Global Net Lease (GNL) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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., 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 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 Shares, Shares Outstanding		89,464,267
Entity Central Index Key	0001526113
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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
Preferred Stock Purchase Rights
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate investments, at cost (Note 3):
Land	$ 429,160	$ 414,446
Buildings, fixtures and improvements	2,736,228	2,685,325
Construction in progress	12,912	11,725
Acquired intangible lease assets	649,562	651,768
Total real estate investments, at cost	3,827,862	3,763,264
Less accumulated depreciation and amortization	(543,062)	(517,123)
Total real estate investments, net	3,284,800	3,246,141
Cash and cash equivalents	343,447	270,302
Restricted cash	4,355	3,985
Derivative assets, at fair value (Note 7)	5,373	4,151
Unbilled straight-line rent	51,925	51,795
Operating lease right-of-use asset (Note 9)	48,868	50,211
Prepaid expenses and other assets	39,956	37,370
Due from related parties	345	351
Deferred tax assets	4,419	4,441
Goodwill and other intangible assets, net	21,688	21,920
Deferred financing costs, net	10,177	10,938
Total Assets	3,815,353	3,701,605
LIABILITIES AND EQUITY
Mortgage notes payable, net (Note 4)	1,249,308	1,272,154
Revolving credit facility (Note 5)	399,213	199,071
Term loan, net (Note 5)	390,450	397,893
Acquired intangible lease liabilities, net	29,398	30,529
Derivative liabilities, at fair value (Note 7)	14,035	7,507
Due to related parties	196	342
Accounts payable and accrued expenses	22,762	22,903
Operating lease liability (Note 9)	23,363	23,985
Prepaid rent	17,448	17,236
Deferred tax liability	14,289	14,975
Taxes payable	0	1,046
Dividends payable	4,934	4,006
Total Liabilities	2,165,396	1,991,647
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 as of March 31, 2020 and December 31, 2019	2,225	2,225
Additional paid-in capital	2,408,452	2,408,353
Accumulated other comprehensive income	493	20,195
Accumulated deficit	(776,002)	(733,245)
Total Stockholders’ Equity	1,635,271	1,697,631
Non-controlling interest	14,686	12,327
Total Equity	1,649,957	1,709,958
Total Liabilities and Equity	3,815,353	3,701,605
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 March 31, 2020 and December 31, 2019
Stockholders’ Equity (Note 8):
Cumulative redeemable preferred stock	68	68
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 3,450,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019
Stockholders’ Equity (Note 8):
Cumulative redeemable preferred stock	$ 35	$ 35

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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	250,000,000
Common stock, issued (in shares)	89,458,752	89,458,752
Common stock, outstanding (in shares)	89,458,752	89,458,752
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	9,959,650
Preferred stock, issued (in shares)	6,799,467	6,799,467
Preferred stock, outstanding (in shares)	6,799,467	6,799,467
Series B Preferred Stock
Preferred stock, dividend rate	6.875%	6.875%
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)	11,450,000	11,450,000
Preferred stock, issued (in shares)	3,450,000	3,450,000
Preferred stock, outstanding (in shares)	3,450,000	3,450,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue from tenants	$ 79,242	$ 75,468
Expenses (income):
Property operating	7,377	7,359
Operating fees to related parties	8,794	8,043
Acquisition, transaction and other costs (Note 9)	280	262
General and administrative	2,961	3,206
Equity-based compensation	2,488	2,109
Depreciation and amortization	33,533	31,303
Total expenses	55,433	52,282
Operating income before gain (loss) on dispositions of real estate investments	23,809	23,186
(Loss) gain on dispositions of real estate investments	0	892
Operating income	23,809	24,078
Other income (expense):
Interest expense	(16,440)	(15,162)
Gain on derivative instruments	3,143	240
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	0	76
Other income	48	4
Total other expense, net	(13,249)	(14,842)
Net income before income tax	10,560	9,236
Income tax expense	(959)	(960)
Net income	9,601	8,276
Preferred stock dividends	(4,563)	(2,485)
Net income attributable to common stockholders	$ 5,038	$ 5,791
Basic and Diluted Earnings Per Share:
Basic and diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.05	$ 0.07
Weighted average common shares outstanding:
Basic (in shares)	89,458,753	81,474,615
Diluted (in shares)	89,499,294	82,798,432

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 9,601	$ 8,276
Other comprehensive income (loss)
Cumulative translation adjustment	(12,550)	(1,323)
Designated derivatives, fair value adjustments	(7,152)	(4,941)
Other comprehensive loss	(19,702)	(6,264)
Comprehensive income (loss)	(10,101)	2,012
Preferred stock dividends	(4,563)	(2,485)
Comprehensive loss attributable to common stockholders	$ (14,664)	$ (473)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Preferred Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Common StockCommon Stock	Additional Paid-in Capital	Additional Paid-in CapitalPreferred Stock	Additional Paid-in CapitalSeries A Preferred Stock	Additional Paid-in CapitalCommon Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Accumulated DeficitSeries A Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Accumulated DeficitCommon Stock	Total Stockholders’ Equity	Total Stockholders’ EquityPreferred Stock	Total Stockholders’ EquitySeries A Preferred Stock	Total Stockholders’ EquitySeries B Preferred Stock	Total Stockholders’ EquityCommon Stock	Non-controlling interest
Beginning Balance (in shares) at Dec. 31, 2018						5,416,890			76,080,625
Beginning Balance at Dec. 31, 2018	$ 1,428,746					$ 54			$ 2,091		$ 2,031,981				$ 6,810	$ (615,448)				$ 1,425,488					$ 3,258
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)							68,104			7,759,322
Issuance of stock			$ 1,613		$ 150,198		$ 1			$ 78			$ 1,612	$ 150,120								$ 1,613		$ 150,198
Dividends declared, common stock	(43,297)															(43,297)				(43,297)
Dividends declared, preferred stock			(2,485)														$ (2,485)					(2,485)
Equity-based compensation	2,109										116									116					1,993
Distributions to non-controlling interest holders	(134)															(134)				(134)
Net Income	8,276															8,276				8,276
Cumulative translation adjustment	(1,323)														(1,323)					(1,323)
Designated derivatives, fair value adjustments	(4,941)														(4,941)					(4,941)
Ending Balance (in shares) at Mar. 31, 2019						5,484,994			83,839,947
Ending Balance at Mar. 31, 2019	1,537,562					$ 55			$ 2,169		2,183,829				214	(653,956)				1,532,311					5,251
Beginning Balance (in shares) at Dec. 31, 2019							6,799,467	3,450,000	89,458,752
Beginning Balance at Dec. 31, 2019	1,709,958						$ 68	$ 35	$ 2,225		2,408,353				20,195	(733,245)				1,697,631					12,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock		$ 76			(106)							$ 76		$ (106)							$ 76			(106)
Dividends declared, common stock					$ (47,638)												$ (3,081)	$ (1,482)	$ (47,638)			$ (3,081)	$ (1,482)	$ (47,638)
Dividends declared, preferred stock			$ (3,081)	$ (1,482)
Equity-based compensation	2,488										129									129					2,359
Distributions to non-controlling interest holders	(157)															(157)				(157)
Net Income	9,601															9,601				9,601
Cumulative translation adjustment	(12,550)														(12,550)					(12,550)
Designated derivatives, fair value adjustments	(7,152)														(7,152)					(7,152)
Ending Balance (in shares) at Mar. 31, 2020							6,799,467	3,450,000	89,458,752
Ending Balance at Mar. 31, 2020	$ 1,649,957						$ 68	$ 35	$ 2,225		$ 2,408,452				$ 493	$ (776,002)				$ 1,635,271					$ 14,686

CONSOLDATED STATEMENTS OF CHANG

CONSOLDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common stock, dividends (in dollars per share)	$ 0.53	$ 0.53
Series A Preferred Stock
Preferred stock, dividends (in dollars per share)	0.45	$ 0.45
Series B Preferred Stock
Preferred stock, dividends (in dollars per share)	$ 0.43

