Assets acquired | 1,051 | 48 | 235 |
Below-market lease liabilities | |||
Acquired intangible lease assets: | |||
Below-market lease liabilities | $ (1,950) | $ (9,708) | $ (1,937) |
Real Estate Investments, Net _2
Real Estate Investments, Net - Narrative (Details) $ in Thousands, € in Millions, £ in Millions | Sep. 20, 2019property | Jun. 28, 2019property | Jun. 12, 2019USD ($) | Jun. 12, 2019EUR (€) | May 10, 2019USD ($) | May 10, 2019EUR (€) | Aug. 13, 2018GBP (£) | Feb. 17, 2017property | Nov. 30, 2019property | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 2 | ||||||||||||
Gain (loss) on dispositions of real estate investments | $ | $ 23,616 | $ (5,751) | $ 1,089 | ||||||||||
Proceeds from dispositions of real estate investments | $ | 288,398 | 23,717 | 12,292 | ||||||||||
Impairment charges and related lease intangible write-offs | $ | $ 6,400 | $ 6,375 | $ 5,000 | 0 | |||||||||
Properties with tenant financial difficulties (property) | 6 | ||||||||||||
Number of properties with terminated lease | 4 | ||||||||||||
Number of properties continuing to operate | 2 | ||||||||||||
Number of properties, re-leased to other tenants | 2 | ||||||||||||
Number of properties sold | 2 | ||||||||||||
Number of properties impaired | 1 | ||||||||||||
Impairment charges and related lease intangible write-offs | $ | $ 1,600 | ||||||||||||
Lease intangible write-off | $ | $ 3,400 | ||||||||||||
Number of real estate properties held for sale | 0 | 3 | |||||||||||
Advisor | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on dispositions of real estate investments | $ | 800 | ||||||||||||
Family Dollar | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 32 | 62 | |||||||||||
Kulicke & Soffa | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 1 | ||||||||||||
Gain (loss) on dispositions of real estate investments | $ | 400 | ||||||||||||
Proceeds from dispositions of real estate investments | $ | 12,300 | ||||||||||||
Disposal Group, 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) | 2 | ||||||||||||
Total contract price | $ | $ 311,300 | $ 25,300 | |||||||||||
Gain (loss) on dispositions of real estate investments | $ | $ 23,600 | (5,800) | $ 1,100 | ||||||||||
Gain on termination of lease | $ | 3,000 | ||||||||||||
United States | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 97 | ||||||||||||
United States | Family Dollar | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 94 | ||||||||||||
United States | Industrial Properties | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 3 | ||||||||||||
United Kingdom | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 1 | ||||||||||||
Netherlands | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 2 | ||||||||||||
Germany | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold (property) | 3 | ||||||||||||
Mortgage notes payable | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Repayments of debt | $ 90,800 | € 80.3 | $ 40,000 | € 35.6 | £ 209 | $ 1,700 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Schedule of Real Estate Dispositions (Details) | Dec. 27, 2019ft²property | Nov. 01, 2019ft²property | Sep. 30, 2019ft²property | Sep. 20, 2019ft²property | Jun. 28, 2019ft²property | May 23, 2019ft²property | May 17, 2019ft²property | Mar. 07, 2019ft²property | Jul. 31, 2018ft²property | Jun. 08, 2018ft²property | Feb. 17, 2017ft²property | Nov. 30, 2019property | Dec. 31, 2019ft²property | Dec. 31, 2018ft²property |
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 2 | |||||||||||||
Square Feet (sqft) | ft² | 31,600,000 | |||||||||||||
Properties Sold in 2019 | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 103 | |||||||||||||
Square Feet (sqft) | ft² | 1,383,338 | |||||||||||||
Crowne Group, Indiana | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 21,562 | |||||||||||||
Crowne Group, Michigan | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 92,244 | |||||||||||||
Talk Talk | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 48,415 | |||||||||||||
Family Dollar | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 32 | 62 | ||||||||||||
Square Feet (sqft) | ft² | 265,596 | 518,634 | ||||||||||||
Panasonic | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 48,497 | |||||||||||||
Achmea | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 2 | |||||||||||||
Square Feet (sqft) | ft² | 190,252 | |||||||||||||
RWE | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 3 | |||||||||||||
Square Feet (sqft) | ft² | 198,138 | |||||||||||||
Properties Sold in 2018 | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 2 | |||||||||||||
Square Feet (sqft) | ft² | 356,330 | |||||||||||||
Western Digital | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 286,330 | |||||||||||||
Veolia Water | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 70,000 | |||||||||||||
Kulicke & Soffa | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (sqft) | ft² | 88,000 |
Real Estate Investments, Net _4
Real Estate Investments, Net - Assets Reclassified (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Land | $ 19,250 | |
Buildings, fixtures and improvements | 104,221 | |
Total real estate assets held for sale, at cost | 123,471 | |
Less accumulated depreciation and amortization | (10,569) | |
Total real estate investments held for sale, net | $ 0 | $ 112,902 |
Real Estate Investments, Net _5
Real Estate Investments, Net - Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets: | ||
Gross Carrying Amount | $ 651,768 | $ 675,551 |
Accumulated Amortization | 250,401 | 217,748 |
Net Carrying amount | 401,367 | 457,803 |
Intangible liabilities: | ||
Gross Carrying Amount. Below-market leases | 42,413 | 43,708 |
Accumulated Amortization, Below-market leases | 11,884 | 9,857 |
Net Carrying amount, Below-market leases | 30,529 | 33,851 |
Gross Carrying Amount, Above-market ground lease | 0 | 2,108 |
Accumulated Amortization, Above-market ground lease | 0 | 202 |
Net Carrying amount, Above-market ground lease | 0 | 1,906 |
Gross Carrying Amount | 42,413 | 45,816 |
Accumulated Amortization | 11,884 | 10,059 |
Net Carrying amount | 30,529 | 35,757 |
In-place leases | ||
Intangible assets: | ||
Gross Carrying Amount | 620,123 | 602,631 |
Accumulated Amortization | 237,585 | 201,344 |
Net Carrying amount | 382,538 | 401,287 |
Above-market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 31,645 | 41,049 |
Accumulated Amortization | 12,816 | 14,020 |
Net Carrying amount | 18,829 | 27,029 |
Below-market ground leases | ||
Intangible assets: | ||
Gross Carrying Amount | 0 | 31,871 |
Accumulated Amortization | 0 | 2,384 |
Net Carrying amount | $ 0 | $ 29,487 |
Real Estate Investments, Net _6
Real Estate Investments, Net - Amortization Periods and Projected Amortization Expense for Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | |||
Amortization of intangibles | $ 56,739 | $ 54,733 | $ 53,663 |
2020 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 57,673 | ||
2020 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 130 | ||
2021 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 57,050 | ||
2021 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 130 | ||
2022 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 53,560 | ||
2022 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 187 | ||
2023 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 46,339 | ||
2023 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 36 | ||
2024 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 36,825 | ||
2024 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ (184) | ||
In-place leases | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Weighted-Average Amortization Years | 8 years | ||
In-place leases | 2020 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 57,673 | ||
In-place leases | 2021 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 57,050 | ||
In-place leases | 2022 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 53,560 | ||
In-place leases | 2023 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 46,339 | ||
In-place leases | 2024 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 36,825 | ||
Above-market lease assets | Rental Income | |||
Real Estate [Line Items] | |||
Weighted-Average Amortization Years | 6 years | ||
Above-market lease assets | 2020 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 3,448 | ||
Above-market lease assets | 2021 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 3,448 | ||
Above-market lease assets | 2022 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 3,412 | ||
Above-market lease assets | 2023 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 3,235 | ||
Above-market lease assets | 2024 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 2,317 | ||
Below-market lease liabilities | Rental Income | |||
Real Estate [Line Items] | |||
Weighted-Average Amortization Years | 11 years 10 months 24 days | ||
Below-market lease liabilities | 2020 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ (3,318) | ||
Below-market lease liabilities | 2021 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (3,318) | ||
Below-market lease liabilities | 2022 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (3,225) | ||
Below-market lease liabilities | 2023 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (3,199) | ||
Below-market lease liabilities | 2024 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ (2,501) |
Real Estate Investments, Net _7
Real Estate Investments, Net - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
United States | |||
Real Estate Investments [Line Items] | |||
Entity wide revenue percentage | 63.00% | 55.70% | 48.90% |
Michigan | |||
Real Estate Investments [Line Items] | |||
Entity wide revenue percentage | 14.60% | 13.70% | |
United Kingdom | |||
Real Estate Investments [Line Items] | |||
Entity wide revenue percentage | 18.20% | 19.00% | 22.10% |
Mortgage Notes Payable, Net - S
Mortgage Notes Payable, Net - Schedule of Long-term Debt Instruments (Details) $ in Thousands, € in Millions, £ in Millions | Oct. 01, 2019 | Sep. 12, 2019USD ($) | Jun. 12, 2019USD ($)property | Jun. 12, 2019EUR (€)property | May 10, 2019USD ($)property | May 10, 2019EUR (€)property | Nov. 14, 2018GBP (£) | Aug. 13, 2018GBP (£) | Sep. 30, 2019 | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Feb. 06, 2019 | Aug. 16, 2018property |
Debt Instrument [Line Items] | |||||||||||||
Mortgage notes payable | $ 1,272,154 | $ 1,129,807 | |||||||||||
Mortgage notes payable | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 90,800 | € 80.3 | $ 40,000 | € 35.6 | £ 209 | 1,700 | |||||||
Number of encumbered properties | property | 115 | ||||||||||||
Outstanding loan amount | $ 1,287,448 | 1,140,113 | |||||||||||
Mortgage discount | (26) | (569) | |||||||||||
Deferred financing costs, net of accumulated amortization | (15,268) | (9,737) | |||||||||||
Mortgage notes payable | $ 1,272,154 | 1,129,807 | |||||||||||
Effective Interest Rate | 3.40% | ||||||||||||
Mortgage notes payable | Finland | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Portion at fixed rate | 80.00% | 80.00% | |||||||||||
Portion at variable rate | 20.00% | ||||||||||||
Mortgage notes payable | Germany Property | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 3 | 3 | |||||||||||
Portion at fixed rate | 80.00% | 80.00% | 80.00% | ||||||||||
Portion at variable rate | 20.00% | ||||||||||||
Mortgage notes payable | Benelux | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 2 | 2 | |||||||||||
Mortgage notes payable | UK Multi-Property Cross Collateralized Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 38 | ||||||||||||
Portion at fixed rate | 80.00% | ||||||||||||
Portion at variable rate | 20.00% | ||||||||||||
Mortgage notes payable | Penske Logistics | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | £ | £ 126.6 | ||||||||||||
Mortgage notes payable | EUR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 17 | ||||||||||||
Outstanding loan amount | $ 303,383 | 372,623 | |||||||||||
Mortgage notes payable | EUR | Finnair | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 32,501 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Tokmanni | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 33,159 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Finland | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 5 | ||||||||||||
Outstanding loan amount | $ 82,996 | 0 | |||||||||||
Effective Interest Rate | 1.80% | ||||||||||||
Mortgage notes payable | EUR | Auchan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 9,498 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Pole Emploi | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 6,637 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Sagemcom | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 41,083 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Worldline | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 1 | ||||||||||||
Outstanding loan amount | $ 5,608 | 5,722 | |||||||||||
Effective Interest Rate | 1.90% | ||||||||||||
Mortgage notes payable | EUR | DCNS | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 1 | ||||||||||||
Outstanding loan amount | $ 10,655 | 10,872 | |||||||||||
Effective Interest Rate | 1.50% | ||||||||||||
Mortgage notes payable | EUR | ID Logistics II | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 2 | ||||||||||||
Outstanding loan amount | $ 11,776 | 12,016 | |||||||||||
Effective Interest Rate | 1.30% | ||||||||||||
Mortgage notes payable | EUR | Rheinmetall | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 12,130 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | OBI DIY | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 5,150 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | RWE AG | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 71,524 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Rexam | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 5,876 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Metro Tonic | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 30,326 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | ID Logistics I | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 4,578 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Germany Property | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 5 | ||||||||||||
Outstanding loan amount | $ 57,761 | 0 | |||||||||||
Effective Interest Rate | 1.80% | ||||||||||||
Mortgage notes payable | EUR | DB Luxembourg | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 41,198 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | ING Amsterdam | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 50,353 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | EUR | Benelux | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 3 | ||||||||||||
Outstanding loan amount | $ 134,587 | 0 | |||||||||||
Effective Interest Rate | 1.40% | ||||||||||||
Mortgage notes payable | GBP | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 42 | ||||||||||||
Outstanding loan amount | $ 294,315 | 292,890 | |||||||||||
Mortgage notes payable | GBP | UK Multi-Property Cross Collateralized Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 42 | ||||||||||||
Outstanding loan amount | $ 294,315 | 292,890 | |||||||||||
Effective Interest Rate | 3.20% | ||||||||||||
Portion at fixed rate | 80.00% | ||||||||||||
Portion at variable rate | 20.00% | ||||||||||||
Mortgage notes payable | USD | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 56 | ||||||||||||
Outstanding loan amount | $ 689,750 | 474,600 | |||||||||||
Mortgage notes payable | USD | Finland | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding loan amount | 83,000 | ||||||||||||
Mortgage notes payable | USD | Germany Property | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding loan amount | 57,800 | ||||||||||||
Mortgage notes payable | USD | Benelux | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding loan amount | 134,600 | ||||||||||||
Mortgage notes payable | USD | UK Multi-Property Cross Collateralized Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding loan amount | $ 294,300 | ||||||||||||
Mortgage notes payable | USD | Quest Diagnostics | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 52,800 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | USD | AT&T Services | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 0 | ||||||||||||
Outstanding loan amount | $ 0 | 33,550 | |||||||||||
Effective Interest Rate | 0.00% | ||||||||||||
Mortgage notes payable | USD | Penske Logistics | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 1 | ||||||||||||
Outstanding loan amount | $ 70,000 | 70,000 | |||||||||||
Effective Interest Rate | 4.70% | ||||||||||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan I | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 12 | ||||||||||||
Outstanding loan amount | $ 187,000 | 187,000 | |||||||||||
Effective Interest Rate | 4.40% | ||||||||||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan II | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 8 | ||||||||||||
Outstanding loan amount | $ 32,750 | 32,750 | |||||||||||
Effective Interest Rate | 4.40% | ||||||||||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan III | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 7 | ||||||||||||
Outstanding loan amount | $ 98,500 | 98,500 | |||||||||||
Effective Interest Rate | 4.90% | ||||||||||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan IV | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 16 | ||||||||||||
Outstanding loan amount | $ 97,500 | 0 | |||||||||||
Effective Interest Rate | 4.60% | ||||||||||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan V | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of encumbered properties | property | 12 | ||||||||||||
Outstanding loan amount | $ 204,000 | $ 0 | |||||||||||
Effective Interest Rate | 3.70% | ||||||||||||
Euribor | Mortgage notes payable | Finland | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.40% | ||||||||||||
Euribor | Mortgage notes payable | Germany Property | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.55% | 1.80% | 1.80% | 1.80% | |||||||||
LIBOR | Mortgage notes payable | UK Multi-Property Cross Collateralized Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||
KeyBank National Association | Mortgage notes payable | Multi-Tenant Mortgage Loan V | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of Debt | $ 86,500 |
Mortgage Notes Payable, Net -_2
Mortgage Notes Payable, Net - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2019$ / € | Dec. 31, 2019USD ($) | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / € | Dec. 31, 2018USD ($) | Dec. 31, 2018$ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ |
Debt Instrument [Line Items] | |||||||||
Foreign currency exchange rate | 1.12 | 1.32 | 0.77 | 1.14 | 1.27 | 1.14 | 1.27 | ||
Mortgage notes payable | |||||||||
Debt Instrument [Line Items] | |||||||||
