Global Net Lease (GNL) 10-K 26 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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.
Entity Address, Address Line Two	30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,497,043,496
Entity Shares, Shares Outstanding		90,574,467
Documents Incorporated by Reference	Portions of the registrant’s proxy statement to be delivered to stockholders in connection with the registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end.
Entity Central Index Key	0001526113
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
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 per share
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 per share
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	Dec. 31, 2020	Dec. 31, 2019
Real estate investments, at cost (Note 3):
Land	$ 476,599	$ 414,446
Buildings, fixtures and improvements	3,124,884	2,685,325
Construction in progress	5,486	11,725
Acquired intangible lease assets	711,985	651,768
Total real estate investments, at cost	4,318,954	3,763,264
Less accumulated depreciation and amortization	(675,200)	(517,123)
Total real estate investments, net	3,643,754	3,246,141
Cash and cash equivalents	124,245	270,302
Restricted cash	1,448	3,985
Derivative assets, at fair value (Note 8)	525	4,151
Unbilled straight-line rent	61,007	51,795
Operating lease right-of-use asset (Note 10)	58,395	50,211
Prepaid expenses and other assets	43,929	37,370
Due from related parties	377	351
Deferred tax assets	2,367	4,441
Goodwill and other intangible assets, net	23,089	21,920
Deferred financing costs, net	7,878	10,938
Total Assets	3,967,014	3,701,605
LIABILITIES AND EQUITY
Mortgage notes payable, net (Note 4)	1,363,698	1,272,154
Revolving credit facility (Note 5)	111,132	199,071
Term loan, net (Note 5)	300,154	397,893
Senior notes, net (Note 6)	490,345	0
Acquired intangible lease liabilities, net	32,970	30,529
Derivative liabilities, at fair value (Note 8)	19,984	7,507
Due to related parties	2,002	342
Accounts payable and accrued expenses	28,310	22,903
Operating lease liability (Note 10)	25,350	23,985
Prepaid rent	21,481	17,236
Deferred tax liability	12,157	14,975
Taxes payable	0	1,046
Dividends payable	5,152	4,006
Total Liabilities	2,412,735	1,991,647
Commitments and contingencies (Note 10)	0	0
Stockholders’ Equity (Note 9):
Common stock, $0.01 par value, 250,000,000 shares authorized, 89,614,601 and 89,458,752 shares issued and outstanding as of December 31, 2020 and 2019, respectively	2,227	2,225
Additional paid-in capital	2,418,659	2,408,353
Accumulated other comprehensive income	8,073	20,195
Accumulated deficit	(896,547)	(733,245)
Total Stockholders’ Equity	1,532,519	1,697,631
Non-controlling interest	21,760	12,327
Total Equity	1,554,279	1,709,958
Total Liabilities and Equity	3,967,014	3,701,605
Series A Preferred Stock
Stockholders’ Equity (Note 9):
Cumulative redeemable preferred stock	68	68
Series B Preferred Stock
Stockholders’ Equity (Note 9):
Cumulative redeemable preferred stock	$ 39	$ 35

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 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)	89,614,601	89,458,752
Common stock, outstanding (in shares)	89,614,601	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)	3,861,953	3,450,000
Preferred stock, outstanding (in shares)	3,861,953	3,450,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue from tenants	$ 330,104,000	$ 306,214,000	$ 282,207,000
Expenses (income):
Property operating	32,372,000	28,314,000	28,732,000
Fire (recovery) loss	0	0	(50,000)
Operating fees to related parties	35,801,000	33,292,000	28,234,000
Impairment charges and related lease intangible write-offs	0	6,375,000	5,000,000
Acquisition, transaction and other costs (Note 10)	663,000	1,320,000	13,850,000
General and administrative	13,264,000	10,108,000	10,439,000
Equity-based compensation	10,065,000	9,530,000	2,649,000
Depreciation and amortization	138,543,000	125,996,000	119,582,000
Total expenses	230,708,000	214,935,000	208,436,000
Operating income before (loss) gain on dispositions of real estate investments	99,396,000	91,279,000	73,771,000
(Loss) gain on dispositions of real estate investments	(153,000)	23,616,000	(5,751,000)
Operating income	99,243,000	114,895,000	68,020,000
Other income (expense):
Interest expense	(71,804,000)	(64,199,000)	(57,973,000)
Loss on extinguishment of debt	(3,601,000)	(949,000)	(3,897,000)
(Loss) gain on derivative instruments	(2,341,000)	769,000	7,638,000
Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness	(6,039,000)	76,000
Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness			(434,000)
Other income (loss)	289,000	216,000	(23,000)
Total other expense, net	(83,496,000)	(64,087,000)	(54,689,000)
Net income before income tax	15,747,000	50,808,000	13,331,000
Income tax expense	(4,969,000)	(4,332,000)	(2,434,000)
Net income	10,778,000	46,476,000	10,897,000
Preferred stock dividends	(18,553,000)	(11,941,000)	(9,815,000)
Net (loss) income attributable to common stockholders	$ (7,775,000)	$ 34,535,000	$ 1,082,000
Basic and Diluted (Loss) Earnings Per Common Share:
Net (loss) income per share attributable to common stockholders — Basic (in dollars per share)	$ (0.09)	$ 0.40	$ 0.01
Net (loss) income per share attributable to common stockholders — Diluted (in dollars per share)	$ (0.09)	$ 0.39	$ 0.01
Weighted average common shares outstanding:
Basic (in shares)	89,473,554	85,031,236	69,411,061
Diluted (in shares)	89,473,554	86,349,645	69,663,208

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 10,778	$ 46,476	$ 10,897
Other comprehensive income (loss)
Cumulative translation adjustment	(3,266)	21,147	(17,555)
Designated derivatives, fair value adjustments	(8,856)	(7,430)	4,918
Other comprehensive income (loss)	(12,122)	13,717	(12,637)
Comprehensive income (loss)	(1,344)	60,193	(1,740)
Preferred stock dividends	(18,553)	(11,941)	(9,815)
Comprehensive income (loss) attributable to common stockholders	$ (19,897)	$ 48,252	$ (11,555)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Series A Preferred Stock	Series B Preferred Stock	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Common StockCommon Stock	Additional Paid-in Capital	Additional Paid-in CapitalCommon Stock	Additional Paid-in CapitalSeries A Preferred Stock	Additional Paid-in CapitalSeries B Preferred Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) IncomeCumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated DeficitSeries A Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Total Stockholders’ Equity	Total Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment	Total Stockholders’ EquityCommon Stock	Total Stockholders’ EquitySeries A Preferred Stock	Total Stockholders’ EquitySeries B Preferred Stock	Non-controlling interest
Beginning balance (in shares) at Dec. 31, 2017						5,409,650	0	67,287,231
Beginning balance at Dec. 31, 2017	$ 1,414,243					$ 54	$ 0	$ 2,003		$ 1,860,058				$ 19,447		$ (468,396)				$ 1,413,166					$ 1,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)						7,240		8,793,394
Issuance of stock, net			$ 171,770	$ (227)				$ 88			$ 171,682	$ (227)										$ 171,770	$ (227)
Dividends declared, Common stock	(147,549)															(147,549)				(147,549)
Dividends declared, Preferred stock				(9,815)														$ (9,815)					(9,815)
Equity-based compensation	2,649									468										468					2,181
Distributions to non-controlling interest holders	(585)															(585)				(585)
Net income	10,897															10,897				10,897
Cumulative translation adjustment	(17,555)													(17,555)						(17,555)
Designated derivatives, fair value adjustments	4,918													4,918						4,918
Ending balance (in shares) at Dec. 31, 2018						5,416,890	0	76,080,625
Ending balance at Dec. 31, 2018	1,428,746					$ 54	$ 0	$ 2,091		2,031,981				6,810		(615,448)				1,425,488					3,258
Ending balance (ASU 2017-12) at Dec. 31, 2018															$ (332)		$ 332
Ending balance (ASU 2016-02) at Dec. 31, 2018		$ (1,200)															$ (1,200)				$ (1,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)						1,382,577	3,450,000	13,355,773
Issuance of stock, net			258,422	34,604	$ 83,068	$ 14	$ 35	$ 134			258,288	34,590	$ 83,033									258,422	34,604	$ 83,068
Dividends declared, Common stock	(150,922)															(150,922)				(150,922)
Dividends declared, Preferred stock				(11,353)	(588)													(11,353)	$ (588)				(11,353)	(588)
Equity based compensation (in shares)								22,354
Equity-based compensation	9,530									461										461					9,069
Distributions to non-controlling interest holders	(542)															(542)				(542)
Net income	46,476															46,476				46,476
Cumulative translation adjustment	21,147													21,147						21,147
Designated derivatives, fair value adjustments	(7,430)													(7,430)						(7,430)
Ending balance (in shares) at Dec. 31, 2019						6,799,467	3,450,000	89,458,752
Ending balance at Dec. 31, 2019	1,709,958					$ 68	$ 35	$ 2,225		2,408,353				20,195		(733,245)				1,697,631					12,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)							411,953
Issuance of stock, net				(125)	10,150		$ 4					$ (125)	$ 10,146										(125)	10,150
Common Stock issuance costs			$ (345)								$ (345)											$ (345)
Dividends declared, Common stock	(155,086)															(155,086)				(155,086)
Dividends declared, Preferred stock				$ (12,325)	$ (6,228)													$ (12,325)	$ (6,228)				$ (12,325)	$ (6,228)
Equity based compensation (in shares)								155,849
Equity-based compensation	10,065								$ 2	630										632					9,433
Distributions to non-controlling interest holders	(441)															(441)				(441)
Net income	10,778															10,778				10,778
Cumulative translation adjustment	(3,266)													(3,266)						(3,266)
Designated derivatives, fair value adjustments	(8,856)													(8,856)						(8,856)
Ending balance (in shares) at Dec. 31, 2020						6,799,467	3,861,953	89,614,601
Ending balance at Dec. 31, 2020	$ 1,554,279					$ 68	$ 39	$ 2,227		$ 2,418,659				$ 8,073		$ (896,547)				$ 1,532,519					$ 21,760

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends declared, Common Stock (in dollars per share)	$ 1.73	$ 2.13	$ 2.13
Series A Preferred Stock
Dividends declared, Preferred stock (in dollars per share)	1.81	1,810	$ 1.81
Series B Preferred Stock
Dividends declared, Preferred stock (in dollars per share)	$ 1.72	$ 0.17

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 10,778,000	$ 46,476,000	$ 10,897,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	80,466,000	69,257,000	64,849,000
Amortization of intangibles	58,077,000	56,739,000	54,733,000
Amortization of deferred financing costs	7,809,000	6,614,000	5,193,000
Amortization of below-market lease liabilities	(3,444,000)	(3,518,000)	(3,463,000)
Amortization of above-market lease assets	3,372,000	4,328,000	4,614,000
Amortization related to right-of-use assets	863,000	845,000	979,000
Amortization of lease incentive	341,000	0	0
Bad debt expense	0	0	835,000
Unbilled straight-line rent	(7,937,000)	(6,758,000)	(6,310,000)
Equity-based compensation	10,065,000	9,530,000	2,649,000
Unrealized losses (gains) on foreign currency transactions, derivatives, and other	6,752,000	2,919,000	(7,127,000)
Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness	6,039,000	76,000	434,000
Payments for settlement of derivatives	0	(1,879,000)	(1,926,000)
Loss on extinguishment of debt	3,601,000	949,000	3,897,000
Loss (gain) on dispositions of real estate investments	153,000	(23,616,000)	5,751,000
Lease incentive payment	(4,676,000)	0	0
Impairment charges and related lease intangible write-offs	0	6,375,000	5,000,000
Changes in operating assets and liabilities, net:
Prepaid expenses and other assets	(6,275,000)	(11,299,000)	(463,000)
Deferred tax assets	2,074,000	(1,148,000)	(2,264,000)
Accounts payable and accrued expenses	8,399,000	(9,730,000)	8,263,000
Prepaid rent	4,245,000	1,013,000	(2,312,000)
Deferred tax liability	(2,818,000)	(252,000)	(634,000)
Taxes payable	(1,046,000)	(1,182,000)	(247,000)
Net cash, cash equivalents and restricted cash provided by operating activities	176,851,000	145,999,000	144,597,000
Cash flows from investing activities:
Investment in real estate and real estate related assets	(464,144,000)	(562,733,000)	(479,648,000)
Deposits for real estate investments	0	(2,795,000)	0
Capital expenditures	(6,383,000)	(17,346,000)	(1,454,000)
Proceeds from dispositions of real estate investments	0	288,398,000	23,717,000
(Payments for) proceeds from settlement of net investment hedges	0	0	(561,000)
Net cash, cash equivalents and restricted cash used in investing activities	(470,527,000)	(294,476,000)	(457,946,000)
Cash flows from financing activities:
Borrowings under revolving credit facilities	338,112,000	209,995,000	247,000,000
Repayments on revolving credit facilities	(428,715,000)	(375,585,000)	(177,375,000)
Proceeds from mortgage notes payable	163,607,000	579,285,000	494,689,000
Payments on mortgage notes payable	(117,586,000)	(433,555,000)	(313,225,000)
Proceeds from term loan	0	125,019,000	60,400,000
Payments on term loan	(136,702,000)	0	0
Proceeds from issuance of Senior Notes	500,000,000	0	0
Payments on early extinguishment of debt charges	(548,000)	(137,000)	(2,398,000)
Common Stock issuance (costs) proceeds, net	(345,000)
Common Stock issuance (costs) proceeds, net		258,422,000	171,770,000
Payments of financing costs	(14,238,000)	(19,065,000)	(10,601,000)
Dividends paid on Common Stock	(155,059,000)	(150,779,000)	(147,444,000)
Distributions to non-controlling interest holders	(441,000)	(542,000)	(585,000)
Net cash, cash equivalents and restricted cash provided by financing activities	140,680,000	300,003,000	312,192,000
Net change in cash, cash equivalents and restricted cash	(152,996,000)	151,526,000	(1,157,000)
Effect of exchange rate changes on cash	4,402,000	19,068,000	(2,877,000)
Cash, cash equivalents and restricted cash at beginning of period	274,287,000	103,693,000	107,727,000
Cash, cash equivalents and restricted cash at end of period	125,693,000	274,287,000	103,693,000
Cash, cash equivalents and restricted cash, end of period	125,693,000	274,287,000	107,727,000
Supplemental Disclosures:
Cash paid for interest	66,861,000	58,323,000	49,113,000
Cash paid for income taxes	5,460,000	5,043,000	4,350,000
Non-Cash Investing and Financing Activities:
Loss on extinguishment of debt	3,053,000	812,000	1,499,000
Series A Preferred Stock
Cash flows from financing activities:
Series A Preferred Stock issuance (costs) proceeds, net	(125,000)	34,604,000	(227,000)
Dividends paid on Preferred Stock	(12,325,000)	(10,727,000)	(9,812,000)
Series B Preferred Stock
Cash flows from financing activities:
Series A Preferred Stock issuance (costs) proceeds, net	10,150,000	83,068,000	0
Dividends paid on Preferred Stock	(5,105,000)	0	0
Mortgage Notes Payable
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of mortgage discounts and premiums, net	$ 13,000	$ 260,000	$ 1,249,000

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Global Net Lease, Inc. (the “Company”) is an externally managed real estate investment trust for U.S. federal income tax purposes (“REIT”) that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, which are crucial to the success of the Company’s roster of primarily “Investment Grade” (defined herein) tenants. The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical, single tenant net-lease assets. As of December 31, 2020, the Company owned 306 properties (all references to number of properties, square footage and industry types are unaudited) consisting of 37.2 million rentable square feet, which were 99.7% leased, with a weighted-average remaining lease term of 8.5 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2020, approximately 64% of the Company’s properties were located in the U.S. and Canada and approximately 36% were located in Europe. In addition, the Company’s portfolio was comprised of 49% industrial/distribution properties, 46% office properties and 5% retail properties. These percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of December 31, 2020. The straight-line rent includes amounts for tenant concessions. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to multi-year outperformance agreements entered into with the Advisor in 2015 (the “2015 OPP”) and 2018 (the “2018 OPP”) and fair value measurements, as applicable. Out-of-Period Adjustments During the fourth quarter of 2020, the Company identified certain historical errors in its accumulated other comprehensive income (“AOCI”) as well as its consolidated statements operations, statements of comprehensive (loss) income and consolidated statements of changes in equity since the second quarter of 2020. These errors impacted the previously issued financial statements for the second and third quarters of 2020. Specifically, the impact of foreign currency changes on the Company’s over-hedged portion of its net investment hedges, which is the portion the Company considered to be ineffective, was incorrectly recorded as a currency translation adjustment in AOCI in the second and third quarters of 2020. The foreign currency impacts on the ineffective portion of its net investment hedges should have been recorded in unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness in the consolidated statement of operations. For additional information on the Company’s derivatives and hedging activities, see the “ Derivative Instruments” section in this Note below and see No t e 8 — Derivatives and Hedging Activities. The impact of the errors are as follows: • AOCI was understated by $1.3 million as of June 30, 2020 and net (loss) income attributable to common stockholders was overstated by $1.3 million for the three and six months ended June 30, 2020. • AOCI was understated by $3.9 million as of September 30, 2020 and net (loss) income attributable to common stockholders was overstated by $2.6 million and $3.9 million for the three and nine months ended September 30, 2020, respectively. The Company concluded that the errors noted above were not material for any prior quarterly periods presented and has adjusted the amounts on a cumulative basis in the fourth quarter of 2020. 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 pay their monthly rent. The Company executed rent deferral agreements on leases with several tenants. 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 allows 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 qualify for the relief, the modifications must be COVID-19 related and cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, which include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2020, these leases had a weighted-average remaining lease term of 8.5 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2020 and 2019, the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $61.0 million and $51.8 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s revenue from tenants included impacts of unbilled rental revenue of $7.9 million, $6.8 million and $6.3 million, respectively, to adjust contractual rent to straight-line rent. For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. 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 for all leases in place at the time of acquisition. 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 table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2020. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on increases in annual rent based on exceeding certain economic indexes among other items: (In thousands) Future Minimum Base Rent Payments (1) 2021 $ 334,858 2022 324,706 2023 303,737 2024 267,943 2025 226,047 Thereafter 1,083,950 Total $ 2,541,241 (1) Assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.23 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.78 as of December 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 credit worthiness and 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 the straight-line rent receivable would be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. Under ASC 842, uncollectible amounts are reflected as reductions in revenue from tenants. Under ASC 840, the Company recorded such amounts as bad debt expense as part of property operating expenses. During the year ended December 31, 2018, such amount was $0.8 million. The Company did not record any uncollectible amounts as reductions of revenue during the years ended December 31, 2020 or 2019. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2020 and 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 December 31, 2020 and 2019, the Company did not have any properties classified as held for sale (see Note 3 — Real Estate Investments, Net for additional information). As more fully discussed in this Note under “ Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases” , all of the Company’s leases as lessor, prior to adoption of the new leasing standard on January 1, 2019, were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. During the three-year period ended December 31, 2020, the Company had 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 as right of use assets and operating lease liabilities 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 non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2020, 2019 and 2018 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 preacquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. 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 acquired leases for above- and below-market lease rates, and the value of in-place leases, as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease, and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term of the lease and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Above market intangibles and below market intangibles will also be treated in the same way as in-place intangibles upon a lease termination. If a tenant modifies its lease, the unamortized portion of the in-place lease value, customer relationship intangibles, above-market leases and below market leases are assessed to determine whether their useful lives need to be amended (generally accelerated). Generally the Company would not extend the useful lives of their intangible values upon a modification that is an extension. The amortization associated with the Company’s operating lease right-of-use asset (“ROU”) is recorded in property operating expenses on a straight-line basis over the terms of the leases. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the operating lease ROU presented on the Company’s consolidated balance sheet with no change to placement of the amortization expense of such balances. Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the U.S. and other countries where we have deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) in the U.S., Financial Services Compensation Scheme (“FSCS”) in the United Kingdom, Duchy Deposit Guarantee Scheme (“DDGS”) in Luxembourg and by similar agencies in the other countries, up to insurance limits. The Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland, France and The Netherlands totaling $124.2 million at December 31, 2020, of which $41.7 million, $35.8 million and $35.4 million are currently in excess of amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. At December 31, 2019, the Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland and The Netherlands totaling $270.3 million, of which $213.7 million, $25.3 million and $18.0 million were in excess of the amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. Although the Company bears risk to amounts in excess of those insured, losses are not anticipated. Restricted Cash Restricted cash primarily consists of debt service and real estate tax reserves. The Company had restricted cash of $1.4 million and $4.0 million as of December 31, 2020 and 2019, respectively. Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed our annual goodwill impairment evaluation in the fourth quarter of 2020 and determined that goodwill was not impaired as of December 31, 2020. There were no material changes to this assessment as of December 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. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 - Revolving Credit Facility and Term Loan, Net ) are designated as net investment hedges. 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 in an effort 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. Deferred Financing Costs, Net Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Equity-Based Compensation The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder 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 in the 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 13 — Equity-Based Compensation for additional information). Multi-Year Outperformance Agreements Concurrent with the listing of the Company’s common stock, $0.01 par value per share (“Common Stock”), on the New York Stock Exchange (“NYSE”) on June 2, 2015 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 13 — 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 is 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

Real Estate Investments, Net

Real Estate Investments, Net	12 Months Ended
	Dec. 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 years ended December 31, 2020, 2019 and 2018, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions in these periods were considered asset acquisitions for accounting purposes. Year Ended December 31, (Dollar amounts in thousands) 2020 2019 2018 Real estate investments, at cost: Land $ 53,701 $ 43,259 $ 34,291 Buildings, fixtures and improvements 364,511 449,745 384,603 Total tangible assets 418,212 493,004 418,894 Acquired intangible lease assets: In-place leases 45,723 70,628 70,414 Above-market lease assets 156 1,051 48 Below-market lease liabilities (4,969) (1,950) (9,708) Total intangible assets 40,910 69,729 60,754 ROU asset 5,022 — — Cash paid for acquired real estate investments $ 464,144 $ 562,733 $ 479,648 Number of properties purchased 28 39 23 The following table summarizes the acquisition by property type during the years ended December 31, 2020, 2019 and 2018: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2020: Office 11 390 Industrial 13 3,569 Distribution 4 1,599 Retail — — 28 5,558 Properties Acquired in 2019: Office 12 682 Industrial 17 2,408 Distribution 10 3,014 Retail — — 39 6,104 Properties Acquired in 2018: Office 1 145 Industrial 16 3,714 Distribution 6 1,100 Retail — — 23 4,959 Acquired Intangible Lease Assets The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. During the year ended December 31, 2018, the Company wrote off certain lease intangibles related to terminated leases (see the “Impairment Charges and Related Lease Intangible Write-offs” section below). The Company did not record an impairment to its intangible assets associated with its real estate investments during the years ended December 31, 2020 and 2019. Dispositions During the year ended December 31, 2020, the Company did not sell any properties. During the year ended December 31, 2019, the Company sold 97 properties located in the United States (94 Family Dollar retail stores and three industrial properties), one property located in the United Kingdom, two properties in the Netherlands and three properties in Germany for a total contract sales price of $311.3 million, resulting in an aggregate gain of $23.6 million, which is reflected in gain (loss) on dispositions of real estate investments in the consolidated statements of operations for the year ended December 31, 2019. During the year ended December 31, 2018 the Company sold two properties for a total contract sales price of $25.3 million. At closing, the Company paid approximately $1.7 million, net, in excess of proceeds received from the sales for the repayment of mortgage debt and a recorded a loss of $5.8 million, net. Prior to the sale of one of the properties, the Company agreed to terminate the lease with the existing tenant and received a termination fee of $3.0 million in accordance with the terms of the lease. This amount is recorded in revenue from tenants in the consolidated statements of operations for the year ended December 31, 2018. The following table summarizes the aforementioned properties sold in 2019 and 2018. During the year ended December 31, 2020, the Company did not sell any properties. Portfolio State Disposition Date Number of Properties Square Feet (unaudited) Properties Sold in 2019: Crowne Group Indiana March 7, 2019 1 21,562 Crowne Group Michigan May 17, 2019 1 92,244 Talk Talk Manchester UK May 23, 2019 1 48,415 Family Dollar Various U.S. States June 28, 2019 62 518,634 Family Dollar Various U.S. States September 20, 2019 32 265,596 Panasonic New Jersey September 30, 2019 1 48,497 Achmea Netherlands November 1, 2019 2 190,252 RWE Germany December 27, 2019 3 198,138 103 1,383,338 Properties Sold in 2018: Western Digital California June 8, 2018 1 286,330 Veolia Water Ohio July 31, 2018 1 70,000 2 356,330 Impairment Charges and Related Lease Intangible Write-offs There were no impairment charges recorded during the year ended December 31, 2020. In November 2019, the Company sold two properties in the Netherlands. As of September 30, 2019, the Company concluded that the estimated sales price for these two properties was lower than their respective carrying values, and as a result, the Company recorded an impairment charge of $6.4 million in the third quarter of 2019 to reflect the estimated sales price of the properties. During the year ended December 31, 2018, certain related entity tenants in six of the Company’s properties affiliated by a common guarantor were in financial difficulties. As part of negotiations, the Company terminated the leases for the tenants of four of the properties, while the tenants of the remaining two properties continue to operate under their existing lease terms. Of these four properties with lease terminations, two were re-leased to other tenants and two were sold. Based on expected future cash flows, the Company concluded that the carrying amount was in excess of the estimated fair value of one of the properties being sold, resulting in an impairment charge of $1.6 million. Due to the four lease terminations, the Company wrote-off related lease intangibles of $3.4 million associated with the original tenants. Assets Held for Sale When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. As of December 31, 2020 and 2019 the Company did not have any assets held for sale. Intangible Lease Assets and Lease Liabilities Acquired intangible lease assets and lease liabilities consist of the following: December 31, 2020 December 31, 2019 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying amount Gross Carrying Amount Accumulated Amortization Net Carrying amount Intangible assets: In-place leases $ 678,856 $ 302,383 $ 376,473 $ 620,123 $ 237,585 $ 382,538 Above-market leases 33,129 16,963 16,166 31,645 12,816 18,829 Total acquired intangible lease assets $ 711,985 $ 319,346 $ 392,639 $ 651,768 $ 250,401 $ 401,367 Intangible liabilities: Below-market leases $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 Total acquired intangible lease liabilities $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 Projected Amortization for Intangible Lease Assets and Liabilities The following table provides the weighted-average amortization periods as of December 31, 2020 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years: (In thousands) Weighted-Average Amortization 2021 2022 2023 2024 2025 In-place leases 7.5 $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Total to be included as an increase to depreciation and amortization $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Above-market lease assets 5.1 $ 3,604 $ 3,566 $ 3,378 $ 2,418 $ 1,027 Below-market lease liabilities 10.6 (4,016) (3,923) (3,896) (3,134) (2,758) Total to be included as an increase to revenue from tenants $ (412) $ (357) $ (518) $ (716) $ (1,731) Significant Tenants There were no tenants whose annualized rental income on a straight-line basis as of December 31, 2020 represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2020. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentrations The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31 2020 represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2020, 2019 and 2018. December 31, Country / U.S. State 2020 2019 2018 United States 63.2% 63.0% 55.7% Michigan 15.3% 14.6% 13.7 United Kingdom 16.8% 18.2% 19.0%