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 9,601	$ 8,276
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	19,263	16,733
Amortization of intangibles	14,270	14,570
Amortization of deferred financing costs	1,810	1,742
Amortization of mortgage discounts and premiums, net	10	102
Amortization of below-market lease liabilities	(815)	(1,011)
Amortization of above-market lease assets	840	1,112
Amortization of above- and below- market ground lease assets	207	236
Bad debt expense	0	59
Unbilled straight-line rent	(1,487)	(1,626)
Equity-based compensation	2,488	2,109
Unrealized (gain) loss on foreign currency transactions, derivatives, and other	(2,082)	452
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness	0	76
Payments for settlement of derivatives	0	(719)
Loss (gain) on disposition of real estate investments	0	(892)
Lease incentive payment	(4,676)	0
Changes in operating assets and liabilities, net:
Prepaid expenses and other assets	4,873	(6,230)
Deferred tax assets	22	12
Accounts payable and accrued expenses	(909)	(12,396)
Prepaid rent	212	4,593
Deferred tax liability	(686)	(267)
Taxes payable	(1,046)	(2,180)
Net cash provided by operating activities	41,895	24,751
Cash flows from investing activities:
Investment in real estate and real estate related assets	113,117	23,454
Deposits for real estate acquisitions	(1,434)	(1,200)
Capital expenditures	1,396	11,265
Proceeds from dispositions of real estate investments	0	9,277
Net cash used in investing activities	(115,947)	(26,642)
Cash flows from financing activities:
Borrowings under revolving credit facilities	205,000	26,000
Repayments on revolving credit facilities	0	(130,000)
Proceeds from mortgage notes payable	0	84,228
Payments on mortgage notes payable	0	(82,636)
Deposits on mortgages	0	(300)
Common stock issuance costs	(106)
Common stock issuance costs		150,198
Preferred stock issuance costs	76	1,613
Payments of financing costs	0	(857)
Dividends paid on Common Stock	(47,638)	(43,270)
Distributions to non-controlling interest holders	(135)	(134)
Net cash provided by financing activities	153,539	2,387
Net change in cash, cash equivalents and restricted cash	79,487	496
Effect of exchange rate changes on cash	(5,972)	(5,554)
Cash, cash equivalents and restricted cash, beginning of period	274,287	103,693
Cash, cash equivalents and restricted cash, end of period	347,802	98,635
Cash, cash equivalents and restricted cash, end of period	347,802	98,635
Supplemental Disclosures:
Cash paid for interest	14,700	15,535
Cash paid for income taxes	2,667	3,140
Series A Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	(3,081)	(2,455)
Series B Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	$ (577)	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Global Net Lease, Inc. (the “Company”), 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 March 31, 2020 , the Company owned 288 properties consisting of 34.2 million rentable square feet, which were 99.6% leased, with a weighted-average remaining lease term of 9.0 years . Based on the percentage of annualized rental income on a straight-line basis as of March 31, 2020 , 64% of the Company’s properties are located in the U.S. and Canada and 36% 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 March 31, 2020 , 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	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 , which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2020. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2020 , other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below). The accompanying unaudited 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 a multi-year outperformance agreement entered into with the Advisor in 2018 (the “2018 OPP”) and fair value measurements, as applicable. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, 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 March 31, 2020 , these leases had an average remaining lease term of 9.0 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 rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. 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 expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The following tables present future minimum base rental cash payments due to the Company over the periods indicated. 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: As of March 31, 2020 : (In thousands) Future Minimum Base Rent Payments (1) 2020 (remainder) $ 223,138 2021 298,729 2022 290,089 2023 268,239 2024 232,791 2025 192,892 Thereafter 888,892 $ 2,394,770 ______________ (1) Assumes exchange rates of £1.00 to $1.24 for British Pounds Sterling (“GBP”), €1.00 to $1.10 for EUR and C$1.00 to $0.71 as of March 31, 2020 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 lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it 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. 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 for the periods ended March 31, 2020 and December 31, 2019. 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 March 31, 2020 and December 31, 2019, the Company did no t have any properties classified as held for sale. All of the Company’s leases as lessor, prior to adoption of revised lease accounting rules on January 1, 2019, 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 on or after January 1, 2019 (by the Company or by a predecessor lessor/owner) pursuant to the current 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 are evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. As of March 31, 2020 and 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 three months ended March 31, 2020 and 2019 were asset acquisitions. 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. 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. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment. Based on the Company’s assessment, it determined that the goodwill was not impaired as of March 31, 2020. 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 foreign operations. 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. 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 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 a multi-year outperformance agreement with the Advisor in June 2015 (the “2015 OPP”). Following the end of the performance period under the 2015 OPP on June 2, 2018, the Company entered into the 2018 OPP with the Advisor (see Note 12 — Equity-Based Compensation). 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. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance will be fixed as of that date and reflected as a charge to earnings over the remaining 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 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 federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs 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. 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. Accounting for Leases Lessor Accounting As a lessor of real estate, 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 the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred. Update on the Impacts of the COVID-19 Pandemic The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy has impacted the ability of some of the Company’s tenants to submit their monthly rent. The Company has taken a proactive approach to seek mutually agreeable solutions with its tenants where necessary and, in some cases during April 2020, the Company executed rent deferral agreements to its leases. These amendments will be treated as lease modifications beginning in the second quarter of 2020. For accounting purposes, in accordance with ASC 842, normally a company would be required to assess the modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (i.e. operating direct financing or sales-type). However, in light of the COVID-19 pandemic due to which many leases are being modified, the FASB and SEC have provided relief that will allow companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat a lease amendment as a modification. In order to be considered COVID-19 related, cash flows may be less than those prior to the concession, but not substantially greater. The Company has elected to use this relief and therefore not reassess the classification of the leases that were amended in April 2020. Lessee Accounting For lessees, the accounting 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. For additional information and disclosures related to the Company’s operating leases, see Note 9 — Commitments and Contingencies. Recently Issued Accounting Pronouncements Adopted as of January 1, 2020: 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 did not have a material impact on th

Real Estate Investments, Net

Real Estate Investments, Net	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 , and, 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 both periods were considered asset acquisitions for accounting purposes. Three Months Ended March 31, (Dollar amounts in thousands) 2020 2019 Real estate investments, at cost: Land $ 21,153 $ 2,442 Buildings, fixtures and improvements 84,767 17,349 Total tangible assets 105,920 19,791 Acquired intangible lease assets: In-place leases 7,245 3,846 Above-market lease assets 21 64 Below-market lease liabilities (69 ) (247 ) Cash paid for acquired real estate investments $ 113,117 $ 23,454 Number of properties purchased 10 2 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. For the three months ended March 31, 2020 and 2019 , the Company did not record any impairment charges for the intangible assets associated with the Company’s real estate investments. Dispositions When the Company sells a property, any gains or losses from the sale are reflected within gain on dispositions of real estate investments in the consolidated statements of operations. During the three months ended March 31, 2020 , the Company did no t sell any properties. During the three months ended March 31, 2019, the Company sold one property located in Madison, Indiana for a total contract sales price of $9.5 million , resulting in net proceeds of $9.3 million and a gain of $0.9 million , which is reflected in gains on dispositions of real estate investments in the accompanying consolidated statements of operations for the three months ended March 31, 2019. 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 March 31, 2020 and December 31, 2019 , the Company did no t have any assets that were classified as held for sale. Significant Tenants There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of March 31, 2020 and December 31, 2019 . The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentration 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 10.0% of consolidated annualized rental income on a straight-line basis as of March 31, 2020 and December 31, 2019 . Country / U.S. State March 31, December 31, United States 64.4% 63.0% Michigan 14.4% 14.6% United Kingdom 16.9% 18.2%

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net Mortgage notes payable, net as of March 31, 2020 and December 31, 2019 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio March 31, December 31, Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 81,404 $ 82,996 1.8% (2) Fixed/Variable Feb. 2024 France: Worldline 1 5,500 5,608 1.9% (3) Fixed Jul. 2020 DCNS 1 10,450 10,655 1.5% (3) Fixed Dec. 2020 ID Logistics II 2 11,551 11,776 1.3% Fixed Jun. 2021 Germany: Germany Properties 5 56,652 57,761 1.8% (4) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 132,007 134,587 1.4% Fixed Jun. 2024 Total EUR denominated 17 297,564 303,383 United Kingdom: United Kingdom Properties 42 276,211 294,315 3.2% (5) Fixed/Variable Aug. 2023 Total GBP denominated 42 276,211 294,315 United States: Penske Logistics 1 70,000 70,000 4.7% (6) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (6) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (6) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (6) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (6) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (6) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 115 1,263,525 1,287,448 3.4% Mortgage discount (16 ) (26 ) Deferred financing costs, net of accumulated amortization (7) (14,201 ) (15,268 ) Mortgage notes payable, net 115 $ 1,249,308 $ 1,272,154 3.4% ______________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) 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 March 31, 2020 . (3) Fixed as a result of a “pay-fixed” interest rate swap agreement. (4) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3 month Euribor. Euribor rate in effect as of March 31, 2020 . (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3 -month GBP LIBOR. LIBOR rate in effect as of March 31, 2020 . (6) 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. (7) 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. The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next five calendar years and thereafter as of March 31, 2020 : (In thousands) Future Principal Payments (1) 2020 (remainder) $ 18,560 2021 24,323 2022 19,779 2023 315,808 2024 213,410 Thereafter 671,645 Total $ 1,263,525 _________________________ (1) Assumes exchange rates of £1.00 to $1.24 for GBP and €1.00 to $1.10 for EUR as of March 31, 2020 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 March 31, 2020 , 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 March 31, 2020 was $1.6 billion , of which approximately $1.5 billion 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 began to bear interest at a rate of Euribor plus 1.55% per annum 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 that 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 of the loan and 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.