2020 | $ 18,872 | ||||||||
2021 | 24,548 | ||||||||
2022 | 19,779 | ||||||||
2023 | 316,916 | ||||||||
2024 | 217,583 | ||||||||
Thereafter | 689,750 | ||||||||
Total | $ 1,287,448 | $ 1,140,113 |
Mortgage Notes Payable, Net - N
Mortgage Notes Payable, Net - Narrative (Details) € in Millions, £ in Millions, $ in Millions | Oct. 01, 2019 | Sep. 12, 2019USD ($)propertysate | Jun. 12, 2019USD ($)property | Jun. 12, 2019EUR (€)property | May 10, 2019USD ($)property | May 10, 2019EUR (€)property | Apr. 12, 2019USD ($)propertystate | Feb. 06, 2019USD ($)property | Feb. 06, 2019EUR (€)property | Nov. 14, 2018GBP (£) | Nov. 09, 2018USD ($)ft²propertystate | Nov. 09, 2018GBP (£)ft²propertystate | Aug. 13, 2018GBP (£)property | Jan. 26, 2018USD ($)ft²propertystate | Oct. 27, 2017USD ($)ft²propertysubsidiarysate | Sep. 30, 2019 | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²property | Feb. 06, 2019EUR (€) | Aug. 16, 2018property | Aug. 12, 2018property |
Debt Instrument [Line Items] | |||||||||||||||||||||
Carrying value of encumbered assets | $ | $ 1,500 | ||||||||||||||||||||
Rentable square feet (sqft) | ft² | 31,600,000 | ||||||||||||||||||||
Number of subsidiaries (subsidiary) | subsidiary | 12 | ||||||||||||||||||||
Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Carrying value of encumbered assets | $ | $ 1,300 | ||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayment of debt | $ | $ 90 | $ 90 | $ 30 | $ 120 | |||||||||||||||||
Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of debt | $ 90.8 | € 80.3 | $ 40 | € 35.6 | £ 209 | $ 1.7 | |||||||||||||||
Number of encumbered properties | 115 | ||||||||||||||||||||
Repayment of debt | $ 65.4 | € 57.4 | |||||||||||||||||||
Benelux | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of leased offices and industrial properties (property) | 3 | 3 | |||||||||||||||||||
Number of encumbered properties | 2 | 2 | |||||||||||||||||||
Germany Property | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of leased offices and industrial properties (property) | 5 | 5 | |||||||||||||||||||
Stated interest rate | 1.80% | 1.80% | |||||||||||||||||||
Number of encumbered properties | 3 | 3 | |||||||||||||||||||
Number of properties to replace easement | 1 | 1 | |||||||||||||||||||
Portion at fixed rate | 80.00% | 80.00% | 80.00% | ||||||||||||||||||
Portion at variable rate | 20.00% | ||||||||||||||||||||
Multi-Tenant Mortgage Loan IV | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of leased offices and industrial properties (property) | 16 | ||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | state | 12 | ||||||||||||||||||||
Stated interest rate | 4.489% | ||||||||||||||||||||
Finland | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of leased offices and industrial properties (property) | 5 | 5 | |||||||||||||||||||
Stated interest rate | 1.80% | 1.80% | |||||||||||||||||||
Portion at fixed rate | 80.00% | 80.00% | 80.00% | ||||||||||||||||||
Face (par) amount of debt instrument at time of issuance | $ 84.3 | € 74 | |||||||||||||||||||
Debt bearing fixed interest | $ 67.4 | € 59.2 | |||||||||||||||||||
Portion at variable rate | 20.00% | ||||||||||||||||||||
Penske Logistics | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gross proceeds from credit facility | £ | £ 70 | ||||||||||||||||||||
Repayments of debt | £ | £ 126.6 | ||||||||||||||||||||
Stated interest rate | 4.60% | ||||||||||||||||||||
Term of debt | 10 years | ||||||||||||||||||||
Multi-Tenant Mortgage Loan III | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gross proceeds from credit facility | £ | £ 98.5 | ||||||||||||||||||||
Number of leased offices and industrial properties (property) | 7 | 7 | |||||||||||||||||||
Number of states in which mortgaged properties are located (state) | state | 6 | 6 | |||||||||||||||||||
Stated interest rate | 4.90% | 4.90% | |||||||||||||||||||
Term of debt | 10 years | 10 years | |||||||||||||||||||
Rentable square feet (sqft) | ft² | 651,313 | 651,313 | |||||||||||||||||||
UK Multi-Property Loan | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gross proceeds from credit facility | £ | £ 230 | ||||||||||||||||||||
Number of encumbered properties | 38 | ||||||||||||||||||||
Portion at fixed rate | 80.00% | ||||||||||||||||||||
Portion at variable rate | 20.00% | ||||||||||||||||||||
Expected principal amortization | £ | £ 37.9 | ||||||||||||||||||||
Number of mortgaged properties (property) | 43 | ||||||||||||||||||||
Encumbered properties prior to loan (property) | 5 | ||||||||||||||||||||
Multi-Tenant Mortgage Loan II | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gross proceeds from credit facility | $ | $ 32.8 | ||||||||||||||||||||
Number of leased offices and industrial properties (property) | 8 | ||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | state | 6 | ||||||||||||||||||||
Stated interest rate | 4.30% | ||||||||||||||||||||
Term of debt | 10 years | ||||||||||||||||||||
Rentable square feet (sqft) | ft² | 627,500 | ||||||||||||||||||||
Multi-Tenant Mortgage Loan I | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of leased offices and industrial properties (property) | 12 | ||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | sate | 9 | ||||||||||||||||||||
Stated interest rate | 4.40% | ||||||||||||||||||||
Face (par) amount of debt instrument at time of issuance | $ | $ 187 | ||||||||||||||||||||
Rentable square feet (sqft) | ft² | 2,600,000 | ||||||||||||||||||||
Accrued interest and closing costs | $ | $ 2.2 | ||||||||||||||||||||
KeyBank National Association | Multi-Tenant Mortgage Loan V | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gross proceeds from credit facility | $ | $ 204 | ||||||||||||||||||||
Number of leased offices and industrial properties (property) | 12 | ||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | sate | 10 | ||||||||||||||||||||
Repayments of debt | $ | $ 86.5 | ||||||||||||||||||||
Deposits into reserve accounts | $ | 0.3 | ||||||||||||||||||||
Funds available for working capital and general corporate purposes | $ | $ 126.5 | ||||||||||||||||||||
Stated interest rate | 3.65% | ||||||||||||||||||||
Landesbank Hessen-Thuringen Girozentrale | Benelux | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Gross proceeds from credit facility | $ 135.8 | € 120 | |||||||||||||||||||
Stated interest rate | 1.38% | 1.38% | |||||||||||||||||||
Landesbank Hessen-Thuringen Girozentrale | Germany Property | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from issuance of debt | $ 57.9 | € 51.5 | |||||||||||||||||||
Column Financial, Inc. and Societe Generale Financial Corporation | Multi-Tenant Mortgage Loan IV | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from issuance of debt | $ | $ 97.5 | ||||||||||||||||||||
Euribor | Germany Property | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 1.55% | 1.80% | 1.80% | 1.80% | |||||||||||||||||
Euribor | Finland | Mortgage notes payable | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stated interest rate | 1.40% | 1.40% | |||||||||||||||||||
Basis spread on variable rate | 1.40% |
Credit Facilities - Credit Faci
Credit Facilities - Credit Facility - Terms (Details) € in Millions, £ in Millions | Aug. 01, 2019USD ($) | Jul. 02, 2018USD ($) | Jul. 02, 2018EUR (€) | Jul. 24, 2017USD ($)extension | Apr. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Aug. 01, 2019EUR (€) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jul. 24, 2017GBP (£) |
Line of Credit Facility [Line Items] | |||||||||||||
Outstanding balance | $ 199,071,000 | $ 363,894,000 | |||||||||||
Maximum distribution, percentage of FFO | 95.00% | 95.00% | |||||||||||
Maximum distribution under exemption, percentage of FFO | 100.00% | 100.00% | |||||||||||
Maximum distribution under exemption, percentage of AFFO | 105.00% | ||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Increase in outstanding debt balance | $ 39,400,000 | ||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Outstanding balance | 170,700,000 | $ 259,500,000 | |||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Term Loan Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Outstanding balance | $ 400,000,000 | € 359.6 | $ 277,400,000 | ||||||||||
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 0.45% | ||||||||||||
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.05% | ||||||||||||
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.45% | ||||||||||||
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 2.05% | ||||||||||||
Credit Facility Amendment | Term Loan Facility | Base Rate | Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 0.40% | ||||||||||||
Credit Facility Amendment | Term Loan Facility | Base Rate | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.00% | ||||||||||||
Credit Facility Amendment | Term Loan Facility | LIBOR | Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.40% | ||||||||||||
Credit Facility Amendment | Term Loan Facility | LIBOR | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 2.00% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 1,235,000,000 | $ 914,400,000 | $ 725,000,000 | $ 722,200,000 | |||||||||
Increase in aggregate commitments | 515,000,000 | 35,600,000 | |||||||||||
Total line of credit commitment | 1,750,000,000 | 950,000,000 | |||||||||||
Weighted average effective interest rate | 2.20% | 2.20% | |||||||||||
Remaining borrowing capacity | $ 204,100,000 | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Federal Funds Effective Swap Rate | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 0.50% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Base Rate | Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 0.60% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Base Rate | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.20% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.00% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | LIBOR | Minimum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 1.60% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | LIBOR | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Interest rate | 2.20% | ||||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 835,000,000 | 835,000,000 | |||||||||||
Line of credit facility, increase (decrease) In maximum borrowing capacity | 132,000,000 | ||||||||||||
Credit Facility, number of extensions | extension | 1 | ||||||||||||
Credit Facility extension term | 1 year | ||||||||||||
Facility fee multiplier | 0.0030 | ||||||||||||
Outstanding balance | 199,071,000 | 363,894,000 | |||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Above Threshold | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Unused capacity commitment fee | 0.25% | ||||||||||||
Commitment fee | 50.00% | 50.00% | |||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Below Threshold | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Unused capacity commitment fee | 0.15% | ||||||||||||
Commitment fee | 50.00% | 50.00% | |||||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Term Loan Facility | KeyBank National Association | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Outstanding loan amount | 403,258,000 | € 359.6 | 282,069,000 | ||||||||||
Line of credit facility, increase (decrease) In maximum borrowing capacity | $ 60,200,000 | € 51.8 | |||||||||||
Credit Facility, number of extensions | extension | 2 | ||||||||||||
Credit Facility extension term | 6 months | ||||||||||||
Cash Flow Hedging | Swap | Derivatives designated as hedging instrument | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Derivative notional amount | $ 962,436,000 | $ 596,567,000 | £ 224.4 | ||||||||||
Cash Flow Hedging | Swap | Derivatives designated as hedging instrument | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Derivative notional amount | £ | 150 | ||||||||||||
Cash Flow Hedging | Swap | Derivatives designated as hedging instrument | Credit Facility | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Derivative notional amount | £ | £ 160.3 |
Credit Facilities - Outstanding
Credit Facilities - Outstanding Balance Under Credit Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands | Dec. 31, 2019$ / € | Dec. 31, 2019USD ($) | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / $ | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Aug. 01, 2019USD ($) | Aug. 01, 2019EUR (€) | Jun. 30, 2019USD ($) | Dec. 31, 2018$ / € | Dec. 31, 2018USD ($) | Dec. 31, 2018$ / £ | Dec. 31, 2018EUR (€) | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ | Dec. 31, 2018GBP (£) |
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | $ 199,071 | $ 363,894 | ||||||||||||||
Term Loan, Net | 397,893 | 278,727 | ||||||||||||||
Foreign currency exchange rate | 1.12 | 1.32 | 0.77 | 1.14 | 1.27 | 1.14 | 1.27 | |||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | $ 170,700 | $ 259,500 | ||||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Term Loan Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | $ 400,000 | € 359,600 | $ 277,400 | |||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Total Credit Facility | 596,964 | 642,621 | ||||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | 199,071 | 363,894 | ||||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term Loan | 403,258 | € 359,600 | 282,069 | |||||||||||||
Deferred financing costs | (5,365) | (3,342) | ||||||||||||||
Term Loan, Net | 397,893 | 278,727 | ||||||||||||||
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Total Credit Facility | 62,211 | 278,625 | ||||||||||||||
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | 62,211 | 278,625 | ||||||||||||||
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term Loan | 0 | 0 | ||||||||||||||
Deferred financing costs | 0 | 0 | ||||||||||||||
Term Loan, Net | $ 0 | $ 0 | ||||||||||||||
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Total Credit Facility | £ | £ 40,000 | £ 40,000 | ||||||||||||||
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | £ | 40,000 | 40,000 | ||||||||||||||
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term Loan | £ | 0 | 0 | ||||||||||||||
Deferred financing costs | £ | 0 | 0 | ||||||||||||||
Term Loan, Net | £ | £ 0 | £ 0 | ||||||||||||||
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Total Credit Facility | € | 434,551 | € 276,481 | ||||||||||||||
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving Credit Facility | € | 75,000 | 30,000 | ||||||||||||||
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Term Loan | € | 359,551 | 246,481 | ||||||||||||||
Deferred financing costs | € | 0 | 0 | ||||||||||||||
Term Loan, Net | € | € 359,551 | € 246,481 |
Credit Facilities - Prior Credi
Credit Facilities - Prior Credit Facility (Details) € in Millions, £ in Millions | Jul. 24, 2017USD ($) | Jul. 24, 2017EUR (€) | Jul. 24, 2017GBP (£) | Jul. 25, 2013USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 01, 2019USD ($) | Jul. 02, 2018USD ($) | Jun. 30, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from lines of credit | $ 209,995,000 | $ 247,000,000 | $ 647,353,000 | |||||||
JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 740,000,000 | |||||||||
Commitment fee | 50.00% | |||||||||
Credit Facility | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Extinguishment of debt | $ 725,800,000 | |||||||||
Credit Facility, Euro | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Extinguishment of debt | € | € 255.7 | |||||||||
Credit Facility, Pounds | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Extinguishment of debt | £ | £ 160.2 | |||||||||
Credit Facility, Dollar | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Extinguishment of debt | 221,600,000 | |||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | 725,000,000 | $ 1,235,000,000 | $ 914,400,000 | $ 722,200,000 | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 835,000,000 | $ 835,000,000 | ||||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Revolving Credit And Term Loan Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from lines of credit | 720,900,000 | |||||||||
Line of Credit | Credit Facility | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Repayments of debt, with cash on hand | $ 4,900,000 | |||||||||
LIBOR | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 1.00% | 1.00% | 1.00% | |||||||
Minimum | Base Rate | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 0.60% | 0.60% | 0.60% | |||||||
Minimum | LIBOR | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 1.60% | 1.60% | 1.60% | |||||||
Maximum | Base Rate | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 1.20% | 1.20% | 1.20% | |||||||
Maximum | LIBOR | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 2.20% | 2.20% | 2.20% | |||||||
Line of Credit Facility, Interest Rate, Option Two | Minimum | Base Rate | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 0.60% | |||||||||
Line of Credit Facility, Interest Rate, Option Two | Maximum | Base Rate | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 1.20% | |||||||||
Line of Credit Facility, Interest Rate, Option One | Minimum | LIBOR | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 1.60% | |||||||||
Line of Credit Facility, Interest Rate, Option One | Maximum | LIBOR | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 2.20% | |||||||||
Line of Credit Facility, Base Rate, Option Three | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate | 1.00% | |||||||||
Above Threshold | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unused capacity commitment fee | 0.25% | |||||||||
Above Threshold | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unused capacity commitment fee | 0.25% | 0.25% | 0.25% | |||||||
Commitment fee | 50.00% | |||||||||
Below Threshold | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unused capacity commitment fee | 0.15% | |||||||||
Below Threshold | Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Unused capacity commitment fee | 0.15% | 0.15% | 0.15% | |||||||
Commitment fee | 50.00% |
Credit Facilities - Mezzanine F
Credit Facilities - Mezzanine Facility (Details) - Mortgage notes payable $ in Millions | Feb. 06, 2019USD ($) | Feb. 06, 2019EUR (€) | Mar. 30, 2017USD ($) | Mar. 30, 2017EUR (€) | Dec. 22, 2016EUR (€) |
Line of Credit Facility [Line Items] | |||||
Repayment of debt | $ 65.4 | € 57,400,000 | |||
Mezzanine Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt, fair value | € 107,000,000 | ||||
Debt instrument, face amount | € 128,000,000 | ||||
Stated interest rate | 8.25% | ||||
Repayment of debt | $ 56.5 | € 52,700,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value, Financial Instruments Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Multi-Year Outperformance Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity fair value | $ (18,804) | |
Quoted Prices in Active Markets Level 1 | Multi-Year Outperformance Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity fair value | 0 | |
