Global Net Lease (GNL) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37390
Entity Registrant Name	Global Net Lease, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2771978
Entity Address, Address Line One	650 Fifth Ave., 30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares, Shares Outstanding		95,393,290
Entity Central Index Key	0001526113
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.01 par value
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 per share
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 per share
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 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights per share
Security Exchange Name	NYSE
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate investments, at cost (Note 3):
Land	$ 474,538	$ 476,599
Buildings, fixtures and improvements	3,106,860	3,124,884
Construction in progress	5,876	5,486
Acquired intangible lease assets	707,964	711,985
Total real estate investments, at cost	4,295,238	4,318,954
Less accumulated depreciation and amortization	(710,902)	(675,200)
Total real estate investments, net	3,584,336	3,643,754
Cash and cash equivalents	262,868	124,245
Restricted cash	1,352	1,448
Derivative assets, at fair value (Note 8)	934	525
Unbilled straight-line rent	61,840	61,007
Operating lease right-of-use asset (Note 10)	55,782	58,395
Prepaid expenses and other assets	43,674	43,929
Due from related parties	346	377
Deferred tax assets	2,367	2,367
Goodwill and other intangible assets, net	23,089	23,089
Deferred financing costs, net	7,269	7,878
Total Assets	4,043,857	3,967,014
LIABILITIES AND EQUITY
Mortgage notes payable, net (Note 4)	1,347,484	1,363,698
Revolving credit facility (Note 5)	125,864	111,132
Term loan, net (Note 5)	287,172	300,154
Senior notes, net (Note 6)	490,692	490,345
Acquired intangible lease liabilities, net	31,503	32,970
Derivative liabilities, at fair value (Note 8)	14,835	19,984
Due to related parties	845	2,002
Accounts payable and accrued expenses	30,025	28,310
Operating lease liability (Note 10)	24,085	25,350
Prepaid rent	26,580	21,481
Deferred tax liability	12,157	12,157
Dividends payable	5,386	5,152
Total Liabilities	2,396,628	2,412,735
Commitments and contingencies (Note 10)	0	0
Stockholders’ Equity (Note 9):
Common Stock, $0.01 par value, 250,000,000 shares authorized, 95,512,062 and 89,614,601 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	2,286	2,227
Additional paid-in capital	2,540,522	2,418,659
Accumulated other comprehensive income	13,885	8,073
Accumulated deficit	(933,695)	(896,547)
Total Stockholders’ Equity	1,623,111	1,532,519
Non-controlling interest	24,118	21,760
Total Equity	1,647,229	1,554,279
Total Liabilities and Equity	4,043,857	3,967,014
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of March 31, 2021 and December 31, 2020
Stockholders’ Equity (Note 9):
Cumulative redeemable preferred stock	68	68
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 4,503,893 and 3,861,953 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
Stockholders’ Equity (Note 9):
Cumulative redeemable preferred stock	$ 45	$ 39

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, authorized (in shares)	30,000,000
Preferred stock, outstanding (in shares)	6,799,467	6,799,467
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)	95,512,062	89,614,601
Common stock, outstanding (in shares)	95,512,062	89,614,601
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of March 31, 2021 and December 31, 2020
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
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 4,503,893 and 3,861,953 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
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)	4,503,893	3,861,953
Preferred stock, outstanding (in shares)	4,503,893	3,861,953

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue from tenants	$ 89,390	$ 79,242
Expenses:
Property operating	7,570	7,377
Operating fees to related parties	9,639	8,794
Acquisition, transaction and other costs	17	280
General and administrative	4,128	2,961
Equity-based compensation	2,577	2,488
Depreciation and amortization	39,684	33,533
Total expenses	63,615	55,433
Operating income before gain (loss) on dispositions of real estate investments	25,775	23,809
Operating income	25,775	23,809
Other income (expense):
Interest expense	(21,368)	(16,440)
Loss on extinguishment of debt	0	0
Gain on derivative instruments	1,842	3,143
Other income	15	48
Total other expense, net	(19,511)	(13,249)
Net income before income tax	6,264	10,560
Income tax expense	(2,080)	(959)
Net income	4,184	9,601
Preferred stock dividends	(5,016)	(4,563)
Net income attributable to common stockholders	$ (832)	$ 5,038
Basic and Diluted Earnings Per Share:
Net income per share attributable to common stockholders — Basic (in dollars per share)	$ (0.01)	$ 0.05
Net income per share attributable to common stockholders — Diluted (in dollars per share)	$ (0.01)	$ 0.05
Weighted average common shares outstanding:
Weighted average shares outstanding - Basic (in shares)	91,479,497	89,458,753
Weighted average shares outstanding - Diluted (in shares)	91,479,497	89,499,294

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 4,184	$ 9,601
Other comprehensive income (loss)
Cumulative translation adjustment	2,017	(12,550)
Designated derivatives, fair value adjustments	3,795	(7,152)
Other comprehensive income (loss)	5,812	(19,702)
Comprehensive income (loss)	9,996	(10,101)
Preferred stock dividends	(5,016)	(4,563)
Comprehensive income (loss) attributable to common stockholders	$ 4,980	$ (14,664)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	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 CapitalPreferred Stock	Additional Paid-in CapitalCommon Stock	Additional Paid-in CapitalSeries A Preferred Stock	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated DeficitCommon Stock	Accumulated DeficitSeries A Preferred Stock	Accumulated DeficitSeries B Preferred Stock	Total Stockholders’ Equity	Total Stockholders’ EquityPreferred Stock	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, 2019						6,799,497	3,450,000		89,458,752
Beginning Balance at Dec. 31, 2019	$ 1,709,958					$ 68	$ 35		$ 2,225	$ 2,408,353				$ 20,195	$ (733,245)				$ 1,697,631					$ 12,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net			$ (106)	$ 76								$ (106)	$ 76								$ (106)	$ 76
Dividends declared, common stock			(47,638)													$ (47,638)					(47,638)
Dividends declared, preferred stock				(3,081)	$ (1,482)												$ (3,081)	$ (1,482)				(3,081)	$ (1,482)
Equity-based compensation, net of forfeitures	2,488									129									129					2,359
Distributions to non-controlling interest holders	(157)														(157)				(157)
Net Income	9,601														9,601				9,601
Cumulative translation adjustment	(12,550)													(12,550)					(12,550)
Designated derivatives, fair value adjustments	(7,152)													(7,152)					(7,152)
Ending Balance (in shares) at Mar. 31, 2020						6,799,497	3,450,000		89,458,752
Ending Balance at Mar. 31, 2020	1,649,957					$ 68	$ 35		$ 2,225	2,408,452				493	(776,002)				1,635,271					14,686
Beginning Balance (in shares) at Dec. 31, 2020						6,799,467	3,861,953		89,614,601
Beginning Balance at Dec. 31, 2020	1,554,279					$ 68	$ 39		$ 2,227	2,418,659				8,073	(896,547)				1,532,519					21,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)							641,940		5,895,802
Issuance of stock, net		$ 15,959	105,750				$ 6		$ 59		$ 15,953	$ 105,691								$ 15,959	105,750
Dividends declared, common stock			$ (36,213)													$ (36,213)					$ (36,213)
Dividends declared, preferred stock				$ (3,081)	$ (1,935)												$ (3,081)	$ (1,935)				$ (3,081)	$ (1,935)
Equity-based compensation (in shares)								1,659
Equity-based compensation, net of forfeitures	2,577									219									219					2,358
Distributions to non-controlling interest holders	(103)														(103)				(103)
Net Income	4,184														4,184				4,184
Cumulative translation adjustment	2,017													2,017					2,017
Designated derivatives, fair value adjustments	3,795													3,795					3,795
Ending Balance (in shares) at Mar. 31, 2021						6,799,467	4,503,893		95,512,062
Ending Balance at Mar. 31, 2021	$ 1,647,229					$ 68	$ 45		$ 2,286	$ 2,540,522				$ 13,885	$ (933,695)				$ 1,623,111					$ 24,118

CONSOLDATED STATEMENTS OF CHANG

CONSOLDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common stock, dividends (in dollars per share)	$ 0.40	$ 0.53
Series A Preferred Stock
Preferred stock, dividends (in dollars per share)	0.45	0.45
Series B Preferred Stock
Preferred stock, dividends (in dollars per share)	$ 0.43	$ 0.43

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 4,184	$ 9,601
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,461	19,263
Amortization of intangibles	17,223	14,270
Amortization of deferred financing costs	2,279	1,810
Amortization of mortgage discounts and premiums, net	0	10
Amortization of below-market lease liabilities	(1,088)	(815)
Amortization of above-market lease assets	907	840
Amortization related to right-of-use assets	240	207
Amortization of lease incentive	119	0
Unbilled straight-line rent	(944)	(1,487)
Equity-based compensation	2,577	2,488
Unrealized losses (gains) on foreign currency transactions, derivatives, and other	(1,762)	(2,082)
Lease incentive payment	0	(4,676)
Changes in operating assets and liabilities, net:
Prepaid expenses and other assets	1,367	4,873
Deferred tax assets	0	22
Accounts payable and accrued expenses	558	(909)
Prepaid rent	5,099	212
Deferred tax liability	0	(686)
Taxes payable	0	(1,046)
Net cash provided by operating activities	53,220	41,895
Cash flows from investing activities:
Investment in real estate and real estate related assets	0	(113,117)
Deposits for real estate investments	(1,200)	(1,434)
Capital expenditures	(3,247)	(1,396)
Net cash used in investing activities	(4,447)	(115,947)
Cash flows from financing activities:
Borrowings under revolving credit facilities	15,000	205,000
Principal payments on mortgage notes payable	(2,709)	0
Payments of financing costs	(150)	0
Dividends paid on Common Stock	(36,213)	(47,638)
Distributions to non-controlling interest holders	(103)	(135)
Net cash provided by financing activities	92,752	153,539
Net change in cash, cash equivalents and restricted cash	141,525	79,487
Effect of exchange rate changes on cash	(2,998)	(5,972)
Cash, cash equivalents and restricted cash, beginning of period	125,693	274,287
Cash, cash equivalents and restricted cash, end of period	264,220	347,802
Cash, cash equivalents and restricted cash, end of period	264,220	347,802
Common Stock
Cash flows from financing activities:
Common Stock issuance (costs) proceeds, net	105,750
Common Stock issuance (costs) proceeds, net		(106)
Series A Preferred Stock
Cash flows from financing activities:
Preferred stock issuance (costs) proceeds, net	0	76
Dividends paid on Preferred Stock	(3,081)	(3,081)
Series B Preferred Stock
Cash flows from financing activities:
Preferred stock issuance (costs) proceeds, net	15,959	0
Dividends paid on Preferred Stock	$ (1,701)	$ (577)