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net Mortgage notes payable, net as of December 31, 2020 and 2019 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio December 31, 2020 December 31, 2019 Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 90,760 $ 82,996 1.7% (2) Fixed/Variable Feb. 2024 France: Worldline — — 5,608 —% (3) —% — DCNS — — 10,655 —% (3) —% — ID Logistics II — — 11,776 —% (3) —% — French Properties 7 85,854 — 2.5% (4) Fixed/Variable May 2025 Germany Germany Properties 5 63,165 57,761 1.8% (5) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 147,178 134,587 1.4% Fixed Jun. 2024 Total EUR denominated 20 386,957 303,383 United Kingdom: United Kingdom Properties 42 301,979 294,315 3.1% (6) Fixed/Variable Aug. 2023 Total GBP denominated 42 301,979 294,315 United States: Penske Logistics 1 70,000 70,000 4.7% (7) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (7) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (7) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (7) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (7) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (7) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 118 1,378,686 1,287,448 3.3% Mortgage discount — (26) — Deferred financing costs, net of accumulated amortization (8) (14,988) (15,268) — Mortgage notes payable, net 118 $ 1,363,698 $ 1,272,154 3.3% __________ (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 December 31, 2020. (3) These loans were refinanced in May 2020 as part of the French Refinancing (see below for further details). As a result, the Company terminated an interest rate swap agreement for two of these properties (see Note 8 — Derivatives and Hedging Activities ). (4) 90% fixed as a result of a “pay-fixed” interest rate swap agreement and 10% variable. Variable portion is approximately 2.3% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020. (5) 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 December 31, 2020 (6) 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 December 31, 2020. This loan requires principal repayments beginning in October 2020 based on amounts specified under the loan. In October 2020, approximately $2.6 million in principal was repaid in accordance with the terms of this mortgage note payable. (7) 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. (8) Deferred financing costs consist of 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 mortgage notes payable over the next five calendar years and thereafter as of December 31, 2020: (In thousands) Future Principal Payments (1) 2021 $ 13,222 2022 20,475 2023 331,445 2024 237,939 2025 85,854 Thereafter 689,751 Total $ 1,378,686 _________ (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 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 December 31, 2020, the Company was in compliance with all financial covenants under its mortgage notes payable agreements. During the three months ended September 30, 2020, the borrower entities under the mortgage loan secured by all the Company’s properties located in the United Kingdom did not maintain the required loan-to-value ratios with respect to the mortgaged properties, and, as a result, a cash trap event under the loan occurred which was immediately cured when the Company executed, as required by the terms of the loan, a limited unsecured corporate guaranty of the borrower entities’ obligations under the loan of £20.0 million (approximately $27.4 million as of December 31, 2020). The guaranty remains in effect and contains a covenant that requires the Company to maintain unrestricted cash and cash equivalents (or amounts available for future borrowings under credit facility, such as the Credit Facility) in an amount sufficient to meet its actual and contingent liabilities under the guaranty. During the three months ended December 31, 2020, the borrower entities under the same mortgage loan did not maintain the same loan-to-value ratio and another cash trap event under the loan occurred. This does not constitute a breach of the covenant and is not an event of default under the loan. The Company is currently in negotiations to cure the cash trap event. If the value of the underlying portfolio continues to decline, the loan to value ratio may exceed the financial covenant required under the loan of 55%, which would result in a breach, which could, if not cured, give rise to the lenders’ right to accelerate the principal amount due under the loan and other remedies. In that event, the Company’s intent would be to cure the breach through various remedies available to them per the loan agreement within the specified time frame under the loan. While the Company does not anticipate that any arrangement required to cure the cash trap that occurred during the fourth quarter of 2020 will have a material impact on its liquidity, if the Company is unable to maintain this loan-to-value after the next annual lender valuation in the fourth quarter of 2021, it may experience future cash trap events that could adversely impact our liquidity. In addition, during the three months ended December 31, 2020, the Company also triggered a cash sweep event under one of its mortgage loans with a balance of $98.5 million as of December 31, 2020, because a major tenant failed to renew its lease. This is not an event of default and instead triggers a cash sweep event. Subsequent to December 31, 2020, the Company cured this event through one of the available options under the loan by putting a $3.2 million letter of credit in place. The Company may be required to put additional letters of credit in place up to an aggregate of $7.4 million if the Company is not able to find a suitable replacement tenant prior to the fourth quarter of 2021, and the letters of credit reduce the availability for future borrowings under the Revolving Credit Facility. As of December 31, 2020, the Company was in compliance with the covenants pursuant to the Indenture under the Company’s 3.75% Senior Notes due 2027 (the “Senior Notes”) (as described in Note 6 — Senior Notes, Net ) Credit Facility and mortgage notes payable agreements. The total gross carrying value of unencumbered assets as of December 31, 2020 was $1.8 billion, and approximately $1.8 billion of this amount was included in the unencumbered asset pool comprising the borrowing base under the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and therefore is not available to serve as collateral for future borrowings. Whirlpool Loan On July 10, 2020, the Company, through certain wholly-owned subsidiaries, borrowed $88.0 million from a syndicate of regional banks led by BOK Financial Corporation. In December, 2020 this loan was repaid, without penalty, with net proceeds from the Company’s newly issued Senior Notes (as defined in Note 6 — Senior Notes, Net ). As a result of the repayment of this loan, the Company wrote off deferred financing costs and terminated interest rate swap agreements related to these borrowings, resulting in an aggregate total of $2.0 million of expenses recorded for these items in loss on extinguishment of debt in the Company’s consolidated financial statement of operations (see Note 8 — Derivatives and Hedging Activities for additional details on the swap terminations). The loans were secured by six industrial properties triple-net leased to Whirlpool Corporation and located in Tennessee and Ohio that were simultaneously removed from the borrowing base under the Revolving Credit Facility. At the time of the closing of the loans in July 2020, approximately $84.0 million was used to repay amounts outstanding under the Revolving Credit Facility, with the remaining proceeds of approximately $2.2 million, after costs and fees related to the loan, available for general corporate purposes. The loan bore interest at a floating interest rate of one-month LIBOR plus 2.9%, with the interest rate fixed at 3.45% by swap agreement. French Refinancing On May 14, 2020, the Company, through certain of its subsidiaries, entered into a loan agreement with HSBC France (“HSBC”) and borrowed €70.0 million ($75.6 million based on the exchange rate on that date) secured by the seven properties the Company owns in France. The maturity date of this loan is May 14, 2025 and it bears interest at a rate of 3-month EURIBOR (with a floor of 0.0%) plus an initial margin of 2.3% per year, with the interest rate for €63.0 million ($68.0 million based on the exchange rate on that date) fixed by an interest rate swap agreement. The amount fixed by swap agreement represents 90% of the principal amount of the loan and is fixed at 2.5% per year. The loan is interest-only with the principal due at maturity. At the closing of the loan, €25.0 million ($27.0 million based on the exchange rate on that date) was used to repay all outstanding indebtedness on four of the properties. Of the remaining proceeds, approximately €20.0 million ($21.6 million based on the exchange rate on that date) was used to repay amounts outstanding under the Revolving Credit Facility and the remaining balance is available for general corporate purposes. As a result of the refinancing of this loan, the Company terminated interest rate swap agreements related to these borrowings and incurred additional costs, resulting in an aggregate total of $0.3 million of expenses recorded for these items in loss on extinguishment of debt in the Company’s consolidated statement of operations (see Note 8 — Derivatives and Hedging Activities for additional details on the swap terminations). Multi-Tenant Mortgage Loan V On September 12, 2019, the Company, through certain wholly-owned subsidiaries, borrowed $204.0 million from KeyBank National Association (“KeyBank”) secured by a first mortgage on 12 of the Company’s single tenant net leased office and industrial properties located in ten states. Approximately $86.5 million of the net proceeds from the loan was used to repay outstanding mortgage indebtedness related to the mortgaged properties. Of the remaining net proceeds, approximately $0.3 million was used to fund deposits required to be made at closing into reserve accounts and approximately $126.5 million was available for working capital and general corporate purposes. The loan bears interest at a fixed rate of 3.65% and matures on October 1, 2029. The loan is interest-only, with the principal balance due on the maturity date. From and after November 2, 2021, the loan may be prepaid at any time, in whole but not in part, subject to certain conditions and limitations, including payment of a prepayment premium for any prepayments made prior to July 1, 2029. Partial prepayments are also permitted under certain circumstances, subject to certain conditions and limitations. Benelux Refinancing On June 12, 2019, the Company, through certain wholly-owned subsidiaries, borrowed €120.0 million (approximately $135.8 million based on the exchange rate on that date) from Landesbank Hessen-Thüringen Girozentrale, secured by three of the Company’s properties located in the Netherlands and Luxembourg. The loan bears interest at a fixed rate of 1.38% and matures on June 11, 2024. The loan is interest-only, with the principal due at maturity. At the closing of the loan, approximately €80.3 million (approximately $90.8 million based on the exchange rate on that date) of the net proceeds was used to repay all outstanding indebtedness encumbering two of the properties. German Refinancing On May 10, 2019, the Company, through certain wholly-owned subsidiaries, borrowed €51.5 million (approximately $57.9 million based on the exchange rate on that date) from Landesbank Hessen-Thüringen Girozentrale, secured by five of the Company’s properties located in Germany. The loan is interest-only with the principal due at maturity, which is June 30, 2023. The maturity date may be extended at the Company’s option to February 29, 2024, subject to conditions. The loan initially bore interest at a rate of 3-month Euribor plus 1.80% per annum, but, following the replacement of an easement on one property, the loan will bear interest going forward at a rate of Euribor plus 1.55% per annum beginning on October 1, 2019. The amount fixed by swap agreement represents 80% of the principal amount and the interest rate is fixed at 1.8%, for that portion. The net proceeds from the loan were used to repay all €35.6 million (approximately $40.0 million based on the exchange rate on that date) outstanding in mortgage indebtedness that previously encumbered three of the properties 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 and the interest rate is fixed at 1.8% per year. The loan is interest-only with the principal due at maturity. At the closing of the loan, €57.4 million ($65.4 million based on the prevailing exchange rate on that date) was used to repay all outstanding indebtedness encumbering the five properties, with the remaining proceeds, after costs and fees related to the loan, available for working capital and general corporate purposes. Penske Logistics On November 14, 2018, the Company, through certain wholly-owned subsidiaries entered into a mortgage loan, yielding gross proceeds of approximately $70.0 million with a fixed rate of 4.6% and a 10-year maturity. Proceeds were used to fund a portion of the $126.6 million purchase price to acquire a cold storage facility located in Romulus, Michigan. The borrower’s (a wholly-owned subsidiary of ours) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. U.S. Multi-Tenant Mortgage Loan III On November 9, 2018, the Company, through certain wholly-owned subsidiaries, entered into a multi-tenant mortgage loan, yielding gross proceeds of $98.5 million with a fixed interest rate of 4.9% and 10-year maturity in December 2028. This multi-tenant mortgage loan is interest-only with a principal balance due on maturity, and it is secured by seven properties in six states, totaling approximately 651,313 square feet. Proceeds were used to pay down $90.0 million of outstanding indebtedness under the Revolving Credit Facility. U.K. Multi-Property Loan On August 13, 2018, the Company, through certain wholly-owned subsidiaries, entered into a multi-tenant mortgage loan, yielding gross proceeds of £230.0 million and bearing interest at a rate of approximately 2.0% plus 3-month GBP LIBOR, maturing in August 2023. With respect to the interest, 80% of the principal amount is fixed by a swap agreement, while the remaining 20.0% of the principal remains variable. The loan is interest-only for the first two years, followed by scheduled principal amortization of £37.9 million in the final three years of the loan, with the remaining principal balance due on maturity. The loan is secured by all 43 of the Company’s properties located in the United Kingdom. At closing, £209.0 million of the net proceeds were used to repay all outstanding mortgage indebtedness encumbering 38 of the 43 properties. The other five properties were unencumbered prior to the loan. U.S. Multi-Tenant Mortgage Loan II

Revolving Credit Facility and T

Revolving Credit Facility and Term Loan, Net	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Revolving Credit Facility and Term Loan, Net	Revolving Credit Facility and Term Loan, Net The table below details the outstanding balances as of December 31, 2020 and 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 ($303.0 million USD based on the prevailing exchange rate as of December 31, 2020) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the Credit Facility to, among other things, increase the aggregate total commitments, lower the interest rate and revise certain covenants, and the terms of the Credit Facility described below generally reflect this amendment and restatement. December 31, 2020 December 31, 2019 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 111,132 $ 105,000 £ — € 5,000 $ 199,071 $ 62,211 £ 40,000 € 75,000 Term Loan (3) 303,036 — — 247,075 403,258 — — 359,551 Deferred financing costs (2,882) — — — (5,365) — — — Term Loan, Net 300,154 — — 247,075 397,893 — — 359,551 Total Credit Facility $ 411,286 $ 105,000 £ — € 252,075 $ 596,964 $ 62,211 £ 40,000 € 434,551 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. (2) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. (3) In December 2020, the Company paid down €112.5 million ($136.7 million based on the exchange rate on that date of pay down) on the Term Loan. As a result, the Company wrote off $1.3 million of deferred financing costs, which is recorded in loss on extinguishment of debt in the Company’s consolidated statement of operations. Credit Facility - Terms As of December 31, 2020, the aggregate total commitments under the Credit Facility were approximately $1.1 billion, based on the USD equivalent on December 31, 2020. On February 24, 2021, following a request by the Company, lender commitments under the Credit Facility were increased by $50.0 million with all of the increase allocated to the Revolving Credit Facility, and the total commitments were approximately $1.2 billion based on prevailing exchange rates on that date. This increase was made pursuant to the Credit Facility’s uncommitted “accordion feature” whereby, upon the request of the Company, but at the sole discretion of the lenders participating in such increase, total commitments under the Credit Facility may be increased, with the aggregate of such commitments not to exceed $1.75 billion. Following the effectiveness of the commitment increase completed on February 24, 2021, the Company may request future additional increases to total commitments of approximately $565.0 million, allocable to either or both components of the Credit Facility. The Credit Facility consists of two components, a Revolving Credit Facility and a Term Loan, both of which are interest only. 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. The applicable interest rate margin is based on a range from 0.45% to 1.05% per annum with respect to base rate borrowings under the Revolving Credit Facility, 1.45% to 2.05% per annum with respect to LIBOR borrowings under the Revolving Credit Facility, 0.4% to 1.00% per annum with respect to base rate borrowings under the Term Loan and 1.40% to 2.00% per annum with respect to LIBOR borrowings under the Term Loan. As of December 31, 2020, the Credit Facility had a weighted-average effective interest rate of 2.5% after giving effect to interest rate swaps in place. In July 2017, the Financial Conduct Authority (which regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to LIBOR in derivatives and other financial contracts. On November 30, 2020, the Financial Conduct Authority announced a partial extension of this deadline, indicating its intention to cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023. The Company is not able to predict when LIBOR may be limited or discontinued or when there will be sufficient liquidity in the SOFR market. The Company is monitoring and evaluating the risks related to potential changes in LIBOR availability, which include potential changes in interest paid on debt and amounts received and paid on interest rate swaps. In addition, the value of debt or derivative instruments tied to LIBOR could also be impacted when LIBOR is limited or discontinued and contracts must be transitioned to a new alternative rate. While we expect LIBOR to be available in substantially its current form until at least the end of 2021, it is possible that LIBOR will become unavailable prior to that time. The Credit Facility contains terms governing the establishment of a replacement index to serve as an alternative to LIBOR, if necessary. 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. As of December 31, 2020, approximately $94.5 million was available for future borrowings under the Revolving Credit Facility. Any future borrowings may, at the option of the Company, be denominated in USD, EUR, Canadian Dollars, British Pounds Sterling (“GBP”) or Swiss Francs. Amounts borrowed may not, however, be converted to, or repaid in, another currency once borrowed. The Term Loan is denominated in EUR. The 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. As of December 31, 2020, the Company was in compliance with all covenants under the Credit Facility. Under the terms of the Credit Facility, the Company may not pay distributions, including cash dividends payable with respect to Common Stock, the Company’s 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock $0.01 par value per share (“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 100% of the Company’s Adjusted FFO, as defined in the Credit Facility (which is different from AFFO disclosed in this Annual Report on Form 10-K) 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 105% of its Adjusted FFO. 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 100% of Adjusted FFO to 105% of Adjusted FFO during the quarter ended on June 30, 2020. 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 that in the applicable periods exceed the level of Adjusted FFO required by these restrictions. If the Company is not able to generate the necessary level of Adjusted FFO, the Company will have to reduce the amount of dividends paid on the common and the preferred stock or consider other actions. Alternatively, the Company could elect to pay a portion of its dividends on the Common Stock in additional shares of Common Stock if approved by the Company’s board of directors.

Senior Notes, Net

Senior Notes, Net	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Senior Notes, Net	Senior Notes, Net On December 16, 2020, the Company and the OP (together the “Issuers”) issued $500.0 million aggregate principal amount of 3.75% Senior Notes due 2027. In connection with the closing of the offering of the Senior Notes, the Issuers and the subsidiaries of the Issuers that guarantee the Notes (the “Guarantors”) entered into an Indenture (the “Indenture”) with U.S. Bank National Association, as trustee (the “Trustee”). As of December 31, 2020 the amount of the Senior Notes on the Company’s consolidated balance sheet totaled $490.3 million, which is net of $9.7 million of deferred financing costs. The Senior Notes, which were issued at par, will mature on December 15, 2027 and accrue interest at a rate of 3.750% per year. Interest on the Senior Notes, which began to accrue on December 16, 2020, is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. The Senior Notes are fully and unconditionally guaranteed on a joint and several basis by the subsidiaries of each Issuer that are guarantors under the Credit Facility (the “Note Guarantees”). Subject to certain exceptions, each future subsidiary of each Issuer that subsequently guarantees indebtedness under the Credit Facility, any other syndicated loan facility or any capital markets indebtedness, in each case, will be required to execute a Note Guarantee. Under certain circumstances, the Guarantors may be automatically released from their Note Guarantees without the consent of the holders of the Senior Notes. The Senior Notes are redeemable at the option of the Issuers, in whole at any time or in part from time to time, in each case prior to September 15, 2027, for cash, at a redemption price equal to the greater of (i) 101% of the principal amount of the Senior Notes to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes to be redeemed that would be due if the Senior Notes matured on September 15, 2027 (exclusive of unpaid interest accrued to, but not including, the date of redemption) discounted to the date of redemption on a semi-annual basis at the treasury rate plus 50 basis points, plus, in each case, unpaid interest, if any, accrued to, but not including, the date of redemption. In addition, at any time on or after September 15, 2027, the Senior Notes will be redeemable, at the option of the Issuers, in whole at any time or in part from time to time, for cash, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the date of redemption. If a Change of Control Triggering Event (as defined in the Indenture) occurs, the Issuers will be required to make an offer to purchase the Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the purchase date. If the Issuers or any of their restricted subsidiaries sell assets, under certain circumstances the Issuers will be required to make an offer to purchase the Senior Notes at a price equal to 100% of the principal amount, plus accrued interest and unpaid interest, if any, up to, but excluding, the purchase date. The Indenture contains covenants that, among other things, limit the ability of the Issuers and their restricted subsidiaries to (1) incur additional indebtedness, (2) pay dividends and make distributions on the capital stock of the Company and each Issuer’s restricted subsidiaries, (3) make investments or other restricted payments, (4) create liens on their assets, (5) enter into transactions with affiliates, (6) merge or consolidate or sell all or substantially all of their assets, (7) sell assets and (8) create restrictions on the ability of their restricted subsidiaries to pay dividends or other amounts to them. These covenants are subject to important exceptions and qualifications. In addition, if the Senior Notes are rated investment grade by any two of Moody’s Investors Service, Inc., Fitch Ratings Inc. and Standard & Poor’s Ratings Services, and at such time no default or event of default under the Indenture has occurred and is continuing, many of the covenants in the Indenture will be suspended or become more lenient and may not go back into effect.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 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 December 31, 2020 and 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 December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ (4,025) $ — $ (4,025) Interest rate swaps, net (USD, GBP & EUR) $ — $ (15,434) $ — $ (15,434) 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 year ended December 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. The gross carrying value of the Company’s mortgage notes payable as of December 31, 2020 and 2019 were $1.4 billion and $1.3 billion, respectively, which approximated their fair value. 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. As of December 31, 2020 the advances to the Company under the Revolving Credit Facility had a carrying value of $111.1 million and a fair value of $111.2 million. As of December 31, 2019 the advances to the Company under the Revolving Credit Facility had a carrying value of $199.1 million and a fair value of $211.0 million. As of December 31, 2020 the Company’s Term Loan had a gross carrying value of $303.0 million and a fair value of $304.6 million. As of December 31, 2019 the Company’s Term Loan had a gross carrying value of $397.9 million and a fair value of $403.6 million. As of December 31, 2020, the Company’s Senior Notes had a gross carrying value of $500.0 million and a fair value of $512.4 million.

Derivative and Hedging Activiti

Derivative and Hedging Activities	12 Months Ended
	Dec. 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, but there is no assurance that any counterparty will meet these obligations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2019: December 31, (In thousands) Balance Sheet Location 2020 2019 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (3,829) $ (939) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value — 366 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (9,000) (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 (2,605) (1,139) Total $ (15,434) $ (6,008) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 198 $ 1,205 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (2,714) (831) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 327 2,352 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (1,836) — Interest rate swaps (EUR) Derivative liabilities, at fair value — (74) Total $ (4,025) $ 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. For the year ended December 31, 2020, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Effective January 1, 2019, all of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. During the years ended December 31, 2020 and 2019, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Prior to January 1, 2019, the ineffective portion of the change in fair value of the derivatives was recognized directly in earnings and as a result, during the year ended December 31, 2018, the Company recorded a loss of $0.4 million. Additionally, during the years ended December 31, 2020, 2019 and 2018, the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts were losses of $0.3 million $0.1 million and $0.1 million for the years ended December 31, 2019 and 2018, respectively. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months ending December 31, 2021, the Company estimates that an additional $7.1 million will be reclassified from other comprehensive income as an increase to interest expense. As of December 31, 2020 and 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2020 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 301,210 49 $ 290,965 Interest rate “pay-fixed” swaps (EUR) 22 641,394 16 521,471 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 74 $ 1,092,604 68 $ 962,436 In connection with the paydown the loans secured by six industrial properties triple-net leased to Whirlpool Corporation during the fourth quarter of 2020, the Company terminated six interest rate swaps with an aggregate notional amount of $88.0 million for a payment of approximately $0.3 million, which was recorded in loss on extinguishment of debt in the Company’s consolidated statement of operations. Also, following these terminations, the Company recorded a loss of $0.3 million in (loss) gain on derivative instruments in the Company’s consolidated statement of operations due to the acceleration of the reclassification of amounts in AOCI to earnings as a result of the hedged forecasted transactions becoming probable not to occur as noted above. In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable secured by its properties located in France during the second quarter of 2020 (see Note 4 — Mortgage Notes Payable, Net ), the Company terminated two interest rate swaps with an aggregate notional amount of €14.5 million for a payment of approximately $0.1 million. Amounts recorded to AOCI and interest expense following these terminations were not significant. In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable secured by the Company’s 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 was 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, $0.3 million and $0.4 million was recorded as an increase to interest expense for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, there is no balance remaining in AOCI related to these terminations. 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 was 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, $0.3 million, $0.6 million and $0.4 million was recorded as an increase to interest expense for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there is no balance remaining in AOCI related to these terminations. The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands) 2020 2019 2018 Amount of (loss) gain recognized in AOCI from derivatives $ (14,151) $ (9,047) $ 2,739 Amount of loss reclassified from AOCI into income as interest expense $ (5,646) $ (2,439) $ (3,746) Amount of loss recognized on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ (270) $ (128) $ (559) Total interest expense recorded in the consolidated statements of operations $ 71,804 $ 64,199 $ 57,973 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 borrow 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 December 31, 2020 and 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 years ended December 31, 2020 and 2019, the Company did not use foreign currency derivatives that were designated as net investment hedges. Effective January 1, 2019, for derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Prior to January 1, 2019, the ineffective portion of the change in fair value of the derivatives, if any, was recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Foreign Denominated Debt Designated as Net Investment Hedges All foreign currency denominated borrowings under the Credit Facility are designated as net investment hedges. As such, the designated portion of changes in value due to currency fluctuations are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. The remeasurement gains and losses attributable to the undesignated portion of the foreign-currency denominated debt are recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated, or if the Company should no longer possess a controlling interest. The Company records adjustments to earnings for currency impacts related to undesignated excess positions, if any. During the year ended December 31, 2020, the Company recorded losses of $6.0 million due to currency changes on the undesignated excess foreign currency advances over the related net investments.There were no undesignated excess positions at any time during the years ended December 31, 2019 and 2018. 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 loss of $2.1 million, and gains of $0.9 million and $7.8 million on the non-designated hedges for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships: December 31, 2020 December 31, 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP - USD) 41 $ 41,633 38 $ 38,898 Foreign currency forwards (EUR - USD) 40 38,634 32 27,478 Interest rate swaps (EUR) — — 1 10,655 Total 81 $ 80,267 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 December 31, 2020 and 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 Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2020 $ 525 $ (19,984) $ — $ (19,459) $ — $ — $ (19,459) 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 December 31, 2020, the fair value of derivatives in net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $21.2 million. As of December 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	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of December 31, 2020 and 2019, the Company had 89,614,601 and 89,458,752, respectively, shares of Common Stock issued and outstanding including Restricted Shares and excluding RSU 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. • The Company did not sell any shares of Common Stock through the Common Stock ATM Program during the year ended December 31, 2020. • During the three months ended March 31, 2019, the Company sold 7,759,322 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $152.7 million, before commissions paid of $1.5 million and additional issuance costs of $0.8 million. Following these sales, the Company had raised all $175.0 million contemplated by its existing equity distribution agreement related to the Common Stock ATM Program. In February 2019, the Company terminated its existing equity distribution agreement and entered into a new equity distribution agreement with substantially the same sales agents on substantially the same terms. Under the new equity distribution agreement, through December 31, 2019, the Company sold 5,596,452 shares of Common Stock for gross proceeds of $109.9 million, before commissions paid of $1.6 million and additional issuance costs of $0.4 million. In total, during the year ended December 31, 2019, the Company sold 13,355,773 shares of Common Stock for gross proceeds of $262.6 million, before commissions paid of $3.2 million and additional issuance costs of $1.2 million. • During the year ended December 31, 2018, the Company sold 164,927 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $3.5 million, before commissions paid of $35,140 and additional issuance costs of $0.3 million. Commissions paid and issuance cost are recorded in additional paid-in capital on the consolidated balance sheets. Underwritten Offerings — Common Stock On August 20, 2018, the Company completed the issuance and sale of 4,600,000 shares of Common Stock (including 600,000 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares in full) in an underwritten public offering at a price per share of $20.65. The gross proceeds from this offering were $95.0 million before deducting the underwriting discount of $3.8 million and additional offering expenses of $0.3 million. On November 28, 2018, the Company completed the issuance and sale of 4,000,000 shares of Common Stock in an underwritten public offering at a price per share of $20.20. The gross proceeds from this offering were $80.8 million before deducting the underwriting discount of $3.2 million and additional offering expenses of $0.1 million. Preferred Stock The Company is authorized 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 December 31, 2020 and December 31, 2019. The Company had 6,799,467 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2020 and 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 December 31, 2020 and December 31, 2019. The Company had 3,861,953 and 3,450,000 shares of Series B Preferred Stock issued and outstanding, as of December 31, 2020 and 2019, respectively. • The Company has classified and designated 100,000 shares of its authorized Preferred Stock as authorized shares of its Series C preferred stock, $0.01 par value (“Series C Preferred Stock”), as of December 31, 2020. No shares of Series C Preferred Stock were authorized as of December 31, 2019 and no shares of Series C Preferred Stock were issued and outstanding as of December 31, 2020. ATM Programs — Series A Preferred Stock and Series B Preferred Stock In March 2018, the Company established an “at the market” equity offering program for its Series A Preferred Stock (the “Series A Preferred Stock ATM Program”) pursuant to which the Company was permitted to raise aggregate sales proceeds of $200.0 million through sales of shares of Series A Preferred Stock from time to time through its sales agents. In November 2019, the Company terminated the Series A Preferred Stock ATM Program. • During the year ended December 31, 2019, the Company sold 1,382,577 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $35.3 million, before commissions paid of $0.5 million and additional issuance costs of $0.2 million. In November 2019, the Company terminated the Series A Preferred Stock ATM Program. • During the year ended December 31, 2018, the Company sold 7,240 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $0.2 million, before commissions paid of $2,724 and additional issuance costs of $0.4 million. In December 2019, the Company established an “at the market” equity offering program for its Series B Preferred Stock (the “Series B Preferred Stock ATM Program”) pursuant to which the Company may raise aggregate sales proceeds of up to $200.0 million through sales of shares of Series B Preferred Stock from time to time through its sales agents. During the year ended December 31, 2020, the Company sold 411,953 shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $10.4 million, before commissions paid of approximately $0.2 million and additional issuance costs of $0.1 million. The Company did not sell any shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program during 2019. Series A Preferred Stock - Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in an amount equal to $1.8125 per share each year, which is equivalent to the rate of 7.25% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after September 12, 2022, at any time and from time to time, the Series A Preferred Stock is redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series A Preferred Stock may receive a maximum of 2.301 shares of Common Stock (as adjusted for any stock splits) per share of Series A Preferred Stock. The necessary conditions to convert the Series A Preferred Stock into Common Stock have not been met as of December 31, 2020. Therefore, Series A Preferred Stock will not impact Company’s earnings per share calculations. The Series A Preferred Stock ranks senior to the Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. If dividends on any outstanding shares of Series A Preferred Stock have not been paid for six or more quarterly periods, holders of Series A Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series A Preferred Stock, including the Series B Preferred Stock, will have the exclusive power, voting together as a single class, to elect two additional directors until all accrued and unpaid dividends on the Series A Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series A Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding-up or amend the Company’s charter to materially and adversely change the terms of the Series A Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series A Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series A Preferred Stock, including the Series B Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Underwritten Offering — Series B Preferred Stock On November 20, 2019, the Company completed the issuance and sale of 3,450,000 shares of Series B Preferred Stock (including 450,000 shares pursuant to the underwriters’ partial exercise of their option to purchase additional shares in accordance with terms of the underwriting agreement) in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share. The gross proceeds from this offering were approximately $86.2 million before deducting the underwriting discount of $2.7 million and additional offering expenses of $0.5 million. Series B Preferred Stock - Terms Holders of Series B Preferred Stock are entitled to cumulative dividends in an amount equal to $1.71875 per share each year, which is equivalent to the rate of 6.875% of the $25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after November 26, 2024, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series B Preferred Stock (the “Series B Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series B Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series B Preferred Stock will have certain rights to convert Series B Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series B Preferred Stock may receive a maximum of 2.5126 shares of Common Stock (as adjusted for any stock splits) per share of Series B Preferred Stock. The necessary conditions to convert the Series B Preferred Stock into Common Stock have not been met as of December 31, 2020. Therefore, Series B Preferred Stock will not impact Company’s earnings per share calculations. The Series B Preferred Stock ranks senior to the Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series A Preferred Stock. If dividends on any outstanding shares of Series B Preferred Stock have not been paid for six or more quarterly periods, holders of Series B Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series B Preferred Stock, including the Series A Preferred Stock will be entitled to vote together as a single class, will have the exclusive power, voting together as a single class, to elect two additional directors until all accrued and unpaid dividends on the Series B Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series B Preferred Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding-up or amend our charter to materially and adversely change the terms of the Series B Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series B Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series B Preferred Stock, including the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series B Preferred Stock do not have any voting rights. 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 became effective in the second quarter of 2020 with the Company’s April 1, 2020 dividend declaration for dividends paid to the applicable record holders on January 11, 2021. 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 — Revolving Credit Facility and Term Loan, Net for additional information on the restrictions on the payment of dividends and other distributions imposed by the Credit Facility. The following table details from a tax perspective, the portion of cash paid for Common Stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum: Year Ended December 31, (In thousands) 2020 2019 2018 Return of capital $ 1.34 77.5 % $ 1.23 69.1 % $ 1.57 73.7 % Ordinary dividend income 0.39 22.5 % 0.55 30.9 % 0.56 26.3 % Total $ 1.73 100.0 % $ 1.78 100.0 % $ 2.13 100.0 % Series A Preferred Stock Dividends Dividends on Series A Preferred Stock accrue in an amount equal to $0.453125 per share per quarter to holders of Series A Preferred Stock, which is equivalent to 7.25% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors, which must be not more than 30 nor fewer than 10 days prior to the applicable payment date. All dividends paid during 2020, 2019 and 2018 on the Series A Preferred Stock were considered 100% ordinary dividend income. Series B Preferred Stock Dividends Dividends on Series B Preferred Stock accrue in an amount equal to $0.429688 per share per quarter to holders of Series B Preferred Stock, which is equivalent to 6.875% of the $25.00 liquidation preference per share of Series B Preferred Stock per annum. Dividends on the Series B 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. All dividends paid during 2020 on the Series B Preferred Stock were considered 100% ordinary dividend income. Stockholder Rights Plan In April 2020, the Company announced that its board of directors approved a short-term stockholder rights plan (the “Plan”). 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. 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 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 10th 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. In February 2021, the expiration date of these rights was extended to April 8, 2024. See Note 15 — Subsequent Events