Significant Other Observable Inputs Level 2 | Multi-Year Outperformance Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity fair value | 0 | |
Significant Unobservable Inputs Level 3 | Multi-Year Outperformance Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity fair value | (18,804) | |
Foreign currency forwards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | $ 2,726 | 5,472 |
Foreign currency forwards | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Foreign currency forwards | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 2,726 | 5,472 |
Foreign currency forwards | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | (6,082) | (628) |
Interest rate swaps | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Interest rate swaps | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | (6,082) | (628) |
Interest rate swaps | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Unobservable Input Reconciliation (Details) - 2018 Multi Year Outperformance Plan - Significant Unobservable Inputs Level 3 $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Value as of December 31, 2017 | $ 0 |
Initial value | 27,600 |
Fair value adjustment | (8,796) |
Ending Value as of December 31, 2018 | $ 18,804 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Quantitative Level 3 Inputs (Details) - 2018 Multi Year Outperformance Plan - Significant Unobservable Inputs Level 3 $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Equity fair value | $ 18,804 |
Measurement Input, Price Volatility | |
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Input Value | 0.230 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Details) $ in Thousands, € in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage notes payable, net | $ 1,272,154 | $ 1,129,807 | |
Mortgage notes payable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage notes payable, net | 1,272,154 | 1,129,807 | |
Mortgage discount | 26 | 569 | |
Deferred financing costs | (15,268) | (9,737) | |
Outstanding loan amount | 1,287,448 | 1,140,113 | |
Unsecured Debt | KeyBank National Association | Term Loan Facility | Senior Unsecured Multi-Currency Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Deferred financing costs | (5,365) | (3,342) | |
Outstanding loan amount | 403,258 | € 359.6 | 282,069 |
Significant Unobservable Inputs Level 3 | Carrying Amount | Mortgage notes payable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt instruments | 1,272,154 | 1,129,807 | |
Mortgage notes payable, net | 1,300,000 | 1,100,000 | |
Significant Unobservable Inputs Level 3 | Carrying Amount | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt instruments | 199,071 | 363,894 | |
Significant Unobservable Inputs Level 3 | Carrying Amount | Revolving Credit Facility | Senior Unsecured Multi-Currency Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt instruments | 397,893 | 278,727 | |
Significant Unobservable Inputs Level 3 | Fair Value | Mortgage notes payable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt instruments | 1,339,931 | 1,157,710 | |
Significant Unobservable Inputs Level 3 | Fair Value | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt instruments | 210,997 | 365,591 | |
Significant Unobservable Inputs Level 3 | Fair Value | Revolving Credit Facility | Senior Unsecured Multi-Currency Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of debt instruments | $ 403,631 | $ 283,558 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Positions, Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | $ (3,356) | $ 4,844 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | 6,008 | 658 |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | 2,652 | 4,186 |
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | USD | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (939) | 0 |
Derivative assets, at fair value | 0 | 3,258 |
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | GBP | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (4,524) | (1,157) |
Derivative assets, at fair value | 366 | 0 |
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | EUR | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (1,139) | (1,443) |
Derivative assets, at fair value | 228 | 0 |
Foreign currency forwards | Derivatives not designated as hedging instruments | GBP | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (831) | 0 |
Derivative assets, at fair value | 1,205 | 3,247 |
Foreign currency forwards | Derivatives not designated as hedging instruments | EUR | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, at fair value | 2,352 | 2,225 |
Interest rate swaps | Derivatives not designated as hedging instruments | EUR | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | $ (74) | $ (1,286) |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Narrative (Details) € in Millions, £ in Millions | Aug. 13, 2018USD ($)derivative | Jul. 24, 2017USD ($) | Mar. 31, 2019USD ($)derivative | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2019EUR (€) | Aug. 13, 2018GBP (£) | Jul. 25, 2017USD ($) | Jul. 24, 2017GBP (£) |
Derivative [Line Items] | |||||||||||
Gains (losses) on ineffectiveness | $ (400,000) | $ 200,000 | |||||||||
Loss from termination of derivative | $ 100,000 | 100,000 | 1,100,000 | ||||||||
Accumulated other comprehensive income | (20,195,000) | (6,810,000) | |||||||||
Gain (loss) on derivative instruments | 769,000 | 7,638,000 | (8,304,000) | ||||||||
Derivative liability | 7,507,000 | 3,886,000 | |||||||||
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness | 3,700,000 | ||||||||||
Fair value of derivatives in net liability position | 7,800,000 | ||||||||||
Not Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative notional amount | 77,031,000 | 221,125,000 | |||||||||
Gain (loss) on derivative instruments | 900,000 | 7,800,000 | (7,100,000) | ||||||||
Interest rate swaps | |||||||||||
Derivative [Line Items] | |||||||||||
Number of interest rate swaps terminated | derivative | 15 | ||||||||||
AOCI adjustment, interest expense | 0 | 559,000 | 931,000 | ||||||||
Gain (loss) on derivative instruments | (1,100,000) | ||||||||||
Interest rate swaps | Interest Expense | |||||||||||
Derivative [Line Items] | |||||||||||
AOCI adjustment, interest expense | $ 2,439,000 | 3,746,000 | $ 6,029,000 | ||||||||
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense | |||||||||||
Derivative [Line Items] | |||||||||||
Estimate of time to transfer | 12 months | ||||||||||
Estimated net amount to be transferred as interest expense | $ 3,000,000 | ||||||||||
Novated interest rate swap | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative instrument, amount novated | $ 224,000,000 | ||||||||||
Novated interest rate swap | Interest Expense | |||||||||||
Derivative [Line Items] | |||||||||||
AOCI adjustment, interest expense | $ 300,000 | 400,000 | |||||||||
Novated interest rate swap | Not Designated as Hedging Instrument | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative liability | $ 700,000 | ||||||||||
Interest rate floor | |||||||||||
Derivative [Line Items] | |||||||||||
Number of interest rate swaps terminated | derivative | 1 | ||||||||||
Currency swaps | Net Investment Hedging | Designated as Hedging Instrument | GBP-USD | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative notional amount | £ | £ 49.1 | ||||||||||
Payment to settle derivatives | 10,600,000 | ||||||||||
Multi-Property Loan | |||||||||||
Derivative [Line Items] | |||||||||||
Accumulated other comprehensive income | $ (1,200,000) | 200,000 | |||||||||
Multi-Property Loan | Interest rate swaps | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative notional amount | £ | £ 208.8 | ||||||||||
Multi-Property Loan | Interest rate swaps | Interest Expense | |||||||||||
Derivative [Line Items] | |||||||||||
AOCI adjustment, interest expense | 600,000 | 400,000 | |||||||||
Multi-Property Loan | Interest rate floor | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative notional amount | £ | £ 28.1 | ||||||||||
Prior Credit Facility | |||||||||||
Derivative [Line Items] | |||||||||||
Accumulated other comprehensive income | 0 | ||||||||||
Prior Credit Facility | Interest rate swaps | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative notional amount | £ | £ 160 | ||||||||||
Payment to settle derivatives | $ 1,500,000 | ||||||||||
Prior Credit Facility | Interest rate swaps | Interest Expense | |||||||||||
Derivative [Line Items] | |||||||||||
AOCI adjustment, interest expense | $ 200,000 | $ 200,000 | |||||||||
Finland | |||||||||||
Derivative [Line Items] | |||||||||||
Number of interest rate swaps terminated | derivative | 5 | ||||||||||
Finland | Multi-Property Loan | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative notional amount | € | € 57.4 | ||||||||||
Payment to settle derivatives | $ 800,000 | ||||||||||
Amount of loss recognized in accumulated other comprehensive income (loss) from derivatives (effective portion) | $ 700,000 | ||||||||||
AOCI adjustment, interest expense | 400,000 | ||||||||||
Accumulated other comprehensive income | $ 300,000 |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Interest rate “pay-fixed” swaps - Swap - Designated as Hedging Instrument $ in Thousands, £ in Millions | Dec. 31, 2019USD ($)derivative | Dec. 31, 2018USD ($)derivative | Jul. 24, 2017GBP (£) |
Derivative [Line Items] | |||
Number of Instruments | 68 | 64 | |
Notional Amount | $ 962,436 | $ 596,567 | £ 224.4 |
GBP | |||
Derivative [Line Items] | |||
Number of Instruments | 49 | 48 | |
Notional Amount | $ | $ 290,965 | $ 234,312 | |
EUR | |||
Derivative [Line Items] | |||
Number of Instruments | 16 | 13 | |
Notional Amount | $ | $ 521,471 | $ 212,255 | |
USD | |||
Derivative [Line Items] | |||
Number of Instruments | 3 | 3 | |
Notional Amount | $ | $ 150,000 | $ 150,000 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total interest expense recorded in the consolidated statements of operations | $ 64,199 | $ 57,973 | $ 48,450 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in AOCI from derivatives | (9,047) | 2,739 | (12,893) |
Amount of loss reclassified/recognized | 0 | (559) | (931) |
Interest rate swaps | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss reclassified/recognized | $ (2,439) | $ (3,746) | $ (6,029) |
Derivative and Hedging Activi_7
Derivative and Hedging Activities - Schedule of Derivatives Not Designated as Hedges (Details) - Not Designated as Hedging Instrument $ in Thousands | Dec. 31, 2019USD ($)derivative | Dec. 31, 2018USD ($)derivative |
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 71 | 93 |
Derivative notional amount | $ | $ 77,031 | $ 221,125 |
Foreign currency forwards | GBP-USD | ||
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 38 | 50 |
Derivative notional amount | $ | $ 38,898 | $ 43,000 |
Foreign currency forwards | EUR-USD | ||
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 32 | 38 |
Derivative notional amount | $ | $ 27,478 | $ 39,500 |
Swap | EUR-USD | ||
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 1 | 5 |
Derivative notional amount | $ | $ 10,655 | $ 138,625 |
Derivative and Hedging Activi_8
Derivative and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liability, Fair Value, Gross Asset | $ 0 | $ 0 |
Gross Amounts of Recognized Assets | 4,151 | 8,730 |
Gross Amounts of Recognized (Liabilities) | (7,507) | (3,886) |
Gross Amounts Offset on the Balance Sheet | 0 | 0 |
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | (3,356) | 4,844 |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ (3,356) | $ 4,844 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Nov. 20, 2019USD ($)directorquarterly_dividend$ / sharesshares | Nov. 28, 2018USD ($)$ / sharesshares | Aug. 20, 2018USD ($)$ / sharesshares | Dec. 14, 2017USD ($)$ / sharesshares | Oct. 11, 2017USD ($)shares | Sep. 07, 2017$ / sharesshares | Mar. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)directorquarterly_dividend$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 13, 2019shares | Mar. 31, 2018USD ($) |
Class of Stock [Line Items] | |||||||||||||
Common stock, outstanding (in shares) | shares | 89,458,752 | 89,458,752 | 76,080,625 | ||||||||||
Preferred stock, authorized (in shares) | shares | 30,000,000 | 30,000,000 | |||||||||||
Dividends paid on the 15th of each month (in dollars per share) | $ / shares | $ 2.13 | ||||||||||||
Common stock, monthly dividend rate (in dollars per share) | $ / shares | $ 0.1775 | ||||||||||||
Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 4,000,000 | 4,600,000 | |||||||||||
Offering proceeds | $ 80,800,000 | $ 95,000,000 | |||||||||||
Offering price per share (in dollars per share) | $ / shares | $ 20.20 | $ 20.65 | |||||||||||
Underwriting discount | $ 3,200,000 | $ 3,800,000 | |||||||||||
Over-Allotment Option | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 600,000 | ||||||||||||
Additional offering expenses | $ 100,000 | $ 300,000 | |||||||||||
Series A Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock, authorized (in shares) | shares | 9,959,650 | 9,959,650 | 13,409,650 | ||||||||||
Preferred stock, dividend rate | 7.25% | 7.25% | |||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, issued (in shares) | shares | 6,799,467 | 6,799,467 | 5,416,890 | ||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | ||||||||||
Preferred stock cumulative dividends (in dollars per share) | $ / shares | 1.8125 | ||||||||||||
Preferred stock redemption price per share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||
Redemption period one | 90 days | ||||||||||||
Redemption period two | 120 days | ||||||||||||
Number of share issued per share of convertible preferred stock (in shares) | shares | 2.301 | ||||||||||||
Number of additional directors to be elected (director) | director | 2 | ||||||||||||
Number of quarterly dividends payable (quarterly dividend) | quarterly_dividend | 6 | ||||||||||||
Preferred stock, quarterly dividend (in dollars per share) | $ / shares | $ 0.453125 | ||||||||||||
Series A Preferred Stock | Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Periods for dividend payment | 30 days | ||||||||||||
Series A Preferred Stock | Minimum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Periods for dividend payment | 10 days | ||||||||||||
Percentage of ordinary dividend income | 100.00% | ||||||||||||
Series A Preferred Stock | Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 1,150,000 | 259,650 | 4,000,000 | ||||||||||
Offering proceeds | $ 28,800,000 | ||||||||||||
Underwriting discount | 800,000 | $ 3,400,000 | |||||||||||
Additional offering expenses | $ 200,000 | 500,000 | |||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||
Consideration received on sale of stock, gross | $ 106,500,000 | ||||||||||||
Series A Preferred Stock | Over-Allotment Option | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 150,000 | ||||||||||||
Series B Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock, authorized (in shares) | shares | 11,450,000 | 11,450,000 | 0 | 11,450,000 | |||||||||
Preferred stock, dividend rate | 6.875% | 6.875% | |||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0 | ||||||||||
Preferred stock, issued (in shares) | shares | 3,450,000 | 3,450,000 | 0 | ||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 0 | ||||||||||
Preferred stock cumulative dividends (in dollars per share) | $ / shares | $ 1.71875 | ||||||||||||
Number of share issued per share of convertible preferred stock (in shares) | shares | 2.5126 | ||||||||||||
Number of additional directors to be elected (director) | director | 2 | ||||||||||||
Number of quarterly dividends payable (quarterly dividend) | quarterly_dividend | 6 | ||||||||||||
Preferred stock, quarterly dividend (in dollars per share) | $ / shares | $ 0.429688 | ||||||||||||
Series B Preferred Stock | Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 3,450,000 | ||||||||||||
Underwriting discount | $ 2,700,000 | ||||||||||||
Additional offering expenses | $ 500,000 | ||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||||
Consideration received on sale of stock, gross | $ 86,200,000 | ||||||||||||
Series B Preferred Stock | Over-Allotment Option | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 450,000 | ||||||||||||
Agent | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 7,759,322 | 5,596,452 | 13,355,773 | ||||||||||
Offering proceeds | $ 152,700,000 | $ 109,900,000 | $ 262,600,000 | ||||||||||
Commissions paid | 1,500,000 | 1,600,000 | 3,200,000 | ||||||||||
Stock issuance costs | 800,000 | 400,000 | $ 1,200,000 | ||||||||||
Common stock, value authorized | $ 175,000,000 | ||||||||||||
Agent | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 164,927 | 820,988 | |||||||||||
Offering proceeds | $ 3,500,000 | ||||||||||||
Commissions paid | 35,140 | ||||||||||||
Stock issuance costs | $ 300,000 | $ 400,000 | |||||||||||
Net proceeds from sale of stock | $ 18,700,000 | ||||||||||||
Agent | Series A Preferred Stock | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 1,382,577 | 7,240 | |||||||||||
Offering proceeds | $ 35,300,000 | $ 200,000 | |||||||||||
Commissions paid | 500,000 | 2,724 | |||||||||||
Stock issuance costs | 200,000 | $ 400,000 | |||||||||||
Equity offering proceeds authorized | $ 200,000,000 | ||||||||||||
Agent | Series B Preferred Stock | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity offering proceeds authorized | $ 200,000,000 | $ 200,000,000 |
Stockholders' Equity - Details
Stockholders' Equity - Details of Distributions Classified as Return of Capital and Ordinary Dividend Income (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Return of capital (in dollars per share) | $ 1.23 | $ 1.57 | $ 0.39 |
Ordinary dividend income (in dollars per share) | 0.55 | 0.56 | 1.74 |
Total distribution (in dollars per share) | $ 1.78 | $ 2.13 | $ 2.13 |
Return of capital | 69.10% | 73.70% | 18.30% |
Ordinary dividend income | 30.90% | 26.30% | 81.70% |
Total distribution | 100.00% | 100.00% | 100.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Ground Lease Payments (Details) $ in Thousands | Dec. 31, 2019$ / € | Dec. 31, 2019USD ($) | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / € | Dec. 31, 2018$ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
2020 | $ 1,385 | |||||||
2021 | 1,385 | |||||||
2022 | 1,385 | |||||||
2023 | 1,385 | |||||||
2024 | 1,389 | |||||||
Thereafter | 40,180 | |||||||
Total minimum lease payments | 47,109 | |||||||
Less: Effects of discounting | (23,124) | |||||||
Operating lease liability | $ 23,985 | |||||||
Foreign currency exchange rate | 1.12 | 1.32 | 0.77 | 1.14 | 1.27 | 1.14 | 1.27 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019$ / € | Dec. 31, 2019$ / £ | Dec. 31, 2019$ / $ | Dec. 31, 2018$ / € | Dec. 31, 2018USD ($) | Dec. 31, 2018$ / £ | Dec. 31, 2018€ / $ | Dec. 31, 2018£ / $ |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
2019 | $ 1,371 | |||||||
2020 | 1,371 | |||||||
2021 | 1,371 | |||||||
2022 | 1,371 | |||||||
2023 | 1,371 | |||||||