Credit Facilities

Credit Facilities	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities The table below details the outstanding balances as of March 31, 2020 and December 31, 2019 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 ( $478.0 million based on the prevailing exchange rate as of March 31, 2020 ) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Facility was originally entered into on July 24, 2017 and it has been amended from time to time. 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. March 31, 2020 December 31, 2019 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 399,213 $ 267,211 £ 40,000 € 75,000 $ 199,071 $ 62,211 £ 40,000 € 75,000 Term Loan 395,524 — — 359,551 403,258 — — 359,551 Deferred financing costs (5,074 ) — — — (5,365 ) — — — Term Loan, Net 390,450 — — 359,551 397,893 — — 359,551 Total Credit Facility $ 789,663 $ 267,211 £ 40,000 € 434,551 $ 596,964 $ 62,211 £ 40,000 € 434,551 (1) Assumes exchange rates of £1.00 to $1.24 for GBP and €1.00 to $1.10 for EUR as of March 31, 2020 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, 2019 for illustrative purposes, as applicable. Credit Facility - Terms Under the Credit Facility Amendment, the aggregate total commitments under the Credit Facility were increased from $914.4 million to $1.235 billion , based on the USD equivalent on August 1, 2019, the date of the closing. Following the Credit Facility Amendment, upon the Company’s request, subject in all respects to the consent of the lenders in their sole discretion, these aggregate total commitments under the Credit Facility may be increased up to an aggregate additional amount of approximately $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. 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, 0.40% 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 March 31, 2020 , the Credit Facility had a weighted-average effective interest rate of 2.7% after giving effect to interest rate swaps in place. It is anticipated that LIBOR will only be available in substantially its current form until the end of 2021. To transition from LIBOR under the Credit Facility, the Company anticipates that it will either utilize the Base Rate or negotiate a replacement reference rate for LIBOR with the lenders. 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 March 31, 2020 , approximately $23.2 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, 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 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 Quarterly Report on Form 10-Q). 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , 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 March 31, 2020 and December 31, 2019 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total March 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ 4,807 $ — $ 4,807 Interest rate swaps, net (USD,GBP & EUR) $ — $ (13,469 ) $ — $ (13,469 ) December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD,GBP & EUR) $ — $ (6,082 ) $ — $ (6,082 ) 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 three months ended March 31, 2020 . Financial Instruments not Measured at Fair Value The carrying value of short-term financial instruments such as cash and cash equivalents, restricted cash, due to/from related parties, prepaid expenses and other assets, accounts payable, accrued expenses and dividends payable approximates their fair value due to their short-term nature. As of March 31, 2020 the fair value of advances to the Company under the Credit Facility was $403.4 million due to the widening of the credit spreads during the period. These advances had a carrying value of $399.2 million as of March 31, 2020 . As of December 31, 2019 the $199.1 million carrying value of advances under the Credit Facility approximated their fair value. The fair value of the Company’s mortgage notes payable as of March 31, 2020 and December 31, 2019 were $1.3 billion and $1.3 billion , respectively. The fair value of gross mortgage notes payable is based on estimates of market interest rates. This approach relies on unobservable inputs and therefore is classified as Level 3 in the fair value hierarchy.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2020
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 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 be 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 March 31, 2020 and December 31, 2019 : (In thousands) Balance Sheet Location March 31, December 31, Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (5,142 ) $ (939 ) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value — 366 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (7,030 ) (4,524 ) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value — 228 Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (1,242 ) (1,139 ) Total $ (13,414 ) $ (6,008 ) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 2,643 $ 1,205 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (469 ) (831 ) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 2,730 2,352 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (97 ) — Interest rate swaps (EUR) Derivative liabilities, at fair value (55 ) (74 ) Total $ 4,752 $ 2,652 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. All of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. During the three months ended March 31, 2020 , such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Additionally, during the three months ended March 31, 2019, 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. During the three months ended March 31, 2019 , the accelerated amounts were losses of $26,600 . 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 March 31, 2021, the Company estimates that an additional $0.4 million will be reclassified from other comprehensive income as an increase to interest expense. As of March 31, 2020 and December 31, 2019 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: March 31, 2020 December 31, 2019 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 273,066 49 $ 290,965 Interest rate “pay-fixed” swaps (EUR) 16 511,470 16 521,471 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 68 $ 934,536 68 $ 962,436 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, $0.1 million was recorded as an increase to interest expense for the three months ended March 31, 2020 and approximately $0.2 million remained in AOCI as of March 31, 2020 . In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable denominated in GBP during the third quarter of 2018, 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, $0.1 million was recorded as an increase to interest expense for the three months ended March 31, 2020 and approximately $0.1 million remained in AOCI as of March 31, 2020 . 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 three months ended March 31, 2020 and 2019 . Three Months Ended March 31, (In thousands) 2020 2019 Amount of (loss) gain recognized in AOCI from derivatives $ (8,391 ) $ 2,018 Amount of loss reclassified from AOCI into income as interest expense $ (824 ) $ (755 ) Total interest expense recorded in the consolidated statements of operations $ 16,440 $ 15,162 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. For derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives, including the ineffective portion of the change in fair value of the derivatives, if any, are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. As of March 31, 2020 and December 31, 2019 the Company did not have foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operations and during the three months ended March 31, 2020 and the year ended December 31, 2019 , the Company did not use foreign currency derivatives that were designated as net investment hedges. 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 use 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 $0.1 million for the three months ended March 31, 2020 . The Company recorded a gain of $0.3 million for the three months ended March 31, 2019 . As of March 31, 2020 and December 31, 2019 , the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. March 31, 2020 December 31, 2019 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP-USD) 54 $ 43,311 38 $ 38,898 Foreign currency forwards (EUR-USD) 43 28,601 32 27,478 Interest rate swaps (EUR) 1 10,451 1 10,655 Total 98 $ 82,363 71 $ 77,031 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2020 and December 31, 2019 . 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 (Liabilities) Assets presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount March 31, 2020 $ 5,373 $ (14,035 ) $ — $ (8,662 ) $ — $ — $ (8,662 ) December 31, 2019 $ 4,151 $ (7,507 ) $ — $ (3,356 ) $ — $ — $ (3,356 ) 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 March 31, 2020 , the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $14.5 million . As of March 31, 2020 , 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	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of March 31, 2020 and December 31, 2019 , the Company had 89,458,752 shares of Common Stock outstanding 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 $152.8 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. The Company did not sell any shares of Common Stock through the Common Stock ATM Program during the first quarter of 2020. Preferred Stock The Company is authorized to issue up to 30,000,000 shares of Preferred Stock. • The Company has classified and designated 9,959,650 shares of its authorized Preferred Stock 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 March 31, 2020 and December 31, 2019. The Company had 6,799,467 shares of Series A Preferred Stock issued and outstanding, as of March 31, 2020 and December 31, 2019. • The Company has classified and designated 11,450,000 shares of its authorized Preferred Stock 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 March 31, 2020 and December 31, 2019. The Company had 3,450,000 shares of Series B Preferred Stock issued and outstanding, as of March 31, 2020 and December 31, 2019. 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 three months ended March 31, 2019 , the Company sold 68,104 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $1.7 million , before commissions paid of approximately $25,000 and additional issuance costs of $59,000 . In November 2019, the Company terminated the Series A Preferred Stock ATM Program. 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 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 the first quarter of 2020. Dividends Common Stock Dividends Historically, and through March 31, 2020, the Company paid dividends at an annualized rate of $2.13 per share or $0.5325 per share on a quarterly basis. In March 2020, the Company’s board of directors approved a change in the dividend to an annual rate of $1.60 per share or $0.40 per share on a quarterly basis, which was effective beginning in the second quarter of 2020 with the Company’s April 1, 2020 dividend declaration (see Note 14 — Subsequent Events for additional information). Dividends authorized by the Company’s board of directors are paid 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. 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 f or additional information on the restrictions on the payment of dividends and other distributions imposed by the Credit Facility. 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. 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 . As of March 31, 2020 , the Company’s balance sheet includes ROU assets and liabilities of $48.9 million and $23.4 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, if any, 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 March 31, 2020 . For the three months ended March 31, 2020 , the Company paid cash of approximately $0.3 million for amounts included in the measurement of lease liabilities and recorded expense of $0.3 million , 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 did not enter into any additional ground leases during the quarter ended March 31, 2020 . The Company incurred rent expense on ground leases of $0.3 million during the three months ended March 31, 2019 . The following table reflects the base cash rental payments due from the Company as of March 31, 2020 : (In thousands) Future Base Rent Payments (1) 2020 (remainder) $ 1,359 2021 1,359 2022 1,359 2023 1,359 2024 1,364 Thereafter 39,451 Total minimum lease payments (2) 46,251 Less: Effects of discounting (22,888 ) Total present value of lease payments $ 23,363 ________ (1) Assumes exchange rates of £1.00 to $1.24 for GBP and €1.00 to $1.10 for EUR as of March 31, 2020 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 25, 2018, Moor Park Capital Partners LLP 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; and (iii) AR Capital Global Holdings, LLC, and AR Global, in the Supreme Court of the State of New York, County of New York. On March 4, 2019, the parties entered into a settlement agreement pursuant to which the lawsuit was dismissed. The Company recorded a reserve of $7.4 million related to the then anticipated settlement payment during the fourth quarter of 2018 and subsequently paid the settlement amount during the first quarter of 2019. During the three months ended March 31, 2019, the Company incurred approximately $0.3 million in additional legal expenses related to this litigation. These costs are included in acquisition, transaction and other costs in the consolidated statement 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 March 31, 2020 , 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	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of March 31, 2020 and December 31, 2019 , AR Global and certain affiliates owned, in the aggregate, 35,900 shares of outstanding Common Stock. The Advisor, which is an affiliate of AR Global, and its affiliates may incur costs and fees on behalf of the Company. As of March 31, 2020 and December 31, 2019 , the Company had $345,000 and $0.4 million , respectively, of receivables from former affiliates of the Advisor and $0.2 million and $0.3 million of payables to their affiliates, respectively. As of March 31, 2020 , 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. The Company is the sole general partner of the OP. There were no OP Units held by anyone other than the Company outstanding as of March 31, 2020 and December 31, 2019 . The Company paid $0.2 million and $0.1 million in distributions to the Advisor as the sole holder of LTIP Units during the three months ended March 31, 2020 and 2019, respectively, which are included in accumulated deficit in the audited consolidated statements of equity. As of March 31, 2020 and December 31, 2019 , 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 New York Stock Exchange, the Company entered into the Advisory Agreement. In light of the unprecedented market disruption resulting from the COVID-19 pandemic the Advisory Agreement was most recently amended on May 6, 2020 (the “ Amendment”) to temporarily lower the effective thresholds of Core AFFO Per Share (1) that the Company must satisfy for the Advisor to be paid Incentive Compensation (as defined in the Advisory Agreement). See Note 14 — Subsequent Events for additional information on the Amendment. 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, and following the Amendment, except for Inventive Compensation for the period beginning April 1, 2020 and ending December 31, 2020, which is payable in cash only). The Incentive Compensation is generally calculated on an annual basis for the 12 -month period from July 1 to June 30 of each year, in quarterly installments. The Incentive Compensation is subject to a final adjustment after the performance period ends, 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 are 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 Amendment, the Incentive Fee Lower Hurdle (as defined in the Advisory Agreement) was (a) $2.15 for the 12 months ended June 30, 2019, and (b) $2.25 for the 12 months ending June 30, 2020 Following the Amendment, the Incentive Fee Lower Hurdle is equal to (i) $1.6875 per share in the aggregate and $0.5625 per share per quarter for the period beginning July 1, 2019 and ending March 31, 2020; (ii) $1.35 per share in the aggregate and $0.45 per share per quarter for the period beginning April 1, 2020 and ending December 31, 2020; (iii) $1.125 per share in the aggregate and $0.5625 per share per quarter for the period beginning January 1, 2021 and ending June 30, 2021; and (iv) $2.25 per share in the aggregate and $0.5625 per share per quarter for the annual period beginning July 1, 2021. In addition, prior to the Amendment, the Incentive Fee Upper Hurdle (as defined in the Advisory Agreement) was (a) $2.79 for the 12 months ended June 30, 2019, and (b) $2.92 for the 12 months ending June 30, 2020. Following the Amendment, the Incentive Fee Upper Hurdle is equal to (i) $2.19 per share in the aggregate and $0.73 per share per quarter for the period beginning July 1, 2019 and ending March 31, 2020; (ii) $1.75 per share in the aggregate and $0.583 per share per quarter for the period beginning April 1, 2020 and ending December 31, 2020; (iii) $1.46 per share in the aggregate and $0.73 per share per quarter for the period beginning January 1, 2021 and ending June 30, 2021; and (iv) $2.92 per share in the aggregate and $0.73 per share per quarter for the annual period beginning July 1, 2021. During the three and three months ended March 31, 2020 and 2019 , no Incentive Compensation was earned. The Amendment also extended from July 1, 2020 to July 1, 2021 the commencement date annual thresholds may in the sole discretion of a majority of the Company’s independent directors (in their good faith reasonable judgment, after consultation with the Advisor), be increased each year. The percentage at which independent directors may so increase the thresholds remains a percentage equal to between 0% and 3% . In addition, commencing August 2023 and every five years thereafter, the Advisor has 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. See Note 14 — Subsequent Events for additional information on the Amendment. 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, Core AFFO Per Share means for the applicable period (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 transaction related costs (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. 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 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. The following table reflects related party fees incurred, forgiven and contractually due as of and for the periods presented: Three Months Ended March 31, 2020 2019 Payable as of (In thousands) Incurred Forgiven Incurred Forgiven March 31, 2020 December 31, 2019 One-time fees and reimbursements: Fees on gain from sale of investments $ — $ — $ — $ — $ — $ — Ongoing fees (1) : Asset management fees (2) 7,376 — 6,671 — — — Property management fees 1,418 — 1,372 — — — Incentive compensation — — — — — — Total related party operational fees and reimbursements $ 8,794 $ — $ 8,043 $ — $ — $ — ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $0.3 million and $0.3 million for the three months ended March 31, 2020 and 2019 , respectively, which are recorded within general and administrative expenses in 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 cash equal to one quarter of the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $2.9 million and $2.2 million for the three months ended March 31, 2020 and 2019, respectively. 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 the sale or transaction 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. There was no Gain Fee for the three months ended March 31, 2020 or 2019.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , 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 the amount of RSUs outstanding as of March 31, 2020 : There was no activity for the three months ended March 31, 2020 . Number of RSUs Weighted-Average Issue Price Unvested, March 31, 2020 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 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 the equity awards is expensed over the vesting period. Compensation expense related to RSUs was $0.1 million for the three months ended March 31, 2020 . Compensation expense related to RSUs was $0.1 million for the three months ended March 31, 2019 . Compensation expense is recorded as equity-based compensation in the accompanying consolidated statements of operations. As of March 31, 2020 , the Company had $0.4 million unrecognized compensation cost related to unvested RSUs granted under the RSP. That cost is expected to be recognized over a weighted-average period of 1.3 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. Under accounting rules adopted by the Company on January 1, 2019, the total fair value of the LTIP Units of $18.8 million 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 Significant Accounting Policies for a description of accounting rules related to non-employee equity awards). The fair 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 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 three months ended March 31, 2020 , the Company recorded compensation expense related to the 2018 OPP of $2.4 million . During the three months ended March 31, 2019 , the Company recorded compensation expense of $2.0 million related to the 2018 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 $0.2 million and $0.1 million in distributions related to LTIP Units during the three months ended March 31, 2020 and 2019, respectively, 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 will be 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 will be 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 of the Company’s board of directors, provided that any of the compensation committee’s powers can be exercised instead by the board if the board 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. 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 three months ended March 31, 2020 and 2019 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2020 2019 Net income attributable to common stockholders $ 5,038 $ 5,791 Adjustments to net income attributable to common stockholders for common share equivalents (135 ) (160 ) Adjusted net income attributable to common stockholders $ 4,903 $ 5,631 Basic and diluted net income per share attributable to common stockholders $ 0.05 $ 0.07 Weighted average shares outstanding: Basic 89,458,753 81,474,615 Diluted 89,499,294 82,798,432 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 above 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 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 three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 LTIP Units (1) 2,554,930 1,277,465 Total common share equivalents excluded from EPS calculation 2,554,930 1,277,465 (1) Weighted-average number of LTIP Units outstanding. There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of March 31, 2020 and March 31, 2019 . See Note 12 — Equity-Based Compensation for additional information on the 2018 OPP. Conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Equity-Based Compensation ) are not included in the computation for the three months ended March 31, 2020 because no LTIP Units would have been earned (and, therefore, no shares of Common Stock could have been issued with respect to LTIP Units) based on the stock price at March 31, 2020. A portion of the conditionally issuable shares relating to the 2018 OPP award are included in the computation of fully diluted EPS on a weighted average basis for the three months ended and March 31, 2019

