Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 23, 2015 | |
Document Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Central Index Key | 1558235 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Registrant Name | Corporate Property Associates 18 Global Incorporated | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $0 | ||
Class A | |||
Document Entity Information [Abstract] | |||
Entity Common Stock Shares Outstanding | 100,794,838 | ||
Class C | |||
Document Entity Information [Abstract] | |||
Entity Common Stock Shares Outstanding | 27,266,757 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ||
Real estate, at cost | $743,735 | $150,424 |
Operating real estate, at cost | 133,596 | 0 |
Accumulated depreciation | -11,814 | -824 |
Net investments in properties | 865,517 | 149,600 |
Real estate under construction | 2,258 | 0 |
Net investments in direct financing leases | 45,582 | 22,064 |
Note receivable | 28,000 | 0 |
Net investments in real estate | 941,357 | 171,664 |
In-place lease intangible assets, net | 429,548 | 109,061 |
Goodwill | 9,692 | 0 |
In-place lease intangible assets, net | 167,635 | 53,337 |
Other assets, net | 25,667 | 8,224 |
Other assets, net | 41,985 | 13,384 |
Total assets | 1,615,884 | 355,670 |
Liabilities: | ||
Non-recourse debt | 430,462 | 85,060 |
Bonds payable | 91,250 | 0 |
Deferred income taxes | 28,753 | 8,350 |
Prepaid and deferred rental income | 13,749 | 3,317 |
Accounts payable, accrued expenses and other liabilities | 13,162 | 1,502 |
Due to affiliate | 20,651 | 5,149 |
Distributions payable | 17,629 | 1,821 |
Total liabilities | 615,656 | 105,199 |
Commitments and contingencies (Note 10) | ||
CPA®:18 – Global stockholders’ equity: | ||
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 1,056,862 | 215,371 |
Distributions and accumulated losses | -111,878 | -2,567 |
Accumulated other comprehensive loss | -20,941 | -94 |
Less: treasury stock at cost, 155,246 and 0 shares, respectively | -1,520 | 0 |
Total CPA®:18 – Global stockholders’ equity | 922,641 | 212,734 |
Noncontrolling interests | 77,587 | 37,737 |
Total equity | 1,000,228 | 250,471 |
Total liabilities and equity | 1,615,884 | 355,670 |
Class A common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock | 100 | 21 |
Class C common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock | $18 | $3 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CPA®:18 – Global stockholders’ equity: | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Treasury stock, shares | 155,246 | 0 |
Class A common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 320,000,000 | 320,000,000 |
Common stock, shares issued | 100,079,255 | 21,290,097 |
Common stock, shares outstanding | 99,924,009 | 21,290,097 |
Class C common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 18,026,013 | 2,776,001 |
Common stock, shares outstanding | 18,026,013 | 2,776,001 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Lease revenues: | ||
Rental income | $41,383 | $3,262 |
Interest income from direct financing leases | 3,450 | 11 |
Total lease revenue | 44,833 | 3,273 |
Other real estate income | 4,743 | 0 |
Other operating income | 3,473 | 19 |
Other interest income | 1,268 | 0 |
Total revenues | 54,317 | 3,292 |
Operating Expenses | ||
Acquisition expenses (inclusive of $38,825 and $0, respectively, to a related party) | 59,225 | 86 |
Depreciation and amortization | 21,981 | 1,314 |
Property expenses (inclusive of $2,635 and $117, respectively, to a related party) | 7,379 | 121 |
General and administrative (inclusive of $1,084 and $226, respectively, to a related party) | 4,708 | 783 |
Other real estate expenses | 1,838 | 0 |
Operating Expenses | 95,131 | 2,304 |
Other Income and Expenses | ||
Interest expense (inclusive of $151 and $36, respectively, to a related party) | -15,753 | -1,250 |
Other income and (expenses) | -1,153 | 32 |
Other Income and Expenses | -16,906 | -1,218 |
Loss before income taxes | -57,720 | -230 |
Benefit from (provision for) income taxes | 1,164 | -11 |
Net Loss | -56,556 | -241 |
Net loss (income) attributable to noncontrolling interests (inclusive of available cash distribution to a related party of $1,778 and $92, respectively) | 689 | -390 |
Net Loss Attributable to CPA®:18 – Global | -55,867 | -631 |
Class A | ||
Other Income and Expenses | ||
Net Loss Attributable to CPA®:18 – Global | -49,494 | -496 |
Weighted-average shares outstanding | 78,777,525 | 2,792,648 |
Net loss per share (in dollars per share) | ($0.63) | ($0.18) |
Class C | ||
Other Income and Expenses | ||
Net Loss Attributable to CPA®:18 – Global | ($6,373) | ($135) |
Weighted-average shares outstanding | 8,847,966 | 497,725 |
Net loss per share (in dollars per share) | ($0.72) | ($0.27) |
Consolidated_Statement_of_Oper1
Consolidated Statement of Operations (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Expenses | ||
Acquisition expenses | $59,225 | $86 |
Property expense | 7,379 | 121 |
General and administrative expense | 4,708 | 783 |
Interest expense | 15,753 | 1,250 |
Distributions of available cash | 1,778 | 92 |
Related party | ||
Operating Expenses | ||
Acquisition expenses | 38,825 | 0 |
Property expense | 2,635 | 117 |
General and administrative expense | 1,084 | 226 |
Interest expense | $151 | $36 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Loss (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||
Net Loss | ($56,556) | ($241) |
Other Comprehensive Loss | ||
Foreign currency translation adjustments | -29,602 | 156 |
Change in net unrealized gain (loss) on derivative instruments | 1,371 | -219 |
Other Comprehensive Loss | -28,231 | -63 |
Comprehensive Loss | -84,787 | -304 |
Amounts Attributable to Noncontrolling Interests | ||
Net loss (income) | 689 | -390 |
Foreign currency translation adjustments | 7,384 | -31 |
Comprehensive loss (income) attributable to noncontrolling interests | 8,073 | -421 |
Comprehensive Loss Attributable to CPA®:18 – Global | ($76,714) | ($725) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Class A | Class C | Common Stock | Common Stock | Common Stock | Additional Paid-In Capital | Distributions and Accumulated Losses | Accumulated Other Comprehensive Loss | Treasury Stock | Total CPA 18 - Global Stockholders | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | USD ($) | Class A | Class C | General Common Stock | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
USD ($) | USD ($) | USD ($) | ||||||||||
Beginning equity balance, value at Sep. 07, 2012 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
Statements of Equity | ||||||||||||
Shares, $0.001 par value, issued to Carey REIT II, Inc. at $9.00 per share, values | 209 | 0 | 209 | 209 | ||||||||
Shares, $0.001 par value, issued to Carey REIT II, Inc. at $9.00 per share, shares | 23,222 | |||||||||||
Ending equity balance, value at Dec. 31, 2012 | 209 | 0 | 0 | 0 | 209 | 0 | 0 | 209 | 0 | |||
Ending equity balance, shares at Dec. 31, 2012 | 0 | 0 | 23,222 | |||||||||
Statements of Equity | ||||||||||||
Renaming of General Shares to Class A common stock, value | 0 | 0 | 0 | 0 | ||||||||
Renaming of General Shares to Class A common stock, shares | 23,222 | -23,222 | ||||||||||
Shares issued net of offering cost, value | 215,040 | 21 | 3 | 215,016 | 215,040 | |||||||
Shares issued net of offering cost, shares | 21,251,565 | 2,776,001 | ||||||||||
Shares issued to affiliate, value | 79 | 0 | 79 | 79 | ||||||||
Shares issued to affiliate, shares | 7,903 | |||||||||||
Stock-based compensation, value | 67 | 0 | 67 | 67 | ||||||||
Stock-based compensation, shares | 7,407 | |||||||||||
Contributions from noncontrolling interests | 38,169 | 38,169 | ||||||||||
Distributions to noncontrolling interests | -853 | -853 | ||||||||||
Distributions declared | -1,936 | -1,936 | -1,936 | |||||||||
Net Loss | -241 | -631 | -631 | 390 | ||||||||
Other Comprehensive Loss | ||||||||||||
Foreign currency translation adjustments | 156 | 125 | 125 | 31 | ||||||||
Change in unrealized loss on derivative instrument | -219 | -219 | -219 | |||||||||
Ending equity balance, value at Dec. 31, 2013 | 250,471 | 21 | 3 | 0 | 215,371 | -2,567 | -94 | 0 | 212,734 | 37,737 | ||
Ending equity balance, shares at Dec. 31, 2013 | 21,290,097 | 2,776,001 | 21,290,097 | 2,776,001 | 0 | |||||||
Statements of Equity | ||||||||||||
Shares issued net of offering cost, value | 839,191 | 79 | 15 | 839,097 | 839,191 | |||||||
Shares issued net of offering cost, shares | 78,548,660 | 15,250,012 | ||||||||||
Shares issued to affiliate, value | 2,294 | 2,294 | 2,294 | |||||||||
Shares issued to affiliate, shares | 229,387 | |||||||||||
Stock-based compensation, value | 100 | 100 | 100 | |||||||||
Stock-based compensation, shares | 11,111 | |||||||||||
Contributions from noncontrolling interests | 117,761 | 117,761 | ||||||||||
Distributions to noncontrolling interests | -69,838 | -69,838 | ||||||||||
Distributions declared | -53,444 | -53,444 | -53,444 | |||||||||
Net Loss | -56,556 | -55,867 | -55,867 | -689 | ||||||||
Other Comprehensive Loss | ||||||||||||
Foreign currency translation adjustments | -29,602 | -22,218 | -22,218 | -7,384 | ||||||||
Change in unrealized loss on derivative instrument | 1,371 | 1,371 | 1,371 | |||||||||
Repurchase of shares, value | -1,520 | -1,520 | -1,520 | |||||||||
Repurchase of shares, shares | -155,246 | |||||||||||
Ending equity balance, value at Dec. 31, 2014 | $1,000,228 | $100 | $18 | $1,056,862 | ($111,878) | ($20,941) | ($1,520) | $922,641 | $77,587 | |||
Ending equity balance, shares at Dec. 31, 2014 | 99,924,009 | 18,026,013 | 99,924,009 | 18,026,013 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) (USD $) | Dec. 31, 2012 |
Carey REIT II | |
Statements of Equity | |
Common stock, par value | $0.00 |
Per share price issued | $9 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows — Operating Activities | ||
Net Loss | ($56,556) | ($241) |
Adjustments to net loss: | ||
Depreciation and amortization, including intangible assets and deferred financing costs | 23,367 | 1,326 |
Loss (gain) on foreign currency transactions and other | 4,215 | -19 |
Straight-line rent adjustment and amortization of rent-related intangibles | -2,230 | -434 |
Stock-based compensation expense | 100 | 67 |
Organizational costs paid by affiliate | 0 | 65 |
Deferred acquisition fees | 15,547 | 0 |
Net change in operating assets and liabilities | 5,643 | 1,498 |
Net Cash (Used in) Provided by Operating Activities | -9,914 | 2,262 |
Cash Flows — Investing Activities | ||
Acquisitions of real estate and direct financing leases, net of cash acquired | -902,189 | -220,538 |
Value added taxes refunded in connection with acquisition of real estate | 36,472 | 0 |
Value added taxes paid in connection with acquisition of real estate | -35,543 | -2,683 |
Investment in note receivable | -28,000 | 0 |
Change in investing restricted cash | -14,960 | -207 |
Payment of deferred acquisition fees to an affiliate | -1,363 | -385 |
Net Cash Used in Investing Activities | -945,583 | -223,813 |
Net Cash Used in Investing Activities | ||
Proceeds from issuance of shares, net of issuance costs | 844,254 | 208,336 |
Proceeds from mortgage financing | 327,188 | 85,060 |
Contributions from noncontrolling interests | 117,761 | 38,169 |
Proceeds from bond financing | 105,408 | 0 |
Distributions to noncontrolling interests | -69,838 | -853 |
Distributions paid | -37,636 | -115 |
Purchase of treasury stock | -5,182 | -289 |
Receipt of tenant security deposits | 4,062 | 0 |
Scheduled payments of mortgage principal | -1,668 | 0 |
Purchase of treasury stock | -1,520 | 0 |
Note payable proceeds from affiliate | 0 | 15,000 |
Repayment of note payable to affiliate | 0 | -15,000 |
Net Cash Provided by Financing Activities | 1,282,829 | 330,308 |
Change in Cash and Cash Equivalents During the Period | ||
Effect of exchange rate changes on cash and cash equivalents | -6,845 | 95 |
Net increase in cash and cash equivalents | 320,487 | 108,852 |
Cash and cash equivalents, beginning of year | 109,061 | 209 |
Cash and cash equivalents, end of year | $429,548 | $109,061 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Supplemental Cash Flow Information | ||
Interest paid, net of amounts capitalized | $11,569 | $1,050 |
Interest capitalized | 143 | 0 |
Income taxes paid | $88 | $0 |
Organization_and_Offering
Organization and Offering | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Offering | Organization and Offering |
Organization | |
CPA®:18 – Global is a publicly-owned, non-listed REIT that invests primarily in a diversified portfolio of income-producing commercial real estate properties and other real estate-related assets, both domestically and outside the United States. As a REIT, we are not subject to U.S federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income, the level of our distributions, and other factors. We earn revenue principally by leasing the properties we own to single corporate tenants, primarily on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. Revenue is subject to fluctuation because of the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. | |
We are a general partner and a limited partner of the Operating Partnership and own a 99.97% interest in the Operating Partnership. We conduct substantially all of our investment activities and own all of our assets through our Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. | |
On August 20, 2013, we acquired our first property. At December 31, 2014, our portfolio was comprised of full or partial ownership interests in 47 properties, the majority of which were fully-occupied and triple-net leased to 73 tenants totaling 7.4 million square feet (unaudited). The remainder of our portfolio was comprised of our full ownership interests in 14 self-storage properties and two multi-family properties totaling 1.5 million square feet (unaudited). | |
We were formed in September 2012 and are managed by WPC through one of its subsidiaries, which is the advisor. The advisor provides both strategic and day-to-day management services for us, including capital funding services, investment research and analysis, investment financing and other investment-related services, asset management, disposition of assets, investor relations, and administrative services. W. P. Carey & Co. B.V., an affiliate of the advisor, provides asset management services with respect to our foreign investments. | |
Public Offering | |
On May 7, 2013, our Registration Statement was declared effective by the SEC under the Securities Act. The Registration Statement relates to our initial public offering of up to $1.0 billion of common stock, in any combination of Class A common stock, at a price of $10.00 per share, and Class C common stock, at a price of $9.35 per share. The Registration Statement also covers the offering of up to $400.0 million in common stock, in any combination of Class A common stock and Class C common stock, pursuant to our distribution reinvestment and stock purchase plan at a price of $9.60 per share of Class A common stock and $8.98 per share of Class C common stock. Our initial public offering is being made on a “best efforts” basis Carey Financial and other selected dealers. The per share amount of distributions on shares of Class A and C common stock will likely differ because of different allocations of class-specific expenses. Specifically, distributions on shares of Class C common stock will be lower than distributions on shares of Class A common stock because shares of Class C common stock are subject to ongoing distribution and shareholder servicing fees (Note 3). | |
On July 25, 2013, aggregate subscription proceeds for our Class A and Class C common stock exceeded the minimum offering amount of $2.0 million and we began to admit stockholders. On May 1, 2014, in order to moderate the pace of our fundraising, our board of directors approved the discontinuation of the sale of Class A shares as of June 30, 2014. In order to facilitate the final sales of Class A shares as of June 30, 2014 and the continued sale of Class C shares, the board of directors also approved the reallocation to our initial public offering of up to $250.0 million of the shares that were initially allocated to sales of our stock through our distribution reinvestment and stock purchase plan. In June 2014, we reallocated the full $250.0 million in shares from the distribution reinvestment and stock purchase plan. We currently intend to sell Class C common stock until March 27, 2015. Through December 31, 2014, we raised gross offering proceeds for our Class A common stock and Class C common stock of $977.4 million and $165.7 million, respectively. The gross offering proceeds raised exclude reinvested distributions through the distribution reinvestment and stock purchase plan of $17.9 million and $2.2 million for our Class A common stock and Class C common stock, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
We had no operating activity prior to April 8, 2013 and acquired our first investment on August 20, 2013. As such, consolidated statements of operations and cash flows from the period of inception to December 31, 2012 have not been presented. | |
Basis of Consolidation | |
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. | |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed to be a variable interest entity, or a VIE, and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We performed an analysis of all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, we have concluded that none of our subsidiaries qualified as a VIE. All our subsidiaries are consolidated. | |
For an entity that is not considered to be a VIE, but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period presentation. | |
Accounting for Acquisitions | |
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. | |
Purchase Price Allocation | |
When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and building site improvements. The intangible assets include the above- and below-market value of leases and the value of in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined by reference to portfolio appraisals, which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term and the estimated residual value. The estimated residual value of each property is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting the estimated costs of sale. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including the creditworthiness of the lessees, industry surveys, property type, location, and age, current lease rates relative to market lease rates, and anticipated lease duration. In the case where a tenant has a purchase option deemed to be materially favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in its determination of residual value. | |
For self-storage assets, the hypothetical sales price is derived by capitalizing the estimated net operating income at the end of the expected holding period. Estimated net operating income factors in the gross potential revenue of the business less economic vacancy rates and expected operational expenses. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. See Revenue Recognition and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period that includes renewal options that have rental rates below estimated market rental rates. We amortize the above-market lease intangible as a reduction of rental income over the contractual lease term. We amortize the below-market lease intangible as an increase to rental income over the contractual lease term and any below-market renewal periods in the respective leases. We include the value of below-market leases in Prepaid and deferred rental income in the consolidated financial statements. We include the amortization of below-market ground lease intangibles in Property expenses in the consolidated financial statements. We include the amortization of above-market ground lease intangibles in Depreciation and amortization in the consolidated financial statements. | |
The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvement allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to lease revenues, and in-place lease values to amortization expense. | |
When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. | |
Goodwill | |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to our sole Real Estate reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction. | |
Real Estate and Operating Real Estate | |
We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that increase the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Real Estate Under Construction | |
For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. | |
Note Receivable | |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. | |
Allowance for Doubtful Accounts | |
We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. | |
Cash and Cash Equivalents | |
We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. | |
Other Assets and Other Liabilities | |
We include restricted cash balances, escrow balances held by lenders, tenant receivables, deferred charges, prepaid expenses, derivative assets, and deferred tax assets in Other assets. We include derivative instruments and amounts held on behalf of tenants in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings and refinancings that are amortized over the terms of the mortgages and included in Interest expense in the consolidated financial statements. | |
Deferred Acquisition Fees Payable to Affiliate | |
Fees payable to the advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates (Note 3). This fee together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). | |
Treasury Stock | |
Treasury stock is recorded at cost under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. | |
Noncontrolling Interests | |
We accounted for the Special General Partner Interest as a noncontrolling interest (Note 3). The Special General Partner Interest entitles the Special General Partner to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. | |
Revenue Recognition | |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. For the year ended December 31, 2014, our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $3.5 million. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rent increases were insignificant for the periods presented. | |
We account for leases as operating or direct financing leases as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 4). | |
Direct financing method — We record leases accounted for under the direct financing method as a net investment (Note 5). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
Asset Retirement Obligations | |
Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. | |
In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. | |
Interest Capitalized in Connection with Real Estate Under Construction | |
Operating real estate is stated at cost less accumulated depreciation. Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on the interest rate of any debt linked to the project or a blended rate of the mortgages outstanding in the company if there is no debt on the project. | |
Organization and Offering Costs | |
The advisor has paid various organization and offering costs on our behalf, all of which we are liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital will be accrued as deferred offering costs and included in Other assets, net on the consolidated balance sheets. Upon receipt of offering proceeds, we will charge the deferred costs to stockholders’ equity and will reimburse the advisor for costs incurred. Such reimbursements will not exceed regulatory cost limitations. | |
Depreciation | |
We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. | |
Impairments | |
We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, a lease default by a tenant that is experiencing financial difficulty, the termination of a lease by a tenant, or the rejection of a lease in a bankruptcy proceeding. We may incur impairment charges on long-lived assets, including real estate and direct financing leases. We may also incur impairment charges on goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. | |
As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. | |
When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we assess the carrying amount for recoverability and, if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. | |
Note Receivable | |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. | |
Goodwill | |
We evaluate goodwill for possible 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, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. | |
The goodwill impairment test is three-step test. Step zero is a qualitative analysis whereas step one and two are quantitative. if step zero is not considered, the first step is to identify whether the value of the recorded goodwill is impaired and if it is determined that goodwill is impaired, the second step seeks to measure the amount of the impairment. | |
The company applied step zero to its analysis. In this step, qualitative factors are assessed to determine if it is more likely that not that the fair value of the reporting unit is less than its carrying value. In this step the macro-economic environment in which the reporting unit operates is analyzed for any significant changes such as deterioration in the market that the Company operates or overall financial performance such as declining cash flows. Also, entity specific changes are analyzed such as change in management, strategy or composition of reporting unit. If after assessing the overall macro-economic environment, it is unlikely that the fair value is less than the carrying value, steps one and two do not need to be performed. | |
Foreign Currency | |
Translation | |
We have interests in real estate investments primarily in Europe and the United Kingdom, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from local currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from this translation as a component of Other comprehensive loss in equity. These translation gains and losses are released to net loss when we have substantially exited from all investments in the related currency. | |
Transaction Gains or Losses | |
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction will generally be included in net income for the period in which the transaction is settled. Also, intercompany foreign currency transactions that are scheduled for settlement, consisting primarily consisting of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net loss. | |
Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net loss but are reported as a component of Other comprehensive loss in equity. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2014 and 2013, we recognized net realized losses on such transactions of $0.4 million and less than $0.1 million, respectively. | |
Derivative Instruments | |
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive loss into earnings when the hedged investment is either sold or substantially liquidated. | |
We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. | |
We conduct business in various states and municipalities primarily within the United States and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state and local taxes and a provision for such taxes is included in the consolidated financial statements. | |
We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. | |
Deferred income taxes are recorded for the corporate subsidiary TRSs and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 12). | |
Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. | |
Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases, and for their operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | |
Deferred Income Taxes | |
We recognize deferred income taxes in certain of our subsidiaries taxable in the United States 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 as described in Note 12). In addition, deferred tax assets may arise from unutilized tax net operating losses generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe 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). | |
Loss Per Share | |
We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic share of common stock is calculated by dividing Net loss attributable to CPA®:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net loss attributable to CPA®:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2014 and 2013, respectively. The allocation for the Class A common stock excludes the shareholder servicing fee of $0.8 million and less than $0.1 million for the years ended December 31, 2014 and 2013, respectively, that is only applicable to holders of Class C common stock (Note 3). | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | |
Recent Accounting Requirements | |
The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board are applicable to us: | |
ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to sales of real estate, reimbursed tenant costs and revenues generated from our operating properties. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective beginning in 2017 and early adoption is not permitted. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pre-tax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business, we may sell properties, which, under prior accounting guidance, would have been reported each as discontinued operations; however, under ASU 2014-08 such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for any dispositions after December 31, 2014. Consequently, individually significant operations that are sold or classified as held-for-sale during 2014 will not be reclassified to discontinued operations in the consolidated financial statements, but will be disclosed in the Notes. This ASU did not have a significant impact on our financial position or results of operations for any of the periods presented. | |
ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward as a reduction to a deferred tax asset, except in certain situations. To the extent the net operating loss carryforward, similar tax loss or tax credit carryforward is not available as of the reporting date under the governing tax law to settle any additional income taxes that would result from the disallowance of the tax position or the governing tax law does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and should not net with a deferred tax asset. ASU 2013-11 became effective for us at the beginning of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial condition or results of operations. | |
Revision of Prior Period Financial Statements | |
Foreign Currency Matters - We identified an error related to the functional currency of one of our subsidiary entities, whose functional currency was incorrectly designated as the euro instead of the U.S. dollar, and as a result the applicable financial results of this entity were being translated when they should have been remeasured. The correction of this error resulted in the increase of foreign currency losses within the consolidated statement of operations of $0.2 million, $0.4 million, and $3.0 million for the three months ended March 31, 2014, June 30, 2014, and September 30, 2014, respectively, and a decrease of foreign currency losses in the consolidated statements of comprehensive loss for the same amounts. | |