Thereafter | 40,519 | |||||||
Total | $ 47,374 | |||||||
Foreign currency exchange rate | 1.12 | 1.32 | 0.77 | 1.14 | 1.27 | 1.14 | 1.27 |
Commitments and Contingencies_3
Commitments and Contingencies - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||||
Number of properties subject to ground leases | property | 8 | |||
Operating lease right-of-use asset | $ 50,211 | |||
Operating lease liability | $ 23,985 | |||
Weighted-average remaining lease term | 33 years 3 months 18 days | |||
Lease payments | 4.33% | |||
Lease payments | $ 1,400 | |||
Operating Lease, Expense | 1,300 | |||
Rent expense | $ 1,300 | $ 1,300 | ||
Asset management fees | Defendants Vs. Service Providers | Service Provider | ||||
Operating Leased Assets [Line Items] | ||||
Litigation costs | $ 1,000 | $ 2,900 | ||
Litigation reserve | $ 7,400 | |||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Term of lease contract | 16 years | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Term of lease contract | 85 years |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | Nov. 06, 2018USD ($) | Aug. 14, 2018$ / shares | Jun. 02, 2015USD ($)$ / shares | Feb. 28, 2019 | Jun. 30, 2017shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)property | Oct. 31, 2017property |
Related Party Transaction [Line Items] | |||||||||
Due from related parties | $ 351,000 | $ 16,000 | |||||||
Due to related parties | 342,000 | 790,000 | |||||||
Distributions to non-controlling interest holders | 542,000 | 585,000 | $ 739,000 | ||||||
Dividends payable | $ 4,006,000 | 2,664,000 | |||||||
Number of real estate properties, no longer subject to oversight fee (property) | property | 39 | ||||||||
Property and management leasing agreement, term | 1 year | ||||||||
Property and management leasing agreement, successive terms | 1 year | ||||||||
Property manager termination notice | 60 days | ||||||||
Property and management leasing agreement, termination notification term | 12 months | ||||||||
Period to reinvest proceeds | 180 days | ||||||||
Proceeds from sale of real estate | $ 30,300,000 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of properties sold (property) | property | 1 | ||||||||
Gain fee | $ 0 | 0 | $ 800,000 | ||||||
Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 33,292,000 | 28,234,000 | 25,634,000 | ||||||
Forgiven | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | $ 0 | 0 | 2,052,000 | ||||||
Stand Alone, Single Tenant, Net Leased | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 0.25% | ||||||||
All other properties, other than stand alone, single tenant, net leased | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 0.50% | ||||||||
Singe Tenant Net Lease, Not Part of Shopping Center | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 1.75% | ||||||||
All Other Property Types, Other Than Stand Alone, Single Tenant, Net Leased and Not Part of Shopping Center | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 3.50% | ||||||||
Multi-Year Outperformance Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Dividends payable | $ 0 | 0 | |||||||
OP Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
OP unit distributions paid | 100,000 | ||||||||
LTIP Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
Distributions to non-controlling interest holders | $ 500,000 | 600,000 | 600,000 | ||||||
OP Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
Conversion of stock (in shares) | shares | 181,841 | ||||||||
Global Net Lease Advisors, LLC | Advisor And Scott J. Bowman | Chief Executive Officer | |||||||||
Related Party Transaction [Line Items] | |||||||||
Direct membership interest | 5.00% | ||||||||
Third party professional fees and offering costs | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | $ 300,000 | 800,000 | |||||||
Incentive Compensation | Recurring Fees | Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 0 | 0 | 0 | ||||||
Property management and leasing fees | Recurring Fees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 4,200,000 | ||||||||
Property management and leasing fees | Recurring Fees | Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 5,762,000 | 5,022,000 | 4,281,000 | ||||||
Property management and leasing fees | Recurring Fees | Forgiven | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | $ 0 | $ 0 | $ 1,177,000 | ||||||
AR Global, LLC | Global Net Lease Advisors, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Indirect membership interest | 95.00% | ||||||||
Limited Partner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating partnership units (in shares) | shares | 35,900 | 35,900 | |||||||
Advisor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum base management fee and variable base management fee, maximum percent of assets under management, range one | 0.75% | ||||||||
Minimum base management fee and variable base management fee, maximum amount under management, range one | $ 3,000,000,000 | ||||||||
Minimum base management fee and variable base management fee, maximum percent of assets under management, range two | 0.75% | ||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 3,000,000,000 | ||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two denominator | $ 11,700,000,000 | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range three | 0.35% | ||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 3,000,000,000 | ||||||||
Minimum base management fee and variable base management fee, maximum percent of assets under management, range three | 0.40% | ||||||||
Minimum base management fee and variable base management fee, maximum amount under management, range three | $ 14,700,000,000 | ||||||||
Advisor | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | $ 49,000 | ||||||||
Advisor | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 14,600,000,000 | ||||||||
Advisor | Amended Advisory Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Base fee | $ 18,000,000 | ||||||||
Variable fee, percent of cumulative net proceeds | 1.25% | ||||||||
Incentive Compensation, percent payable in cash | 50.00% | ||||||||
Incentive Compensation, percent payable in shares | 50.00% | ||||||||
Percent of Core AFFO per weighted average share outstanding in excess of incentive hurdle one | 15.00% | ||||||||
Percent of Core AFFO per weighted average share outstanding, incentive hurdle one (in dollars per share) | $ / shares | $ 2.37 | ||||||||
Percent of Core AFFO per weighted average share outstanding in excess of incentive hurdle two | 10.00% | ||||||||
Percent of Core AFFO per weighted average share outstanding, incentive hurdle two (in dollars per share) | $ / shares | $ 3.08 | ||||||||
Incentive compensation, percent of core adjusted funds from operations per weighted average share outstanding, incentive hurdle one, period one (in dollars per share) | $ / shares | $ 2.15 | ||||||||
Incentive compensation, percent of core adjusted funds from operations per weighted average share outstanding, incentive hurdle one, period two (in dollars per share) | $ / shares | 2.25 | ||||||||
Incentive compensation, percent of core adjusted funds from operations per weighted average share outstanding, incentive hurdle two, period two (in dollars per share) | $ / shares | $ 2.92 | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range three | 0.30% | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range one | 1.25% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three | $ 5,000,000,000 | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two | 0.95% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 15,000,000,000 | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation base | 1.25% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three denominator | $ 10,000,000,000 | ||||||||
Variable fee payable, maximum sale of investments to trigger possible reduction | $ 200,000,000 | ||||||||
Advisor | Amended Advisory Agreement | Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percent of Core AFFO per weighted average share outstanding, incentive hurdle annual adjustment | 0.00% | 1.00% | |||||||
Advisor | Amended Advisory Agreement | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percent of Core AFFO per weighted average share outstanding, incentive hurdle annual adjustment | 3.00% | 3.00% | |||||||
Incentive compensation, percent of core adjusted funds from operations per weighted average share outstanding, incentive hurdle two, period one (in dollars per share) | $ / shares | $ 2.79 | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three | $ 15,000,000,000 | ||||||||
Advisor | American Realty Capital Global Advisors, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from related parties | $ 351,000 | $ 16,000 | |||||||
Advisor | American Realty Capital Global Advisors, LLC | Maximum | Average Invested Assets | Greater Of | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating expenses as a percentage of benchmark | 2.00% | ||||||||
Advisor | American Realty Capital Global Advisors, LLC | Maximum | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Greater Of | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating expenses as a percentage of benchmark | 25.00% | ||||||||
Property Manager | American Realty Capital Global Properties, LLC | Maximum | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oversight fees as a percentage of benchmark | 1.00% | ||||||||
Property Manager | American Realty Capital Global Properties, LLC | Maximum | Gross Revenue, Managed Properties | Stand Alone, Single Tenant, Net Leased | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oversight fees as a percentage of benchmark | 2.00% | ||||||||
Property Manager | American Realty Capital Global Properties, LLC | Maximum | Gross Revenue, Managed Properties | All other properties, other than stand alone, single tenant, net leased | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oversight fees as a percentage of benchmark | 4.00% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Advisor fees waived | 100.00% | |||
General and Administrative Expense | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 1,100 | $ 1,100 | $ 100 | |
Advisor | Minimum Base Management Fee | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 18,000 | |||
Advisor | Variable Base Management Fee | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 9,500 | 5,200 | 3,400 | |
Incurred | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 33,292 | 28,234 | 25,634 | |
Forgiven | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 0 | 0 | 2,052 | |
(Receivables) Payable | ||||
Related Party Transaction [Line Items] | ||||
Related party (receivable) payable | 0 | 49 | ||
Nonrecurring Fees | Incurred | Fees on gain from sale of investments | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 0 | 0 | 0 | |
Nonrecurring Fees | Forgiven | Fees on gain from sale of investments | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 0 | 0 | 875 | |
Nonrecurring Fees | (Receivables) Payable | Fees on gain from sale of investments | ||||
Related Party Transaction [Line Items] | ||||
Related party (receivable) payable | 0 | 49 | ||
Recurring Fees | Property management and leasing fees | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 4,200 | |||
Recurring Fees | Incurred | Asset management fees | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 27,530 | 23,212 | 21,353 | |
Recurring Fees | Incurred | Property management and leasing fees | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 5,762 | 5,022 | 4,281 | |
Recurring Fees | Forgiven | Asset management fees | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 0 | 0 | 0 | |
Recurring Fees | Forgiven | Property management and leasing fees | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 0 | 0 | $ 1,177 | |
Recurring Fees | (Receivables) Payable | Asset management fees | ||||
Related Party Transaction [Line Items] | ||||
Related party (receivable) payable | 0 | 0 | ||
Recurring Fees | (Receivables) Payable | Property management and leasing fees | ||||
Related Party Transaction [Line Items] | ||||
Related party (receivable) payable | $ 0 | $ 0 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) | Jun. 02, 2018shares | Jun. 01, 2018USD ($)$ / shares | Jun. 02, 2015shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jun. 02, 2018shares | Feb. 28, 2019USD ($) | Jan. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Distributions to non-controlling interest holders | $ 542,000 | $ 585,000 | $ 739,000 | |||||||
Director | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock issued for services during the period (in shares) | shares | 0 | 0 | 0 | |||||||
LTIP Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Distributions to non-controlling interest holders | $ 500,000 | $ 600,000 | $ 600,000 | |||||||
LTIP Units | Annual Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percent | 33.30% | |||||||||
LTIP Units | Performance Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percent | 33.30% | |||||||||
LTIP Units | Interim Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percent | 33.30% | |||||||||
Stock Option Plan | Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | shares | 500,000 | 500,000 | 500 | |||||||
Shares issued in the period (in shares) | shares | 0 | 0 | 0 | |||||||
Incentive Restricted Share Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Annual retainer payable, cash percentage | 50.00% | |||||||||
Annual retainer payable, restricted stock units percentage | 50.00% | |||||||||
Incentive Restricted Share Plan | Independent Directors | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Annual retainer payable | $ 100,000 | |||||||||
Incentive Restricted Share Plan | Non-Executive Chair | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Annual retainer payable | 105,000 | |||||||||
Incentive Restricted Share Plan | Directors, Serving on Committees | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Annual retainer payable | $ 30,000 | |||||||||
Incentive Restricted Share Plan | Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Outstanding stock maximum | 10.00% | |||||||||
Incentive Restricted Share Plan | Restricted Stock Units (RSUs) | Directors, Serving on Committees | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Incentive Restricted Share Plan | Restricted Stock Units (RSUs) | Director | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Incentive Restricted Share Plan | RSUs/Restricted stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Equity based compensation | $ 500,000 | $ 500,000 | $ 700,000 | |||||||
Restricted Share Plan | RSUs/Restricted stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized compensation cost | $ 500,000 | |||||||||
Period for recognition | 1 year 6 months | |||||||||
2018 Multi Year Outperformance Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Equity based compensation | $ 9,100,000 | 3,300,000 | ||||||||
Equity based compensation, requisite service period | 2 years 9 months 18 days | |||||||||
Shares authorized | $ 50,000,000 | |||||||||
Share price (in dollars per share) | $ / shares | $ 19.57 | |||||||||
2018 Multi Year Outperformance Plan | Annual Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 24.00% | |||||||||
Relative TSR Excess | (0.0600) | |||||||||
2018 Multi Year Outperformance Plan | Performance Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 30.00% | |||||||||
Relative TSR Excess | 0 | |||||||||
2018 Multi Year Outperformance Plan | Interim Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 24.00% | |||||||||
Relative TSR Excess | (0.0600) | |||||||||
2018 Multi Year Outperformance Plan | LTIP Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares issued in the period (in shares) | shares | 2,554,930 | |||||||||
2015 Multi-Year Outperformance Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares issued in the period (in shares) | shares | 3,013,933 | |||||||||
Award vesting period | 3 years | |||||||||
Equity based compensation | $ 1,100,000 | $ 4,400,000 | ||||||||
Percent of distributions | 10.00% | |||||||||
Percent of market capitalization | 5.00% | |||||||||
2015 Multi-Year Outperformance Plan | Annual Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period during which additional units may be earned | 1 year | |||||||||
2015 Multi-Year Outperformance Plan | Performance Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period during which additional units may be earned | 1 year | |||||||||
2015 Multi-Year Outperformance Plan | Interim Period | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period during which additional units may be earned | 1 year | |||||||||
2015 Multi-Year Outperformance Plan | LTIP Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of units earned (in shares) | shares | 0 | |||||||||
Advisor | 2018 Multi Year Outperformance Plan | LTIP Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares issued in the period (in shares) | shares | 2,554,930 | |||||||||
Minimum | Tier One | 2018 Multi Year Outperformance Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 24.00% | |||||||||
Minimum | Tier Two | 2018 Multi Year Outperformance Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 36.00% | |||||||||
Maximum | Tier One | 2018 Multi Year Outperformance Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 30.00% | |||||||||
Maximum | Tier Two | 2018 Multi Year Outperformance Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Absolute TSR | 30.00% | |||||||||
Share-based Payment Arrangement, Nonemployee | 2018 Multi Year Outperformance Plan | LTIP Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Equity fair value | $ 6,600,000 | $ 29,900,000 | $ 23,300,000 | $ 18,800,000 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Restricted Share Award Activity (Details) - RSUs/Restricted stock - Restricted Share Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of RSUs/Restricted Shares | |||
Beginning Balance (in shares) | 46,352 | 49,112 | 61,099 |
Granted (in shares) | 16,543 | 17,039 | 13,861 |
Vested (in shares) | (22,354) | (19,799) | (25,848) |
Ending Balance (in shares) | 40,541 | 46,352 | 49,112 |
Weighted-Average Issue Price | |||
Beginning Balance (in dollars per share) | $ 22.04 | $ 24.29 | $ 25.07 |
Granted (in dollars per share) | 18.89 | 18.34 | 22.54 |
Vested (in dollars per share) | 22.58 | 24.40 | 25.25 |
Ending Balance (in dollars per share) | $ 20.47 | $ 22.04 | $ 24.29 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Target and Maximum Performance Goals (Details) - 2018 Multi Year Outperformance Plan | Jun. 02, 2018shares |
Below Threshold | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTP Units Earned) | 0.00% |
Absolute TSR | 24.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 0 |
Performance Level (% of Relative TSR LTIP Units Earned) | 0.00% |
Relative TSR Excess | (0.0600) |
Number of Absolute TSR LTIP Units Earned (in shares) | 0 |
Threshold | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTP Units Earned) | 25.00% |