Organization

Organization	3 Months Ended
	Mar. 31, 2021
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 United States (“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 consist primarily of “Investment Grade” tenants (defined below). The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical, single tenant net-lease assets. As of March 31, 2021, the Company owned 306 properties consisting of 37.2 million rentable square feet, which were 99.7% leased, with a weighted-average remaining lease term of 8.3 years. Based on the percentage of annualized rental income on a straight-line basis as of March 31, 2021, 65% of the Company’s properties are located in the U.S. and Canada and 35% 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 March 31, 2021. 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 (“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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2021. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2021, other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below). Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates 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 a multi-year outperformance agreement entered into with the Advisor in 2018 (the “2018 OPP”) and fair value measurements, as applicable. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of March 31, 2021, these leases had a weighted-average remaining lease term of 8.3 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. For new leases after acquisition 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 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. Accounting for Leases Lessor Accounting As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred. Update on the Impacts of the COVID-19 Pandemic The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy has impacted the ability of some of the Company’s tenants to pay their monthly rent. The Company has taken a proactive approach to seek mutually agreeable solutions with its tenants where necessary, and, in some cases, 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 that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the preconcession 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. The Company elected to use this relief where applicable. In those circumstances, the Company has accounted for these arrangements as if no changes to the lease contract were made. For those leases that do not qualify for the relief, the Company performs a lease modification analysis and if required, uses lease modification accounting. Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment 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 its 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 March 31, 2021. 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 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. 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 on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 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 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. Recently Issued Accounting Pronouncements Pending Adoption as of March 31, 2021 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.

Real Estate Investments, Net

Real Estate Investments, Net	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Investments, Net	Real Estate Investments, Net Property Acquisitions The following table presents the allocation of the assets acquired and liabilities assumed during the three months ended March 31, 2020, and, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions were considered asset acquisitions for accounting purposes. There were no acquisitions during the three months ended March 31, 2021. Three Months Ended March 31, (Dollar amounts in thousands) 2020 Real estate investments, at cost: Land $ 21,153 Buildings, fixtures and improvements 84,767 Total tangible assets 105,920 Acquired intangible lease assets: In-place leases 7,245 Above-market lease assets 21 Below-market lease liabilities (69) Total intangible assets 7,197 ROU asset — Cash paid for acquired real estate investments $ 113,117 Number of properties purchased 10 The following table summarizes the acquisition by property type during the three months ended March 31, 2020: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2020: Office 2 196 Industrial 6 1,796 Distribution 2 562 Retail — — 10 2,554 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. The Company did not record any impairment charges to its intangible assets associated with its real estate investments during the three months ended March 31, 2021 and 2020. Dispositions During the three months ended March 31, 2021 and 2020, the Company did not sell any properties. Assets Held for Sale As of March 31, 2021 and December 31, 2020, the Company did not have any assets that were classified as held for sale. Significant Tenants There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of March 31, 2021 and December 31, 2020. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentration The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of March 31, 2021 and December 31, 2020. Country / U.S. State March 31, December 31, United States 63.5% 63.2% Michigan 15.4% 15.3% United Kingdom 17.3% 16.8%

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net Mortgage notes payable, net as of March 31, 2021 and December 31, 2020 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio March 31, December 31, Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 86,786 $ 90,760 1.7% (2) Fixed/Variable Feb. 2024 France: French Properties 7 82,095 85,854 2.5% (3) Fixed/Variable May 2025 Germany: Germany Properties 5 60,399 63,165 1.8% (4) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 140,734 147,178 1.4% Fixed Jun. 2024 Total EUR denominated 20 370,014 386,957 United Kingdom: United Kingdom Properties 42 301,828 301,979 3.0% (5) Fixed/Variable Aug. 2023 Total GBP denominated 42 301,828 301,979 United States: Penske Logistics 1 70,000 70,000 4.7% (6) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (6) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (6) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (6) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (6) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (6) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 118 1,361,592 1,378,686 3.4% Mortgage discount — — Deferred financing costs, net of accumulated amortization (7) (14,108) (14,988) Mortgage notes payable, net 118 $ 1,347,484 $ 1,363,698 3.4% ______________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor rate in effect as of March 31, 2021. (3) 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 March 31, 2021. (4) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3 month Euribor. Euribor rate in effect as of March 31, 2021. (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect as of March 31, 2021. This loan requires principal repayments that began in 2020 based on amounts specified under the loan. (6) The borrower’s (wholly owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (7) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next five calendar years and thereafter as of March 31, 2021: (In thousands) Future Principal Payments (1) 2021 (remainder) $ 10,611 2022 20,650 2023 330,967 2024 227,519 2025 82,095 2026 — Thereafter 689,750 Total $ 1,361,592 ________ (1) Assumes exchange rates of £1.00 to $1.38 for GBP and €1.00 to $1.17 for EUR as of March 31, 2021 for illustrative purposes, as applicable. The Company’s mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of March 31, 2021, the Company was in compliance with all financial covenants under its mortgage notes payable agreements, except as described below. 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 $27.6 million as of March 31, 2021). The guaranty remains in effect as of March 31, 2021 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 active negotiations with its lenders to cure the cash trap event. The Company anticipates reaching a resolution on the cure to the cash trap event in the second quarter of 2021 but there can be no assurance it will be able to do so on favorable terms, or at all. 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. 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 its 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 March 31, 2021, because a major tenant failed to renew its lease. This is not an event of default and instead triggers a cash sweep event. During the first quarter of 2021, 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 March 31, 2021, 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 March 31, 2021 was $1.8 billion, of which approximately $1.8 billion 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

Revolving Credit Facility and T

Revolving Credit Facility and Term Loan, Net	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto, which provides for an $835.0 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”) and a €247.1 million ($289.8 million based on the prevailing exchange rate as of March 31, 2021) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Facility was originally entered into on July 24, 2017 and it has been amended from time to time. On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the credit agreement related to the Credit Facility 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. March 31, 2021 December 31, 2020 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 125,864 $ 120,000 £ — € 5,000 $ 111,132 $ 105,000 £ — € 5,000 Term Loan 289,765 — — 247,075 303,036 — — 247,075 Deferred financing costs (2,593) — — — (2,882) — — — Term Loan, Net 287,172 — — 247,075 300,154 — — 247,075 Total Credit Facility $ 413,036 $ 120,000 £ — € 252,075 $ 411,286 $ 105,000 £ — € 252,075 (1) Assumes exchange rates of £1.00 to $1.38 for GBP and €1.00 to $1.17 for EUR as of March 31, 2021 for illustrative purposes, as applicable. (2) 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. Credit Facility - Terms As of December 31, 2020, the aggregate total commitments under the Credit Facility were $1.1 billion, based on the USD equivalent on March 31, 2021. 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 increase in lender commitments did not impact the amount available for future borrowings under the Credit Facility, which is based on the value of a pool of eligible unencumbered real estate assets owned by us and compliance with various ratios related to those assets. 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, 0.40% to 1.00% per annum with respect to base rate borrowings under the Term Loan and 1.40% to 2.00% per annum with respect to LIBOR borrowings under the Term Loan. As of March 31, 2021, 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 (the authority that 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 March 5, 2021, the Financial Conduct Authority confirmed a partial extension of this deadline, announcing that it will cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021. The remaining USD LIBOR settings will continue to be published through June 30, 2023. The Company is not able to predict when there will be sufficient liquidity in the SOFR market. The Company is monitoring and evaluating the risks related to 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 will also be impacted as LIBOR is limited and discontinued and contracts must be transitioned to a new alternative rate. While the Company expects 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. This could occur, for example, if a sufficient number of banks decline to make submissions to the LIBOR administrator. 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 March 31, 2021, approximately $88.6 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, Euros (“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 March 31, 2021, 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 Quarterly Report on Form 10-Q) 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	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Senior Notes, Net	Senior Notes, NetOn December 16, 2020, the Company and the OP 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 Company, the OP and their subsidiaries that guarantee the Notes entered into an indenture with U.S. Bank National Association, as trustee. As of March 31, 2021 and December 31, 2020 the amount of the Senior Notes on the Company’s consolidated balance sheet totaled $490.7 million and $490.3 million, respectively, which is net of $9.3 million and $9.7 million of deferred financing costs, respectively. 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.Additional information on the terms of the Senior Notes can be found in the Company’s 2020 Annual Report on Form 10-K filed with the SEC on February 26, 2021.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 Foreign currency forwards, net (GBP & EUR) $ — $ (2,262) $ — $ (2,262) Interest rate swaps, net (USD,GBP & EUR) $ — $ (11,639) $ — $ (11,639) December 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ (4,025) $ — $ (4,025) Interest rate swaps, net (USD,GBP & EUR) $ — $ (15,434) $ — $ (15,434) A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2021. 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 pa rties, prepaid expenses and other assets, accounts payable, accrued expenses and dividends payable approximates their fair value due to their short-term nature. • The gros s carrying value of the Company’s mortgage notes payable as of March 31, 2021 and December 31, 2020 were $1.4 billion and $1.4 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 March 31, 2021 the advances to the Company under the Revolving Credit Facility had a carrying value of $125.9 million and a fair value of $125.5 million. As of D ecember 31, 2020 the advances to the Company under the Revolving Credit Facility had a carrying value o f $111.1 million and a fair value of $111.2 million. • As of March 31, 2021 the Company’s Term Loan had a gross carrying value of $289.8 million and a fair value of $290.7 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 March 31, 2021, the Company’s Senior Notes had a gross carrying value of $500.0 million and a fair value of $495.0 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 .