Deferred Taxes - We identified an error related to the initial recognition of deferred tax balances related to the misinterpretation of tax requirements in the corresponding foreign jurisdictions, and as a result we did not recognize a deferred tax liability and corresponding deferred tax expense within the correct reporting period. The correction of this error resulted in the recognition of an increase to the provision for income taxes of $0.3 million for the three months ended March 31, 2014 and reduction for the same amount for the three months ended June 30, 2014. This error had no impact on the results of operations for the year ended December 31, 2014. | |
We performed both a qualitative and quantitative assessment of the materiality of these errors for each of the aforementioned financial periods. We concluded that the errors noted above were significant but not material to our financial position or results of operations for any of the prior periods. We determined that it is useful for the reader of the financial statements to view these adjustments in the periods in which they originated and, as such, we revised the presentation of the selected quarterly financial data for the periods noted above and will revise all future presentations of our consolidated financial statements as described in Note 14. |
Agreements_and_Transactions_wi
Agreements and Transactions with Related Parties | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Agreements and Transactions with Related Parties | Agreements and Transactions with Related Parties | ||||||||
Transactions with the Advisor | |||||||||
We have an advisory agreement with the advisor whereby the advisor performs certain services for us under a fee arrangement, including the identification, evaluation, negotiation, purchase, and disposition of real estate and related assets and mortgage loans, day-to-day management, and the performance of certain administrative duties. The current advisory agreement is scheduled to expire on December 31, 2015, unless otherwise extended. | |||||||||
The following tables present a summary of fees we paid and expenses we reimbursed to the advisor and other affiliates in accordance with the terms of the related agreements (in thousands): | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Amounts Included in the Consolidated Statements of Operations | |||||||||
Acquisition expenses | $ | 38,825 | $ | — | |||||
Asset management fees | 2,635 | 117 | |||||||
Available cash distribution | 1,778 | 92 | |||||||
Shareholder servicing fee | 814 | 46 | |||||||
Personnel and overhead reimbursements | 170 | — | |||||||
Interest expense on deferred acquisition fees and note payable | 151 | 36 | |||||||
Stock-based compensation | 100 | 67 | |||||||
Costs incurred by the advisor | — | 182 | |||||||
Excess operating expenses charged back to the advisor | — | (69 | ) | ||||||
$ | 44,473 | $ | 471 | ||||||
Other Transaction Fees Incurred | |||||||||
Selling commissions and dealer manager fees | $ | 104,117 | $ | 23,428 | |||||
Current acquisition fees | 3,568 | 4,324 | |||||||
Deferred acquisition fees | 2,855 | 3,459 | |||||||
Offering costs | 2,993 | 5,050 | |||||||
$ | 113,533 | $ | 36,261 | ||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Due to Affiliate | |||||||||
Deferred acquisition fees, including interest | $ | 17,525 | $ | 2,705 | |||||
Accounts payable | 2,702 | 2,406 | |||||||
Asset management fees payable | 378 | 38 | |||||||
Reimbursable costs | 46 | — | |||||||
$ | 20,651 | $ | 5,149 | ||||||
Organization and Offering Costs | |||||||||
Pursuant to the advisory agreement with the advisor, we are liable for certain expenses related to our initial public offering, which include filing, legal, accounting, printing, advertising, transfer agent, and escrow fees, and are to be deducted from the gross proceeds of the offering. We will reimburse Carey Financial or selected dealers for reasonable bona fide due diligence expenses incurred that are supported by a detailed and itemized invoice. The total underwriting compensation to Carey Financial and selected dealers in connection with the offering cannot exceed limitations prescribed by the Financial Industry Regulatory Authority. The advisor has agreed to be responsible for the repayment of organization and offering expenses (excluding selling commissions and dealer manager fees paid to Carey Financial and selected dealers and fees paid and expenses reimbursed to selected dealers) that exceed in the aggregate 1.5% of the gross proceeds from the initial public offering. From inception and through December 31, 2014, the advisor has incurred organization costs and offering costs of $0.1 million and $8.0 million, respectively, on our behalf, of which we repaid $7.9 million. Organization costs were expensed as incurred and are included in General and administrative expenses in the consolidated financial statements. We recorded a liability to the advisor for the remaining unpaid offering costs based on our estimate of expected gross offering proceeds. From inception through December 31, 2014, we charged $6.1 million of deferred offering costs to stockholders’ equity. We have recorded a liability to the advisor for the remaining unpaid offering costs based on our estimate of expected gross offering proceeds. | |||||||||
Loans from WPC | |||||||||
Our board of directors and the board of directors of WPC have approved unsecured loans from WPC to us of up to $100.0 million, in the aggregate, at a rate equal to the rate at which WPC is able to borrow funds under its senior credit facility, for the purpose of facilitating acquisitions approved by the advisor’s investment committee that we would not otherwise have sufficient available funds to complete, with any loans to be made solely at the discretion of the management of WPC. We did not borrow any funds from WPC during the year ended December 31, 2014 nor do we have any amounts outstanding at December 31, 2014. On August 20, 2013, our Operating Partnership borrowed $15.0 million from WPC at the aforementioned interest rate, and a maturity date of August 20, 2014. These funds were used to acquire a 50% controlling interest in a jointly-owned investment with an affiliate, which was our first investment. On October 4, 2013, this note was repaid in full with accrued interest thereon. The interest expense on this note payable to our affiliate was included in Interest expense on the consolidated financial statements. | |||||||||
Asset Management Fees | |||||||||
Pursuant to the advisory agreement, the advisor is entitled to an annual asset management fee ranging from 0.5% to 1.5%, depending on the type of investment and based on the average market value or average equity value, as applicable, of our investments. The asset management fees were payable in cash or shares of our Class A common stock at our option, upon the recommendation of the advisor. If the advisor receives all or a portion of its fees in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value, or, if net asset values have not yet been published, as currently is the case, $10.00 per share, which is the price at which our Class A shares were being sold in our initial public offering. For both 2013 and 2014, the advisor received its asset management fees in shares of our Class A common stock. At December 31, 2014, the advisor owned 260,512 shares, or 0.2%, of our outstanding Class A common stock. Asset management fees are included in Property expenses in the consolidated financial statements. | |||||||||
Selling Commissions and Dealer Manager Fees | |||||||||
Pursuant to our dealer manager agreement with Carey Financial, Carey Financial receives a selling commission, depending on the class of common stock sold, of $0.70 and $0.14 per share sold and a dealer manager fee of $0.30 and $0.21 per share sold for the Class A and Class C common stock, respectively. These amounts are recorded in Additional paid-in capital in the consolidated financial statements. | |||||||||
Carey Financial also receives an annual distribution and shareholder servicing fee in connection with sales of our Class C common stock. The amount of the shareholder servicing fee is 1.0% of the selling price per share (or, once published, the amount of our net asset values) for the Class C common stock in our initial public offering. The shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the shareholder servicing fee beginning on the date at which, in the aggregate, underwriting compensation from all sources, including the shareholder servicing fee, any organizational and offering fee paid for underwriting and underwriting compensation paid by WPC and its affiliates, equals 10.0% of the gross proceeds from our initial public offering, which we have not yet reached. The shareholder servicing fee for the years ended December 31, 2014 and 2013 was $0.8 million and less than $0.1 million, respectively, and is included in General and administrative expenses in the consolidated financial statements. | |||||||||
Acquisition and Disposition Fees | |||||||||
The advisor receives acquisition fees, a portion of which is payable upon acquisition and the payment of the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0%, respectively, of the aggregate total cost of our portion of each investment for all investments other than those in readily-marketable real estate securities purchased in the secondary market, for which the advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased. Unpaid deferred acquisition fees are included in Due to affiliate in the consolidated financial statements. The total acquisition fees to be paid (initial and subordinated, and including interest thereon) may not exceed 6.0% of the aggregate contract purchase price of all investments and loans. | |||||||||
In addition, pursuant to the advisory agreement, the advisor may be entitled to receive a disposition fee in an amount equal to the lesser of (i) 50.0% of the competitive real estate commission (as defined in the advisory agreement) or (ii) 3.0% of the contract sales price of the investment being sold. | |||||||||
Personnel and Overhead Reimbursements | |||||||||
Under the terms of the advisory agreement, the advisor allocates a portion of its personnel and overhead expenses to us and the other Managed REITs. The advisor allocates these expenses on the basis of our trailing four quarters of reported revenues and those of WPC and the CPA® REITs. The advisor allocates expenses to CWI based on the time incurred by its personnel. | |||||||||
We reimburse the advisor for various expenses it incurs in the course of providing services to us. We reimburse certain third-party expenses paid by the advisor on our behalf, including property-specific costs, professional fees, office expenses, and business development expenses. In addition, we reimburse the advisor for the allocated costs of personnel and overhead in managing our day-to-day operations, including accounting services, stockholder services, corporate management, and property management and operations. We do not reimburse the advisor for the cost of personnel if these personnel provide services for transactions for which the advisor receives a transaction fee, such as acquisitions and dispositions. Personnel and overhead reimbursements are included in General and administrative expenses in the consolidated financial statements. | |||||||||
Excess Operating Expenses | |||||||||
The advisory agreement provides that, for any four trailing quarters (with quoted variables as defined in the advisory agreement), “operating expenses” may not exceed the greater of 2.0% of our “average invested assets” or 25.0% of our “adjusted net income.” For the year ended December 31, 2013, we charged back less than $0.1 million to the advisor as excess operating expenses pursuant to the limitation described above. Our board of directors may elect to repay the advisor for such excess operating expenses in its sole discretion. For the most recent four trailing quarters, our operating expenses were below the 2.0%/25.0% threshold. | |||||||||
Available Cash Distributions | |||||||||
CPA®:18 Holdings’ interest in the Operating Partnership entitles it to receive distributions of 10.0% of the available cash generated by the Operating Partnership. During the years ended December 31, 2014 and 2013, we made $1.8 million and $0.1 million of such distributions, respectively. Available cash distributions are included in Net loss (income) attributable to noncontrolling interests in the consolidated financial statements. | |||||||||
Stock-Based Compensation | |||||||||
We issued 1,851 shares Class A common stock to each of our four independent directors during the third quarter of 2014, valued at $9.00 per share, as part of their director compensation. For both of the years ended December 31, 2014 and 2013, we recognized stock-based compensation expense of $0.1 million related to shares issued to our directors. | |||||||||
Jointly-Owned Investments and Other Transactions with our Affiliate | |||||||||
At December 31, 2014, we owned interests in four jointly-owned investments, with the remaining interests held by our affiliate, CPA®:17 – Global as follows: | |||||||||
• | $108.3 million, of which our share was $55.2 million, or 51%, for an office facility located in Stavanger, Norway on October 31, 2014; | ||||||||
• | $147.9 million, of which our share was $74.0 million, or 50%, for an office facility located in Warsaw, Poland on March 31, 2014; | ||||||||
• | $97.0 million, of which our share was $77.6 million, or 80%, for a retail portfolio consisting of five properties located in Croatia on December 18, 2013; and | ||||||||
• | $115.6 million, of which our share was $57.8 million, or 50%, for an office facility located in Austin, Texas on August 20, 2013. | ||||||||
We consolidate all of the above joint ventures because we are either the majority equity holder and/or control the significant activities of the ventures. Additionally, no other parties, including CPA®:17 – Global, hold any rights that overcome our control. We accounts for CPA®:17 – Global’s investments as noncontrolling interests. |
Net_Investments_in_Properties
Net Investments in Properties | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||
Net Investments in Properties | Net Investments in Properties and Real Estate Under Construction | ||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||
Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 104,604 | $ | 36,636 | |||||||||||||||||||||
Buildings | 639,131 | 113,788 | |||||||||||||||||||||||
Less: Accumulated depreciation | (10,875 | ) | (824 | ) | |||||||||||||||||||||
$ | 732,860 | $ | 149,600 | ||||||||||||||||||||||
The impact on the carrying value of our Real estate due to the strengthening of the U.S. dollar relative to foreign currencies during the year ended December 31, 2014 was a $44.5 million decrease from December 31, 2013 to December 31, 2014. | |||||||||||||||||||||||||
Operating Real Estate | |||||||||||||||||||||||||
Operating real estate, which consists of our 14 self-storage properties and two multi-family properties, at cost, is summarized as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 28,040 | $ | — | |||||||||||||||||||||
Buildings | 105,556 | — | |||||||||||||||||||||||
Less: Accumulated depreciation | (939 | ) | — | ||||||||||||||||||||||
$ | 132,657 | $ | — | ||||||||||||||||||||||
Scheduled Future Minimum Rents | |||||||||||||||||||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Years Ending December 31, | Total | ||||||||||||||||||||||||
2015 | $ | 67,598 | |||||||||||||||||||||||
2016 | 67,022 | ||||||||||||||||||||||||
2017 | 68,474 | ||||||||||||||||||||||||
2018 | 69,199 | ||||||||||||||||||||||||
2019 | 69,437 | ||||||||||||||||||||||||
Thereafter | 542,259 | ||||||||||||||||||||||||
Total | $ | 883,989 | |||||||||||||||||||||||
2014 Acquisitions | |||||||||||||||||||||||||
During the year ended December 31, 2014, we acquired 54 properties leased to 70 tenants. Of these properties, 12 were deemed to be asset acquisitions, five were deemed to be direct financing leases (Note 5), and the remainder were considered to be business combinations. We also acquired a note receivable (Note 5). In connection with certain of our acquisitions during 2014, we paid value added taxes and substantially all of such payments have since been refunded to us. | |||||||||||||||||||||||||
Real Estate Asset Acquisitions | |||||||||||||||||||||||||
During the year ended December 31, 2014, we entered into the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and then entered into new leases in connection with these acquisitions, at a total cost of $152.2 million, including lease intangibles of $29.4 million (Note 6) and acquisition-related costs and fees of $9.2 million, which were capitalized: | |||||||||||||||||||||||||
• | $5.9 million for a warehouse/distribution facility in Streetsboro, Ohio on January 16, 2014; | ||||||||||||||||||||||||
• | $5.8 million for an office building in Norcross, Georgia on February 7, 2014; | ||||||||||||||||||||||||
• | $8.5 million for an industrial facility in Columbus, Georgia on April 21, 2014; | ||||||||||||||||||||||||
• | $14.4 million for an industrial facility in Temple, Georgia, a manufacturing facility in Surprise, Arizona, and a parcel of land in Houston, Texas on May 16, 2014; | ||||||||||||||||||||||||
• | $7.7 million for five industrial facilities in Dallas and Fort Worth, Texas on November 14, 2014; and | ||||||||||||||||||||||||
• | $1.6 million for a 22-acre parcel of land in Grand Rapids, Michigan on November 21, 2014 related to a build-to-suit transaction (see Real Estate Under Construction below). | ||||||||||||||||||||||||
We also acquired a 51% controlling interest in a jointly-owned investment, co-owned by our affiliate, CPA®:17 – Global (Note 3), which acquired an office building in Stavanger, Norway on October 31, 2014. The property is leased to Apply AS. The jointly-owned investment acquired real estate assets and intangibles of $108.3 million, with our portion of the investment totaling $55.2 million. CPA®:17 – Global’s equity investment was $53.1 million, which we account for as a noncontrolling interest. Amounts are based on the exchange rate of the Norwegian krone at the date of acquisition. Because we acquired stock to complete the acquisition, this investment is a share transaction, and as a result, we assumed the historical tax basis of the property owned by the entity that we purchased and recorded a deferred tax liability of $12.5 million. | |||||||||||||||||||||||||
A portion of the transaction fees capitalized include current and deferred acquisition fees paid and payable, respectively, to the advisor (Note 3). During the year ended December 31, 2014, in connection with certain of investments listed above, we entered into mortgage loans totaling $85.0 million. At December 31, 2014, we had unfunded commitments of $1.7 million related to building improvements. | |||||||||||||||||||||||||
Business Combinations — Net-Leased Properties | |||||||||||||||||||||||||
During the year ended December 31, 2014, we acquired the following investments that were deemed to be business combinations because we assumed the existing leases on the properties, for which the sellers were not the lessees, and expensed aggregate acquisition costs of $48.1 million, which included acquisition fees paid to the advisor (Note 3). | |||||||||||||||||||||||||
Albion Resorts — On December 30, 2014, we acquired a 266-room holiday resort leased to a single-tenant located in Albion, Mauritius from an unaffiliated third party for $61.7 million, which is based on the exchange rate of the euro on the date of acquisition. We acquired this property by purchasing 100% of the shares of Albion Resorts. We assumed the existing mortgages on the property totaling $19.3 million, which is based on the exchange rate of the euro on the date of acquisition (Note 9). We acquired stock to complete the acquisition, and as a result, we assumed the historical tax basis of the property owned by the entity that we purchased and recorded a deferred tax liability of $4.4 million and goodwill in the same amount. | |||||||||||||||||||||||||
Craigentinny — On December 22, 2014, we acquired a retail site located in Edinburgh, United Kingdom from an unaffiliated third party for $4.4 million, which is based on the exchange rate of the British pound sterling on the date of acquisition. The retail site includes one single-tenant warehouse and one multi-tenant warehouse. We intend to engage an unaffiliated third party to act as the asset manager for this property. | |||||||||||||||||||||||||
Vopak — On December 17, 2014, we acquired an office building leased to Vopak and an adjacent multi-tenant high rise tower located in Rotterdam, Netherlands from an unaffiliated third party for $76.1 million, which is based on the exchange rate of the euro on the date of acquisition. | |||||||||||||||||||||||||
UK Auto — On November 20, 2014, we acquired two automotive dealerships sites located in Durham, United Kingdom and Dunfermline, United Kingdom from an unaffiliated third party for $10.0 million, which is based on the exchange rate of the British pound sterling on the date of acquisition. The Durham site is leased to a single auto dealer and the Dunfermline site is leased to five auto dealers, one industrial trade park, and one service facility. We intend to engage an unaffiliated third party to act as the asset manager for these properties. | |||||||||||||||||||||||||
ATK — On November 13, 2014, we acquired an office building located in Plymouth, Minnesota from an unaffiliated third party for $41.0 million. The property is leased to ATK. On December 18, 2014, we entered into a mortgage loan in the amount of $27.7 million for this property (Note 9). | |||||||||||||||||||||||||
MISO — On November 3, 2014, we acquired an office building located in Eagan, Minnesota from an unaffiliated third party for $14.4 million. The property is leased to MISO. | |||||||||||||||||||||||||
Cooper Tire — On October 31, 2014, we acquired a distribution center located in Albany, Georgia from an unaffiliated third party for $9.9 million. The property is leased to Cooper Tire. Simultaneously, we entered into a mortgage loan in the amount of $6.7 million (Note 9). | |||||||||||||||||||||||||
Infineon — On September 30, 2014, we acquired an office/research and development facility located in Warstein, Germany from an unaffiliated third party for $22.2 million, which is based on the exchange rate of the euro on the date of acquisition. The property is leased to Infineon. We assumed the existing mortgage on the facility for the amount of $14.4 million, which is based on the exchange rate of the euro on the date of acquisition (Note 9). | |||||||||||||||||||||||||
Oakbank Portfolio — On September 26, 2014, we acquired one industrial trade park located in Livingston, United Kingdom from an unaffiliated third party for a total cost of $4.1 million, which is based on the exchange rate of the British pound sterling on the date of acquisition. The property is leased to three tenants. We have engaged an unaffiliated third party to act as the asset manager for this property. The asset manager will receive 5% of certain net-lease income related to this portfolio as a management fee and will be eligible to receive a one-time fee equal to 20% of the disposition proceeds above a 12% internal rate of return hurdle based on our initial investment. If we do not dispose of the property and trigger this one-time fee through a disposition, the asset manager may elect to receive the aforementioned one-time fee in 2019 by requesting us to perform an agreed upon valuation of the property, after which the asset manager will receive 20% of the hypothetical proceeds above a 12% internal rate of return hurdle based on our initial investment. | |||||||||||||||||||||||||
Truffle Portfolio — On August 19, 2014, we acquired six industrial trade parks located in Livingston, Ayr, Bathgate, Dundee, Dunfermline, and Invergordon, United Kingdom from an unaffiliated third party for a total cost of $17.6 million, which is based on the exchange rate of the British pound sterling on the date of acquisition. These properties are leased to 24 tenants. We have engaged an unaffiliated third party to act as the asset manager for these properties. The asset manager will receive 5% of certain net-lease income related to this portfolio as a management fee and will be eligible to receive a one-time fee equal to 20% of the disposition proceeds above a 12% internal rate of return hurdle based on our initial investment. If we do not dispose of the properties and trigger this one-time fee through dispositions, the asset manager may elect to receive the aforementioned one-time fee in 2019 by requesting us to perform an agreed upon valuation of the properties, after which the asset manager will receive 20% of the hypothetical proceeds above a 12% internal rate of return hurdle based on our initial investment. On December 11, 2014, we obtained an $11.5 million mortgage loan on the Truffle and Oakbank properties, which is based on the exchange rate of the British pound sterling on the same date (Note 9). | |||||||||||||||||||||||||
Belk Inc. — On June 4, 2014, we acquired a fulfillment center located in Jonesville, South Carolina from an unaffiliated third party for $20.5 million. The property is leased to Belk Inc. In addition, we funded the development of an expansion of the existing facility of Belk Inc. (see Real Estate Under Construction below). | |||||||||||||||||||||||||
AT&T — On May 19, 2014, we acquired an industrial warehouse and the land on which the building is located in Chicago, Illinois from an unaffiliated third party for $11.6 million. The property is leased to AT&T. In accordance with GAAP, we have accounted for the land, which constituted more than 25% of the fair value of the leased property, as a business combination and the building as a direct financing lease (Note 5). On June 2, 2014, we entered into a mortgage loan in the amount of $8.0 million for this property (Note 9). | |||||||||||||||||||||||||
North American Lighting Inc. — On May 6, 2014, we acquired an office building located in Farmington Hills, Michigan from an unaffiliated third party for $8.4 million. The property is leased to North American Lighting Inc. Simultaneously, we entered into a mortgage loan in the amount of $7.3 million (Note 9). | |||||||||||||||||||||||||
Bank Pekao — On March 31, 2014, we acquired a 50% controlling interest in a jointly-owned investment, co-owned by our affiliate, CPA®:17 – Global (Note 3), which acquired the Bank Pekao office headquarters located in Warsaw, Poland from an unaffiliated third party. The jointly-owned investment acquired real estate assets and intangibles of $147.9 million, with our portion of the investment totaling $74.0 million. CPA®:17 – Global’s equity investment was $74.0 million, which we account for as a noncontrolling interest. Amounts are based on the exchange rate of the euro at the date of acquisition. We have concluded that we will consolidate this entity as we are the managing member and the non-managing member does not have substantive participating or “kick-out” rights. This office facility is subject to multiple leases, of which Bank Pekao is the largest tenant and occupies over 98% of the rental space. The rent increase is subject to Harmonized Index of Consumer Prices, which is an indicator of inflation and price stability for the European Central Bank. We recorded a deferred tax asset of $1.9 million related to this investment, which was fully offset by a valuation allowance as we currently estimate that it is more likely than not that we will be unable to realize this asset. On May 21, 2014, this jointly-owned investment obtained a $73.1 million mortgage loan on the property, which is based on the exchange rate of the euro on the same date (Note 9). | |||||||||||||||||||||||||
Siemens AS — On February 27, 2014, we acquired the office headquarters of Siemens AS, located in Oslo, Norway from an unaffiliated third party for $82.0 million, which is based on the exchange rate of the Norwegian krone on the date of acquisition. This facility consists of an office building and three underground parking floors, all of which Siemens AS leases except for a portion of the parking area. We incurred debt at closing through the issuance of privately-placed bonds indexed to inflation in the amount of $52.1 million, which is based on the exchange rate of the Norwegian krone on the date of acquisition (Note 9). Because we acquired stock to complete the acquisition, this investment is considered to be a share transaction, and as a result, we assumed the historical tax basis of the property owned by the entity that we purchased and recorded a deferred tax liability of $7.0 million and goodwill in the same amount. | |||||||||||||||||||||||||
Solo Cup — On February 3, 2014, we acquired a distribution center located in University Park, Illinois from an unaffiliated third party for $80.7 million. The property is leased to Solo Cup. Simultaneously, we entered into a mortgage loan in the amount of $47.3 million (Note 9). | |||||||||||||||||||||||||
Business Combinations — Operating Properties | |||||||||||||||||||||||||
During the year ended December 31, 2014, we entered into 14 self-storage investments and two multi-family investments that are considered to be operating properties, at a total cost of $146.0 million, including lease intangible assets of $13.2 million (Note 6). | |||||||||||||||||||||||||
Self-Storage Properties | |||||||||||||||||||||||||
We acquired the following self-storage properties aggregating $103.9 million during the year ended December 31, 2014, which we refer to as our 2014 Self Storage Acquisitions: | |||||||||||||||||||||||||
• | $11.7 million for a facility located in Kissimmee, Florida on January 22, 2014. On April 30, 2014, we acquired an additional ground lease connected to this facility for the amount of $0.2 million. On January 23, 2014, we entered into a mortgage loan in the amount of $14.5 million that we allocated between St. Petersburg and Kissimmee facilities, which are jointly and severally liable for any possible defaults on the loan (Note 9); | ||||||||||||||||||||||||
• | $11.5 million for a facility located in St. Petersburg, Florida on January 23, 2014; | ||||||||||||||||||||||||
• | $4.2 million for a facility located in Corpus Christi, Texas on July 22, 2014; | ||||||||||||||||||||||||
• | $5.8 million for a facility located in Kailua-Kona, Hawaii on July 31, 2014; | ||||||||||||||||||||||||
• | $4.5 million for a facility located in Miami, Florida on August 5, 2014; | ||||||||||||||||||||||||
• | $10.5 million for a facility located in Palm Desert, California on August 11, 2014; | ||||||||||||||||||||||||
• | $4.5 million for a facility located in Columbia, South Carolina on September 18, 2014; | ||||||||||||||||||||||||
• | $5.7 million for a facility located in Kailua-Kona, Hawaii on October 9, 2014. We simultaneously obtained a mortgage loan for $23.0 million, which was allocated to the six self-storage properties purchased from July 22, 2014 through October 9, 2014 as described above; | ||||||||||||||||||||||||
• | $4.7 million for a facility located in Pompano Beach, Florida on October 28, 2014; | ||||||||||||||||||||||||
• | $8.6 million for a facility located in Jensen Beach, Florida on November 13, 2014; | ||||||||||||||||||||||||
• | $9.9 million for a facility located in Dickinson, Texas on December 10, 2014; | ||||||||||||||||||||||||
• | $7.8 million for a facility located in Humble, Texas on December 15, 2014; | ||||||||||||||||||||||||