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, 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 disclosed below. Common Stock Dividend Change and Declaration In March 2020, the Company’s board of directors approved a change in the dividend to an annual rate of $1.60 per share or $0.40 per share on a quarterly basis, due to the uncertain and rapidly changing environment caused by the COVID-19 pandemic. On April 1, 2020, the Company declared a quarterly dividend of $0.40 per share of Common Stock payable on April 15, 2020 to common stockholders of record at the close of business on April 13, 2020. Stockholder Rights Plan In April 2020 the Company announced that its board of directors approved a short-term stockholder rights plan (the “Plan”) to protect the long-term interests of the Company. The Company has adopted the Plan at this time due to the substantial volatility in the trading of the Common Stock that has resulted from the ongoing COVID-19 pandemic. The adoption of the Plan is intended to allow the Company to realize the long-term value of the Company’s assets by protecting the Company from the actions of third parties that the Company’s board determines are not in the best interest of the Company. By adopting the Plan, the Company believes that it has best positioned itself to navigate through this period of volatility brought on by COVID-19. Similar to plans adopted recently by other publicly held companies, the Plan is designed to reduce the likelihood that any person or group (including a group of persons that are acting in concert with each other) would gain control of the Company through open market accumulation of stock by imposing significant penalties upon any person or group that acquires 4.9% or more of the outstanding shares of Common Stock without the approval of the Company’s board of directors. In connection with the adoption of the Plan, the Company’s board of directors authorized a dividend of one preferred share purchase right for each outstanding share of Common Stock to stockholders of record on April 20, 2020 to purchase from the Company one one-thousandth of a share of Series C Preferred Stock, par value $0.01 per share, of the Company for an exercise price of $50.00 , once the rights become exercisable, subject to adjustment as provided in the related rights agreement. By the terms of the Plan, the rights will initially trade with Common Stock and will generally only become exercisable on the 10 th business day after the Company’s board of directors become aware that a person or entity has become the owner of 4.9% or more of the shares of Common Stock or the commencement of a tender or exchange offer which would result in the offeror becoming an owner of 4.9% or more of the Common Stock. The Plan expires on April 8, 2021 unless the Plan is amended or the rights are earlier exercised, exchanged or redeemed. Amendment to the Advisory Agreement In light of the unprecedented market disruption resulting from the COVID-19 pandemic, on May 6, 2020 , the Company amended the Advisory Agreement to temporarily lower the effective 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. See Note 10 — Related Party Transactions for additional details. COVID-19 Pandemic The global spread of COVID-19 has created significant uncertainty and economic disruption, both in the near-term and potentially longer-term. The extent to which this pandemic could affect the Company’s financial condition, liquidity, and results of operations is difficult to predict and depends on evolving factors, including: duration, scope, government actions, and other social responses. The Company is closely monitoring the impact of COVID-19 on all aspects of our business, including the safety and health of its employees, its portfolio, and tenant credit health (including the Company’s tenants’ ability to pay rent), as well as the Company’s liquidity, capital allocation, and balance sheet management. The Company continues to actively engage in discussions with its tenants regarding the impact of COVID-19 on their business operations, liquidity, prospects, and financial position. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019
Principles of Consolidation	The accompanying unaudited 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 a multi-year outperformance agreement entered into with the Advisor in 2018 (the “2018 OPP”) and fair value measurements, as applicable.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, 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 March 31, 2020 , these leases had an average remaining lease term of 9.0 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 rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. 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 expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. 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 lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it 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.
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 for the periods ended March 31, 2020 and December 31, 2019. 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 March 31, 2020 and December 31, 2019, the Company did no t have any properties classified as held for sale. All of the Company’s leases as lessor, prior to adoption of revised lease accounting rules on January 1, 2019, 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 on or after January 1, 2019 (by the Company or by a predecessor lessor/owner) pursuant to the current 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 are evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. As of March 31, 2020 and 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 three months ended March 31, 2020 and 2019 were asset acquisitions. 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.
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.
Goodwill	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. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment. Based on the Company’s assessment, it determined that the goodwill was not impaired as of March 31, 2020.
Derivative 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 foreign operations. 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.
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 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 a multi-year outperformance agreement with the Advisor in June 2015 (the “2015 OPP”). Following the end of the performance period under the 2015 OPP on June 2, 2018, the Company entered into the 2018 OPP with the Advisor (see Note 12 — Equity-Based Compensation). 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. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance will be fixed as of that date and reflected as a charge to earnings over the remaining 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 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 federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs 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.
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.
Lessor Accounting	Lessor Accounting As a lessor of real estate, 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 the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred. Update on the Impacts of the COVID-19 Pandemic The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy has impacted the ability of some of the Company’s tenants to submit their monthly rent. The Company has taken a proactive approach to seek mutually agreeable solutions with its tenants where necessary and, in some cases during April 2020, the Company executed rent deferral agreements to its leases. These amendments will be treated as lease modifications beginning in the second quarter of 2020. For accounting purposes, in accordance with ASC 842, normally a company would be required to assess the modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (i.e. operating direct financing or sales-type). However, in light of the COVID-19 pandemic due to which many leases are being modified, the FASB and SEC have provided relief that will allow companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat a lease amendment as a modification. In order to be considered COVID-19 related, cash flows may be less than those prior to the concession, but not substantially greater. The Company has elected to use this relief and therefore not reassess the classification of the leases that were amended in April 2020.
Lessee Accounting	Lessee Accounting For lessees, the accounting 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. For additional information and disclosures related to the Company’s operating leases, see Note 9 — Commitments and Contingencies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2020: 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 did not 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 did not have a material impact on the Company’s financial statements.
Acquired Intangible Lease Assets	Acquired Intangible Lease Assets
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 March 31, 2020 and December 31, 2019 , 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.
Earnings Per Share	Conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Equity-Based Compensation ) are not included in the computation for the three months ended March 31, 2020 because no LTIP Units would have been earned (and, therefore, no shares of Common Stock could have been issued with respect to LTIP Units) based on the stock price at March 31, 2020. A portion of the conditionally issuable shares relating to the 2018 OPP award are included in the computation of fully diluted EPS on a weighted average basis for the three months ended and March 31, 2019

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Future Minimum Base Rent Payments	The following tables present future minimum base rental cash payments due to the Company over the periods indicated. 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: As of March 31, 2020 : (In thousands) Future Minimum Base Rent Payments (1) 2020 (remainder) $ 223,138 2021 298,729 2022 290,089 2023 268,239 2024 232,791 2025 192,892 Thereafter 888,892 $ 2,394,770 ______________ (1) Assumes exchange rates of £1.00 to $1.24 for British Pounds Sterling (“GBP”), €1.00 to $1.10 for EUR and C$1.00 to $0.71 as of March 31, 2020 for illustrative purposes, as applicable.