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lessee Arrangements — Ground Leases The Company leases land under nine ground leases associated with certain properties, which includes one additional ground lease acquired during the year ended December 31, 2020, with lease durations ranging from 15 to 97 years as of December 31, 2020. As of December 31, 2020 and 2019 , the Company’s balance sheet includes ROU assets of $58.4 million and $50.2 million, respectively, and operating lease liabilities of $25.4 million and $24.0 million, respectively. In determining the operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the new lease guidance on January 1, 2019 (see N o te 2 — Summary of Significant Accounting Polices ) as well as for new operating leases entered into after the adoption of the new standard, 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 32.0 years and a weighted-average discount rate of 4.33% as of December 31, 2020. For the years ended December 31, 2020 and 2019, the Company paid cash of approximately $1.5 million and $1.4 million, respectively, for amounts included in the measurement of lease liabilities. For the years ended December 31, 2020 and 2019, the Company recorded expense of $1.4 million and $1.3 million, respectively, on a straight-line basis in accordance with the standard. The Company incurred rent expense on ground leases of $1.3 million during the year ended December 31, 2018. The lease expense is recorded in property operating expenses in the consolidated statements of operations. The following table reflects the base cash rental payments due from the Company as of December 31, 2020: (In thousands) Future Base Rent Payments (1) 2021 $ 1,510 2022 1,510 2023 1,510 2024 1,514 2025 1,519 Thereafter 42,217 Total minimum lease payments (2) 49,780 Less: Effects of discounting (24,430) Total present value of lease payments $ 25,350 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 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 rent 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 years ended December 31, 2019 and 2018, the Company incurred approximately $1.0 million and $2.9 million, respectively, 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 December 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	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2020 and 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 incur, directly or indirectly, costs and fees in performing services for the Company. As of December 31, 2020 and 2019, the Company had $0.4 million and $0.4 million, respectively, of receivables from former affiliates of the Advisor and $2.0 million and $0.3 million of payables to their affiliates, respectively. The $2.0 million payable relates to the $1.5 million in leasing commissions to the Property Manager and $0.5 million relates to a payable recorded for the overpayment of invoices in current and prior years for a shared service. As of December 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 December 31, 2020, 2019 and 2018. In addition, the Company paid $0.4 million, $0.5 million and $0.6 million in distributions to the Advisor as the sole holder of LTIP Units (as defined in Note 13 — Equity-Based Compensation ) during the years ended December 31, 2020, 2019 and 2018, which are included in accumulated deficit in the consolidated statements of equity. As of December 31, 2020 and 2019, the Company had no unpaid distributions on the LTIP Units. During the third quarter of 2020, the Company granted Restricted Shares to employees of the Advisor or its affiliates who are involved in providing services to the Company, including the Company’s Chief Executive Officer and Chief Financial Officer. For additional information, see Note 1 3 — Equity-Based Compensation . Fees Paid in Connection with the Operations of the Company The Company has engaged the Advisor to manage the Company’s day-to-day business and operations pursuant to the terms of the Advisory Agreement. 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). Under the Advisory Agreement, the Company pays the Advisor the following fees in cash: (a) a base fee of $18.0 million per annum payable in cash monthly in advance (“Minimum Base Management Fee”); and (b) a variable fee amount equal to 1.25% per annum of the sum, since the effective date of our Advisory Agreement in June 2015, of: (i) the cumulative net proceeds of all common equity issued by the Company (ii) any equity of the Company issued in exchange for or conversion of preferred stock or exchangeable notes, based on the stock price at the date of issuance; and (iii) any other issuances of common, preferred, or other forms of equity of the Company, including units in an operating partnership (excluding equity based compensation but including issuances related to an acquisition, investment, joint-venture or partnership) (the “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) except for the period beginning April 1, 2020 and ending December 31, 2020, when it was payable in cash only. The Incentive Compensation is calculated on an annual basis for the 12-month period from July 1 to June 30 of each year, in quarterly installments. 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 that began on July 1, 2019 and ended March 31, 2020; (ii) $1.35 per share in the aggregate and $0.45 per share per quarter for the period that began on April 1, 2020 and ended 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 ended 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 that began on July 1, 2019 and ended March 31, 2020; (ii) $1.75 per share in the aggregate and $0.583 per share per quarter for the period that began on April 1, 2020 and ended December 31, 2020; (iii) $1.46 per share in the aggregate and $0.73 per share per quarter for the period that began on 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 years ended December 31, 2020, 2019 and 2018, no Incentive Compensation was earned by the Advisor. The Amendment also extended from July 1, 2020 to July 1, 2021, the first date that the annual thresholds are subject to annual increases by a majority of the Company’s independent directors (in their good faith reasonable judgment, after consultation with the Advisor). The percentage at which independent directors may so increase the thresholds remains a percentage equal to between 0% and 3%. In addition, commencing in 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. 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. Under the Advisory Agreement, 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 in each case plus market-based leasing commissions applicable to the geographic location of the applicable property. 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 certain mortgage loans entered into by the Company in October 2017, April 2019 and 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 with the Property Manager, providing for automatic extensions for an unlimited number of successive one-year terms unless terminated by either party upon notice. Following this amendment, either the Company or the Property Manager may terminate the Primary PMLA at any time upon at least 12 months written notice prior to the applicable termination date. This termination notice period does not apply to the Loan Property PMLAs, which may be terminated by either the Company or the Property Manager upon 60 days’ written notice prior to end of the applicable term. If cash flow generated by any of the Company’s properties is not sufficient to fund the costs and expenses incurred by the Property Manager in fulfilling its duties under the property management and leasing agreements, the Company is required to fund additional amounts. Costs and expenses that are the responsibility of the Company under the property management and leasing agreements include, without limitation, reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Property Manager who are engaged in the operation, management, maintenance and leasing of the properties and other out-of-pocket expenses which are directly related to the operation, management, maintenance and leasing of specific properties, but may not include the Property Manager’s general overhead and administrative expenses. Solely with respect to the Company’s investments in properties located in Europe, prior to the effectiveness of the termination of the Company’s former service provider for its European properties in March 2018, the service provider received, from the Property Manager, a portion of the fees payable to the Property Manager equal to: (i) with respect to single-tenant net leased properties which are not part of a shopping center, 1.75% of the gross revenues from such properties and (ii) with respect to all other types of properties, 3.5% of the gross revenues from such properties. The Property Manager was paid 0.25% of the gross revenues from European single-tenant net leased properties which are not part of a shopping center and 0.5% of the gross revenues from all other types of properties, reflecting a split of the oversight fee with the service provider. Following the termination of the service provider, the service provider no longer receives any amounts from the Advisor. During the year ended December 31, 2020, the Company incurred leasing commissions to the Property Manager of $1.5 million, of which $0.1 million was recorded as an expense in property management fees (see table below). The remainder of the balance will be recorded over the terms of the related leases. Professional Fees and Other Reimbursements The Company reimburses the Advisor or its affiliates for expenses paid or incurred by the Advisor or its affiliates in providing services to the Company under the Advisory Agreement, except for those expenses that are specifically the responsibility of the Advisor under the Advisory Agreement, such as salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of personnel of the Advisor and its affiliates (including our executive officers) who provide services to the Company under our advisory agreement, the Advisor’s rent and general overhead expenses, the Advisor’s travel expenses (subject to certain exceptions), professional services fees incurred with respect to the Advisor for the operation of its business, insurance expenses (other than with respect to our directors and officers) and information technology expenses. In addition, these reimbursements are 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. The amount of expenses reimbursable for the years ending December 31, 2020, 2019 and 2018 did not exceed these limits. Fees Paid in Connection with the Liquidation of the Company’s Real Estate Assets Under the Advisory Agreement, the Company is required to pay to the Advisor a fee in connection with net gain recognized by the Company in connection with the sale or similar transaction of any investment equal to 15% of the amount by which the gains from the sale of investments in the applicable month exceed the losses from the sale of investments in that month unless the proceeds from such transaction or series of transactions are reinvested in one or more investments within 180 days thereafter. (the “Gain Fee”) unless the proceeds of the sale or transaction or series of sales or transactions are reinvested in one or more investments within180 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 paid during the years ended December 31, 2020, 2019 or 2018, respectively. The following table reflects related party fees, as described above, incurred, forgiven and contractually due as of and for the periods presented: Year Ended December 31, 2020 2019 2018 (In thousands) Incurred Incurred Incurred Ongoing fees (1) : Asset management fees (2) $ 29,623 $ 27,530 $ 23,212 Property management fees 6,178 5,762 5,022 Total related party operational fees and reimbursements $ 35,801 $ 33,292 $ 28,234 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $1.1 million, $1.1 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above. (2) The Advisor, in accordance with the Advisory Agreement, received asset management fees in ca sh equal to the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $11.6 million

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 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, accounting services, investor relations, transfer agency services, as well as other administrative responsibilities for the Company. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 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 Company’s board of directors and the applicable limitations of the Plan. The exercise price for any stock options granted under the Plan will be equal to the closing price of a share of Common Stock on the last trading day preceding the date of grant. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of December 31, 2020, 2019 and 2018, 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 and RSUs to directors, officers and full-time employees (if any), of the Company, the Advisor and its affiliates, and certain persons that provide services to the Company, the Advisor or its affiliates. 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. RSUs RSUs may be awarded under terms that provide for vesting on a straight-line basis over a specified period of time for each award. RSUs represent a contingent right to receive shares of Common Stock at a future settlement date, subject to satisfaction of applicable vesting conditions or other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of Common Stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders are generally credited with dividend or other distribution equivalents which are subject to the same vesting conditions or other restrictions as the underlying RSUs and only paid at the time such RSUs are settled in shares of Common Stock. RSU award agreements generally provide for accelerated vesting of all unvested RSUs in connection with a termination without cause from the Company’s board of directors or a change of control and accelerated vesting of the portion of the unvested RSUs scheduled to vest in the year of the recipient’s voluntary resignation from or failure to be re-elected to the Company’s board of directors. The following table reflects equity awards activity for the years ended December 31, 2020, 2019 and 2018. Number of Weighted-Average Issue Price Unvested, December 31, 2017 49,112 $ 24.29 Granted 17,039 18.34 Vested (19,799) 24.40 Unvested, December 31, 2018 46,352 22.04 Granted 16,543 18.89 Vested (22,354) 22.58 Unvested, December 31, 2019 40,541 20.47 Granted 28,232 13.37 Vested (23,824) 21.71 Unvested, December 31, 2020 44,949 15.35 The fair value of the equity awards in the form of Restricted Shares granted prior to the listing of the 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 equity awards is expensed over the vesting period. Restricted Shares Restricted Shares are shares of Common Stock awarded under terms that provide for vesting over a specified period of time. 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. Restricted Shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. In September 2020, the Company granted 132,025 Restricted Shares to employees of the Advisor or its affiliates who are involved in providing services to the Company, and including its Chief Executive Officer and Chief Financial Officer. In accordance with accounting rules, the fair value of the Restricted Shares granted is being recorded on a straight-line basis over the vesting period of four years. The Restricted Shares were issued in October 2020 at the time the related award agreements were executed and were granted at a price of $17.41 per share. The awards to the Chief Executive Officer and Chief Financial Officer were recommended by the Advisor and approved by the compensation committee. The other awards were made pursuant to authority delegated by the compensation committee to Edward M. Weil, Jr., a member of the Company’s board of directors. Following the grant of these awards there remained an additional 217,975 Restricted Shares that may be awarded in the future pursuant to the delegation of authority to Mr. Weil. No awards may be made pursuant to this delegation of authority to anyone who is also a partner, member or equity owner of the parent of the Advisor. The Restricted Shares granted to employees of the Advisor or its affiliates vest in 25% increments on each of the first four anniversaries of the grant date. Except in connection with a change in control (as defined in the award agreement) of the Company, any unvested Restricted Shares (but not any cash dividends paid thereon) will be forfeited if the holder’s employment with the Advisor terminates for any reason. Upon a change in control of the Company, 50% of the unvested Restricted Shares will immediately vest and the remaining unvested Restricted Shares will be forfeited. Compensation Expense — RSP Compensation expense for awards granted pursuant to the RSP was $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Compensation expense is recorded as equity-based compensation in the accompanying consolidated statements of operations. As of December 31, 2020, the Company had $0.5 million unrecognized compensation cost related to RSUs granted under the RSP, which is expected to be recognized over a weighted-average period of 1.8 years. As of December 31, 2020, the Company had $2.1 million unrecognized compensation cost related to Restricted Share awards granted under the RSP, which is expected to be recognized over a period of 3.8 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. None of the LTIP Units granted under the 2015 OPP were earned and all of those LTIP Units 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 granted under the 2018 OPP 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 the LTIP Units that have been granted is being recorded evenly over the requisite service period which is approximately 2.8 years from the grant date in 2018. 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 at the time of the amendment ($29.9 million) over the fair value immediately prior to the amendment ($23.3 million). This excess of approximately $6.6 million is being expensed over the period from February 21, 2019, the date the Company’s compensation committee approved the amendment, through June 2, 2021, the end of the service period. During the years ended December 31, 2020 and 2019 and 2018, respectively, the Company recorded expense of $9.4 million, $9.1 million and $3.3 million related to the 2018 OPP. Also, during the year ended December 31, 2018, the Company recorded a reduction in expense of $1.1 million for the 2015 OPP, resulting in net expense recorded of $2.2 million for the year ended December 31, 2018 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 Advisor, as the holder of the LTIP Units is entitled to distributions on the LTIP Units equal to 10% of the distributions made per OP Unit (other than distributions of sale proceeds) until the LTIP Units are earned. The Company paid approximately $0.4 million, $0.5 million and $0.6 million in distributions related to LTIP Units during the years ended December 31, 2020, 2019 and 2018, 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, any LTIP Units that are earned 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 that is earned and vested is economically equivalent to the average capital account balance of an OP Unit, 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 may 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 0 % Less than 24% — Threshold 25 % 24% 319,366 Target 50 % 30% 638,733 Maximum 100 % 36% or higher 1,277,465 If the Company’s absolute TSR is more than 24% but less than 30%, or more than 30% but less than 36%, the percentage of the Absolute TSR LTIP Units earned is determined using linear interpolation as between those tiers, respectively. Half of the LTIP Units (the “Relative TSR LTIP Units”) are eligible to be earned as of the Valuation Date if the amount, expressed in terms of basis points, whether positive or negative, by which the Company’s absolute TSR for the Performance Period exceeds the average TSR of a peer group for the Performance Period consisting of Lexington Realty Trust, W.P. Carey Inc. and Office Properties Income Trust as follows: Performance Level (% of Relative TSR LTIP Units Earned) Relative TSR Excess Number of Absolute TSR LTIP Units Earned Below Threshold 0 % 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 — basis points, or more than — basis points but less than +600 bps, the percentage of the Relative TSR LTIP Units earned is determined using linear interpolation as between those tiers, respectively. If the Valuation Date is the effective date of a Change of Control or a termination of the Advisor for any reason (i.e., with or without cause), the number of LTIP Units earned will be calculated based on actual performance through 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 Company’s board of directors if the board of directors so elects. Following the Valuation Date, the compensation committee is responsible for determining the number of Absolute TSR LTIP Units and Relative TSR LTIP Units earned, as calculated by an independent consultant engaged by the compensation committee and as approved by the compensation committee in its reasonable and good faith discretion. The compensation committee also must approve the transfer of any Absolute TSR LTIP Units and Relative TSR LTIP Units (or OP Units into which they may be converted in accordance with the terms of the agreement of limited partnership of the OP). LTIP Units earned as of the Valuation Date will also become vested as of the Valuation Date. Any LTIP Units that are not earned and vested after the Compensation Committee makes the required determination will automatically and without notice be forfeited without the payment of any consideration by the Company or the OP, effective as of the Valuation Date. 2015 OPP In connection with the Listing, the Company entered into the 2015 OPP with the OP and the Advisor. Under the 2015 OPP, the Advisor was issued 3,013,933 LTIP Units in the OP with a maximum award value on the issuance date equal to 5.00% of the Company’s market capitalization (the “OPP Cap”). Because no performance goals under the 2015 OPP were achieved, no LTIP Units issued under the 2015 OPP were earned and all LTIP Units issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP, effective as of June 2, 2018. Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “Three-Year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% __________________________________ * The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. The potential outperformance award was calculated at the end of each One-Year Period, the Two-Year Period and the Three-Year Period. The award earned for the Three-Year Period was based on the formula in the table above less any awards earned for the Two-Year Period and One-Year Periods, but not less than zero; the award earned for the Two-Year Period was based on the formula in the table above less any award earned for the first and second One-Year Period, but not less than zero. Any LTIP Units that were unearned at the end of the Performance Period were to be forfeited. One third of any earned LTIP Units were to vest, subject to the Advisor’s continued service through each vesting date, on each of the third, fourth and fifth anniversaries of June 2, 2015. As of June 2, 2016 (end of the first One-Year Period), June 2, 2017 (end of the Two-Year Period) and June 2, 2018 (end of the Three-Year Period), no LTIP units were earned by the Advisor under the terms of the 2015 OPP. Accordingly, all LTIP Units that had been issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP effective as of the end of the Three-Year Period. Other Equity-Based Compensation The Company may issue Common Stock in lieu of cash to pay fees earned by the Company’s directors at each director’s election. If the Company did so, there would be no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were no such shares of Common Stock issued in lieu of cash during the years ended December 31, 2020, 2019 and 2018.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net (loss) income attributable to common stockholders $ (7,775) $ 34,535 $ 1,082 Adjustments to net (loss) income attributable to common stockholders for common share equivalents (468) (660) (689) Adjusted net (loss) income attributable to common stockholders $ (8,243) $ 33,875 $ 393 Weighted average common shares outstanding — Basic 89,473,554 85,031,236 69,411,061 Weighted average common shares outstanding — Diluted 89,473,554 86,349,645 69,663,208 Net (loss) income per share attributable to common stockholders — Basic $ (0.09) $ 0.40 $ 0.01 Net (loss) income per share attributable to common stockholders — Diluted $ (0.09) $ 0.39 $ 0.01 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 Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except 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 distributions to the unvested Restricted Shares, 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 Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted-average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 Unvested RSUs 44,949 40,541 46,352 Unvested Restricted Shares (1) 38,703 — — LTIP Units (2) 2,554,930 1,277,465 970,173 Total common share equivalents excluded from EPS calculation 2,638,582 1,318,006 1,016,525 1) There were 132,025 Restricted Shares issued and outstanding as of December 31, 2020. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during the year ended December 31, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of December 31, 2020, 2019 and 2018. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP. Conditionally issuable shares relating to the 2018 OPP award of LTIP Units (see Note 13 — Equity-Based Compensation ) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the year ended December 31, 2020. Conditionally issuable shares relating to the 2018 OPP award of LTIP Units (see Note 12 — Equity-Based Compensation ) are included in the computation of fully diluted EPS on a weighted-average basis for the years ended December 31, 2019 and 2018 based on shares that would have been issued if the balance sheet dates were the end of the measurement period.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for years ended December 31, 2020 and 2019: (In thousands, except share and per share data) Quarters Ended 2020 March 31, June 30, (1) September 30, (1) December 31, (1) Revenue from tenants $ 79,242 $ 81,109 $ 82,711 $ 87,042 Net income (loss) attributable to common stockholders $ 5,038 $ 966 $ (502) $ (13,277) Adjustments to net income (loss) attributable to common stockholders for common share equivalents (135) (129) (102) (102) Adjusted net income (loss) attributable to common stockholders $ 4,903 $ 837 $ (604) $ (13,379) Weighted average shares outstanding — Basic 89,458,753 89,470,114 89,482,577 89,482,577 Weighted average shares outstanding — Diluted 89,499,294 90,102,709 89,482,577 89,482,577 Net income (loss) per share attributable to common stockholders — Basic and Diluted $ 0.05 $ 0.01 $ (0.01) $ (0.15) (In thousands, except share and per share data) Quarters Ended 2019 March 31, June 30, September 30, (2) December 31, Revenue from tenants $ 75,468 $ 76,119 $ 77,942 $ 76,685 Net income attributable to common stockholders $ 5,791 $ 12,621 $ 6,860 $ 9,263 Adjustments to net income attributable to common stockholders for common share equivalents (160) (174) (176) (150) Adjusted net income attributable to common stockholders $ 5,631 $ 12,447 $ 6,684 $ 9,113 Weighted average shares outstanding — Basic 81,474,615 83,847,120 85,254,638 89,458,381 Weighted average shares outstanding — Diluted 82,798,432 85,165,549 86,202,582 90,776,790 Net income per share attributable to common stockholders — Basic and Diluted $ 0.07 $ 0.15 $ 0.08 $ 0.10 _______ (1) During the fourth quarter of 2020, the Company recorded a loss of $3.9 million related to certain historical errors in the second and third quarters of 2020 related to the recording of the impact of foreign currency changes on its over-hedged portion of its net investment hedges, which is considered to be ineffective. The amounts, which totaled $1.3 million and $2.6 million for the second and third quarters of 2020, respectively, were incorrectly recorded as a currency translation adjustment in AOCI as opposed to being recorded as losses in unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness in the consolidated statement of operations. For additional information on the above or on the Company’s derivative accounting policies and derivatives and hedging activities, see the Note 2 — Summary of Significant Accounting Policies and Note 8 — Derivatives and Hedging Activities. (2) During the three months ended September 30, 2019, the Company recorded an impairment charge of $6.4 million for two properties which it sold in the fourth quarter of 2019. For additional details see Note 3 — Real Estate Investments, Net .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except for as previously disclosed or disclosed below. Stockholder Rights Plan Amendment In February 2021, the Company amended the stockholder rights plan to extend expiration date of the rights under the plan from April 2021 to April 2024, unless earlier exercised, exchanged, amended, redeemed or terminated.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation Schedule III	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Schedule III	Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) McDonalds Corporation Carlisle United Kingdom Oct. 2012 $ — (6) $ 438 $ 831 $ — $ — $ 1,269 $ 170 Wickes Blackpool United Kingdom May 2013 — (6) 1,843 1,841 — — 3,684 517 Everything Everywhere Merthyr Tydfil United Kingdom Jun. 2013 — (6) 3,754 2,174 — — 5,928 548 Thames Water Swindon United Kingdom Jul. 2013 — (6) 3,754 4,037 — 12 7,803 995 Wickes Tunstall United Kingdom Jul. 2013 — (6) 956 2,031 — — 2,987 552 PPD Global Labs Highland Heights KY Aug. 2013 — (9) 2,001 5,162 — 87 7,250 1,148 Northern Rock Sunderland United Kingdom Sep. 2013 — (6) 1,365 4,348 — — 5,713 1,060 Wickes Clifton United Kingdom Nov. 2013 — (6) 1,365 1,777 — — 3,142 467 XPO Logistics Aurora NE Nov. 2013 — (13) 295 1,470 — — 1,765 438 XPO Logistics Grand Rapids MI Nov. 2013 — (13) 945 1,247 — — 2,192 371 XPO Logistics Riverton IL Nov. 2013 — (13) 344 707 — — 1,051 211 XPO Logistics Salina KS Nov. 2013 — (13) 461 1,622 — — 2,083 483 XPO Logistics Uhrichsville OH Nov. 2013 — (13) 380 780 — — 1,160 232 XPO Logistics Vincennes IN Nov. 2013 — (13) 220 633 — — 853 194 XPO Logistics Waite Park MN Nov. 2013 — (13) 366 700 — — 1,066 197 Wolverine Howard City MI Dec. 2013 — (13) 719 12,027 — — 12,746 3,540 Encanto Restaurants Baymon PR Dec. 2013 — 1,150 1,552 — — 2,702 428 Encanto Restaurants Caguas PR Dec. 2013 — — 2,233 — — 2,233 615 Encanto Restaurants Carolina PR Dec. 2013 — 1,840 2,485 — — 4,325 684 Encanto Restaurants Carolina PR Dec. 2013 — 615 676 — — 1,291 186 Encanto Restaurants Guayama PR Dec. 2013 — 673 740 — — 1,413 204 Encanto Restaurants Mayaguez PR Dec. 2013 — 410 862 — — 1,272 237 Encanto Restaurants Ponce PR Dec. 2013 — 600 1,218 — — 1,818 307 Encanto Restaurants Ponce PR Dec. 2013 — 655 1,375 — — 2,030 379 Encanto Restaurants Puerto Neuvo PR Dec. 2013 — — 704 — — 704 194 Encanto Restaurants Quebrada Arena PR Dec. 2013 — 843 1,410 — — 2,253 388 Encanto Restaurants Rio Piedras PR Dec. 2013 — 963 1,609 — — 2,572 443 Encanto Restaurants Rio Piedras PR Dec. 2013 — 505 1,061 — — 1,566 292 Encanto Restaurants San German PR Dec. 2013 — 391 631 — — 1,022 159 Encanto Restaurants San Juan PR Dec. 2013 — 153 551 — — 704 152 Encanto Restaurants San Juan PR Dec. 2013 — 1,235 1,358 — — 2,593 374 Encanto Restaurants San Juan PR Dec. 2013 — 389 1,051 — — 1,440 290 Encanto Restaurants Toa Baja PR Dec. 2013 — 68 536 — — 604 135 Encanto Restaurants Vega Baja PR Dec. 2013 — 822 1,374 — — 2,196 379 Rheinmetall Neuss Germany Jan. 2014 — (11) 6,306 17,706 — 79 24,091 3,382 GE Aviation Grand Rapids MI Jan. 2014 — (7) 3,174 27,076 — 203 30,453 5,053 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Provident Financial Bradford United Kingdom Feb. 2014 — (6) 1,377 25,543 — — 26,920 4,503 Crown Crest Leicester United Kingdom Feb. 2014 — (6) 7,844 32,394 — — 40,238 6,507 Trane Davenport IA Feb. 2014 — 291 1,968 — — 2,259 440 Aviva Sheffield United Kingdom Mar. 2014 — (6) 2,966 33,606 — — 36,572 6,043 DFS Trading Brigg United Kingdom Mar. 2014 — (6) 1,385 3,929 — — 5,314 795 DFS Trading Carcroft United Kingdom Mar. 2014 — (6) 1,165 4,613 — — 5,778 864 DFS Trading Carcroft United Kingdom Mar. 2014 — (6) 316 2,270 — — 2,586 484 DFS Trading Darley Dale United Kingdom Mar. 2014 — (6) 1,363 3,499 — — 4,862 723 DFS Trading Somercotes United Kingdom Mar. 2014 — (6) 801 2,859 — — 3,660 696 Government Services Administration (GSA) Fanklin TN Mar. 2014 — 4,160 30,083 — — 34,243 5,399 National Oilwell Williston ND Mar. 2014 — 211 3,513 — — 3,724 851 Government Services Administration (GSA) Dover DE Apr. 2014 — 1,097 1,715 — — 2,812 343 Government Services Administration (GSA) Germantown PA Apr. 2014 — 1,097 3,573 — 22 4,692 641 OBI DIY Mayen Germany Apr. 2014 — (11) 1,374 8,203 — — 9,577 1,666 DFS Trading South Yorkshire United Kingdom Apr. 2014 — (6) — 1,427 — — 1,427 385 DFS Trading Yorkshire United Kingdom Apr. 2014 — (6) — 1,860 — — 1,860 337 Government Services Administration (GSA) Dallas TX Apr. 2014 — 484 2,934 — — 3,418 524 Government Services Administration (GSA) Mission TX Apr. 2014 — 618 3,145 — — 3,763 594 Government Services Administration (GSA) International Falls MN May 2014 — (7) 350 11,182 — 63 11,595 2,058 Indiana Department of Revenue Indianapolis IN May 2014 — 891 7,677 — — 8,568 1,445 National Oilwell Pleasanton TX May 2014 — 202 1,643 — — 1,845 374 Nissan Murfreesboro TN May 2014 — (7) 966 19,573 — — 20,539 3,379 Government Services Administration (GSA) Lakewood CO Jun. 2014 — 1,220 7,928 — — 9,148 1,372 Lippert Components South Bend IN Jun. 2014 — (7) 3,195 6,883 — — 10,078 1,217 Axon Energy Products Conroe TX Jun. 2014 — 826 6,132 — 2 6,960 1,026 Axon Energy Products Houston TX Jun. 2014 — 294 2,310 — — 2,604 431 Axon Energy Products Houston TX Jun. 2014 — 416 5,186 — — 5,602 938 Bell Supply Co Carrizo Springs TX Jun. 2014 — 260 1,445 — — 1,705 311 Bell Supply Co Cleburne TX Jun. 2014 — 301 323 — — 624 77 Bell Supply Co Frierson LA Jun. 2014 — 260 1,054 — — 1,314 313 Bell Supply Co Gainesville TX Jun. 2014 — 131 1,420 — — 1,551 258 Bell Supply Co Killdeer ND Jun. 2014 — 307 1,250 — — 1,557 262 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Bell Supply Co Williston ND Jun. 2014 — 162 2,323 — — 2,485 439 GE Oil & Gas Canton OH Jun. 2014 — 437 3,039 — 300 3,776 611 GE Oil & Gas Odessa TX Jun. 2014 — 1,611 3,322 — — 4,933 1,121 Lhoist Irving TX Jun. 2014 — 173 2,154 — 125 2,452 472 Select Energy Services DeBerry TX Jun. 2014 — 533 7,551 — — 8,084 2,171 Select Energy Services Gainesville TX Jun. 2014 — 519 7,482 — — 8,001 1,276 Select Energy Services Victoria TX Jun. 2014 — 354 1,698 — — 2,052 379 Bell Supply Co Jacksboro TX Jun. 2014 — 51 657 — — 708 195 Bell Supply Co Kenedy TX Jun. 2014 — 190 1,669 — — 1,859 391 Select Energy Services Alice TX Jun. 2014 — 518 1,331 — — 1,849 268 Select Energy Services Dilley TX Jun. 2014 — 429 1,777 — — 2,206 422 Select Energy Services Kenedy TX Jun. 2014 — 815 8,355 — — 9,170 1,700 Select Energy Services Laredo TX Jun. 2014 — 2,472 944 — — 3,416 285 Superior Energy Services Gainesville TX Jun. 2014 — 322 480 — — 802 88 Superior Energy Services Jacksboro TX Jun. 2014 — 408 312 — — 720 79 Amcor Packaging Workington United Kingdom Jun. 2014 — (6) 1,188 7,005 — — 8,193 1,471 Government Services Administration (GSA) Raton NM Jun. 2014 — 93 875 — — 968 168 Nimble Storage San Jose CA Jun. 2014 — (9) 30,227 10,795 — 180 41,202 1,938 FedEx Amarillo TX Jul. 2014 — 889 6,446 — — 7,335 1,361 FedEx Chicopee MA Jul. 2014 — 1,030 7,022 — — 8,052 1,551 FedEx San Antonio TX Jul. 2014 — (13) 3,283 17,756 — — 21,039 3,117 Sandoz Princeton NJ Jul. 2014 — (7) 7,766 31,994 — 11,962 51,722 11,324 Wyndham Branson MO Jul. 2014 — 881 3,307 — — 4,188 614 Valassis Livonia MI Jul. 2014 — 1,735 8,119 — — 9,854 1,382 Government Services Administration (GSA) Fort Fairfield ME Jul. 2014 — 26 9,315 — — 9,341 1,526 AT&T Services, Inc. San Antonio TX Jul. 2014 — (14) 5,312 41,201 — — 46,513 6,677 PNC Bank Erie PA Jul. 2014 — (9) 242 6,195 — — 6,437 1,025 PNC Bank Scranton PA Jul. 2014 — (7) 1,324 3,004 — — 4,328 510 Continental Tire Fort Mill SC Jul. 2014 — 780 14,259 — — 15,039 2,354 Fujitsu Office Properties Manchester United Kingdom Jul. 2014 — (6) 3,855 41,726 — — 45,581 6,995 BP Oil Wootton Bassett United Kingdom Aug. 2014 — (6) 625 2,703 — — 3,328 482 HBOS Derby United Kingdom Aug. 2014 — (6) 627 6,320 — — 6,947 1,163 HBOS St. Helens United Kingdom Aug. 2014 — (6) 238 3,581 — — 3,819 664 HBOS Warrington United Kingdom Aug. 2014 — (6) 454 2,139 — — 2,593 428 Malthurst Shiptonthorpe United Kingdom Aug. 2014 — (6) 288 2,045 — — 2,333 401 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Malthurst Yorkshire United Kingdom Aug. 2014 — (6) 510 1,339 — — 1,849 344 Stanley Black & Decker Westerville OH Aug. 2014 — 958 6,933 — — 7,891 1,185 Thermo Fisher Kalamazoo MI Aug. 2014 — 1,176 10,179 — — 11,355 1,654 Capgemini Birmingham United Kingdom Aug. 2014 — (6) 1,699 16,109 — — 17,808 2,845 Merck Madison NJ Aug. 2014 — (7) 10,290 32,530 — — 42,820 5,255 Government Services Administration (GSA) Rangeley ME Aug. 2014 — 1,377 4,746 — 1,013 7,136 860 Hewlett-Packard Newcastle United Kingdom Sep. 2014 — (6) 1,174 19,541 — — 20,715 3,239 Intier Automotive Redditch United Kingdom Sep. 2014 — (6) 1,212 9,596 — — 10,808 1,769 Waste Management Winston-Salem NC Sep. 2014 — 494 3,235 — — 3,729 549 FedEx Winona MN Sep. 2014 — 83 1,785 — — 1,868 347 Dollar General Allen OK Sep. 2014 — 99 793 — — 892 141 Dollar General Cherokee KS Sep. 2014 — 27 769 — — 796 139 Dollar General Clearwater KS Sep. 2014 — 90 785 — — 875 141 Dollar General Dexter NM Sep. 2014 — 329 585 — — 914 105 Dollar General Elmore City OK Sep. 2014 — 21 742 — — 763 135 Dollar General Eunice NM Sep. 2014 — 269 569 — — 838 104 Dollar General Gore OK Sep. 2014 — 143 813 — — 956 146 Dollar General Kingston OK Sep. 2014 — 81 778 — — 859 141 Dollar General Lordsburg NM Sep. 2014 — 212 719 — — 931 128 Dollar General Lyons KS Sep. 2014 — 120 970 — — 1,090 172 Dollar General Mansfield LA Sep. 2014 — 169 812 — — 981 145 Dollar General Neligh NE Sep. 2014 — 83 1,045 — — 1,128 181 Dollar General Norman OK Sep. 2014 — 40 913 — — 953 163 Dollar General Peggs OK Sep. 2014 — 72 879 — — 951 156 Dollar General Santa Rosa NM Sep. 2014 — 324 575 — — 899 104 Dollar General Sapulpa OK Sep. 2014 — 143 745 — — 888 137 Dollar General Schuyler NE Sep. 2014 — 144 905 — — 1,049 159 Dollar General Tahlequah OK Sep. 2014 — 132 925 — — 1,057 164 Dollar General Townville PA Sep. 2014 — 78 882 — — 960 166 Dollar General Valley Falls KS Sep. 2014 — 51 922 — — 973 160 Dollar General Wymore NE Sep. 2014 — 21 872 — — 893 154 FedEx Bohemia NY Sep. 2014 — (7) 4,838 19,596 — — 24,434 3,530 FedEx Watertown NY Sep. 2014 — 561 4,757 — — 5,318 903 Shaw Aero Naples FL Sep. 2014 — 998 22,332 — — 23,330 3,631 Mallinckrodt St. Louis MO Sep. 2014 — (9) 1,499 16,828 — — 18,327 2,764 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Kuka Warehouse Sterling Heights MI Sep. 2014 — 1,227 10,790 — — 12,017 1,772 Trinity Health Livonia MI Sep. 2014 — 4,273 16,574 — 2,075 22,922 3,318 Trinity Health Livonia MI Sep. 2014 — 4,680 11,568 — 2,423 18,671 2,794 FedEx Hebron KY Sep. 2014 — 1,106 7,750 — 109 8,965 1,371 FedEx Lexington KY Sep. 2014 — 1,118 7,961 — — 9,079 1,363 GE Aviation Cincinnati OH Sep. 2014 — 1,393 10,490 — — 11,883 1,727 Bradford & Bingley Bingley United Kingdom Oct. 2014 — (6) 4,552 11,430 — — 15,982 2,035 DNV GL Dublin OH Oct. 2014 — 2,509 3,140 — 126 5,775 567 Rexam Reckinghausen Germany Oct. 2014 — (11) 865 12,173 — — 13,038 1,996 C&J Energy Houston TX Oct. 2014 — (7) 3,865 9,457 — — 13,322 1,636 FedEx Lake Charles LA Oct. 2014 — (14) 255 7,485 — 297 8,037 1,450 Onguard Havre De Grace MD Oct. 2014 — 2,216 6,585 — — 8,801 1,525 Axon Energy Products Houston TX Oct. 2014 — 297 2,432 — — 2,729 391 Metro Tonic Halle Peissen Germany Oct. 2014 — (11) 7,453 52,217 — — 59,670 9,482 Tokmanni Matsala Finland Nov. 2014 — (10) 1,931 58,456 — — 60,387 10,001 Fife Council Dunfermline United Kingdom Nov. 2014 — (6) 360 4,637 — — 4,997 770 Government Services Administration (GSA) Rapid City SD Nov. 2014 — 504 7,837 — — 8,341 1,308 KPN BV Houten The Netherlands Nov. 2014 — (12) 1,729 21,154 — — 22,883 3,312 Follett School McHenry IL Dec. 2014 — 3,423 15,600 — — 19,023 3,031 Quest Diagnostics, Inc. Santa Clarita CA Dec. 2014 — (14) 10,714 69,018 — — 79,732 10,679 Diebold North Canton OH Dec. 2014 — (13) — 9,142 — — 9,142 1,699 Weatherford International Odessa TX Dec. 2014 — (9) 665 1,795 — — 2,460 479 AM Castle Wichita KS Dec. 2014 — 426 6,681 — 509 7,616 1,048 FedEx Billerica MA Dec. 2014 — 1,138 6,674 — 752 8,564 1,308 Constellium Auto Wayne MI Dec. 2014 — (7) 1,180 13,781 — 7,875 22,836 5,421 C&J Energy Houston TX Mar. 2015 — (7) 6,196 21,745 — — 27,941 3,305 FedEx Salina UT Mar. 2015 — 428 3,447 — — 3,875 744 FedEx Pierre SD Apr. 2015 — — 3,288 — — 3,288 681 Crowne Group Fraser MI Aug. 2015 — 350 3,865 — — 4,215 579 Crowne Group Jonesville MI Aug. 2015 — 101 3,136 — — 3,237 484 Crowne Group Logansport IN Aug. 2015 — 1,843 5,430 — — 7,273 947 Crowne Group Marion SC Aug. 2015 — 386 7,993 — — 8,379 1,273 JIT Steel Chattanooga TN Sep. 2015 — 582 3,122 — — 3,704 440 JIT Steel Chattanooga TN Sep. 2015 — 316 1,986 — — 2,302 274 Mapes & Sprowl Elk Grove Village IL Sep. 2015 — (13) 954 4,619 — — 5,573 672 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Beacon Health South Bend IN Sep. 2015 — 1,636 8,190 — — 9,826 1,213 National Oilwell Pleasanton TX Sep. 2015 — 80 3,372 — — 3,452 517 Office Depot Venlo The Netherlands Sep. 2015 — 3,825 16,915 — — 20,740 2,690 Finnair Helsinki Finland Sep. 2015 — (10) 2,760 78,649 — — 81,409 11,221 Hannibal Houston TX Sep. 2015 — 2,090 11,138 — — 13,228 1,540 FedEx Mankato MN Sep. 2015 — 472 6,780 — — 7,252 1,202 Auchan Beychac-et-Caillau France Dec. 2016 — (15) 4,441 14,442 — — 18,883 1,948 DCNS Guipavas France Dec. 2016 — (15) 2,072 15,722 — — 17,794 1,746 Deutsche Bank Kirchberg Luxembourg Dec. 2016 — (12) 15,842 53,884 — 733 70,459 5,584 FedEx Greensboro NC Dec. 2016 — 1,820 8,252 — — 10,072 1,151 Foster Wheeler Reading United Kingdom Dec. 2016 — (6) 28,875 78,992 — — 107,867 8,125 Harper Collins Glasgow United Kingdom Dec. 2016 — (6) 10,784 55,087 — — 65,871 6,132 ID Logistics Landersheim France Dec. 2016 — (15) 2,114 8,882 — — 10,996 975 ID Logistics Moreuil France Dec. 2016 — (15) 3,262 6,598 — — 9,860 761 ID Logistics Weilbach Germany Dec. 2016 — (11) 1,460 9,652 — — 11,112 1,011 ING Bank Amsterdam Zuidoos The Netherlands Dec. 2016 — (12) — 79,867 — 294 80,161 8,112 NCR Financial Solutions Group Dundee United Kingdom Dec. 2016 — (6) 2,744 8,777 — — 11,521 1,098 Pole Emploi Marseille France Dec. 2016 — (15) 874 9,218 — — 10,092 945 Sagemcom Rueil Malmaison France Dec. 2016 — (15) 3,296 79,167 — 4,165 86,628 8,328 Worldline SA Blois France Dec. 2016 — (15) 1,239 5,896 — — 7,135 833 Cott Beverages Sikeston MO Feb. 2017 — 456 8,291 — — 8,747 855 FedEx Great Falls MT Mar. 2017 — (9) 326 5,439 — — 5,765 740 FedEx Morgantown WV Mar. 2017 — (7) 4,661 8,401 — — 13,062 902 Bridgestone Tire Mt. Olive Township NJ Sep. 2017 — (8) 916 5,088 — — 6,004 465 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 210 1,753 — — 1,963 163 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 300 3,936 — — 4,236 412 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 270 3,858 — — 4,128 363 GKN Aerospace Blue Ash OH Oct. 2017 — (8) 790 4,079 — — 4,869 373 Tremec Wixom MI Nov. 2017 — (8) 1,002 17,376 — — 18,378 1,596 NSA Industries Groveton NH Dec. 2017 — (8) 59 3,517 — — 3,576 271 Cummins Omaha NE Dec. 2017 — (8) 1,448 6,469 — — 7,917 608 Government Services Administration (GSA) Gainsville FL Dec. 2017 — 451 6,016 — — 6,467 473 Chemours Pass Christian MS Feb. 2018 — (13) 382 16,149 — — 16,531 1,389 Lee Steel Wyoming MI Mar. 2018 — 504 7,256 — — 7,760 523 LSI Steel Chicago IL Mar. 2018 — 3,341 1,181 — — 4,522 85 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) LSI Steel Chicago IL Mar. 2018 — 1,792 5,615 — — 7,407 388 LSI Steel Chicago IL Mar. 2018 — 2,856 948 — — 3,804 74 Fiat Chrysler Sterling Heights MI Mar. 2018 — 1,855 13,623 — — 15,478 1,128 Contractors Steel Belleville MI May 2018 — 2,862 25,878 — 6,296 35,036 2,052 Contractors Steel Hammond IN May 2018 — 1,970 8,859 — — 10,829 739 Contractors Steel Livonia MI May 2018 — 933 8,554 — 1,357 10,844 758 Contractors Steel Twinsburg OH May 2018 — 729 8,707 — 2,500 11,936 947 Contractors Steel Wyoming MI May 2018 — 970 12,426 — 1,232 14,628 1,047 FedEx Blackfoot ID Jun. 2018 — (13) 350 6,882 — — 7,232 811 DuPont Pioneer Spencer IA Jun. 2018 — 273 6,718 — — 6,991 517 Rubbermaid Akron OH Jul. 2018 — (13) 1,221 17,145 — — 18,366 1,065 NetScout Allen TX Aug. 2018 — (9) 2,115 41,486 — — 43,601 2,544 Bush Industries Jamestown NY Sep. 2018 — (13) 1,535 14,818 — — 16,353 901 FedEx Greenville NC Sep. 2018 — (13) 581 9,744 — — 10,325 1,109 Penske Romulus MI Nov. 2018 70,000 4,701 105,826 — — 110,527 6,164 NSA Industries Georgetown MA Nov. 2018 — 1,100 6,059 — 1,198 8,357 432 LKQ Corp. Cullman AL Dec. 2018 — 61 3,781 — — 3,842 217 Grupo Antolin North America, Inc. Shelby Township MI Dec. 2018 — 1,941 41,648 — — 43,589 2,307 Walgreens Pittsburgh PA Dec. 2018 — 1,701 13,718 — — 15,419 768 VersaFlex Kansas City KS Dec. 2018 — 519 7,581 — — 8,100 395 Cummins Gillette WY Mar. 2019 — (14) 1,197 5,470 — — 6,667 325 Stanley Security Fishers IN Mar. 2019 — (14) 1,246 11,879 — — 13,125 573 Sierra Nevada Colorado Springs CO Apr. 2019 — — 16,105 — — 16,105 765 EQT Waynesburg PA Apr. 2019 — (14) 875 11,126 — — 12,001 549 Hanes Calhoun GA Apr. 2019 — (14) 731 8,104 — — 8,835 428 Union Partners Aurora IL May 2019 — 929 11,621 — — 12,550 497 Union Partners Dearborn MI May 2019 — (14) 3,028 11,645 — — 14,673 520 ComDoc North Canton OH Jun. 2019 — (14) 602 15,128 — — 15,730 674 Metal Technologies Bloomfield IN Jun. 2019 — (14) 277 9,552 — — 9,829 443 Encompass Health Birmingham AL Jun. 2019 — (14) 1,746 55,568 — — 57,314 2,117 Heatcraft Tifton GA Jun. 2019 — (14) 346 9,064 — — 9,410 346 CF Sauer SLB Mauldin SC Aug. 2019 — 40 343 — — 383 14 CF Sauer SLB Mauldin SC Aug. 2019 — 232 15,488 — — 15,720 587 CF Sauer SLB Mauldin SC Aug. 2019 — 348 4,747 — — 5,095 220 CF Sauer SLB Mauldin SC Aug. 2019 — 190 9,488 — — 9,678 358 CF Sauer SLB Orange FL Aug. 2019 — 237 351 — — 588 18 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) CF Sauer SLB San Luis Obispo CA Aug. 2019 — 2,201 12,884 — — 15,085 507 SWECO Florence KY Sep. 2019 — 2,080 21,924 — — 24,004 848 Viavi Solutions Santa Rosa CA Sep. 2019 — 3,061 5,929 — 711 9,701 222 Viavi Solutions Santa Rosa CA Sep. 2019 — 3,073 7,130 — 244 10,447 267 Faurecia Auburn Hills MI Dec. 2019 — 3,310 38,278 — 1,521 43,109 1,155 Plasma Garland TX Dec. 2019 — 595 2,421 — — 3,016 85 Plasma El Paso TX Dec. 2019 — 72 2,478 — — 2,550 68 Plasma Bradenton FL Dec. 2019 — 185 3,747 — — 3,932 108 Plasma Hickory NC Dec. 2019 — 494 3,702 — — 4,196 111 Plasma Irving TX Dec. 2019 — 673 3,916 — — 4,589 139 Plasma Lake Charles LA Dec. 2019 — 301 1,730 — — 2,031 55 Plasma Mission TX Dec. 2019 — 275 1,735 — — 2,010 53 Plasma Meridian MS Dec. 2019 — 203 2,965 — — 3,168 90 Plasma Peoria IL Dec. 2019 — 206 2,578 — — 2,784 74 Whirlpool Cleveland TN Dec. 2019 — 2,230 20,923 — — 23,153 666 Whirlpool Clyde OH Dec. 2019 — 1,641 20,072 — — 21,713 621 Whirlpool Clyde OH Dec. 2019 — 3,559 17,283 — — 20,842 627 Whirlpool Findlay OH Dec. 2019 — 1,344 22,624 — — 23,968 658 Whirlpool Marion OH Dec. 2019 — 1,876 27,850 — — 29,726 819 Whirlpool Ottawa OH Dec. 2019 — 3,155 19,919 — — 23,074 600 FedEx Bathurst Canada Dec. 2019 — 39 2,253 — — 2,292 90 FedEx Woodstock Canada Dec. 2019 — 436 3,942 — — 4,378 133 NSA Industries Franklin NH Dec. 2019 — 237 7,968 — — 8,205 247 Viavi Santa Rosa CA Jan. 2020 — 3,209 4,203 — 290 7,702 136 CSTK St. Louis MO Feb. 2020 — 3,405 8,155 — — 11,560 258 Metal Technologies Bloomfield IN Feb. 2020 — 167 1,034 — — 1,201 32 Whirlpool Fabriano ITA Feb. 2020 — 223 5,271 — — 5,494 112 Whirlpool Fabriano ITA Feb. 2020 — 2,603 15,067 — — 17,670 348 FedEx Moncton Canada Mar. 2020 — 310 3,090 — — 3,400 75 Klaussner Asheboro NC Mar. 2020 — 1,994 8,821 — — 10,815 182 Klaussner Asheboro NC Mar. 2020 — 3,470 19,521 — — 22,991 383 Klaussner Asheboro NC Mar. 2020 — 4,102 10,420 — — 14,522 226 Klaussner Candor NC Mar. 2020 — 1,705 9,528 — — 11,233 192 Plasma Danville VA May 2020 — 434 2,209 — — 2,643 38 Plasma Des Moines IA May 2020 — 254 2,827 — — 3,081 45 Plasma Erie PA May 2020 — 223 2,321 — — 2,544 40 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Plasma Youngstown OH May 2020 — 41 4,600 — — 4,641 69 Plasma Dayton OH May 2020 — 61 1,796 — — 1,857 28 Plasma North Las Vegas NV May 2020 — 707 3,094 — — 3,801 49 Klaussner Asheboro NC Jun. 2020 — 2,438 3,025 — — 5,463 40 NSA Industries Franklin NH Jun. 2020 — 161 2,857 — — 3,018 46 Johnson Controls Las Rozas de Madrid Spain Sep. 2020 — 2,744 1,811 — — 4,555 12 Johnson Controls Manchester United Kingdom Sep. 2020 — — 1,513 — — 1,513 12 Johnson Controls Manchester United Kingdom Sep. 2020 — — 10,805 — — 10,805 72 Broadridge Financial Solutions El Dorado Hills CA Nov. 2020 — 5,484 47,121 — — 52,605 215 Broadridge Financial Solutions Kansas City MO Nov. 2020 — 5,771 27,665 — — 33,436 124 Broadridge Financial Solutions South Windsor CT Nov. 2020 — 6,473 32,490 — — 38,963 159 Broadridge Financial Solutions Falconer NY Nov. 2020 — 355 16,492 — — 16,847 66 ZF Active Safety Findlay OH Dec. 2020 — 1,231 21,410 — — 22,641 — Johnson Controls Montigny-Le-Bretonneux France Dec. 2020 — 1,197 3,151 — — 4,348 — FCA USA Detroit MI Dec. 2020 — 5,125 95,485 — — 100,610 — Encumbrances allocated based on notes below 1,308,686 $ 1,378,686 $ 476,599 $ 3,081,615 — $ 48,755 $ 3,606,969 $ 355,855 _______ (1) These are stated principal amounts at spot rates for those in local currency and exclude $15.0 million of deferred financing costs. (2) Acquired intangible lease assets allocated to individual properties in the amount of $712.0 million are not reflected in the table above. (3) The tax basis of aggregate land, buildings and improvements as of December 31, 2019 is $3.8 billion. (4) The accumulated depreciation column excludes approximately $319.3 million of accumulated amortization associated with acquired intangible lease assets. (5) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for improvements and five years for fixtures. (6) These properties collateralize the UK Multi-Property Cross Collateralized Loan of $302.0 million as of December 31, 2020. (7) These properties collateralize the U.S. Multi-Property Loan I of $187.0 million as of December 31, 2020. (8) These properties collateralize the U.S. Multi-Property Loan II of $32.8 million as of December 31, 2020. (9) These properties collateralize the U.S. Multi-Property Loan III of $98.5 million as of December 31, 2020. (10) These properties collateralize the loan on the Finland properties of $90.8 million as of December 31, 2020. (11) These properties collateralize the loan on the Germany properties of $63.2 million as of December 31, 2020. (12) These properties collateralize the loan on the Luxembourg and Netherlands properties of $147.2 million as of December 31, 2020. (13) These properties collateralize the U.S. Multi-Property Loan IV of $97.5 million as of December 31, 2020. (14) These properties collateralize the U.S. Multi-Property Loan V of $204.0 million as of December 31, 2020. (15) These properties collateralize the loan on the French properties of $85.9 million as of December 31, 2020. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 Real estate investments, at cost: Balance at beginning of year $ 3,111,496 $ 2,745,348 $ 2,543,052 Additions-Acquisitions 424,595 511,378 420,529 Asset remeasurement — — — Asset dispositions — (143,004) — Transfer to assets held for sale — — (123,021) Impairment charge — (6,299) (1,603) Currency translation adjustment 70,878 4,073 (61,499) Balance at end of the year $ 3,606,969 $ 3,111,496 $ 2,745,348 Accumulated depreciation: Balance at beginning of year $ 266,722 $ 220,225 $ 174,452 Depreciation expense 80,466 69,257 64,849 Asset dispositions — (22,821) (3,861) Transfer to assets held for sale — — (10,633) Currency translation adjustment 8,667 61 (4,582) Balance at end of the year $ 355,855 $ 266,722 $ 220,225