• | $10.0 million for a facility located in Temecula, California on December 16, 2014; and | ||||||||||||||||||||||||
• | $4.4 million for a facility located in Cumming, Georgia on December 17, 2014. | ||||||||||||||||||||||||
Multi-Family Properties | |||||||||||||||||||||||||
Gentry — On October 28, 2014, we acquired a 97% controlling interest in Gentry, a 227-unit multi-family property located in Atlanta, Georgia for $21.9 million. The deal was closed in partnership with two joint venture partners. One of the venture partners has been engaged to be the property manager. Simultaneously, we entered into a mortgage loan in the amount of $15.3 million (Note 9). | |||||||||||||||||||||||||
Dupont — On October 28, 2014, we acquired a 97% controlling interest in Dupont, a 217-unit multi-family property located in Tucker, Georgia for $20.2 million. The deal was closed in partnership with two joint venture partners. One of the venture partners has been engaged to be the property manager. Simultaneously, we entered into a mortgage loan in the amount of $14.1 million (Note 9). | |||||||||||||||||||||||||
For both Dupont and Gentry, the property manager will receive 3% of certain rent collections related to these properties as a management fee. We also entered into an agreement with the second venture partner under which it will be eligible to receive a one-time fee equal to 7.5% of our “adjusted distributions” for the joint venture above an 8.5% internal rate of return hurdle based on our initial investment. | |||||||||||||||||||||||||
In connection with our operating property transactions, we incurred acquisition expenses totaling $8.5 million, which are included in Acquisition expenses in the consolidated financial statements. | |||||||||||||||||||||||||
The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through December 31, 2014 (in thousands): | |||||||||||||||||||||||||
2014 Business Combinations (a) | |||||||||||||||||||||||||
Vopak | Bank Pekao | Siemens AS | Solo Cup | Other Business Combinations (b) | Total | ||||||||||||||||||||
Cash consideration | $ | 76,134 | $ | 73,952 | $ | 82,019 | $ | 80,650 | $ | 337,724 | $ | 650,479 | |||||||||||||
Assets acquired at fair value: | |||||||||||||||||||||||||
Land | $ | 4,493 | $ | — | $ | 14,362 | $ | 13,748 | $ | 52,439 | $ | 85,042 | |||||||||||||
Buildings | 54,286 | 112,676 | 59,219 | 52,135 | 275,609 | 553,925 | |||||||||||||||||||
In-place lease intangible assets | 16,376 | 23,471 | 10,528 | 15,394 | 42,145 | 107,914 | |||||||||||||||||||
Above-market rent intangible assets | 1,156 | 3,014 | — | 773 | 3,467 | 8,410 | |||||||||||||||||||
Below-market ground lease intangible assets | — | 9,456 | — | — | — | 9,456 | |||||||||||||||||||
Other assets acquired (c) | — | — | 3,538 | — | 105 | 3,643 | |||||||||||||||||||
76,311 | 148,617 | 87,647 | 82,050 | 373,765 | 768,390 | ||||||||||||||||||||
Liabilities assumed at fair value: | |||||||||||||||||||||||||
Mortgages assumed | — | — | — | — | (33,758 | ) | (33,758 | ) | |||||||||||||||||
Below-market rent intangible liabilities | (177 | ) | (713 | ) | — | (1,400 | ) | (1,499 | ) | (3,789 | ) | ||||||||||||||
Above-market ground lease intangible liabilities | — | — | — | — | (133 | ) | (133 | ) | |||||||||||||||||
Deferred tax liability | — | — | (6,982 | ) | — | (4,058 | ) | (11,040 | ) | ||||||||||||||||
Other liabilities assumed (c) | — | — | (5,628 | ) | — | (651 | ) | (6,279 | ) | ||||||||||||||||
(177 | ) | (713 | ) | (12,610 | ) | (1,400 | ) | (40,099 | ) | (54,999 | ) | ||||||||||||||
Total identifiable net assets | 76,134 | 147,904 | 75,037 | 80,650 | 333,666 | 713,391 | |||||||||||||||||||
Amounts attributable to noncontrolling interest | — | (73,952 | ) | — | — | — | (73,952 | ) | |||||||||||||||||
Goodwill | — | — | 6,982 | — | 4,058 | 11,040 | |||||||||||||||||||
$ | 76,134 | $ | 73,952 | $ | 82,019 | $ | 80,650 | $ | 337,724 | $ | 650,479 | ||||||||||||||
Vopak | Bank Pekao | Siemens AS | Solo Cup | Other Business Combinations (b) | |||||||||||||||||||||
December 17, 2014 through | March 31, 2014 through | February 27, 2014 through | 3-Feb-14 | Respective Acquisition | Total | ||||||||||||||||||||
31-Dec-14 | 31-Dec-14 | 31-Dec-14 | through | Dates through | |||||||||||||||||||||
31-Dec-14 | 31-Dec-14 | ||||||||||||||||||||||||
Revenues | $ | 217 | $ | 9,586 | $ | 5,437 | $ | 5,489 | $ | 9,872 | $ | 30,601 | |||||||||||||
Net loss | $ | (7,864 | ) | $ | (12,920 | ) | $ | (6,487 | ) | $ | (4,004 | ) | $ | (30,101 | ) | $ | (61,376 | ) | |||||||
Net loss attributable to noncontrolling interests | — | 3,349 | — | — | 32 | 3,381 | |||||||||||||||||||
Net loss attributable to CPA®:18 – Global | $ | (7,864 | ) | $ | (9,571 | ) | $ | (6,487 | ) | $ | (4,004 | ) | $ | (30,069 | ) | $ | (57,995 | ) | |||||||
___________ | |||||||||||||||||||||||||
(a) | The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information in this table is based on the best estimates of management as of the date of this Report. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets acquired and liabilities assumed are subject to change. | ||||||||||||||||||||||||
(b) | Other business combinations include: Albion Resorts, Craigentinny, UK Auto, ATK, MISO, Cooper Tire, Gentry, Dupont, Infineon, Oakbank Portfolio, Truffle Portfolio, Belk Inc., AT&T, North American Lighting Inc., and our 2014 Self Storage Acquisitions. | ||||||||||||||||||||||||
(c) | During the year ended December 31, 2014, we recorded a measurement period adjustment related to our Siemens AS purchase price allocation, which we acquired in February 2014. This adjustment, which was made as a result of new information that became available to us later in the year, included an increase of $0.7 million to both other liabilities assumed and other assets acquired. No other adjustment was needed to retrospectively record this measurement period adjustment as if the accounting was completed at the acquisition date. | ||||||||||||||||||||||||
Pro Forma Financial Information | |||||||||||||||||||||||||
The following unaudited consolidated pro forma financial information presents our financial results as if the acquisitions that were deemed business combinations that we completed during the year ended December 31, 2014, and any new financings related to these acquisitions, had occurred on January 1, 2013. The pro forma information below includes all business combinations. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisitions actually occurred on January 1, 2013, nor does it purport to represent the results of operations for future periods. | |||||||||||||||||||||||||
(Dollars in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Pro forma total revenues (a) | $ | 92,486 | $ | 72,168 | |||||||||||||||||||||
Pro forma net income (loss) (b) (c) | 1,261 | (53,893 | ) | ||||||||||||||||||||||
Pro forma net (income) loss attributable to noncontrolling interests | (3,207 | ) | 3,769 | ||||||||||||||||||||||
Pro forma net loss attributable to CPA®:18 – Global | $ | (1,946 | ) | $ | (50,124 | ) | |||||||||||||||||||
Pro forma loss per Class A share: | |||||||||||||||||||||||||
Net loss attributable to CPA®:18 – Global (d) | $ | (1,046 | ) | $ | (49,544 | ) | |||||||||||||||||||
Weighted-average shares outstanding (e) | 107,420,043 | 46,215,482 | |||||||||||||||||||||||
Loss per share | $ | (0.01 | ) | $ | (1.07 | ) | |||||||||||||||||||
Pro forma loss per Class C share: | |||||||||||||||||||||||||
Net loss attributable to CPA®:18 – Global | $ | (900 | ) | $ | (580 | ) | |||||||||||||||||||
Weighted-average shares outstanding (e) | 8,847,966 | 497,725 | |||||||||||||||||||||||
Loss per share | $ | (0.10 | ) | $ | (1.16 | ) | |||||||||||||||||||
___________ | |||||||||||||||||||||||||
(a) | Pro forma total revenues includes revenues from lease contracts based on the terms in place at December 31, 2014 and does not include adjustments to contingent rental amounts. | ||||||||||||||||||||||||
(b) | During the year ended December 31, 2014, we incurred $56.6 million of acquisition expenses related to our 2014 Acquisitions that were deemed to be business combinations. The pro forma table above presents such acquisition expenses as if they were incurred on January 1, 2013. | ||||||||||||||||||||||||
(c) | During the year ended December 31, 2014, we incurred $1.6 million of one-time tax expenses related to our 2014 Acquisitions that were deemed to be business combinations. The pro forma table above presents such tax expenses as if they were incurred on January 1, 2013. | ||||||||||||||||||||||||
(d) | For the years ended December 31, 2014 and 2013, the allocation for the Class A common stock excludes the shareholder servicing fee of $0.8 million and less than $0.1 million, respectively, which is only applicable to holders of Class C common stock (Note 3). | ||||||||||||||||||||||||
(e) | The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for our business combinations were issued on January 1, 2013. We assumed that we would have issued 43,399,504 Class A shares to raise such funds. | ||||||||||||||||||||||||
2013 Acquisitions | |||||||||||||||||||||||||
During 2013, we entered into the following investments, which were deemed to be real estate asset acquisitions because we entered into new leases in connection with the acquisitions, at a total cost of $212.6 million, including noncontrolling interests of $77.2 million, net lease intangible assets of $60.4 million (Note 6), and acquisition-related costs and fees of $11.9 million, which were capitalized: | |||||||||||||||||||||||||
• | $115.6 million for a 50% controlling interest in a jointly-owned investment on August 20, 2013, co-owned by our affiliate, CPA®:17 – Global (Note 3), which acquired an office facility from State Farm located in Austin, Texas; and | ||||||||||||||||||||||||
• | $97.0 million for a 80% controlling interest in a jointly-owned investment on December 18, 2013, co-owned by our affiliate, CPA®:17 – Global (Note 3), which acquired a retail portfolio from Agrokor consisting of five properties located in Croatia. | ||||||||||||||||||||||||
In connection with certain of our acquisitions during 2013, we paid value added taxes and such payments have since been refunded to us. | |||||||||||||||||||||||||
Real Estate Under Construction | |||||||||||||||||||||||||
The following table provides the activity of our Real estate under construction (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||||||
Capitalized funds | 20,617 | — | |||||||||||||||||||||||
Placed into service | (18,502 | ) | — | ||||||||||||||||||||||
Capitalized interest | 143 | — | |||||||||||||||||||||||
Ending balance | $ | 2,258 | $ | — | |||||||||||||||||||||
Capitalized Funds | |||||||||||||||||||||||||
During the year ended December 31, 2014, total capitalized funds were primarily comprised of construction draws related to the Belk Inc. and UFS Holland build-to-suit projects, both of which were initiated in 2014. | |||||||||||||||||||||||||
Placed Into Service | |||||||||||||||||||||||||
During the year ended December 31, 2014, the Belk Inc. build-to-suit project was placed into service for the amount of $18.5 million, which was then reclassified to Real estate, at cost. | |||||||||||||||||||||||||
Ending Balance | |||||||||||||||||||||||||
At December 31, 2014, we had one open build-to-suit project related to our USF Holland investment. The aggregate unfunded commitment on this remaining project totaled $9.7 million. | |||||||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||||||
We have recorded asset retirement obligations totaling $2.0 million for the removal of asbestos and environmental waste in connection with certain of our acquisitions. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. |
Finance_Receivables
Finance Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Financing Receivables | Finance Receivables | ||||||||||||
Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases and our Note receivable. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. | |||||||||||||
Net Investments in Direct Financing Leases | |||||||||||||
Net investments in direct financing leases is summarized as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Minimum lease payments receivable | $ | 86,338 | $ | 50,006 | |||||||||
Unguaranteed residual value | 45,473 | 22,064 | |||||||||||
131,811 | 72,070 | ||||||||||||
Less: unearned income | (86,229 | ) | (50,006 | ) | |||||||||
$ | 45,582 | $ | 22,064 | ||||||||||
At December 31, 2014, Other assets, net included $0.2 million of accounts receivable related to amounts billed under our direct financing leases. We did not have any outstanding account receivables related to our direct financing lease at December 31, 2013. | |||||||||||||
AT&T — As discussed in Note 4, on May 19, 2014, we entered into a domestic net lease financing transaction in which we acquired an industrial warehouse located in Chicago, Illinois that is leased to AT&T. The total cost of the building was $8.6 million. | |||||||||||||
Janus — On May 16, 2014, we acquired an office building and two manufacturing facilities from Janus. One property, located in Houston, Texas, was considered to be a domestic net lease financing transaction with a total cost of $1.6 million and the other two properties were considered to be real estate asset acquisitions (Note 4). | |||||||||||||
Swift Spinning Inc. — On April 21, 2014, we acquired two industrial facilities from Swift Spinning Inc. One property, located in Columbus, Georgia, was considered to be a domestic net lease financing transaction, with a total cost of $3.4 million, and the other property was considered to be a real estate asset acquisition (Note 4). | |||||||||||||
Crowne Group Inc.— On March 7, 2014, we entered into a domestic net lease financing transaction with a subsidiary of Crowne Group Inc. from which we acquired two industrial facilities located in Michigan. The total cost was $8.0 million, including land of $1.0 million, building of $6.8 million, and transaction costs of $0.2 million that were capitalized. This is a follow-on transaction to the acquisition that we completed with Crowne Group Inc. in December 2013. We amended the existing lease with Crowne Group Inc. to include the two new properties in Michigan. The amended lease now encompasses a total of five properties, all of which are leased for a 25-year term. Crowne Group Inc. will continue to serve as the guarantor under the lease. | |||||||||||||
Scheduled Future Minimum Rents | |||||||||||||
Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2014 were as follows (in thousands): | |||||||||||||
Years Ending December 31, | Total | ||||||||||||
2015 | $ | 3,856 | |||||||||||
2016 | 3,885 | ||||||||||||
2017 | 3,915 | ||||||||||||
2018 | 3,945 | ||||||||||||
2019 | 3,977 | ||||||||||||
Thereafter | 66,760 | ||||||||||||
Total | $ | 86,338 | |||||||||||
Note Receivable | |||||||||||||
On July 21, 2014, we acquired a $28.0 million mezzanine tranche of 10-year commercial mortgage-backed securities originated by Cantor Fitzgerald on the Cipriani banquet halls in New York, New York. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. We will receive interest-only payments at a rate of 10% per annum. The collateral for the loan is comprised of the banquet halls as well as certain other cash flows. In connection with this transaction, we expensed acquisition costs of $1.3 million. Earnings related to this investment are reported in Other interest income in the consolidated financial statements. | |||||||||||||
Credit Quality of Finance Receivables | |||||||||||||
We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. At both December 31, 2014 and 2013, none of the balances of our finance receivables were past due and we had not established any allowances for credit losses. Additionally, there were no modifications of finance receivables during either of the years ended December 31, 2014 or 2013. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2014. | |||||||||||||
A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | |||||||||||||
Number of Tenants/Obligors at December 31, | Carrying Value at December 31, | ||||||||||||
Internal Credit Quality Indicator | 2014 | 2013 | 2014 | 2013 | |||||||||
1 | — | — | $ | — | $ | — | |||||||
2 | 1 | — | 8,962 | — | |||||||||
3 | 4 | 1 | 64,620 | 22,064 | |||||||||
4 | — | — | — | — | |||||||||
5 | — | — | — | — | |||||||||
$ | 73,582 | $ | 22,064 | ||||||||||
Intangible_Assets_and_Liabilit
Intangible Assets and Liabilities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Intangible Assets And Liabilities [Abstract] | ||||||||||||||||||||||||
Intangible Assets and Liabilities | Intangible Assets and Liabilities | |||||||||||||||||||||||
In connection with our acquisitions of properties (Note 4), we have recorded net lease intangibles that are being amortized over periods ranging from one year to 30 years. In addition, we have ground lease intangibles that are being amortized over periods of up to 99 years. In-place lease intangibles are included in In-place lease intangible assets, net in the consolidated financial statements. Below-market ground lease intangibles and above-market rent intangibles are included in Other intangible assets, net in the consolidated financial statements. Below-market rent intangibles and above-market ground lease intangibles are included in Prepaid and deferred rental income in the consolidated financial statements. | ||||||||||||||||||||||||
In connection with our investment activity during the year ended December 31, 2014, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | ||||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 11.4 | $ | 135,679 | |||||||||||||||||||||
Above-market rent | 13.7 | 11,067 | ||||||||||||||||||||||
Below-market ground lease | 74.9 | 9,625 | ||||||||||||||||||||||
$ | 156,371 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 16.2 | $ | (4,723 | ) | ||||||||||||||||||||
Above-market ground lease | 81.1 | (133 | ) | |||||||||||||||||||||
$ | (4,856 | ) | ||||||||||||||||||||||
Goodwill is included in the consolidated financial statements. The following table presents a reconciliation of our goodwill (in thousands): | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Balance at January 1, 2014 | $ | — | ||||||||||||||||||||||
Acquisition of Siemens AS (a) | 6,982 | |||||||||||||||||||||||
Acquisition of Albion Resorts (a) | 4,058 | |||||||||||||||||||||||
Foreign currency translation adjustment | (1,348 | ) | ||||||||||||||||||||||
Balance at December 31, 2014 | $ | 9,692 | ||||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | This asset represents the consideration exceeding the fair value of the identifiable assets acquired and liabilities assumed in our Siemens AS and Albion Resorts investments (Note 4). | |||||||||||||||||||||||
We performed our annual test for impairment during the fourth quarter of 2014 for goodwill recorded in our sole reporting unit, and no impairment was indicated. | ||||||||||||||||||||||||
Intangible assets and liabilities are summarized as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | $ | 177,970 | $ | (10,335 | ) | $ | 167,635 | $ | 53,832 | $ | (495 | ) | $ | 53,337 | ||||||||||
Below-market ground lease | 15,790 | (167 | ) | 15,623 | 8,227 | (3 | ) | 8,224 | ||||||||||||||||
Above-market rent | 10,424 | (380 | ) | 10,044 | — | — | — | |||||||||||||||||
204,184 | (10,882 | ) | 193,302 | 62,059 | (498 | ) | 61,561 | |||||||||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | 9,692 | — | 9,692 | — | — | — | ||||||||||||||||||
Total intangible assets | $ | 213,876 | $ | (10,882 | ) | $ | 202,994 | $ | 62,059 | $ | (498 | ) | $ | 61,561 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (6,276 | ) | $ | 347 | $ | (5,929 | ) | $ | (1,647 | ) | $ | 40 | $ | (1,607 | ) | ||||||||
Above-market ground lease | (127 | ) | — | (127 | ) | — | — | — | ||||||||||||||||
Total intangible liabilities | $ | (6,403 | ) | $ | 347 | $ | (6,056 | ) | $ | (1,647 | ) | $ | 40 | $ | (1,607 | ) | ||||||||
Net amortization of intangibles, including the effect of foreign currency translation, was $10.6 million and $0.5 million for the years ended December 31, 2014 and 2013, respectively. Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income in the consolidated financial statements. We amortize in-place lease intangibles to Depreciation and amortization expense in the consolidated financial statements over the remaining initial term of each lease. Amortization of below-market and above-market ground lease intangibles is included in Property expenses in the consolidated financial statements. | ||||||||||||||||||||||||
Based on the intangible assets and liabilities recorded at December 31, 2014, scheduled annual net amortization of intangibles is as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Net Decrease in Rental Income | Increase to Amortization/Property Expenses | Net | |||||||||||||||||||||
2015 | $ | 98 | $ | 17,298 | $ | 17,396 | ||||||||||||||||||
2016 | 427 | 16,572 | 16,999 | |||||||||||||||||||||
2017 | 370 | 14,865 | 15,235 | |||||||||||||||||||||
2018 | 304 | 13,636 | 13,940 | |||||||||||||||||||||
2019 | 295 | 13,113 | 13,408 | |||||||||||||||||||||
Thereafter | 2,621 | 107,647 | 110,268 | |||||||||||||||||||||
Total | $ | 4,115 | $ | 183,131 | $ | 187,246 | ||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate swaps and foreign currency forward contracts; and Level 3, for securities and other derivative assets that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. | ||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||||||
The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. | ||||||||||||||||||
Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts (Note 8). These derivatives were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. | ||||||||||||||||||
Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps (Note 8). These derivatives were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. | ||||||||||||||||||
We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 31, 2014 and 2013. Gains and losses (realized and unrealized) included in earnings are reported in Other income and (expenses) in the consolidated financial statements. | ||||||||||||||||||
Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): | ||||||||||||||||||
December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Debt (a) | 3 | $ | 521,712 | $ | 540,577 | $ | 85,060 | $ | 85,060 | |||||||||
Note receivable (b) | 3 | 28,000 | 28,000 | — | — | |||||||||||||
Deferred acquisition fees payable (c) | 3 | 17,525 | 17,520 | 2,705 | 2,705 | |||||||||||||
___________ | ||||||||||||||||||
(a) | We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. | |||||||||||||||||
(b) | We estimated that the fair value of the note receivable approximated its carrying value. | |||||||||||||||||
(c) | We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment of 108 basis points and 75 basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. | |||||||||||||||||
We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2014 and 2013. |
Risk_Management_and_Use_of_Der
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Risk Management and Use of Derivative Financial Instruments | Risk Management and Use of Derivative Financial Instruments | ||||||||||||||||||
Risk Management | |||||||||||||||||||
In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans as well as changes in the value of our other investments due to changes in interest rates or other market factors. We own international investments primarily in Europe and are subject to the risks associated with changing foreign currency exchange rates. | |||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||
When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to derivative instruments that we entered into on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may own common stock warrants, granted to us by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include default by a counterparty to a hedging arrangement on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with counterparties that are large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. | |||||||||||||||||||
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. For a derivative designated and qualified as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative are reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive loss into earnings when the hedged investment is either sold or substantially liquidated. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. | |||||||||||||||||||
All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2014 and 2013, no cash collateral had been posted or received for any of our derivative positions. | |||||||||||||||||||
The following table sets forth certain information regarding our derivative instruments (in thousands): | |||||||||||||||||||
Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | ||||||||||||||||||
Derivative Designated as Hedging Instruments | December 31, | December 31, | |||||||||||||||||
Balance Sheet Location | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency forward contracts | Other assets, net | $ | 3,664 | $ | — | $ | — | $ | — | ||||||||||
Interest rate swaps | Accounts payable, accrued expenses and other liabilities | — | — | (2,501 | ) | (219 | ) | ||||||||||||
$ | 3,664 | $ | — | $ | (2,501 | ) | $ | (219 | ) | ||||||||||
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Other Comprehensive Loss on Derivatives (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | |||||||||||||||||
Interest rate swaps | $ | (2,282 | ) | $ | (219 | ) | |||||||||||||
Foreign currency forward contracts | 3,653 | — | |||||||||||||||||
Derivatives in Net Investment Hedging Relationship (a) | |||||||||||||||||||
Foreign currency forward contracts | 11 | — | |||||||||||||||||
Total | $ | 1,382 | $ | (219 | ) | ||||||||||||||
___________ | |||||||||||||||||||
(a) | The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive Loss on Derivatives into Income (Effective Portion) | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Recognized in Income | 2014 | 2013 | ||||||||||||||||
Interest rate swaps | Interest expense | $ | (759 | ) | $ | (1 | ) | ||||||||||||
Foreign currency forward contracts | Other income and (expenses) | 151 | — | ||||||||||||||||
Total | $ | (608 | ) | $ | (1 | ) | |||||||||||||
Interest Rate Swaps | |||||||||||||||||||
We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain non-recourse variable-rate mortgage loans and, as a result, may enter into interest rate swap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of the loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. | |||||||||||||||||||
The interest rate swaps that we had outstanding on our consolidated subsidiaries at December 31, 2014 are summarized as follows (currency in thousands): | |||||||||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2014 (a) | ||||||||||||||||||
Interest rate swaps | 6 | USD | 43,600 | $ | (2,359 | ) | |||||||||||||
Interest rate swaps | 1 | GBP | 5,505 | (142 | ) | ||||||||||||||
$ | (2,501 | ) | |||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair value amount is based on the exchange rate of the British pound sterling at December 31, 2014, as applicable. | ||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||
We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the Norwegian krone and the British pound sterling. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent of the difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements. | |||||||||||||||||||
In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. This instrument locks the range in which the foreign currency exchange rate may fluctuate. | |||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2014 (currency in thousands): | |||||||||||||||||||
Foreign Currency Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2014 (a) | ||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts (b) | 47 | EUR | 18,051 | $ | 2,426 | ||||||||||||||
Foreign currency forward contracts (c) | 37 | NOK | 62,423 | 1,227 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 5 | NOK | 8,320 | 11 | |||||||||||||||
$ | 3,664 | ||||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair value amounts are based on the applicable exchange rate of the euro or the Norwegian krone, as applicable, at December 31, 2014. | ||||||||||||||||||
(b) | On January 16, 2014, March 31, 2014, and September 17, 2014, we entered into a series of forward contracts to exchange euros for U.S. dollars for each quarter through September 2020, which was intended to protect our then-projected revenue collections against possible exchange rate fluctuations in the euro. | ||||||||||||||||||
(c) | On February 27, 2014, September 14, 2014, and December 19, 2014, in conjunction with our Siemens AS and Apply AS investments (Note 4), we entered into a series of forward contracts to exchange Norwegian krone for U.S. dollars for each quarter through January 2020, which was intended to protect our then-projected revenue collections from this investment against possible exchange rate fluctuations in Norwegian krone. | ||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||
Amounts reported in Other comprehensive loss related to our interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive loss related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At December 31, 2014, we estimate that an additional $1.4 million and $0.9 million will be reclassified as Interest expense and other income, respectively, during the next 12 months. | |||||||||||||||||||
We measure our credit exposure on a counterparty basis as the positive aggregate estimated fair value of our derivatives, net of collateral received, if any. No collateral was received as of December 31, 2014. At December 31, 2014, our total credit exposure was $3.7 million, inclusive of noncontrolling interest, and the maximum exposure to any single counterparty was $2.4 million. | |||||||||||||||||||
Some of the agreements we have with our derivative counterparties contain certain credit contingent provisions that could result in a declaration of default against us regarding our derivative obligations if we either default or are capable of being declared in default on certain of our indebtedness. At December 31, 2014, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives that were in a net liability position was $2.6 million at December 31, 2014, which included accrued interest and any adjustment for nonperformance risk. If we had breached any of these provisions at December 31, 2014, we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.7 million. | |||||||||||||||||||
Portfolio Concentration Risk | |||||||||||||||||||
Concentrations of credit risk arise when a number of tenants are engaged in similar business activities or have similar economic risks or conditions that could cause them to default on their lease obligations to us. As of December 31, 2014, we had concentrations of credit risk in our portfolio because we had a limited number of investments. We intend to regularly monitor our portfolio to assess potential concentrations of credit risk as we make additional investments. As we invest the proceeds of our initial public offering, we will seek to ensure that our portfolio is reasonably well diversified and does not contain any unusual concentration of credit risks. | |||||||||||||||||||
For the year ended December 31, 2014, the following tenants represented 5% or more of total lease revenues: | |||||||||||||||||||