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 , and, 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 both periods were considered asset acquisitions for accounting purposes. Three Months Ended March 31, (Dollar amounts in thousands) 2020 2019 Real estate investments, at cost: Land $ 21,153 $ 2,442 Buildings, fixtures and improvements 84,767 17,349 Total tangible assets 105,920 19,791 Acquired intangible lease assets: In-place leases 7,245 3,846 Above-market lease assets 21 64 Below-market lease liabilities (69 ) (247 ) Cash paid for acquired real estate investments $ 113,117 $ 23,454 Number of properties purchased 10 2
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 10.0% of consolidated annualized rental income on a straight-line basis as of March 31, 2020 and December 31, 2019 . Country / U.S. State March 31, December 31, United States 64.4% 63.0% Michigan 14.4% 14.6% United Kingdom 16.9% 18.2%

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	Mortgage notes payable, net as of March 31, 2020 and December 31, 2019 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio March 31, December 31, Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 81,404 $ 82,996 1.8% (2) Fixed/Variable Feb. 2024 France: Worldline 1 5,500 5,608 1.9% (3) Fixed Jul. 2020 DCNS 1 10,450 10,655 1.5% (3) Fixed Dec. 2020 ID Logistics II 2 11,551 11,776 1.3% Fixed Jun. 2021 Germany: Germany Properties 5 56,652 57,761 1.8% (4) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 132,007 134,587 1.4% Fixed Jun. 2024 Total EUR denominated 17 297,564 303,383 United Kingdom: United Kingdom Properties 42 276,211 294,315 3.2% (5) Fixed/Variable Aug. 2023 Total GBP denominated 42 276,211 294,315 United States: Penske Logistics 1 70,000 70,000 4.7% (6) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (6) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (6) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (6) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (6) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (6) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 115 1,263,525 1,287,448 3.4% Mortgage discount (16 ) (26 ) Deferred financing costs, net of accumulated amortization (7) (14,201 ) (15,268 ) Mortgage notes payable, net 115 $ 1,249,308 $ 1,272,154 3.4% ______________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) 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 March 31, 2020 . (3) Fixed as a result of a “pay-fixed” interest rate swap agreement. (4) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3 month Euribor. Euribor rate in effect as of March 31, 2020 . (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3 -month GBP LIBOR. LIBOR rate in effect as of March 31, 2020 . (6) 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. (7) 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.
Future Principal Payments on Mortgage Notes Payable	The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next five calendar years and thereafter as of March 31, 2020 : (In thousands) Future Principal Payments (1) 2020 (remainder) $ 18,560 2021 24,323 2022 19,779 2023 315,808 2024 213,410 Thereafter 671,645 Total $ 1,263,525 _________________________ (1) Assumes exchange rates of £1.00 to $1.24 for GBP and €1.00 to $1.10 for EUR as of March 31, 2020 for illustrative purposes, as applicable.

Credit Facilities (Tables)

Credit Facilities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Outstanding Balance Under Credit Agreement	The table below details the outstanding balances as of March 31, 2020 and December 31, 2019 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 ( $478.0 million based on the prevailing exchange rate as of March 31, 2020 ) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Facility was originally entered into on July 24, 2017 and it has been amended from time to time. 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. March 31, 2020 December 31, 2019 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 399,213 $ 267,211 £ 40,000 € 75,000 $ 199,071 $ 62,211 £ 40,000 € 75,000 Term Loan 395,524 — — 359,551 403,258 — — 359,551 Deferred financing costs (5,074 ) — — — (5,365 ) — — — Term Loan, Net 390,450 — — 359,551 397,893 — — 359,551 Total Credit Facility $ 789,663 $ 267,211 £ 40,000 € 434,551 $ 596,964 $ 62,211 £ 40,000 € 434,551 (1) Assumes exchange rates of £1.00 to $1.24 for GBP and €1.00 to $1.10 for EUR as of March 31, 2020 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, 2019 for illustrative purposes, as applicable.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 , aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total March 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ 4,807 $ — $ 4,807 Interest rate swaps, net (USD,GBP & EUR) $ — $ (13,469 ) $ — $ (13,469 ) December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD,GBP & EUR) $ — $ (6,082 ) $ — $ (6,082 )

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : (In thousands) Balance Sheet Location March 31, December 31, Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (5,142 ) $ (939 ) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value — 366 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (7,030 ) (4,524 ) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value — 228 Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (1,242 ) (1,139 ) Total $ (13,414 ) $ (6,008 ) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 2,643 $ 1,205 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (469 ) (831 ) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 2,730 2,352 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (97 ) — Interest rate swaps (EUR) Derivative liabilities, at fair value (55 ) (74 ) Total $ 4,752 $ 2,652
Schedule of Interest Rate Derivatives	As of March 31, 2020 and December 31, 2019 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: March 31, 2020 December 31, 2019 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 273,066 49 $ 290,965 Interest rate “pay-fixed” swaps (EUR) 16 511,470 16 521,471 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 68 $ 934,536 68 $ 962,436
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 three months ended March 31, 2020 and 2019 . Three Months Ended March 31, (In thousands) 2020 2019 Amount of (loss) gain recognized in AOCI from derivatives $ (8,391 ) $ 2,018 Amount of loss reclassified from AOCI into income as interest expense $ (824 ) $ (755 ) Total interest expense recorded in the consolidated statements of operations $ 16,440 $ 15,162
Disclosure of Credit Derivatives	As of March 31, 2020 and December 31, 2019 , the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. March 31, 2020 December 31, 2019 Derivatives Number of Instruments Notional Amount Number of Instruments Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP-USD) 54 $ 43,311 38 $ 38,898 Foreign currency forwards (EUR-USD) 43 28,601 32 27,478 Interest rate swaps (EUR) 1 10,451 1 10,655 Total 98 $ 82,363 71 $ 77,031
Offsetting Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2020 and December 31, 2019 . 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 (Liabilities) Assets presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount March 31, 2020 $ 5,373 $ (14,035 ) $ — $ (8,662 ) $ — $ — $ (8,662 ) December 31, 2019 $ 4,151 $ (7,507 ) $ — $ (3,356 ) $ — $ — $ (3,356 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Future Base Cash Rental Payments - Topic 842	The following table reflects the base cash rental payments due from the Company as of March 31, 2020 : (In thousands) Future Base Rent Payments (1) 2020 (remainder) $ 1,359 2021 1,359 2022 1,359 2023 1,359 2024 1,364 Thereafter 39,451 Total minimum lease payments (2) 46,251 Less: Effects of discounting (22,888 ) Total present value of lease payments $ 23,363 ________ (1) Assumes exchange rates of £1.00 to $1.24 for GBP and €1.00 to $1.10 for EUR as of March 31, 2020 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)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection with Operation Related Services	The following table reflects related party fees incurred, forgiven and contractually due as of and for the periods presented: Three Months Ended March 31, 2020 2019 Payable as of (In thousands) Incurred Forgiven Incurred Forgiven March 31, 2020 December 31, 2019 One-time fees and reimbursements: Fees on gain from sale of investments $ — $ — $ — $ — $ — $ — Ongoing fees (1) : Asset management fees (2) 7,376 — 6,671 — — — Property management fees 1,418 — 1,372 — — — Incentive compensation — — — — — — Total related party operational fees and reimbursements $ 8,794 $ — $ 8,043 $ — $ — $ — ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $0.3 million and $0.3 million for the three months ended March 31, 2020 and 2019 , respectively, which are recorded within general and administrative expenses in 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 cash equal to one quarter of the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $2.9 million and $2.2 million for the three months ended March 31, 2020 and 2019, respectively.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	The following table reflects the amount of RSUs outstanding as of March 31, 2020 : There was no activity for the three months ended March 31, 2020 . Number of RSUs Weighted-Average Issue Price Unvested, March 31, 2020 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 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)	3 Months Ended
	Mar. 31, 2020
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 periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2020 2019 Net income attributable to common stockholders $ 5,038 $ 5,791 Adjustments to net income attributable to common stockholders for common share equivalents (135 ) (160 ) Adjusted net income attributable to common stockholders $ 4,903 $ 5,631 Basic and diluted net income per share attributable to common stockholders $ 0.05 $ 0.07 Weighted average shares outstanding: Basic 89,458,753 81,474,615 Diluted 89,499,294 82,798,432
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 three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 LTIP Units (1) 2,554,930 1,277,465 Total common share equivalents excluded from EPS calculation 2,554,930 1,277,465 (1) Weighted-average number of LTIP Units outstanding. There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of March 31, 2020 and March 31, 2019 . See Note 12 — Equity-Based Compensation for additional information on the 2018 OPP.

Organization (Details)

Organization (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2020ft²property$ / shares	Mar. 31, 2019	Dec. 31, 2019$ / shares
Operations [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Number of properties (property) | property	288
Rentable square feet (sqft) | ft²	34.2
Occupancy rate	99.60%
Weighted average remaining lease term	9 years
United States
Operations [Line Items]
Entity-wide revenue percentage	64.40%	63.00%
Europe
Operations [Line Items]
Percentage of portfolio investments	36.00%
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, $0.01 par value
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)	3 Months Ended	12 Months Ended
	Mar. 31, 2020segmentproperty	Dec. 31, 2019property
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Weighted average remaining lease term	9 years
Number of real estate properties held for sale | property	0	0
Number of reportable segments | segment	1
Minimum
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Lease-up period	12 months
Maximum
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Lease-up period	18 months
2018 OPP
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Requisite service period	2 years 9 months 18 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Future Minimum Base Rent Payments (Details) $ in Thousands	Mar. 31, 2020$ / €	Mar. 31, 2020USD ($)	Mar. 31, 2020$ / £	Mar. 31, 2020$ / $	Dec. 31, 2019$ / €	Dec. 31, 2019$ / £
Accounting Policies [Abstract]
2020 (remainder)		$ 223,138
2021		298,729
2022		290,089
2023		268,239
2024		232,791
2025		192,892
Thereafter		888,892
Total		$ 2,394,770
Foreign currency exchange rate (gbp, eur per usd)	1.10		1.24	0.71	1.14	1.27

Real Estate Investments, Net -

Real Estate Investments, Net - Schedule of Property Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property
Real estate investments, at cost:
Land	$ 21,153	$ 2,442
Buildings, fixtures and improvements	84,767	17,349
Total tangible assets	105,920	19,791
Acquired intangible lease assets:
Cash paid for acquired real estate investments	$ 113,117	$ 23,454
Number of properties purchased (property) | property	10	2
In-place leases
Acquired intangible lease assets:
Acquired intangibles	$ 7,245	$ 3,846
Above market lease assets
Acquired intangible lease assets:
Acquired intangibles	21	64
Below market lease liabilities
Acquired intangible lease assets:
Below-market lease liabilities	$ (69)	$ (247)

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property	Dec. 31, 2019property
Real Estate [Line Items]
(Loss) gain on dispositions of real estate investments	$ 0	$ 892
Proceeds from dispositions of real estate investments, net	$ 0	$ 9,277
Number of real estate properties held for sale | property	0		0
Properties Sold
Real Estate [Line Items]
Number of real estate properties sold | property	0	1
(Loss) gain on dispositions of real estate investments		$ 900
Proceeds from dispositions of real estate investments, gross		9,500
Proceeds from dispositions of real estate investments, net		$ 9,300

Real Estate Investments, Net _2

Real Estate Investments, Net - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	64.40%	63.00%
Michigan
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	14.40%	14.60%
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	16.90%	18.20%