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to multi-year outperformance agreements entered into with the Advisor in 2015 (the “2015 OPP”) and 2018 (the “2018 OPP”) and fair value measurements, as applicable.
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, which include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2020, these leases had a weighted-average remaining lease term of 8.5 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2020 and 2019, the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $61.0 million and $51.8 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s revenue from tenants included impacts of unbilled rental revenue of $7.9 million, $6.8 million and $6.3 million, respectively, to adjust contractual rent to straight-line rent.
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2020 and 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 December 31, 2020 and 2019, the Company did not have any properties classified as held for sale (see Note 3 — Real Estate Investments, Net for additional information). As more fully discussed in this Note under “ Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases” , all of the Company’s leases as lessor, prior to adoption of the new leasing standard on January 1, 2019, were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. During the three-year period ended December 31, 2020, the Company had 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 as right of use assets and operating lease liabilities 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 non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2020, 2019 and 2018 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 preacquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. 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 acquired 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.
Impairment of Long Lived Assets	Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Gain on Dispositions of Real Estate Investments	Gain on Dispositions of Real Estate InvestmentsGains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”).
Depreciation and Amortization and Above and Below-Market Lease Amortization	Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term of the lease and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Above market intangibles and below market intangibles will also be treated in the same way as in-place intangibles upon a lease termination. If a tenant modifies its lease, the unamortized portion of the in-place lease value, customer relationship intangibles, above-market leases and below market leases are assessed to determine whether their useful lives need to be amended (generally accelerated). Generally the Company would not extend the useful lives of their intangible values upon a modification that is an extension. The amortization associated with the Company’s operating lease right-of-use asset (“ROU”) is recorded in property operating expenses on a straight-line basis over the terms of the leases. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the operating lease ROU presented on the Company’s consolidated balance sheet with no change to placement of the amortization expense of such balances.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the U.S. and other countries where we have deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) in the U.S., Financial Services Compensation Scheme (“FSCS”) in the United Kingdom, Duchy Deposit Guarantee Scheme (“DDGS”) in Luxembourg and by similar agencies in the other countries, up to insurance limits.
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 during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed our annual goodwill impairment evaluation in the fourth quarter of 2020 and determined that goodwill was not impaired as of December 31, 2020. There were no material changes to this assessment as of December 31, 2020.
Derivatives Instruments	Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 - Revolving Credit Facility and Term Loan, Net ) are designated as net investment hedges. 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 in an effort 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
Deferred Financing Costs, Net	Deferred Financing Costs, Net Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Equity-Based Compensation	Equity-Based Compensation The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder 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 in the 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 13 — Equity-Based Compensation for additional information). Multi-Year Outperformance Agreements Concurrent with the listing of the Company’s common stock, $0.01 par value per share (“Common Stock”), on the New York Stock Exchange (“NYSE”) on June 2, 2015 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 13 — 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 is 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 13 — 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 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.
Foreign Currency Translation	Foreign Currency TranslationThe Company’s reporting currency is the USD. The functional currency of the Company’s foreign operations is the applicable local currency for each foreign subsidiary. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. The amounts reported in the consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of AOCI in the consolidated statements of equity.
Per Share Data	Per Share DataThe Company calculates basic earnings per share of Common Stock by dividing net income (loss) for the period by weighted-average shares of its Common Stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments such as unvested restricted stock units in respect of shares of Common Stock (“RSU”) restricted shares of Common Stock (“Restricted Shares”), and long-term incentive plan units of limited partner interest in the OP (“LTIP Units”), based on the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstandingUnder 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 Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except 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 distributions to the unvested Restricted Shares, 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 Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted as of January 1, 2019 ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which provides new guidance related to the accounting for leases, as well as the related disclosures. For lessors of real estate, leases are accounted for using an approach substantially the same as previous accounting guidance for operating leases and direct financing leases. For lessees, the new standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a ROU and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. Upon adoption, lessors were allowed a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Also, upon adoption, companies were allowed a practical expedient package, which the Company has elected, that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019 (including assessing sale-leaseback transactions); and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. As a result, all of the Company’s existing leases as of January 1, 2019 continued to be, as all future leases have been classified as operating leases under the new standard. Further, any existing leases for which the property is leased to a tenant in a transaction that at inception was a sale-leaseback transaction will continue to be treated (absent a modification) as operating leases. The Company did not have any leases that would be considered financing leases as of January 1, 2019. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, using a prospective transition approach under which the Company elected to apply the guidance effective January 1, 2019 and not adjust prior comparative reporting periods (except for the Company’s presentation of lease revenue discussed below). Lessor Accounting As discussed above, the Company was not required to re-assess the classification of its leases, which are considered operating leases under ASU 2016-02. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessor: • Because the Company elected the practical expedient noted above to not separate non-lease component revenue from the associated lease component, the Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. Prior periods have been conformed to this new presentation. • Changes in the Company’s assessment of receivables that result in bad debt expense is now required to be recorded as an adjustment to revenue from tenants, rather than a charge to bad debt expense. This new classification applies for the first quarter of 2019 and reclassification of prior period amounts is not permitted. At transition on January 1, 2019, after assessing its reserve balances at December 31, 2018 under the new guidance, the Company wrote off accounts receivable of $3.4 million, net of $2.2 million in bad debt reserves as an adjustment to the opening balance of accumulated deficit, and accordingly rent for these tenants is currently recorded on a cash basis. • Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Under prior accounting guidance, the recognition would have been deferred. Lessee Accounting The Company was a lessee under ground leases for seven properties as of January 1, 2019. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessee: • Upon adoption of the new standard, the Company recorded ROU assets and lease liabilities equal to $24.0 million for the present value of the lease payments related to its ground leases. These amounts are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. • The Company also reclassified $27.0 million, net related to amounts previously reported as above and below market ground lease intangibles to the ROU assets. For additional information and disclosures related to these operating leases, see Note 10 — Commitments and Contingencies. Other Accounting Pronouncements Adopted As of January 1, 2019 In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): S implifying the Test for Goodwill Impairment. This standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. In 2019, the Company early adopted this guidance , in connection with the reassessments and impairment of goodwill during the year ended December 31, 2019. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) : (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception guidance that changes the method to determine the classification of certain financial instruments with a down round feature as liabilities or equity instruments and clarify existing disclosure requirements for equity-classified instruments. A down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. As a result, a freestanding equity-linked financial instrument no longer would be accounted for as a derivative liability, rather, an entity that presents earnings per share is required to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The revised guidance became effective for the Company effective January 1, 2019 and it did not have an impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018. The Company adopted ASU 2017-12 on January 1, 2019 using a modified retrospective transition method, as required, and recognized the cumulative effect of the change on the opening balance of each affected component of equity as of the date of adoption. The opening balance sheet adjustment specifically related to the elimination of the requirement for separate measurement of hedge ineffectiveness and resulted in a credit, or decrease, to accumulated deficit of $0.3 million, with a corresponding debit, or decrease, to accumulated other comprehensive income. In February 2018, the FASB issued ASU 2018-02, Income Statement- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance addresses the impact of Tax Cuts and Jobs Act signed into law on December 22, 2017, (“Tax Cuts and Jobs Act”) on items within AOCI which do not reflect the appropriate tax rate. ASU 2018-02 allows the Company to retrospectively reclassify the income tax effects on items in AOCI to retained earnings for all periods in which the effect of the change in the U.S. federal corporate income tax rate was recognized. In addition, all companies are required to disclose whether the company has elected to reclassify the income tax effects of the Tax Cuts and Jobs Act to retained earnings and disclose information about any other income tax effects that are reclassified from AOCI by the Company. The amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Companies are required to apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The revised guidance became effective for the Company effective January 1, 2019 and it did not have an impact on the Company’s consolidated financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation- Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) as an amendment and update expanding the scope of Topic 718. The amendment specifies that Topic 718 now applies to all share-based payment transactions, even non-employee awards, in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Under the new guidance, a wards to nonemployees are measured on the grant date, rather than on the earlier of the performance commitment date or the date at which the nonemployee’s performance is complete. Also, the awards would be measured by estimating the fair value of the equity instruments to be issued, rather than the fair value of the goods or services received or the fair value of the equity instruments issued, whichever can be measured more reliably. In addition, entities may use the expected term to measure nonemployee awards or elect to use the contractual term as the expected term, on an award-by-award basis. The new guidance is effective for the Company in annual periods beginning after December 15, 2018, and interim periods within those annual periods, with early adoption permitted. The Company adopted the new guidance on January 1, 2019 and began applying the new rules to its non-employee award made to the Advisor pursuant to the 2018 OPP. As a result, total equity-based compensation expense calculated as of adoption of the new guidance will be fixed as of that date and will not be remeasured in subsequent periods (unless modified). In addition, the expense is being recorded over the requisite service period from the grant date. See Note 13 — Equity-Based Compensation for additional information on the awards to the Advisor pursuant to the 2018 OPP and the 2015 OPP. 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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Pending Adoption as of December 31, 2020 In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815) . The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The standard allows for either modified or full retrospective transition methods. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to (i) the assertion that the Company’s hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of the Company’s derivatives, which will be consistent with the Company’s past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur.
Fair Value of Financial Instruments	The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2020 and 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Future Minimum Base Rent Payments	The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2020. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on increases in annual rent based on exceeding certain economic indexes among other items: (In thousands) Future Minimum Base Rent Payments (1) 2021 $ 334,858 2022 324,706 2023 303,737 2024 267,943 2025 226,047 Thereafter 1,083,950 Total $ 2,541,241 (1) Assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.23 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.78 as of December 31, 2020 for illustrative purposes, as applicable.
Schedule of Real Estate Investments by Location	The following tables present the geographic information for Revenue from tenants and Investments in real estate: Year Ended December 31, (In thousands) 2020 2019 2018 Revenue from tenants: United States and Puerto Rico $ 216,260 $ 180,100 $ 148,588 United Kingdom 51,178 51,215 54,025 Europe (Finland, France, Germany, Luxembourg, and the Netherlands) 61,944 74,881 79,594 Canada 722 18 — Total $ 330,104 $ 306,214 $ 282,207 As of December 31, (In thousands) 2020 2019 Investments in real estate: United States $ 2,936,977 $ 2,496,960 United Kingdom 630,014 593,845 Europe (Finland, France, Germany, Luxembourg, and the Netherlands) 740,818 665,236 Canada 11,145 7,223 Total $ 4,318,954 $ 3,763,264