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: (In thousands) Balance Sheet Location March 31, December 31, Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (3,200) $ (3,829) Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (6,584) (9,000) Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (1,855) (2,605) Total $ (11,639) $ (15,434) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 376 $ 198 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (2,740) (2,714) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 558 327 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (456) (1,836) Total $ (2,262) $ (4,025) Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. All of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. During the three months ended March 31, 2021, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Amounts reported in AOCI related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months ending March 31, 2022, the Company estimates that an additional $6.7 million will be reclassified from other comprehensive income as an increase to interest expense. As of March 31, 2021 and December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: March 31, 2021 December 31, 2020 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 303,780 49 $ 301,210 Interest rate “pay-fixed” swaps (EUR) 22 613,306 22 641,394 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 74 $ 1,067,086 74 $ 1,092,604 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, the Company terminated five interest rate swaps with an aggregate notional amount of €57.4 million for a payment of approximately $0.8 million. Following these terminations, $0.7 million was recorded in AOCI and is being recorded as an adjustment to interest expense over the term of the original EUR hedges and respective borrowings. Of the amount recorded in AOCI following these terminations, $0.1 million was recorded as an increase to interest expense for the three months ended March 31, 2020 and there was no balance remaining in AOCI related to this transaction as of December 31, 2020. In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable denominated in GBP during the third quarter of 2018, the Company terminated 15 interest rate swaps with an aggregate notional amount of £208.8 million and one floor with a notional amount of £28.1 million. Following these terminations, the amount relating to GBP borrowings still outstanding of approximately $1.2 million was recorded in AOCI and is being recorded as an adjustment to interest expense over the term of the original GBP hedges and respective borrowings. Of the amount recorded in AOCI following these terminations, approximately $0.1 million was recorded as an increase to interest expense for the three months ended March 31, 2020. As of December 31, 2020, there was 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 three months ended March 31, 2021 and 2020. Three Months Ended March 31, (In thousands) 2021 2020 Amount of gain (loss) recognized in AOCI from derivatives $ 2,037 $ (8,391) Amount of loss reclassified from AOCI into income as interest expense $ (1,743) $ (824) Total interest expense recorded in the consolidated statements of operations $ 21,368 $ 16,440 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 March 31, 2021 and December 31, 2020 the Company did not have foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operations and during the three months ended March 31, 2021 and the year ended December 31, 2020, the Company did not use foreign currency derivatives that were designated as net investment hedges. 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 three months ended March 31, 2021 and 2020, the Company did not have any undesignated excess positions. Non-designated Derivatives The Company is exposed to fluctuations in the exchange rates of its functional currency, the USD, against the GBP and the EUR. The Company has used and may continue to use foreign currency derivatives, including options, currency forward and cross currency swap agreements, to manage its exposure to fluctuations in GBP-USD and EUR-USD exchange rates. While these derivatives are economically hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under qualifying hedging relationships are recorded directly in net income (loss). The Company recorded a gain of $1.8 million for the three months ended March 31, 2021. The Company recorded a gain of $0.1 million for the three months ended March 31, 2020. As of March 31, 2021 and December 31, 2020, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. March 31, 2021 December 31, 2020 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP-USD) 45 $ 50,936 41 $ 41,633 Foreign currency forwards (EUR-USD) 40 39,875 40 38,634 Interest rate swaps (EUR) — — — — Total 85 $ 90,811 81 $ 80,267 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2021 and December 31, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of (Liabilities) Assets presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount March 31, 2021 $ 934 $ (14,835) $ — $ (13,901) $ — $ — $ (13,901) December 31, 2020 $ 525 $ (19,984) $ — $ (19,459) $ — $ — $ (19,459) In addition to the above derivative arrangements, the Company also uses non-derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations as part of its risk management program, including foreign denominated debt issued and outstanding with third parties to protect the value of its net investments in foreign subsidiaries against exchange rate fluctuations. The Company has drawn, and expects to continue to draw, foreign currency advances under the Credit Facility to fund certain investments in the respective local currency which creates a natural hedge against the original equity invested in the real estate investments, removing the need for the final cross currency swaps. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of March 31, 2021, the fair value of derivatives in a net liability pos ition including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $15.6 million . As of March 31, 2021, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of March 31, 2021 and December 31, 2020, the Company had 95,512,062 and 89,614,601, respectively, shares of Common Stock issued and outstanding including Restricted Shares of Common Stock (“Restricted Shares”) and excluding unvested restricted stock units in respect of shares of Common Stock (“RSUs”) and long-term incentive plan units of limited partner interest in the OP (“LTIP Units”). LTIP Units may be convertible into shares of Common Stock in the future. ATM Program — Common Stock The Company has an “at the market” equity offering program (the “Common Stock ATM Program”) pursuant to which the Company may sell shares of Common Stock, from time to time, through its sales agents, having an aggregate offering price of up to $250 million which was increased to $500 million in March 2021. • During the three months ended March 31, 2021, the Company sold 5,904,470 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $107.6 million, before commissions paid of $1.6 million and additional issuance costs of $0.3 million. • 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 first quarter of 2021, the cancellation of 8,668 shares of Common Stock that had been forfeited in a prior period was effectuated, which reduced the Common Stock outstanding as of March 31, 2021. The cancellation of these shares is presented in the consolidated statement of stockholders' equity in the common stock issuances, net line item. 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 Series A Preferred Stock, as of March 31, 2021 and December 31, 2020. The Company had 6,799,467 and 6,799,467 shares of Series A Preferred Stock issued and outstanding as of March 31, 2021 and December 31, 2020. • The Company has classified and designated 11,450,000 shares of its authorized Preferred Stock as authorized shares of Series B Preferred Stock, as of March 31, 2021 and December 31, 2020. The Company had 4,503,893 and 3,861,953 shares of Series B Preferred Stock issued and outstanding as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020. No shares of Series C Preferred Stock were issued and outstanding as of March 31, 2021 and December 31, 2020. ATM Program — Series B Preferred Stock In December 2019, the Company established an “at the market” equity offering program for its Series B Preferred Stock (the “Series B Preferred Stock ATM Program”) pursuant to which the Company may raise aggregate sales proceeds of $200 million through sales of shares of Series B Preferred Stock from time to time through its sales agents. • During the three months ended March 31, 2021, the Company sold 641,940 shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $16.2 million, before commissions paid of approximately $0.2 million and nominal additional issuance costs. • The Company did not sell any shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program during the first quarter of 2020. Dividends Common Stock Dividends Historically, and through March 31, 2020, the Company paid dividends at an annualized rate of $2.13 per share or $0.5325 per share on a quarterly basis. In March 2020, the Company’s board of directors approved a change in the dividend to an annual rate of $1.60 per share or $0.40 per share on a quarterly basis, which became effective in the second quarter of 2020 with the Company’s April 1, 2020 dividend declaration and was also in effect in the first quarter of 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 f or additional information on the restrictions on the payment of dividends and other distributions imposed by the Credit Facility. Series A Preferred Stock Dividends Dividends on Series A Preferred Stock accrue in an amount equal to $0.453125 per share per quarter to Series A Preferred Stock holders, which is equivalent to 7.25% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors. Series B Preferred Stock Dividends Dividends on Series B Preferred Stock accrue in an amount equal to $0.429688 per share per quarter to Series B Preferred Stock holders, which is equivalent to 6.875% of the $25.00 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. Stockholder Rights Plan