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Schedule of Long-term Debt Instruments (Details) $ in Thousands	Feb. 06, 2019	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, net		$ 1,249,308	$ 1,272,154
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered properties (property) | property		115
Outstanding Loan Amount		$ 1,263,525	1,287,448
Effective Interest Rate		3.40%
Mortgage discount		$ (16)	(26)
Deferred financing costs, net of accumulated amortization		(14,201)	(15,268)
Mortgage notes payable, net		$ 1,249,308	1,272,154
Mortgage notes payable | Finland Properties
Debt Instrument [Line Items]
Percentage fixed interest rate	80.00%	80.00%
Percentage variable interest rate		20.00%
Interest rate spread	1.80%
Mortgage notes payable | Finland Properties | Euribor Rate
Debt Instrument [Line Items]
Interest rate spread		1.40%
Mortgage notes payable | UK Multi-Property Cross Collateralized Loan | LIBOR
Debt Instrument [Line Items]
Interest rate spread		2.00%
Mortgage notes payable | EUR
Debt Instrument [Line Items]
Encumbered properties (property) | property		17
Outstanding Loan Amount		$ 297,564	303,383
Mortgage notes payable | EUR | Finland Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property		5
Outstanding Loan Amount		$ 81,404	82,996
Effective Interest Rate		1.80%
Mortgage notes payable | EUR | Worldline
Debt Instrument [Line Items]
Encumbered properties (property) | property		1
Outstanding Loan Amount		$ 5,500	5,608
Effective Interest Rate		1.90%
Mortgage notes payable | EUR | DCNS
Debt Instrument [Line Items]
Encumbered properties (property) | property		1
Outstanding Loan Amount		$ 10,450	10,655
Effective Interest Rate		1.50%
Mortgage notes payable | EUR | ID Logistics II
Debt Instrument [Line Items]
Encumbered properties (property) | property		2
Outstanding Loan Amount		$ 11,551	11,776
Effective Interest Rate		1.30%
Mortgage notes payable | EUR | Germany Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property		5
Outstanding Loan Amount		$ 56,652	57,761
Effective Interest Rate		1.80%
Mortgage notes payable | EUR | Benelux Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property		3
Outstanding Loan Amount		$ 132,007	134,587
Effective Interest Rate		1.40%
Mortgage notes payable | GBP
Debt Instrument [Line Items]
Encumbered properties (property) | property		42
Outstanding Loan Amount		$ 276,211	294,315
Percentage fixed interest rate		80.00%
Mortgage notes payable | GBP | LIBOR
Debt Instrument [Line Items]
Percentage variable interest rate		20.00%
Mortgage notes payable | GBP | United Kingdom Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property		42
Outstanding Loan Amount		$ 276,211	294,315
Effective Interest Rate		3.20%
Mortgage notes payable | USD
Debt Instrument [Line Items]
Encumbered properties (property) | property		56
Outstanding Loan Amount		$ 689,750	689,750
Mortgage notes payable | USD | Penske Logistics
Debt Instrument [Line Items]
Encumbered properties (property) | 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]
Encumbered properties (property) | 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]
Encumbered properties (property) | 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]
Encumbered properties (property) | 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]
Encumbered properties (property) | property		16
Outstanding Loan Amount		$ 97,500	97,500
Effective Interest Rate		4.60%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan V
Debt Instrument [Line Items]
Encumbered properties (property) | property		12
Outstanding Loan Amount		$ 204,000	$ 204,000
Effective Interest Rate		3.70%

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2020$ / €	Mar. 31, 2020USD ($)	Mar. 31, 2020$ / £	Mar. 31, 2020$ / $	Dec. 31, 2019$ / €	Dec. 31, 2019USD ($)	Dec. 31, 2019$ / £
Debt Instrument [Line Items]
Foreign currency exchange rate (gbp, eur per usd)	1.10		1.24	0.71	1.14		1.27
Mortgage notes payable
Debt Instrument [Line Items]
2020 (remainder)		$ 18,560
2021		24,323
2022		19,779
2023		315,808
2024		213,410
Thereafter		671,645
Mortgage notes payable		$ 1,263,525				$ 1,287,448

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) $ in Billions	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Carrying value of encumbered assets	$ 1.6
Line of Credit
Debt Instrument [Line Items]
Carrying value of encumbered assets	$ 1.5

Mortgage Notes Payable, Net - M

Mortgage Notes Payable, Net - Multi-Tenant Mortgage Loan V (Details) - KeyBank National Association - Multi-Tenant Mortgage Loan V - Mortgage notes payable $ in Millions	Sep. 12, 2019USD ($)sateproperty
Debt Instrument [Line Items]
Proceeds from loans borrowed	$ 204
Collateral, 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
Working capital and general corporate	$ 126.5
Interest rate	3.65%

Mortgage Notes Payable, Net - B

Mortgage Notes Payable, Net - Benelux Refinancing (Details) - Jun. 12, 2019 - Benelux Properties - Landesbank Hessen-Thuringen Girozentrale € in Millions, $ in Millions	EUR (€)property	USD ($)property
Debt Instrument [Line Items]
Collateral, number of leased offices and industrial properties	3	3
Collateral, number of leased offices and industrial properties, previously encumbered	2	2
Mortgage notes payable
Debt Instrument [Line Items]
Proceeds from loans borrowed	€ 120	$ 135.8
Interest rate	1.38%	1.38%
Repayments of debt	€ 80.3	$ 90.8

Mortgage Notes Payable, Net - G

Mortgage Notes Payable, Net - German Refinancing (Details) € in Millions, $ in Millions	Oct. 01, 2019	May 10, 2019EUR (€)property	May 10, 2019USD ($)property
Germany Properties | Landesbank Hessen-Thuringen Girozentrale
Debt Instrument [Line Items]
Collateral, number of leased offices and industrial properties		5	5
Collateral, number of leased offices and industrial properties, previously encumbered		3	3
Germany Properties | Landesbank Hessen-Thuringen Girozentrale | Mortgage notes payable
Debt Instrument [Line Items]
Percentage fixed interest rate		80.00%	80.00%
Repayments of debt		€ 35.6	$ 40
Germany Properties | Landesbank Hessen-Thuringen Girozentrale | Mortgage notes payable | Euribor
Debt Instrument [Line Items]
Proceeds from loans borrowed		€ 51.5	$ 57.9
Interest rate spread	1.55%	1.80%	1.80%
Germany | Mortgage notes payable
Debt Instrument [Line Items]
Stated interest rate		1.80%	1.80%

Mortgage Notes Payable, Net -_3

Mortgage Notes Payable, Net - Multi-Tenant Mortgage Loan IV (Details) $ in Millions	Apr. 12, 2019USD ($)sateleased_office_and_industrial_property
Multi-Tenant Mortgage Loan IV | Column Financial, Inc. and Societe Generale Financial Corporation
Debt Instrument [Line Items]
Collateral, number of leased offices and industrial properties | leased_office_and_industrial_property	16
Multi-Tenant Mortgage Loan IV | Mortgage notes payable | Column Financial, Inc. and Societe Generale Financial Corporation
Debt Instrument [Line Items]
Proceeds from loans borrowed	$ 97.5
Repayments of debt	$ 90
Interest rate	4.489%
Multi-Tenant Mortgage Loan | Mortgage notes payable
Debt Instrument [Line Items]
Number of states in which mortgaged properties are located (state) | sate	12

Mortgage Notes Payable, Net - F

Mortgage Notes Payable, Net - Finnish Refinancing (Details) - Finland Properties € in Millions, $ in Millions	Feb. 06, 2019EUR (€)property	Feb. 06, 2019USD ($)property	Mar. 31, 2020	Feb. 06, 2019USD ($)
Debt Instrument [Line Items]
Collateral, number of leased offices and industrial properties	5	5
Mortgages
Debt Instrument [Line Items]
Proceeds from refinancing	€ 74	$ 84.3
Debt bearing fixed interest rate	€ 59.2			$ 67.4
Percentage fixed interest rate	80.00%		80.00%	80.00%
Interest rate spread	1.80%	1.80%
Repayments of debt	€ 57.4	$ 65.4
Mortgages | Euribor
Debt Instrument [Line Items]
Interest rate	1.40%			1.40%

Credit Facilities - Narrative (

Credit Facilities - Narrative (Details)	Aug. 01, 2019USD ($)extension	Jul. 24, 2017	Apr. 30, 2019	Mar. 31, 2019	Mar. 31, 2020EUR (€)	Mar. 31, 2020USD ($)	Jul. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 914,400,000
Maximum distribution as percentage of FFO			95.00%	95.00%
Maximum distribution as percentage of FFO, under exception			100.00%	100.00%
Maximum distribution as percentage of AFFO			105.00%
Credit Facility
Line of Credit Facility [Line Items]
Weighted-average effective interest rate					2.70%	2.70%
Credit Facility | Federal Funds
Line of Credit Facility [Line Items]
Basis spread on base rate determination		0.50%
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on base rate determination		1.00%
Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate spread		1.60%
Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate spread		2.20%
Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate spread		0.60%
Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate spread		1.20%
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Available for future borrowings						$ 23,200,000
Credit Facility | KeyBank National Association | Unsecured debt
Line of Credit Facility [Line Items]
Increase in aggregate commitments	$ 515,000,000
Total line of credit commitment	$ 1,750,000,000						$ 950,000,000
Credit Facility | KeyBank National Association | Unsecured debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						835,000,000
Number of extensions | extension	2
Extension term	6 months
Facility fee multiplier		0.0030
Credit Facility | KeyBank National Association | Unsecured debt | Revolving Credit Facility | Above Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee		0.25%
Commitment fee percentage		50.00%
Credit Facility | KeyBank National Association | Unsecured debt | Revolving Credit Facility | Below Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee		0.15%
Commitment fee percentage		50.00%
Credit Facility | KeyBank National Association | Unsecured debt | Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					€ 359,600,000	$ 478,000,000
Credit Facility Amendment
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,235,000,000
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate spread	1.45%
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate spread	2.05%
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate spread	0.45%
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate spread	1.05%
Credit Facility Amendment | Term Loan | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate spread	1.40%
Credit Facility Amendment | Term Loan | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate spread	2.00%
Credit Facility Amendment | Term Loan | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate spread	0.40%
Credit Facility Amendment | Term Loan | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate spread	1.00%