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2020, 2019 and 2018, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions in these periods were considered asset acquisitions for accounting purposes. Year Ended December 31, (Dollar amounts in thousands) 2020 2019 2018 Real estate investments, at cost: Land $ 53,701 $ 43,259 $ 34,291 Buildings, fixtures and improvements 364,511 449,745 384,603 Total tangible assets 418,212 493,004 418,894 Acquired intangible lease assets: In-place leases 45,723 70,628 70,414 Above-market lease assets 156 1,051 48 Below-market lease liabilities (4,969) (1,950) (9,708) Total intangible assets 40,910 69,729 60,754 ROU asset 5,022 — — Cash paid for acquired real estate investments $ 464,144 $ 562,733 $ 479,648 Number of properties purchased 28 39 23
Schedule Acquisition by Property Type	The following table summarizes the acquisition by property type during the years ended December 31, 2020, 2019 and 2018: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2020: Office 11 390 Industrial 13 3,569 Distribution 4 1,599 Retail — — 28 5,558 Properties Acquired in 2019: Office 12 682 Industrial 17 2,408 Distribution 10 3,014 Retail — — 39 6,104 Properties Acquired in 2018: Office 1 145 Industrial 16 3,714 Distribution 6 1,100 Retail — — 23 4,959
Summary of Properties Sold	The following table summarizes the aforementioned properties sold in 2019 and 2018. During the year ended December 31, 2020, the Company did not sell any properties. Portfolio State Disposition Date Number of Properties Square Feet (unaudited) Properties Sold in 2019: Crowne Group Indiana March 7, 2019 1 21,562 Crowne Group Michigan May 17, 2019 1 92,244 Talk Talk Manchester UK May 23, 2019 1 48,415 Family Dollar Various U.S. States June 28, 2019 62 518,634 Family Dollar Various U.S. States September 20, 2019 32 265,596 Panasonic New Jersey September 30, 2019 1 48,497 Achmea Netherlands November 1, 2019 2 190,252 RWE Germany December 27, 2019 3 198,138 103 1,383,338 Properties Sold in 2018: Western Digital California June 8, 2018 1 286,330 Veolia Water Ohio July 31, 2018 1 70,000 2 356,330
Acquired Intangible Lease Assets and Lease Liabilities	Acquired intangible lease assets and lease liabilities consist of the following: December 31, 2020 December 31, 2019 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying amount Gross Carrying Amount Accumulated Amortization Net Carrying amount Intangible assets: In-place leases $ 678,856 $ 302,383 $ 376,473 $ 620,123 $ 237,585 $ 382,538 Above-market leases 33,129 16,963 16,166 31,645 12,816 18,829 Total acquired intangible lease assets $ 711,985 $ 319,346 $ 392,639 $ 651,768 $ 250,401 $ 401,367 Intangible liabilities: Below-market leases $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 Total acquired intangible lease liabilities $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529
Intangible Asset Weighted-Average Amortization Periods and Expense	The following table provides the weighted-average amortization periods as of December 31, 2020 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years: (In thousands) Weighted-Average Amortization 2021 2022 2023 2024 2025 In-place leases 7.5 $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Total to be included as an increase to depreciation and amortization $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Above-market lease assets 5.1 $ 3,604 $ 3,566 $ 3,378 $ 2,418 $ 1,027 Below-market lease liabilities 10.6 (4,016) (3,923) (3,896) (3,134) (2,758) Total to be included as an increase to revenue from tenants $ (412) $ (357) $ (518) $ (716) $ (1,731)
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 as of December 31 2020 represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2020, 2019 and 2018. December 31, Country / U.S. State 2020 2019 2018 United States 63.2% 63.0% 55.7% Michigan 15.3% 14.6% 13.7 United Kingdom 16.8% 18.2% 19.0%

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	Mortgage notes payable, net as of December 31, 2020 and 2019 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio December 31, 2020 December 31, 2019 Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 90,760 $ 82,996 1.7% (2) Fixed/Variable Feb. 2024 France: Worldline — — 5,608 —% (3) —% — DCNS — — 10,655 —% (3) —% — ID Logistics II — — 11,776 —% (3) —% — French Properties 7 85,854 — 2.5% (4) Fixed/Variable May 2025 Germany Germany Properties 5 63,165 57,761 1.8% (5) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 147,178 134,587 1.4% Fixed Jun. 2024 Total EUR denominated 20 386,957 303,383 United Kingdom: United Kingdom Properties 42 301,979 294,315 3.1% (6) Fixed/Variable Aug. 2023 Total GBP denominated 42 301,979 294,315 United States: Penske Logistics 1 70,000 70,000 4.7% (7) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (7) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (7) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (7) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (7) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (7) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 118 1,378,686 1,287,448 3.3% Mortgage discount — (26) — Deferred financing costs, net of accumulated amortization (8) (14,988) (15,268) — Mortgage notes payable, net 118 $ 1,363,698 $ 1,272,154 3.3% __________ (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 December 31, 2020. (3) These loans were refinanced in May 2020 as part of the French Refinancing (see below for further details). As a result, the Company terminated an interest rate swap agreement for two of these properties (see Note 8 — Derivatives and Hedging Activities ). (4) 90% fixed as a result of a “pay-fixed” interest rate swap agreement and 10% variable. Variable portion is approximately 2.3% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020. (5) 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 December 31, 2020 (6) 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 December 31, 2020. This loan requires principal repayments beginning in October 2020 based on amounts specified under the loan. In October 2020, approximately $2.6 million in principal was repaid in accordance with the terms of this mortgage note payable. (7) 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. (8) Deferred financing costs consist of 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 mortgage notes payable over the next five calendar years and thereafter as of December 31, 2020: (In thousands) Future Principal Payments (1) 2021 $ 13,222 2022 20,475 2023 331,445 2024 237,939 2025 85,854 Thereafter 689,751 Total $ 1,378,686 _________ (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable.

Revolving Credit Facility and_2

Revolving Credit Facility and Term Loan, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The table below details the outstanding balances as of December 31, 2020 and 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 ($303.0 million USD based on the prevailing exchange rate as of December 31, 2020) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the Credit Facility to, among other things, increase the aggregate total commitments, lower the interest rate and revise certain covenants, and the terms of the Credit Facility described below generally reflect this amendment and restatement. December 31, 2020 December 31, 2019 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 111,132 $ 105,000 £ — € 5,000 $ 199,071 $ 62,211 £ 40,000 € 75,000 Term Loan (3) 303,036 — — 247,075 403,258 — — 359,551 Deferred financing costs (2,882) — — — (5,365) — — — Term Loan, Net 300,154 — — 247,075 397,893 — — 359,551 Total Credit Facility $ 411,286 $ 105,000 £ — € 252,075 $ 596,964 $ 62,211 £ 40,000 € 434,551 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. (2) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ (4,025) $ — $ (4,025) Interest rate swaps, net (USD, GBP & EUR) $ — $ (15,434) $ — $ (15,434) December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD, GBP & EUR) $ — $ (6,082) $ — $ (6,082)

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 December 31, 2020 and 2019: December 31, (In thousands) Balance Sheet Location 2020 2019 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (3,829) $ (939) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value — 366 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (9,000) (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 (2,605) (1,139) Total $ (15,434) $ (6,008) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 198 $ 1,205 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (2,714) (831) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 327 2,352 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (1,836) — Interest rate swaps (EUR) Derivative liabilities, at fair value — (74) Total $ (4,025) $ 2,652
Schedule of Interest Rate Derivatives	As of December 31, 2020 and 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2020 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 301,210 49 $ 290,965 Interest rate “pay-fixed” swaps (EUR) 22 641,394 16 521,471 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 74 $ 1,092,604 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands) 2020 2019 2018 Amount of (loss) gain recognized in AOCI from derivatives $ (14,151) $ (9,047) $ 2,739 Amount of loss reclassified from AOCI into income as interest expense $ (5,646) $ (2,439) $ (3,746) Amount of loss recognized on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ (270) $ (128) $ (559) Total interest expense recorded in the consolidated statements of operations $ 71,804 $ 64,199 $ 57,973
Disclosure of Credit Derivatives	As of December 31, 2020 and 2019, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships: December 31, 2020 December 31, 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP - USD) 41 $ 41,633 38 $ 38,898 Foreign currency forwards (EUR - USD) 40 38,634 32 27,478 Interest rate swaps (EUR) — — 1 10,655 Total 81 $ 80,267 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 December 31, 2020 and 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 Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2020 $ 525 $ (19,984) $ — $ (19,459) $ — $ — $ (19,459) December 31, 2019 $ 4,151 $ (7,507) $ — $ (3,356) $ — $ — $ (3,356)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Distributions From Tax Perspective	The following table details from a tax perspective, the portion of cash paid for Common Stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum: Year Ended December 31, (In thousands) 2020 2019 2018 Return of capital $ 1.34 77.5 % $ 1.23 69.1 % $ 1.57 73.7 % Ordinary dividend income 0.39 22.5 % 0.55 30.9 % 0.56 26.3 % Total $ 1.73 100.0 % $ 1.78 100.0 % $ 2.13 100.0 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Payments	The following table reflects the base cash rental payments due from the Company as of December 31, 2020: (In thousands) Future Base Rent Payments (1) 2021 $ 1,510 2022 1,510 2023 1,510 2024 1,514 2025 1,519 Thereafter 42,217 Total minimum lease payments (2) 49,780 Less: Effects of discounting (24,430) Total present value of lease payments $ 25,350 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 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 rent for this property is prepaid through 2050.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 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, as described above, incurred, forgiven and contractually due as of and for the periods presented: Year Ended December 31, 2020 2019 2018 (In thousands) Incurred Incurred Incurred Ongoing fees (1) : Asset management fees (2) $ 29,623 $ 27,530 $ 23,212 Property management fees 6,178 5,762 5,022 Total related party operational fees and reimbursements $ 35,801 $ 33,292 $ 28,234 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $1.1 million, $1.1 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above. (2) The Advisor, in accordance with the Advisory Agreement, received asset management fees in ca sh equal to the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $11.6 million

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Restricted Share Award Activity	The following table reflects equity awards activity for the years ended December 31, 2020, 2019 and 2018. Number of Weighted-Average Issue Price Unvested, December 31, 2017 49,112 $ 24.29 Granted 17,039 18.34 Vested (19,799) 24.40 Unvested, December 31, 2018 46,352 22.04 Granted 16,543 18.89 Vested (22,354) 22.58 Unvested, December 31, 2019 40,541 20.47 Granted 28,232 13.37 Vested (23,824) 21.71 Unvested, December 31, 2020 44,949 15.35
Schedule of Share Based Compensation Total Return	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 0 % Less than 24% — Threshold 25 % 24% 319,366 Target 50 % 30% 638,733 Maximum 100 % 36% or higher 1,277,465 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 0 % Less than -600 basis points — Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % 600 basis points 1,277,465 Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “Three-Year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% __________________________________ * The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net (loss) income attributable to common stockholders $ (7,775) $ 34,535 $ 1,082 Adjustments to net (loss) income attributable to common stockholders for common share equivalents (468) (660) (689) Adjusted net (loss) income attributable to common stockholders $ (8,243) $ 33,875 $ 393 Weighted average common shares outstanding — Basic 89,473,554 85,031,236 69,411,061 Weighted average common shares outstanding — Diluted 89,473,554 86,349,645 69,663,208 Net (loss) income per share attributable to common stockholders — Basic $ (0.09) $ 0.40 $ 0.01 Net (loss) income per share attributable to common stockholders — Diluted $ (0.09) $ 0.39 $ 0.01
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows common share equivalents on a weighted-average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 Unvested RSUs 44,949 40,541 46,352 Unvested Restricted Shares (1) 38,703 — — LTIP Units (2) 2,554,930 1,277,465 970,173 Total common share equivalents excluded from EPS calculation 2,638,582 1,318,006 1,016,525 1) There were 132,025 Restricted Shares issued and outstanding as of December 31, 2020. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during the year ended December 31, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of December 31, 2020, 2019 and 2018. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP.

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is a summary of the unaudited quarterly financial information for years ended December 31, 2020 and 2019: (In thousands, except share and per share data) Quarters Ended 2020 March 31, June 30, (1) September 30, (1) December 31, (1) Revenue from tenants $ 79,242 $ 81,109 $ 82,711 $ 87,042 Net income (loss) attributable to common stockholders $ 5,038 $ 966 $ (502) $ (13,277) Adjustments to net income (loss) attributable to common stockholders for common share equivalents (135) (129) (102) (102) Adjusted net income (loss) attributable to common stockholders $ 4,903 $ 837 $ (604) $ (13,379) Weighted average shares outstanding — Basic 89,458,753 89,470,114 89,482,577 89,482,577 Weighted average shares outstanding — Diluted 89,499,294 90,102,709 89,482,577 89,482,577 Net income (loss) per share attributable to common stockholders — Basic and Diluted $ 0.05 $ 0.01 $ (0.01) $ (0.15) (In thousands, except share and per share data) Quarters Ended 2019 March 31, June 30, September 30, (2) December 31, Revenue from tenants $ 75,468 $ 76,119 $ 77,942 $ 76,685 Net income attributable to common stockholders $ 5,791 $ 12,621 $ 6,860 $ 9,263 Adjustments to net income attributable to common stockholders for common share equivalents (160) (174) (176) (150) Adjusted net income attributable to common stockholders $ 5,631 $ 12,447 $ 6,684 $ 9,113 Weighted average shares outstanding — Basic 81,474,615 83,847,120 85,254,638 89,458,381 Weighted average shares outstanding — Diluted 82,798,432 85,165,549 86,202,582 90,776,790 Net income per share attributable to common stockholders — Basic and Diluted $ 0.07 $ 0.15 $ 0.08 $ 0.10 _______ (1) During the fourth quarter of 2020, the Company recorded a loss of $3.9 million related to certain historical errors in the second and third quarters of 2020 related to the recording of the impact of foreign currency changes on its over-hedged portion of its net investment hedges, which is considered to be ineffective. The amounts, which totaled $1.3 million and $2.6 million for the second and third quarters of 2020, respectively, were incorrectly recorded as a currency translation adjustment in AOCI as opposed to being recorded as losses in unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness in the consolidated statement of operations. For additional information on the above or on the Company’s derivative accounting policies and derivatives and hedging activities, see the Note 2 — Summary of Significant Accounting Policies and Note 8 — Derivatives and Hedging Activities. (2) During the three months ended September 30, 2019, the Company recorded an impairment charge of $6.4 million for two properties which it sold in the fourth quarter of 2019. For additional details see Note 3 — Real Estate Investments, Net .

Organization (Details)

Organization (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2020ft²property
Operations [Line Items]
Number of Properties | property	306
Rentable square feet (sqft) | ft²	37.2
Occupancy rate	99.70%
Weighted average remaining lease term	8 years 6 months
Industrial and Distribution Properties
Operations [Line Items]
Portfolio investment percentage	49.00%
Office
Operations [Line Items]
Portfolio investment percentage	46.00%
Retail
Operations [Line Items]
Portfolio investment percentage	5.00%
United States and Canada
Operations [Line Items]
Entity wide revenue percentage	64.00%
Europe
Operations [Line Items]
Portfolio investment percentage	36.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, ft² in Millions	Jan. 01, 2019USD ($)property	Dec. 31, 2020USD ($)ft²tenantproperty$ / shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)ft²segmentpropertytenant$ / shares	Dec. 31, 2019USD ($)property$ / shares	Dec. 31, 2018USD ($)	Jun. 02, 2015$ / shares
Summary Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income		$ 8,073,000				$ 20,195,000						$ 8,073,000	$ 20,195,000
Net (loss) income attributable to common stockholders		13,277,000	$ 502,000	$ (966,000)	$ (5,038,000)	(9,263,000)	$ (6,860,000)	$ (12,621,000)	$ (5,791,000)			$ 7,775,000	(34,535,000)	$ (1,082,000)
Weighted average remaining lease term												8 years 6 months
Straight-line rents receivable		61,007,000				51,795,000						$ 61,007,000	51,795,000
Unbilled rental revenue												7,937,000	6,758,000	6,310,000
Bad debt expense												$ 0	$ 0	835,000
Properties presented as discontinued operations | property												0	0
Number of real estate properties held for sale | property												0	0
Useful life, buildings												40 years
Useful life, land improvements												15 years
Useful life, fixtures and improvements												5 years
Cash and cash equivalents		124,200,000				270,300,000						$ 124,200,000	$ 270,300,000
Cash in excess of FDIC limit		41,700,000				213,700,000						41,700,000	213,700,000
Cash in excess of FSCS limit		35,800,000				25,300,000						35,800,000	25,300,000
Cash in excess of European limits		35,400,000				18,000,000						35,400,000	18,000,000
Restricted cash		$ 1,448,000				$ 3,985,000						1,448,000	$ 3,985,000	3,369,000
Goodwill impairment												$ 0
Common stock, par value (in dollars per share) | $ / shares		$ 0.01				$ 0.01						$ 0.01	$ 0.01		$ 0.01
Current income tax provision												$ 6,900,000	$ 4,700,000	2,400,000
Deferred income tax provision (benefit)												(2,000,000)	(400,000)	3,300,000
Income tax expense												4,969,000	4,332,000	2,434,000
Valuation allowance		$ 46,600,000				$ 4,300,000						$ 46,600,000	4,300,000
Number of reportable segments (segment) | segment												1
Number of Properties | property		306										306
Rentable square feet (sqft) | ft²		37.2										37.2
Number of tenants (tenant) | tenant		130										130
Occupancy rate		99.70%										99.70%
Number of lease contracts | property	7
Operating lease right-of-use asset		$ 58,395,000				50,211,000						$ 58,395,000	50,211,000
Operating lease liability		25,350,000				23,985,000						25,350,000	23,985,000
Accumulated deficit		$ 896,547,000				$ 733,245,000						$ 896,547,000	$ 733,245,000
Out of period adjustments
Summary Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income			3,900,000	1,300,000						$ 1,300,000	$ 3,900,000
Net (loss) income attributable to common stockholders			$ 2,600,000	$ 1,300,000						$ 1,300,000	$ 3,900,000
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable written off														3,400,000
Bad debt reserve														$ 2,200,000
Operating lease right-of-use asset	$ 24,000,000
Operating lease liability	24,000,000
Reclassified intangible assets, net	27,000,000
ASU 2017-12
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ 300,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Lease-up period												12 months
Maximum
Summary Of Significant Accounting Policies [Line Items]
Lease-up period												18 months
2018 Multi Year Outperformance Plan
Summary Of Significant Accounting Policies [Line Items]
Equity based compensation, 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	Dec. 31, 2020USD ($)	Dec. 31, 2020$ / $	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €	Dec. 31, 2019£ / $	Dec. 31, 2019€ / $
Accounting Policies [Abstract]
2021	$ 334,858
2022	324,706
2023	303,737
2024	267,943
2025	226,047
Thereafter	1,083,950
Total	$ 2,541,241
Foreign currency exchange rate		0.78	1.37	1.23	1.32	1.12

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Geographic Distribution of Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 87,042	$ 82,711	$ 81,109	$ 79,242	$ 76,685	$ 77,942	$ 76,119	$ 75,468	$ 330,104	$ 306,214	$ 282,207
Investments in Real Estate	4,318,954				3,763,264				4,318,954	3,763,264
Real Estate Investing
Segment Reporting Information [Line Items]
Revenues									330,104	306,214	282,207
Investments in Real Estate	4,318,954				3,763,264				4,318,954	3,763,264
Real Estate Investing | United States and Puerto Rico
Segment Reporting Information [Line Items]
Revenues									216,260	180,100	148,588
Investments in Real Estate	2,936,977				2,496,960				2,936,977	2,496,960
Real Estate Investing | United Kingdom
Segment Reporting Information [Line Items]
Revenues									51,178	51,215	54,025
Investments in Real Estate	630,014				593,845				630,014	593,845
Real Estate Investing | Europe (Finland, France, Germany, Luxembourg, and the Netherlands)
Segment Reporting Information [Line Items]
Revenues									61,944	74,881	79,594
Investments in Real Estate	740,818				665,236				740,818	665,236
Real Estate Investing | Canada
Segment Reporting Information [Line Items]
Revenues									722	18	$ 0
Investments in Real Estate	$ 11,145				$ 7,223				$ 11,145	$ 7,223

Real Estate Investments, Net -

Real Estate Investments, Net - Schedule of Property Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Real estate investments, at cost:
Land	$ 53,701	$ 43,259	$ 34,291
Buildings, fixtures and improvements	364,511	449,745	384,603
Total tangible assets	418,212	493,004	418,894
Acquired intangible lease assets:
Total intangible assets	40,910	69,729	60,754
ROU asset	5,022	0	0
Cash paid for acquired real estate investments	$ 464,144	$ 562,733	$ 479,648
Number of properties purchased | property	28	39	23
In-place leases
Acquired intangible lease assets:
Assets acquired	$ 45,723	$ 70,628	$ 70,414
Above-market lease assets
Acquired intangible lease assets:
Assets acquired	156	1,051	48
Below-market lease liabilities
Acquired intangible lease assets:
Below-market lease liabilities	$ (4,969)	$ (1,950)	$ (9,708)

Real Estate Investments, Net _2

Real Estate Investments, Net - Acquisition by Property Type (Details)	Dec. 31, 2020ft²property	Dec. 31, 2019ft²property	Dec. 31, 2018ft²property
Real Estate Properties [Line Items]
Number of Properties | property	306
Square Feet (unaudited) | ft²	37,200,000
Properties Acquired In 2020
Real Estate Properties [Line Items]
Number of Properties | property	28
Square Feet (unaudited) | ft²	5,558
Properties Acquired In 2019
Real Estate Properties [Line Items]
Number of Properties | property		39
Square Feet (unaudited) | ft²		6,104
Properties Acquired In 2018
Real Estate Properties [Line Items]
Number of Properties | property			23
Square Feet (unaudited) | ft²			4,959
Office | Properties Acquired In 2020
Real Estate Properties [Line Items]
Number of Properties | property	11
Square Feet (unaudited) | ft²	390
Office | Properties Acquired In 2019
Real Estate Properties [Line Items]
Number of Properties | property		12
Square Feet (unaudited) | ft²		682
Office | Properties Acquired In 2018
Real Estate Properties [Line Items]
Number of Properties | property			1
Square Feet (unaudited) | ft²			145
Industrial | Properties Acquired In 2020
Real Estate Properties [Line Items]
Number of Properties | property	13
Square Feet (unaudited) | ft²	3,569
Industrial | Properties Acquired In 2019
Real Estate Properties [Line Items]
Number of Properties | property		17
Square Feet (unaudited) | ft²		2,408
Industrial | Properties Acquired In 2018
Real Estate Properties [Line Items]
Number of Properties | property			16
Square Feet (unaudited) | ft²			3,714
Distribution | Properties Acquired In 2020
Real Estate Properties [Line Items]
Number of Properties | property	4
Square Feet (unaudited) | ft²	1,599
Distribution | Properties Acquired In 2019
Real Estate Properties [Line Items]
Number of Properties | property		10
Square Feet (unaudited) | ft²		3,014
Distribution | Properties Acquired In 2018
Real Estate Properties [Line Items]
Number of Properties | property			6
Square Feet (unaudited) | ft²			1,100
Retail | Properties Acquired In 2020
Real Estate Properties [Line Items]
Number of Properties | property	0
Square Feet (unaudited) | ft²	0
Retail | Properties Acquired In 2019
Real Estate Properties [Line Items]
Number of Properties | property		0
Square Feet (unaudited) | ft²		0
Retail | Properties Acquired In 2018
Real Estate Properties [Line Items]
Number of Properties | property			0
Square Feet (unaudited) | ft²			0

Real Estate Investments, Net _3

Real Estate Investments, Net - Narrative (Details) € in Millions	Sep. 20, 2019property	Jun. 28, 2019property	Jun. 12, 2019USD ($)	Jun. 12, 2019EUR (€)	May 10, 2019USD ($)	May 10, 2019EUR (€)	Aug. 13, 2018USD ($)	Nov. 30, 2019property	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)								2
(Loss) gain on dispositions of real estate investments | $										$ (153,000)	$ 23,616,000	$ (5,751,000)
Impairment charges and related lease intangible write-offs | $									$ 6,400,000	$ 0	$ 6,375,000	$ 5,000,000
Number of real estate properties held for sale										0	0
Properties with tenant financial difficulties (property)												6
Number of properties with terminated lease												4
Number of properties continuing to operate												2
Number of properties, re-leased to other tenants												2
Number of properties sold												2
Number of properties impaired												1
Impairment charges | $												$ 1,600,000
Lease intangible write-off | $												$ 3,400,000
Family Dollar
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)	32	62
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)										0		2
Total contract price | $											$ 311,300,000	$ 25,300,000
(Loss) gain on dispositions of real estate investments | $											$ 23,600,000	(5,800,000)
Gain on termination of lease | $												3,000,000
United States
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)											97
United States | Family Dollar
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)											94
United States | Industrial
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)											3
United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)											1
Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)											2
Germany
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold (property)											3
Mortgage notes payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt			$ 90,800,000	€ 80.3	$ 40,000,000	€ 35.6	$ 209,000,000					$ 1,700,000

Real Estate Investments, Net _4

Real Estate Investments, Net - Schedule of Real Estate Dispositions (Details)

Dec. 27, 2019ft²property

Nov. 01, 2019ft²property

Sep. 30, 2019ft²property

Sep. 20, 2019ft²property

Jun. 28, 2019ft²property

May 23, 2019ft²property

May 17, 2019ft²property

Mar. 07, 2019ft²property

Jul. 31, 2018ft²property

Jun. 08, 2018ft²property

Nov. 30, 2019property

Dec. 31, 2019property

Dec. 31, 2018ft²property

Dec. 31, 2020ft²

Real Estate [Line Items]

Number of properties sold (property) | property

2

Square Feet (unaudited) | ft²

37,200,000

Properties Sold in 2019

Real Estate [Line Items]

Number of properties sold (property) | property

103

Square Feet (unaudited) | ft²

1,383,338

Crowne Group, Indiana

Real Estate [Line Items]

Number of properties sold (property) | property

1

Square Feet (unaudited) | ft²

21,562

Crowne Group, Michigan

Real Estate [Line Items]

Number of properties sold (property) | property

1

Square Feet (unaudited) | ft²

92,244

Talk Talk

Real Estate [Line Items]

Number of properties sold (property) | property

1

Square Feet (unaudited) | ft²

48,415

Family Dollar

Real Estate [Line Items]

Number of properties sold (property) | property

32

62

Square Feet (unaudited) | ft²

265,596

518,634

Panasonic

Real Estate [Line Items]

Number of properties sold (property) | property

1

Square Feet (unaudited) | ft²

48,497

Achmea

Real Estate [Line Items]

Number of properties sold (property) | property

2

Square Feet (unaudited) | ft²

190,252

RWE

Real Estate [Line Items]

Number of properties sold (property) | property

3

Square Feet (unaudited) | ft²

198,138

Properties Sold in 2018

Real Estate [Line Items]

Number of properties sold (property) | property

2

Square Feet (unaudited) | ft²

356,330

Western Digital

Real Estate [Line Items]

Number of properties sold (property) | property

1

Square Feet (unaudited) | ft²

286,330

Veolia Water

Real Estate [Line Items]

Number of properties sold (property) | property

1

Square Feet (unaudited) | ft²

70,000

Real Estate Investments, Net _5

Real Estate Investments, Net - Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible assets:
Gross Carrying Amount	$ 711,985	$ 651,768
Accumulated Amortization	319,346	250,401
Net Carrying amount	392,639	401,367
Intangible liabilities:
Gross Carrying Amount. Below-market leases	49,154	42,413
Accumulated Amortization, Below-market leases	16,184	11,884
Net Carrying amount, Below-market leases	32,970	30,529
Gross Carrying Amount	49,154	42,413
Accumulated Amortization	16,184	11,884
Net Carrying amount	32,970	30,529
In-place leases
Intangible assets:
Gross Carrying Amount	678,856	620,123
Accumulated Amortization	302,383	237,585
Net Carrying amount	376,473	382,538
Above-market lease assets
Intangible assets:
Gross Carrying Amount	33,129	31,645
Accumulated Amortization	16,963	12,816
Net Carrying amount	$ 16,166	$ 18,829

Real Estate Investments, Net _6

Real Estate Investments, Net - Amortization Periods and Projected Amortization Expense for Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Line Items]
Amortization of intangibles	$ 58,077	$ 56,739	$ 54,733
2021 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	62,266
2021 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(412)
2022 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	58,759
2022 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(357)
2023 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	51,468
2023 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(518)
2024 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	41,482
2024 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(716)
2025 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	31,292
2025 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	$ (1,731)
In-place leases | Depreciation and Amortization
Real Estate [Line Items]
Weighted-Average Amortization Years	7 years 6 months
In-place leases | 2021 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	$ 62,266
In-place leases | 2022 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	58,759
In-place leases | 2023 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	51,468
In-place leases | 2024 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	41,482
In-place leases | 2025 | Depreciation and Amortization
Real Estate [Line Items]
Amortization of intangibles	$ 31,292
Above-market lease assets | Rental Income
Real Estate [Line Items]
Weighted-Average Amortization Years	5 years 1 month 6 days
Above-market lease assets | 2021 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	$ 3,604
Above-market lease assets | 2022 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	3,566
Above-market lease assets | 2023 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	3,378
Above-market lease assets | 2024 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	2,418
Above-market lease assets | 2025 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	$ 1,027
Below-market lease liabilities | Rental Income
Real Estate [Line Items]
Weighted-Average Amortization Years	10 years 7 months 6 days
Below-market lease liabilities | 2021 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	$ (4,016)
Below-market lease liabilities | 2022 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(3,923)
Below-market lease liabilities | 2023 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(3,896)
Below-market lease liabilities | 2024 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	(3,134)
Below-market lease liabilities | 2025 | Rental Income
Real Estate [Line Items]
Amortization of intangibles	$ (2,758)