Absolute TSR | 24.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 319,366 |
Performance Level (% of Relative TSR LTIP Units Earned) | 25.00% |
Relative TSR Excess | (0.0600) |
Number of Absolute TSR LTIP Units Earned (in shares) | 319,366 |
Target | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTP Units Earned) | 50.00% |
Absolute TSR | 30.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 638,733 |
Performance Level (% of Relative TSR LTIP Units Earned) | 50.00% |
Relative TSR Excess | 0 |
Number of Absolute TSR LTIP Units Earned (in shares) | 638,733 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTP Units Earned) | 100.00% |
Absolute TSR | 36.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 1,277,465 |
Performance Level (% of Relative TSR LTIP Units Earned) | 100.00% |
Relative TSR Excess | 0.0600 |
Number of Absolute TSR LTIP Units Earned (in shares) | 1,277,465 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Schedule of Total Return (Details) - Multi-Year Outperformance Plan | Jun. 02, 2015 |
Performance Period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Absolute component | 4.00% |
Relative component | 4.00% |
Absolute component, percent of total return | 21.00% |
Relative component, 100% cumulative total return | 18.00% |
Relative component, 50% cumulative total return | 0.00% |
Relative component, 0% cumulative total return | 0.00% |
Performance Period | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 0.00% |
Performance Period | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 18.00% |
Annual Period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Absolute component | 4.00% |
Relative component | 4.00% |
Absolute component, percent of total return | 7.00% |
Relative component, 100% cumulative total return | 6.00% |
Relative component, 50% cumulative total return | 0.00% |
Relative component, 0% cumulative total return | 0.00% |
Annual Period | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 0.00% |
Annual Period | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 6.00% |
Interim Period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Absolute component | 4.00% |
Relative component | 4.00% |
Absolute component, percent of total return | 14.00% |
Relative component, 100% cumulative total return | 12.00% |
Relative component, 50% cumulative total return | 0.00% |
Relative component, 0% cumulative total return | 0.00% |
Interim Period | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 0.00% |
Interim Period | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 12.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 9,263 | $ 6,860 | $ 12,621 | $ 5,791 | $ (6,744) | $ 177 | $ 5,288 | $ 2,361 | $ 34,535 | $ 1,082 | $ 20,731 |
Adjustments to net income attributable to common stockholders for common share equivalents | (150) | (176) | (174) | (160) | (163) | (316) | (26) | (184) | (660) | (689) | (742) |
Adjusted net income attributable to common stockholders | $ 9,113 | $ 6,684 | $ 12,447 | $ 5,631 | $ (6,907) | $ (139) | $ 5,262 | $ 2,177 | $ 33,875 | $ 393 | $ 19,989 |
Basic net income per share attributable to common stockholder (in dollars per share) | $ 0.40 | $ 0.01 | $ 0.30 | ||||||||
Diluted net income per share attributable to common stockholders (in dollars per share) | $ 0.39 | $ 0.01 | $ 0.30 | ||||||||
Basic weighted average common shares outstanding (in shares) | 89,458,381 | 85,254,638 | 83,847,120 | 81,474,615 | 73,554,137 | 69,441,639 | 67,292,021 | 67,287,231 | 85,031,236 | 69,411,061 | 66,877,620 |
Diluted weighted average common shares outstanding (in shares) | 90,776,790 | 86,202,582 | 85,165,549 | 82,798,432 | 74,001,250 | 69,441,639 | 67,292,021 | 67,287,231 | 86,349,645 | 69,663,208 | 66,877,620 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) - shares | Jun. 02, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities (in shares) | 1,318,006 | 1,016,525 | 3,063,045 | ||
Unvested RSUs | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities (in shares) | 40,541 | 46,352 | 49,112 | ||
LTIP Units | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities (in shares) | 1,277,465 | 970,173 | 3,013,933 | ||
Multi-Year Outperformance Plan | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Shares issued in the period (in shares) | 3,013,933 | ||||
LTIP Units | 2018 Multi Year Outperformance Plan | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Shares issued in the period (in shares) | 2,554,930 | ||||
LTIP Units | Multi-Year Outperformance Plan | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Forfeited shares (in shares) | 3,013,933 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dilutive effect of share based compensation arrangements (in shares) | 0 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue from tenants | $ 76,685 | $ 77,942 | $ 76,119 | $ 75,468 | $ 71,226 | $ 71,924 | $ 70,971 | $ 68,086 | $ 306,214 | $ 282,207 | $ 259,295 |
Net income attributable to common stockholders | 9,263 | 6,860 | 12,621 | 5,791 | (6,744) | 177 | 5,288 | 2,361 | 34,535 | 1,082 | 20,731 |
Adjustments to net income attributable to common stockholders for common share equivalents | (150) | (176) | (174) | (160) | (163) | (316) | (26) | (184) | (660) | (689) | (742) |
Adjusted net income (loss) attributable to common stockholders | $ 9,113 | $ 6,684 | $ 12,447 | $ 5,631 | $ (6,907) | $ (139) | $ 5,262 | $ 2,177 | $ 33,875 | $ 393 | $ 19,989 |
Basic (in shares) | 89,458,381 | 85,254,638 | 83,847,120 | 81,474,615 | 73,554,137 | 69,441,639 | 67,292,021 | 67,287,231 | 85,031,236 | 69,411,061 | 66,877,620 |
Diluted (in shares) | 90,776,790 | 86,202,582 | 85,165,549 | 82,798,432 | 74,001,250 | 69,441,639 | 67,292,021 | 67,287,231 | 86,349,645 | 69,663,208 | 66,877,620 |
Basic and diluted net income (loss) per share attributable to common stockholders (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.15 | $ 0.07 | $ (0.09) | $ 0 | $ 0.08 | $ 0.03 | |||
Impairment charges and related lease intangible write-offs | $ 6,400 | $ 6,375 | $ 5,000 | $ 0 | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Additional rental income and unbilled straight-line rent | $ 5,000 | $ 6,758 | $ 6,310 | 10,537 | |||||||
Revisions | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Additional rental income and unbilled straight-line rent | $ 500 | ||||||||||
Service Provider | Defendants Vs. Service Providers | Asset management fees | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Litigation reserve | $ 7,400 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | 1 Months Ended | |
Feb. 28, 2020USD ($)property | Jan. 31, 2020USD ($)property | |
Subsequent Event [Line Items] | ||
Number of properties acquired | property | 4 | 1 |
Contract purchase price | $ | $ 38.9 | $ 9.4 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation Schedule III - Part 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,287,448 | ||||
Initial cost, land | 414,446 | ||||
Initial cost, buildings and improvements | 2,655,144 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 41,906 | ||||
Real estate, gross | 3,111,496 | $ 2,745,348 | $ 2,543,052 | $ 2,344,634 | |
Accumulated depreciation | 266,722 | $ 220,225 | $ 174,452 | $ 111,321 | |
McDonalds Corporation, Carlisle, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 423 | ||||
Initial cost, buildings and improvements | 803 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,226 | ||||
Accumulated depreciation | 144 | ||||
Wickes, Blackpool, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,780 | ||||
Initial cost, buildings and improvements | 1,778 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,558 | ||||
Accumulated depreciation | 434 | ||||
Everything Everywhere, Merthr Tydfil, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,626 | ||||
Initial cost, buildings and improvements | 2,100 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,726 | ||||
Accumulated depreciation | 460 | ||||
Thames Water, Swindon, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,626 | ||||
Initial cost, buildings and improvements | 3,900 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 11 | ||||
Real estate, gross | 7,537 | ||||
Accumulated depreciation | 832 | ||||
Wickes, Tunstall, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 923 | ||||
Initial cost, buildings and improvements | 1,962 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,885 | ||||
Accumulated depreciation | 461 | ||||
PPD Global Labs, Highland Heights, KY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,001 | ||||
Initial cost, buildings and improvements | 5,162 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 167 | ||||
Real estate, gross | 7,330 | ||||
Accumulated depreciation | 992 | ||||
Northern Rock, Sunderland, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,319 | ||||
Initial cost, buildings and improvements | 4,200 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,519 | ||||
Accumulated depreciation | 884 | ||||
Wickes, Clifton, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,319 | ||||
Initial cost, buildings and improvements | 1,717 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,036 | ||||
Accumulated depreciation | 388 | ||||
Con-way Freight, Aurora, NE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 295 | ||||
Initial cost, buildings and improvements | 1,470 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,765 | ||||
Accumulated depreciation | 376 | ||||
Con-way Freight, Grand Rapids, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 945 | ||||
Initial cost, buildings and improvements | 1,247 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,192 | ||||
Accumulated depreciation | 319 | ||||
Con-way Freight, Riverton, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 344 | ||||
Initial cost, buildings and improvements | 707 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,051 | ||||
Accumulated depreciation | 181 | ||||
Con-way Freight, Salina, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 461 | ||||
Initial cost, buildings and improvements | 1,622 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,083 | ||||
Accumulated depreciation | 415 | ||||
Con-way Freight, Uhrichsville, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 380 | ||||
Initial cost, buildings and improvements | 780 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,160 | ||||
Accumulated depreciation | 199 | ||||
Con-way Freight, Vincennes, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 220 | ||||
Initial cost, buildings and improvements | 633 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 853 | ||||
Accumulated depreciation | 167 | ||||
Con-way Freight, Waite Park, MN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 366 | ||||
Initial cost, buildings and improvements | 700 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,066 | ||||
Accumulated depreciation | 165 | ||||
Wolverine, Howard City, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 719 | ||||
Initial cost, buildings and improvements | 12,027 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 12,746 | ||||
Accumulated depreciation | 3,034 | ||||
Encanto, Baymon, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,150 | ||||
Initial cost, buildings and improvements | 1,552 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,702 | ||||
Accumulated depreciation | 366 | ||||
Encanto, Caguas, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 2,233 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,233 | ||||
Accumulated depreciation | 527 | ||||
Encanto, Carolina I, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,840 | ||||
Initial cost, buildings and improvements | 2,485 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,325 | ||||
Accumulated depreciation | 587 | ||||
Encanto, Carolina II, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 615 | ||||
Initial cost, buildings and improvements | 676 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,291 | ||||
Accumulated depreciation | 160 | ||||
Encanto, Guayama, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 673 | ||||
Initial cost, buildings and improvements | 740 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,413 | ||||
Accumulated depreciation | 175 | ||||
Encanto, Mayaguez, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 410 | ||||
Initial cost, buildings and improvements | 862 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,272 | ||||
Accumulated depreciation | 203 | ||||
Encanto, Ponce I, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 600 | ||||
Initial cost, buildings and improvements | 1,218 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,818 | ||||
Accumulated depreciation | 263 | ||||
Encanto, Ponce II, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 655 | ||||
Initial cost, buildings and improvements | 1,375 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,030 | ||||
Accumulated depreciation | 325 | ||||
Encanto, Puerto Neuvo, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 704 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 704 | ||||
Accumulated depreciation | 166 | ||||
Encanto, Quebrada Arena, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 843 | ||||
Initial cost, buildings and improvements | 1,410 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,253 | ||||
Accumulated depreciation | 333 | ||||
Encanto, Rio Piedras I, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 963 | ||||
Initial cost, buildings and improvements | 1,609 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,572 | ||||
Accumulated depreciation | 380 | ||||
Encanto, Rio Piedras II, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 505 | ||||
Initial cost, buildings and improvements | 1,061 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,566 | ||||
Accumulated depreciation | 251 | ||||
Encanto, San German, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 391 | ||||
Initial cost, buildings and improvements | 631 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,022 | ||||
Accumulated depreciation | 136 | ||||
Encanto, San Juan I, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 153 | ||||
Initial cost, buildings and improvements | 551 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 704 | ||||
Accumulated depreciation | 130 | ||||
Encanto, San Juan II, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,235 | ||||
Initial cost, buildings and improvements | 1,358 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,593 | ||||
Accumulated depreciation | 321 | ||||
Encanto, San Juan III, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 389 | ||||
Initial cost, buildings and improvements | 1,051 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,440 | ||||
Accumulated depreciation | 248 | ||||
Encanto, Toa Baja, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 68 | ||||
Initial cost, buildings and improvements | 536 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 604 | ||||
Accumulated depreciation | 116 | ||||
Encanto, Vega Baja, PR | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 822 | ||||
Initial cost, buildings and improvements | 1,374 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,196 | ||||
Accumulated depreciation | 324 | ||||
Rheinmetall, Neuss, Germany | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 5,767 | ||||
Initial cost, buildings and improvements | 16,191 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 73 | ||||
Real estate, gross | 22,031 | ||||
Accumulated depreciation | 2,648 | ||||
GE Aviation, Grand Rapids, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,174 | ||||
Initial cost, buildings and improvements | 27,076 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 102 | ||||
Real estate, gross | 30,352 | ||||
Accumulated depreciation | 4,327 | ||||
Provident Financial, Bradford, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,330 | ||||
Initial cost, buildings and improvements | 24,674 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 26,004 | ||||
Accumulated depreciation | 3,721 | ||||
Crown Crest, Leicester, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 7,578 | ||||
Initial cost, buildings and improvements | 31,293 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 38,871 | ||||
Accumulated depreciation | 5,377 | ||||
Trane, Davenport, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 291 | ||||
Initial cost, buildings and improvements | 1,968 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,259 | ||||
Accumulated depreciation | 376 | ||||
Aviva, Sheffield, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,865 | ||||
Initial cost, buildings and improvements | 32,463 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 35,328 | ||||
Accumulated depreciation | 4,984 | ||||
DFS Trading, Brigg, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,338 | ||||
Initial cost, buildings and improvements | 3,795 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,133 | ||||
Accumulated depreciation | 654 | ||||
DFS Trading, Carcroft I, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,125 | ||||
Initial cost, buildings and improvements | 4,456 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,581 | ||||
Accumulated depreciation | 711 | ||||
DFS Trading, Carcroft II, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 305 | ||||
Initial cost, buildings and improvements | 2,193 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,498 | ||||
Accumulated depreciation | 398 | ||||
DFS Trading, Darley Dale, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,317 | ||||
Initial cost, buildings and improvements | 3,380 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,697 | ||||
Accumulated depreciation | 595 | ||||
DFS Trading, Somercotes, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 774 | ||||
Initial cost, buildings and improvements | 2,762 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,536 | ||||
Accumulated depreciation | 573 | ||||
Government Services Administration, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,160 | ||||
Initial cost, buildings and improvements | 30,083 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 34,243 | ||||
Accumulated depreciation | 4,600 | ||||
National Oilwell Varco, Williston, ND | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 211 | ||||
Initial cost, buildings and improvements | 3,513 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,724 | ||||
Accumulated depreciation | 725 | ||||
Government Services Administration, Dover, DE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,097 | ||||
Initial cost, buildings and improvements | 1,715 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,812 | ||||
Accumulated depreciation | 291 | ||||
Government Services Administration, Germantown, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,097 | ||||
Initial cost, buildings and improvements | 3,573 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,670 | ||||