Credit Facilities - Outstanding

Credit Facilities - Outstanding Balance Under Credit Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2020EUR (€)	Mar. 31, 2020$ / €	Mar. 31, 2020USD ($)	Mar. 31, 2020$ / £	Mar. 31, 2020GBP (£)	Mar. 31, 2020$ / $	Dec. 31, 2019EUR (€)	Dec. 31, 2019$ / €	Dec. 31, 2019USD ($)	Dec. 31, 2019$ / £	Dec. 31, 2019GBP (£)
Line of Credit Facility [Line Items]
Revolving credit facility (Note 5)			$ 399,213						$ 199,071
Term Loan, Net			390,450						397,893
Foreign currency exchange rate (gbp, eur per usd)		1.10		1.24		0.71		1.14		1.27
KeyBank National Association | Credit Facility | Unsecured debt
Line of Credit Facility [Line Items]
Total Credit Facility			789,663						596,964
KeyBank National Association | Credit Facility | Unsecured debt | USD
Line of Credit Facility [Line Items]
Total Credit Facility			267,211						62,211
KeyBank National Association | Credit Facility | Unsecured debt | GBP
Line of Credit Facility [Line Items]
Total Credit Facility | £					£ 40,000						£ 40,000
KeyBank National Association | Credit Facility | Unsecured debt | EUR
Line of Credit Facility [Line Items]
Total Credit Facility | €	€ 434,551						€ 434,551
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility (Note 5)			399,213						199,071
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility | USD
Line of Credit Facility [Line Items]
Revolving credit facility (Note 5)			267,211						62,211
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility | GBP
Line of Credit Facility [Line Items]
Revolving credit facility (Note 5) | £					40,000						40,000
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility | EUR
Line of Credit Facility [Line Items]
Revolving credit facility (Note 5) | €	75,000						75,000
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility
Line of Credit Facility [Line Items]
Term Loan			395,524						403,258
Deferred financing costs			(5,074)						(5,365)
Term Loan, Net			390,450						397,893
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility | USD
Line of Credit Facility [Line Items]
Term Loan			0						0
Deferred financing costs			0						0
Term Loan, Net			$ 0						$ 0
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility | GBP
Line of Credit Facility [Line Items]
Term Loan | £					0						0
Deferred financing costs | £					0						0
Term Loan, Net | £					£ 0						£ 0
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility | EUR
Line of Credit Facility [Line Items]
Term Loan | €	359,551						359,551
Deferred financing costs | €	0						0
Term Loan, Net | €	€ 359,551						€ 359,551

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	Mar. 31, 2020	Dec. 31, 2019
Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	$ 4,807	$ 2,726
Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	(13,469)	(6,082)
Quoted Prices in Active Markets Level 1 | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	0	0
Quoted Prices in Active Markets Level 1 | Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	0	0
Significant Other Observable Inputs Level 2 | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	4,807	2,726
Significant Other Observable Inputs Level 2 | Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	(13,469)	(6,082)
Significant Unobservable Inputs Level 3 | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	0	0
Significant Unobservable Inputs Level 3 | Interest rate swaps, net (USD,GBP & EUR)
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 - Fair Value, by Balance Sheet Grouping (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value		$ 403.4
Revolving Credit Facility | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 399.2	199.1
Mortgage notes payable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value		$ 1,300	$ 1,300

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Derivatives in Statement of Financial Position, Fair Value (Details) - Swap - Significant Other Observable Inputs Level 2 - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	$ (13,414)	$ (6,008)
Designated as Hedging Instrument | Interest rate swaps, net | USD | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(5,142)	(939)
Designated as Hedging Instrument | Interest rate swaps, net | GBP | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(7,030)	(4,524)
Designated as Hedging Instrument | Interest rate swaps, net | GBP | Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	0	366
Designated as Hedging Instrument | Interest rate swaps, net | EUR | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(1,242)	(1,139)
Designated as Hedging Instrument | Interest rate swaps, net | EUR | Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	0	228
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	4,752	2,652
Not Designated as Hedging Instrument | Interest rate swaps, net | EUR | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(55)	(74)
Not Designated as Hedging Instrument | Foreign currency forwards | GBP | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(469)	(831)
Not Designated as Hedging Instrument | Foreign currency forwards | GBP | Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	2,643	1,205
Not Designated as Hedging Instrument | Foreign currency forwards | EUR | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(97)	0
Not Designated as Hedging Instrument | Foreign currency forwards | EUR | Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	$ 2,730	$ 2,352

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) € in Millions, £ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)derivative	Sep. 30, 2018USD ($)derivative	Dec. 31, 2019USD ($)	Mar. 31, 2019EUR (€)	Sep. 30, 2018GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Loss for accelerated reclassification of amounts in other comprehensive income to earnings		$ 26,600
Loss to be reclassified from other comprehensive income	$ 400,000
Accumulated other comprehensive (loss) income	(493,000)			$ (20,195,000)
Gains (losses) on derivative instruments	3,143,000	240,000
Fair value of derivatives in net liability position	14,500,000
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivative instruments	100,000	$ 300,000
Multi-Property Loan, Finland
Derivative Instruments, Gain (Loss) [Line Items]
Number interest rates swaps terminated | derivative		5
Derivative asset, notional amount | €					€ 57.4
Payment to settle derivatives		$ 800,000
Amount of (loss) gain recognized in accumulated other comprehensive income (loss) from derivatives (effective portion)	(700,000)
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	100,000
Accumulated other comprehensive (loss) income	200,000
Multi-Property GBP Loan
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	100,000
Accumulated other comprehensive (loss) income	$ 100,000		$ 1,200,000
Multi-Property GBP Loan | Interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Number interest rates swaps terminated | derivative			15
Derivative asset, notional amount | £						£ 208.8
Multi-Property GBP Loan | Interest Rate Floor
Derivative Instruments, Gain (Loss) [Line Items]
Number interest rates swaps terminated | derivative			1
Derivative asset, notional amount | £						£ 28.1

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Swap $ in Thousands	Mar. 31, 2020USD ($)derivative	Dec. 31, 2019USD ($)derivative
Derivative [Line Items]
Number of Instruments (derivative) | derivative	68	68
Notional Amount | $	$ 934,536	$ 962,436
GBP
Derivative [Line Items]
Number of Instruments (derivative) | derivative	49	49
Notional Amount | $	$ 273,066	$ 290,965
EUR
Derivative [Line Items]
Number of Instruments (derivative) | derivative	16	16
Notional Amount | $	$ 511,470	$ 521,471
USD
Derivative [Line Items]
Number of Instruments (derivative) | derivative	3	3
Notional Amount | $	$ 150,000	$ 150,000

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in the consolidated statements of operations	$ 16,440	$ 15,162
Interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in AOCI from derivatives	(8,391)	2,018
Interest rate swaps, net | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from AOCI into income as interest expense	$ (824)	$ (755)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Foreign Cross Currency Derivatives (Details) - Not Designated as Hedging Instrument - Swap $ in Thousands	Mar. 31, 2020USD ($)derivative	Dec. 31, 2019USD ($)derivative
Derivative [Line Items]
Number of Instruments (derivative) | derivative	98	71
Notional Amount | $	$ 82,363	$ 77,031
Forward Contracts | GBP
Derivative [Line Items]
Number of Instruments (derivative) | derivative	54	38
Notional Amount | $	$ 43,311	$ 38,898
Forward Contracts | EUR
Derivative [Line Items]
Number of Instruments (derivative) | derivative	43	32
Notional Amount | $	$ 28,601	$ 27,478
Interest rate swaps, net | EUR
Derivative [Line Items]
Number of Instruments (derivative) | derivative	1	1
Notional Amount | $	$ 10,451	$ 10,655

Derivatives and Hedging Activ_8

Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 5,373	$ 4,151
Gross Amounts of Recognized (Liabilities)	(14,035)	(7,507)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of (Liabilities) Assets presented on the Balance Sheet	(8,662)	(3,356)
Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0
Gross Amounts Not Offset on the Balance Sheet, Financial Instruments		0
Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Received (Posted)	0	0
Net Amount	$ (8,662)	$ (3,356)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 31, 2018
Conversion of Stock [Line Items]
Common stock, outstanding (in shares)	89,458,752	89,458,752		89,458,752
Payments of stock offering costs		$ 106,000
Preferred stock, authorized (in shares)	30,000,000	30,000,000
Common stock dividend rate (in dollars per share)	$ 1.60		$ 2.13
Common stock, monthly dividend rate (in dollars per share)	$ 0.40		$ 0.5325
Agent | At-the-Market Program
Conversion of Stock [Line Items]
Number of shares issued (in shares)			7,759,322
Gross proceeds from sale of stock			$ 152,800,000
Commissions paid			1,500,000
Payments of stock offering costs			800,000
Aggregate common stock offering price			$ 175,000,000
Series A Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)	9,959,650	9,959,650		9,959,650
Preferred stock, dividend rate		7.25%		7.25%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Preferred stock, issued (in shares)	6,799,467	6,799,467		6,799,467
Dividend payout (in dollars per share)		$ 0.453125
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
Series A Preferred Stock | Maximum
Conversion of Stock [Line Items]
Periods for dividend payment		30 days
Series A Preferred Stock | Minimum
Conversion of Stock [Line Items]
Periods for dividend payment		10 days
Series A Preferred Stock | Agent | At-the-Market Program
Conversion of Stock [Line Items]
Number of shares issued (in shares)		68,104
Gross proceeds from sale of stock		$ 1,700,000
Commissions paid		25,000
Payments of stock offering costs		$ 59,000
Aggregate preferred stock offering price					$ 200,000,000
Series B Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)	11,450,000	11,450,000		11,450,000
Preferred stock, dividend rate		6.875%		6.875%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Preferred stock, issued (in shares)	3,450,000	3,450,000		3,450,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
Preferred stock, quarterly dividend (in dollars per share)		0.429688
Series B Preferred Stock | Public Offering
Conversion of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Series B Preferred Stock | Agent | At-the-Market Program
Conversion of Stock [Line Items]
Aggregate preferred stock offering price				$ 200,000,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Number of properties subject to ground leases | property	8
Operating lease right-of-use asset (Note 9)	$ 48,868		$ 50,211
Operating lease liability (Note 9)	$ 23,363		$ 23,985
Weighted average remaining lease term	33 years 3 months 18 days
Weighted average discount rate	4.33%
Payments	$ 300
Expense	$ 300
Rent expense		$ 300
Legal settlement reserve				$ 7,400
Asset management fees | Service Provider | Defendants vs. Service Providers
Loss Contingencies [Line Items]
Legal expenses		$ 300
Minimum
Loss Contingencies [Line Items]
Term of contract	16 years
Maximum
Loss Contingencies [Line Items]
Term of contract	85 years

Commitments and Contingencies_2

Commitments and Contingencies - Operating Leases Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2020$ / €	Mar. 31, 2020USD ($)	Mar. 31, 2020$ / £	Mar. 31, 2020$ / $	Dec. 31, 2019$ / €	Dec. 31, 2019USD ($)	Dec. 31, 2019$ / £
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 (remainder)		$ 1,359
2021		1,359
2022		1,359
2023		1,359
2024		1,364
Thereafter		39,451
Total minimum lease payments		46,251
Less: Effects of discounting		(22,888)
Total present value of lease payments		$ 23,363				$ 23,985
Foreign currency exchange rate (gbp, eur per usd)	1.10		1.24	0.71	1.14		1.27