Real Estate Investments, Net _7

Real Estate Investments, Net - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States
Real Estate Investments [Line Items]
Entity wide revenue percentage	63.20%	63.00%	55.70%
Michigan
Real Estate Investments [Line Items]
Entity wide revenue percentage	15.30%	14.60%	13.70%
United Kingdom
Real Estate Investments [Line Items]
Entity wide revenue percentage	16.80%	18.20%	19.00%

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Schedule of Long-term Debt Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Oct. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 12, 2019property	Feb. 06, 2019
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 1,363,698		$ 1,272,154
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered Properties | property	118
Outstanding loan amount	$ 1,378,686		1,287,448
Effective Interest Rate	3.30%
Mortgage discount	$ 0		(26)
Deferred financing costs, net of accumulated amortization	(14,988)		(15,268)
Mortgage notes payable, net	$ 1,363,698		1,272,154
Mortgage notes payable | Finland Properties
Debt Instrument [Line Items]
Portion at fixed rate	80.00%				80.00%
Portion at variable rate	20.00%
Mortgage notes payable | Benelux Properties
Debt Instrument [Line Items]
Encumbered Properties | property				2
Mortgage notes payable | United Kingdom Properties
Debt Instrument [Line Items]
Principal repayment		$ 2,600
Mortgage notes payable | EUR
Debt Instrument [Line Items]
Encumbered Properties | property	20
Outstanding loan amount	$ 386,957		303,383
Mortgage notes payable | EUR | Finland Properties
Debt Instrument [Line Items]
Encumbered Properties | property	5
Outstanding loan amount	$ 90,760		82,996
Effective Interest Rate	1.70%
Mortgage notes payable | EUR | Worldline
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0		5,608
Effective Interest Rate	0.00%
Mortgage notes payable | EUR | DCNS
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0		10,655
Effective Interest Rate	0.00%
Mortgage notes payable | EUR | ID Logistics II
Debt Instrument [Line Items]
Encumbered Properties | property	0
Outstanding loan amount	$ 0		11,776
Effective Interest Rate	0.00%
Mortgage notes payable | EUR | French Properties
Debt Instrument [Line Items]
Encumbered Properties | property	7
Outstanding loan amount	$ 85,854		0
Effective Interest Rate	2.50%
Percentage fixed interest rate	90.00%
Percentage variable interest rate	10.00%
Mortgage notes payable | EUR | Germany Properties
Debt Instrument [Line Items]
Encumbered Properties | property	5
Outstanding loan amount	$ 63,165		57,761
Effective Interest Rate	1.80%
Percentage fixed interest rate	80.00%
Percentage variable interest rate	20.00%
Mortgage notes payable | EUR | Benelux Properties
Debt Instrument [Line Items]
Encumbered Properties | property	3
Outstanding loan amount	$ 147,178		134,587
Effective Interest Rate	1.40%
Mortgage notes payable | GBP
Debt Instrument [Line Items]
Encumbered Properties | property	42
Outstanding loan amount	$ 301,979		294,315
Mortgage notes payable | GBP | United Kingdom Properties
Debt Instrument [Line Items]
Encumbered Properties | property	42
Outstanding loan amount	$ 301,979		294,315
Effective Interest Rate	3.10%
Percentage fixed interest rate	80.00%
Percentage variable interest rate	20.00%
Mortgage notes payable | USD
Debt Instrument [Line Items]
Encumbered Properties | property	56
Outstanding loan amount	$ 689,750		689,750
Mortgage notes payable | USD | Finland Properties
Debt Instrument [Line Items]
Outstanding loan amount	90,800
Mortgage notes payable | USD | French Properties
Debt Instrument [Line Items]
Outstanding loan amount	85,900
Mortgage notes payable | USD | Benelux Properties
Debt Instrument [Line Items]
Outstanding loan amount	$ 147,200
Mortgage notes payable | USD | Penske Logistics
Debt Instrument [Line Items]
Encumbered Properties | property	1
Outstanding loan amount	$ 70,000		70,000
Effective Interest Rate	4.70%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan I
Debt Instrument [Line Items]
Encumbered Properties | property	12
Outstanding loan amount	$ 187,000		187,000
Effective Interest Rate	4.40%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan II
Debt Instrument [Line Items]
Encumbered Properties | property	8
Outstanding loan amount	$ 32,750		32,750
Effective Interest Rate	4.40%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan III
Debt Instrument [Line Items]
Encumbered Properties | property	7
Outstanding loan amount	$ 98,500		98,500
Effective Interest Rate	4.90%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan IV
Debt Instrument [Line Items]
Encumbered Properties | 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	12
Outstanding loan amount	$ 204,000		$ 204,000
Effective Interest Rate	3.70%
Euribor | Mortgage notes payable | Finland Properties
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Euribor | Mortgage notes payable | EUR | French Properties
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%
Euribor | Mortgage notes payable | EUR | Germany Properties
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
LIBOR | Mortgage notes payable | GBP | United Kingdom Properties
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2020$ / $	Dec. 31, 2020USD ($)	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €	Dec. 31, 2019USD ($)	Dec. 31, 2019£ / $	Dec. 31, 2019€ / $
Debt Instrument [Line Items]
Foreign currency exchange rate	0.78		1.37	1.23		1.32	1.12
Mortgage notes payable
Debt Instrument [Line Items]
2021		$ 13,222
2022		20,475
2023		331,445
2024		237,939
2025		85,854
Thereafter		689,751
Total		$ 1,378,686			$ 1,287,448

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) $ in Thousands, € in Millions, £ in Millions	Jul. 10, 2020USD ($)property	May 14, 2020USD ($)property	May 14, 2020EUR (€)property	Oct. 01, 2019	Sep. 12, 2019USD ($)propertysate	Jun. 12, 2019USD ($)property	Jun. 12, 2019EUR (€)property	May 10, 2019USD ($)property	May 10, 2019EUR (€)property	Apr. 12, 2019USD ($)propertystate	Feb. 06, 2019USD ($)property	Feb. 06, 2019EUR (€)property	Nov. 14, 2018USD ($)	Nov. 09, 2018USD ($)ft²property	Aug. 13, 2018USD ($)property	Jan. 26, 2018USD ($)ft²property	Dec. 31, 2020USD ($)ft²property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2021USD ($)	Feb. 26, 2021USD ($)	Dec. 31, 2020GBP (£)ft²property	Dec. 16, 2020	May 14, 2020EUR (€)	Feb. 06, 2019EUR (€)
Debt Instrument [Line Items]
Loan to value ratio																	55.00%					55.00%
Carrying value of encumbered assets																	$ 1,800,000
Loss on extinguishment of debt																	$ 3,601	$ 949	$ 3,897
Square Feet (unaudited) | ft²																	37,200,000					37,200,000
Line of Credit
Debt Instrument [Line Items]
Carrying value of encumbered assets																	$ 1,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of debt										$ 90,000				$ 90,000
Mortgages
Debt Instrument [Line Items]
Balance outstanding with cash sweep event trigger																	$ 98,500
Repayments of debt						$ 90,800	€ 80.3	$ 40,000	€ 35.6						$ 209,000				$ 1,700
Encumbered properties | property																	118					118
Repayment of debt											$ 65,400	€ 57.4
Mortgages | Line of Credit | Forecast
Debt Instrument [Line Items]
Letters of credit outstanding																				$ 7,400
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Stated interest rate																	3.75%					3.75%	3.75%
Multi-Tenant Mortgage Loan III | Mortgages
Debt Instrument [Line Items]
Stated interest rate														4.90%
Number of leased offices and industrial properties (property) | property														7
Gross proceeds from credit facility														$ 98,500
Number of states in which mortgaged properties are located (state) | property														6
Term of debt														10 years
Square Feet (unaudited) | ft²														651,313
Multi-Tenant Mortgage Loan III | Mortgages | Subsequent Event
Debt Instrument [Line Items]
Letters of credit outstanding																					$ 3,200
Benelux Properties | Mortgages
Debt Instrument [Line Items]
Number of leased offices and industrial properties (property) | property						3	3
Encumbered properties | property						2	2
Germany Property | Mortgages
Debt Instrument [Line Items]
Stated interest rate								1.80%	1.80%
Number of leased offices and industrial properties (property) | property								5	5
Portion at fixed rate								80.00%	80.00%
Encumbered properties | property								3	3
Number of properties to replace easement | property								1	1
Multi-Tenant Mortgage Loan IV | Mortgages
Debt Instrument [Line Items]
Stated interest rate										4.489%
Number of leased offices and industrial properties (property) | property										16
Number of states in which mortgaged properties are located (state) | state										12
Finland Properties | Mortgages
Debt Instrument [Line Items]
Stated interest rate											1.80%														1.80%
Number of leased offices and industrial properties (property) | property											5	5
Portion at fixed rate											80.00%						80.00%					80.00%			80.00%
Debt bearing fixed interest											$ 67,400														€ 59.2
Face (par) amount of debt instrument at time of issuance											$ 84,300	€ 74
Portion at variable rate																	20.00%					20.00%
Penske Logistics | Mortgages
Debt Instrument [Line Items]
Stated interest rate													4.60%
Repayments of debt													$ 126,600
Gross proceeds from credit facility													$ 70,000
Term of debt													10 years
United Kingdom Properties | Mortgages
Debt Instrument [Line Items]
Limited unsecured corporate guaranty																	$ 27,400					£ 20
Portion at fixed rate															80.00%
Gross proceeds from credit facility															$ 230,000
Encumbered properties | property															38
Portion at variable rate															20.00%
Expected principal amortization															$ 37,900
Number of mortgaged properties (property) | property															43
Multi-Tenant Mortgage Loan II | Mortgages
Debt Instrument [Line Items]
Stated interest rate																4.30%
Number of leased offices and industrial properties (property) | property																8
Gross proceeds from credit facility																$ 32,800
Number of states in which mortgaged properties are located (state) | property																6
Repayment of debt																$ 30,000
Term of debt																10 years
Square Feet (unaudited) | ft²																627,500
BOK Financial | Whirlpool Corporation | Mortgages
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 88,000
Loss on extinguishment of debt	$ 2,000
Number of leased offices and industrial properties (property) | property	6
Remaining proceeds after costs and fees related to the loan	$ 2,200
Portion at fixed rate	3.45%
BOK Financial | Whirlpool Corporation | Mortgages | Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt	$ 84,000
HSBC France | French Properties
Debt Instrument [Line Items]
Number of leased offices and industrial properties (property) | property		7	7
Collateral, number of leased offices and industrial properties, previously encumbered | property		4	4
HSBC France | French Properties | Mortgages
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 75,600	€ 70
Loss on extinguishment of debt		300
Repayments of debt		$ 27,000	€ 25
Basis spread on variable rate		2.50%	2.50%
Portion at fixed rate		90.00%																						90.00%
Debt bearing fixed interest		$ 68,000																						€ 63
HSBC France | French Properties | Mortgages | Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt		$ 21,600	€ 20
KeyBank National Association | Multi-Tenant Mortgage Loan V | Mortgages
Debt Instrument [Line Items]
Stated interest rate					3.65%
Number of leased offices and industrial properties (property) | property					12
Repayments of debt					$ 86,500
Gross proceeds from credit facility					$ 204,000
Number of states in which mortgaged properties are located (state) | sate					10
Deposits into reserve accounts					$ 300
Funds available for working capital and general corporate purposes					$ 126,500
Landesbank Hessen-Thuringen Girozentrale | Benelux Properties | Mortgages
Debt Instrument [Line Items]
Stated interest rate						1.38%	1.38%
Gross proceeds from credit facility						$ 135,800	€ 120
Landesbank Hessen-Thuringen Girozentrale | Germany Property | Mortgages
Debt Instrument [Line Items]
Proceeds from issuance of debt								$ 57,900	€ 51.5
Column Financial, Inc. and Societe Generale Financial Corporation | Multi-Tenant Mortgage Loan IV | Mortgages
Debt Instrument [Line Items]
Proceeds from issuance of debt										$ 97,500
LIBOR | United Kingdom Properties | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate															2.00%
LIBOR | BOK Financial | Whirlpool Corporation | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate	2.90%
Base Rate | HSBC France | French Properties | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%	0.00%
Euribor | Germany Property | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				1.55%				1.80%	1.80%
Euribor | Finland Properties | Mortgages
Debt Instrument [Line Items]
Stated interest rate											1.40%														1.40%
Basis spread on variable rate																	1.40%
Euribor | HSBC France | French Properties | Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate		2.30%	2.30%

Revolving Credit Facility and_3

Revolving Credit Facility and Term Loan, Net - Terms (Details) $ / shares in Units, € in Millions	Feb. 24, 2021USD ($)	Nov. 20, 2019	Aug. 01, 2019USD ($)extension	Jun. 30, 2020	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2020EUR (€)
Line of Credit Facility [Line Items]
Maximum distribution under exemption, percentage of FFO			100.00%	105.00%
Maximum distribution under exemption, percentage of AFFO			105.00%
Maximum distribution, percentage of FFO				100.00%
Series A Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate					7.25%	7.25%
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Series B Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate		6.875%			6.875%	6.875%
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate			0.45%
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate			1.05%
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate			1.45%
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate			2.05%
Credit Facility Amendment | Term Loan Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate			0.40%
Credit Facility Amendment | Term Loan Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate			1.00%
Credit Facility Amendment | Term Loan Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate			1.40%
Credit Facility Amendment | Term Loan Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate			2.00%
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 1,100,000,000
Total line of credit commitment			$ 1,750,000,000
Weighted average effective interest rate					2.50%		2.50%
Remaining borrowing capacity					$ 94,500,000
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Subsequent Event
Line of Credit Facility [Line Items]
Increase in aggregate commitments	$ 565,000,000
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Interest rate			0.50%
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | LIBOR
Line of Credit Facility [Line Items]
Interest rate			1.00%
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association
Line of Credit Facility [Line Items]
Maximum borrowing capacity					835,000,000
Facility fee multiplier			0.0030
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,200,000,000
Increase in lender commitments	$ 50,000,000
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Above Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee			0.25%
Commitment fee			50.00%
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Below Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee			0.15%
Commitment fee			50.00%
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Term Loan Facility | KeyBank National Association
Line of Credit Facility [Line Items]
Outstanding loan amount					$ 303,036,000	$ 403,258,000	€ 359.6
Credit Facility, number of extensions | extension			2
Credit Facility extension term			6 months

Revolving Credit Facility and_4

Revolving Credit Facility and Term Loan, Net - Outstanding Balance Under Credit Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020$ / $	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €	Dec. 31, 2020EUR (€)	Dec. 31, 2020GBP (£)	Dec. 31, 2019EUR (€)	Dec. 31, 2019GBP (£)	Dec. 31, 2019£ / $	Dec. 31, 2019€ / $
Line of Credit Facility [Line Items]
Revolving Credit Facility	$ 111,132		$ 111,132	$ 199,071
Term Loan, Net	300,154		300,154	397,893
Foreign currency exchange rate						0.78	1.37	1.23					1.32	1.12
Deferred financing costs written off			3,601	949	$ 3,897
Term Loan Facility
Line of Credit Facility [Line Items]
Repayments of debt	136,700	€ 112,500
Deferred financing costs written off	1,300
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association
Line of Credit Facility [Line Items]
Total Credit Facility	411,286		411,286	596,964
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility	111,132		111,132	199,071
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility
Line of Credit Facility [Line Items]
Term Loan	303,036		303,036	403,258					€ 359,600
Deferred financing costs	(2,882)		(2,882)	(5,365)
Term Loan, Net	300,154		300,154	397,893
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association
Line of Credit Facility [Line Items]
Total Credit Facility	105,000		105,000	62,211
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility	105,000		105,000	62,211
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility
Line of Credit Facility [Line Items]
Term Loan	0		0	0
Deferred financing costs	0		0	0
Term Loan, Net	$ 0		$ 0	$ 0
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association
Line of Credit Facility [Line Items]
Total Credit Facility | £										£ 0		£ 40,000
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility | £										0		40,000
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility
Line of Credit Facility [Line Items]
Term Loan | £										0		0
Deferred financing costs | £										0		0
Term Loan, Net | £										£ 0		£ 0
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association
Line of Credit Facility [Line Items]
Total Credit Facility | €									252,075		€ 434,551
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility | €									5,000		75,000
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility
Line of Credit Facility [Line Items]
Term Loan | €									247,075		359,551
Deferred financing costs | €									0		0
Term Loan, Net | €									€ 247,075		€ 359,551

Revolving Credit Facility and_5

Revolving Credit Facility and Term Loan, Net - Prior Credit Facility (Details) - Unsecured Debt - Senior Unsecured Multi-Currency Revolving Credit Facility - KeyBank National Association - USD ($)	Aug. 01, 2019	Dec. 31, 2020
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,100,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 835,000,000
LIBOR
Line of Credit Facility [Line Items]
Interest rate	1.00%
Below Threshold | Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused capacity commitment fee	0.15%
Commitment fee	50.00%

Senior Notes, Net (Details)

Senior Notes, Net (Details) - USD ($)	Dec. 16, 2020	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Senior notes amount		$ 490,345,000	$ 0
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Stated interest rate	3.75%	3.75%
Senior notes amount		$ 490,300,000
Deferred financing costs		$ 9,700,000
Senior Notes Due 2027 | Senior Notes | Treasury Stock
Debt Instrument [Line Items]
Interest rate	0.50%
Senior Notes Due 2027 | Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage	101.00%
Senior Notes Due 2027 | Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	100.00%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value, Financial Instruments Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	$ (4,025)	$ 2,726
Foreign currency forwards | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	0	0
Foreign currency forwards | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	(4,025)	2,726
Foreign currency forwards | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	0	0
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	(15,434)	(6,082)
Interest rate swaps | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	0	0
Interest rate swaps | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	(15,434)	(6,082)
Interest rate swaps | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset fair value	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments not Measured at Fair Value (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount | Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	$ 1,400	$ 1,300
Carrying Amount | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	111.1	199.1
Carrying Amount | Revolving Credit Facility | Senior Unsecured Multi-Currency Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	303	397.9
Carrying Amount | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	500
Fair Value | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	111.2	211
Fair Value | Revolving Credit Facility | Senior Unsecured Multi-Currency Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	304.6	$ 403.6
Fair Value | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt instruments	$ 512.4

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Positions, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	$ (19,459)	$ (3,356)
Designated as Hedging Instrument | Interest rate swaps
Derivatives, Fair Value [Line Items]
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	(15,434)	(6,008)
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | USD | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	(3,829)	(939)
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | GBP | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	(9,000)	(4,524)
Derivative assets, at fair value	0	366
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | EUR | Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	(2,605)	(1,139)
Derivative assets, at fair value	0	228
Swap | Derivatives not designated as hedging instruments | Significant Other Observable Inputs Level 2
Derivatives, Fair Value [Line Items]
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	(4,025)	2,652
Swap | Derivatives not designated as hedging instruments | GBP | Foreign currency forwards | Significant Other Observable Inputs Level 2
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	(2,714)	(831)
Derivative assets, at fair value	198	1,205
Swap | Derivatives not designated as hedging instruments | EUR | Interest rate swaps | Significant Other Observable Inputs Level 2
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	0	(74)
Swap | Derivatives not designated as hedging instruments | EUR | Foreign currency forwards | Significant Other Observable Inputs Level 2
Derivatives, Fair Value [Line Items]
Derivative liabilities, at fair value	(1,836)	0
Derivative assets, at fair value	$ 327	$ 2,352

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Narrative (Details) $ in Thousands, € in Millions, £ in Millions	Jul. 10, 2020property	Feb. 06, 2019property	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)derivative	Mar. 31, 2019USD ($)derivative	Sep. 30, 2018USD ($)derivative	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2020EUR (€)	Mar. 31, 2019EUR (€)	Sep. 30, 2018GBP (£)
Derivative [Line Items]
Losses on ineffectiveness									$ 400
Loss from termination of derivative							$ 300	$ 100	100
Accumulated other comprehensive income			$ (8,073)				(8,073)	(20,195)
Losses due to currency changes on undesignated excess foreign currency advances							6,000	0	0
(Loss) gain on derivative instruments							(2,341)	769	7,638
Fair value of derivatives in net liability position			21,200				21,200
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative notional amount			80,267				80,267	77,031
(Loss) gain on derivative instruments							2,100	900	7,800
Interest rate swaps
Derivative [Line Items]
Number of interest rate swaps terminated | derivative						15
AOCI adjustment, interest expense							270	128	559
Interest rate swaps | Interest Expense
Derivative [Line Items]
AOCI adjustment, interest expense							$ 5,646	2,439	3,746
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense
Derivative [Line Items]
Estimate of time to transfer							12 months
Estimated net amount to be transferred as interest expense							$ 7,100
Interest rate floor
Derivative [Line Items]
Number of interest rate swaps terminated | derivative						1
Multi-Property Loan
Derivative [Line Items]
Accumulated other comprehensive income			0			$ 1,200	0
Multi-Property Loan | Interest rate swaps
Derivative [Line Items]
Derivative notional amount | £												£ 208.8
Multi-Property Loan | Interest rate swaps | Interest Expense
Derivative [Line Items]
AOCI adjustment, interest expense							300	600	$ 400
Multi-Property Loan | Interest rate floor
Derivative [Line Items]
Derivative notional amount | £												£ 28.1
Mortgage Notes Payable, Finland
Derivative [Line Items]
Amount of loss recognized in accumulated other comprehensive income (loss) from derivatives (effective portion)					$ (700)
AOCI adjustment, interest expense							300	$ 400
Mortgage Notes Payable, Finland | Interest rate swaps
Derivative [Line Items]
Derivative asset, notional amount | €											€ 57.4
Number of interest rate swaps terminated | derivative					5
Payment to settle derivatives					$ 800
Whirlpool Corporation | BOK Financial | Mortgage notes payable
Derivative [Line Items]
Number of leased offices and industrial properties (property) | property	6
Whirlpool Corporation | Interest rate swaps
Derivative [Line Items]
Derivative asset, notional amount			88,000				$ 88,000
Loss on extinguishment of debt			$ 300
Finland Properties
Derivative [Line Items]
Number of interest rate swaps terminated | derivative				2
Finland Properties | Mortgage notes payable
Derivative [Line Items]
Number of leased offices and industrial properties (property) | property		5
Finland Properties | Multi-Property Loan
Derivative [Line Items]
Derivative notional amount | €										€ 14.5
Payment to settle derivatives				$ 100

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Interest rate “pay-fixed” swaps - Swap - Designated as Hedging Instrument $ in Thousands	Dec. 31, 2020USD ($)derivative	Dec. 31, 2019USD ($)derivative
Derivative [Line Items]
Number of Instruments | derivative	74	68
Notional Amount | $	$ 1,092,604	$ 962,436
GBP
Derivative [Line Items]
Number of Instruments | derivative	49	49
Notional Amount | $	$ 301,210	$ 290,965
EUR
Derivative [Line Items]
Number of Instruments | derivative	22	16
Notional Amount | $	$ 641,394	$ 521,471
USD
Derivative [Line Items]
Number of Instruments | derivative	3	3
Notional Amount | $	$ 150,000	$ 150,000

Derivative and Hedging Activi_6

Derivative and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in the consolidated statements of operations	$ 71,804	$ 64,199	$ 57,973
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) gain recognized in AOCI from derivatives	(14,151)	(9,047)	2,739
Amount of loss reclassified/recognized	(270)	(128)	(559)
Interest rate swaps | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified/recognized	$ (5,646)	$ (2,439)	$ (3,746)

Derivative and Hedging Activi_7

Derivative and Hedging Activities - Schedule of Derivatives Not Designated as Hedges (Details) - Not Designated as Hedging Instrument $ in Thousands	Dec. 31, 2020USD ($)derivative	Dec. 31, 2019USD ($)derivative
Schedule of Foreign Currency Swaps [Line Items]
Number of instruments (derivative) | derivative	81	71
Derivative notional amount | $	$ 80,267	$ 77,031
Foreign currency forwards | GBP-USD
Schedule of Foreign Currency Swaps [Line Items]
Number of instruments (derivative) | derivative	41	38
Derivative notional amount | $	$ 41,633	$ 38,898
Foreign currency forwards | EUR-USD
Schedule of Foreign Currency Swaps [Line Items]
Number of instruments (derivative) | derivative	40	32
Derivative notional amount | $	$ 38,634	$ 27,478
Swap | EUR-USD
Schedule of Foreign Currency Swaps [Line Items]
Number of instruments (derivative) | derivative	0	1
Derivative notional amount | $	$ 0	$ 10,655

Derivative and Hedging Activi_8

Derivative and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 525	$ 4,151
Gross Amounts of Recognized (Liabilities)	(19,984)	(7,507)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets (Liabilities) presented on the Balance Sheet	(19,459)	(3,356)
Financial Instruments	0	0
Cash Collateral Received (Posted)	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	$ (19,459)	$ (3,356)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Nov. 20, 2019USD ($)$ / sharesshares	Nov. 28, 2018USD ($)$ / sharesshares	Aug. 20, 2018USD ($)$ / sharesshares	Apr. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)shares	Dec. 31, 2020USD ($)quarterly_dividend$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 13, 2019shares	Mar. 31, 2018USD ($)
Class of Stock [Line Items]
Common stock, outstanding (in shares) | shares							89,458,752		89,614,601	89,458,752
Common Stock issuance (costs) proceeds, net | $									$ 345,000
Preferred stock, authorized (in shares) | shares									30,000,000
Dividends paid on the 15th of each month (in dollars per share) | $ / shares					$ 1.60	$ 2.13
Common stock, monthly dividend rate (in dollars per share) | $ / shares					$ 0.40	$ 0.5325
Public Offering
Class of Stock [Line Items]
Number of shares issued (in shares) | shares		4,000,000	4,600,000
Offering proceeds | $		$ 80,800,000	$ 95,000,000
Offering price per share (in dollars per share) | $ / shares		$ 20.20	$ 20.65
Underwriting discount | $		$ 3,200,000	$ 3,800,000
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares) | shares			600,000
Additional offering expenses | $		$ 100,000	$ 300,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares) | shares							9,959,650		9,959,650	9,959,650
Preferred stock, dividend rate									7.25%	7.25%
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.01		$ 0.01	$ 0.01
Preferred stock, issued (in shares) | shares							6,799,467		6,799,467	6,799,467
Preferred stock, outstanding (in shares) | shares							6,799,467		6,799,467	6,799,467
Preferred stock cumulative dividends (in dollars per share) | $ / shares									$ 1.8125
Preferred stock, liquidation preference (in dollars per share) | $ / shares							$ 25		25	$ 25
Preferred stock redemption price per share (in dollars per share) | $ / shares									$ 25
Redemption period one									90 days
Redemption period two									120 days
Number of share issued per share of convertible preferred stock (in shares) | shares									2.301
Number of quarterly dividends payable (quarterly dividend) | quarterly_dividend									6
Preferred stock, quarterly dividend (in dollars per share) | $ / shares									$ 0.453125
Series A Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Issuance of stock, net (in shares) | shares										1,382,577	7,240
Series A Preferred Stock | Maximum
Class of Stock [Line Items]
Periods for dividend payment									30 days
Series A Preferred Stock | Minimum
Class of Stock [Line Items]
Periods for dividend payment									10 days
Percentage of ordinary dividend income									100.00%	100.00%	100.00%
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares) | shares							11,450,000		11,450,000	11,450,000		11,450,000
Preferred stock, dividend rate	6.875%								6.875%	6.875%
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.01		$ 0.01	$ 0.01
Preferred stock, issued (in shares) | shares							3,450,000		3,861,953	3,450,000
Preferred stock, outstanding (in shares) | shares							3,450,000		3,861,953	3,450,000
Preferred stock cumulative dividends (in dollars per share) | $ / shares	$ 1.71875
Preferred stock, liquidation preference (in dollars per share) | $ / shares							$ 25		$ 25	$ 25
Number of share issued per share of convertible preferred stock (in shares) | shares	2.5126
Preferred stock, quarterly dividend (in dollars per share) | $ / shares									$ 0.429688
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Issuance of stock, net (in shares) | shares									411,953	3,450,000
Series B Preferred Stock | Minimum
Class of Stock [Line Items]
Percentage of ordinary dividend income									100.00%
Series B Preferred Stock | Public Offering
Class of Stock [Line Items]
Number of shares issued (in shares) | shares	3,450,000
Underwriting discount | $	$ 2,700,000
Additional offering expenses | $	$ 500,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 25
Consideration received on sale of stock, gross | $	$ 86,200,000
Series B Preferred Stock | Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares) | shares	450,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares) | shares							0		100,000	0
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.01
Preferred stock, issued (in shares) | shares									0
Preferred stock, outstanding (in shares) | shares									0
Preferred stock redemption price per share (in dollars per share) | $ / shares				$ 50
Percent of outstanding shares acquired				4.90%
Agent | At-the-Market Program
Class of Stock [Line Items]
Number of shares issued (in shares) | shares								7,759,322
Offering proceeds | $								$ 152,700,000			$ 200,000
Commissions paid | $								1,500,000
Common Stock issuance (costs) proceeds, net | $								800,000
Common stock, value authorized | $								$ 175,000,000
Agent | At-the-Market Program
Class of Stock [Line Items]
Number of shares issued (in shares) | shares							5,596,452			13,355,773	164,927
Offering proceeds | $							$ 109,900,000			$ 262,600,000	$ 3,500,000
Commissions paid | $							1,600,000			3,200,000	35,140
Common Stock issuance (costs) proceeds, net | $							400,000			1,200,000	300,000
Agent | Series A Preferred Stock | At-the-Market Program
Class of Stock [Line Items]
Offering proceeds | $										35,300,000
Commissions paid | $										500,000	2,724
Common Stock issuance (costs) proceeds, net | $										200,000	$ 400,000
Equity offering proceeds authorized | $													$ 200,000,000
Agent | Series B Preferred Stock | At-the-Market Program
Class of Stock [Line Items]
Number of shares issued (in shares) | shares									411,953
Offering proceeds | $									$ 10,400,000
Commissions paid | $									200,000
Common Stock issuance (costs) proceeds, net | $									$ 100,000
Equity offering proceeds authorized | $							$ 200,000,000			$ 200,000,000