• | State Farm (18.2%); | ||||||||||||||||||
• | Agrokor (16.7%); | ||||||||||||||||||
• | Bank Pekao (16.3%); | ||||||||||||||||||
• | Solo Cup (12.2%); and | ||||||||||||||||||
• | Siemens AS (11.1%). |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt | |||||||||||||||
Non-Recourse Debt | ||||||||||||||||
Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties with an aggregate carrying value of $613.9 million and $119.3 million at December 31, 2014 and 2013, respectively. The following table presents a summary of the non-recourse mortgage loans on our real estate property investments (dollars in thousands): | ||||||||||||||||
Carrying Amount at December 31, | ||||||||||||||||
Tenant | Interest Rate | Rate Type | Maturity Date | 2014 | 2013 | |||||||||||
Infineon (a) | 3.1 | % | Fixed | 2/28/17 | $ | 13,756 | $ | — | ||||||||
Albion Resorts (a) | 6.7 | % | Fixed | 9/1/19 | 3,136 | — | ||||||||||
Albion Resorts (a) | 7.2 | % | Fixed | 9/1/19 | 5,592 | — | ||||||||||
Truffle/Oakbank (a) (b) | 3.9 | % | Variable | 12/11/19 | 11,401 | — | ||||||||||
Albion Resorts (a) | 7 | % | Fixed | 1/31/20 | 10,536 | — | ||||||||||
Agrokor (c) | 5.8 | % | Fixed | 12/31/20 | 37,038 | — | ||||||||||
Bank Pekao (a) | 3.3 | % | Fixed | 3/10/21 | 64,852 | — | ||||||||||
Dupont (a) | 3.8 | % | Fixed | 11/1/21 | 14,140 | — | ||||||||||
Gentry (a) | 3.8 | % | Fixed | 11/1/21 | 15,330 | — | ||||||||||
State Farm (c) (d) | 4.5 | % | Fixed | 9/10/23 | 72,800 | 72,800 | ||||||||||
Crowne Group Inc. (b) (c) | 5.6 | % | Variable | 12/30/23 | 11,980 | 12,260 | ||||||||||
Crowne Group Inc. (a) (b) | 5.5 | % | Variable | 12/30/23 | 3,987 | — | ||||||||||
St. Petersburg/Kissimmee properties (a) (e) | 4.9 | % | Fixed | 2/1/24 | 14,500 | — | ||||||||||
Automobile Protection Corporation (a) (b) | 5.1 | % | Variable | 2/5/24 | 3,752 | — | ||||||||||
Solo Cup (a) (d) | 5.1 | % | Fixed | 2/6/24 | 47,250 | — | ||||||||||
Swift Spinning Inc.(a) | 5 | % | Fixed | 5/1/24 | 7,738 | — | ||||||||||
Janus (a) (b) | 4.9 | % | Variable | 5/5/24 | 11,538 | — | ||||||||||
AT&T (a) | 4.6 | % | Fixed | 6/11/24 | 8,000 | — | ||||||||||
Self-storage - Multiple properties (a) (f) | 4.4 | % | Fixed | 10/11/24 | 23,000 | — | ||||||||||
Cooper Tire (a) (b) | 4.7 | % | Variable | 10/31/24 | 6,704 | — | ||||||||||
Barnsco Inc. (a) | 4.5 | % | Fixed | 11/14/24 | 5,200 | — | ||||||||||
ATK (a) | 4.2 | % | Fixed | 1/6/25 | 27,650 | — | ||||||||||
North American Lighting Inc.(a) | 4.8 | % | Fixed | 5/6/26 | 7,325 | — | ||||||||||
Air Enterprises (a) | 5.3 | % | Fixed | 4/1/39 | 3,257 | — | ||||||||||
$ | 430,462 | $ | 85,060 | |||||||||||||
__________ | ||||||||||||||||
(a) | These debt instruments were entered into or assumed in conjunction with the 2014 Acquisitions as described in Note 4 and Note 5. During the year ended December 31, 2014, we capitalized $4.7 million of deferred financing costs related to these debt instruments. We amortize deferred financing costs over the term of the related debt instrument using a method which approximates the effective interest method. | |||||||||||||||
(b) | These mortgage loans have variable interest rates, which have been effectively converted to fixed rates through the use of interest rate swaps (Note 8). The interest rates presented for these mortgage loans reflect interest rate swaps in effect at December 31, 2014. | |||||||||||||||
(c) | These mortgage loans were entered into in conjunction with the 2013 Acquisitions as described in Note 4. | |||||||||||||||
(d) | These mortgage loans have payments that are interest-only until their respective maturity dates. | |||||||||||||||
(e) | On January 23, 2014, we entered into a mortgage loan that we allocated between our St. Petersburg Self Storage and Kissimmee Self Storage investments, which are jointly and severally liable for any possible defaults on the loan. | |||||||||||||||
(f) | On October 9, 2014, we obtained a mortgage loan for $23.0 million, which was allocated to the six self-storage properties purchased from July 22, 2014 through October 9, 2014 (Note 4). | |||||||||||||||
Bonds Payable | ||||||||||||||||
In conjunction with our Apply AS investment (Note 4), on October 31, 2014, we issued privately-placed bonds totaling $53.3 million, which is based on the exchange rate of the Norwegian krone at that date. These bonds are collateralized by the Apply AS property and have a fixed coupon of 4.4%. The bonds are coterminous with the lease and mature on October 31, 2021. Coupon payments will be made annually in arrears on October 30. At December 31, 2014, this bond had a carrying value of $48.2 million. | ||||||||||||||||
In conjunction with our Siemens AS investment (Note 4), on February 27, 2014, we issued privately-placed bonds totaling $52.1 million, which is based on the exchange rate of the Norwegian krone at that date. These bonds are collateralized by the Siemens AS property and have a coupon of 3.5%. The bonds are coterminous with the lease and mature on December 15, 2025. The bonds are inflation-linked to the Norwegian CPI and the annual principal balance and coupon payment will increase as that inflation index increases. During 2014, the principal balance increased by $0.7 million as a result of the Norwegian CPI fluctuation. Coupon payments will be made annually in arrears on December 15. At December 31, 2014, this bond had a carrying value of $43.1 million. | ||||||||||||||||
Certain of our mortgage loans and bonds have a covenant that requires compliance with a “loan to value ratio.” | ||||||||||||||||
Scheduled Debt Principal Payments | ||||||||||||||||
Scheduled debt principal payments during each of the next five calendar years following December 31, 2014 and thereafter are as follows (in thousands): | ||||||||||||||||
Years Ending December 31, | Total | |||||||||||||||
2015 | $ | 5,079 | ||||||||||||||
2016 | 5,863 | |||||||||||||||
2017 | 19,908 | |||||||||||||||
2018 | 7,233 | |||||||||||||||
2019 | 18,657 | |||||||||||||||
Thereafter through 2039 | 464,706 | |||||||||||||||
521,446 | ||||||||||||||||
Unamortized premium | 266 | |||||||||||||||
Total | $ | 521,712 | ||||||||||||||
Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2014. The impact on the carrying value of our Non-recourse debt and bonds payable due to the strengthening of the U.S. dollar relative to foreign currencies during 2014 was a decrease of $28.8 million from December 31, 2013 to December 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
At December 31, 2014, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business may be pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations. See Note 4 for unfunded construction commitments. |
Loss_Per_Share_and_Equity
Loss Per Share and Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Loss Per Share and Equity | Loss Per Share and Equity | |||||||||||||||
Loss Per Share | ||||||||||||||||
The following tables present loss per share (in thousands, except share and per share amounts): | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Weighted-Average | Allocation of Net Loss | Loss | ||||||||||||||
Shares Outstanding | Per Share | |||||||||||||||
Class A common stock | 78,777,525 | $ | (49,494 | ) | $ | (0.63 | ) | |||||||||
Class C common stock | 8,847,966 | (6,373 | ) | (0.72 | ) | |||||||||||
Net loss attributable to CPA®:18 – Global | $ | (55,867 | ) | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Weighted-Average | Allocation of Net Loss | Loss | ||||||||||||||
Shares Outstanding | Per Share | |||||||||||||||
Class A common stock | 2,792,648 | $ | (496 | ) | $ | (0.18 | ) | |||||||||
Class C common stock | 497,725 | (135 | ) | (0.27 | ) | |||||||||||
Net loss attributable to CPA®:18 – Global | $ | (631 | ) | |||||||||||||
The allocation of Net loss attributable to CPA®:18 – Global is calculated based on weighted-average shares outstanding for Class A common stock and Class C common stock for each respective period. For the years ended December 31, 2014 and 2013, the allocation for the Class A common stock excludes the shareholder servicing fee of $0.8 million and less than $0.1 million, respectively, which is only applicable to holders of Class C common stock (Note 3). | ||||||||||||||||
Subsequent to December 31, 2014 and through March 23, 2015, we issued an additional 870,829 shares of Class A common stock and 9,240,744 shares of Class C common stock in our initial public offering. | ||||||||||||||||
Proceeds from certain of the shares that we sold are held in escrow and considered unsettled until such time as all contingencies have been removed and the buyer has voting rights, or approximately three days. Net cash used in financing activities for the year ended December 31, 2014 does not include $1.5 million of shares sold but not settled (net of costs). | ||||||||||||||||
Distributions | ||||||||||||||||
Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized distributions per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Class A | Class C | Class A | Class C | |||||||||||||
Ordinary income | $ | 0.2164 | $ | 0.1841 | $ | — | $ | — | ||||||||
Return of capital | 0.4084 | 0.3475 | 0.1155 | 0.0982 | ||||||||||||
Total distributions paid | $ | 0.6248 | $ | 0.5316 | $ | 0.1155 | $ | 0.0982 | ||||||||
On September 19, 2014, our board of directors declared distributions at a daily rate of $0.0016983 per share for our Class A common stock and $0.0014442 per share for our Class C common stock for the quarter ending December 31, 2014. The distributions in the amount of $17.6 million were paid on January 15, 2015 to stockholders of record on each day during the period. | ||||||||||||||||
On December 15, 2014, our board of directors declared distributions at a daily rate of $0.0016983 per share for our Class A common stock and $0.0014442 per share for our Class C common stock for the quarter ending March 31, 2015, payable on or about April 15, 2015 to stockholders of record on each day of the quarter. | ||||||||||||||||
Distributions are declared at the discretion of our board of directors and are not guaranteed. Until we substantially invest the net proceeds of our initial public offering, we expect that distributions will be paid substantially from offering proceeds, which reduces amounts available to invest in properties and could lower our overall return. | ||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
The following table presents the components of Accumulated other comprehensive loss reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive loss from our unconsolidated investments (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign currency translation adjustments | $ | (22,093 | ) | $ | 125 | |||||||||||
Net unrealized gain (loss) on derivative instruments | 1,152 | (219 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (20,941 | ) | $ | (94 | ) | ||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||
The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Gains and Losses | Foreign Currency Translation Adjustments | Total | ||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (219 | ) | $ | 125 | $ | (94 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 763 | (29,602 | ) | (28,839 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 759 | — | 759 | |||||||||||||
Other income and (expenses) | (151 | ) | — | (151 | ) | |||||||||||
Total | 608 | — | 608 | |||||||||||||
Net current-period Other comprehensive income | 1,371 | (29,602 | ) | (28,231 | ) | |||||||||||
Net current-period Other comprehensive loss attributable to noncontrolling interests | — | 7,384 | 7,384 | |||||||||||||
Ending balance | $ | 1,152 | $ | (22,093 | ) | $ | (20,941 | ) | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Gains and Losses | Foreign Currency Translation Adjustments | Total | ||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | ||||||||||
Other comprehensive income (loss) before reclassifications | (219 | ) | 156 | (63 | ) | |||||||||||
Net current-period Other comprehensive income | (219 | ) | 156 | (63 | ) | |||||||||||
Net current-period Other comprehensive loss attributable to noncontrolling interests | — | (31 | ) | (31 | ) | |||||||||||
Ending balance | $ | (219 | ) | $ | 125 | $ | (94 | ) | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |
Dec. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | Income Taxes | |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements. | ||
We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. | ||
Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. | ||
Deferred Income Taxes | ||
Our deferred tax assets before valuation allowances were $3.9 million at December 31, 2014 and we did not have a deferred tax asset at December 31, 2013. Our deferred tax liabilities were $28.8 million and $8.4 million at December 31, 2014 and 2013, respectively. We determined that at December 31, 2014, $2.2 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount. Our deferred tax assets and liabilities at December 31, 2014 are primarily the result of temporary differences related to: | ||
• | basis differences between tax and GAAP for real estate assets (for income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP.); and | |
• | tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. | |
At December 31, 2014, we had net operating losses in foreign jurisdictions of approximately $7.7 million and will begin to expire in 2015 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||||||||||||||||||||||
We have determined that we operate in one reportable segment, real estate ownership, with domestic and international investments. Geographic information for this segment is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Domestic | International | ||||||||||||||||||||||||||||||||||||||||
Texas | Illinois | Other Domestic | Total | Poland | Croatia | Norway | Other International (a) | Total | Total | ||||||||||||||||||||||||||||||||
Revenues | $ | 8,830 | $ | 6,307 | $ | 13,905 | $ | 29,042 | $ | 9,586 | $ | 7,511 | $ | 6,560 | $ | 1,618 | $ | 25,275 | $ | 54,317 | |||||||||||||||||||||
Income (loss) before income taxes | 416 | (4,242 | ) | (11,782 | ) | (15,608 | ) | (12,920 | ) | (1,711 | ) | (6,291 | ) | (21,190 | ) | (42,112 | ) | (57,720 | ) | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (804 | ) | — | (1,764 | ) | (2,568 | ) | 3,349 | (397 | ) | 321 | (16 | ) | 3,257 | 689 | ||||||||||||||||||||||||||
Net loss attributable to CPA®:18 – Global | (464 | ) | (4,242 | ) | (13,564 | ) | (18,270 | ) | (9,571 | ) | (1,684 | ) | (6,943 | ) | (19,399 | ) | (37,597 | ) | (55,867 | ) | |||||||||||||||||||||
Long-lived assets (b) | 122,965 | 33,999 | 342,132 | 499,096 | 97,707 | 45,076 | 138,676 | 160,802 | 442,261 | 941,357 | |||||||||||||||||||||||||||||||
Non-recourse debt and bonds payable | 83,226 | 55,250 | 145,674 | 284,150 | 64,852 | 37,039 | 91,250 | 44,421 | 237,562 | 521,712 | |||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Domestic | International | ||||||||||||||||||||||||||||||||||||||||
Texas | Other Domestic | Total | Croatia | Other International (a) | Total | Total | |||||||||||||||||||||||||||||||||||
Revenues | $ | 2,999 | $ | 9 | $ | 3,008 | $ | 284 | $ | — | $ | 284 | $ | 3,292 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 566 | (693 | ) | (127 | ) | (155 | ) | 52 | (103 | ) | (230 | ) | |||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (293 | ) | (68 | ) | (361 | ) | (45 | ) | 16 | (29 | ) | (390 | ) | ||||||||||||||||||||||||||||
Net loss (income) attributable to CPA®:18 – Global | 272 | (761 | ) | (489 | ) | (210 | ) | 68 | (142 | ) | (631 | ) | |||||||||||||||||||||||||||||
Long-lived assets (b) | 96,437 | 22,898 | 119,335 | 52,418 | (89 | ) | 52,329 | 171,664 | |||||||||||||||||||||||||||||||||
Non-recourse debt | 72,800 | 12,260 | 85,060 | — | — | — | 85,060 | ||||||||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Other international includes the United Kingdom, the Netherlands, Germany, and Mauritius in 2014 and the Netherlands in 2013. | ||||||||||||||||||||||||||||||||||||||||
(b) | Consists of Net investments in real estate. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) | |||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2014 (a) | June 30, 2014 (a) | September 30, 2014 (a) | 31-Dec-14 | |||||||||||||
Revenues | $ | 6,694 | $ | 12,647 | $ | 14,882 | $ | 20,094 | ||||||||
Expenses | 23,091 | 12,099 | 18,580 | 41,361 | ||||||||||||
Net loss | (18,443 | ) | (3,110 | ) | (9,465 | ) | (25,538 | ) | ||||||||
Net loss (income) attributable to noncontrolling interests | 3,773 | (1,248 | ) | (1,136 | ) | (700 | ) | |||||||||
Net loss attributable to CPA®:18 – Global | $ | (14,670 | ) | $ | (4,358 | ) | $ | (10,601 | ) | $ | (26,238 | ) | ||||
Class A common stock | ||||||||||||||||
Loss per share (b) | $ | (0.35 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.22 | ) | ||||
Weighted-average shares outstanding | 38,001,011 | 77,300,223 | 99,007,256 | 99,836,316 | ||||||||||||
Distributions declared per share | $ | 0.1562 | $ | 0.1562 | $ | 0.1562 | $ | 0.1562 | ||||||||
Class C common stock | ||||||||||||||||
Loss per share (b) | $ | (0.37 | ) | $ | (0.07 | ) | $ | (0.12 | ) | $ | (0.25 | ) | ||||
Weighted-average shares outstanding | 3,820,432 | 6,126,012 | 9,925,481 | 15,376,487 | ||||||||||||
Distributions declared per share | $ | 0.1329 | $ | 0.1329 | $ | 0.1329 | $ | 0.1329 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | 31-Dec-13 | |||||||||||||
Revenues | $ | — | $ | — | $ | 947 | $ | 2,345 | ||||||||
Expenses | — | 65 | 604 | 1,635 | ||||||||||||
Net loss | — | (65 | ) | (72 | ) | (104 | ) | |||||||||
Net income attributable to noncontrolling interests | — | — | (66 | ) | (324 | ) | ||||||||||
Net loss attributable to CPA®:18 – Global | $ | — | $ | (65 | ) | $ | (138 | ) | $ | (428 | ) | |||||
Class A common stock | ||||||||||||||||
Loss per share (b) | $ | — | $ | (2.81 | ) | $ | (0.18 | ) | $ | (0.03 | ) | |||||
Weighted-average shares outstanding | — | 23,222 | 616,292 | 10,469,534 | ||||||||||||
Distributions declared per share | $ | — | $ | — | $ | 0.1155 | $ | 0.1562 | ||||||||
Class C common stock | ||||||||||||||||
Loss per share (b) | $ | — | $ | — | $ | (0.20 | ) | $ | (0.05 | ) | ||||||
Weighted-average shares outstanding | — | — | 149,294 | 1,825,374 | ||||||||||||
Distributions declared per share | $ | — | $ | — | $ | 0.0982 | $ | 0.1329 | ||||||||
___________ | ||||||||||||||||
(a) | As discussed in Note 2, we identified certain errors in the consolidated financial statements for the quarterly periods in 2014. As a result, we recorded revision adjustments to the amounts previously reported, which aggregated to an increase to Net loss of $0.5 million, $0.1 million, and $3.0 million; an increase to Net loss (income) attributable to noncontrolling interests of less than $0.1 million, less than $(0.1) million, and zero; an increase to Net loss attributable to CPA®:18 – Global of $0.4 million, $0.2 million, and $3.0 million; and an increase of $0.01, zero, and $0.03 to loss per share for each of Class A and Class C, for the three months ended March 31, 2014, June 30, 2014, and September 30, 2014, respectively. In our quarterly reports for the periods ending March 31, 2015, June 30, 2015, and September 30, 2015 we will revise the presentation of the periods ended March 31, 2014, June 30, 2014, and September 30, 2014 to reflect these revision adjustments. | |||||||||||||||
(b) | The sum of the quarterly Loss per share does not agree to the annual Loss per share for both 2014 and 2013 due to the issuances of our common stock that occurred during such periods. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Subsequent to December 31, 2014 and through March 27, 2015, we purchased 11 additional properties totaling approximately $244.3 million (excluding acquisitions costs) and obtained $158.5 million of new financing related to the properties acquired in 2014 and 2015. Of these 11 properties, six are self-storage facilities, two are multi-family, two are build-to-suit projects, and one is an industrial site. The largest of these investments was our build-to-suit project for a Class-A office building, which will serve as Rabobank’s headquarters in Eindhoven, Netherlands. The total estimated project cost for this investment upon completion is approximately $85.5 million. | |
It is not practicable to disclose the preliminary purchase price allocation or consolidated pro forma financial information for these transactions given the short period of time between the acquisition dates and the filing of this Report. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule II - Valuation and Qualifying Accounts | CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED | ||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
Years Ended December 31, 2014 and 2013 | |||||||||||||
(in thousands) | |||||||||||||
Description | Balance at | Change | Balance at | ||||||||||
Beginning | End of Year | ||||||||||||
of Year | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Valuation reserve for deferred tax assets | $ | — | $ | 2,236 | $ | 2,236 | |||||||
Year Ended December 31, 2013 | |||||||||||||
Valuation reserve for deferred tax assets | $ | — | $ | — | $ | — | |||||||
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation | CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost | Increase | Gross Amount at which | Accumulated Depreciation(c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition (a) | in Net Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | Income is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Under Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Office facility in Austin, TX | $ | 72,800 | $ | 29,215 | $ | 67,993 | $ | — | $ | — | $ | 29,215 | $ | 67,993 | $ | 97,208 | $ | 2,880 | 1993 | Aug. 2013 | 40 yrs. | ||||||||||||||||||||||||||||||
Retail facility in Zagreb, Croatia | 8,236 | — | 10,828 | — | (1,179 | ) | — | 9,649 | 9,649 | 293 | 2005 | Dec. 2013 | 34 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Zagreb, Croatia | 8,155 | — | 10,576 | — | (1,229 | ) | — | 9,347 | 9,347 | 268 | 2006 | Dec. 2013 | 36 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Zagreb, Croatia | 7,999 | 2,264 | 10,676 | — | (1,504 | ) | 2,000 | 9,436 | 11,436 | 296 | 2006 | Dec. 2013 | 34 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Zadar, Croatia | 8,991 | 4,320 | 10,536 | — | (1,728 | ) | 3,815 | 9,313 | 13,128 | 316 | 2007 | Dec. 2013 | 33 yrs. | ||||||||||||||||||||||||||||||||||||||
Retail facility in Split, Croatia | 3,656 | — | 3,161 | — | (367 | ) | — | 2,794 | 2,794 | 107 | 2001 | Dec. 2013 | 27 yrs. | ||||||||||||||||||||||||||||||||||||||
Land in Madison, IN | 426 | 834 | — | — | — | 834 | — | 834 | — | N/A | Dec. 2013 | N/A | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Streetsboro, OH | 3,257 | 1,163 | 3,393 | 719 | — | 1,163 | 4,112 | 5,275 | 188 | 1993 | Jan. 2014 | 21 yrs. | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in University Park, IL | 47,250 | 13,748 | 52,135 | — | — | 13,748 | 52,135 | 65,883 | 1,752 | 2003 | Feb. 2014 | 34 - 36 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Norcross, GA | 3,752 | 1,044 | 3,361 | — | — | 1,044 | 3,361 | 4,405 | 106 | 1999 | Feb. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Oslo, Norway | 43,099 | 14,362 | 59,219 | — | (13,707 | ) | 11,686 | 48,188 | 59,874 | 1,008 | 2013 | Feb. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Warsaw, Poland | 64,852 | — | 112,676 | — | (13,091 | ) | — | 99,585 | 99,585 | 1,878 | 2008 | Mar. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Columbus, GA | 4,894 | 448 | 5,841 | — | — | 448 | 5,841 | 6,289 | 147 | 1995 | Apr. 2014 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Farmington Hills, MI | 7,325 | 2,251 | 3,390 | 672 | 47 | 2,251 | 4,109 | 6,360 | 72 | 2001 | May-14 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Surprise, AZ | 2,322 | 298 | 2,347 | — | — | 298 | 2,347 | 2,645 | 57 | 1998 | May-14 | 35 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Temple, GA | 6,714 | 381 | 6,469 | — | — | 381 | 6,469 | 6,850 | 139 | 2007 | May-14 | 33 yrs. | |||||||||||||||||||||||||||||||||||||||
Land in Houston, TX | 1,280 | 1,675 | — | — | — | 1,675 | — | 1,675 | — | N/A | May-14 | N/A | |||||||||||||||||||||||||||||||||||||||
Land in Chicago, IL | 2,024 | 3,036 | — | — | — | 3,036 | — | 3,036 | — | N/A | May-14 | N/A | |||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Jonesville, SC | — | 2,995 | 14,644 | 18,662 | — | 2,995 | 33,306 | 36,301 | 400 | 1997 | Jun. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Ayr, United Kingdom | 2,532 | 1,150 | 3,228 | — | (312 | ) | 1,068 | 2,998 | 4,066 | 53 | 1950 | Aug. 2014 | 15 - 32 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Bathgate, United Kingdom | 1,688 | 627 | 1,852 | — | (177 | ) | 582 | 1,720 | 2,302 | 23 | 2009 | Aug. 2014 | 20 - 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Dundee, United Kingdom | 1,604 | 384 | 2,305 | — | (192 | ) | 357 | 2,140 | 2,497 | 33 | 2008 | Aug. 2014 | 22 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Dunfermline, United Kingdom | 928 | 294 | 808 | — | (79 | ) | 273 | 750 | 1,023 | 16 | 1990 | Aug. 2014 | 13 - 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Invergordon, United Kingdom | 473 | 261 | 549 | — | (57 | ) | 243 | 510 | 753 | 8 | 2006 | Aug. 2014 | 22 yrs. | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost | Increase | Gross Amount at which | Accumulated Depreciation(c) | Date of Construction | Date Acquired | Life on which | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | Carried at Close of Period (c) | Depreciation in Latest | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition (a) | in Net Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Land | Buildings | Total | Income is Computed | ||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Livingston, United Kingdom | 2,026 | 447 | 3,015 | — | (247 | ) | 415 | 2,800 | 3,215 | 34 | 2008 | Aug. 2014 | 29 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Livingston, United Kingdom | 2,152 | — | 3,360 | — | (161 | ) | — | 3,199 | 3,199 | 35 | 1997 | Sep. 2014 | 24 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Warstein, Germany | 13,756 | 281 | 15,671 | — | (668 | ) | 270 | 15,014 | 15,284 | 98 | 2011 | Sep. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Albany, GA | 6,704 | 1,141 | 5,997 | — | — | 1,141 | 5,997 | 7,138 | 93 | 1977 | Oct. 2014 | 14 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Stavanger, Norway | 48,151 | 8,276 | 80,476 | — | (8,637 | ) | 7,470 | 72,645 | 80,115 | 305 | 2012 | Oct. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Eagan, MN | — | 1,189 | 11,279 | — | — | 1,189 | 11,279 | 12,468 | 49 | 2013 | Nov. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Office facility in Plymouth, MN | 27,650 | 3,990 | 30,320 | — | — | 3,990 | 30,320 | 34,310 | 109 | 1982 | Nov. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Dallas, TX | 1,680 | 512 | 1,283 | — | — | 512 | 1,283 | 1,795 | 7 | 1990 | Nov. 2014 | 26 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Dallas, TX | 790 | 509 | 340 | — | — | 509 | 340 | 849 | 4 | 1990 | Nov. 2014 | 20 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Dallas, TX | 281 | 128 | 204 | — | — | 128 | 204 | 332 | 2 | 1990 | Nov. 2014 | 21 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Dallas, TX | 1,217 | 360 | 1,120 | — | — | 360 | 1,120 | 1,480 | 6 | 1990 | Nov. 2014 | 29 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Fort Worth, TX | 1,232 | 809 | 671 | — | — | 809 | 671 | 1,480 | 5 | 2008 | Nov. 2014 | 30 yrs. | |||||||||||||||||||||||||||||||||||||||
Industrial facility in Dunfermline, United Kingdom | — | 1,162 | 5,631 | — | (60 | ) | 1,152 | 5,581 | 6,733 | 27 | 2000 | Nov. 2014 | 23 - 31 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Durham, United Kingdom | — | 207 | 2,108 | — | (21 | ) | 205 | 2,089 | 2,294 | 7 | 1998 | Nov. 2014 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Rotterdam, Netherlands | — | 2,247 | 27,149 | — | (765 | ) | 2,189 | 26,442 | 28,631 | 27 | 1960 | Dec. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Office facility in Rotterdam, Netherlands | — | 2,246 | 27,135 | — | (764 | ) | 2,187 | 26,430 | 28,617 | 27 | 1960 | Dec. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
Industrial facility in Edinburgh, United Kingdom | — | 938 | 2,842 | — | (34 | ) | 929 | 2,817 | 3,746 | — | 1985 | Dec. 2014 | 35 yrs. | ||||||||||||||||||||||||||||||||||||||
Hotel in Albion, Mauritius | 19,264 | 4,047 | 54,927 | — | (140 | ) | 4,037 | 54,797 | 58,834 | — | 2007 | Dec. 2014 | 40 yrs. | ||||||||||||||||||||||||||||||||||||||
$ | 429,160 | $ | 109,239 | $ | 659,515 | $ | 20,053 | $ | (45,072 | ) | $ | 104,604 | $ | 639,131 | $ | 743,735 | $ | 10,875 | |||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Increase | Gross Amount at | Date of Construction | Date Acquired | ||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | (Decrease) | which Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | in Net | Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Investments (b) | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Direct Financing Method | |||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Logansport, IN | $ | 4,437 | $ | 455 | $ | 7,689 | $ | — | $ | — | $ | 8,144 | 1990 | Dec. 2013 | |||||||||||||||||||||||||||||||||||||
Industrial facility in Madison, IN | 1,911 | 356 | 3,382 | — | — | 3,738 | 2000 | Dec. 2013 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Marion, SC | 5,205 | 753 | 9,430 | — | — | 10,183 | 1968 | Dec. 2013 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Fraser, MI | 2,172 | 542 | 3,840 | — | — | 4,382 | 1984 | Mar. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Warren, MI | 1,814 | 429 | 3,231 | — | — | 3,660 | 1947 | Mar. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Columbus, GA | 2,845 | 488 | 2,947 | — | 1,479 | 4,914 | 1965 | Apr. 2014 | |||||||||||||||||||||||||||||||||||||||||||
Industrial facility in Houston, TX | 1,222 | — | 1,573 | — | 26 | 1,599 | 1973 | May-14 | |||||||||||||||||||||||||||||||||||||||||||
Warehouse/distribution facility in Chicago, IL | 5,976 | — | 8,564 | — | 398 | 8,962 | 1942 | May-14 | |||||||||||||||||||||||||||||||||||||||||||
$ | 25,582 | $ | 3,023 | $ | 40,656 | $ | — | $ | 1,903 | $ | 45,582 | ||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Costs | Increase | Gross Amount at which Carried | Life on which | |||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | (Decrease) | at Close of Period (c) | Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | in Net | in Latest | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition (a) | Investments (b) | Statement of | |||||||||||||||||||||||||||||||||||||||||||||||||
Income is | |||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings | Personal Property | Land | Buildings | Personal Property | Total | Accumulated Depreciation (c) | Date of Construction | Date Acquired | Computed | |||||||||||||||||||||||||||||||||||||||
Operating Real Estate – Multi-Family Facilities | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tucker, GA | $ | 14,140 | $ | 4,288 | $ | 15,201 | $ | 237 | $ | — | $ | — | $ | 4,288 | $ | 15,201 | $ | 237 | $ | 19,726 | $ | 83 | 2002 | Oct. 2014 | 40 yrs. | ||||||||||||||||||||||||||
Atlanta, GA | 15,330 | 4,513 | 16,404 | 780 | — | — | 4,513 | 16,404 | 780 | 21,697 | 101 | 1990 | Oct. 2014 | 38 yrs. | |||||||||||||||||||||||||||||||||||||