Accumulated depreciation | 544 | ||||
OBI DIY, Mayen, Germany | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,257 | ||||
Initial cost, buildings and improvements | 7,501 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,758 | ||||
Accumulated depreciation | 1,295 | ||||
DFS Trading, South Yorkshire, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 1,378 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,378 | ||||
Accumulated depreciation | 316 | ||||
DFS Trading, Yorkshire, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 1,797 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,797 | ||||
Accumulated depreciation | 277 | ||||
Government Services Administration, Dallas, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 484 | ||||
Initial cost, buildings and improvements | 2,934 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,418 | ||||
Accumulated depreciation | 446 | ||||
Government Services Administration, Mission, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 618 | ||||
Initial cost, buildings and improvements | 3,145 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,763 | ||||
Accumulated depreciation | 505 | ||||
Government Services Administration, International Falls, MN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 350 | ||||
Initial cost, buildings and improvements | 11,182 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 63 | ||||
Real estate, gross | 11,595 | ||||
Accumulated depreciation | 1,748 | ||||
Indiana Department of Revenue, Indianapols, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 891 | ||||
Initial cost, buildings and improvements | 7,677 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,568 | ||||
Accumulated depreciation | 1,228 | ||||
National Oilwell Varco, Pleasanton, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 202 | ||||
Initial cost, buildings and improvements | 1,643 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,845 | ||||
Accumulated depreciation | 318 | ||||
Nissan, Murfreesboro, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 966 | ||||
Initial cost, buildings and improvements | 19,573 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 20,539 | ||||
Accumulated depreciation | 2,866 | ||||
Government Services Administration, Lakewood, CO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,220 | ||||
Initial cost, buildings and improvements | 7,928 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,148 | ||||
Accumulated depreciation | 1,164 | ||||
Lippert Components, South Bend, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,195 | ||||
Initial cost, buildings and improvements | 6,883 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,078 | ||||
Accumulated depreciation | 1,032 | ||||
Axon Energy Products, Conroe, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 826 | ||||
Initial cost, buildings and improvements | 6,132 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,958 | ||||
Accumulated depreciation | 870 | ||||
Axon Energy Products, Houston I, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 294 | ||||
Initial cost, buildings and improvements | 2,310 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,604 | ||||
Accumulated depreciation | 366 | ||||
Axon Energy Products, Houston II, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 416 | ||||
Initial cost, buildings and improvements | 5,186 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,602 | ||||
Accumulated depreciation | 796 | ||||
Bell Supply Co, Carrizo Springs, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 260 | ||||
Initial cost, buildings and improvements | 1,445 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,705 | ||||
Accumulated depreciation | 263 | ||||
Bell Supply Co, Cleburne, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 301 | ||||
Initial cost, buildings and improvements | 323 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 624 | ||||
Accumulated depreciation | 66 | ||||
Bell Supply Co, Frierson, LA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 260 | ||||
Initial cost, buildings and improvements | 1,054 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,314 | ||||
Accumulated depreciation | 266 | ||||
Bell Supply Co, Gainesville, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 131 | ||||
Initial cost, buildings and improvements | 1,420 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,551 | ||||
Accumulated depreciation | 219 | ||||
Bell Supply Co, Killdeer, ND | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 307 | ||||
Initial cost, buildings and improvements | 1,250 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,557 | ||||
Accumulated depreciation | 222 | ||||
Bell Supply Co, Williston, ND | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 162 | ||||
Initial cost, buildings and improvements | 2,323 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,485 | ||||
Accumulated depreciation | 372 | ||||
GE Oil & Gas, Canton, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 437 | ||||
Initial cost, buildings and improvements | 3,039 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 300 | ||||
Real estate, gross | 3,776 | ||||
Accumulated depreciation | 483 | ||||
GE Oil & Gas, Odessa, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,611 | ||||
Initial cost, buildings and improvements | 3,322 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,933 | ||||
Accumulated depreciation | 951 | ||||
Lhoist, Irving, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 173 | ||||
Initial cost, buildings and improvements | 2,154 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,327 | ||||
Accumulated depreciation | 400 | ||||
Select Energy Services, DeBerry, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 533 | ||||
Initial cost, buildings and improvements | 7,551 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,084 | ||||
Accumulated depreciation | 1,841 | ||||
Select Energy Services, Gainesville, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 519 | ||||
Initial cost, buildings and improvements | 7,482 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,001 | ||||
Accumulated depreciation | 1,082 | ||||
Select Energy Services, Victoria, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 354 | ||||
Initial cost, buildings and improvements | 1,698 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,052 | ||||
Accumulated depreciation | 322 | ||||
Bell Supply Co, Jacksboro, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 51 | ||||
Initial cost, buildings and improvements | 657 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 708 | ||||
Accumulated depreciation | 165 | ||||
Bell Supply Co, Kenedy, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 190 | ||||
Initial cost, buildings and improvements | 1,669 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,859 | ||||
Accumulated depreciation | 331 | ||||
Select Energy Services, Alice, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 518 | ||||
Initial cost, buildings and improvements | 1,331 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,849 | ||||
Accumulated depreciation | 227 | ||||
Select Energy Services, Dilley, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 429 | ||||
Initial cost, buildings and improvements | 1,777 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,206 | ||||
Accumulated depreciation | 357 | ||||
Select Energy Services, Kenedy, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 815 | ||||
Initial cost, buildings and improvements | 8,355 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,170 | ||||
Accumulated depreciation | 1,438 | ||||
Select Energy Services, Laredo, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,472 | ||||
Initial cost, buildings and improvements | 944 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,416 | ||||
Accumulated depreciation | 241 | ||||
Superior Energy Services, Gainesville, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 322 | ||||
Initial cost, buildings and improvements | 480 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 802 | ||||
Accumulated depreciation | 75 | ||||
Superior Energy Services, Jacksboro, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 408 | ||||
Initial cost, buildings and improvements | 312 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 720 | ||||
Accumulated depreciation | 67 | ||||
Amcor Packaging, Workington, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,148 | ||||
Initial cost, buildings and improvements | 6,767 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,915 | ||||
Accumulated depreciation | 1,203 | ||||
Government Services Administration, Raton, NM | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 93 | ||||
Initial cost, buildings and improvements | 875 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 968 | ||||
Accumulated depreciation | 142 | ||||
Nimble Storage, San Jose, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 30,227 | ||||
Initial cost, buildings and improvements | 10,795 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 180 | ||||
Real estate, gross | 41,202 | ||||
Accumulated depreciation | 1,637 | ||||
FedEx, Amarillo, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 889 | ||||
Initial cost, buildings and improvements | 6,446 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,335 | ||||
Accumulated depreciation | 1,151 | ||||
FedEx, Chicopee, MA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,030 | ||||
Initial cost, buildings and improvements | 7,022 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,052 | ||||
Accumulated depreciation | 1,313 | ||||
FedEx, San Antonio, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,283 | ||||
Initial cost, buildings and improvements | 17,756 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 21,039 | ||||
Accumulated depreciation | 2,636 | ||||
Sandoz, Princeton, NJ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 7,766 | ||||
Initial cost, buildings and improvements | 31,994 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 11,648 | ||||
Real estate, gross | 51,408 | ||||
Accumulated depreciation | 9,481 | ||||
Wyndham, Branson, MO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 881 | ||||
Initial cost, buildings and improvements | 3,307 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,188 | ||||
Accumulated depreciation | 520 | ||||
Valassis, Livonia, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,735 | ||||
Initial cost, buildings and improvements | 8,119 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,854 | ||||
Accumulated depreciation | 1,170 | ||||
Government Services Administration, Fort Fairfield, ME | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 26 | ||||
Initial cost, buildings and improvements | 9,315 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,341 | ||||
Accumulated depreciation | 1,288 | ||||
AT&T Services, Inc., San Antonio, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 5,312 | ||||
Initial cost, buildings and improvements | 41,201 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 46,513 | ||||
Accumulated depreciation | 5,636 | ||||
PNC Bank, Erie, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 242 | ||||
Initial cost, buildings and improvements | 6,195 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,437 | ||||
Accumulated depreciation | 865 | ||||
PNC Bank, Scranton, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,324 | ||||
Initial cost, buildings and improvements | 3,004 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,328 | ||||
Accumulated depreciation | 430 | ||||
Continental Tire, For Mill, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 780 | ||||
Initial cost, buildings and improvements | 14,259 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 15,039 | ||||
Accumulated depreciation | 1,987 | ||||
Fujitsu Office Properties, Manchester, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,724 | ||||
Initial cost, buildings and improvements | 40,307 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 44,031 | ||||
Accumulated depreciation | 5,704 | ||||
BP Oil, Wootton Bassett, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 604 | ||||
Initial cost, buildings and improvements | 2,611 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,215 | ||||
Accumulated depreciation | 393 | ||||
HBOS, Derby, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 606 | ||||
Initial cost, buildings and improvements | 6,105 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,711 | ||||
Accumulated depreciation | 948 | ||||
HBOS, St. Helens, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 230 | ||||
Initial cost, buildings and improvements | 3,460 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,690 | ||||
Accumulated depreciation | 542 | ||||
HBOS, Warrington, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 438 | ||||
Initial cost, buildings and improvements | 2,067 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,505 | ||||
Accumulated depreciation | 349 | ||||
Malthurst, Shiptonthorpe, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 278 | ||||
Initial cost, buildings and improvements | 1,975 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,253 | ||||
Accumulated depreciation | 327 | ||||
Malthurst, Yorkshire, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 493 | ||||
Initial cost, buildings and improvements | 1,293 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,786 | ||||
Accumulated depreciation | 280 | ||||
Stanley Black & Decker, Westerville, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 958 | ||||
Initial cost, buildings and improvements | 6,933 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,891 | ||||
Accumulated depreciation | 1,001 | ||||
Thermo Fisher, Kalamazoo, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,176 | ||||
Initial cost, buildings and improvements | 10,179 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 11,355 | ||||
Accumulated depreciation | 1,396 | ||||
Capgemini, Birmingham, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,641 | ||||
Initial cost, buildings and improvements | 15,561 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 17,202 | ||||
Accumulated depreciation | 2,314 | ||||
Merck, Madison, NJ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 10,290 | ||||
Initial cost, buildings and improvements | 32,530 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 42,820 | ||||
Accumulated depreciation | 4,425 | ||||
Government Services Administration, Rangeley, ME | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,377 | ||||
Initial cost, buildings and improvements | 4,746 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 262 | ||||
Real estate, gross | 6,385 | ||||
Accumulated depreciation | 721 | ||||
Hewlett-Packard, Newcastle, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,134 | ||||
Initial cost, buildings and improvements | 18,877 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 20,011 | ||||
Accumulated depreciation | 2,628 | ||||
Inteir Automotive, Redditch, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,171 | ||||
Initial cost, buildings and improvements | 9,270 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,441 | ||||
Accumulated depreciation | 1,436 | ||||
Waste Management, Winston-Salem, NC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 494 | ||||
Initial cost, buildings and improvements | 3,235 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,729 | ||||
Accumulated depreciation | 461 | ||||
FedEx, Winona, MN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 83 | ||||
Initial cost, buildings and improvements | 1,785 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,868 | ||||
Accumulated depreciation | 292 | ||||
Dollar General, Allen, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 99 | ||||
Initial cost, buildings and improvements | 793 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 892 | ||||
Accumulated depreciation | 118 | ||||
Dollar General, Cherokee, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 27 | ||||
Initial cost, buildings and improvements | 769 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 796 | ||||
Accumulated depreciation | 116 | ||||
Dollar General, Clearwater, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 90 | ||||
Initial cost, buildings and improvements | 785 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 875 | ||||
Accumulated depreciation | 118 | ||||
Dollar General, Dexter, NM | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 329 | ||||
Initial cost, buildings and improvements | 585 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 914 | ||||
Accumulated depreciation | 88 | ||||
Dollar General, Elmore City, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 21 | ||||
Initial cost, buildings and improvements | 742 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 763 | ||||
Accumulated depreciation | 114 | ||||
Dollar General, Eunice, NM | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 269 | ||||
Initial cost, buildings and improvements | 569 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 838 | ||||
Accumulated depreciation | 87 | ||||
Dollar General, Gore, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 143 | ||||
Initial cost, buildings and improvements | 813 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 956 | ||||
Accumulated depreciation | 123 | ||||
Dollar General, Kingston, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 81 | ||||
Initial cost, buildings and improvements | 778 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 859 | ||||
Accumulated depreciation | 118 | ||||
Dollar General, Lordsburg, NM | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 212 | ||||
Initial cost, buildings and improvements | 719 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 931 | ||||
Accumulated depreciation | 108 | ||||
Dollar General, Lyons, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 120 | ||||
Initial cost, buildings and improvements | 970 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,090 | ||||
Accumulated depreciation | 145 | ||||
Dollar General, Mansfield, LA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 169 | ||||
Initial cost, buildings and improvements | 812 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 981 | ||||
Accumulated depreciation | 122 | ||||
Dollar General, Neligh, NE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 83 | ||||
Initial cost, buildings and improvements | 1,045 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,128 | ||||
Accumulated depreciation | 152 | ||||
Dollar General, Norman, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 40 | ||||
Initial cost, buildings and improvements | 913 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 953 | ||||
Accumulated depreciation | 137 | ||||