Stockholders' Equity - Details

Stockholders' Equity - Details of Distributions Classified as Return of Capital and Ordinary Dividend Income (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Return of capital (in dollars per share)	$ 1.34	$ 1.23	$ 1.57
Ordinary dividend income (in dollars per share)	0.39	0.55	0.56
Total distribution (in dollars per share)	$ 1.73	$ 1.78	$ 2.13
Return of capital	77.50%	69.10%	73.70%
Ordinary dividend income	22.50%	30.90%	26.30%
Total distribution	100.00%	100.00%	100.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
Number of properties subject to ground leases | property	9
Number ground leases acquired | property	1
Operating lease right-of-use asset	$ 58,395	$ 50,211
Operating lease liability	$ 25,350	23,985
Weighted-average remaining lease term	32 years
Lease payments	4.33%
Lease payments	$ 1,500	1,400
Expense	$ 1,400	1,300
Rent expense			$ 1,300
Legal settlement reserve			7,400
Asset management fees | Defendants Vs. Service Providers | Service Provider
Operating Leased Assets [Line Items]
Legal expenses		$ 1,000	$ 2,900
Minimum
Operating Leased Assets [Line Items]
Term of lease contract	15 years
Maximum
Operating Leased Assets [Line Items]
Term of lease contract	97 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Ground Lease Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2020$ / $	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €	Dec. 31, 2019USD ($)	Dec. 31, 2019£ / $	Dec. 31, 2019€ / $
Commitments and Contingencies Disclosure [Abstract]
2021	$ 1,510
2022	1,510
2023	1,510
2024	1,514
2025	1,519
Thereafter	42,217
Total minimum lease payments	49,780
Less: Effects of discounting	(24,430)
Operating lease liability	$ 25,350				$ 23,985
Foreign currency exchange rate		0.78	1.37	1.23		1.32	1.12

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	May 06, 2020$ / shares	Nov. 06, 2018USD ($)	Aug. 14, 2018$ / shares	Jun. 02, 2015USD ($)	Feb. 28, 2019	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Oct. 31, 2017property
Related Party Transaction [Line Items]
Due from related parties						$ 377,000	$ 351,000
Due to related parties						2,002,000	342,000
Distributions to non-controlling interest holders						(441,000)	(542,000)	$ (585,000)
Dividends payable						$ 5,152,000	4,006,000
Number of real estate properties, no longer subject to oversight fee (property) | property									39
Property and management leasing agreement, successive terms					1 year
Property and management leasing agreement, termination notification term					12 months
Property manager termination notice						60 days
Advisor fee percentage						15.00%
Period to reinvest proceeds						180 days
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Related Party Transaction [Line Items]
Gain fee						$ 0	0	0
Incurred
Related Party Transaction [Line Items]
Related party expenses (reversals)						$ 35,801,000	33,292,000	28,234,000
Stand Alone, Single Tenant, Net Leased | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties
Related Party Transaction [Line Items]
Property management fee, percent fee						0.25%
All other properties, other than stand alone, single tenant, net leased | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties
Related Party Transaction [Line Items]
Property management fee, percent fee						0.50%
Singe Tenant Net Lease, Not Part of Shopping Center | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties
Related Party Transaction [Line Items]
Property management fee, percent fee						1.75%
All Other Property Types, Other Than Stand Alone, Single Tenant, Net Leased and Not Part of Shopping Center | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties
Related Party Transaction [Line Items]
Property management fee, percent fee						3.50%
Multi-Year Outperformance Plan
Related Party Transaction [Line Items]
Dividends payable						$ 0	0
LTIP Units
Related Party Transaction [Line Items]
Distributions to non-controlling interest holders						(400,000)	(500,000)	(600,000)
Advisor
Related Party Transaction [Line Items]
Leasing commissions incurred						$ 1,500,000
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						$ 2,000,000	300,000
Incentive Compensation | Recurring Fees | Incurred
Related Party Transaction [Line Items]
Related party expenses (reversals)							0	0
Property management and leasing fees | Recurring Fees | Incurred
Related Party Transaction [Line Items]
Related party expenses (reversals)						6,178,000	5,762,000	5,022,000
Asset management fees | Recurring Fees | Incurred
Related Party Transaction [Line Items]
Related party expenses (reversals)						29,623,000	$ 27,530,000	$ 23,212,000
Asset management fees | Advisor
Related Party Transaction [Line Items]
Leasing commissions incurred						$ 100,000
AR Global, LLC | Global Net Lease Advisors, LLC
Related Party Transaction [Line Items]
Indirect membership interest						95.00%
Limited Partner
Related Party Transaction [Line Items]
Operating partnership units (in shares) | shares						35,900	35,900
Advisor
Related Party Transaction [Line Items]
Minimum base management fee and variable base management fee, maximum percent of assets under management, range one		0.75%
Minimum base management fee and variable base management fee, maximum amount under management, range one		$ 3,000,000,000
Minimum base management fee and variable base management fee, maximum percent of assets under management, range two		0.75%
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two		$ 3,000,000,000
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two denominator		$ 11,700,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range three		0.35%
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two		$ 3,000,000,000
Minimum base management fee and variable base management fee, maximum percent of assets under management, range three		0.40%
Minimum base management fee and variable base management fee, maximum amount under management, range three		$ 14,700,000,000
Advisor | Maximum
Related Party Transaction [Line Items]
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two		$ 14,600,000,000
Advisor | Amended Advisory Agreement
Related Party Transaction [Line Items]
Base fee				$ 18,000,000
Variable fee, percent of cumulative net proceeds				1.25%
Incentive Compensation, percent payable in cash				50.00%
Incentive Compensation, percent payable in shares				50.00%
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period one (in dollars per share) | $ / shares			$ 2.15
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period two (in dollars per share) | $ / shares			2.25
Incentive fee lower hurdle, aggregate, period one (in dollars per share) | $ / shares	$ 1.6875
Incentive fee lower hurdle, quarterly, period one (in dollars per share) | $ / shares	0.5625
Incentive fee lower hurdle, aggregate, period two (in dollars per share) | $ / shares	1.35
Incentive fee lower hurdle, quarterly, period two (in dollars per share) | $ / shares	0.45
Incentive fee lower hurdle, aggregate, period three (in dollars per share) | $ / shares	1.125
Incentive fee lower hurdle, quarterly, period three (in dollars per share) | $ / shares	0.5625
Incentive fee lower hurdle, aggregate, period four (in dollars per share) | $ / shares	2.25
Incentive fee lower hurdle, quarterly, period four (in dollars per share) | $ / shares	0.5625
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period one (in dollars per share) | $ / shares			2.79
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period two (in dollars per share) | $ / shares			$ 2.92
Incentive fee upper hurdle, aggregate, period one (in dollars per share) | $ / shares	2.19
Incentive fee upper hurdle, quarterly, period one (in dollars per share) | $ / shares	0.73
Incentive fee upper hurdle, aggregate, period two (in dollars per share) | $ / shares	1.75
Incentive fee upper hurdle, quarterly, period two (in dollars per share) | $ / shares	0.583
Incentive fee upper hurdle, aggregate, period three (in dollars per share) | $ / shares	1.46
Incentive fee upper hurdle, quarterly, period three (in dollars per share) | $ / shares	0.73
Incentive fee upper hurdle, aggregate, period four (in dollars per share) | $ / shares	2.92
Incentive fee upper hurdle, quarterly, period four (in dollars per share) | $ / shares	$ 0.73
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range three				0.30%
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range one				1.25%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three				$ 5,000,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two				0.95%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range two				$ 15,000,000,000
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation base				1.25%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three denominator				$ 10,000,000,000
Variable fee payable, maximum sale of investments to trigger possible reduction				200,000,000
Advisor | Amended Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Percent of Core AFFO per weighted average share outstanding, incentive hurdle annual adjustment			0.00%
Advisor | Amended Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Percent of Core AFFO per weighted average share outstanding, incentive hurdle annual adjustment			3.00%
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 | Leasing Commission
Related Party Transaction [Line Items]
Due to related parties						$ 1,500,000
Advisor | Overpayment of Invoices
Related Party Transaction [Line Items]
Due to related parties						500,000
Advisor | American Realty Capital Global Advisors, LLC
Related Party Transaction [Line Items]
Due from related parties						$ 400,000	$ 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%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
General and Administrative Expense
Related Party Transaction [Line Items]
Related party expenses	$ 1,100	$ 1,100	$ 1,100
Advisor | Minimum Base Management Fee
Related Party Transaction [Line Items]
Related party expenses	18,000
Advisor | Variable Base Management Fee
Related Party Transaction [Line Items]
Related party expenses	11,600	9,500	5,200
Incurred
Related Party Transaction [Line Items]
Related party expenses	35,801	33,292	28,234
Recurring Fees | Incurred | Asset management fees
Related Party Transaction [Line Items]
Related party expenses	29,623	27,530	23,212
Recurring Fees | Incurred | Property management and leasing fees
Related Party Transaction [Line Items]
Related party expenses	$ 6,178	$ 5,762	$ 5,022

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details)

Jul. 19, 2018

Jun. 02, 2018shares

Jun. 01, 2018USD ($)$ / shares

Jun. 02, 2015shares

Sep. 30, 2020shares

Sep. 30, 2020$ / sharesshares

Dec. 31, 2020USD ($)$ / sharesshares

Dec. 31, 2019USD ($)$ / sharesshares

Dec. 31, 2018USD ($)$ / sharesshares

Jun. 02, 2018shares

Feb. 28, 2019USD ($)

Jan. 31, 2019USD ($)

Jan. 01, 2019USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Distributions to non-controlling interest holders

$ 441,000

$ 542,000

$ 585,000

Equity-based compensation

10,065,000

9,530,000

2,649,000

Non-controlling interest

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity-based compensation

$ 9,433,000

$ 9,069,000

$ 2,181,000

Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock issued for services during the period (in shares) | shares

0

0

0

RSUs/Restricted stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued in the period (in shares) | shares

132,025

Award vesting period

4 years

Restricted shares granted (in shares) | shares

132,025

Restricted shares granted in (dollars per share) | $ / shares

$ 17.41

Additional restricted shares to be awarded in the future (in shares) | shares

217,975

217,975

RSUs/Restricted stock | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

50.00%

LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Distributions to non-controlling interest holders

$ 400,000

$ 500,000

$ 600,000

LTIP Units | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

33.30%

LTIP Units | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

33.30%

LTIP Units | Tranche Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

33.30%

Stock Option Plan | Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares) | shares

500,000

500,000

500,000

Shares issued in the period (in shares) | shares

0

0

0

Incentive Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual retainer payable, cash percentage

50.00%

Annual retainer payable, restricted stock units percentage

50.00%

Incentive Restricted Share Plan | Independent Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual retainer payable

$ 100,000

Incentive Restricted Share Plan | Non-Executive Chair

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual retainer payable

105,000

Incentive Restricted Share Plan | Directors, Serving on Committees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual retainer payable

$ 30,000

Incentive Restricted Share Plan | Unvested RSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Outstanding stock maximum

10.00%

Incentive Restricted Share Plan | Unvested RSUs | Directors, Serving on Committees

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Incentive Restricted Share Plan | Unvested RSUs | Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity based compensation

$ 600,000

$ 500,000

$ 500,000

Unrecognized compensation cost

$ 500,000

Period for recognition

1 year 9 months 18 days

Restricted Share Plan | RSUs/Restricted stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted (in shares) | shares

28,232

16,543

17,039

Restricted shares granted in (dollars per share) | $ / shares

$ 13.37

$ 18.89

$ 18.34

Unrecognized compensation cost

$ 2,100,000

Period for recognition

3 years 9 months 18 days

2015 Multi-Year Outperformance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued in the period (in shares) | shares

3,013,933

Award vesting period

3 years

Percent of distributions

10.00%

Percent of market capitalization

5.00%

2015 Multi-Year Outperformance Plan | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period during which additional units may be earned

1 year

2015 Multi-Year Outperformance Plan | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period during which additional units may be earned

24 months

2015 Multi-Year Outperformance Plan | LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of units earned (in shares) | shares

0

2018 Multi Year Outperformance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity based compensation, requisite service period

2 years 9 months 18 days

Shares authorized

$ 50,000,000

Share price (in dollars per share) | $ / shares

$ 19.57

2018 Multi Year Outperformance Plan | LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued in the period (in shares) | shares

2,554,930

2,554,930

2,554,930

2018 Multi Year Outperformance Plan | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

24.00%

Relative TSR Excess

(0.0600)

2018 Multi Year Outperformance Plan | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

24.00%

Relative TSR Excess

(0.0600)

2018 Multi Year Outperformance Plan | Tranche Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

30.00%

Relative TSR Excess

0

Advisor | RSUs/Restricted stock | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

25.00%

Advisor | RSUs/Restricted stock | Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

25.00%

Advisor | RSUs/Restricted stock | Tranche Three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

25.00%

Advisor | RSUs/Restricted stock | Tranche Four

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting percent

25.00%

Advisor | 2018 Multi Year Outperformance Plan | LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued in the period (in shares) | shares

2,554,930

Minimum | Tier One | 2018 Multi Year Outperformance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

24.00%

Relative TSR Excess

(0.0600)

Minimum | Tier Two | 2018 Multi Year Outperformance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

36.00%

Relative TSR Excess

0

Maximum | Tier One | 2018 Multi Year Outperformance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

30.00%

Relative TSR Excess

0

Maximum | Tier Two | 2018 Multi Year Outperformance Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

30.00%

Relative TSR Excess

0.0600

Share-based Payment Arrangement, Nonemployee | 2015 Multi-Year Outperformance Plan | LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity based compensation

$ (1,100,000)

Equity fair value

$ 18,800,000

Share-based Payment Arrangement, Nonemployee | 2018 Multi Year Outperformance Plan | Non-controlling interest

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity-based compensation

$ 9,400,000

$ 9,100,000

3,300,000

Share-based Payment Arrangement, Nonemployee | 2018 Multi Year Outperformance Plan | LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity based compensation

$ 2,200,000

Equity fair value

$ 6,600,000

$ 29,900,000

$ 23,300,000

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Share Award Activity (Details) - RSUs/Restricted stock - $ / shares	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of RSUs/Restricted Shares
Granted (in shares)	132,025
Weighted-Average Issue Price
Granted (in dollars per share)		$ 17.41
Restricted Share Plan
Number of RSUs/Restricted Shares
Beginning Balance (in shares)			40,541	46,352	49,112
Granted (in shares)			28,232	16,543	17,039
Vested (in shares)			(23,824)	(22,354)	(19,799)
Ending Balance (in shares)			44,949	40,541	46,352
Weighted-Average Issue Price
Beginning Balance (in dollars per share)			$ 20.47	$ 22.04	$ 24.29
Granted (in dollars per share)			13.37	18.89	18.34
Vested (in dollars per share)			21.71	22.58	24.40
Ending Balance (in dollars per share)			$ 15.35	$ 20.47	$ 22.04

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Target and Maximum Performance Goals (Details) - 2018 Multi Year Outperformance Plan	Jun. 02, 2018shares
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of Absolute TSR 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	(0.0600)
Number of Absolute TSR LTIP Units Earned (in shares)	0
Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of Absolute TSR 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	(0.0600)
Number of Absolute TSR LTIP Units Earned (in shares)	319,366
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of Absolute TSR 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	0.0600
Number of Absolute TSR LTIP Units Earned (in shares)	1,277,465

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of Total Return (Details) - Multi-Year Outperformance Plan	Jun. 02, 2015
Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute component	4.00%
Relative component	4.00%
Absolute component, percent of total return	21.00%
Relative component, 100% cumulative total return	18.00%
Relative component, 50% cumulative total return	0.00%
Relative component, 0% cumulative total return	0.00%
Tranche Three | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative component, 50% to 100% cumulative total return	0.00%
Tranche Three | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative component, 50% to 100% cumulative total return	18.00%
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute component	4.00%
Relative component	4.00%
Absolute component, percent of total return	7.00%
Relative component, 100% cumulative total return	6.00%
Relative component, 50% cumulative total return	0.00%
Relative component, 0% cumulative total return	0.00%
Tranche One | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative component, 50% to 100% cumulative total return	0.00%
Tranche One | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative component, 50% to 100% cumulative total return	6.00%
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute component	4.00%
Relative component	4.00%
Absolute component, percent of total return	14.00%
Relative component, 100% cumulative total return	12.00%
Relative component, 50% cumulative total return	0.00%
Relative component, 0% cumulative total return	0.00%
Tranche Two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative component, 50% to 100% cumulative total return	0.00%
Tranche Two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Relative component, 50% to 100% cumulative total return	12.00%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders	$ (13,277)	$ (502)	$ 966	$ 5,038	$ 9,263	$ 6,860	$ 12,621	$ 5,791	$ (7,775)	$ 34,535	$ 1,082
Adjustments to net (loss) income attributable to common stockholders for common share equivalents	(102)	(102)	(129)	(135)	(150)	(176)	(174)	(160)	(468)	(660)	(689)
Adjusted net (loss) income attributable to common stockholders	$ (13,379)	$ (604)	$ 837	$ 4,903	$ 9,113	$ 6,684	$ 12,447	$ 5,631	$ (8,243)	$ 33,875	$ 393
Weighted average common shares outstanding — Basic (in shares)	89,482,577	89,482,577	89,470,114	89,458,753	89,458,381	85,254,638	83,847,120	81,474,615	89,473,554	85,031,236	69,411,061
Weighted average common shares outstanding — Diluted (in shares)	89,482,577	89,482,577	90,102,709	89,499,294	90,776,790	86,202,582	85,165,549	82,798,432	89,473,554	86,349,645	69,663,208
Net (loss) income per share attributable to common stockholders — Basic (in dollars per share)									$ (0.09)	$ 0.40	$ 0.01
Net (loss) income per share attributable to common stockholders — Diluted (in dollars per share)									$ (0.09)	$ 0.39	$ 0.01

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities (in shares)	2,638,582	1,318,006	1,016,525
Unvested RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities (in shares)	44,949	40,541	46,352
Unvested Restricted Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities (in shares)	38,703	0	0
LTIP Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities (in shares)	2,554,930	1,277,465	970,173
2018 Multi Year Outperformance Plan | LTIP Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares issued in the period (in shares)	2,554,930	2,554,930	2,554,930
Unvested Restricted Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares issued in the period (in shares)	132,025

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	12 Months Ended
	Dec. 31, 2020shares
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dilutive effect of share based compensation arrangements (in shares)	0

Quarterly Results (Unaudited)_2

Quarterly Results (Unaudited) (Details) - USD ($)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue from tenants	$ 87,042,000	$ 82,711,000	$ 81,109,000	$ 79,242,000	$ 76,685,000	$ 77,942,000	$ 76,119,000	$ 75,468,000			$ 330,104,000	$ 306,214,000	$ 282,207,000
Net income (loss) attributable to common stockholders	(13,277,000)	(502,000)	966,000	5,038,000	9,263,000	6,860,000	12,621,000	5,791,000			(7,775,000)	34,535,000	1,082,000
Adjustments to net (loss) income attributable to common stockholders for common share equivalents	(102,000)	(102,000)	(129,000)	(135,000)	(150,000)	(176,000)	(174,000)	(160,000)			(468,000)	(660,000)	(689,000)
Adjusted net income attributable to common stockholders	$ (13,379,000)	$ (604,000)	$ 837,000	$ 4,903,000	$ 9,113,000	$ 6,684,000	$ 12,447,000	$ 5,631,000			$ (8,243,000)	$ 33,875,000	$ 393,000
Weighted average common shares outstanding — Basic (in shares)	89,482,577	89,482,577	89,470,114	89,458,753	89,458,381	85,254,638	83,847,120	81,474,615			89,473,554	85,031,236	69,411,061
Weighted average common shares outstanding — Diluted (in shares)	89,482,577	89,482,577	90,102,709	89,499,294	90,776,790	86,202,582	85,165,549	82,798,432			89,473,554	86,349,645	69,663,208
Net income (loss) per share attributable to common stockholders — Basic and Diluted (in dollars per share)	$ (0.15)	$ (0.01)	$ 0.01	$ 0.05	$ 0.10	$ 0.08	$ 0.15	$ 0.07
Impairment charges and related lease intangible write-offs						$ 6,400,000					$ 0	$ 6,375,000	$ 5,000,000
Out of period adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) attributable to common stockholders		$ (2,600,000)	$ (1,300,000)						$ (1,300,000)	$ (3,900,000)

Subsequent Events (Details)

Subsequent Events (Details) - Senior Unsecured Multi-Currency Revolving Credit Facility - KeyBank National Association - Unsecured Debt - USD ($)	Feb. 24, 2021	Dec. 31, 2020	Aug. 01, 2019
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 1,100,000,000
Total line of credit commitment			$ 1,750,000,000
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 835,000,000
Subsequent Event
Subsequent Event [Line Items]
Increase in aggregate commitments	$ 565,000,000
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Increase in lender commitments	50,000,000
Maximum borrowing capacity	$ 1,200,000,000