Operating Real Estate – Self-Storage Facilities | |||||||||||||||||||||||||||||||||||||||||||||||||||
Kissimmee, FL | $ | 7,000 | $ | 3,306 | $ | 7,190 | $ | — | $ | — | $ | — | $ | 3,306 | $ | 7,190 | $ | — | $ | 10,496 | $ | 198 | 2005 | Jan. 2014 | 38 yrs. | ||||||||||||||||||||||||||
St. Petersburg, FL | 7,500 | 3,258 | 7,128 | — | — | — | 3,258 | 7,128 | — | 10,386 | 184 | 2007 | Jan. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Corpus Christi, TX | 2,725 | 340 | 3,428 | — | — | — | 340 | 3,428 | — | 3,768 | 63 | 1998 | Jul. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||
Kailua-Kona, HI | 3,770 | 1,356 | 3,699 | — | — | — | 1,356 | 3,699 | — | 5,055 | 54 | 1991 | Jul. 2014 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Miami, FL | 3,034 | 1,915 | 1,894 | — | — | — | 1,915 | 1,894 | — | 3,809 | 27 | 1986 | Aug. 2014 | 33 yrs. | |||||||||||||||||||||||||||||||||||||
Palm Desert, CA | 6,890 | 669 | 8,899 | — | — | — | 669 | 8,899 | — | 9,568 | 93 | 2006 | Aug. 2014 | 40 yrs. | |||||||||||||||||||||||||||||||||||||
Columbia, SC | 3,056 | 1,065 | 2,742 | — | — | — | 1,065 | 2,742 | — | 3,807 | 32 | 1988 | Sep. 2014 | 27 - 30 yrs. | |||||||||||||||||||||||||||||||||||||
Kailua-Kona, HI | 3,525 | 2,263 | 2,704 | — | — | — | 2,263 | 2,704 | — | 4,967 | 22 | 2004 | Oct. 2014 | 32 yrs. | |||||||||||||||||||||||||||||||||||||
Pompano Beach, FL | — | 700 | 3,436 | — | — | — | 700 | 3,436 | — | 4,136 | 24 | 1992 | Oct. 2014 | 28 yrs. | |||||||||||||||||||||||||||||||||||||
Jensen Beach, FL | — | 1,596 | 5,963 | — | — | — | 1,596 | 5,963 | — | 7,559 | 25 | 1989 | Nov. 2014 | 37 yrs. | |||||||||||||||||||||||||||||||||||||
Dickinson, TX | — | 1,680 | 7,165 | — | — | — | 1,680 | 7,165 | — | 8,845 | 14 | 2001 | Dec. 2014 | 35 yrs. | |||||||||||||||||||||||||||||||||||||
Humble, TX | — | 341 | 6,582 | — | — | — | 341 | 6,582 | — | 6,923 | 8 | 2009 | Dec. 2014 | 39 yrs. | |||||||||||||||||||||||||||||||||||||
Temecula, CA | — | 449 | 8,574 | — | — | — | 449 | 8,574 | — | 9,023 | 11 | 2006 | Dec. 2014 | 37 yrs. | |||||||||||||||||||||||||||||||||||||
Cumming, GA | — | 300 | 3,531 | — | — | — | 301 | 3,530 | — | 3,831 | — | 1994 | Dec. 2014 | 27 yrs. | |||||||||||||||||||||||||||||||||||||
$ | 66,970 | $ | 28,039 | $ | 104,540 | $ | 1,017 | $ | — | $ | — | $ | 28,040 | $ | 104,539 | $ | 1,017 | $ | 133,596 | $ | 939 | ||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | The increase (decrease) in net investment was primarily due to (i) the amortization of unearned income from net investment in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received and (ii) changes in foreign currency exchange rates. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(c) | A reconciliation of real estate and accumulated depreciation follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED | |||||||||||||||||||||||||||||||||||||||||||||||||||
NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subject to Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 150,424 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Additions | 618,248 | 150,403 | |||||||||||||||||||||||||||||||||||||||||||||||||
Improvements | 1,551 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification from real estate under construction | 18,502 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (44,990 | ) | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 743,735 | $ | 150,424 | |||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation for Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subject to Operating Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 824 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 10,543 | 824 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (492 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 10,875 | $ | 824 | |||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Additions | 133,596 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 133,596 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation for Operating Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 939 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 939 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $1.0 billion. |
Schedule_IV_Mortgage_Loans_on_
Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||||
Schedule IV - Mortgage Loans on Real Estate | CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED | |||||||||||||
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||
December 31, 2014 | ||||||||||||||
(dollars in thousands) | ||||||||||||||
Interest Rate | Final Maturity Date | Fair Value | Carrying Amount | |||||||||||
Description | ||||||||||||||
Financing agreement - Cipriani | 10 | % | Jul. 2024 | $ | 28,000 | $ | 28,000 | |||||||
NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||
(in thousands) | ||||||||||||||
Reconciliation of Mortgage Loans on Real Estate | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Balance | $ | — | $ | — | ||||||||||
Additions | 28,000 | — | ||||||||||||
Ending balance | $ | 28,000 | $ | — | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies(Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
We had no operating activity prior to April 8, 2013 and acquired our first investment on August 20, 2013. As such, consolidated statements of operations and cash flows from the period of inception to December 31, 2012 have not been presented. | |
Basis of Consolidation | Basis of Consolidation |
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portion of equity in a consolidated subsidiary that is not attributable, directly or indirectly, to us is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. | |
When we obtain an economic interest in an entity, we evaluate the entity to determine if it is deemed to be a variable interest entity, or a VIE, and, if so, whether we are deemed to be the primary beneficiary and are therefore required to consolidate the entity. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of a VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. We performed an analysis of all of our subsidiary entities to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of our assessment, we have concluded that none of our subsidiaries qualified as a VIE. All our subsidiaries are consolidated. | |
For an entity that is not considered to be a VIE, but rather a voting interest entity, the general partners in a limited partnership (or similar entity) are presumed to control the entity regardless of the level of their ownership and, accordingly, may be required to consolidate the entity. We evaluate the partnership agreements or other relevant contracts to determine whether there are provisions in the agreements that would overcome this presumption. If the agreements provide the limited partners with either (i) the substantive ability to dissolve or liquidate the limited partnership or otherwise remove the general partners without cause or (ii) substantive participating rights, the limited partners’ rights overcome the presumption of control by a general partner of the limited partnership, and, therefore, the general partner must account for its investment in the limited partnership using the equity method of accounting. | |
Accounting for Acquisitions | Accounting for Acquisitions |
In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. | |
Purchase Price Allocation | |
When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and building site improvements. The intangible assets include the above- and below-market value of leases and the value of in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined by reference to portfolio appraisals, which determines their values, on a property level, by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term and the estimated residual value. The estimated residual value of each property is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting the estimated costs of sale. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including the creditworthiness of the lessees, industry surveys, property type, location, and age, current lease rates relative to market lease rates, and anticipated lease duration. In the case where a tenant has a purchase option deemed to be materially favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in its determination of residual value. | |
For self-storage assets, the hypothetical sales price is derived by capitalizing the estimated net operating income at the end of the expected holding period. Estimated net operating income factors in the gross potential revenue of the business less economic vacancy rates and expected operational expenses. Where a property is deemed to have excess land, the discounted cash flow analysis includes the estimated excess land value at the assumed expiration of the lease, based upon an analysis of comparable land sales or listings in the general market area of the property grown at estimated market growth rates through the year of lease expiration. See Revenue Recognition and Depreciation below for a discussion of our significant accounting policies related to tangible assets. | |
We record above- and below-market lease intangible values for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over a period that includes renewal options that have rental rates below estimated market rental rates. We amortize the above-market lease intangible as a reduction of rental income over the contractual lease term. We amortize the below-market lease intangible as an increase to rental income over the contractual lease term and any below-market renewal periods in the respective leases. We include the value of below-market leases in Prepaid and deferred rental income in the consolidated financial statements. We include the amortization of below-market ground lease intangibles in Property expenses in the consolidated financial statements. We include the amortization of above-market ground lease intangibles in Depreciation and amortization in the consolidated financial statements. | |
The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvement allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. | |
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to lease revenues, and in-place lease values to amortization expense. | |
When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. | |
Goodwill | Goodwill |
In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocated goodwill to our sole Real Estate reporting unit. In the event we dispose of a property that constitutes a business under GAAP from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. All or a portion of the goodwill may be attributed to foreign deferred tax liabilities assumed in the business combination. The deferred tax liability results from the excess of basis under GAAP over the tax basis of the asset in the taxing jurisdiction. | |
Real Estate | Real Estate and Operating Real Estate |
We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that increase the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. | |
Real Estate Under Construction | |
For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. | |
Interest Capitalized in Connection with Real Estate Under Construction | |
Operating real estate is stated at cost less accumulated depreciation. Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on the interest rate of any debt linked to the project or a blended rate of the mortgages outstanding in the company if there is no debt on the project. | |
Notes Receivable | Note Receivable |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. | |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. | |
Other Assets And Other Liabilities | Other Assets and Other Liabilities |
We include restricted cash balances, escrow balances held by lenders, tenant receivables, deferred charges, prepaid expenses, derivative assets, and deferred tax assets in Other assets. We include derivative instruments and amounts held on behalf of tenants in Other liabilities. Deferred charges are costs incurred in connection with mortgage financings and refinancings that are amortized over the terms of the mortgages and included in Interest expense in the consolidated financial statements. | |
Deferred Acquisition Fees Payable to Affiliates | Deferred Acquisition Fees Payable to Affiliate |
Fees payable to the advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates (Note 3). This fee together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). | |
Treasury Stock | Treasury Stock |
Treasury stock is recorded at cost under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. | |
Noncontrolling Interests | Noncontrolling Interests |
We accounted for the Special General Partner Interest as a noncontrolling interest (Note 3). The Special General Partner Interest entitles the Special General Partner to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. | |
Revenue Recognition | Revenue Recognition |
Real Estate Leased to Others | |
We lease real estate to others primarily on a triple-net leased basis whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs and improvements. We charge expenditures for maintenance and repairs, including routine betterments, to operations as incurred. For the year ended December 31, 2014, our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $3.5 million. | |
Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rent increases were insignificant for the periods presented. | |
We account for leases as operating or direct financing leases as described below: | |
Operating leases — We record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 4). | |
Direct financing method — We record leases accounted for under the direct financing method as a net investment (Note 5). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. | |
Asset Retirement Obligations | Asset Retirement Obligations |
Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. | |
In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. | |
Organization And Offering Costs | Organization and Offering Costs |
The advisor has paid various organization and offering costs on our behalf, all of which we are liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital will be accrued as deferred offering costs and included in Other assets, net on the consolidated balance sheets. Upon receipt of offering proceeds, we will charge the deferred costs to stockholders’ equity and will reimburse the advisor for costs incurred. Such reimbursements will not exceed regulatory cost limitations. | |
Depreciation | Depreciation |
We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life. | |
Impairments | Impairments |
We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, a lease default by a tenant that is experiencing financial difficulty, the termination of a lease by a tenant, or the rejection of a lease in a bankruptcy proceeding. We may incur impairment charges on long-lived assets, including real estate and direct financing leases. We may also incur impairment charges on goodwill. Our policies for evaluating whether these assets are impaired are presented below. | |
Real Estate | |
For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of, among other things, market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. | |
As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. | |
Direct Financing Leases | |
We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. | |
When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we assess the carrying amount for recoverability and, if as a result of the decreased expected cash flows we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. | |
Note Receivable | |
For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. | |
Goodwill | |
We evaluate goodwill for possible 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, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. | |
The goodwill impairment test is three-step test. Step zero is a qualitative analysis whereas step one and two are quantitative. if step zero is not considered, the first step is to identify whether the value of the recorded goodwill is impaired and if it is determined that goodwill is impaired, the second step seeks to measure the amount of the impairment. | |
The company applied step zero to its analysis. In this step, qualitative factors are assessed to determine if it is more likely that not that the fair value of the reporting unit is less than its carrying value. In this step the macro-economic environment in which the reporting unit operates is analyzed for any significant changes such as deterioration in the market that the Company operates or overall financial performance such as declining cash flows. Also, entity specific changes are analyzed such as change in management, strategy or composition of reporting unit. If after assessing the overall macro-economic environment, it is unlikely that the fair value is less than the carrying value, steps one and two do not need to be performed. | |
Foreign Currency | Foreign Currency |
Translation | |
We have interests in real estate investments primarily in Europe and the United Kingdom, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from local currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from this translation as a component of Other comprehensive loss in equity. These translation gains and losses are released to net loss when we have substantially exited from all investments in the related currency. | |
Transaction Gains or Losses | |
A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction will generally be included in net income for the period in which the transaction is settled. Also, intercompany foreign currency transactions that are scheduled for settlement, consisting primarily consisting of accrued interest and the translation to the reporting currency of subordinated intercompany debt with scheduled principal payments, are included in the determination of net loss. | |
Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net loss but are reported as a component of Other comprehensive loss in equity. | |
Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. For the years ended December 31, 2014 and 2013, we recognized net realized losses on such transactions of $0.4 million and less than $0.1 million, respectively. | |
Derivative Instruments | Derivative Instruments |
We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive loss into earnings when the hedged investment is either sold or substantially liquidated. | |
We use the portfolio exception in Accounting Standards Codification 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. | |
Income Taxes | Income Taxes |
We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. | |
We conduct business in various states and municipalities primarily within the United States and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state and local taxes and a provision for such taxes is included in the consolidated financial statements. | |
We elect to treat certain of our corporate subsidiaries as TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. | |
Deferred income taxes are recorded for the corporate subsidiary TRSs and for the foreign taxes in those respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities (Note 12). | |
Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. | |
Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases, and for their operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | |
Deferred Income Taxes | |
We recognize deferred income taxes in certain of our subsidiaries taxable in the United States 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 as described in Note 12). In addition, deferred tax assets may arise from unutilized tax net operating losses generated in prior years. We provide a valuation allowance against our deferred income tax assets when we believe 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). | |
Earnings Per Share | Loss Per Share |
We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic share of common stock is calculated by dividing Net loss attributable to CPA®:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net loss attributable to CPA®:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2014 and 2013, respectively. The allocation for the Class A common stock excludes the shareholder servicing fee of $0.8 million and less than $0.1 million for the years ended December 31, 2014 and 2013, respectively, that is only applicable to holders of Class C common stock (Note 3). | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. | |
Description of New Accounting Pronouncements | ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, and affects the evaluation of fee arrangements in the primary beneficiary determination. ASU 2015-02 is effective for periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating the impact of ASU 2015-02 on our consolidated financial statements. |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, but will apply to sales of real estate, reimbursed tenant costs and revenues generated from our operating properties. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective beginning in 2017 and early adoption is not permitted. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. We are currently evaluating the impact of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | |
ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). ASU 2014-08 changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity, or a business. Under this new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a “strategic shift that has or will have a major effect on an entity’s operations and financial results.” The new guidance also requires disclosures including pre-tax profit or loss and significant gains or losses arising from dispositions that represent an “individually significant component of an entity,” but do not meet the criteria to be reported as discontinued operations under ASU 2014-08. In the ordinary course of business, we may sell properties, which, under prior accounting guidance, would have been reported each as discontinued operations; however, under ASU 2014-08 such property dispositions typically would not meet the criteria to be reported as discontinued operations. We elected to early adopt ASU 2014-08 prospectively for any dispositions after December 31, 2014. Consequently, individually significant operations that are sold or classified as held-for-sale during 2014 will not be reclassified to discontinued operations in the consolidated financial statements, but will be disclosed in the Notes. This ASU did not have a significant impact on our financial position or results of operations for any of the periods presented. | |
ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward as a reduction to a deferred tax asset, except in certain situations. To the extent the net operating loss carryforward, similar tax loss or tax credit carryforward is not available as of the reporting date under the governing tax law to settle any additional income taxes that would result from the disallowance of the tax position or the governing tax law does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and should not net with a deferred tax asset. ASU 2013-11 became effective for us at the beginning of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial condition or results of operations. | |
Intangible Assets and Liabilities | Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income in the consolidated financial statements. We amortize in-place lease intangibles to Depreciation and amortization expense in the consolidated financial statements over the remaining initial term of each lease. Amortization of below-market and above-market ground lease intangibles is included in Property expenses in the consolidated financial statements. |
In connection with our acquisitions of properties (Note 4), we have recorded net lease intangibles that are being amortized over periods ranging from one year to 30 years. In addition, we have ground lease intangibles that are being amortized over periods of up to 99 years. In-place lease intangibles are included in In-place lease intangible assets, net in the consolidated financial statements. Below-market ground lease intangibles and above-market rent intangibles are included in Other intangible assets, net in the consolidated financial statements. Below-market rent intangibles and above-market ground lease intangibles are included in Prepaid and deferred rental income in the consolidated financial statements. | |
Fair Value Measurements | Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts (Note 8). These derivatives were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. |
Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps (Note 8). These derivatives were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. | |
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate swaps and foreign currency forward contracts; and Level 3, for securities and other derivative assets that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. |
Agreements_and_Transactions_wi1
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Related Party Transactions | The following tables present a summary of fees we paid and expenses we reimbursed to the advisor and other affiliates in accordance with the terms of the related agreements (in thousands): | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Amounts Included in the Consolidated Statements of Operations | |||||||||
Acquisition expenses | $ | 38,825 | $ | — | |||||
Asset management fees | 2,635 | 117 | |||||||
Available cash distribution | 1,778 | 92 | |||||||
Shareholder servicing fee | 814 | 46 | |||||||
Personnel and overhead reimbursements | 170 | — | |||||||
Interest expense on deferred acquisition fees and note payable | 151 | 36 | |||||||
Stock-based compensation | 100 | 67 | |||||||
Costs incurred by the advisor | — | 182 | |||||||
Excess operating expenses charged back to the advisor | — | (69 | ) | ||||||
$ | 44,473 | $ | 471 | ||||||
Other Transaction Fees Incurred | |||||||||
Selling commissions and dealer manager fees | $ | 104,117 | $ | 23,428 | |||||
Current acquisition fees | 3,568 | 4,324 | |||||||
Deferred acquisition fees | 2,855 | 3,459 | |||||||
Offering costs | 2,993 | 5,050 | |||||||
$ | 113,533 | $ | 36,261 | ||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Due to Affiliate | |||||||||
Deferred acquisition fees, including interest | $ | 17,525 | $ | 2,705 | |||||
Accounts payable | 2,702 | 2,406 | |||||||
Asset management fees payable | 378 | 38 | |||||||
Reimbursable costs | 46 | — | |||||||
$ | 20,651 | $ | 5,149 | ||||||
Net_Investments_in_Properties_
Net Investments in Properties (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||
Schedule of Real Estate Properties | Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 104,604 | $ | 36,636 | |||||||||||||||||||||
Buildings | 639,131 | 113,788 | |||||||||||||||||||||||
Less: Accumulated depreciation | (10,875 | ) | (824 | ) | |||||||||||||||||||||
$ | 732,860 | $ | 149,600 | ||||||||||||||||||||||
Operating real estate, which consists of our 14 self-storage properties and two multi-family properties, at cost, is summarized as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Land | $ | 28,040 | $ | — | |||||||||||||||||||||
Buildings | 105,556 | — | |||||||||||||||||||||||
Less: Accumulated depreciation | (939 | ) | — | ||||||||||||||||||||||
$ | 132,657 | $ | — | ||||||||||||||||||||||
Scheduled Future Minimum Rents | Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Years Ending December 31, | Total | ||||||||||||||||||||||||
2015 | $ | 67,598 | |||||||||||||||||||||||
2016 | 67,022 | ||||||||||||||||||||||||
2017 | 68,474 | ||||||||||||||||||||||||
2018 | 69,199 | ||||||||||||||||||||||||
2019 | 69,437 | ||||||||||||||||||||||||
Thereafter | 542,259 | ||||||||||||||||||||||||
Total | $ | 883,989 | |||||||||||||||||||||||
Schedule of Assets Acquired in Business Combination | The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through December 31, 2014 (in thousands): | ||||||||||||||||||||||||
2014 Business Combinations (a) | |||||||||||||||||||||||||
Vopak | Bank Pekao | Siemens AS | Solo Cup | Other Business Combinations (b) | Total | ||||||||||||||||||||
Cash consideration | $ | 76,134 | $ | 73,952 | $ | 82,019 | $ | 80,650 | $ | 337,724 | $ | 650,479 | |||||||||||||
Assets acquired at fair value: | |||||||||||||||||||||||||
Land | $ | 4,493 | $ | — | $ | 14,362 | $ | 13,748 | $ | 52,439 | $ | 85,042 | |||||||||||||
Buildings | 54,286 | 112,676 | 59,219 | 52,135 | 275,609 | 553,925 | |||||||||||||||||||
In-place lease intangible assets | 16,376 | 23,471 | 10,528 | 15,394 | 42,145 | 107,914 | |||||||||||||||||||
Above-market rent intangible assets | 1,156 | 3,014 | — | 773 | 3,467 | 8,410 | |||||||||||||||||||
Below-market ground lease intangible assets | — | 9,456 | — | — | — | 9,456 | |||||||||||||||||||
Other assets acquired (c) | — | — | 3,538 | — | 105 | 3,643 | |||||||||||||||||||
76,311 | 148,617 | 87,647 | 82,050 | 373,765 | 768,390 | ||||||||||||||||||||
Liabilities assumed at fair value: | |||||||||||||||||||||||||
Mortgages assumed | — | — | — | — | (33,758 | ) | (33,758 | ) | |||||||||||||||||
Below-market rent intangible liabilities | (177 | ) | (713 | ) | — | (1,400 | ) | (1,499 | ) | (3,789 | ) | ||||||||||||||
Above-market ground lease intangible liabilities | — | — | — | — | (133 | ) | (133 | ) | |||||||||||||||||
Deferred tax liability | — | — | (6,982 | ) | — | (4,058 | ) | (11,040 | ) | ||||||||||||||||
Other liabilities assumed (c) | — | — | (5,628 | ) | — | (651 | ) | (6,279 | ) | ||||||||||||||||
(177 | ) | (713 | ) | (12,610 | ) | (1,400 | ) | (40,099 | ) | (54,999 | ) | ||||||||||||||
Total identifiable net assets | 76,134 | 147,904 | 75,037 | 80,650 | 333,666 | 713,391 | |||||||||||||||||||
Amounts attributable to noncontrolling interest | — | (73,952 | ) | — | — | — | (73,952 | ) | |||||||||||||||||
Goodwill | — | — | 6,982 | — | 4,058 | 11,040 | |||||||||||||||||||
$ | 76,134 | $ | 73,952 | $ | 82,019 | $ | 80,650 | $ | 337,724 | $ | 650,479 | ||||||||||||||
(a) | The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information in this table is based on the best estimates of management as of the date of this Report. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets acquired and liabilities assumed are subject to change. | ||||||||||||||||||||||||
(b) | Other business combinations include: Albion Resorts, Craigentinny, UK Auto, ATK, MISO, Cooper Tire, Gentry, Dupont, Infineon, Oakbank Portfolio, Truffle Portfolio, Belk Inc., AT&T, North American Lighting Inc., and our 2014 Self Storage Acquisitions. | ||||||||||||||||||||||||
(c) | During the year ended December 31, 2014, we recorded a measurement period adjustment related to our Siemens AS purchase price allocation, which we acquired in February 2014. This adjustment, which was made as a result of new information that became available to us later in the year, included an increase of $0.7 million to both other liabilities assumed and other assets acquired. No other adjustment was needed to retrospectively record this measurement period adjustment as if the accounting was completed at the acquisition date. | ||||||||||||||||||||||||
Schedule Of Revenues and Net Income From Business Combination | |||||||||||||||||||||||||
Vopak | Bank Pekao | Siemens AS | Solo Cup | Other Business Combinations (b) | |||||||||||||||||||||
December 17, 2014 through | March 31, 2014 through | February 27, 2014 through | 3-Feb-14 | Respective Acquisition | Total | ||||||||||||||||||||