Dollar General, Peggs, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 72 | ||||
Initial cost, buildings and improvements | 879 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 951 | ||||
Accumulated depreciation | 131 | ||||
Dollar General, Santa Rosa, NM | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 324 | ||||
Initial cost, buildings and improvements | 575 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 899 | ||||
Accumulated depreciation | 87 | ||||
Dollar General, Sapulpa, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 143 | ||||
Initial cost, buildings and improvements | 745 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 888 | ||||
Accumulated depreciation | 115 | ||||
Dollar General, Schuyler, NE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 144 | ||||
Initial cost, buildings and improvements | 905 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,049 | ||||
Accumulated depreciation | 133 | ||||
Dollar General, Tahlequah, OK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 132 | ||||
Initial cost, buildings and improvements | 925 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,057 | ||||
Accumulated depreciation | 137 | ||||
Dollar General, Townville, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 78 | ||||
Initial cost, buildings and improvements | 882 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 960 | ||||
Accumulated depreciation | 139 | ||||
Dollar General, Valley Falls, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 51 | ||||
Initial cost, buildings and improvements | 922 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 973 | ||||
Accumulated depreciation | 134 | ||||
Dollar General, Wymore, NE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 21 | ||||
Initial cost, buildings and improvements | 872 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 893 | ||||
Accumulated depreciation | 129 | ||||
FedEx, Bohemia, NY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,838 | ||||
Initial cost, buildings and improvements | 19,596 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 24,434 | ||||
Accumulated depreciation | 2,965 | ||||
FedEx, Watertown, NY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 561 | ||||
Initial cost, buildings and improvements | 4,757 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,318 | ||||
Accumulated depreciation | 758 | ||||
Shaw Aero, Naples, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 998 | ||||
Initial cost, buildings and improvements | 22,332 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 23,330 | ||||
Accumulated depreciation | 3,050 | ||||
Mallinckrodt, St. Louis, MO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,499 | ||||
Initial cost, buildings and improvements | 16,828 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 18,327 | ||||
Accumulated depreciation | 2,322 | ||||
Kuka Warehouse, Sterling Heights, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,227 | ||||
Initial cost, buildings and improvements | 10,790 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 12,017 | ||||
Accumulated depreciation | 1,489 | ||||
Trinity Health, Livonia, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,273 | ||||
Initial cost, buildings and improvements | 16,574 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,075 | ||||
Real estate, gross | 22,922 | ||||
Accumulated depreciation | 2,696 | ||||
Trinity Health, Livonia, MI II | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,680 | ||||
Initial cost, buildings and improvements | 11,568 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,423 | ||||
Real estate, gross | 18,671 | ||||
Accumulated depreciation | 2,243 | ||||
FedEx, Hebron, KY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,106 | ||||
Initial cost, buildings and improvements | 7,750 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 109 | ||||
Real estate, gross | 8,965 | ||||
Accumulated depreciation | 1,149 | ||||
FedEx, Lexington, KY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,118 | ||||
Initial cost, buildings and improvements | 7,961 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,079 | ||||
Accumulated depreciation | 1,145 | ||||
GE Aviation, Cincinnati, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,393 | ||||
Initial cost, buildings and improvements | 10,490 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 11,883 | ||||
Accumulated depreciation | 1,450 | ||||
Bradford & Bingley, Bingley, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,397 | ||||
Initial cost, buildings and improvements | 11,041 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 15,438 | ||||
Accumulated depreciation | 1,651 | ||||
DNV GL, Dublin, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,509 | ||||
Initial cost, buildings and improvements | 3,140 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 126 | ||||
Real estate, gross | 5,775 | ||||
Accumulated depreciation | 472 | ||||
Rexam, Reckinghausen, Germany | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 791 | ||||
Initial cost, buildings and improvements | 11,131 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 11,922 | ||||
Accumulated depreciation | 1,529 | ||||
CJ Energy, Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,865 | ||||
Initial cost, buildings and improvements | 9,457 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 13,322 | ||||
Accumulated depreciation | 1,371 | ||||
FedEx, Lake Charles, LA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 255 | ||||
Initial cost, buildings and improvements | 7,485 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,740 | ||||
Accumulated depreciation | 1,215 | ||||
Onguard, Havre De Grace, MD | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,216 | ||||
Initial cost, buildings and improvements | 6,585 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,801 | ||||
Accumulated depreciation | 1,278 | ||||
Axon Energy Products, Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 297 | ||||
Initial cost, buildings and improvements | 2,432 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,729 | ||||
Accumulated depreciation | 327 | ||||
Metro Tonic, Halle Peissen, Germany | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 6,816 | ||||
Initial cost, buildings and improvements | 47,750 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 54,566 | ||||
Accumulated depreciation | 7,265 | ||||
Tokmanni, Matsala, Finland | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,766 | ||||
Initial cost, buildings and improvements | 53,455 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 55,221 | ||||
Accumulated depreciation | 7,663 | ||||
Fife Council, Dunfermline, UK | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 347 | ||||
Initial cost, buildings and improvements | 4,479 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,826 | ||||
Accumulated depreciation | 623 | ||||
Government Services Administration, Rapid City, SD | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 504 | ||||
Initial cost, buildings and improvements | 7,837 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,341 | ||||
Accumulated depreciation | 1,096 | ||||
KPN BV, Houten, Netherlands | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,581 | ||||
Initial cost, buildings and improvements | 19,345 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 20,926 | ||||
Accumulated depreciation | 2,537 | ||||
Follett School, McHenry, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,423 | ||||
Initial cost, buildings and improvements | 15,600 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 19,023 | ||||
Accumulated depreciation | 2,533 | ||||
Quest Diagnostics, Inc., Santa Clarita, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 10,714 | ||||
Initial cost, buildings and improvements | 69,018 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 79,732 | ||||
Accumulated depreciation | 8,923 | ||||
Diebold, North Canton, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 9,142 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,142 | ||||
Accumulated depreciation | 1,416 | ||||
Weatherford International, Odessa, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 665 | ||||
Initial cost, buildings and improvements | 1,795 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 78 | ||||
Real estate, gross | 2,538 | ||||
Accumulated depreciation | 399 | ||||
AM Castle, Wichita, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 426 | ||||
Initial cost, buildings and improvements | 6,681 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 509 | ||||
Real estate, gross | 7,616 | ||||
Accumulated depreciation | 845 | ||||
FedEx, Billerica, MA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,138 | ||||
Initial cost, buildings and improvements | 6,674 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 752 | ||||
Real estate, gross | 8,564 | ||||
Accumulated depreciation | 1,038 | ||||
Constellium Auto, Wayne, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,180 | ||||
Initial cost, buildings and improvements | 13,781 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 7,875 | ||||
Real estate, gross | 22,836 | ||||
Accumulated depreciation | 4,518 | ||||
C&J Energy II, Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 6,196 | ||||
Initial cost, buildings and improvements | 21,745 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 27,941 | ||||
Accumulated depreciation | 2,739 | ||||
Fedex VII, Salina, UT | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 428 | ||||
Initial cost, buildings and improvements | 3,447 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,875 | ||||
Accumulated depreciation | 615 | ||||
Fedex VIII, Pierre, SD | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 3,288 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,288 | ||||
Accumulated depreciation | 563 | ||||
Crown Group, Fraser, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 350 | ||||
Initial cost, buildings and improvements | 3,865 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,215 | ||||
Accumulated depreciation | 472 | ||||
Crown Group, Jonesville, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 101 | ||||
Initial cost, buildings and improvements | 3,136 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,237 | ||||
Accumulated depreciation | 394 | ||||
Crown Group, Logansport, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,843 | ||||
Initial cost, buildings and improvements | 5,430 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,273 | ||||
Accumulated depreciation | 769 | ||||
Crown Group, Marion, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 386 | ||||
Initial cost, buildings and improvements | 7,993 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,379 | ||||
Accumulated depreciation | 1,034 | ||||
JIT Steel Services, Chattanooga, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 582 | ||||
Initial cost, buildings and improvements | 3,122 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,704 | ||||
Accumulated depreciation | 358 | ||||
JIT Steel Services, Chattanooga, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 316 | ||||
Initial cost, buildings and improvements | 1,986 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,302 | ||||
Accumulated depreciation | 222 | ||||
Mapes & Sprowl Steel, Ltd., Elk Grove, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 954 | ||||
Initial cost, buildings and improvements | 4,619 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,573 | ||||
Accumulated depreciation | 546 | ||||
Beacon Health System, Inc., South Bend, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,636 | ||||
Initial cost, buildings and improvements | 8,190 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,826 | ||||
Accumulated depreciation | 982 | ||||
National Oilwell, Pleasanton, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 80 | ||||
Initial cost, buildings and improvements | 3,372 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,452 | ||||
Accumulated depreciation | 418 | ||||
Office Depot, Venlo, NETH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,498 | ||||
Initial cost, buildings and improvements | 15,468 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 18,966 | ||||
Accumulated depreciation | 1,991 | ||||
Finnair, Helsinki, FIN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,524 | ||||
Initial cost, buildings and improvements | 71,920 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 74,444 | ||||
Accumulated depreciation | 8,306 | ||||
Hannibal, Houston, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,090 | ||||
Initial cost, buildings and improvements | 11,138 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 13,228 | ||||
Accumulated depreciation | 1,247 | ||||
FedEx Ground, Mankato, MN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 472 | ||||
Initial cost, buildings and improvements | 6,780 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,252 | ||||
Accumulated depreciation | 973 | ||||
Auchan | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,061 | ||||
Initial cost, buildings and improvements | 13,207 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 17,268 | ||||
Accumulated depreciation | 1,338 | ||||
DCNS, Guipavas, France | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 10,655 | ||||
Initial cost, land | 1,895 | ||||
Initial cost, buildings and improvements | 14,377 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 16,272 | ||||
Accumulated depreciation | 1,200 | ||||
DB Luxembourg | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 14,486 | ||||
Initial cost, buildings and improvements | 49,274 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 474 | ||||
Real estate, gross | 64,234 | ||||
Accumulated depreciation | 3,822 | ||||
FedEx, Greensboro, NC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,820 | ||||
Initial cost, buildings and improvements | 8,252 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,072 | ||||
Accumulated depreciation | 866 | ||||
Foster Wheeler | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 27,893 | ||||
Initial cost, buildings and improvements | 76,305 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 104,198 | ||||
Accumulated depreciation | 5,900 | ||||
Harper Collins | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 10,417 | ||||
Initial cost, buildings and improvements | 53,213 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 63,630 | ||||
Accumulated depreciation | 4,452 | ||||
ID Logistics, Landersheim, France | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 6,169 | ||||
Initial cost, land | 1,933 | ||||
Initial cost, buildings and improvements | 8,122 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,055 | ||||
Accumulated depreciation | 670 | ||||
ID Logistics II | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,608 | ||||
Initial cost, land | 2,983 | ||||
Initial cost, buildings and improvements | 6,034 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,017 | ||||
Accumulated depreciation | 523 | ||||
ID Logistics I, Germany | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,335 | ||||
Initial cost, buildings and improvements | 8,826 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,161 | ||||
Accumulated depreciation | 695 | ||||
ING Amsterdam | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 73,034 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 269 | ||||
Real estate, gross | 73,303 | ||||
Accumulated depreciation | 5,575 | ||||
NCR Dundee | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,651 | ||||
Initial cost, buildings and improvements | 8,479 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 11,130 | ||||
Accumulated depreciation | 797 | ||||
Pole Emploi | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 800 | ||||
Initial cost, buildings and improvements | 8,429 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,229 | ||||
Accumulated depreciation | 649 | ||||
Sagemcom | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,014 | ||||
Initial cost, buildings and improvements | 72,394 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,474 | ||||
Real estate, gross | 77,882 | ||||
Accumulated depreciation | 5,597 | ||||
Worldline | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 5,608 | ||||
Initial cost, land | 1,133 | ||||
Initial cost, buildings and improvements | 5,392 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,525 | ||||
Accumulated depreciation | 572 | ||||
Cott Beverages Inc, Sikeston, MO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 456 | ||||
Initial cost, buildings and improvements | 8,291 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,747 | ||||
Accumulated depreciation | 632 | ||||
FedEx, Great Falls, MT | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 326 | ||||
Initial cost, buildings and improvements | 5,439 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,765 | ||||
Accumulated depreciation | 543 | ||||
FedEX, Morgantown, WV | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 4,661 | ||||
Initial cost, buildings and improvements | 8,401 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 13,062 | ||||
Accumulated depreciation | 662 | ||||
Bridgestone Tire, Mt. Olive Township, NJ | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 916 | ||||
Initial cost, buildings and improvements | 5,088 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,004 | ||||
Accumulated depreciation | 326 | ||||
NSA-St. Johnsbury I, St. Johnsbury, VT | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 210 | ||||
Initial cost, buildings and improvements | 1,753 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 1,963 | ||||
Accumulated depreciation | 111 | ||||
NSA-St. Johnsbury II, St. Johnsbury, VT | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 300 | ||||
Initial cost, buildings and improvements | 3,936 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,236 | ||||
Accumulated depreciation | 282 | ||||
NSA-St. Johnsbury III, St. Johnsbury, VT | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 270 | ||||
Initial cost, buildings and improvements | 3,858 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,128 | ||||
Accumulated depreciation | 249 | ||||
GKN Aerospace, Blue Ash, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 790 | ||||
Initial cost, buildings and improvements | 4,079 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,869 | ||||
Accumulated depreciation | 255 | ||||
Tremec, Wixon, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,002 | ||||
Initial cost, buildings and improvements | 17,376 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 18,378 | ||||
Accumulated depreciation | 1,092 | ||||
NSA Industries, Groveton, NH [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 59 | ||||