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation Schedule III - Part 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,378,686
Initial cost, land	476,599
Initial cost, buildings and improvements	3,081,615
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	48,755
Real estate, gross	3,606,969	$ 3,111,496	$ 2,745,348	$ 2,543,052
Accumulated depreciation	355,855	$ 266,722	$ 220,225	$ 174,452
McDonalds Corporation, Carlisle, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	438
Initial cost, buildings and improvements	831
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,269
Accumulated depreciation	170
Wickes, Blackpool, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,843
Initial cost, buildings and improvements	1,841
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,684
Accumulated depreciation	517
Everything Everywhere, Merthr Tydfil, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,754
Initial cost, buildings and improvements	2,174
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,928
Accumulated depreciation	548
Thames Water, Swindon, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,754
Initial cost, buildings and improvements	4,037
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	12
Real estate, gross	7,803
Accumulated depreciation	995
Wickes, Tunstall, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	956
Initial cost, buildings and improvements	2,031
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,987
Accumulated depreciation	552
PPD Global Labs, Highland Heights, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,001
Initial cost, buildings and improvements	5,162
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	87
Real estate, gross	7,250
Accumulated depreciation	1,148
Northern Rock, Sunderland, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,365
Initial cost, buildings and improvements	4,348
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,713
Accumulated depreciation	1,060
Wickes, Clifton, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,365
Initial cost, buildings and improvements	1,777
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,142
Accumulated depreciation	467
XPO Logistics, Aurora, NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	295
Initial cost, buildings and improvements	1,470
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,765
Accumulated depreciation	438
XPO Logistics, Grand Rapids, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	945
Initial cost, buildings and improvements	1,247
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,192
Accumulated depreciation	371
XPO Logistics, Riverton, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	344
Initial cost, buildings and improvements	707
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,051
Accumulated depreciation	211
XPO Logistics, Salina, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	461
Initial cost, buildings and improvements	1,622
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,083
Accumulated depreciation	483
XPO Logistics, Uhrichsville, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	380
Initial cost, buildings and improvements	780
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,160
Accumulated depreciation	232
XPO Logistics, Vincennes, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	220
Initial cost, buildings and improvements	633
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	853
Accumulated depreciation	194
XPO Logistics, Waite Park, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	366
Initial cost, buildings and improvements	700
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,066
Accumulated depreciation	197
Wolverine, Howard City, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	719
Initial cost, buildings and improvements	12,027
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	12,746
Accumulated depreciation	3,540
Encanto, Baymon, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,150
Initial cost, buildings and improvements	1,552
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,702
Accumulated depreciation	428
Encanto, Caguas, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	2,233
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,233
Accumulated depreciation	615
Encanto, Carolina I, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,840
Initial cost, buildings and improvements	2,485
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,325
Accumulated depreciation	684
Encanto, Carolina II, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	615
Initial cost, buildings and improvements	676
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,291
Accumulated depreciation	186
Encanto, Guayama, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	673
Initial cost, buildings and improvements	740
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,413
Accumulated depreciation	204
Encanto, Mayaguez, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	410
Initial cost, buildings and improvements	862
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,272
Accumulated depreciation	237
Encanto, Ponce I, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	600
Initial cost, buildings and improvements	1,218
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,818
Accumulated depreciation	307
Encanto, Ponce II, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	655
Initial cost, buildings and improvements	1,375
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,030
Accumulated depreciation	379
Encanto, Puerto Neuvo, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	704
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	704
Accumulated depreciation	194
Encanto, Quebrada Arena, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	843
Initial cost, buildings and improvements	1,410
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,253
Accumulated depreciation	388
Encanto, Rio Piedras I, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	963
Initial cost, buildings and improvements	1,609
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,572
Accumulated depreciation	443
Encanto, Rio Piedras II, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	505
Initial cost, buildings and improvements	1,061
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,566
Accumulated depreciation	292
Encanto, San German, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	391
Initial cost, buildings and improvements	631
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,022
Accumulated depreciation	159
Encanto, San Juan I, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	153
Initial cost, buildings and improvements	551
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	704
Accumulated depreciation	152
Encanto, San Juan II, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,235
Initial cost, buildings and improvements	1,358
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,593
Accumulated depreciation	374
Encanto, San Juan III, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	389
Initial cost, buildings and improvements	1,051
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,440
Accumulated depreciation	290
Encanto, Toa Baja, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	68
Initial cost, buildings and improvements	536
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	604
Accumulated depreciation	135
Encanto, Vega Baja, PR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	822
Initial cost, buildings and improvements	1,374
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,196
Accumulated depreciation	379
Rheinmetall, Neuss, Germany
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	6,306
Initial cost, buildings and improvements	17,706
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	79
Real estate, gross	24,091
Accumulated depreciation	3,382
GE Aviation, Grand Rapids, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,174
Initial cost, buildings and improvements	27,076
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	203
Real estate, gross	30,453
Accumulated depreciation	5,053
Provident Financial, Bradford, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,377
Initial cost, buildings and improvements	25,543
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	26,920
Accumulated depreciation	4,503
Crown Crest, Leicester, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	7,844
Initial cost, buildings and improvements	32,394
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	40,238
Accumulated depreciation	6,507
Trane, Davenport, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	291
Initial cost, buildings and improvements	1,968
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,259
Accumulated depreciation	440
Aviva, Sheffield, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,966
Initial cost, buildings and improvements	33,606
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	36,572
Accumulated depreciation	6,043
DFS Trading, Brigg, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,385
Initial cost, buildings and improvements	3,929
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,314
Accumulated depreciation	795
DFS Trading, Carcroft I, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,165
Initial cost, buildings and improvements	4,613
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,778
Accumulated depreciation	864
DFS Trading, Carcroft II, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	316
Initial cost, buildings and improvements	2,270
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,586
Accumulated depreciation	484
DFS Trading, Darley Dale, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,363
Initial cost, buildings and improvements	3,499
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,862
Accumulated depreciation	723
DFS Trading, Somercotes, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	801
Initial cost, buildings and improvements	2,859
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,660
Accumulated depreciation	696
Government Services Administration, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,160
Initial cost, buildings and improvements	30,083
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	34,243
Accumulated depreciation	5,399
National Oilwell, Williston, ND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	211
Initial cost, buildings and improvements	3,513
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,724
Accumulated depreciation	851
Government Services Administration, Dover, DE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,097
Initial cost, buildings and improvements	1,715
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,812
Accumulated depreciation	343
Government Services Administration, Germantown, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,097
Initial cost, buildings and improvements	3,573
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	22
Real estate, gross	4,692
Accumulated depreciation	641
OBI DIY, Mayen, Germany
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,374
Initial cost, buildings and improvements	8,203
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,577
Accumulated depreciation	1,666
DFS Trading, South Yorkshire, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	1,427
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,427
Accumulated depreciation	385
DFS Trading, Yorkshire, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	1,860
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,860
Accumulated depreciation	337
Government Services Administration, Dallas, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	484
Initial cost, buildings and improvements	2,934
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,418
Accumulated depreciation	524
Government Services Administration, Mission, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	618
Initial cost, buildings and improvements	3,145
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,763
Accumulated depreciation	594
Government Services Administration, International Falls, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	350
Initial cost, buildings and improvements	11,182
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	63
Real estate, gross	11,595
Accumulated depreciation	2,058
Indiana Department of Revenue, Indianapols, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	891
Initial cost, buildings and improvements	7,677
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,568
Accumulated depreciation	1,445
National Oilwell, Pleasanton I, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	202
Initial cost, buildings and improvements	1,643
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,845
Accumulated depreciation	374
Nissan, Murfreesboro, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	966
Initial cost, buildings and improvements	19,573
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	20,539
Accumulated depreciation	3,379
Government Services Administration, Lakewood, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,220
Initial cost, buildings and improvements	7,928
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,148
Accumulated depreciation	1,372
Lippert Components, South Bend, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,195
Initial cost, buildings and improvements	6,883
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,078
Accumulated depreciation	1,217
Axon Energy Products, Conroe, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	826
Initial cost, buildings and improvements	6,132
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2
Real estate, gross	6,960
Accumulated depreciation	1,026
Axon Energy Products, Houston I, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	294
Initial cost, buildings and improvements	2,310
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,604
Accumulated depreciation	431
Axon Energy Products, Houston II, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	416
Initial cost, buildings and improvements	5,186
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,602
Accumulated depreciation	938
Bell Supply Co, Carrizo Springs, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	260
Initial cost, buildings and improvements	1,445
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,705
Accumulated depreciation	311
Bell Supply Co, Cleburne, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	301
Initial cost, buildings and improvements	323
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	624
Accumulated depreciation	77
Bell Supply Co, Frierson, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	260
Initial cost, buildings and improvements	1,054
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,314
Accumulated depreciation	313
Bell Supply Co, Gainesville, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	131
Initial cost, buildings and improvements	1,420
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,551
Accumulated depreciation	258
Bell Supply Co, Killdeer, ND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	307
Initial cost, buildings and improvements	1,250
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,557
Accumulated depreciation	262
Bell Supply Co, Williston, ND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	162
Initial cost, buildings and improvements	2,323
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,485
Accumulated depreciation	439
GE Oil & Gas, Canton, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	437
Initial cost, buildings and improvements	3,039
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	300
Real estate, gross	3,776
Accumulated depreciation	611
GE Oil & Gas, Odessa, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,611
Initial cost, buildings and improvements	3,322
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,933
Accumulated depreciation	1,121
Lhoist, Irving, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	173
Initial cost, buildings and improvements	2,154
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	125
Real estate, gross	2,452
Accumulated depreciation	472
Select Energy Services, DeBerry, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	533
Initial cost, buildings and improvements	7,551
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,084
Accumulated depreciation	2,171
Select Energy Services, Gainesville, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	519
Initial cost, buildings and improvements	7,482
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,001
Accumulated depreciation	1,276
Select Energy Services, Victoria, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	354
Initial cost, buildings and improvements	1,698
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,052
Accumulated depreciation	379
Bell Supply Co, Jacksboro, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	51
Initial cost, buildings and improvements	657
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	708
Accumulated depreciation	195
Bell Supply Co, Kenedy, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	190
Initial cost, buildings and improvements	1,669
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,859
Accumulated depreciation	391
Select Energy Services, Alice, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	518
Initial cost, buildings and improvements	1,331
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,849
Accumulated depreciation	268
Select Energy Services, Dilley, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	429
Initial cost, buildings and improvements	1,777
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,206
Accumulated depreciation	422
Select Energy Services, Kenedy, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	815
Initial cost, buildings and improvements	8,355
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,170
Accumulated depreciation	1,700
Select Energy Services, Laredo, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,472
Initial cost, buildings and improvements	944
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,416
Accumulated depreciation	285
Superior Energy Services, Gainesville, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	322
Initial cost, buildings and improvements	480
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	802
Accumulated depreciation	88
Superior Energy Services, Jacksboro, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	408
Initial cost, buildings and improvements	312
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	720
Accumulated depreciation	79
Amcor Packaging, Workington, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,188
Initial cost, buildings and improvements	7,005
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,193
Accumulated depreciation	1,471
Government Services Administration, Raton, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	93
Initial cost, buildings and improvements	875
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	968
Accumulated depreciation	168
Nimble Storage, San Jose, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	30,227
Initial cost, buildings and improvements	10,795
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	180
Real estate, gross	41,202
Accumulated depreciation	1,938
FedEx, Amarillo, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	889
Initial cost, buildings and improvements	6,446
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,335
Accumulated depreciation	1,361
FedEx, Chicopee, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,030
Initial cost, buildings and improvements	7,022
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,052
Accumulated depreciation	1,551
FedEx, San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,283
Initial cost, buildings and improvements	17,756
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	21,039
Accumulated depreciation	3,117
Sandoz, Princeton, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	7,766
Initial cost, buildings and improvements	31,994
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	11,962
Real estate, gross	51,722
Accumulated depreciation	11,324
Wyndham, Branson, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	881
Initial cost, buildings and improvements	3,307
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,188
Accumulated depreciation	614
Valassis, Livonia, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,735
Initial cost, buildings and improvements	8,119
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,854
Accumulated depreciation	1,382
Government Services Administration, Fort Fairfield, ME
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	26
Initial cost, buildings and improvements	9,315
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,341
Accumulated depreciation	1,526
AT&T Services, Inc., San Antonio, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	5,312
Initial cost, buildings and improvements	41,201
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	46,513
Accumulated depreciation	6,677
PNC Bank, Erie, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	242
Initial cost, buildings and improvements	6,195
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	6,437
Accumulated depreciation	1,025
PNC Bank, Scranton, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,324
Initial cost, buildings and improvements	3,004
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,328
Accumulated depreciation	510
Continental Tire, For Mill, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	780
Initial cost, buildings and improvements	14,259
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,039
Accumulated depreciation	2,354
Fujitsu Office Properties, Manchester, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,855
Initial cost, buildings and improvements	41,726
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	45,581
Accumulated depreciation	6,995
BP Oil, Wootton Bassett, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	625
Initial cost, buildings and improvements	2,703
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,328
Accumulated depreciation	482
HBOS, Derby, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	627
Initial cost, buildings and improvements	6,320
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	6,947
Accumulated depreciation	1,163
HBOS, St. Helens, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	238
Initial cost, buildings and improvements	3,581
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,819
Accumulated depreciation	664
HBOS, Warrington, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	454
Initial cost, buildings and improvements	2,139
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,593
Accumulated depreciation	428
Malthurst, Shiptonthorpe, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	288
Initial cost, buildings and improvements	2,045
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,333
Accumulated depreciation	401
Malthurst, Yorkshire, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	510
Initial cost, buildings and improvements	1,339
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,849
Accumulated depreciation	344
Stanley Black & Decker, Westerville, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	958
Initial cost, buildings and improvements	6,933
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,891
Accumulated depreciation	1,185
Thermo Fisher, Kalamazoo, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,176
Initial cost, buildings and improvements	10,179
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	11,355
Accumulated depreciation	1,654
Capgemini, Birmingham, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,699
Initial cost, buildings and improvements	16,109
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	17,808
Accumulated depreciation	2,845
Merck, Madison, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	10,290
Initial cost, buildings and improvements	32,530
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	42,820
Accumulated depreciation	5,255
Government Services Administration, Rangeley, ME
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,377
Initial cost, buildings and improvements	4,746
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,013
Real estate, gross	7,136
Accumulated depreciation	860
Hewlett-Packard, Newcastle, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,174
Initial cost, buildings and improvements	19,541
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	20,715
Accumulated depreciation	3,239
Inteir Automotive, Redditch, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,212
Initial cost, buildings and improvements	9,596
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,808
Accumulated depreciation	1,769
Waste Management, Winston-Salem, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	494
Initial cost, buildings and improvements	3,235
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,729
Accumulated depreciation	549
FedEx, Winona, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	83
Initial cost, buildings and improvements	1,785
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,868
Accumulated depreciation	347
Dollar General, Allen, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	99
Initial cost, buildings and improvements	793
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	892
Accumulated depreciation	141
Dollar General, Cherokee, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	27
Initial cost, buildings and improvements	769
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	796
Accumulated depreciation	139
Dollar General, Clearwater, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	90
Initial cost, buildings and improvements	785
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	875
Accumulated depreciation	141
Dollar General, Dexter, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	329
Initial cost, buildings and improvements	585
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	914
Accumulated depreciation	105
Dollar General, Elmore City, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	21
Initial cost, buildings and improvements	742
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	763
Accumulated depreciation	135
Dollar General, Eunice, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	269
Initial cost, buildings and improvements	569
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	838
Accumulated depreciation	104
Dollar General, Gore, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	143
Initial cost, buildings and improvements	813
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	956
Accumulated depreciation	146
Dollar General, Kingston, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	81
Initial cost, buildings and improvements	778
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	859
Accumulated depreciation	141
Dollar General, Lordsburg, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	212
Initial cost, buildings and improvements	719
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	931
Accumulated depreciation	128
Dollar General, Lyons, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	120
Initial cost, buildings and improvements	970
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,090
Accumulated depreciation	172
Dollar General, Mansfield, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	169
Initial cost, buildings and improvements	812
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	981
Accumulated depreciation	145
Dollar General, Neligh, NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	83
Initial cost, buildings and improvements	1,045
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,128
Accumulated depreciation	181
Dollar General, Norman, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	40
Initial cost, buildings and improvements	913
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	953
Accumulated depreciation	163
Dollar General, Peggs, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	72
Initial cost, buildings and improvements	879
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	951
Accumulated depreciation	156
Dollar General, Santa Rosa, NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	324
Initial cost, buildings and improvements	575
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	899
Accumulated depreciation	104
Dollar General, Sapulpa, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	143
Initial cost, buildings and improvements	745
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	888
Accumulated depreciation	137
Dollar General, Schuyler, NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	144
Initial cost, buildings and improvements	905
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,049
Accumulated depreciation	159
Dollar General, Tahlequah, OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	132
Initial cost, buildings and improvements	925
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,057
Accumulated depreciation	164
Dollar General, Townville, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	78
Initial cost, buildings and improvements	882
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	960
Accumulated depreciation	166
Dollar General, Valley Falls, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	51
Initial cost, buildings and improvements	922
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	973
Accumulated depreciation	160
Dollar General, Wymore, NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	21
Initial cost, buildings and improvements	872
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	893
Accumulated depreciation	154
FedEx, Bohemia, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,838
Initial cost, buildings and improvements	19,596
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	24,434
Accumulated depreciation	3,530
FedEx, Watertown, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	561
Initial cost, buildings and improvements	4,757
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,318
Accumulated depreciation	903
Shaw Aero, Naples, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	998
Initial cost, buildings and improvements	22,332
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	23,330
Accumulated depreciation	3,631
Mallinckrodt, St. Louis, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,499
Initial cost, buildings and improvements	16,828
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	18,327
Accumulated depreciation	2,764
Kuka Warehouse, Sterling Heights, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,227
Initial cost, buildings and improvements	10,790
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	12,017
Accumulated depreciation	1,772
Trinity Health, Livonia, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,273
Initial cost, buildings and improvements	16,574
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,075
Real estate, gross	22,922
Accumulated depreciation	3,318
Trinity Health, Livonia, MI II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,680
Initial cost, buildings and improvements	11,568
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,423
Real estate, gross	18,671
Accumulated depreciation	2,794
FedEx, Hebron, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,106
Initial cost, buildings and improvements	7,750
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	109
Real estate, gross	8,965
Accumulated depreciation	1,371
FedEx, Lexington, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,118
Initial cost, buildings and improvements	7,961
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,079
Accumulated depreciation	1,363
GE Aviation, Cincinnati, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,393
Initial cost, buildings and improvements	10,490
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	11,883
Accumulated depreciation	1,727
Bradford & Bingley, Bingley, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,552
Initial cost, buildings and improvements	11,430
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,982
Accumulated depreciation	2,035
DNV GL, Dublin, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,509
Initial cost, buildings and improvements	3,140
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	126
Real estate, gross	5,775
Accumulated depreciation	567
Rexam, Reckinghausen, Germany
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	865
Initial cost, buildings and improvements	12,173
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	13,038
Accumulated depreciation	1,996
C&J Energy I, Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,865
Initial cost, buildings and improvements	9,457
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	13,322
Accumulated depreciation	1,636
FedEx, Lake Charles, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	255
Initial cost, buildings and improvements	7,485
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	297
Real estate, gross	8,037
Accumulated depreciation	1,450
Onguard, Havre De Grace, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,216
Initial cost, buildings and improvements	6,585
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,801
Accumulated depreciation	1,525
Axon Energy Products, Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	297
Initial cost, buildings and improvements	2,432
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,729
Accumulated depreciation	391
Metro Tonic, Halle Peissen, Germany
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	7,453
Initial cost, buildings and improvements	52,217
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	59,670
Accumulated depreciation	9,482
Tokmanni, Matsala, Finland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,931
Initial cost, buildings and improvements	58,456
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	60,387
Accumulated depreciation	10,001
Fife Council, Dunfermline, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	360
Initial cost, buildings and improvements	4,637
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,997
Accumulated depreciation	770
Government Services Administration, Rapid City, SD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	504
Initial cost, buildings and improvements	7,837
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,341
Accumulated depreciation	1,308
KPN BV, Houten, Netherlands
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,729
Initial cost, buildings and improvements	21,154
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	22,883
Accumulated depreciation	3,312
Follett School, McHenry, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,423
Initial cost, buildings and improvements	15,600
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	19,023
Accumulated depreciation	3,031
Quest Diagnostics, Inc., Santa Clarita, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	10,714
Initial cost, buildings and improvements	69,018
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	79,732
Accumulated depreciation	10,679
Diebold, North Canton, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	9,142
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,142
Accumulated depreciation	1,699
Weatherford International, Odessa, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	665
Initial cost, buildings and improvements	1,795
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,460
Accumulated depreciation	479
AM Castle, Wichita, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	426
Initial cost, buildings and improvements	6,681
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	509
Real estate, gross	7,616
Accumulated depreciation	1,048
FedEx, Billerica, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,138
Initial cost, buildings and improvements	6,674
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	752
Real estate, gross	8,564
Accumulated depreciation	1,308
Constellium Auto, Wayne, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,180
Initial cost, buildings and improvements	13,781
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	7,875
Real estate, gross	22,836
Accumulated depreciation	5,421
C&J Energy II, Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	6,196
Initial cost, buildings and improvements	21,745
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	27,941
Accumulated depreciation	3,305
Fedex VII, Salina, UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	428
Initial cost, buildings and improvements	3,447
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,875
Accumulated depreciation	744
Fedex VIII, Pierre, SD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	3,288
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,288
Accumulated depreciation	681
Crown Group, Fraser, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	350
Initial cost, buildings and improvements	3,865
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,215
Accumulated depreciation	579
Crown Group, Jonesville, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	101
Initial cost, buildings and improvements	3,136
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,237
Accumulated depreciation	484
Crown Group, Logansport, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,843
Initial cost, buildings and improvements	5,430
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,273
Accumulated depreciation	947
Crown Group, Marion, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	386
Initial cost, buildings and improvements	7,993
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,379
Accumulated depreciation	1,273
JIT Steel Services, Chattanooga, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	582
Initial cost, buildings and improvements	3,122
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,704
Accumulated depreciation	440
JIT Steel Services, Chattanooga, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	316
Initial cost, buildings and improvements	1,986
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,302
Accumulated depreciation	274
Mapes & Sprowl Steel, Ltd., Elk Grove, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	954
Initial cost, buildings and improvements	4,619
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,573
Accumulated depreciation	672
Beacon Health System, Inc., South Bend, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,636
Initial cost, buildings and improvements	8,190
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,826
Accumulated depreciation	1,213
National Oilwell, Pleasanton, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	80
Initial cost, buildings and improvements	3,372
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,452
Accumulated depreciation	517
Office Depot, Venlo, NETH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,825
Initial cost, buildings and improvements	16,915
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	20,740
Accumulated depreciation	2,690
Finnair, Helsinki, FIN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,760
Initial cost, buildings and improvements	78,649
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	81,409
Accumulated depreciation	11,221
Hannibal, Houston, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,090
Initial cost, buildings and improvements	11,138
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	13,228
Accumulated depreciation	1,540
FedEx Ground, Mankato, MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	472
Initial cost, buildings and improvements	6,780
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,252
Accumulated depreciation	1,202
Auchan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,441
Initial cost, buildings and improvements	14,442
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	18,883
Accumulated depreciation	1,948
DCNS, Guipavas, France
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,072
Initial cost, buildings and improvements	15,722
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	17,794
Accumulated depreciation	1,746
Deutsche Bank, Kirchberg, Luxembourg
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	15,842
Initial cost, buildings and improvements	53,884
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	733
Real estate, gross	70,459
Accumulated depreciation	5,584
FedEx, Greensboro, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,820
Initial cost, buildings and improvements	8,252
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,072
Accumulated depreciation	1,151
Foster Wheeler
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	28,875
Initial cost, buildings and improvements	78,992
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	107,867
Accumulated depreciation	8,125
Harper Collins
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	10,784
Initial cost, buildings and improvements	55,087
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	65,871
Accumulated depreciation	6,132
ID Logistics, Landersheim, France
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,114
Initial cost, buildings and improvements	8,882
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,996
Accumulated depreciation	975
ID Logistics II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,262
Initial cost, buildings and improvements	6,598
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,860
Accumulated depreciation	761
ID Logistics I, Germany
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,460
Initial cost, buildings and improvements	9,652
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	11,112
Accumulated depreciation	1,011
ING Amsterdam
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	79,867
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	294
Real estate, gross	80,161
Accumulated depreciation	8,112
NCR Dundee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,744
Initial cost, buildings and improvements	8,777
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	11,521
Accumulated depreciation	1,098
Pole Emploi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	874
Initial cost, buildings and improvements	9,218
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,092
Accumulated depreciation	945
Sagemcom
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,296
Initial cost, buildings and improvements	79,167
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	4,165
Real estate, gross	86,628
Accumulated depreciation	8,328
Worldline
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,239
Initial cost, buildings and improvements	5,896
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,135
Accumulated depreciation	833
Cott Beverages Inc, Sikeston, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	456
Initial cost, buildings and improvements	8,291
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,747
Accumulated depreciation	855
FedEx, Great Falls, MT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	326
Initial cost, buildings and improvements	5,439
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,765
Accumulated depreciation	740
FedEX, Morgantown, WV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,661
Initial cost, buildings and improvements	8,401
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	13,062
Accumulated depreciation	902
Bridgestone Tire, Mt. Olive Township, NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	916
Initial cost, buildings and improvements	5,088
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	6,004
Accumulated depreciation	465
NSA-St. Johnsbury I, St. Johnsbury, VT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	210
Initial cost, buildings and improvements	1,753
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,963
Accumulated depreciation	163
NSA-St. Johnsbury II, St. Johnsbury, VT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	300
Initial cost, buildings and improvements	3,936
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,236
Accumulated depreciation	412
NSA-St. Johnsbury III, St. Johnsbury, VT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	270
Initial cost, buildings and improvements	3,858
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,128
Accumulated depreciation	363
GKN Aerospace, Blue Ash, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	790
Initial cost, buildings and improvements	4,079
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,869
Accumulated depreciation	373
Tremec, Wixon, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,002
Initial cost, buildings and improvements	17,376
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	18,378
Accumulated depreciation	1,596
NSA Industries, Groveton, NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	59
Initial cost, buildings and improvements	3,517
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,576
Accumulated depreciation	271
Cummins, Omaha, NE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,448
Initial cost, buildings and improvements	6,469
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,917
Accumulated depreciation	608
Government Services Administration, Gainsville, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	451
Initial cost, buildings and improvements	6,016
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	6,467
Accumulated depreciation	473
Chemours, Pass Christian, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	382
Initial cost, buildings and improvements	16,149
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	16,531
Accumulated depreciation	1,389
Lee Steel, Wyoming, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	504
Initial cost, buildings and improvements	7,256
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,760
Accumulated depreciation	523
LSI Steel I, Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,341
Initial cost, buildings and improvements	1,181
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,522
Accumulated depreciation	85
LSI Steel II, Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,792
Initial cost, buildings and improvements	5,615
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,407
Accumulated depreciation	388
LSI Steel IV, Chicago, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,856
Initial cost, buildings and improvements	948
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,804
Accumulated depreciation	74
Fiat Chrylser, Sterling Heights, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,855
Initial cost, buildings and improvements	13,623
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,478
Accumulated depreciation	1,128
Contractors Steel, Belleville, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,862
Initial cost, buildings and improvements	25,878
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	6,296
Real estate, gross	35,036
Accumulated depreciation	2,052
Contractors Steel, Hammond, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,970
Initial cost, buildings and improvements	8,859
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,829
Accumulated depreciation	739
Contractors Steel, Livonia, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	933
Initial cost, buildings and improvements	8,554
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,357
Real estate, gross	10,844
Accumulated depreciation	758
Contractors Steel, Twinsburg, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	729
Initial cost, buildings and improvements	8,707
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	2,500
Real estate, gross	11,936
Accumulated depreciation	947
Contractors Steel, Wyoming, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	970
Initial cost, buildings and improvements	12,426
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,232
Real estate, gross	14,628
Accumulated depreciation	1,047
FedEx, Blackfoot, ID
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	350
Initial cost, buildings and improvements	6,882
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	7,232
Accumulated depreciation	811
DuPont Pioneer, Spencer, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	273
Initial cost, buildings and improvements	6,718
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	6,991
Accumulated depreciation	517
Rubbermain, Akron, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,221
Initial cost, buildings and improvements	17,145
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	18,366
Accumulated depreciation	1,065
NetScout, Allen, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,115
Initial cost, buildings and improvements	41,486
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	43,601
Accumulated depreciation	2,544
Bush Industries, Jamestown, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,535
Initial cost, buildings and improvements	14,818
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	16,353
Accumulated depreciation	901
FedEx, Greenville, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	581
Initial cost, buildings and improvements	9,744
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,325
Accumulated depreciation	1,109
Penske, Romulus, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	70,000
Initial cost, land	4,701
Initial cost, buildings and improvements	105,826
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	110,527
Accumulated depreciation	6,164
NSA Industries, Georgetown, MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,100
Initial cost, buildings and improvements	6,059
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,198
Real estate, gross	8,357
Accumulated depreciation	432
LKQ Corp., Cullman, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	61
Initial cost, buildings and improvements	3,781
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,842
Accumulated depreciation	217
Grupo Antolin North America, Inc.
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,941
Initial cost, buildings and improvements	41,648
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	43,589
Accumulated depreciation	2,307
Walgreens, Pittsburgh, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,701
Initial cost, buildings and improvements	13,718
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,419
Accumulated depreciation	768
VersaFlex, Kansas City, KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	519
Initial cost, buildings and improvements	7,581
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,100
Accumulated depreciation	395
Cummins, Gillette, WY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,197
Initial cost, buildings and improvements	5,470
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	6,667
Accumulated depreciation	325
Stanley Security, Fishers, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,246
Initial cost, buildings and improvements	11,879
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	13,125
Accumulated depreciation	573
Sierra Nevada, Colorado Springs, CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	16,105
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	16,105
Accumulated depreciation	765
EQT, Waynesburg, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	875
Initial cost, buildings and improvements	11,126
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	12,001
Accumulated depreciation	549
Hanes, Calhoun, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	731
Initial cost, buildings and improvements	8,104
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,835
Accumulated depreciation	428
Union Partners, Aurora, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	929
Initial cost, buildings and improvements	11,621
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	12,550
Accumulated depreciation	497
Union Partners, Dearborn, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,028
Initial cost, buildings and improvements	11,645
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	14,673
Accumulated depreciation	520
ComDoc, North Canton, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	602
Initial cost, buildings and improvements	15,128
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,730
Accumulated depreciation	674
Metal Technologies, Bloomfield, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	277
Initial cost, buildings and improvements	9,552
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,829
Accumulated depreciation	443
Encompass Health, Birmingham, AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,746
Initial cost, buildings and improvements	55,568
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	57,314
Accumulated depreciation	2,117
Heatcraft, Tifton, GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	346
Initial cost, buildings and improvements	9,064
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,410
Accumulated depreciation	346
CF Sauer SLB I, Mauldin, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	40
Initial cost, buildings and improvements	343
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	383
Accumulated depreciation	14
CF Sauer SLB II, Mauldin, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	232
Initial cost, buildings and improvements	15,488
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,720
Accumulated depreciation	587
CF Sauer SLB III, Mauldin, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	348
Initial cost, buildings and improvements	4,747
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,095
Accumulated depreciation	220
CF Sauer SLB IV, Mauldin, SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	190
Initial cost, buildings and improvements	9,488
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	9,678
Accumulated depreciation	358
CF Sauer SLB, Orange, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	237
Initial cost, buildings and improvements	351
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	588
Accumulated depreciation	18
CF Sauer SLB, San Luis Obispo, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,201
Initial cost, buildings and improvements	12,884
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	15,085
Accumulated depreciation	507
SWECO, Florence, KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,080
Initial cost, buildings and improvements	21,924
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	24,004
Accumulated depreciation	848
Viavi Solutions I, Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,061
Initial cost, buildings and improvements	5,929
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	711
Real estate, gross	9,701
Accumulated depreciation	222
Viavi Solutions II, Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,073
Initial cost, buildings and improvements	7,130
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	244
Real estate, gross	10,447
Accumulated depreciation	267
Faurecia, Auburn Hills, MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,310
Initial cost, buildings and improvements	38,278
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	1,521
Real estate, gross	43,109
Accumulated depreciation	1,155
Plasma, Garland, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	595
Initial cost, buildings and improvements	2,421
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,016
Accumulated depreciation	85
Plasma, El Paso, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	72
Initial cost, buildings and improvements	2,478
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,550
Accumulated depreciation	68
Plasma, Bradenton, Fl
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	185
Initial cost, buildings and improvements	3,747
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,932
Accumulated depreciation	108
Plasma, Hickory, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	494
Initial cost, buildings and improvements	3,702
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,196
Accumulated depreciation	111
Plasma, Irving, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	673
Initial cost, buildings and improvements	3,916
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,589
Accumulated depreciation	139
Plasma, Lake Charles, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	301
Initial cost, buildings and improvements	1,730
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,031
Accumulated depreciation	55
Plasma, Mission, TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	275
Initial cost, buildings and improvements	1,735
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,010
Accumulated depreciation	53
Plasma, Meridian, MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	203
Initial cost, buildings and improvements	2,965
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,168
Accumulated depreciation	90
Plasma, Peoria, IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	206
Initial cost, buildings and improvements	2,578
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,784
Accumulated depreciation	74
Whirlpool, Cleveland, TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,230
Initial cost, buildings and improvements	20,923
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	23,153
Accumulated depreciation	666
Whirlpool, Clyde, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,641
Initial cost, buildings and improvements	20,072
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	21,713
Accumulated depreciation	621
Whirlpool II, Clyde, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,559
Initial cost, buildings and improvements	17,283
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	20,842
Accumulated depreciation	627
Whirlpool, Findlay, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,344
Initial cost, buildings and improvements	22,624
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	23,968
Accumulated depreciation	658
Whirlpool, Marion, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,876
Initial cost, buildings and improvements	27,850
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	29,726
Accumulated depreciation	819
Whirlpool, Ottawa, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,155
Initial cost, buildings and improvements	19,919
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	23,074
Accumulated depreciation	600
FedEx, Bathurst, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	39
Initial cost, buildings and improvements	2,253
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,292
Accumulated depreciation	90
FedEx, Woodstock, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	436
Initial cost, buildings and improvements	3,942
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,378
Accumulated depreciation	133
NSA Industries, Franklin, NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	237
Initial cost, buildings and improvements	7,968
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	8,205
Accumulated depreciation	247
Viavi Solutions III, Santa Rosa, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,209
Initial cost, buildings and improvements	4,203
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	290
Real estate, gross	7,702
Accumulated depreciation	136
CSTK, St. Louis, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,405
Initial cost, buildings and improvements	8,155
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	11,560
Accumulated depreciation	258
Metal Technologies, Bloomfield I, IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	167
Initial cost, buildings and improvements	1,034
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,201
Accumulated depreciation	32
Whirlpool, Fabriano I, ITA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	223
Initial cost, buildings and improvements	5,271
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,494
Accumulated depreciation	112
Whirlpool, Fabriano II, ITA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,603
Initial cost, buildings and improvements	15,067
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	17,670
Accumulated depreciation	348
FedEx, Moncton, Canada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	310
Initial cost, buildings and improvements	3,090
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,400
Accumulated depreciation	75
Klaussner, Asheboro I, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,994
Initial cost, buildings and improvements	8,821
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,815
Accumulated depreciation	182
Klaussner, Asheboro II, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	3,470
Initial cost, buildings and improvements	19,521
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	22,991
Accumulated depreciation	383
Klaussner, Asheboro III, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	4,102
Initial cost, buildings and improvements	10,420
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	14,522
Accumulated depreciation	226
Klaussner, Candor, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,705
Initial cost, buildings and improvements	9,528
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	11,233
Accumulated depreciation	192
Plasma, Danville, VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	434
Initial cost, buildings and improvements	2,209
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,643
Accumulated depreciation	38
Plasma, Des Moines, IA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	254
Initial cost, buildings and improvements	2,827
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,081
Accumulated depreciation	45
Plasma, Erie, PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	223
Initial cost, buildings and improvements	2,321
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	2,544
Accumulated depreciation	40
Plasma, Youngstown, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	41
Initial cost, buildings and improvements	4,600
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,641
Accumulated depreciation	69
Plasma, Dayton, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	61
Initial cost, buildings and improvements	1,796
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,857
Accumulated depreciation	28
Plasma, North Las Vegas, NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	707
Initial cost, buildings and improvements	3,094
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,801
Accumulated depreciation	49
Klaussner, Asheboro IV, NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,438
Initial cost, buildings and improvements	3,025
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	5,463
Accumulated depreciation	40
NSA Industries, Franklin I, NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	161
Initial cost, buildings and improvements	2,857
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	3,018
Accumulated depreciation	46
Johnson Controls, Las Rozas de Madrid, Spain
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	2,744
Initial cost, buildings and improvements	1,811
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,555
Accumulated depreciation	12
Johnson Controls, Manchester I, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	1,513
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	1,513
Accumulated depreciation	12
Johnson Controls, Manchester II, UK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	0
Initial cost, buildings and improvements	10,805
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	10,805
Accumulated depreciation	72
Broadridge Financial Solutions, El Dorado Hills, CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	5,484
Initial cost, buildings and improvements	47,121
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	52,605
Accumulated depreciation	215
Broadridge Financial Solutions, Kansas City, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	5,771
Initial cost, buildings and improvements	27,665
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	33,436
Accumulated depreciation	124
Broadridge Financial Solutions, South Windsor, CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	6,473
Initial cost, buildings and improvements	32,490
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	38,963
Accumulated depreciation	159
Broadridge Financial Solutions, Falconer, NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	355
Initial cost, buildings and improvements	16,492
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	16,847
Accumulated depreciation	66
ZF Active Safety
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,231
Initial cost, buildings and improvements	21,410
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	22,641
Accumulated depreciation	0
Johnson Controls, Montigny-Le-Bretonneux, France
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	1,197
Initial cost, buildings and improvements	3,151
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	4,348
Accumulated depreciation	0
FCA USA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost, land	5,125
Initial cost, buildings and improvements	95,485
Costs capitalized subsequent to acquisition, land	0
Costs capitalized subsequent to acquisition, buildings and improvements	0
Real estate, gross	100,610
Accumulated depreciation	0
Various Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,308,686

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation Schedule III - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Acquired intangible assets	$ 712,000
Cost for income tax purposes	3,800,000
Accumulated Amortization	$ 319,346	$ 250,401
Useful life, buildings	40 years
Useful life, land improvements	15 years
Useful life, fixtures	5 years
Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Deferred financing costs	$ (14,988)	(15,268)
Term Loan	1,378,686	1,287,448
USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	689,750	689,750
United Kingdom Properties | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	302,000
Multi-Tenant Mortgage Loan I | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	187,000	187,000
Multi-Tenant Mortgage Loan II | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	32,750	32,750
Multi-Tenant Mortgage Loan III | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	98,500	98,500
Finland Properties | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	90,800
Germany Property | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	63,200
Luxembourg and Netherlands | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	147,200
Multi-Tenant Mortgage Loan IV | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	97,500	97,500
Multi-Tenant Mortgage Loan V | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	204,000	$ 204,000
French Properties | USD | Mortgage notes payable
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Term Loan	$ 85,900

Real Estate and Accumulated D_4

Real Estate and Accumulated Depreciation Schedule III - Part 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate investments, at cost:
Balance at beginning of year	$ 3,111,496	$ 2,745,348	$ 2,543,052
Additions-Acquisitions	424,595	511,378	420,529
Asset remeasurement	0	0	0
Asset dispositions	0	(143,004)	0
Transfer to assets held for sale	0	0	(123,021)
Impairment charge	0	(6,299)	(1,603)
Currency translation adjustment	70,878	4,073	(61,499)
Balance at end of the year	3,606,969	3,111,496	2,745,348
Accumulated depreciation:
Balance at beginning of year	266,722	220,225	174,452
Depreciation expense	80,466	69,257	64,849
Asset dispositions	0	(22,821)	(3,861)
Transfer to assets held for sale	0	0	(10,633)
Currency translation adjustment	8,667	61	(4,582)
Balance at end of the year	$ 355,855	$ 266,722	$ 220,225