31-Dec-14 | 31-Dec-14 | 31-Dec-14 | through | Dates through | |||||||||||||||||||||
31-Dec-14 | 31-Dec-14 | ||||||||||||||||||||||||
Revenues | $ | 217 | $ | 9,586 | $ | 5,437 | $ | 5,489 | $ | 9,872 | $ | 30,601 | |||||||||||||
Net loss | $ | (7,864 | ) | $ | (12,920 | ) | $ | (6,487 | ) | $ | (4,004 | ) | $ | (30,101 | ) | $ | (61,376 | ) | |||||||
Net loss attributable to noncontrolling interests | — | 3,349 | — | — | 32 | 3,381 | |||||||||||||||||||
Net loss attributable to CPA®:18 – Global | $ | (7,864 | ) | $ | (9,571 | ) | $ | (6,487 | ) | $ | (4,004 | ) | $ | (30,069 | ) | $ | (57,995 | ) | |||||||
Pro Forma Information | (Dollars in thousands, except share and per share amounts) | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Pro forma total revenues (a) | $ | 92,486 | $ | 72,168 | |||||||||||||||||||||
Pro forma net income (loss) (b) (c) | 1,261 | (53,893 | ) | ||||||||||||||||||||||
Pro forma net (income) loss attributable to noncontrolling interests | (3,207 | ) | 3,769 | ||||||||||||||||||||||
Pro forma net loss attributable to CPA®:18 – Global | $ | (1,946 | ) | $ | (50,124 | ) | |||||||||||||||||||
Pro forma loss per Class A share: | |||||||||||||||||||||||||
Net loss attributable to CPA®:18 – Global (d) | $ | (1,046 | ) | $ | (49,544 | ) | |||||||||||||||||||
Weighted-average shares outstanding (e) | 107,420,043 | 46,215,482 | |||||||||||||||||||||||
Loss per share | $ | (0.01 | ) | $ | (1.07 | ) | |||||||||||||||||||
Pro forma loss per Class C share: | |||||||||||||||||||||||||
Net loss attributable to CPA®:18 – Global | $ | (900 | ) | $ | (580 | ) | |||||||||||||||||||
Weighted-average shares outstanding (e) | 8,847,966 | 497,725 | |||||||||||||||||||||||
Loss per share | $ | (0.10 | ) | $ | (1.16 | ) | |||||||||||||||||||
___________ | |||||||||||||||||||||||||
(a) | Pro forma total revenues includes revenues from lease contracts based on the terms in place at December 31, 2014 and does not include adjustments to contingent rental amounts. | ||||||||||||||||||||||||
(b) | During the year ended December 31, 2014, we incurred $56.6 million of acquisition expenses related to our 2014 Acquisitions that were deemed to be business combinations. The pro forma table above presents such acquisition expenses as if they were incurred on January 1, 2013. | ||||||||||||||||||||||||
(c) | During the year ended December 31, 2014, we incurred $1.6 million of one-time tax expenses related to our 2014 Acquisitions that were deemed to be business combinations. The pro forma table above presents such tax expenses as if they were incurred on January 1, 2013. | ||||||||||||||||||||||||
(d) | For the years ended December 31, 2014 and 2013, the allocation for the Class A common stock excludes the shareholder servicing fee of $0.8 million and less than $0.1 million, respectively, which is only applicable to holders of Class C common stock (Note 3). | ||||||||||||||||||||||||
(e) | The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for our business combinations were issued on January 1, 2013. We assumed that we would have issued 43,399,504 Class A shares to raise such funds. | ||||||||||||||||||||||||
Real Estate Under Construction | The following table provides the activity of our Real estate under construction (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||||||
Capitalized funds | 20,617 | — | |||||||||||||||||||||||
Placed into service | (18,502 | ) | — | ||||||||||||||||||||||
Capitalized interest | 143 | — | |||||||||||||||||||||||
Ending balance | $ | 2,258 | $ | — | |||||||||||||||||||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Capital Leases Net Investment In Direct Financing Leases | Net investments in direct financing leases is summarized as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Minimum lease payments receivable | $ | 86,338 | $ | 50,006 | |||||||||
Unguaranteed residual value | 45,473 | 22,064 | |||||||||||
131,811 | 72,070 | ||||||||||||
Less: unearned income | (86,229 | ) | (50,006 | ) | |||||||||
$ | 45,582 | $ | 22,064 | ||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2014 were as follows (in thousands): | ||||||||||||
Years Ending December 31, | Total | ||||||||||||
2015 | $ | 3,856 | |||||||||||
2016 | 3,885 | ||||||||||||
2017 | 3,915 | ||||||||||||
2018 | 3,945 | ||||||||||||
2019 | 3,977 | ||||||||||||
Thereafter | 66,760 | ||||||||||||
Total | $ | 86,338 | |||||||||||
Financing Receivable Credit Quality Indicators | A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): | ||||||||||||
Number of Tenants/Obligors at December 31, | Carrying Value at December 31, | ||||||||||||
Internal Credit Quality Indicator | 2014 | 2013 | 2014 | 2013 | |||||||||
1 | — | — | $ | — | $ | — | |||||||
2 | 1 | — | 8,962 | — | |||||||||
3 | 4 | 1 | 64,620 | 22,064 | |||||||||
4 | — | — | — | — | |||||||||
5 | — | — | — | — | |||||||||
$ | 73,582 | $ | 22,064 | ||||||||||
Intangible_Assets_and_Liabilit1
Intangible Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Intangible Assets And Liabilities [Abstract] | ||||||||||||||||||||||||
Schedule Of Acquired Finite Lived Intangible Assets Liabilities By Major Class | In connection with our investment activity during the year ended December 31, 2014, we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): | |||||||||||||||||||||||
Weighted-Average Life | Amount | |||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | 11.4 | $ | 135,679 | |||||||||||||||||||||
Above-market rent | 13.7 | 11,067 | ||||||||||||||||||||||
Below-market ground lease | 74.9 | 9,625 | ||||||||||||||||||||||
$ | 156,371 | |||||||||||||||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | 16.2 | $ | (4,723 | ) | ||||||||||||||||||||
Above-market ground lease | 81.1 | (133 | ) | |||||||||||||||||||||
$ | (4,856 | ) | ||||||||||||||||||||||
Schedule of Goodwill | The following table presents a reconciliation of our goodwill (in thousands): | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Balance at January 1, 2014 | $ | — | ||||||||||||||||||||||
Acquisition of Siemens AS (a) | 6,982 | |||||||||||||||||||||||
Acquisition of Albion Resorts (a) | 4,058 | |||||||||||||||||||||||
Foreign currency translation adjustment | (1,348 | ) | ||||||||||||||||||||||
Balance at December 31, 2014 | $ | 9,692 | ||||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | This asset represents the consideration exceeding the fair value of the identifiable assets acquired and liabilities assumed in our Siemens AS and Albion Resorts investments (Note 4). | |||||||||||||||||||||||
Schedule Of Intangible Assets and Liabilities | Intangible assets and liabilities are summarized as follows (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||
In-place lease | $ | 177,970 | $ | (10,335 | ) | $ | 167,635 | $ | 53,832 | $ | (495 | ) | $ | 53,337 | ||||||||||
Below-market ground lease | 15,790 | (167 | ) | 15,623 | 8,227 | (3 | ) | 8,224 | ||||||||||||||||
Above-market rent | 10,424 | (380 | ) | 10,044 | — | — | — | |||||||||||||||||
204,184 | (10,882 | ) | 193,302 | 62,059 | (498 | ) | 61,561 | |||||||||||||||||
Unamortizable Intangible Assets | ||||||||||||||||||||||||
Goodwill | 9,692 | — | 9,692 | — | — | — | ||||||||||||||||||
Total intangible assets | $ | 213,876 | $ | (10,882 | ) | $ | 202,994 | $ | 62,059 | $ | (498 | ) | $ | 61,561 | ||||||||||
Amortizable Intangible Liabilities | ||||||||||||||||||||||||
Below-market rent | $ | (6,276 | ) | $ | 347 | $ | (5,929 | ) | $ | (1,647 | ) | $ | 40 | $ | (1,607 | ) | ||||||||
Above-market ground lease | (127 | ) | — | (127 | ) | — | — | — | ||||||||||||||||
Total intangible liabilities | $ | (6,403 | ) | $ | 347 | $ | (6,056 | ) | $ | (1,647 | ) | $ | 40 | $ | (1,607 | ) | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2014, scheduled annual net amortization of intangibles is as follows (in thousands): | |||||||||||||||||||||||
Years Ending December 31, | Net Decrease in Rental Income | Increase to Amortization/Property Expenses | Net | |||||||||||||||||||||
2015 | $ | 98 | $ | 17,298 | $ | 17,396 | ||||||||||||||||||
2016 | 427 | 16,572 | 16,999 | |||||||||||||||||||||
2017 | 370 | 14,865 | 15,235 | |||||||||||||||||||||
2018 | 304 | 13,636 | 13,940 | |||||||||||||||||||||
2019 | 295 | 13,113 | 13,408 | |||||||||||||||||||||
Thereafter | 2,621 | 107,647 | 110,268 | |||||||||||||||||||||
Total | $ | 4,115 | $ | 183,131 | $ | 187,246 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Schedule Of Other Financial Instruments In Carrying Values And Fair Values | Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): | |||||||||||||||||
December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Debt (a) | 3 | $ | 521,712 | $ | 540,577 | $ | 85,060 | $ | 85,060 | |||||||||
Note receivable (b) | 3 | 28,000 | 28,000 | — | — | |||||||||||||
Deferred acquisition fees payable (c) | 3 | 17,525 | 17,520 | 2,705 | 2,705 | |||||||||||||
___________ | ||||||||||||||||||
(a) | We determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the tenant/obligor and interest rate risk. We also considered the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. | |||||||||||||||||
(b) | We estimated that the fair value of the note receivable approximated its carrying value. | |||||||||||||||||
(c) | We determined the estimated fair value of our deferred acquisition fees based on an estimate of discounted cash flows using two significant unobservable inputs, which are the leverage adjusted unsecured spread and an illiquidity adjustment of 108 basis points and 75 basis points, respectively. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. |
Risk_Management_and_Use_of_Der1
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table sets forth certain information regarding our derivative instruments (in thousands): | ||||||||||||||||||
Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | ||||||||||||||||||
Derivative Designated as Hedging Instruments | December 31, | December 31, | |||||||||||||||||
Balance Sheet Location | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency forward contracts | Other assets, net | $ | 3,664 | $ | — | $ | — | $ | — | ||||||||||
Interest rate swaps | Accounts payable, accrued expenses and other liabilities | — | — | (2,501 | ) | (219 | ) | ||||||||||||
$ | 3,664 | $ | — | $ | (2,501 | ) | $ | (219 | ) | ||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | ||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||
Other Comprehensive Loss on Derivatives (Effective Portion) | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | |||||||||||||||||
Interest rate swaps | $ | (2,282 | ) | $ | (219 | ) | |||||||||||||
Foreign currency forward contracts | 3,653 | — | |||||||||||||||||
Derivatives in Net Investment Hedging Relationship (a) | |||||||||||||||||||
Foreign currency forward contracts | 11 | — | |||||||||||||||||
Total | $ | 1,382 | $ | (219 | ) | ||||||||||||||
___________ | |||||||||||||||||||
(a) | The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. | ||||||||||||||||||
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | |||||||||||||||||||
Amount of Gain (Loss) Reclassified from | |||||||||||||||||||
Other Comprehensive Loss on Derivatives into Income (Effective Portion) | |||||||||||||||||||
Location of Gain (Loss) | Years Ended December 31, | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Recognized in Income | 2014 | 2013 | ||||||||||||||||
Interest rate swaps | Interest expense | $ | (759 | ) | $ | (1 | ) | ||||||||||||
Foreign currency forward contracts | Other income and (expenses) | 151 | — | ||||||||||||||||
Total | $ | (608 | ) | $ | (1 | ) | |||||||||||||
Schedule of Derivative Instruments | The interest rate swaps that we had outstanding on our consolidated subsidiaries at December 31, 2014 are summarized as follows (currency in thousands): | ||||||||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2014 (a) | ||||||||||||||||||
Interest rate swaps | 6 | USD | 43,600 | $ | (2,359 | ) | |||||||||||||
Interest rate swaps | 1 | GBP | 5,505 | (142 | ) | ||||||||||||||
$ | (2,501 | ) | |||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair value amount is based on the exchange rate of the British pound sterling at December 31, 2014, as applicable. | ||||||||||||||||||
The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2014 (currency in thousands): | |||||||||||||||||||
Foreign Currency Derivatives | Number of Instruments | Notional | Fair Value at | ||||||||||||||||
Amount | December 31, 2014 (a) | ||||||||||||||||||
Designated as Cash Flow Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts (b) | 47 | EUR | 18,051 | $ | 2,426 | ||||||||||||||
Foreign currency forward contracts (c) | 37 | NOK | 62,423 | 1,227 | |||||||||||||||
Designated as Net Investment Hedging Instruments | |||||||||||||||||||
Foreign currency forward contracts | 5 | NOK | 8,320 | 11 | |||||||||||||||
$ | 3,664 | ||||||||||||||||||
___________ | |||||||||||||||||||
(a) | Fair value amounts are based on the applicable exchange rate of the euro or the Norwegian krone, as applicable, at December 31, 2014. | ||||||||||||||||||
(b) | On January 16, 2014, March 31, 2014, and September 17, 2014, we entered into a series of forward contracts to exchange euros for U.S. dollars for each quarter through September 2020, which was intended to protect our then-projected revenue collections against possible exchange rate fluctuations in the euro. | ||||||||||||||||||
(c) | On February 27, 2014, September 14, 2014, and December 19, 2014, in conjunction with our Siemens AS and Apply AS investments (Note 4), we entered into a series of forward contracts to exchange Norwegian krone for U.S. dollars for each quarter through January 2020, which was intended to protect our then-projected revenue collections from this investment against possible exchange rate fluctuations in Norwegian krone. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule of Debt | The following table presents a summary of the non-recourse mortgage loans on our real estate property investments (dollars in thousands): | |||||||||||||||
Carrying Amount at December 31, | ||||||||||||||||
Tenant | Interest Rate | Rate Type | Maturity Date | 2014 | 2013 | |||||||||||
Infineon (a) | 3.1 | % | Fixed | 2/28/17 | $ | 13,756 | $ | — | ||||||||
Albion Resorts (a) | 6.7 | % | Fixed | 9/1/19 | 3,136 | — | ||||||||||
Albion Resorts (a) | 7.2 | % | Fixed | 9/1/19 | 5,592 | — | ||||||||||
Truffle/Oakbank (a) (b) | 3.9 | % | Variable | 12/11/19 | 11,401 | — | ||||||||||
Albion Resorts (a) | 7 | % | Fixed | 1/31/20 | 10,536 | — | ||||||||||
Agrokor (c) | 5.8 | % | Fixed | 12/31/20 | 37,038 | — | ||||||||||
Bank Pekao (a) | 3.3 | % | Fixed | 3/10/21 | 64,852 | — | ||||||||||
Dupont (a) | 3.8 | % | Fixed | 11/1/21 | 14,140 | — | ||||||||||
Gentry (a) | 3.8 | % | Fixed | 11/1/21 | 15,330 | — | ||||||||||
State Farm (c) (d) | 4.5 | % | Fixed | 9/10/23 | 72,800 | 72,800 | ||||||||||
Crowne Group Inc. (b) (c) | 5.6 | % | Variable | 12/30/23 | 11,980 | 12,260 | ||||||||||
Crowne Group Inc. (a) (b) | 5.5 | % | Variable | 12/30/23 | 3,987 | — | ||||||||||
St. Petersburg/Kissimmee properties (a) (e) | 4.9 | % | Fixed | 2/1/24 | 14,500 | — | ||||||||||
Automobile Protection Corporation (a) (b) | 5.1 | % | Variable | 2/5/24 | 3,752 | — | ||||||||||
Solo Cup (a) (d) | 5.1 | % | Fixed | 2/6/24 | 47,250 | — | ||||||||||
Swift Spinning Inc.(a) | 5 | % | Fixed | 5/1/24 | 7,738 | — | ||||||||||
Janus (a) (b) | 4.9 | % | Variable | 5/5/24 | 11,538 | — | ||||||||||
AT&T (a) | 4.6 | % | Fixed | 6/11/24 | 8,000 | — | ||||||||||
Self-storage - Multiple properties (a) (f) | 4.4 | % | Fixed | 10/11/24 | 23,000 | — | ||||||||||
Cooper Tire (a) (b) | 4.7 | % | Variable | 10/31/24 | 6,704 | — | ||||||||||
Barnsco Inc. (a) | 4.5 | % | Fixed | 11/14/24 | 5,200 | — | ||||||||||
ATK (a) | 4.2 | % | Fixed | 1/6/25 | 27,650 | — | ||||||||||
North American Lighting Inc.(a) | 4.8 | % | Fixed | 5/6/26 | 7,325 | — | ||||||||||
Air Enterprises (a) | 5.3 | % | Fixed | 4/1/39 | 3,257 | — | ||||||||||
$ | 430,462 | $ | 85,060 | |||||||||||||
__________ | ||||||||||||||||
(a) | These debt instruments were entered into or assumed in conjunction with the 2014 Acquisitions as described in Note 4 and Note 5. During the year ended December 31, 2014, we capitalized $4.7 million of deferred financing costs related to these debt instruments. We amortize deferred financing costs over the term of the related debt instrument using a method which approximates the effective interest method. | |||||||||||||||
(b) | These mortgage loans have variable interest rates, which have been effectively converted to fixed rates through the use of interest rate swaps (Note 8). The interest rates presented for these mortgage loans reflect interest rate swaps in effect at December 31, 2014. | |||||||||||||||
(c) | These mortgage loans were entered into in conjunction with the 2013 Acquisitions as described in Note 4. | |||||||||||||||
(d) | These mortgage loans have payments that are interest-only until their respective maturity dates. | |||||||||||||||
(e) | On January 23, 2014, we entered into a mortgage loan that we allocated between our St. Petersburg Self Storage and Kissimmee Self Storage investments, which are jointly and severally liable for any possible defaults on the loan. | |||||||||||||||
(f) | On October 9, 2014, we obtained a mortgage loan for $23.0 million, which was allocated to the six self-storage properties purchased from July 22, 2014 through October 9, 2014 (Note 4). | |||||||||||||||
Schedule of Debt Maturities | Scheduled debt principal payments during each of the next five calendar years following December 31, 2014 and thereafter are as follows (in thousands): | |||||||||||||||
Years Ending December 31, | Total | |||||||||||||||
2015 | $ | 5,079 | ||||||||||||||
2016 | 5,863 | |||||||||||||||
2017 | 19,908 | |||||||||||||||
2018 | 7,233 | |||||||||||||||
2019 | 18,657 | |||||||||||||||
Thereafter through 2039 | 464,706 | |||||||||||||||
521,446 | ||||||||||||||||
Unamortized premium | 266 | |||||||||||||||
Total | $ | 521,712 | ||||||||||||||
Loss_Per_Share_and_Equity_Tabl
Loss Per Share and Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share | The following tables present loss per share (in thousands, except share and per share amounts): | |||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Weighted-Average | Allocation of Net Loss | Loss | ||||||||||||||
Shares Outstanding | Per Share | |||||||||||||||
Class A common stock | 78,777,525 | $ | (49,494 | ) | $ | (0.63 | ) | |||||||||
Class C common stock | 8,847,966 | (6,373 | ) | (0.72 | ) | |||||||||||
Net loss attributable to CPA®:18 – Global | $ | (55,867 | ) | |||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Weighted-Average | Allocation of Net Loss | Loss | ||||||||||||||
Shares Outstanding | Per Share | |||||||||||||||
Class A common stock | 2,792,648 | $ | (496 | ) | $ | (0.18 | ) | |||||||||
Class C common stock | 497,725 | (135 | ) | (0.27 | ) | |||||||||||
Net loss attributable to CPA®:18 – Global | $ | (631 | ) | |||||||||||||
Schedule Of Distributions Paid Per Share For Tax | The following table presents annualized distributions per share reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Class A | Class C | Class A | Class C | |||||||||||||
Ordinary income | $ | 0.2164 | $ | 0.1841 | $ | — | $ | — | ||||||||
Return of capital | 0.4084 | 0.3475 | 0.1155 | 0.0982 | ||||||||||||
Total distributions paid | $ | 0.6248 | $ | 0.5316 | $ | 0.1155 | $ | 0.0982 | ||||||||
Accumulated Other Comprehensive Loss | The following table presents the components of Accumulated other comprehensive loss reflected in equity, net of tax. Amounts include our proportionate share of other comprehensive loss from our unconsolidated investments (in thousands): | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign currency translation adjustments | $ | (22,093 | ) | $ | 125 | |||||||||||
Net unrealized gain (loss) on derivative instruments | 1,152 | (219 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (20,941 | ) | $ | (94 | ) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): | |||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Gains and Losses | Foreign Currency Translation Adjustments | Total | ||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | (219 | ) | $ | 125 | $ | (94 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 763 | (29,602 | ) | (28,839 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to: | ||||||||||||||||
Interest expense | 759 | — | 759 | |||||||||||||
Other income and (expenses) | (151 | ) | — | (151 | ) | |||||||||||
Total | 608 | — | 608 | |||||||||||||
Net current-period Other comprehensive income | 1,371 | (29,602 | ) | (28,231 | ) | |||||||||||
Net current-period Other comprehensive loss attributable to noncontrolling interests | — | 7,384 | 7,384 | |||||||||||||
Ending balance | $ | 1,152 | $ | (22,093 | ) | $ | (20,941 | ) | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Gains and Losses | Foreign Currency Translation Adjustments | Total | ||||||||||||||
on Derivative Instruments | ||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | ||||||||||
Other comprehensive income (loss) before reclassifications | (219 | ) | 156 | (63 | ) | |||||||||||
Net current-period Other comprehensive income | (219 | ) | 156 | (63 | ) | |||||||||||
Net current-period Other comprehensive loss attributable to noncontrolling interests | — | (31 | ) | (31 | ) | |||||||||||
Ending balance | $ | (219 | ) | $ | 125 | $ | (94 | ) | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | We have determined that we operate in one reportable segment, real estate ownership, with domestic and international investments. Geographic information for this segment is as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Domestic | International | ||||||||||||||||||||||||||||||||||||||||
Texas | Illinois | Other Domestic | Total | Poland | Croatia | Norway | Other International (a) | Total | Total | ||||||||||||||||||||||||||||||||
Revenues | $ | 8,830 | $ | 6,307 | $ | 13,905 | $ | 29,042 | $ | 9,586 | $ | 7,511 | $ | 6,560 | $ | 1,618 | $ | 25,275 | $ | 54,317 | |||||||||||||||||||||
Income (loss) before income taxes | 416 | (4,242 | ) | (11,782 | ) | (15,608 | ) | (12,920 | ) | (1,711 | ) | (6,291 | ) | (21,190 | ) | (42,112 | ) | (57,720 | ) | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (804 | ) | — | (1,764 | ) | (2,568 | ) | 3,349 | (397 | ) | 321 | (16 | ) | 3,257 | 689 | ||||||||||||||||||||||||||
Net loss attributable to CPA®:18 – Global | (464 | ) | (4,242 | ) | (13,564 | ) | (18,270 | ) | (9,571 | ) | (1,684 | ) | (6,943 | ) | (19,399 | ) | (37,597 | ) | (55,867 | ) | |||||||||||||||||||||
Long-lived assets (b) | 122,965 | 33,999 | 342,132 | 499,096 | 97,707 | 45,076 | 138,676 | 160,802 | 442,261 | 941,357 | |||||||||||||||||||||||||||||||
Non-recourse debt and bonds payable | 83,226 | 55,250 | 145,674 | 284,150 | 64,852 | 37,039 | 91,250 | 44,421 | 237,562 | 521,712 | |||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Domestic | International | ||||||||||||||||||||||||||||||||||||||||
Texas | Other Domestic | Total | Croatia | Other International (a) | Total | Total | |||||||||||||||||||||||||||||||||||
Revenues | $ | 2,999 | $ | 9 | $ | 3,008 | $ | 284 | $ | — | $ | 284 | $ | 3,292 | |||||||||||||||||||||||||||
Income (loss) before income taxes | 566 | (693 | ) | (127 | ) | (155 | ) | 52 | (103 | ) | (230 | ) | |||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (293 | ) | (68 | ) | (361 | ) | (45 | ) | 16 | (29 | ) | (390 | ) | ||||||||||||||||||||||||||||
Net loss (income) attributable to CPA®:18 – Global | 272 | (761 | ) | (489 | ) | (210 | ) | 68 | (142 | ) | (631 | ) | |||||||||||||||||||||||||||||
Long-lived assets (b) | 96,437 | 22,898 | 119,335 | 52,418 | (89 | ) | 52,329 | 171,664 | |||||||||||||||||||||||||||||||||
Non-recourse debt | 72,800 | 12,260 | 85,060 | — | — | — | 85,060 | ||||||||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Other international includes the United Kingdom, the Netherlands, Germany, and Mauritius in 2014 and the Netherlands in 2013. | ||||||||||||||||||||||||||||||||||||||||
(b) | Consists of Net investments in real estate. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | (Dollars in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2014 (a) | June 30, 2014 (a) | September 30, 2014 (a) | 31-Dec-14 | |||||||||||||
Revenues | $ | 6,694 | $ | 12,647 | $ | 14,882 | $ | 20,094 | ||||||||
Expenses | 23,091 | 12,099 | 18,580 | 41,361 | ||||||||||||
Net loss | (18,443 | ) | (3,110 | ) | (9,465 | ) | (25,538 | ) | ||||||||
Net loss (income) attributable to noncontrolling interests | 3,773 | (1,248 | ) | (1,136 | ) | (700 | ) | |||||||||
Net loss attributable to CPA®:18 – Global | $ | (14,670 | ) | $ | (4,358 | ) | $ | (10,601 | ) | $ | (26,238 | ) | ||||
Class A common stock | ||||||||||||||||
Loss per share (b) | $ | (0.35 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.22 | ) | ||||
Weighted-average shares outstanding | 38,001,011 | 77,300,223 | 99,007,256 | 99,836,316 | ||||||||||||
Distributions declared per share | $ | 0.1562 | $ | 0.1562 | $ | 0.1562 | $ | 0.1562 | ||||||||
Class C common stock | ||||||||||||||||
Loss per share (b) | $ | (0.37 | ) | $ | (0.07 | ) | $ | (0.12 | ) | $ | (0.25 | ) | ||||
Weighted-average shares outstanding | 3,820,432 | 6,126,012 | 9,925,481 | 15,376,487 | ||||||||||||
Distributions declared per share | $ | 0.1329 | $ | 0.1329 | $ | 0.1329 | $ | 0.1329 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | 31-Dec-13 | |||||||||||||
Revenues | $ | — | $ | — | $ | 947 | $ | 2,345 | ||||||||
Expenses | — | 65 | 604 | 1,635 | ||||||||||||
Net loss | — | (65 | ) | (72 | ) | (104 | ) | |||||||||
Net income attributable to noncontrolling interests | — | — | (66 | ) | (324 | ) | ||||||||||
Net loss attributable to CPA®:18 – Global | $ | — | $ | (65 | ) | $ | (138 | ) | $ | (428 | ) | |||||
Class A common stock | ||||||||||||||||
Loss per share (b) | $ | — | $ | (2.81 | ) | $ | (0.18 | ) | $ | (0.03 | ) | |||||
Weighted-average shares outstanding | — | 23,222 | 616,292 | 10,469,534 | ||||||||||||
Distributions declared per share | $ | — | $ | — | $ | 0.1155 | $ | 0.1562 | ||||||||
Class C common stock | ||||||||||||||||
Loss per share (b) | $ | — | $ | — | $ | (0.20 | ) | $ | (0.05 | ) | ||||||
Weighted-average shares outstanding | — | — | 149,294 | 1,825,374 | ||||||||||||
Distributions declared per share | $ | — | $ | — | $ | 0.0982 | $ | 0.1329 | ||||||||
___________ | ||||||||||||||||
(a) | As discussed in Note 2, we identified certain errors in the consolidated financial statements for the quarterly periods in 2014. As a result, we recorded revision adjustments to the amounts previously reported, which aggregated to an increase to Net loss of $0.5 million, $0.1 million, and $3.0 million; an increase to Net loss (income) attributable to noncontrolling interests of less than $0.1 million, less than $(0.1) million, and zero; an increase to Net loss attributable to CPA®:18 – Global of $0.4 million, $0.2 million, and $3.0 million; and an increase of $0.01, zero, and $0.03 to loss per share for each of Class A and Class C, for the three months ended March 31, 2014, June 30, 2014, and September 30, 2014, respectively. In our quarterly reports for the periods ending March 31, 2015, June 30, 2015, and September 30, 2015 we will revise the presentation of the periods ended March 31, 2014, June 30, 2014, and September 30, 2014 to reflect these revision adjustments. | |||||||||||||||
(b) | The sum of the quarterly Loss per share does not agree to the annual Loss per share for both 2014 and 2013 due to the issuances of our common stock that occurred during such periods. |
Organization_and_Offering_Narr
Organization and Offering (Narratives) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | 1-May-14 | Jul. 25, 2013 | 7-May-13 | |
Public Offering | ||||
Capital interest ownership in operating partnership | 99.97% | |||
Common stock shares maximum offering | $1,000,000,000 | |||
Stock authorized during period share value dividend reinvestment plan | 400,000,000 | |||
Initial minimum offering amount | 2,000,000 | |||
Authorized reallocation of shares | 250,000,000 | |||
Additional Disclosures | ||||
Number of properties | 47 | |||
Number of tenants | 73 | |||
Area of real estate property (sqft) | 7,400,000 | |||
Square footage of operating properties | 1,500,000 | |||
Class A common stock | ||||
Public Offering | ||||
Common stock, par value on public offering date | $10 | |||
Common stock, par or stated value per share, pursuant to DRIP | $9.60 | |||
Cumulative funds from offering | 977,400,000 | |||
Distributions reinvested through the DRIP | 17,900,000 | |||
Class C common stock | ||||
Public Offering | ||||
Common stock, par value on public offering date | $9.35 | |||
Common stock, par or stated value per share, pursuant to DRIP | $8.98 | |||
Cumulative funds from offering | 165,700,000 | |||
Distributions reinvested through the DRIP | $2,200,000 | |||
Multi-Family | ||||
Additional Disclosures | ||||
Number of operating properties | 2 | |||
Self Storage | Business Combinations | ||||
Additional Disclosures | ||||
Number of operating properties | 14 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narratives) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Real estate tax expense | $3,500,000 | ||||
Basis of Presentation | |||||
Preferred Return | 5.00% | ||||
Shareholder servicing fee | 814,000 | 46,000 | |||
Class A | |||||
Basis of Presentation | |||||
Loss on foreign currency transaction | 400,000 | 100,000 | |||
Net loss | |||||
Basis of Presentation | |||||
Revision adjustment | -3,000,000 | -100,000 | -500,000 | ||
Foreign currency gain (loss) | Net loss | |||||
Basis of Presentation | |||||
Revision adjustment | -3,000,000 | -400,000 | -200,000 | ||
Foreign currency gain (loss) | Comprehensive loss | |||||
Basis of Presentation | |||||
Revision adjustment | 3,000,000 | 400,000 | 200,000 | ||
Provision for income taxes | |||||
Basis of Presentation | |||||
Revision adjustment | ($300,000) | $300,000 |
Agreements_and_Transactions_wi2
Agreements and Transactions with Related Parties (Narratives) (Details) (USD $) | 12 Months Ended | 28 Months Ended | 0 Months Ended | 3 Months Ended | 11 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 20, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Dec. 18, 2013 | Mar. 31, 2014 | Aug. 20, 2013 | 7-May-13 | Aug. 20, 2014 | |
property | property | property | property | ||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Aggregate gross proceeds from offering threshold ( percentage) | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||
Organizational costs incurred | $100,000 | ||||||||||||
Offering costs | 2,993,000 | 5,050,000 | 8,000,000 | ||||||||||
Reimbursed offering costs | 7,900,000 | 7,900,000 | 7,900,000 | 7,900,000 | |||||||||
Deferred offering cost charged to equity | 6,100,000 | ||||||||||||
Line of Credit | |||||||||||||
Ownership interest in jointly-owned investment | 50.00% | 50.00% | |||||||||||
Due to Related Party | |||||||||||||
Shareholder servicing fee | 814,000 | 46,000 | |||||||||||
Excess operating expense charge back | 0 | 69,000 | |||||||||||
Available cash distribution | 1,778,000 | 92,000 | |||||||||||
Preferred Return | 5.00% | ||||||||||||
Stock-based compensation, value | 100,000 | 67,000 | |||||||||||
Investment in real estate | 865,517,000 | 149,600,000 | 865,517,000 | 865,517,000 | 865,517,000 | ||||||||
Number of properties acquired | 54 | 54 | 54 | 54 | |||||||||