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lessee Arrangements — Ground Leases The Company leases land under nine ground leases for associated with certain properties, with lease durations ranging from 15 to 97 years as of March 31, 2021. The Company did not enter into any additional ground leases during the quarter ended March 31, 2021. As of March 31, 2021 and December 31, 2020, the Company’s balance sheet includes ROU assets of $55.8 million and $58.4 million, respectively, and operating lease liabilities of $24.1 million and $25.4 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 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 31.8 years and a weighted-average discount rate of 4.33% as of March 31, 2021. For the three months ended March 31, 2021, the Company paid cash of approximately $0.4 million for amounts included in the measurement of lease liabilities and recorded expense of $0.4 million on a straight-line basis in accordance with the standard. For the three months ended March 31, 2020, the Company paid cash of approximately $0.3 million for amounts included in the measurement of lease liabilities and recorded expense of $0.3 million on a straight-line basis in accordance with the standard. The following table reflects the base cash rental payments due from the Company as of March 31, 2021: (In thousands) Future Base Rent Payments (1) 2021 (remainder) $ 1,084 2022 1,446 2023 1,446 2024 1,450 2025 1,455 Thereafter 39,005 Total minimum lease payments (2) 45,886 Less: Effects of discounting (21,801) Total present value of lease payments $ 24,085 ________ (1) Assumes exchange rates of £1.00 to $1.38 for GBP and €1.00 to $1.17 for EUR as of March 31, 2021 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 by or against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of March 31, 2021, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the Company had $0.3 million and $0.4 million, respectively, of receivables from the Advisor or its affiliates and $0.8 million and $2.0 million of payables to the Advisor or its affiliates, respectively. As of March 31, 2021, AR Global indirectly owned 95% of the membership interests in the Advisor and Scott J. Bowman, the Company’s former chief executive officer and president, directly owned the other 5% of the membership interests in the Advisor. James L. Nelson, the Company’s chief executive officer and president, holds a non-controlling profit interest in the Advisor and Property Manager. The Company is the sole general partner of the OP. There were no OP Units held by anyone other than the Company outstanding as of March 31, 2021 and December 31, 2020. The Company paid $0.1 million in distributions to the Advisor as the sole holder of LTIP Units during the three months ended March 31, 2021, and the Company paid $0.2 million in distributions related to LTIP units during the three months ended March 31, 2020, which are included in accumulated deficit in the audited consolidated statements of equity. As of March 31, 2021 and December 31, 2020, the Company had no unpaid distributions on the LTIP Units. During the third quarter of 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, including the Company’s Chief Executive Officer and Chief Financial Officer. For additional information, see Note 13 — Equity-Based Compensation . Fees Paid in Connection with the Operations of the Company 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 the 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”). The Company will pay the Advisor any Incentive Compensation (as defined in the Advisory Agreement), generally payable in quarterly installments 50% in cash and 50% in shares of Common Stock (subject to certain lock up restrictions). The Advisor did not earn any Incentive Compensation during the three months ended March 31, 2021 and 2020. The Advisory Agreement was amended on May 6, 2021 as described below and in Subsequent Events — Note 15 The Incentive Compensation can be earned by the Advisor based on the Company’s achievement relative to two threshold levels of Core AFFO Per Share(1): the Incentive Fee Lower Hurdle (as defined in the Advisory Agreement) and the Incentive Fee Upper Hurdle (as defined in the Advisory Agreement). Under the Advisory Agreement, prior to an amendment thereto in May 2020 (the “2020 Amendment”), the Incentive Fee Lower Hurdle 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 2020 Amendment, the Incentive Fee Lower Hurdle was equal to (i) $1.6875 per share in the aggregate and $0.5625 per share per quarter for the period beginning July 1, 2019 and ending March 31, 2020, (ii) $1.35 per share in the aggregate and $0.45 per share per quarter for the period beginning April 1, 2020 and ending December 31, 2020, (iii) $1.125 per share in the aggregate and $0.5625 per share per quarter for the period beginning January 1, 2021 and ending June 30, 2021, and (iv) $2.25 per share in the aggregate and $0.5625 per share per quarter for the annual period beginning July 1, 2021. Following the 2021 Amendment, the Incentive Fee Lower Hurdle is equal to (x) $1.95 per share in the aggregate and $0.4875 per share per quarter for the annual period beginning January 1, 2021, and (y) $2.25 per share in the aggregate and $0.5625 per share per quarter for the annual period beginning January 1, 2022 and each annual period thereafter, subject to potential annual increases by the Company’s independent directors as described below. In addition, prior to the 2020 Amendment, the Incentive Fee Upper Hurdle was (a) $2.79 for the 12 months ended June 30, 2019, and (b) $2.92 for the 12 months ending June 30, 2020. Following the 2020 Amendment, the Incentive Fee Upper Hurdle was equal to (i) $2.19 per share in the aggregate and $0.73 per share per quarter for the period beginning July 1, 2019 and ending March 31, 2020, (ii) $1.75 per share in the aggregate and $0.583 per share per quarter for the period beginning April 1, 2020 and ending December 31, 2020, (iii) $1.46 per share in the aggregate and $0.73 per share per quarter for the period beginning January 1, 2021 and ending June 30, 2021, and (iv) $2.92 per share in the aggregate and $0.73 per share per quarter for the annual period beginning July 1, 2021. Following the 2021 Amendment, the Incentive Fee Upper Hurdle is equal to (x) $2.62 per share in the aggregate and $0.655 per share per quarter for the annual period beginning January 1, 2021, and (y) $2.92 per share in the aggregate and $0.73 per share per quarter for the annual period beginning January 1, 2022 and each annual period thereafter, subject to potential annual increases by the Company’s independent directors as described below. The 2020 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 2021 Amendment further extended this date to January 1, 2023. The percentage at which independent directors may so increase the thresholds remains a percentage equal to between 0% and 3%. In addition, the 2021 Amendment extended from August 2023 to May 2026, the first date on which 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 Advisor will again have this right in May 2031 and then every five years thereafter. 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. During the year ended December 31, 2020, the Company incurred leasing commissions to the Property Manager of $1.5 million, and, during the three months ended March 31, 2021, the Company incurred an additional $0.5 million of leasing commissions to the Property Manager. These amounts are being recorded over the terms of the related leases. During the three months ended March 31, 2021, $42,000 was recorded as an expense in property management fees (see table below). 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 the Company’s executive officers) who provide services to the Company under the 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 the Company’s 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 three months ended March 31, 2021 and 2020 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”). 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 three months ended March 31, 2021 or 2020. The following table reflects related party fees incurred, forgiven and contractually due as of and for the periods presented: Three Months Ended March 31, 2021 2020 (In thousands) Incurred Incurred Ongoing fees (1) : Asset management fees (2) 7,678 7,376 Property management fees 1,961 1,418 Incentive compensation — — Total related party operational fees and reimbursements $ 9,639 $ 8,794 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $0.2 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively, which are recorded within general and administrative expenses in the consolidated statements of operations and are not reflected in the table above.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Equity-Based Compensation	Equity-Based Compensation 2021 Equity Plan At the Company’s 2021 annual meeting of stockholders held on April 12, 2021, the Company’s stockholders approved the 2021 Omnibus Incentive Compensation Plan of Global Net Lease, Inc. (the “Individual Plan”) and the 2021 Omnibus Advisor Incentive Compensation Plan of Global Net Lease, Inc. (the “Advisor Plan” and together with the Advisor Plan, the “2021 Equity Plan”). Both the Individual Plan and the Advisor Plan became effective upon stockholder approval. See Note 15 — Subsequent Events for further details. The terms of the Advisor Plan are substantially similar to the terms of the Individual Plan, except with respect to the eligible participants. Generally, directors of the Company, employees of the Company and employees of the Advisor or its affiliates who are involved in providing services to the Company (including the Company’s executive officers) are eligible to participate in the Individual Plan. Only the Advisor and any of its affiliates that are involved in providing services to the Company or any of its subsidiaries are eligible to receive awards under the Advisor Plan. The total number of shares of Common Stock that can be issued or subject to awards under the Advisor Plan and the Individual Plan, in the aggregate, is 6,300,000 shares. Shares issued or subject to awards under the Individual Plan reduce the number of shares available for awards under the Advisor Plan on a one-for-one basis and vice versa. The Individual Plan and the Advisor Plan will expire on April 12, 2031. The 2021 Equity Plan permit awards of Restricted Shares, RSUs, stock options, stock appreciation rights, stock awards, LTIP Units and other equity awards. Option Plan Because the Individual Plan and Advisor Plan were approved by the Company’s stockholders, no awards will be granted under the Global Net Lease, Inc. 2012 Stock Option Plan (the “Option Plan”) in the future. While effective, the Option Plan authorized 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 Option Plan was to 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 had been authorized and reserved for issuance under the Plan. As of March 31, 2021 and December 31, 2020, no stock options were issued under the Option 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. Under the RSP, prior to stockholder approval of the 2021 Equity Plan, the number of shares of Common Stock available for awards was equal to 10.0% of the Company’s outstanding shares of Common Stock on a fully diluted basis at any time, and, if any awards granted under the RSP are forfeited for any reason, the number of forfeited shares was again available for purposes of granting awards under the RSP. Because the 2021 Equity Plan was approved by the Company’s stockholders, only 2,772,905 shares of Common Stock remain available for the grant of new awards under RSP through the expiration of the RSP on April 20, 2022, and shares of Common Stock underlying awards that expire, terminate, are cancelled or are forfeited under the RSP will not again be available for issuance under the RSP. Awards previously granted under the RSP will remain outstanding (and eligible to vest and settle) in accordance with their terms 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 the amount of RSUs outstanding as of March 31, 2021 and 2020: Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2020 44,949 $ 15.35 Vested (9,409) 13.37 Granted — — Unvested, March 31, 2021 35,540 15.88 Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2019 40,541 $ 20.47 Vested — — Granted — — Unvested, March 31, 2020 40,541 20.47 The fair value of the equity awards in the form of Restricted Shares granted prior to the listing of the Common Stock on the NYSE on June 2, 2015 was based on the per share price in the Company’s initial public offering of Common Stock completed prior to the listing, and the fair value of the RSUs granted on or after the listing is based on the market price of Common Stock as of the grant date. The fair value of the equity awards is expensed over the vesting period. 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 nonforfeitable 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 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 will be forfeited if the holder’s employment with the Advisor terminates for any reason. During the three months ended March 31, 2021, 7,750 Restricted Shares were forfeited. 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 $0.2 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively. Compensation expense is recorded as equity-based compensation in the accompanying consolidated statements of operations. As of March 31, 2021, the Company had $0.4 million unrecognized compensation cost related to RSUs granted under the RSP, which is expected to be recognized over a weighted-average period of 1.7 years. As of March 31, 2021, the Company had $1.9 million unrecognized compensation cost related to Restricted Share awards granted under the RSP, which is expected to be recognized over a period of 3.5 years. Director Compensation 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. 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 three months ended March 31, 2021, the Company recorded compensation expense related to the 2018 OPP of $2.4 million . During the three months ended March 31, 2020, the Company recorded compensation expense of $2.4 million related to the 2018 OPP. LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units contained in the agreement of limited partnership of the OP. The 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 p aid $0.1 million and $0.2 million in distributions related to LTIP Units during the three months ended March 31, 2021 and 2020, 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 % 0 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 0 Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % 600 basis points 1,277,465 If the relative TSR excess is more than -600 basis points but less than 0 basis points, or more than 0 basis points but less than +600 bps, the percentage of the Relative TSR LTIP Units earned will be determined using linear interpolation as between those tiers, respectively. If the Valuation Date is the effective date of a Change of Control or a termination of the Advisor for any reason (i.e., with or without cause), 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 board of directors if it so elects. Following the Valuation Date, the compensation committee is responsible for determining the number of Absolute TSR LTIP Units and Relative TSR LTIP Units earned, as calculated by an independent consultant engaged by the compensation committee and as approved by the compensation committee in its reasonable and good faith discretion. The compensation committee also must approve the transfer of any Absolute TSR LTIP Units and Relative TSR LTIP Units (or OP Units into which they may be converted in accordance with the terms of the agreement of limited partnership of the OP). LTIP Units earned as of the Valuation Date will also become vested as of the Valuation Date. Any LTIP Units that are not earned and vested after the compensation committee makes the required determination will automatically and without notice be forfeited without the payment of any consideration by the Company or the OP, effective as of the Valuation Date. Other Equity-Based Compensation

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a summary of the basic and diluted net income per share computation for the periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2021 2020 Net income attributable to common stockholders $ (832) $ 5,038 Adjustments to net income attributable to common stockholders for common share equivalents (153) (135) Adjusted net income attributable to common stockholders $ (985) $ 4,903 Weighted average common shares outstanding — Basic 91,479,497 89,458,753 Weighted average common shares outstanding — Diluted 91,479,497 89,499,294 Net income per share attributable to common stockholders — Basic and Diluted $ (0.01) $ 0.05 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 three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Unvested RSUs 44,322 40,541 Unvested Restricted Shares (1) 129,356 — LTIP Units (2) 2,554,930 2,554,930 Total common share equivalents excluded from EPS calculation 2,728,608 2,595,471 (1) There were 124,275 Restricted Shares issued and outstanding as of March 31, 2021. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during September 30, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of March 31, 2021 and 2020. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP. Conditionally issuable shares relating to the 2018 OPP award (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 three months ended March 31, 2021 and 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except for as disclosed below. Acquisitions Subsequent to March 31, 2021 Subsequent to March 31, 2021, we acquired five properties, located in the United States and United Kingdom, for an aggregate contract purchase price of approximately $249.9 million, excluding closing costs. This included one acquisition from the McLaren Group of three triple-net lease properties located in the United Kingdom for a purchase price of £170.0 million ($236.3 million on the date of acquisition). The acquisition closing costs of $5.6 million were funded with a £101.0 million ($140.6 million on the date of incurrence) loan secured by the McLaren Group properties, £52.0 million ($72.2 million on the date of acquisition) in additional borrowings under the Revolving Credit Facility and cash on hand. Advisory Agreement Amendment On May 6, 2021, the Advisory Agreement was amended pursuant to the 2021 Amendment. See Note 11 — Related Party Transactions for further details. 2021 Equity Plan At the Company’s 2021 annual meeting of stockholders held on April 12, 2021, the Company’s stockholders approved the 2021 Equity Plan, which became effective upon stockholder approval. Because the Equity Plan was approved by the Company’s stockholders, (i) no awards will be granted under the Option Plan in the future, (ii) only 2,772,905 shares of Common Stock will remain available for the grant of new awards under the RSP through the expiration of the RSP on April 20, 2022, and (iii) shares of Common Stock underlying awards that expire, terminate, are cancelled or are forfeited under the RSP will not again be available for issuance under the RSP. No awards have ever been granted under the Option Plan, and awards previously granted under the RSP will remain outstanding (and eligible to vest and settle) in accordance with their terms under the RSP. See Note 13 — Equity-Based Compensation for further details.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2021. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2021, other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below).
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of March 31, 2021, these leases had a weighted-average remaining lease term of 8.3 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. For new leases after acquisition 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.
Lessor Accounting	Lessor Accounting As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred. Update on the Impacts of the COVID-19 Pandemic The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy has impacted the ability of some of the Company’s tenants to pay their monthly rent. The Company has taken a proactive approach to seek mutually agreeable solutions with its tenants where necessary, and, in some cases, 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 that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the preconcession 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
Lessee Accounting	Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Goodwill	Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment 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 its 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 March 31, 2021.
Derivative Instruments	Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. 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 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.
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 on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pending Adoption as of March 31, 2021 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	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.
Earnings Per Share	Earnings Per Share The following is a summary of the basic and diluted net income per share computation for the periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2021 2020 Net income attributable to common stockholders $ (832) $ 5,038 Adjustments to net income attributable to common stockholders for common share equivalents (153) (135) Adjusted net income attributable to common stockholders $ (985) $ 4,903 Weighted average common shares outstanding — Basic 91,479,497 89,458,753 Weighted average common shares outstanding — Diluted 91,479,497 89,499,294 Net income per share attributable to common stockholders — Basic and Diluted $ (0.01) $ 0.05 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 three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Unvested RSUs 44,322 40,541 Unvested Restricted Shares (1) 129,356 — LTIP Units (2) 2,554,930 2,554,930 Total common share equivalents excluded from EPS calculation 2,728,608 2,595,471 (1) There were 124,275 Restricted Shares issued and outstanding as of March 31, 2021. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during September 30, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of March 31, 2021 and 2020. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP. Conditionally issuable shares relating to the 2018 OPP award (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 three months ended March 31, 2021 and 2020.