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	May 06, 2020$ / shares	Aug. 14, 2018USD ($)$ / shares	Jun. 02, 2015USD ($)	Feb. 28, 2019	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2017property
Related Party Transaction [Line Items]
Due from related parties | $					$ 345,000		$ 351,000
Due to related parties | $					$ 196,000		342,000
Number of real estate properties, no longer subject to oversight fee (property) | property								39
PMLA term				1 year
PMLA renewal term				1 year
Period to reinvest proceeds to not be included in the Sale					180 years
Advisor
Related Party Transaction [Line Items]
Cap on annum aggregate amount, range two | $		$ 14,600,000,000
Maximum percent of assets under management, range three		0.40%
Maximum amount under management, range three | $		$ 14,700,000,000
LTIP Units
Related Party Transaction [Line Items]
Distributions paid to partners | $					$ (200,000)	$ (100,000)
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 | $					$ 200,000		300,000
AR Global, LLC | Global Net Lease Advisors, LLC
Related Party Transaction [Line Items]
Indirect membership interest					95.00%
Special Limited Partner
Related Party Transaction [Line Items]
Operating partnership units (in shares) | shares					35,900
Advisor
Related Party Transaction [Line Items]
Maximum percent of assets under management, range one		0.75%
Maximum amount under management, range one | $		$ 3,000,000,000
Cap on annum aggregate amount, range two denominator | $		$ 11,700,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two		0.35%
Advisor | Properties Sold
Related Party Transaction [Line Items]
Gain (loss) on sale of property | $					$ 0	0
Advisor | Amended Advisory Agreement
Related Party Transaction [Line Items]
Minimum monthly base management fee | $			$ 18,000,000
Amended Advisory Agreement, variable fee payable			1.25%
Amended Advisory Agreement, incentive compensation payable in cash			50.00%
Amended Advisory Agreement, incentive compensation payable in shares			50.00%
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period one (in dollars per share)		$ 2.15
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period two (in dollars per share)		2.25
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period one (in dollars per share)		2.79
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period two (in dollars per share)		$ 2.92
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two			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 calculation denominator | $			$ 10,000,000,000
Amended Advisory Agreement, variable fee payable, maximum sale of investments to trigger possible reduction | $			200,000,000
Advisor | Amended Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle possible annual increase		0.00%
Advisor | Amended Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle possible annual increase		3.00%
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 | $					$ 345,000		$ 400,000
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%
Incurred
Related Party Transaction [Line Items]
Related party expenses | $					$ 8,794,000	8,043,000
Incurred | Recurring Fees | Incentive compensation
Related Party Transaction [Line Items]
Related party expenses | $					$ 0	$ 0
Subsequent Event | Advisor | Amended Advisory Agreement
Related Party Transaction [Line Items]
Incentive fee lower hurdle, aggregate, period one (in dollars per share)	$ 1.6875
Incentive fee lower hurdle, quarterly, period one (in dollars per share)	0.5625
Incentive fee lower hurdle, aggregate, period two (in dollars per share)	1.35
Incentive fee lower hurdle, quarterly, period two (in dollars per share)	0.45
Incentive fee lower hurdle, aggregate, period three (in dollars per share)	1.125
Incentive fee lower hurdle, quarterly, period three (in dollars per share)	0.5625
Incentive fee lower hurdle, aggregate, period four (in dollars per share)	2.25
Incentive fee lower hurdle, quarterly, period four (in dollars per share)	0.5625
Incentive fee upper hurdle, aggregate, period one (in dollars per share)	2.19
Incentive fee upper hurdle, quarterly, period one (in dollars per share)	0.73
Incentive fee upper hurdle, aggregate, period two (in dollars per share)	1.75
Incentive fee upper hurdle, quarterly, period two (in dollars per share)	0.583
Incentive fee upper hurdle, aggregate, period three (in dollars per share)	1.46
Incentive fee upper hurdle, quarterly, period three (in dollars per share)	0.73
Incentive fee upper hurdle, aggregate, period four (in dollars per share)	2.92
Incentive fee upper hurdle, quarterly, period four (in dollars per share)	$ 0.73

Related Party Transactions - Sc

Related Party Transactions - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($)	Jun. 02, 2015	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Advisor | Amended Advisory Agreement
Related Party Transaction [Line Items]
Minimum monthly base management fee	$ 18,000,000
Advisor | Variable Base Management Fee
Related Party Transaction [Line Items]
Related party expenses		$ 2,900,000	$ 2,200,000
Incurred
Related Party Transaction [Line Items]
Related party expenses		8,794,000	8,043,000
Forgiven
Related Party Transaction [Line Items]
Related party expenses		0	0
Payable
Related Party Transaction [Line Items]
Related party payable		0		$ 0
Nonrecurring Fees | Fees on gain from sale of investments | Incurred
Related Party Transaction [Line Items]
Related party expenses		0	0
Nonrecurring Fees | Fees on gain from sale of investments | Forgiven
Related Party Transaction [Line Items]
Related party expenses		0	0
Nonrecurring Fees | Fees on gain from sale of investments | Payable
Related Party Transaction [Line Items]
Related party payable		0		0
Recurring Fees | Asset management fees | Incurred
Related Party Transaction [Line Items]
Related party expenses		7,376,000	6,671,000
Recurring Fees | Asset management fees | Forgiven
Related Party Transaction [Line Items]
Related party expenses		0	0
Recurring Fees | Asset management fees | Payable
Related Party Transaction [Line Items]
Related party payable		0		0
Recurring Fees | Property management fees | Incurred
Related Party Transaction [Line Items]
Related party expenses		1,418,000	1,372,000
Recurring Fees | Property management fees | Forgiven
Related Party Transaction [Line Items]
Related party expenses		0	0
Recurring Fees | Property management fees | Payable
Related Party Transaction [Line Items]
Related party payable		0		0
Recurring Fees | Incentive compensation | Incurred
Related Party Transaction [Line Items]
Related party expenses		0	0
Recurring Fees | Incentive compensation | Forgiven
Related Party Transaction [Line Items]
Related party expenses		0	0
Recurring Fees | Incentive compensation | Payable
Related Party Transaction [Line Items]
Related party payable		0		$ 0
General and Administrative Expense | Incurred
Related Party Transaction [Line Items]
Related party expenses		$ 300,000	$ 300,000

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details)	Jul. 19, 2018USD ($)$ / sharesshares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)shares	Dec. 31, 2019shares	Feb. 28, 2019USD ($)	Jan. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 2,488,000	$ 2,109,000
Distributions paid		$ (135,000)	$ (134,000)
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in lieu of cash (in shares) | shares		0	0
Incentive Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable, cash		50.00%
Annual retainer payable, restricted stock units		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, Servicing on Committees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable		$ 30,000
2015 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution percent entitled to by LTIP holders		10.00%
2018 Multi Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period		2 years 9 months 18 days
Maximum award value	$ 50,000,000
Share price (in dollars per share) | $ / shares	$ 19.57
2018 Multi Year Outperformance Plan | Minimum | Tier One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	24.00%
Relative TSR excess	(0.06)
2018 Multi Year Outperformance Plan | Minimum | Tier Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	36.00%
Relative TSR excess	0
2018 Multi Year Outperformance Plan | Maximum | Tier One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	30.00%
Relative TSR excess	0
2018 Multi Year Outperformance Plan | Maximum | Tier Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	30.00%
Relative TSR excess	0.06
Stock Options | Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares		500,000
Shares issued during the period (in shares) | shares		0		0
Restricted Stock Units (RSUs) | Incentive Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of maximum common stock available for issuance		10.00%
Restricted Stock Units (RSUs) | Incentive Restricted Share Plan | Directors, Servicing on Committees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs award vesting period		3 years
Restricted Stock Units (RSUs) | Incentive Restricted Share Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs award vesting period		3 years
Restricted Stock | Incentive Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 100,000	$ 100,000
Restricted Stock | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 400,000
Weighted average period of recognition		1 year 3 months 18 days
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions paid		$ (200,000)	(100,000)
LTIP Units | 2018 Multi Year Outperformance Plan | Advisor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during the period (in shares) | shares	2,554,930
Share-Based Payment Arrangement, Nonemployee | 2015 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period		2 years 9 months 18 days
Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2015 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity fair value							$ 18,800,000
Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2018 Multi Year Outperformance Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			2,000,000
Equity fair value					$ 29,900,000	$ 23,300,000
Fair value in excess		$ 6,600,000
Non-controlling interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		2,359,000	$ 1,993,000
Non-controlling interest | Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation		$ 2,400,000

Equity-Based Compensation - Sc

Equity-Based Compensation - Schedule of Restricted Share Award Activity (Details) - Restricted Share Plan - Restricted Stock	Mar. 31, 2020$ / sharesshares
Number of RSUs
Unvested (in shares) | shares	40,541
Weighted-Average Issue Price
Unvested (in dollars per share) | $ / shares	$ 20.47

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Target and Maximum Performance Goals (Details) - 2018 Multi Year Outperformance Plan	Jul. 19, 2018shares
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of Absolute TSR LTIP 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	(0.06)
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 LTIP 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	(0.06)
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 LTIP 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 LTIP 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	0.06
Number of Absolute TSR LTIP Units Earned (in shares)	1,277,465

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 5,038	$ 5,791
Adjustments to net income attributable to common stockholders for common share equivalents	(135)	(160)
Adjusted net income attributable to common stockholders	$ 4,903	$ 5,631
Basic and diluted net income per share attributable to common stockholders (in dollars per share)	$ 0.05	$ 0.07
Weighted average shares outstanding:
Basic (in shares)	89,458,753	81,474,615
Diluted (in shares)	89,499,294	82,798,432

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	2,554,930	1,277,465
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	2,554,930	1,277,465
LTIP Units | 2018 Multi Year Outperformance Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued during the period (in shares)	2,554,930	2,554,930

Subsequent Events - (Details)

Subsequent Events - (Details)	Apr. 01, 2020$ / shares	Apr. 30, 2020	Mar. 31, 2020$ / shares	Mar. 31, 2020$ / shares	Mar. 31, 2019$ / shares	Apr. 20, 2020$ / shares
Subsequent Event [Line Items]
Common stock dividend rate (in dollars per share)			$ 1.60		$ 2.13
Common stock, monthly dividend rate (in dollars per share)			$ 0.40		0.5325
Common stock, dividends (in dollars per share)				$ 0.53	$ 0.53
Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends (in dollars per share)	$ 0.40
Series C Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Percent of outstanding shares acquired		4.90%
Conversion basis per share (in shares)						0.001
Preferred stock, par value (in dollars per share)						$ 0.01
Exercise price (in dollars per share)						$ 50

Uncategorized Items - gnl331202

Label	Element	Value
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)
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 2016-02 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,200,000)
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,200,000)