Contract sales price of investment | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of subordinated disposition fees | 3.00% | ||||||||||||
Adjusted net income | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of operating expense reimbursement | 25.00% | ||||||||||||
Average invested asset | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of operating expense reimbursement | 2.00% | ||||||||||||
Real estate commission | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of subordinated disposition fees | 50.00% | ||||||||||||
Current | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of acquisition fees | 2.50% | ||||||||||||
Deferred | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of acquisition fees | 2.00% | ||||||||||||
W.P. Carey | |||||||||||||
Line of Credit | |||||||||||||
Maximum line of credit approved by directors | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||
CPA 18 Operating Partnership | |||||||||||||
Line of Credit | |||||||||||||
Related party notes payable | 15,000,000 | 15,000,000 | |||||||||||
Maturity date | 20-Aug-14 | ||||||||||||
Class A common stock | |||||||||||||
Line of Credit | |||||||||||||
Common Stock Initial Public Offering Par Or Stated Value Per Share | $10 | ||||||||||||
Number of shares held by advisor | 99,924,009 | 21,290,097 | 99,924,009 | 99,924,009 | 99,924,009 | ||||||||
Due to Related Party | |||||||||||||
Selling commission per share sold | $0.70 | ||||||||||||
Dealer manager fee per share sold | $0.30 | ||||||||||||
Stock-based compensation, shares | 1,851 | ||||||||||||
Market value of stock | $9 | ||||||||||||
Class A common stock | Advisor | |||||||||||||
Line of Credit | |||||||||||||
Number of shares held by advisor | 260,511.74 | 260,511.74 | 260,511.74 | 260,511.74 | |||||||||
Advisor owned percentage of common stock | 0.20% | 0.20% | 0.20% | 0.20% | |||||||||
Class C common stock | |||||||||||||
Line of Credit | |||||||||||||
Common Stock Initial Public Offering Par Or Stated Value Per Share | $9.35 | ||||||||||||
Number of shares held by advisor | 18,026,013 | 2,776,001 | 18,026,013 | 18,026,013 | 18,026,013 | ||||||||
Due to Related Party | |||||||||||||
Selling commission per share sold | $0.14 | ||||||||||||
Dealer manager fee per share sold | $0.21 | ||||||||||||
Shareholder servicing fee | 1.00% | 1.00% | 1.00% | 1.00% | |||||||||
Minimum | Average market value of investment | |||||||||||||
Line of Credit | |||||||||||||
Percentage of asset management fees | 0.50% | ||||||||||||
Maximum | |||||||||||||
Due to Related Party | |||||||||||||
Percentage of acquisition fees | 6.00% | ||||||||||||
Maximum | Average equity value of investment | |||||||||||||
Line of Credit | |||||||||||||
Percentage of asset management fees | 1.50% | ||||||||||||
Maximum | Cpa 18 Holdings | |||||||||||||
Due to Related Party | |||||||||||||
Shareholder servicing fee payment threshold | 10.00% | ||||||||||||
Business Combinations | |||||||||||||
Due to Related Party | |||||||||||||
Total identifiable net assets acquired in business combination | 713,391,000 | 713,391,000 | 713,391,000 | 713,391,000 | |||||||||
Investment purchase price | 650,479,000 | ||||||||||||
Real Estate | |||||||||||||
Due to Related Party | |||||||||||||
Investment in real estate | 732,860,000 | 149,600,000 | 732,860,000 | 732,860,000 | 732,860,000 | ||||||||
Investment purchase price | 152,200,000 | 212,600,000 | |||||||||||
Number of properties acquired | 12 | 12 | 12 | 12 | |||||||||
Apply | |||||||||||||
Line of Credit | |||||||||||||
Maturity date | 31-Oct-21 | ||||||||||||
Apply | Real Estate | |||||||||||||
Line of Credit | |||||||||||||
Ownership interest in jointly-owned investment | 51.00% | ||||||||||||
Due to Related Party | |||||||||||||
Investment in real estate | 108,300,000 | ||||||||||||
Investment purchase price | 55,200,000 | ||||||||||||
Agrokor d.d. | Real Estate | |||||||||||||
Line of Credit | |||||||||||||
Ownership interest in jointly-owned investment | 80.00% | ||||||||||||
Net Assets | 97,000,000 | ||||||||||||
Due to Related Party | |||||||||||||
Investment purchase price | 77,600,000 | ||||||||||||
Number of properties acquired | 5 | ||||||||||||
Bank Pekao | Business Combinations | |||||||||||||
Line of Credit | |||||||||||||
Ownership interest in jointly-owned investment | 50.00% | ||||||||||||
Due to Related Party | |||||||||||||
Total identifiable net assets acquired in business combination | 147,904,000 | ||||||||||||
Investment purchase price | 73,952,000 | ||||||||||||
State Farm | Real Estate | |||||||||||||
Line of Credit | |||||||||||||
Ownership interest in jointly-owned investment | 50.00% | 50.00% | |||||||||||
Net Assets | 115,600,000 | ||||||||||||
Due to Related Party | |||||||||||||
Investment purchase price | $57,800,000 |
Agreements_and_Transactions_wi3
Agreements and Transactions with Related Parties (Details 1) (USD $) | 12 Months Ended | 28 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Amounts Included in the Consolidated Statements of Operations | |||
Acquisition expenses | $59,225 | $86 | |
Asset management fees | 7,379 | 121 | |
Available cash distribution | 1,778 | 92 | |
Shareholder servicing fee | 814 | 46 | |
Personnel and overhead reimbursements | 170 | 0 | |
Interest expense on deferred acquisition fees and note payable | 151 | 36 | |
Stock-based compensation | 100 | 67 | |
Costs incurred by the advisor | 0 | 182 | |
Excess operating expenses charged back to the advisor | 0 | -69 | |
Operating expenses | 44,473 | 471 | |
Other Transaction Fees Incurred | |||
Selling commissions and dealer manager fees | 104,117 | 23,428 | |
Current acquisition fees | 3,568 | 4,324 | |
Deferred acquisition fees | 2,855 | 3,459 | |
Offering costs | 2,993 | 5,050 | 8,000 |
Transaction fees incurred | 113,533 | 36,261 | |
Advisor | |||
Amounts Included in the Consolidated Statements of Operations | |||
Acquisition expenses | 38,825 | 0 | |
Asset management fees | $2,635 | $117 |
Agreements_and_Transactions_wi4
Agreements and Transactions with Related Parties (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Due to Affiliate | ||
Deferred acquisition fees, including interest | $17,525 | $2,705 |
Accounts payable | 2,702 | 2,406 |
Asset management fees payable | 378 | 38 |
Reimbursable costs | 46 | 0 |
Due to affiliates | $20,651 | $5,149 |
Net_Investments_in_Properties_1
Net Investments in Properties (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 11 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Jan. 16, 2014 | Feb. 07, 2014 | Apr. 21, 2014 | 16-May-14 | Nov. 17, 2014 | Nov. 21, 2014 | Oct. 31, 2014 | Aug. 20, 2013 | Dec. 18, 2013 | Dec. 31, 2014 | Dec. 30, 2014 | Dec. 22, 2014 | Dec. 17, 2014 | Nov. 20, 2014 | Nov. 13, 2014 | Nov. 03, 2014 | Sep. 30, 2014 | Sep. 26, 2014 | Aug. 19, 2014 | Jun. 04, 2014 | 19-May-14 | 6-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Feb. 03, 2014 | Apr. 30, 2014 | Jan. 22, 2014 | Jan. 23, 2014 | Jul. 22, 2014 | Jul. 31, 2014 | Aug. 05, 2014 | Aug. 11, 2014 | Sep. 18, 2014 | Oct. 09, 2014 | Oct. 28, 2014 | Dec. 10, 2014 | Dec. 15, 2014 | Dec. 16, 2014 | Dec. 31, 2012 | Aug. 20, 2014 | Dec. 11, 2014 | Jun. 02, 2014 | 21-May-14 | |
tenant | property | |||||||||||||||||||||||||||||||||||||||||||||
property | ||||||||||||||||||||||||||||||||||||||||||||||
lease | ||||||||||||||||||||||||||||||||||||||||||||||
sqft | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Placed into service | $18,502,000 | $0 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholder servicing fee | 814,000 | 46,000 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | -29,602,000 | 156,000 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate under construction | 2,258,000 | 0 | 2,258,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | 54 | 54 | ||||||||||||||||||||||||||||||||||||||||||||
New tenants | 70 | |||||||||||||||||||||||||||||||||||||||||||||
Direct financing leases acquired | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||
Acquired finite lived intangible assets, amount | 156,371,000 | |||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate | 865,517,000 | 149,600,000 | 865,517,000 | |||||||||||||||||||||||||||||||||||||||||||
Area of real estate property (sqft) | 7,400,000 | 7,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 59,225,000 | 86,000 | ||||||||||||||||||||||||||||||||||||||||||||
Tax expense | 3,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, gross | 3,900,000 | 3,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, valuation allowance | 2,200,000 | 2,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Bond payable | 91,250,000 | 0 | 91,250,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability | 28,753,000 | 8,350,000 | 28,753,000 | |||||||||||||||||||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 113,533,000 | 36,261,000 | ||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 430,462,000 | 85,060,000 | 430,462,000 | |||||||||||||||||||||||||||||||||||||||||||
Number of tenants | 73 | 73 | ||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Apply | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Bond payable | 48,200,000 | 53,300,000 | 48,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Bank Pekao S.A. | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 16.30% | |||||||||||||||||||||||||||||||||||||||||||||
Siemens AS | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Bond payable | 43,100,000 | 43,100,000 | 52,100,000 | |||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 11.10% | |||||||||||||||||||||||||||||||||||||||||||||
Solo Cup | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 12.20% | |||||||||||||||||||||||||||||||||||||||||||||
State Farm | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 18.20% | |||||||||||||||||||||||||||||||||||||||||||||
Agrokor | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 16.70% | |||||||||||||||||||||||||||||||||||||||||||||
Current Year Acquisitions | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 56,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Tax expense | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | -44,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | 12 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 152,200,000 | 212,600,000 | ||||||||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 77,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Acquired finite lived intangible assets, amount | 29,400,000 | 60,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate | 732,860,000 | 149,600,000 | 732,860,000 | |||||||||||||||||||||||||||||||||||||||||||
Acquisition-related cost and fees, capitalized | 9,200,000 | 11,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 85,000,000 | 85,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitment | 1,700,000 | 1,700,000 | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Warehouse facility in Streetsboro, OH | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 5,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Office facility in Norcross, Georgia | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 5,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Spinning facility in Columbus, GA | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 8,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Property in Temple, GA and Surprise, AZ | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 14,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Industrial facilities in Dallas and Fort Worth | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | 5 | |||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 7,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Land in Grand Rapids, MI | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Area of real estate property (sqft) | 22 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Apply | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 51.00% | |||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 55,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate | 108,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability | 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Apply | CPA 17 | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 53,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | USF Holland | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitment | 9,700,000 | 9,700,000 | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | State Farm | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 57,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Net real estate acquired | 115,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Agrokor | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | 5 | |||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 80.00% | |||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 77,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Net real estate acquired | 97,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 650,479,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 73,952,000 | 73,952,000 | ||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets acquired in business combination | 713,391,000 | 713,391,000 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 33,758,000 | 33,758,000 | 11,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Albion Resorts | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 61,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Units | 266 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 4,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 19,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Craigentinny | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Vopak | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 76,134,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets acquired in business combination | 76,134,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | UK Auto | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | ATK | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 41,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 27,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | MISO | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 14,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Cooper Tire | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 9,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 6,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Infineon | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 22,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 14,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Oakbank Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Number of tenants | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of asset management fees | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||
Percentage disposition fees | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Truffle Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 17,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Number of tenants | 24 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of asset management fees | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||
Percentage disposition fees | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Belk | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 20,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | AT&T | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 11,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | North American Lighting | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 8,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 7,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Bank Pekao S.A. | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 50.00% | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 73,952,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 73,952,000 | 73,952,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, gross | 1,900,000 | 1,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets, valuation allowance | 1,900,000 | 1,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 73,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets acquired in business combination | 147,904,000 | 147,904,000 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Occupancy rate | 98.00% | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Bank Pekao S.A. | CPA 17 | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 74,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Siemens AS | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 82,019,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 7,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets acquired in business combination | 75,037,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Measurement period adjustment | 700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Solo Cup | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 80,650,000 | |||||||||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets acquired in business combination | 80,650,000 | |||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 47,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Self Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Number of operating properties | 14 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 103,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Acquired finite lived intangible assets, amount | 13,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 8,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 14,500,000 | 23,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Kissimmee Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 11,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Acquired finite lived intangible assets, amount | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | St. Petersburg Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 11,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Corpus Christi Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Kailua-Kona Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 5,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Miami Self-Storage Facility | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Palm Desert Self-Storage Facility | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 10,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Columbia Self-Storage Facility | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Kailua-Kona 2 Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 5,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Pompano Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,700,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Jensen Beach Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 8,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Dickinson Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 9,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Humble Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 7,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Temecula Pueblo Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Cummings Self-Storage | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 4,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Operating Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 146,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Number of operating properties | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of asset management fees | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 8.50% | |||||||||||||||||||||||||||||||||||||||||||||
Joint venture return on initial investment | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Gentry | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 21,900,000 | |||||||||||||||||||||||||||||||||||||||||||||
Units | 227 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 15,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Dupont | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 20,200,000 | |||||||||||||||||||||||||||||||||||||||||||||
Units | 217 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage assumed, business combination | 14,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Net Lease Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | $48,100,000 | |||||||||||||||||||||||||||||||||||||||||||||
Class A common stock | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Pro forma potential additional shares issued | 43,399,504 |
Net_Investments_in_Properties_2
Net Investments in Properties (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ||
Less: Accumulated depreciation | ($11,814) | ($824) |
Net investments in properties | 865,517 | 149,600 |
Real Estate | ||
Investments in real estate: | ||
Land | 104,604 | 36,636 |
Building | 639,131 | 113,788 |
Less: Accumulated depreciation | -10,875 | -824 |
Net investments in properties | 732,860 | 149,600 |
Self-storage | ||
Investments in real estate: | ||
Land | 28,040 | 0 |
Building | 105,556 | 0 |
Less: Accumulated depreciation | -939 | 0 |
Net investments in properties | $132,657 | $0 |
Net_Investments_in_Properties_3
Net Investments in Properties (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Scheduled Future Minimum Rents | |
2015 | $67,598 |
2016 | 67,022 |
2017 | 68,474 |
2018 | 69,199 |
2019 | 69,437 |
Thereafter | 542,259 |
Total | $883,989 |
Net_Investments_in_Properties_4
Net Investments in Properties (Details 3) (USD $) | 11 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 17, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Feb. 03, 2014 | Dec. 31, 2013 | Dec. 11, 2014 |
Liabilities assumed at fair value: | |||||||
Goodwill | $9,692 | $0 | |||||
Business Combinations | |||||||
Acquisition consideration | |||||||
Investment purchase price | 650,479 | ||||||
Assets acquired at fair value: | |||||||
Land | 85,042 | ||||||
Buildings | 553,925 | ||||||
In-place lease intangible assets | 107,914 | ||||||
Above-market rent intangible assets | 8,410 | ||||||
Below-market ground lease intangible assets | 9,456 | ||||||
Other assets acquired (c) | 3,643 | ||||||
Total assets acquired in business combination | 768,390 | ||||||
Liabilities assumed at fair value: | |||||||
Mortgages assumed | -33,758 | -11,500 | |||||
Below-market rent intangible liabilities | -3,789 | ||||||
Above-market ground lease intangible liabilities | -133 | ||||||
Below-market rent intangible liabilities | -11,040 | ||||||
Above-market ground lease intangible liabilities | -6,279 | ||||||
Total liabilities acquired in business combination | -54,999 | ||||||
Total identifiable net assets | 713,391 | ||||||
Amounts attributable to noncontrolling interest | -73,952 | ||||||
Goodwill | 11,040 | ||||||
Net assets acquired including goodwill less noncontrolling interest | 650,479 | ||||||
Business Combinations | Vopak | |||||||
Acquisition consideration | |||||||
Investment purchase price | 76,134 | ||||||
Assets acquired at fair value: | |||||||
Land | 4,493 | ||||||
Buildings | 54,286 | ||||||
In-place lease intangible assets | 16,376 | ||||||
Above-market rent intangible assets | 1,156 | ||||||
Below-market ground lease intangible assets | 0 | ||||||
Other assets acquired (c) | 0 | ||||||
Total assets acquired in business combination | 76,311 | ||||||
Liabilities assumed at fair value: | |||||||
Mortgages assumed | 0 | ||||||
Below-market rent intangible liabilities | -177 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Below-market rent intangible liabilities | 0 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Total liabilities acquired in business combination | -177 | ||||||
Total identifiable net assets | 76,134 | ||||||
Amounts attributable to noncontrolling interest | 0 | ||||||
Goodwill | 0 | ||||||
Net assets acquired including goodwill less noncontrolling interest | 76,134 | ||||||
Business Combinations | Bank Pekao | |||||||
Acquisition consideration | |||||||
Investment purchase price | 73,952 | ||||||
Assets acquired at fair value: | |||||||
Land | 0 | ||||||
Buildings | 112,676 | ||||||
In-place lease intangible assets | 23,471 | ||||||
Above-market rent intangible assets | 3,014 | ||||||
Below-market ground lease intangible assets | 9,456 | ||||||
Other assets acquired (c) | 0 | ||||||
Total assets acquired in business combination | 148,617 | ||||||
Liabilities assumed at fair value: | |||||||
Mortgages assumed | 0 | ||||||
Below-market rent intangible liabilities | -713 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Below-market rent intangible liabilities | 0 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Total liabilities acquired in business combination | -713 | ||||||
Total identifiable net assets | 147,904 | ||||||
Amounts attributable to noncontrolling interest | -73,952 | ||||||
Goodwill | 0 | ||||||
Net assets acquired including goodwill less noncontrolling interest | 73,952 | ||||||
Business Combinations | Siemens AS | |||||||
Acquisition consideration | |||||||
Investment purchase price | 82,019 | ||||||
Assets acquired at fair value: | |||||||
Land | 14,362 | ||||||
Buildings | 59,219 | ||||||
In-place lease intangible assets | 10,528 | ||||||
Above-market rent intangible assets | 0 | ||||||
Below-market ground lease intangible assets | 0 | ||||||
Other assets acquired (c) | 3,538 | ||||||
Total assets acquired in business combination | 87,647 | ||||||
Liabilities assumed at fair value: | |||||||
Mortgages assumed | 0 | ||||||
Below-market rent intangible liabilities | 0 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Below-market rent intangible liabilities | -6,982 | ||||||
Above-market ground lease intangible liabilities | -5,628 | ||||||
Total liabilities acquired in business combination | -12,610 | ||||||
Total identifiable net assets | 75,037 | ||||||
Amounts attributable to noncontrolling interest | 0 | ||||||
Goodwill | 6,982 | ||||||
Net assets acquired including goodwill less noncontrolling interest | 82,019 | ||||||
Business Combinations | Solo Cup | |||||||
Acquisition consideration | |||||||
Investment purchase price | 80,650 | ||||||
Assets acquired at fair value: | |||||||
Land | 13,748 | ||||||
Buildings | 52,135 | ||||||
In-place lease intangible assets | 15,394 | ||||||
Above-market rent intangible assets | 773 | ||||||
Below-market ground lease intangible assets | 0 | ||||||
Other assets acquired (c) | 0 | ||||||
Total assets acquired in business combination | 82,050 | ||||||
Liabilities assumed at fair value: | |||||||
Mortgages assumed | 0 | ||||||
Below-market rent intangible liabilities | -1,400 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Below-market rent intangible liabilities | 0 | ||||||
Above-market ground lease intangible liabilities | 0 | ||||||
Total liabilities acquired in business combination | -1,400 | ||||||
Total identifiable net assets | 80,650 | ||||||
Amounts attributable to noncontrolling interest | 0 | ||||||
Goodwill | 0 | ||||||
Net assets acquired including goodwill less noncontrolling interest | 80,650 | ||||||
Business Combinations | Other Business Combinations | |||||||
Acquisition consideration | |||||||
Investment purchase price | 337,724 | ||||||
Assets acquired at fair value: | |||||||
Land | 52,439 | ||||||
Buildings | 275,609 | ||||||
In-place lease intangible assets | 42,145 | ||||||
Above-market rent intangible assets | 3,467 | ||||||
Below-market ground lease intangible assets | 0 | ||||||
Other assets acquired (c) | 105 | ||||||
Total assets acquired in business combination | 373,765 | ||||||
Liabilities assumed at fair value: | |||||||
Mortgages assumed | -33,758 | ||||||
Below-market rent intangible liabilities | -1,499 | ||||||
Above-market ground lease intangible liabilities | -133 | ||||||
Below-market rent intangible liabilities | -4,058 | ||||||
Above-market ground lease intangible liabilities | -651 | ||||||
Total liabilities acquired in business combination | -40,099 | ||||||
Total identifiable net assets | 333,666 | ||||||
Amounts attributable to noncontrolling interest | 0 | ||||||
Goodwill | 4,058 | ||||||
Net assets acquired including goodwill less noncontrolling interest | $337,724 |
Net_Investments_in_Properties_5
Net Investments in Properties (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | 11 Months Ended | 0 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Revenues from acquired properties | |||||||||||||||
Revenues | $54,317 | $3,292 | |||||||||||||
Net Loss | -25,538 | -9,465 | -3,110 | -18,443 | -104 | -72 | -65 | 0 | -56,556 | -241 | |||||
Net income attributable to noncontrolling interests | -700 | -1,136 | -1,248 | 3,773 | -324 | -66 | 0 | 0 | 689 | -390 | |||||
Net Loss Attributable to CPA®:18 – Global | -26,238 | -10,601 | -4,358 | -14,670 | -428 | -138 | -65 | 0 | -55,867 | -631 | |||||
Business Combinations | |||||||||||||||
Revenues from acquired properties | |||||||||||||||
Revenues | 30,601 | ||||||||||||||
Net Loss | -61,376 | ||||||||||||||
Net income attributable to noncontrolling interests | 3,381 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | -57,995 | ||||||||||||||
Business Combinations | Vopak | |||||||||||||||
Revenues from acquired properties | |||||||||||||||
Revenues | 217 | ||||||||||||||
Net Loss | -7,864 | ||||||||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | -7,864 | ||||||||||||||
Business Combinations | Bank Pekao | |||||||||||||||
Revenues from acquired properties | |||||||||||||||
Revenues | 9,586 | ||||||||||||||
Net Loss | -12,920 | ||||||||||||||
Net income attributable to noncontrolling interests | 3,349 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | -9,571 | ||||||||||||||
Business Combinations | Siemens AS | |||||||||||||||
Revenues from acquired properties | |||||||||||||||
Revenues | 5,437 | ||||||||||||||
Net Loss | -6,487 | ||||||||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | -6,487 | ||||||||||||||
Business Combinations | Solo Cup | |||||||||||||||
Revenues from acquired properties | |||||||||||||||
Revenues | 5,489 | ||||||||||||||
Net Loss | -4,004 | ||||||||||||||
Net income attributable to noncontrolling interests | 0 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | -4,004 | ||||||||||||||
Business Combinations | Other Business Combinations | |||||||||||||||
Revenues from acquired properties | |||||||||||||||
Revenues | 9,872 | ||||||||||||||
Net Loss | -30,101 | ||||||||||||||
Net income attributable to noncontrolling interests | 32 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | ($30,069) |
Net_Investments_in_Properties_6
Net Investments in Properties (Details 5) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pro Forma Information | ||
Pro forma total revenues (a) | $92,486 | $72,168 |
Pro forma net income (loss) (b) (c) | 1,261 | -53,893 |
Pro forma net (income) loss attributable to noncontrolling interests | -3,207 | 3,769 |
Pro forma net loss attributable to CPA®:18 – Global | -1,946 | -50,124 |
Class A | ||
Pro Forma Information | ||
Pro forma net loss attributable to CPA®:18 – Global | -1,046 | -49,544 |
Pro forma net loss per share | ||
Weighted-average shares outstanding (e) | 107,420,043 | 46,215,482 |
Loss per share | ($0.01) | ($1.07) |
Class C | ||
Pro Forma Information | ||
Pro forma net loss attributable to CPA®:18 – Global | ($900) | ($580) |
Pro forma net loss per share | ||
Weighted-average shares outstanding (e) | 8,847,966 | 497,725 |
Loss per share | ($0.10) | ($1.16) |
Net_Investments_in_Properties_7
Net Investments in Properties (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Under Construction [Abstract] | ||
Beginning balance | $0 | $0 |
Capitalized funds | 20,617 | 0 |
Placed into service | -18,502 | 0 |
Capitalized interest | 143 | 0 |