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Allocation of Assets Acquired and Liabilities Assumed	The following table presents the allocation of the assets acquired and liabilities assumed during the three months ended March 31, 2020, and, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions were considered asset acquisitions for accounting purposes. There were no acquisitions during the three months ended March 31, 2021. Three Months Ended March 31, (Dollar amounts in thousands) 2020 Real estate investments, at cost: Land $ 21,153 Buildings, fixtures and improvements 84,767 Total tangible assets 105,920 Acquired intangible lease assets: In-place leases 7,245 Above-market lease assets 21 Below-market lease liabilities (69) Total intangible assets 7,197 ROU asset — Cash paid for acquired real estate investments $ 113,117 Number of properties purchased 10
Schedule Acquisition by Property Type	The following table summarizes the acquisition by property type during the three months ended March 31, 2020: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2020: Office 2 196 Industrial 6 1,796 Distribution 2 562 Retail — — 10 2,554
Properties With Significant Annualized Straight-line Rental Income, by Geographical Areas	The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of March 31, 2021 and December 31, 2020. Country / U.S. State March 31, December 31, United States 63.5% 63.2% Michigan 15.4% 15.3% United Kingdom 17.3% 16.8%

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	Mortgage notes payable, net as of March 31, 2021 and December 31, 2020 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio March 31, December 31, Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 86,786 $ 90,760 1.7% (2) Fixed/Variable Feb. 2024 France: French Properties 7 82,095 85,854 2.5% (3) Fixed/Variable May 2025 Germany: Germany Properties 5 60,399 63,165 1.8% (4) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 140,734 147,178 1.4% Fixed Jun. 2024 Total EUR denominated 20 370,014 386,957 United Kingdom: United Kingdom Properties 42 301,828 301,979 3.0% (5) Fixed/Variable Aug. 2023 Total GBP denominated 42 301,828 301,979 United States: Penske Logistics 1 70,000 70,000 4.7% (6) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (6) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (6) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (6) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (6) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (6) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 118 1,361,592 1,378,686 3.4% Mortgage discount — — Deferred financing costs, net of accumulated amortization (7) (14,108) (14,988) Mortgage notes payable, net 118 $ 1,347,484 $ 1,363,698 3.4% ______________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor rate in effect as of March 31, 2021. (3) 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 March 31, 2021. (4) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3 month Euribor. Euribor rate in effect as of March 31, 2021. (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect as of March 31, 2021. This loan requires principal repayments that began in 2020 based on amounts specified under the loan. (6) The borrower’s (wholly owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (7) Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
Future Principal Payments on Mortgage Notes Payable	The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next five calendar years and thereafter as of March 31, 2021: (In thousands) Future Principal Payments (1) 2021 (remainder) $ 10,611 2022 20,650 2023 330,967 2024 227,519 2025 82,095 2026 — Thereafter 689,750 Total $ 1,361,592 ________ (1) Assumes exchange rates of £1.00 to $1.38 for GBP and €1.00 to $1.17 for EUR as of March 31, 2021 for illustrative purposes, as applicable.

Revolving Credit Facility and_2

Revolving Credit Facility and Term Loan, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Outstanding Balance Under Credit Agreement	The table below details the outstanding balances as of March 31, 2021 and December 31, 2020 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto, which provides for an $835.0 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”) and a €247.1 million ($289.8 million based on the prevailing exchange rate as of March 31, 2021) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). The Credit Facility was originally entered into on July 24, 2017 and it has been amended from time to time. On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the credit agreement related to the Credit Facility 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. March 31, 2021 December 31, 2020 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 125,864 $ 120,000 £ — € 5,000 $ 111,132 $ 105,000 £ — € 5,000 Term Loan 289,765 — — 247,075 303,036 — — 247,075 Deferred financing costs (2,593) — — — (2,882) — — — Term Loan, Net 287,172 — — 247,075 300,154 — — 247,075 Total Credit Facility $ 413,036 $ 120,000 £ — € 252,075 $ 411,286 $ 105,000 £ — € 252,075 (1) Assumes exchange rates of £1.00 to $1.38 for GBP and €1.00 to $1.17 for EUR as of March 31, 2021 for illustrative purposes, as applicable. (2) 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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 Foreign currency forwards, net (GBP & EUR) $ — $ (2,262) $ — $ (2,262) Interest rate swaps, net (USD,GBP & EUR) $ — $ (11,639) $ — $ (11,639) December 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ (4,025) $ — $ (4,025) Interest rate swaps, net (USD,GBP & EUR) $ — $ (15,434) $ — $ (15,434)

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2021 and December 31, 2020: (In thousands) Balance Sheet Location March 31, December 31, Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (3,200) $ (3,829) Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (6,584) (9,000) Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (1,855) (2,605) Total $ (11,639) $ (15,434) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 376 $ 198 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (2,740) (2,714) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 558 327 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (456) (1,836) Total $ (2,262) $ (4,025)
Schedule of Interest Rate Derivatives	As of March 31, 2021 and December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: March 31, 2021 December 31, 2020 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 303,780 49 $ 301,210 Interest rate “pay-fixed” swaps (EUR) 22 613,306 22 641,394 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 74 $ 1,067,086 74 $ 1,092,604
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, (In thousands) 2021 2020 Amount of gain (loss) recognized in AOCI from derivatives $ 2,037 $ (8,391) Amount of loss reclassified from AOCI into income as interest expense $ (1,743) $ (824) Total interest expense recorded in the consolidated statements of operations $ 21,368 $ 16,440
Disclosure of Credit Derivatives	As of March 31, 2021 and December 31, 2020, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. March 31, 2021 December 31, 2020 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP-USD) 45 $ 50,936 41 $ 41,633 Foreign currency forwards (EUR-USD) 40 39,875 40 38,634 Interest rate swaps (EUR) — — — — Total 85 $ 90,811 81 $ 80,267
Offsetting Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2021 and December 31, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of (Liabilities) Assets presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount March 31, 2021 $ 934 $ (14,835) $ — $ (13,901) $ — $ — $ (13,901) December 31, 2020 $ 525 $ (19,984) $ — $ (19,459) $ — $ — $ (19,459)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Future Base Cash Rental Payments	The following table reflects the base cash rental payments due from the Company as of March 31, 2021: (In thousands) Future Base Rent Payments (1) 2021 (remainder) $ 1,084 2022 1,446 2023 1,446 2024 1,450 2025 1,455 Thereafter 39,005 Total minimum lease payments (2) 45,886 Less: Effects of discounting (21,801) Total present value of lease payments $ 24,085 ________ (1) Assumes exchange rates of £1.00 to $1.38 for GBP and €1.00 to $1.17 for EUR as of March 31, 2021 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)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection with Operation Related Services	The following table reflects related party fees incurred, forgiven and contractually due as of and for the periods presented: Three Months Ended March 31, 2021 2020 (In thousands) Incurred Incurred Ongoing fees (1) : Asset management fees (2) 7,678 7,376 Property management fees 1,961 1,418 Incentive compensation — — Total related party operational fees and reimbursements $ 9,639 $ 8,794 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $0.2 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively, which are recorded within general and administrative expenses in the consolidated statements of operations and are not reflected in the table above.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	The following table reflects the amount of RSUs outstanding as of March 31, 2021 and 2020: Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2020 44,949 $ 15.35 Vested (9,409) 13.37 Granted — — Unvested, March 31, 2021 35,540 15.88 Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2019 40,541 $ 20.47 Vested — — Granted — — Unvested, March 31, 2020 40,541 20.47
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 % 0 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 0 Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % 600 basis points 1,277,465

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net income per share computation for the periods presented: Three Months Ended March 31, (In thousands, except share and per share data) 2021 2020 Net income attributable to common stockholders $ (832) $ 5,038 Adjustments to net income attributable to common stockholders for common share equivalents (153) (135) Adjusted net income attributable to common stockholders $ (985) $ 4,903 Weighted average common shares outstanding — Basic 91,479,497 89,458,753 Weighted average common shares outstanding — Diluted 91,479,497 89,499,294 Net income per share attributable to common stockholders — Basic and Diluted $ (0.01) $ 0.05
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Unvested RSUs 44,322 40,541 Unvested Restricted Shares (1) 129,356 — LTIP Units (2) 2,554,930 2,554,930 Total common share equivalents excluded from EPS calculation 2,728,608 2,595,471 (1) There were 124,275 Restricted Shares issued and outstanding as of March 31, 2021. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during September 30, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of March 31, 2021 and 2020. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP.