Initial cost, buildings and improvements | 3,517 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,576 | ||||
Accumulated depreciation | 181 | ||||
Cummins, Omaha, NE | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,448 | ||||
Initial cost, buildings and improvements | 6,469 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,917 | ||||
Accumulated depreciation | 405 | ||||
Government Services Administration, Gainsville, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 451 | ||||
Initial cost, buildings and improvements | 6,016 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,467 | ||||
Accumulated depreciation | 315 | ||||
Chemours, Pass Christian, MS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 382 | ||||
Initial cost, buildings and improvements | 16,149 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 16,531 | ||||
Accumulated depreciation | 899 | ||||
Lee Steel, Wyoming, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 504 | ||||
Initial cost, buildings and improvements | 7,256 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,760 | ||||
Accumulated depreciation | 333 | ||||
LSI Steel I, Chicago, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,341 | ||||
Initial cost, buildings and improvements | 1,181 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,522 | ||||
Accumulated depreciation | 54 | ||||
LSI Steel II, Chicago, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,792 | ||||
Initial cost, buildings and improvements | 5,615 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,407 | ||||
Accumulated depreciation | 247 | ||||
LSI Steel IV, Chicago, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,856 | ||||
Initial cost, buildings and improvements | 948 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,804 | ||||
Accumulated depreciation | 47 | ||||
Fiat Chrylser, Sterling Heights, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,855 | ||||
Initial cost, buildings and improvements | 13,623 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 15,478 | ||||
Accumulated depreciation | 718 | ||||
Contractors Steel, Belleville, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,862 | ||||
Initial cost, buildings and improvements | 25,878 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 6,296 | ||||
Real estate, gross | 35,036 | ||||
Accumulated depreciation | 1,129 | ||||
Contractors Steel, Hammond, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,970 | ||||
Initial cost, buildings and improvements | 8,859 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,829 | ||||
Accumulated depreciation | 453 | ||||
Contractors Steel, Livonia, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 933 | ||||
Initial cost, buildings and improvements | 8,554 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,357 | ||||
Real estate, gross | 10,844 | ||||
Accumulated depreciation | 384 | ||||
Contractors Steel, Twinsburg, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 729 | ||||
Initial cost, buildings and improvements | 8,707 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,500 | ||||
Real estate, gross | 11,936 | ||||
Accumulated depreciation | 431 | ||||
Contractors Steel, Wyoming, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 970 | ||||
Initial cost, buildings and improvements | 12,426 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,232 | ||||
Real estate, gross | 14,628 | ||||
Accumulated depreciation | 568 | ||||
FedEx, Blackfoot, ID | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 350 | ||||
Initial cost, buildings and improvements | 6,882 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,232 | ||||
Accumulated depreciation | 497 | ||||
DuPont Pioneer, Spencer, IA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 273 | ||||
Initial cost, buildings and improvements | 6,718 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 6,991 | ||||
Accumulated depreciation | 317 | ||||
Rubbermain, Akron, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,221 | ||||
Initial cost, buildings and improvements | 17,145 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 18,366 | ||||
Accumulated depreciation | 624 | ||||
NetScout, Allen, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,115 | ||||
Initial cost, buildings and improvements | 41,486 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 43,601 | ||||
Accumulated depreciation | 1,492 | ||||
Bush Industries, Jamestown, NY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,535 | ||||
Initial cost, buildings and improvements | 14,818 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 16,353 | ||||
Accumulated depreciation | 501 | ||||
FedEx, Greenville, NC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 581 | ||||
Initial cost, buildings and improvements | 9,744 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 10,325 | ||||
Accumulated depreciation | 616 | ||||
Penske, Romulus, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 70,000 | ||||
Initial cost, land | 4,701 | ||||
Initial cost, buildings and improvements | 105,826 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 110,527 | ||||
Accumulated depreciation | 3,319 | ||||
NSA Industries, Georgetown, MA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,100 | ||||
Initial cost, buildings and improvements | 6,059 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 7,159 | ||||
Accumulated depreciation | 225 | ||||
LKQ Corp., Cullman, AL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 61 | ||||
Initial cost, buildings and improvements | 3,781 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,842 | ||||
Accumulated depreciation | 108 | ||||
Grupo Antolin North America, Inc. | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,941 | ||||
Initial cost, buildings and improvements | 41,648 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 43,589 | ||||
Accumulated depreciation | 1,153 | ||||
Walgreens, Pittsburgh, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,701 | ||||
Initial cost, buildings and improvements | 13,718 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 16 | ||||
Real estate, gross | 15,435 | ||||
Accumulated depreciation | 384 | ||||
VersaFlex, Kansas City, KS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 519 | ||||
Initial cost, buildings and improvements | 7,581 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,100 | ||||
Accumulated depreciation | 197 | ||||
Cummins, Gillette, WY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,197 | ||||
Initial cost, buildings and improvements | 5,470 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 35 | ||||
Real estate, gross | 6,702 | ||||
Accumulated depreciation | 139 | ||||
Stanley Security, Fishers, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,246 | ||||
Initial cost, buildings and improvements | 11,879 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 13,125 | ||||
Accumulated depreciation | 245 | ||||
Sierra Nevada, Colorado Springs, CO | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 0 | ||||
Initial cost, buildings and improvements | 16,105 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 16,105 | ||||
Accumulated depreciation | 328 | ||||
EQT, Waynesburg, PA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 875 | ||||
Initial cost, buildings and improvements | 11,126 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 12,001 | ||||
Accumulated depreciation | 220 | ||||
Hanes, Calhoun, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 731 | ||||
Initial cost, buildings and improvements | 8,104 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,835 | ||||
Accumulated depreciation | 171 | ||||
Union Partners, Aurora, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 929 | ||||
Initial cost, buildings and improvements | 11,621 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 12,550 | ||||
Accumulated depreciation | 183 | ||||
Union Partners, Dearborn, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,028 | ||||
Initial cost, buildings and improvements | 11,645 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 14,673 | ||||
Accumulated depreciation | 192 | ||||
ComDoc, North Canton, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 602 | ||||
Initial cost, buildings and improvements | 15,128 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 15,730 | ||||
Accumulated depreciation | 225 | ||||
Metal Technologies, Bloomfield, IN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 277 | ||||
Initial cost, buildings and improvements | 9,552 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,829 | ||||
Accumulated depreciation | 148 | ||||
Encompass Health, Birmingham, AL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,746 | ||||
Initial cost, buildings and improvements | 55,568 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 57,314 | ||||
Accumulated depreciation | 706 | ||||
Heatcraft, Tifton, GA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 346 | ||||
Initial cost, buildings and improvements | 9,064 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,410 | ||||
Accumulated depreciation | 115 | ||||
CF Sauer SLB I, Mauldin, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 40 | ||||
Initial cost, buildings and improvements | 343 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 383 | ||||
Accumulated depreciation | 4 | ||||
CF Sauer SLB II, Mauldin, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 232 | ||||
Initial cost, buildings and improvements | 15,488 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 15,720 | ||||
Accumulated depreciation | 173 | ||||
CF Sauer SLB III, Mauldin, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 348 | ||||
Initial cost, buildings and improvements | 4,747 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 5,095 | ||||
Accumulated depreciation | 65 | ||||
CF Sauer SLB IV, Mauldin, SC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 190 | ||||
Initial cost, buildings and improvements | 9,488 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 9,678 | ||||
Accumulated depreciation | 105 | ||||
CF Sauer SLB, Orange, FL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 237 | ||||
Initial cost, buildings and improvements | 351 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 588 | ||||
Accumulated depreciation | 5 | ||||
CF Sauer SLB, San Luis Obispo, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,201 | ||||
Initial cost, buildings and improvements | 12,884 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 15,085 | ||||
Accumulated depreciation | 149 | ||||
SWECO, Florence, KY | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,080 | ||||
Initial cost, buildings and improvements | 21,924 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 24,004 | ||||
Accumulated depreciation | 170 | ||||
Viavi Solutions I, Santa Rosa, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,061 | ||||
Initial cost, buildings and improvements | 5,929 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 22 | ||||
Real estate, gross | 9,012 | ||||
Accumulated depreciation | 45 | ||||
Viavi Solutions II, Santa Rosa, CA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,073 | ||||
Initial cost, buildings and improvements | 7,130 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 22 | ||||
Real estate, gross | 10,225 | ||||
Accumulated depreciation | 54 | ||||
Faurecia, Auburn Hills, MI | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,310 | ||||
Initial cost, buildings and improvements | 38,278 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 456 | ||||
Real estate, gross | 42,044 | ||||
Accumulated depreciation | 89 | ||||
Plasma, Garland, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 595 | ||||
Initial cost, buildings and improvements | 2,421 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,016 | ||||
Accumulated depreciation | 7 | ||||
Plasma, El Paso, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 72 | ||||
Initial cost, buildings and improvements | 2,478 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,550 | ||||
Accumulated depreciation | 5 | ||||
Plasma, Bradenton, Fl | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 185 | ||||
Initial cost, buildings and improvements | 3,747 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,932 | ||||
Accumulated depreciation | 8 | ||||
Plasma, Hickory, NC | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 494 | ||||
Initial cost, buildings and improvements | 3,702 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,196 | ||||
Accumulated depreciation | 9 | ||||
Plasma, Irving, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 673 | ||||
Initial cost, buildings and improvements | 3,916 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,589 | ||||
Accumulated depreciation | 11 | ||||
Plasma, Lake Charles, LA | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 301 | ||||
Initial cost, buildings and improvements | 1,730 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,031 | ||||
Accumulated depreciation | 4 | ||||
Plasma, Mission, TX | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 275 | ||||
Initial cost, buildings and improvements | 1,735 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,010 | ||||
Accumulated depreciation | 4 | ||||
Plasma, Meridian, MS | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 203 | ||||
Initial cost, buildings and improvements | 2,965 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 3,168 | ||||
Accumulated depreciation | 7 | ||||
Plasma, Peoria, IL | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 206 | ||||
Initial cost, buildings and improvements | 2,578 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,784 | ||||
Accumulated depreciation | 6 | ||||
Whirlpool, Cleveland, TN | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 2,230 | ||||
Initial cost, buildings and improvements | 20,923 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 23,153 | ||||
Accumulated depreciation | 51 | ||||
Whirlpool, Clyde, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,641 | ||||
Initial cost, buildings and improvements | 20,072 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 21,713 | ||||
Accumulated depreciation | 48 | ||||
Whirlpool II, Clyde, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,559 | ||||
Initial cost, buildings and improvements | 17,283 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 20,842 | ||||
Accumulated depreciation | 48 | ||||
Whirlpool, Findlay, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,344 | ||||
Initial cost, buildings and improvements | 22,624 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 23,968 | ||||
Accumulated depreciation | 51 | ||||
Whirlpool, Marion, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 1,876 | ||||
Initial cost, buildings and improvements | 27,850 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 29,726 | ||||
Accumulated depreciation | 63 | ||||
Whirlpool, Ottawa, OH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 3,155 | ||||
Initial cost, buildings and improvements | 19,919 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 23,074 | ||||
Accumulated depreciation | 41 | ||||
FedEx, Bathurst, Canada | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 39 | ||||
Initial cost, buildings and improvements | 2,205 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 2,244 | ||||
Accumulated depreciation | 0 | ||||
FedEx, Woodstock, Canada | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 430 | ||||
Initial cost, buildings and improvements | 3,857 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 4,287 | ||||
Accumulated depreciation | 0 | ||||
NSA Industries, Franklin, NH | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial cost, land | 237 | ||||
Initial cost, buildings and improvements | 7,968 | ||||
Costs capitalized subsequent to acquisition, land | 0 | ||||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | ||||
Real estate, gross | 8,205 | ||||
Accumulated depreciation | 0 | ||||
Various Properties | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,189,408 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation Schedule III - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Acquired intangible assets | $ 651,800 | |
Cost for income tax purposes | 3,800,000 | |
Accumulated Amortization | $ 250,401 | $ 217,748 |
Useful life, buildings | 40 years | |
Useful life, land improvements | 15 years | |
Useful life, fixtures | 5 years | |
Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Deferred financing costs | $ 15,268 | 9,737 |
Mortgage discount | 26 | 569 |
Term Loan | 1,287,448 | 1,140,113 |
GBP | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 294,315 | 292,890 |
USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 689,750 | 474,600 |
UK Multi-Property Cross Collateralized Loan | GBP | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 294,315 | 292,890 |
UK Multi-Property Cross Collateralized Loan | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 294,300 | |
Multi-Tenant Mortgage Loan I | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 187,000 | 187,000 |
Multi-Tenant Mortgage Loan II | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 32,750 | 32,750 |
Multi-Tenant Mortgage Loan III | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 98,500 | 98,500 |
Finland | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 83,000 | |
Germany Property | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 57,800 | |
Luxembourg and Netherlands | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 134,600 | |
Multi-Tenant Mortgage Loan IV | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 97,500 | 0 |
Multi-Tenant Mortgage Loan V | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | $ 204,000 | $ 0 |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation Schedule III - Part 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 2,745,348 | $ 2,543,052 | |
Additions-Acquisitions | 511,378 | 420,529 | $ 88,231 |
Asset remeasurement | 0 | 0 | (8,559) |
Asset dispositions | (143,004) | (32,110) | 0 |
Transfer to assets held for sale | 0 | (123,021) | 0 |
Impairment charge | (6,299) | (1,603) | 0 |
Currency translation adjustment | 4,073 | (61,499) | 133,891 |
Balance at end of the year | 3,111,496 | 2,745,348 | 2,543,052 |
Accumulated depreciation and amortization: | |||
Balance at beginning of year | 220,225 | 174,452 | 111,321 |
Depreciation expense | 69,257 | 64,849 | 59,385 |
Asset dispositions | (22,821) | (3,861) | (2,122) |
Transfer to assets held for sale | 0 | (10,633) | 0 |
Currency translation adjustment | 61 | (4,582) | 5,868 |
Balance at end of the year | $ 266,722 | $ 220,225 | $ 174,452 |
Uncategorized Items - gnl123120
Label | Element | Value |
Accounting Standards Update 2016-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,200,000) |
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 332,000 |
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (332,000) |