Organization (Details)

Organization (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2021ft²property
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 3 months 18 days
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	65.00%
Europe
Operations [Line Items]
Percentage of portfolio investments	35.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jun. 02, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining lease term	8 years 3 months 18 days
Goodwill impairment		$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
2018 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	2 years 9 months 18 days

Real Estate Investments, Net -

Real Estate Investments, Net - Schedule of Property Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property
Real estate investments, at cost:
Land	$ 21,153
Buildings, fixtures and improvements	84,767
Total tangible assets	105,920
Acquired intangible lease assets:
Total intangible assets	7,197
ROU asset	0
Cash paid for acquired real estate investments	$ 113,117
Number of properties purchased (property) | property	10
In-place leases
Acquired intangible lease assets:
Acquired intangible lease assets	$ 7,245
Above-market lease assets
Acquired intangible lease assets:
Acquired intangible lease assets	21
Below-market lease liabilities
Acquired intangible lease assets:
Below-market lease liabilities	$ (69)

Real Estate Investments, Net _2

Real Estate Investments, Net - Acquisition by Property Type (Details)	Mar. 31, 2021ft²property	Dec. 31, 2020ft²property
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		10
Square Feet (unaudited) | ft²		2,554
Office | Properties Acquired in 2020
Real Estate Properties [Line Items]
Number of Properties | property		2
Square Feet (unaudited) | ft²		196
Industrial | Properties Acquired in 2020
Real Estate Properties [Line Items]
Number of Properties | property		6
Square Feet (unaudited) | ft²		1,796
Distribution | Properties Acquired in 2020
Real Estate Properties [Line Items]
Number of Properties | property		2
Square Feet (unaudited) | ft²		562
Retail | Properties Acquired in 2020
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) - property	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Real Estate [Line Items]
Number of real estate properties held for sale	0		0
Properties Sold
Real Estate [Line Items]
Number of real estate properties sold	0	0

Real Estate Investments, Net _4

Real Estate Investments, Net - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	63.50%	63.20%
Michigan
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	15.40%	15.30%
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	17.30%	16.80%

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Schedule of Long-term Debt Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 1,347,484	$ 1,363,698
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered properties (property) | property	118
Outstanding Loan Amount	$ 1,361,592	1,378,686
Effective Interest Rate	3.40%
Mortgage discount	$ 0	0
Deferred financing costs, net of accumulated amortization	(14,108)	(14,988)
Mortgage notes payable, net	$ 1,347,484	1,363,698
Mortgage notes payable | EUR
Debt Instrument [Line Items]
Encumbered properties (property) | property	20
Outstanding Loan Amount	$ 370,014	386,957
Mortgage notes payable | EUR | Finland Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property	5
Outstanding Loan Amount	$ 86,786	90,760
Effective Interest Rate	1.70%
Percentage fixed interest rate	80.00%
Percentage variable interest rate	20.00%
Mortgage notes payable | EUR | Finland Properties | Euribor Rate
Debt Instrument [Line Items]
Interest rate spread	1.40%
Mortgage notes payable | EUR | French Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property	7
Outstanding Loan Amount	$ 82,095	85,854
Effective Interest Rate	2.50%
Percentage fixed interest rate	90.00%
Percentage variable interest rate	10.00%
Mortgage notes payable | EUR | French Properties | Euribor Rate
Debt Instrument [Line Items]
Interest rate spread	2.30%
Mortgage notes payable | EUR | Germany Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property	5
Outstanding Loan Amount	$ 60,399	63,165
Effective Interest Rate	1.80%
Percentage fixed interest rate	80.00%
Percentage variable interest rate	20.00%
Mortgage notes payable | EUR | Germany Properties | Euribor Rate
Debt Instrument [Line Items]
Interest rate spread	1.55%
Mortgage notes payable | EUR | Benelux Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property	3
Outstanding Loan Amount	$ 140,734	147,178
Effective Interest Rate	1.40%
Mortgage notes payable | GBP
Debt Instrument [Line Items]
Encumbered properties (property) | property	42
Outstanding Loan Amount	$ 301,828	301,979
Mortgage notes payable | GBP | United Kingdom Properties
Debt Instrument [Line Items]
Encumbered properties (property) | property	42
Outstanding Loan Amount	$ 301,828	301,979
Effective Interest Rate	3.00%
Percentage fixed interest rate	80.00%
Percentage variable interest rate	20.00%
Mortgage notes payable | GBP | United Kingdom Properties | LIBOR
Debt Instrument [Line Items]
Interest rate spread	2.00%
Mortgage notes payable | USD
Debt Instrument [Line Items]
Encumbered properties (property) | property	56
Outstanding Loan Amount	$ 689,750	689,750
Mortgage notes payable | USD | Penske Logistics
Debt Instrument [Line Items]
Encumbered properties (property) | property	1
Outstanding Loan Amount	$ 70,000	70,000
Effective Interest Rate	4.70%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan I
Debt Instrument [Line Items]
Encumbered properties (property) | property	12
Outstanding Loan Amount	$ 187,000	187,000
Effective Interest Rate	4.40%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan II
Debt Instrument [Line Items]
Encumbered properties (property) | property	8
Outstanding Loan Amount	$ 32,750	32,750
Effective Interest Rate	4.40%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan III
Debt Instrument [Line Items]
Encumbered properties (property) | property	7
Outstanding Loan Amount	$ 98,500	98,500
Effective Interest Rate	4.90%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan IV
Debt Instrument [Line Items]
Encumbered properties (property) | property	16
Outstanding Loan Amount	$ 97,500	97,500
Effective Interest Rate	4.60%
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan V
Debt Instrument [Line Items]
Encumbered properties (property) | property	12
Outstanding Loan Amount	$ 204,000	$ 204,000
Effective Interest Rate	3.70%

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2021USD ($)	Mar. 31, 2021$ / £	Mar. 31, 2021$ / €	Dec. 31, 2020USD ($)	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €
Debt Instrument [Line Items]
Foreign currency exchange rate (gbp, eur per usd)		1.38	1.17		1.37	1.23
Mortgage notes payable
Debt Instrument [Line Items]
2021 (remainder)	$ 10,611
2022	20,650
2023	330,967
2024	227,519
2025	82,095
2026	0
Thereafter	689,750
Term Loan	$ 1,361,592			$ 1,378,686

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) £ in Millions, $ in Millions	Dec. 31, 2022USD ($)	Mar. 31, 2021GBP (£)	Mar. 31, 2021USD ($)	Dec. 16, 2020
Debt Instrument [Line Items]
Loan to value ratio		55.00%	55.00%
Carrying value of encumbered assets			$ 1,800
Mortgage notes payable
Debt Instrument [Line Items]
Balance outstanding with cash sweep event trigger			$ 98.5
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Stated interest rate		3.75%	3.75%	3.75%
UK Multi-Property Cross Collateralized Loan | Mortgage notes payable
Debt Instrument [Line Items]
Limited unsecured corporate guaranty		£ 20	$ 27.6
Multi-Tenant Mortgage Loan III | Mortgage notes payable
Debt Instrument [Line Items]
Letters of credit outstanding			3.2
Line of Credit
Debt Instrument [Line Items]
Carrying value of encumbered assets			$ 1,800
Line of Credit | Mortgage notes payable | Forecast
Debt Instrument [Line Items]
Letters of credit outstanding	$ 7.4

Revolving Credit Facility and_3

Revolving Credit Facility and Term Loan, Net - Narrative (Details)	Feb. 24, 2021USD ($)	Aug. 01, 2019USD ($)extension	Jul. 24, 2017	Mar. 31, 2021USD ($)$ / shares	Jun. 30, 2020	Dec. 31, 2020USD ($)$ / shares	Mar. 31, 2021EUR (€)
Line of Credit Facility [Line Items]
Maximum distribution as percentage of FFO				100.00%	100.00%
Maximum distribution as percentage of AFFO				105.00%
Maximum distribution as percentage of FFO, under exception					105.00%
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%
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01
Credit Facility
Line of Credit Facility [Line Items]
Weighted-average effective interest rate				2.50%			2.50%
Credit Facility | Federal Funds
Line of Credit Facility [Line Items]
Basis spread on base rate determination			0.50%
Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on base rate determination			1.00%
Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Available for future borrowings				$ 88,600,000
Credit Facility | KeyBank National Association | Unsecured debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 1,100,000,000
Total line of credit commitment		$ 1,750,000,000
Increase in aggregate commitments		$ 565,000,000
Credit Facility | KeyBank National Association | Unsecured debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,200,000,000			835,000,000
Increase in lender commitments	$ 50,000,000
Number of extensions | extension		2
Extension term		6 months
Facility fee multiplier			0.0030
Credit Facility | KeyBank National Association | Unsecured debt | Revolving Credit Facility | Above Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee			0.25%
Commitment fee percentage			50.00%
Credit Facility | KeyBank National Association | Unsecured debt | Revolving Credit Facility | Below Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee			0.15%
Commitment fee percentage			50.00%
Credit Facility | KeyBank National Association | Unsecured debt | Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 289,800,000			€ 247,100,000
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate spread		1.45%
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate spread		2.05%
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate spread		0.45%
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate spread		1.05%
Credit Facility Amendment | Term Loan | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate spread		1.40%
Credit Facility Amendment | Term Loan | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate spread		2.00%
Credit Facility Amendment | Term Loan | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate spread		0.40%
Credit Facility Amendment | Term Loan | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate spread		1.00%

Revolving Credit Facility and_4

Revolving Credit Facility and Term Loan, Net - Outstanding Balance Under Credit Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2021USD ($)	Mar. 31, 2021$ / £	Mar. 31, 2021$ / €	Mar. 31, 2021GBP (£)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €	Dec. 31, 2020GBP (£)	Dec. 31, 2020EUR (€)
Line of Credit Facility [Line Items]
Revolving Credit Facility	$ 125,864					$ 111,132
Term Loan, Net	287,172					300,154
Foreign currency exchange rate (GBP, EUR, CAD per USD)		1.38	1.17				1.37	1.23
KeyBank National Association | Credit Facility | Unsecured debt
Line of Credit Facility [Line Items]
Total Credit Facility	413,036					411,286
KeyBank National Association | Credit Facility | Unsecured debt | USD
Line of Credit Facility [Line Items]
Total Credit Facility	120,000					105,000
KeyBank National Association | Credit Facility | Unsecured debt | GBP
Line of Credit Facility [Line Items]
Total Credit Facility | £				£ 0					£ 0
KeyBank National Association | Credit Facility | Unsecured debt | EUR
Line of Credit Facility [Line Items]
Total Credit Facility | €					€ 252,075					€ 252,075
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility	125,864					111,132
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility | USD
Line of Credit Facility [Line Items]
Revolving Credit Facility	120,000					105,000
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility | GBP
Line of Credit Facility [Line Items]
Revolving Credit Facility | £				0					0
KeyBank National Association | Credit Facility | Unsecured debt | Revolving Credit Facility | EUR
Line of Credit Facility [Line Items]
Revolving Credit Facility | €					5,000					5,000
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility
Line of Credit Facility [Line Items]
Term Loan	289,765					303,036
Deferred financing costs	(2,593)					(2,882)
Term Loan, Net	287,172					300,154
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility | USD
Line of Credit Facility [Line Items]
Term Loan	0					0
Deferred financing costs	0					0
Term Loan, Net	$ 0					$ 0
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility | GBP
Line of Credit Facility [Line Items]
Term Loan | £				0					0
Deferred financing costs | £				0					0
Term Loan, Net | £				£ 0					£ 0
KeyBank National Association | Credit Facility | Unsecured debt | Term Facility | EUR
Line of Credit Facility [Line Items]
Term Loan | €					247,075					247,075
Deferred financing costs | €					0					0
Term Loan, Net | €					€ 247,075					€ 247,075

Senior Notes, Net (Details)

Senior Notes, Net (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 16, 2020
Debt Instrument [Line Items]
Senior notes amount	$ 490,692,000	$ 490,345,000
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	$ 490,700,000	490,300,000
Deferred financing costs	$ 9,300,000	$ 9,700,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value, Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	$ (13,901)	$ (19,459)
Fair Value, Measurements, Recurring | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	(2,262)	(4,025)
Fair Value, Measurements, Recurring | Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	(11,639)	(15,434)
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1 | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1 | Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	(2,262)	(4,025)
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	(11,639)	(15,434)
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term Loan	$ 1,361,592	$ 1,378,686
Significant Unobservable Inputs Level 3 | Mortgage notes payable | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	1,400,000	1,400,000
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	125,900	111,100
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Carrying Value | Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	289,800	303,000
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	125,500	111,200
Significant Unobservable Inputs Level 3 | Revolving Credit Facility | Fair Value | Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	290,700	304,600
Significant Unobservable Inputs Level 3 | Senior Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	500,000	500,000
Significant Unobservable Inputs Level 3 | Senior Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 495,000	$ 512,400

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Derivatives in Statement of Financial Position, Fair Value (Details) - Swap - Significant Other Observable Inputs Level 2 - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	$ (11,639)	$ (15,434)
Designated as Hedging Instrument | Interest rate swaps, net | USD | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(3,200)	(3,829)
Designated as Hedging Instrument | Interest rate swaps, net | GBP | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(6,584)	(9,000)
Designated as Hedging Instrument | Interest rate swaps, net | EUR | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(1,855)	(2,605)
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(2,262)	(4,025)
Not Designated as Hedging Instrument | Foreign currency forwards | GBP | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(2,740)	(2,714)
Not Designated as Hedging Instrument | Foreign currency forwards | GBP | Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	376	198
Not Designated as Hedging Instrument | Foreign currency forwards | EUR | Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(456)	(1,836)
Not Designated as Hedging Instrument | Foreign currency forwards | EUR | Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	$ 558	$ 327

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) $ in Thousands, € in Millions, £ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2018GBP (£)derivative	Sep. 30, 2019USD ($)derivative	Dec. 31, 2020USD ($)	Sep. 30, 2019EUR (€)	Mar. 31, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Loss to be reclassified from other comprehensive income	$ 6,700
Accumulated other comprehensive (loss) income	(13,885)				$ (8,073)
Gains on derivative instruments	1,842	$ 3,143
Fair value of derivatives in net liability position	15,600
Multi-Property Loan, Finland
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in accumulated other comprehensive income (loss) from derivatives (effective portion)				$ 700
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)		100
Multi-Property Loan, Finland | Interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Number interest rates swaps terminated | derivative				5
Derivative asset, notional amount | €						€ 57.4
Payment to settle derivatives				$ 800
Multi-Property GBP Loan
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)		100
Accumulated other comprehensive (loss) income					$ 0		$ 1,200
Multi-Property GBP Loan | Interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Number interest rates swaps terminated | derivative			15
Derivative asset, notional amount | £			£ 208.8
Multi-Property GBP Loan | Interest Rate Floor
Derivative Instruments, Gain (Loss) [Line Items]
Number interest rates swaps terminated | derivative			1
Derivative asset, notional amount | £			£ 28.1
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains on derivative instruments	$ 1,800	$ 100

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Swap $ in Thousands	Mar. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)derivative
Derivative [Line Items]
Number of Instruments (derivative) | derivative	74	74
Notional Amount | $	$ 1,067,086	$ 1,092,604
GBP
Derivative [Line Items]
Number of Instruments (derivative) | derivative	49	49
Notional Amount | $	$ 303,780	$ 301,210
EUR
Derivative [Line Items]
Number of Instruments (derivative) | derivative	22	22
Notional Amount | $	$ 613,306	$ 641,394
USD
Derivative [Line Items]
Number of Instruments (derivative) | derivative	3	3
Notional Amount | $	$ 150,000	$ 150,000

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in the consolidated statements of operations	$ 21,368	$ 16,440
Interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in AOCI from derivatives	2,037	(8,391)
Interest rate swaps, net | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from AOCI into income as interest expense	$ (1,743)	$ (824)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Foreign Cross Currency Derivatives (Details) - Not Designated as Hedging Instrument - Swap $ in Thousands	Mar. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)derivative
Derivative [Line Items]
Number of Instruments (derivative) | derivative	85	81
Notional Amount | $	$ 90,811	$ 80,267
Forward Contracts | GBP
Derivative [Line Items]
Number of Instruments (derivative) | derivative	45	41
Notional Amount | $	$ 50,936	$ 41,633
Forward Contracts | EUR
Derivative [Line Items]
Number of Instruments (derivative) | derivative	40	40
Notional Amount | $	$ 39,875	$ 38,634
Interest rate swaps, net | EUR
Derivative [Line Items]
Number of Instruments (derivative) | derivative	0	0
Notional Amount | $	$ 0	$ 0

Derivatives and Hedging Activ_8

Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 934	$ 525
Gross Amounts of Recognized (Liabilities)	(14,835)	(19,984)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of (Liabilities) Assets presented on the Balance Sheet	(13,901)	(19,459)
Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0	0
Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Received (Posted)	0	0
Net Amount	$ (13,901)	$ (19,459)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended	12 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Feb. 28, 2021	Apr. 20, 2020
Conversion of Stock [Line Items]
Common stock, outstanding (in shares)			95,512,062			89,614,601
Common stock, issued (in shares)			95,512,062			89,614,601
Preferred stock, authorized (in shares)			30,000,000
Preferred stock, outstanding (in shares)			6,799,467			6,799,467
Common stock dividend rate (in dollars per share)		$ 1.60			$ 2.13
Common stock, monthly dividend rate (in dollars per share)		$ 0.40			$ 0.5325
Agent | At-the-Market Program
Conversion of Stock [Line Items]
Aggregate common stock offering price			$ 500,000,000				$ 250,000,000
Number of shares issued (in shares)			5,904,470			0
Gross proceeds from sale of stock			$ 107,600,000
Commissions paid			1,600,000
Payments of stock offering costs			$ 300,000
Number of shares canceled (in shares)			8,668
Series A Preferred Stock
Conversion of Stock [Line Items]
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
Preferred stock, par value (in dollars per share)			$ 0.01			$ 0.01
Dividend payout (in dollars per share)			$ 0.453125
Preferred stock, dividend rate			7.25%			7.25%
Preferred stock, liquidation preference (in dollars per share)			$ 25			$ 25
Series B Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)			11,450,000			11,450,000
Preferred stock, issued (in shares)			4,503,893			3,861,953
Preferred stock, outstanding (in shares)			4,503,893			3,861,953
Preferred stock, par value (in dollars per share)			$ 0.01			$ 0.01
Preferred stock, dividend rate			6.875%			6.875%
Preferred stock, liquidation preference (in dollars per share)			$ 25			$ 25
Preferred stock, quarterly dividend (in dollars per share)			$ 0.429688
Series B Preferred Stock | Agent | At-the-Market Program
Conversion of Stock [Line Items]
Number of shares issued (in shares)			641,940	0
Gross proceeds from sale of stock			$ 16,200,000
Commissions paid			$ 200,000
Aggregate preferred stock offering price						$ 200,000,000
Series C Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)			100,000
Preferred stock, issued (in shares)			0			0
Preferred stock, outstanding (in shares)			0			0
Preferred stock, par value (in dollars per share)			$ 0.01
Percent of outstanding shares acquired	4.90%
Preferred share purchase right basis per share (in shares)								0.001
Exercise price (in dollars per share)	$ 50

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Number of properties subject to ground leases | property	9
Right-of-use asset, operating lease	$ 55,782		$ 58,395
Operating lease liability	$ 24,085		$ 25,350
Weighted average remaining lease term	31 years 9 months 18 days
Weighted average discount rate	4.33%
Payments	$ 400	$ 300
Expense	$ 400	$ 300
Minimum
Loss Contingencies [Line Items]
Term of contract	15 years
Maximum
Loss Contingencies [Line Items]
Term of contract	97 years

Commitments and Contingencies_2

Commitments and Contingencies - Operating Leases Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)	Mar. 31, 2021$ / £	Mar. 31, 2021$ / €	Dec. 31, 2020USD ($)	Dec. 31, 2020$ / £	Dec. 31, 2020$ / €
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (remainder)	$ 1,084
2022	1,446
2023	1,446
2024	1,450
2025	1,455
Thereafter	39,005
Total minimum lease payments	45,886
Less: Effects of discounting	(21,801)
Total present value of lease payments	$ 24,085			$ 25,350
Foreign currency exchange rate (GBP, EUR, CAD per USD)		1.38	1.17		1.37	1.23

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	May 06, 2021$ / shares	May 06, 2020$ / shares	Aug. 14, 2018USD ($)$ / shares	Jun. 02, 2015USD ($)	Feb. 28, 2019	Mar. 31, 2021USD ($)propertyshares	Sep. 30, 2020shares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)shares
Related Party Transaction [Line Items]
Due from related parties | $						$ 346,000			$ 377,000
Due to related parties | $						845,000			2,002,000
Dividends payable | $						$ 5,386,000			5,152,000
Number of real estate properties, no longer subject to oversight fee (property) | property						39
PMLA term					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 to not be included in the Sale						180 days
Advisor
Related Party Transaction [Line Items]
Cap on annum aggregate amount, range two | $			$ 14,600,000,000
Maximum percent of assets under management, range three			0.40%
Maximum amount under management, range three | $			$ 14,700,000,000
Leasing commissions incurred | $						$ 500,000			1,500,000
LTIP Units
Related Party Transaction [Line Items]
Distributions paid to partners | $						100,000		$ 200,000
Dividends payable | $						$ 0			0
Restricted shares
Related Party Transaction [Line Items]
Restricted shares granted (in shares) | shares						132,025	132,025
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 | $						$ 800,000			$ 2,000,000
Asset management fees | Advisor
Related Party Transaction [Line Items]
Leasing commissions incurred | $						$ 42,000
AR Global, LLC | Global Net Lease Advisors, LLC
Related Party Transaction [Line Items]
Indirect membership interest						95.00%
Special Limited Partner
Related Party Transaction [Line Items]
Operating partnership units (in shares) | shares						35,900			35,900
Advisor
Related Party Transaction [Line Items]
Maximum percent of assets under management, range one			0.75%
Maximum amount under management, range one | $			$ 3,000,000,000
Cap on annum aggregate amount, range two denominator | $			$ 11,700,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two			0.35%
Advisor | Properties Sold
Related Party Transaction [Line Items]
Gain (loss) on sale of property | $						$ 0		$ 0
Advisor | Amended Advisory Agreement
Related Party Transaction [Line Items]
Minimum monthly base management fee | $				$ 18,000,000
Amended Advisory Agreement, variable fee payable				1.25%
Amended Advisory Agreement, incentive compensation payable in cash				50.00%
Amended Advisory Agreement, incentive compensation payable in shares				50.00%
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period one (in dollars per share)			$ 2.15
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period two (in dollars per share)			2.25
Incentive fee lower hurdle, aggregate, period one (in dollars per share)		$ 1.6875
Incentive fee lower hurdle, quarterly, period one (in dollars per share)		0.5625
Incentive fee lower hurdle, aggregate, period two (in dollars per share)		1.35
Incentive fee lower hurdle, quarterly, period two (in dollars per share)		0.45
Incentive fee lower hurdle, aggregate, period three (in dollars per share)		1.125
Incentive fee lower hurdle, quarterly, period three (in dollars per share)		0.5625
Incentive fee lower hurdle, aggregate, period four (in dollars per share)		2.25
Incentive fee lower hurdle, quarterly, period four (in dollars per share)		0.5625
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period one (in dollars per share)			2.79
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period two (in dollars per share)			$ 2.92
Incentive fee upper hurdle, aggregate, period one (in dollars per share)		2.19
Incentive fee upper hurdle, quarterly, period one (in dollars per share)		0.73
Incentive fee upper hurdle, aggregate, period two (in dollars per share)		1.75
Incentive fee upper hurdle, quarterly, period two (in dollars per share)		0.583
Incentive fee upper hurdle, aggregate, period three (in dollars per share)		1.46
Incentive fee upper hurdle, quarterly, period three (in dollars per share)		0.73
Incentive fee upper hurdle, aggregate, period four (in dollars per share)		2.92
Incentive fee upper hurdle, quarterly, period four (in dollars per share)		$ 0.73
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two				0.30%
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range one				1.25%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three | $				$ 5,000,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two				0.95%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range two | $				$ 15,000,000,000
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation base				1.25%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation denominator | $				$ 10,000,000,000
Amended Advisory Agreement, variable fee payable, maximum sale of investments to trigger possible reduction | $				200,000,000
Advisor | Amended Advisory Agreement | Subsequent Event
Related Party Transaction [Line Items]
Incentive fee lower hurdle, aggregate, period five (in dollars per share)	$ 1.95
Incentive fee lower hurdle, quarterly, period five (in dollars per share)	0.4875
Incentive fee lower hurdle, aggregate, period six (in dollars per share)	2.25
Incentive fee lower hurdle, quarterly, period six (in dollars per share)	0.5625
Incentive fee upper hurdle, aggregate, period five (in dollars per share)	2.62
Incentive fee upper hurdle, quarterly, period five (in dollars per share)	0.655
Incentive fee upper hurdle, aggregate, period six (in dollars per share)	2.92
Incentive fee upper hurdle, quarterly, period six (in dollars per share)	$ 0.73
Advisor | Amended Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle possible annual increase			0.00%
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
Advisor | Amended Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle possible annual increase			3.00%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three | $				$ 15,000,000,000
Advisor | American Realty Capital Global Advisors, LLC
Related Party Transaction [Line Items]
Due from related parties | $						$ 300,000			$ 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 ($)	Jun. 02, 2015	Mar. 31, 2021	Mar. 31, 2020
Advisor | Amended Advisory Agreement
Related Party Transaction [Line Items]
Minimum monthly base management fee	$ 18,000,000
Advisor | Variable Base Management Fee
Related Party Transaction [Line Items]
Related party expenses		$ 3,000,000	$ 2,900,000
Incurred
Related Party Transaction [Line Items]
Related party expenses		9,639,000	8,794,000
Recurring Fees | Asset management fees | Incurred
Related Party Transaction [Line Items]
Related party expenses		7,678,000	7,376,000
Recurring Fees | Property management fees | Incurred
Related Party Transaction [Line Items]
Related party expenses		1,961,000	1,418,000
Recurring Fees | Incentive compensation | Incurred
Related Party Transaction [Line Items]
Related party expenses		0	0
General and Administrative Expense | Incurred
Related Party Transaction [Line Items]
Related party expenses		$ 200,000	$ 300,000

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 19, 2018	Sep. 30, 2020	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Apr. 12, 2021	Feb. 28, 2019	Jan. 31, 2019	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation, net of forfeitures			$ 2,577		$ 2,488
Distributions paid			$ 103		$ 135
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in lieu of cash (in shares)			0		0
2021 Equity Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)							6,300,000
Incentive Restricted Share Plan | Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable			$ 100
Incentive Restricted Share Plan | Non-Executive Chair
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual retainer payable			$ 105
Incentive Restricted Share Plan | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Annual retainer payable			$ 30
Annual retainer payable, cash			50.00%
Annual retainer payable, restricted stock units			50.00%
Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 200		$ 100
Compensation expense			$ 400
Weighted average period of recognition			1 year 8 months 12 days
2015 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution percent entitled to by LTIP holders			10.00%
2018 Multi Year Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			2 years 9 months 18 days
Maximum award value	$ 50,000
Share price (in dollars per share)	$ 19.57
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
2018 Multi Year Outperformance Plan | Minimum | Tier One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	24.00%
Relative TSR excess	(0.0600)
2018 Multi Year Outperformance Plan | Minimum | Tier Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	36.00%
Relative TSR excess	0
2018 Multi Year Outperformance Plan | Maximum | Tier One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	30.00%
Relative TSR excess	0
2018 Multi Year Outperformance Plan | Maximum | Tier Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Absolute TSR	30.00%
Relative TSR excess	0.0600
Stock Options | Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			500,000
Shares issued during the period (in shares)			0			0
Unvested RSUs | 2021 Equity Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)							2,772,905
Unvested RSUs | Incentive Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of maximum common stock available for issuance			10.00%
Unvested RSUs | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)			0		0
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during the period (in shares)			124,275
Restricted shares granted (in shares)			132,025	132,025
Award vesting period		4 years
Restricted shares forfeited (in shares)			7,750
Restricted shares | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of granted restricted shares			50.00%
Restricted shares | Advisor | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of granted restricted shares			25.00%
Restricted shares | Advisor | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of granted restricted shares			25.00%
Restricted shares | Advisor | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of granted restricted shares			25.00%
Restricted shares | Advisor | Tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of granted restricted shares			25.00%
Restricted shares | Restricted Share Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 1,900
Weighted average period of recognition			3 years 6 months
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions paid			$ 100		$ 200
LTIP Units | 2018 Multi Year Outperformance Plan | Advisor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during the period (in shares)	2,554,930
Share-Based Payment Arrangement, Nonemployee | 2015 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			2 years 9 months 18 days
Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2015 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity fair value										$ 18,800
Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2018 Multi Year Outperformance Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					2,400
Equity fair value								$ 29,900	$ 23,300
Fair value in excess			$ 6,600
Non-controlling interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation, net of forfeitures			2,358		$ 2,359
Non-controlling interest | Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation, net of forfeitures			$ 2,400

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Share Award Activity (Details) - Restricted Share Plan - Unvested RSUs - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of RSUs
Unvested (in shares)	44,949	40,541
Vested (in shares)	(9,409)	0
Granted (in shares)	0	0
Unvested (in shares)	35,540	40,541
Weighted-Average Issue Price
Unvested (in dollars per share)	$ 15.35	$ 20.47
Vested (in dollars per share)	13.37	0
Granted (in dollars per share)	0	0
Unvested (in dollars per share)	$ 15.88	$ 20.47

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Target and Maximum Performance Goals (Details) - 2018 Multi Year Outperformance Plan	Jul. 19, 2018shares
Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of Absolute TSR LTIP Units Earned)	0.00%
Absolute TSR	24.00%
Number of Absolute TSR LTIP Units Earned (in shares)	0
Performance Level (% of Relative TSR LTIP Units Earned)	0.00%
Relative TSR Excess	(0.0600)
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

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ (832)	$ 5,038
Adjustments to net income attributable to common stockholders for common share equivalents	(153)	(135)
Adjusted net income attributable to common stockholders	$ (985)	$ 4,903
Weighted average shares outstanding - Basic (in shares)	91,479,497	89,458,753
Weighted average shares outstanding - Diluted (in shares)	91,479,497	89,499,294
Net income per share attributable to common stockholders — Basic (in dollars per share)	$ (0.01)	$ 0.05
Net income per share attributable to common stockholders — Diluted (in dollars per share)	$ (0.01)	$ 0.05

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	2,728,608	2,595,471
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued during the period (in shares)	124,275
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	44,322	40,541
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	129,356	0
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	2,554,930	2,554,930
LTIP Units | 2018 Multi Year Outperformance Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued during the period (in shares)	2,554,930	2,554,930

Subsequent Events - (Details)

Subsequent Events - (Details) $ in Thousands, £ in Millions	1 Months Ended
	May 07, 2021USD ($)property	May 07, 2021GBP (£)	May 07, 2021GBP (£)property	Apr. 12, 2021shares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Secured debt					$ 1,347,484	$ 1,363,698
Subsequent Event | Unvested RSUs | 2021 Equity Plan
Subsequent Event [Line Items]
Number of shares available for grant (in shares) | shares				2,772,905
Subsequent Event | United States and United Kingdom
Subsequent Event [Line Items]
Number of properties acquired | property	5		5
Asset purchase price	$ 249,900
Subsequent Event | UNITED KINGDOM
Subsequent Event [Line Items]
Number of properties acquired | property	3		3
Asset purchase price	$ 236,300	£ 170
Acquisition costs	5,600
Secured debt	140,600		£ 101
Subsequent Event | UNITED KINGDOM | Revolving Credit Facility
Subsequent Event [Line Items]
Secured debt	$ 72,200		£ 52