Ending balance | $2,258 | $0 |
Finance_Receivables_Narratives
Finance Receivables (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 21, 2014 | Mar. 07, 2014 | Jul. 21, 2014 | 19-May-14 | 16-May-14 | |
property | property | property | property | ||||
Finance Receivables | |||||||
Net investments in direct financing leases | $45,582,000 | $22,064,000 | |||||
Number of properties acquired | 54 | ||||||
Acquisition-related cost and fees, capitalized | 113,533,000 | 36,261,000 | |||||
Note receivable | 28,000,000 | 0 | |||||
Costs incurred to acquire receivable | 4,708,000 | 783,000 | |||||
AR billed under DFL | 200,000 | 0 | |||||
Real Estate | |||||||
Finance Receivables | |||||||
Investment purchase price | 152,200,000 | 212,600,000 | |||||
Number of properties acquired | 12 | ||||||
Land | 104,604,000 | 36,636,000 | |||||
Acquisition-related cost and fees, capitalized | 9,200,000 | 11,900,000 | |||||
AT&T | |||||||
Finance Receivables | |||||||
Number of properties acquired | 1 | ||||||
Buildings | 8,600,000 | ||||||
Janus | |||||||
Finance Receivables | |||||||
Net investments in direct financing leases | 1,600,000 | ||||||
Janus | Real Estate | |||||||
Finance Receivables | |||||||
Number of properties acquired | 2 | ||||||
Janus | Financing Lease | |||||||
Finance Receivables | |||||||
Number of properties acquired | 1 | ||||||
Swift Spinning | |||||||
Finance Receivables | |||||||
Investment purchase price | 3,400,000 | ||||||
Number of properties acquired | 2 | ||||||
Crowne Group Investments | |||||||
Finance Receivables | |||||||
Investment purchase price | 8,000,000 | ||||||
Number of properties acquired | 5 | 2 | |||||
Land | 1,000,000 | ||||||
Buildings | 6,800,000 | ||||||
Lease term | 25 years | ||||||
Acquisition-related cost and fees, capitalized | 200,000 | ||||||
Cipriani | |||||||
Finance Receivables | |||||||
Note receivable | 28,000,000 | ||||||
Costs incurred to acquire receivable | 1,300,000 | ||||||
Senior notes | $60,000,000 | ||||||
Effective interest rate on notes receivable | 10.00% |
Finance_Receivables_Details_1
Finance Receivables (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net Investments in Direct Financing Leases | ||
Minimum lease payments receivable | $86,338 | $50,006 |
Unguaranteed residual value | 45,473 | 22,064 |
Gross investments in direct financing lease | 131,811 | 72,070 |
Less: unearned income | -86,229 | -50,006 |
Net investment in direct financing leases | $45,582 | $22,064 |
Finance_Receivables_Details_2
Finance Receivables (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Scheduled Future Minimum Rents | |
2015 | $3,856 |
2016 | 3,885 |
2017 | 3,915 |
2018 | 3,945 |
2019 | 3,977 |
Thereafter | 66,760 |
Total | $86,338 |
Finance_Receivables_Details_3
Finance Receivables (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Quality Of Finance Receivables | ||
Net Investments in Direct Financing Leases | $73,582 | $22,064 |
Internally Assigned Grade 1 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | 0 | 0 |
Net Investments in Direct Financing Leases | 0 | 0 |
Internally Assigned Grade 2 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | 1 | 0 |
Net Investments in Direct Financing Leases | 8,962 | 0 |
Internally Assigned Grade 3 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | 4 | 1 |
Net Investments in Direct Financing Leases | 64,620 | 22,064 |
Internally Assigned Grade 4 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | 0 | 0 |
Net Investments in Direct Financing Leases | 0 | 0 |
Internally Assigned Grade 5 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | 0 | 0 |
Net Investments in Direct Financing Leases | $0 | $0 |
Intangible_Assets_and_Liabilit2
Intangible Assets and Liabilities (Narratives) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets and Liabilities | ||
Net amortization of intangibles | $10.60 | $0.50 |
Minimum | ||
Acquired Finite-Lived Intangible Assets and Liabilities | ||
Finite-lived intangible asset, useful life | 1 year | |
Maximum | ||
Acquired Finite-Lived Intangible Assets and Liabilities | ||
Finite-lived intangible asset, useful life | 30 years | |
Below-market ground lease | Maximum | ||
Acquired Finite-Lived Intangible Assets and Liabilities | ||
Finite-lived intangible asset, useful life | 99 years |
Intangible_Assets_and_Liabilit3
Intangible Assets and Liabilities (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Amortizable Intangible Assets | |
Acquired finite lived intangible assets | $156,371 |
Amortizable Intangible Liability | |
Acquired finite-lived intangible liabilities | -4,856 |
Below-market rent | |
Amortizable Intangible Liability | |
Acquired finite-lived intangible liabilities, weighted average useful life | 16 years 2 months 12 days |
Acquired finite-lived intangible liabilities | -4,723 |
Above-market ground lease | |
Amortizable Intangible Liability | |
Acquired finite-lived intangible liabilities, weighted average useful life | 81 years 1 month 6 days |
Acquired finite-lived intangible liabilities | -133 |
In-place lease | |
Amortizable Intangible Assets | |
Acquired finite-lived intangible assets, weighted average useful life | 11 years 4 months 24 days |
Acquired finite lived intangible assets | 135,679 |
Below-market ground lease | |
Amortizable Intangible Assets | |
Acquired finite-lived intangible assets, weighted average useful life | 13 years 8 months 12 days |
Acquired finite lived intangible assets | 11,067 |
Above market rent | |
Amortizable Intangible Assets | |
Acquired finite-lived intangible assets, weighted average useful life | 74 years 10 months 24 days |
Acquired finite lived intangible assets | $9,625 |
Intangible_Assets_and_Liabilit4
Intangible Assets and Liabilities (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2014 |
Goodwill | ||
Goodwill - beginning balance | $0 | |
Foreign currency translation adjustment | -1,348 | |
Goodwill - ending balance | 9,692 | |
Business Combinations | ||
Goodwill | ||
Goodwill - ending balance | 11,040 | |
Siemens AS | Business Combinations | ||
Goodwill | ||
Goodwill - beginning balance | 6,982 | |
Goodwill acquired | 6,982 | |
Goodwill - ending balance | 6,982 | |
Albion Resorts | Business Combinations | ||
Goodwill | ||
Goodwill acquired | $4,058 |
Intangible_Assets_and_Liabilit5
Intangible Assets and Liabilities (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets, gross | $204,184 | $62,059 |
Less: accumulated amortization | -10,882 | -498 |
Finite-lived intangible assets, net | 193,302 | 61,561 |
Goodwill | 9,692 | 0 |
Total intangible assets, gross | 213,876 | 62,059 |
Total intangible assets, net | 202,994 | 61,561 |
Amortizable Intangible Liability | ||
Finite-Lived Intangible Liabilities, Gross | -6,403 | -1,647 |
Finite Lived Intangible Liabilities Accumulated Amortization | 347 | 40 |
Finite Lived Intangible Liabilities Net | -6,056 | -1,607 |
Below-market rent | ||
Amortizable Intangible Liability | ||
Finite-Lived Intangible Liabilities, Gross | -6,276 | -1,647 |
Finite Lived Intangible Liabilities Accumulated Amortization | 347 | 40 |
Finite Lived Intangible Liabilities Net | -5,929 | -1,607 |
Above-market ground lease | ||
Amortizable Intangible Liability | ||
Finite-Lived Intangible Liabilities, Gross | -127 | 0 |
Finite Lived Intangible Liabilities Accumulated Amortization | 0 | 0 |
Finite Lived Intangible Liabilities Net | -127 | 0 |
In-place lease | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets, gross | 177,970 | 53,832 |
Less: accumulated amortization | -10,335 | -495 |
Finite-lived intangible assets, net | 167,635 | 53,337 |
Below-market ground lease | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets, gross | 15,790 | 8,227 |
Less: accumulated amortization | -167 | -3 |
Finite-lived intangible assets, net | 15,623 | 8,224 |
Above market rent | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets, gross | 10,424 | 0 |
Less: accumulated amortization | -380 | 0 |
Finite-lived intangible assets, net | $10,044 | $0 |
Intangible_Assets_and_Liabilit6
Intangible Assets and Liabilities (Details 4) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Net | |
2015 | $17,396 |
2016 | 16,999 |
2017 | 15,235 |
2018 | 13,940 |
2019 | 13,408 |
Thereafter | 110,268 |
Total | 187,246 |
Net Decrease in Rental Income | |
Net | |
2015 | 98 |
2016 | 427 |
2017 | 370 |
2018 | 304 |
2019 | 295 |
Thereafter | 2,621 |
Total | 4,115 |
Increase to Amortization/Property Expenses | |
Net | |
2015 | 17,298 |
2016 | 16,572 |
2017 | 14,865 |
2018 | 13,636 |
2019 | 13,113 |
Thereafter | 107,647 |
Total | $183,131 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Leverage adjusted unsecured spread | 1.08% |
Illiquidity adjustment | 0.75% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (Level 3, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ||
Liabilities | ||
Debt (a) | $521,712 | $85,060 |
Notes receivable | 28,000 | 0 |
Deferred acquisition fees payable (c) | 17,525 | 2,705 |
Fair Value | ||
Liabilities | ||
Debt (a) | 540,577 | 85,060 |
Notes receivable | 28,000 | 0 |
Deferred acquisition fees payable (c) | $17,520 | $2,705 |
Risk_Management_and_Use_of_Der2
Risk Management and Use of Derivatives Financial Instruments (Narratives) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Derivatives | |
Credit exposure risk | 3.7 |
Estimated fair value of derivative liability | 2.6 |
Net assets required to settle risk obligation | 2.7 |
State Farm | |
Derivatives | |
Concentration risk, percentage | 18.20% |
Agrokor | |
Derivatives | |
Concentration risk, percentage | 16.70% |
Bank Pekao | |
Derivatives | |
Concentration risk, percentage | 16.30% |
Solo Cup | |
Derivatives | |
Concentration risk, percentage | 12.20% |
Siemens AS | |
Derivatives | |
Concentration risk, percentage | 11.10% |
Interest expense | |
Derivatives | |
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months | 1.4 |
Other Income | |
Derivatives | |
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months | 0.9 |
Individual Counterparty | |
Derivatives | |
Credit exposure risk | 2.4 |
Risk_Management_and_Use_of_Der3
Risk Management and Use of Derivative Financial Instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ||
Derivative asset fair value | $3,664 | $0 |
Derivative liability, fair value | -2,501 | -219 |
Foreign currency forwards | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Derivative asset fair value | 3,664 | 0 |
Interest rate swap | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value | ($2,501) | ($219) |
Risk_Management_and_Use_of_Der4
Risk Management and Use of Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amount of Gain (Loss) Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | ||
Derivative instrument gain loss recognized in OCI | $1,382 | ($219) |
Interest rate swap | Cash Flow Hedging | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | ||
Derivative instrument gain loss recognized in OCI | -2,282 | -219 |
Foreign currency forwards | Cash Flow Hedging | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | ||
Derivative instrument gain loss recognized in OCI | 3,653 | 0 |
Foreign currency forwards | Net Investment Hedging | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Loss on Derivatives (Effective Portion) | ||
Derivative instrument gain loss recognized in OCI | $11 | $0 |
Risk_Management_and_Use_of_Der5
Risk Management and Use of Derivative Financial Instruments (Details 3) (Cash Flow Hedging, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amount of Gain (Loss) Reclassified from Other Comprehensive Loss on Derivatives into Income (Effective Portion) | ||
Derivative gain loss reclassified from other comprehensive income | ($608) | ($1) |
Interest rate swap | ||
Amount of Gain (Loss) Reclassified from Other Comprehensive Loss on Derivatives into Income (Effective Portion) | ||
Derivative gain loss reclassified from other comprehensive income | -759 | -1 |
Foreign currency forwards | ||
Amount of Gain (Loss) Reclassified from Other Comprehensive Loss on Derivatives into Income (Effective Portion) | ||
Derivative gain loss reclassified from other comprehensive income | $151 | $0 |
Risk_Management_and_Use_of_Der6
Risk Management and Use of Derivative Financial Instruments (Details 4) (Interest rate swap) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD | GBP | GBP |
USD ($) | USD ($) | GBP (£) | ||
instrument | instrument | |||
Derivative | ||||
Number of Instruments | 6 | 1 | 1 | |
Notional Amount | $43,600 | £ 5,505 | ||
Fair value | ($2,501) | ($2,359) | ($142) |
Risk_Management_and_Use_of_Der7
Risk Management and Use of Derivative Financial Instruments (Details 5) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument |
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Net Investment Hedging | Net Investment Hedging | ||
Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | ||
Euro | Euro | NOK | NOK | NOK | NOK | ||
USD ($) | EUR (€) | USD ($) | USD ($) | ||||
instrument | instrument | instrument | |||||
Derivative | |||||||
Number of Instruments | 47 | 47 | 37 | 37 | 5 | 5 | |
Notional Amount | € 18,051 | 62,423 | 8,320 | ||||
Fair value | $3,664 | $2,426 | $1,227 | $11 |
Debt_Narratives_Details
Debt (Narratives) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Feb. 27, 2014 | Dec. 11, 2014 | Oct. 09, 2014 | Jan. 23, 2014 | |
Debt Instrument [Line Items] | |||||||
Foreign currency translation adjustments | ($29,602,000) | $156,000 | |||||
Debt Instruments | |||||||
Non-recourse debt | 613,900,000 | 119,300,000 | |||||
Bond payable | 91,250,000 | 0 | |||||
Deferred financing costs, capitalized | 4,700,000 | ||||||
Non-recourse debt and bond payable | |||||||
Debt Instrument [Line Items] | |||||||
Foreign currency translation adjustments | -28,800,000 | ||||||
Apply AS | |||||||
Debt Instruments | |||||||
Bond payable | 48,200,000 | 53,300,000 | |||||
Debt instrument stated interest rate | 4.40% | ||||||
Maturity date | 31-Oct-21 | ||||||
Siemens AS | |||||||
Debt Instrument [Line Items] | |||||||
Foreign currency translation adjustments | 700,000 | ||||||
Debt Instruments | |||||||
Bond payable | 43,100,000 | 52,100,000 | |||||
Debt instrument stated interest rate | 3.50% | ||||||
Maturity date | 15-Dec-25 | ||||||
Business Combinations | |||||||
Debt Instruments | |||||||
Mortgage assumed, business combination | 33,758,000 | 11,500,000 | |||||
Business Combinations | Self Storage | |||||||
Debt Instruments | |||||||
Mortgage assumed, business combination | 23,000,000 | 14,500,000 | |||||
Business Combinations | Siemens AS | |||||||
Debt Instruments | |||||||
Mortgage assumed, business combination | $0 |
Debt_Details_1
Debt (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Outsanding Debt | ||
Non-recourse debt | $430,462 | $85,060 |
Infineon | ||
Outsanding Debt | ||
Interest Rate | 3.10% | |
Rate Type | Fixed | |
Maturity Date | 28-Feb-17 | |
Non-recourse debt | 13,756 | 0 |
Albion Resorts | ||
Outsanding Debt | ||
Interest Rate | 6.70% | |
Rate Type | Fixed | |
Maturity Date | 1-Sep-19 | |
Non-recourse debt | 3,136 | 0 |
Albion Resorts II | ||
Outsanding Debt | ||
Interest Rate | 7.20% | |
Rate Type | Fixed | |
Maturity Date | 1-Sep-19 | |
Non-recourse debt | 5,592 | 0 |
Truffle/Oakbank | ||
Outsanding Debt | ||
Interest Rate | 3.90% | |
Rate Type | Variable | |
Maturity Date | 11-Dec-19 | |
Non-recourse debt | 11,401 | 0 |
Albion Resorts III | ||
Outsanding Debt | ||
Interest Rate | 7.00% | |
Rate Type | Fixed | |
Maturity Date | 31-Jan-20 | |
Non-recourse debt | 10,536 | 0 |
Agrokor | ||
Outsanding Debt | ||
Interest Rate | 5.80% | |
Rate Type | Fixed | |
Maturity Date | 31-Dec-20 | |
Non-recourse debt | 37,038 | 0 |
Bank Pekao | ||
Outsanding Debt | ||
Interest Rate | 3.30% | |
Rate Type | Fixed | |
Maturity Date | 10-Mar-21 | |
Non-recourse debt | 64,852 | 0 |
Dupont | ||
Outsanding Debt | ||
Interest Rate | 3.80% | |
Rate Type | Fixed | |
Maturity Date | 1-Nov-21 | |
Non-recourse debt | 14,140 | 0 |
Gentry | ||
Outsanding Debt | ||
Interest Rate | 3.80% | |
Rate Type | Fixed | |
Maturity Date | 1-Nov-21 | |
Non-recourse debt | 15,330 | 0 |
State Farm | ||
Outsanding Debt | ||
Interest Rate | 4.50% | |
Rate Type | Fixed | |
Maturity Date | 10-Sep-23 | |
Non-recourse debt | 72,800 | 72,800 |
Crowne Group Inc. | ||
Outsanding Debt | ||
Interest Rate | 5.60% | |
Rate Type | Variable | |
Maturity Date | 30-Dec-23 | |
Non-recourse debt | 11,980 | 12,260 |
Crowne Group Inc. II | ||
Outsanding Debt | ||
Interest Rate | 5.50% | |
Rate Type | Variable | |
Maturity Date | 30-Dec-23 | |
Non-recourse debt | 3,987 | 0 |
St. Petersburg/Kissimmee properties | ||
Outsanding Debt | ||
Interest Rate | 4.90% | |
Rate Type | Fixed | |
Maturity Date | 1-Feb-24 | |
Non-recourse debt | 14,500 | 0 |
Automobile Protection Corporation, or APCO | ||
Outsanding Debt | ||
Interest Rate | 5.10% | |
Rate Type | Variable | |
Maturity Date | 5-Feb-24 | |
Non-recourse debt | 3,752 | 0 |
Solo Cup | ||
Outsanding Debt | ||
Interest Rate | 5.10% | |
Rate Type | Fixed | |
Maturity Date | 6-Feb-24 | |
Non-recourse debt | 47,250 | 0 |
Swift Spinning | ||
Outsanding Debt | ||
Interest Rate | 5.00% | |
Rate Type | Fixed | |
Maturity Date | 1-May-24 | |
Non-recourse debt | 7,738 | 0 |
Janus | ||
Outsanding Debt | ||
Interest Rate | 4.90% | |
Rate Type | Variable | |
Maturity Date | 5-May-24 | |
Non-recourse debt | 11,538 | 0 |
AT&T | ||
Outsanding Debt | ||
Interest Rate | 4.60% | |
Rate Type | Fixed | |
Maturity Date | 11-Jun-24 | |
Non-recourse debt | 8,000 | 0 |
Operating Real Estate | ||
Outsanding Debt | ||
Interest Rate | 4.40% | |
Rate Type | Fixed | |
Maturity Date | 11-Oct-24 | |
Non-recourse debt | 23,000 | 0 |
Cooper Tire | ||
Outsanding Debt | ||
Interest Rate | 4.70% | |
Rate Type | Variable | |
Maturity Date | 31-Oct-24 | |
Non-recourse debt | 6,704 | 0 |
Barnsco Inc. | ||
Outsanding Debt | ||
Interest Rate | 4.50% | |
Rate Type | Fixed | |
Maturity Date | 14-Nov-24 | |
Non-recourse debt | 5,200 | 0 |
ATK | ||
Outsanding Debt | ||
Interest Rate | 4.20% | |
Rate Type | Fixed | |
Maturity Date | 6-Jan-25 | |
Non-recourse debt | 27,650 | 0 |
North American Lighting | ||
Outsanding Debt | ||
Interest Rate | 4.80% | |
Rate Type | Fixed | |
Maturity Date | 6-May-26 | |
Non-recourse debt | 7,325 | 0 |
Air Enterprises | ||
Outsanding Debt | ||
Interest Rate | 5.30% | |
Rate Type | Fixed | |
Maturity Date | 1-Apr-39 | |
Non-recourse debt | $3,257 | $0 |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt, Fiscal Year Maturity | |
2014 (remaining) | $5,079 |
2015 | 5,863 |
2016 | 19,908 |
2017 | 7,233 |
2018 | 18,657 |
Thereafter through 2039 | 464,706 |
Total long term debt, gross | 521,446 |
Unamortized premium | 266 |
Long-term Debt | $521,712 |
Loss_Per_Share_and_Equity_Narr
Loss Per Share and Equity (Narratives) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | ||
Dec. 15, 2014 | Sep. 19, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 23, 2015 | |
Stock-based Compensation | |||||
Shareholder servicing fee incurred | $814,000 | $46,000 | |||
Distributions Declared | |||||
Dividend payable, date | 15-Apr-15 | 15-Jan-15 | |||
Distributions payable | 17,629,000 | 1,821,000 | |||
Class A | |||||
Stock-based Compensation | |||||
Unsettled shares, value | $1,500,000 | ||||
Distributions Declared | |||||
Daily distribution rate | 0.0016983 | 0.0016983 | |||
Class A | Subsequent Event | |||||
Stock-based Compensation | |||||
Common stock, shares issued | 870,829 | ||||
Class C | |||||
Distributions Declared | |||||
Daily distribution rate | 0.0014442 | 0.0014442 | |||
Class C | Subsequent Event | |||||
Stock-based Compensation | |||||
Common stock, shares issued | 9,240,744 |
Loss_Per_Share_and_Equity_Deta
Loss Per Share and Equity (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Basic | ||||||||||
Net Loss Attributable to CPA®:18 – Global | ($26,238) | ($10,601) | ($4,358) | ($14,670) | ($428) | ($138) | ($65) | $0 | ($55,867) | ($631) |
Class A common stock | ||||||||||
Basic | ||||||||||
Weighted-Average Shares Outstanding | 99,836,316 | 99,007,256 | 77,300,223 | 38,001,011 | 10,469,534 | 616,292 | 23,222 | 0 | 78,777,525 | 2,792,648 |
Net Loss Attributable to CPA®:18 – Global | -49,494 | -496 | ||||||||
Loss Per Share (in dollars per share) | ($0.22) | ($0.10) | ($0.05) | ($0.35) | ($0.03) | ($0.18) | ($2.81) | $0 | ($0.63) | ($0.18) |
Class C common stock | ||||||||||
Basic | ||||||||||
Weighted-Average Shares Outstanding | 15,376,487 | 9,925,481 | 6,126,012 | 3,820,432 | 1,825,374 | 149,294 | 0 | 0 | 8,847,966 | 497,725 |
Net Loss Attributable to CPA®:18 – Global | ($6,373) | ($135) | ||||||||
Loss Per Share (in dollars per share) | ($0.25) | ($0.12) | ($0.07) | ($0.37) | ($0.05) | ($0.20) | $0 | $0 | ($0.72) | ($0.27) |
Loss_Per_Share_and_Equity_Deta1
Loss Per Share and Equity (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class A common stock | ||
Distributions Per Share | ||
Ordinary income | $0.22 | $0 |
Return of capital | $0.41 | $0.12 |
Total distributions paid | $0.62 | $0.12 |
Class C common stock | ||
Distributions Per Share | ||
Ordinary income | $0.18 | $0 |
Return of capital | $0.35 | $0.10 |
Total distributions paid | $0.53 | $0.10 |
Loss_Per_Share_and_Equity_Deta2
Loss Per Share and Equity (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Earnings Per Share [Abstract] | |||
Foreign currency translation adjustments | ($22,093) | $125 | |
Net unrealized gain (loss) on derivative instruments | 1,152 | -219 | |
Accumulated other comprehensive loss | ($20,941) | ($94) | $0 |
Loss_Per_Share_and_Equity_Deta3
Loss Per Share and Equity (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation Of Accumulated Comprehensive Income | ||
Beginning balance | ($94) | $0 |
Other comprehensive income (loss) before reclassifications | -28,839 | -63 |
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 608 | |
Net current-period Other comprehensive income | -28,231 | -63 |
Net current-period Other comprehensive loss attributable to noncontrolling interests | 7,384 | 31 |
Ending balance | -20,941 | -94 |
Interest expense | ||
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 759 | |
Other income and (expenses) | ||
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | -151 | |
Unrealized Gains (Losses) on Derivative Instruments | ||
Reconciliation Of Accumulated Comprehensive Income | ||
Beginning balance | -219 | 0 |
Other comprehensive income (loss) before reclassifications | 763 | -219 |
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 608 | |
Net current-period Other comprehensive income | 1,371 | -219 |
Net current-period Other comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Ending balance | 1,152 | -219 |
Unrealized Gains (Losses) on Derivative Instruments | Interest expense | ||
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 759 | |
Unrealized Gains (Losses) on Derivative Instruments | Other income and (expenses) | ||
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | -151 | |
Foreign Currency Translation Adjustments | ||
Reconciliation Of Accumulated Comprehensive Income | ||
Beginning balance | 125 | 0 |
Other comprehensive income (loss) before reclassifications | -29,602 | 156 |
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | |
Net current-period Other comprehensive income | -29,602 | 156 |
Net current-period Other comprehensive loss attributable to noncontrolling interests | 7,384 | 31 |
Ending balance | -22,093 | 125 |
Foreign Currency Translation Adjustments | Interest expense | ||
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | |
Foreign Currency Translation Adjustments | Other income and (expenses) | ||
Amounts reclassified from accumulated other comprehensive loss to: | ||
Amounts reclassified from accumulated other comprehensive loss to interest expense | $0 |
Income_Taxes_Income_Taxes_Narr
Income Taxes Income Taxes (Narratives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Assets, Net of Valuation Allowance | ||
Deferred tax assets, gross | $3,900,000 | |
Deferred tax liability | 28,753,000 | 8,350,000 |
Deferred tax assets, valuation allowance | 2,200,000 | |
Operating loss carryforwards | $7,700,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information | ||||||||||
Revenues | $54,317 | $3,292 | ||||||||
Loss from continuing operations before income taxes | -57,720 | -230 | ||||||||
Net income attributable to noncontrolling interests | -700 | -1,136 | -1,248 | 3,773 | -324 | -66 | 0 | 0 | 689 | -390 |
Net Loss Attributable to CPA®:18 – Global | -26,238 | -10,601 | -4,358 | -14,670 | -428 | -138 | -65 | 0 | -55,867 | -631 |
Assets | ||||||||||
Long-lived assets (c) | 941,357 | 171,664 | 941,357 | 171,664 | ||||||
Non-recourse debt and bonds payable | 521,712 | 85,060 | 521,712 | 85,060 | ||||||
Domestic | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 29,042 | 3,008 | ||||||||
Loss from continuing operations before income taxes | -15,608 | -127 | ||||||||
Net income attributable to noncontrolling interests | -2,568 | -361 | ||||||||
Net Loss Attributable to CPA®:18 – Global | -18,270 | -489 | ||||||||
Assets | ||||||||||
Long-lived assets (c) | 499,096 | 119,335 | 499,096 | 119,335 | ||||||
Non-recourse debt and bonds payable | 284,150 | 85,060 | 284,150 | 85,060 | ||||||
Domestic | Texas | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 8,830 | 2,999 | ||||||||
Loss from continuing operations before income taxes | 416 | 566 | ||||||||
Net income attributable to noncontrolling interests | -804 | -293 | ||||||||
Net Loss Attributable to CPA®:18 – Global | -464 | 272 | ||||||||
Assets | ||||||||||
Long-lived assets (c) | 122,965 | 96,437 | 122,965 | 96,437 | ||||||
Non-recourse debt and bonds payable | 83,226 | 72,800 | 83,226 | 72,800 | ||||||
Domestic | Illinois | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 6,307 | |||||||||
Loss from continuing operations before income taxes | -4,242 | |||||||||
Net income attributable to noncontrolling interests | 0 | |||||||||
Net Loss Attributable to CPA®:18 – Global | -4,242 | |||||||||
Assets | ||||||||||
Long-lived assets (c) | 33,999 | 33,999 | ||||||||
Non-recourse debt and bonds payable | 55,250 | 55,250 | ||||||||
Domestic | Other | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 13,905 | 9 | ||||||||
Loss from continuing operations before income taxes | -11,782 | -693 | ||||||||
Net income attributable to noncontrolling interests | -1,764 | -68 | ||||||||
Net Loss Attributable to CPA®:18 – Global | -13,564 | -761 | ||||||||
Assets | ||||||||||
Long-lived assets (c) | 342,132 | 22,898 | 342,132 | 22,898 | ||||||
Non-recourse debt and bonds payable | 145,674 | 12,260 | 145,674 | 12,260 | ||||||
International | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 25,275 | 284 | ||||||||
Loss from continuing operations before income taxes | -42,112 | -103 | ||||||||
Net income attributable to noncontrolling interests | 3,257 | -29 | ||||||||
Net Loss Attributable to CPA®:18 – Global | -37,597 | -142 | ||||||||
Assets | ||||||||||
Long-lived assets (c) | 442,261 | 52,329 | 442,261 | 52,329 | ||||||
Non-recourse debt and bonds payable | 237,562 | 0 | 237,562 | 0 | ||||||
International | Poland | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 9,586 | |||||||||
Loss from continuing operations before income taxes | -12,920 | |||||||||
Net income attributable to noncontrolling interests | 3,349 | |||||||||
Net Loss Attributable to CPA®:18 – Global | -9,571 | |||||||||
Assets | ||||||||||
Long-lived assets (c) | 97,707 | 97,707 | ||||||||
Non-recourse debt and bonds payable | 64,852 | 64,852 | ||||||||
International | Croatia | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 7,511 | 284 | ||||||||
Loss from continuing operations before income taxes | -1,711 | -155 | ||||||||
Net income attributable to noncontrolling interests | -397 | -45 | ||||||||
Net Loss Attributable to CPA®:18 – Global | -1,684 | -210 | ||||||||
Assets | ||||||||||
Long-lived assets (c) | 45,076 | 52,418 | 45,076 | 52,418 | ||||||
Non-recourse debt and bonds payable | 37,039 | 0 | 37,039 | 0 | ||||||
International | Norway | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 6,560 | |||||||||
Loss from continuing operations before income taxes | -6,291 | |||||||||
Net income attributable to noncontrolling interests | 321 | |||||||||
Net Loss Attributable to CPA®:18 – Global | -6,943 | |||||||||
Assets | ||||||||||
Long-lived assets (c) | 138,676 | 138,676 | ||||||||
Non-recourse debt and bonds payable | 91,250 | 91,250 | ||||||||
International | Other | ||||||||||
Segment Reporting Information | ||||||||||
Revenues | 1,618 | 0 | ||||||||
Loss from continuing operations before income taxes | -21,190 | 52 | ||||||||
Net income attributable to noncontrolling interests | -16 | 16 | ||||||||
Net Loss Attributable to CPA®:18 – Global | -19,399 | 68 | ||||||||
Assets | ||||||||||
Long-lived assets (c) | 160,802 | -89 | 160,802 | -89 | ||||||
Non-recourse debt and bonds payable | $44,421 | $0 | $44,421 | $0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Narratives) (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Class A | |||
Interim Period | |||
Impact on loss per share | ($0.03) | $0 | ($0.01) |
Class C | |||
Interim Period | |||
Impact on loss per share | ($0.03) | $0 | ($0.01) |
Net loss | |||
Interim Period | |||
Revision adjustment | ($3,000,000) | ($100,000) | ($500,000) |
Net loss attributable to noncontrolling interest | |||
Interim Period | |||
Revision adjustment | 0 | 100,000 | -100,000 |
Net loss attributable to CPA 18 | |||
Interim Period | |||
Revision adjustment | ($3,000,000) | ($200,000) | ($400,000) |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Interim Period | ||||||||||
Revenues | $20,094 | $14,882 | $12,647 | $6,694 | $2,345 | $947 | $0 | $0 | $41,383 | $3,262 |
Operating expenses | 41,361 | 18,580 | 12,099 | 23,091 | 1,635 | 604 | 65 | 0 | 95,131 | 2,304 |
Net loss from continuing operations before income taxes | -25,538 | -9,465 | -3,110 | -18,443 | -104 | -72 | -65 | 0 | -56,556 | -241 |
Net income attributable to noncontrolling interests | -700 | -1,136 | -1,248 | 3,773 | -324 | -66 | 0 | 0 | 689 | -390 |
Net Loss Attributable to CPA®:18 – Global | -26,238 | -10,601 | -4,358 | -14,670 | -428 | -138 | -65 | 0 | -55,867 | -631 |
Class A common stock | ||||||||||
Interim Period | ||||||||||
Net Loss Attributable to CPA®:18 – Global | -49,494 | -496 | ||||||||
Common Stock | ||||||||||
Net loss per share (in dollars per share) | ($0.22) | ($0.10) | ($0.05) | ($0.35) | ($0.03) | ($0.18) | ($2.81) | $0 | ($0.63) | ($0.18) |
Weighted-average shares outstanding | 99,836,316 | 99,007,256 | 77,300,223 | 38,001,011 | 10,469,534 | 616,292 | 23,222 | 0 | 78,777,525 | 2,792,648 |
Distributions declared per share (in dollars per share) | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.12 | $0 | $0 | $0.62 | $0.27 |
Class C common stock | ||||||||||
Interim Period | ||||||||||
Net Loss Attributable to CPA®:18 – Global | ($6,373) | ($135) | ||||||||
Common Stock | ||||||||||
Net loss per share (in dollars per share) | ($0.25) | ($0.12) | ($0.07) | ($0.37) | ($0.05) | ($0.20) | $0 | $0 | ($0.72) | ($0.27) |
Weighted-average shares outstanding | 15,376,487 | 9,925,481 | 6,126,012 | 3,820,432 | 1,825,374 | 149,294 | 0 | 0 | 8,847,966 | 497,725 |
Distributions declared per share (in dollars per share) | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.10 | $0 | $0 | $0.53 | $0.23 |
Subsequent_Event_Narratives_De
Subsequent Event (Narratives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 23, 2015 | Dec. 31, 2014 |
property | property | |
Subsequent Event | ||
Number of properties acquired | 54 | |
Subsequent Event | ||
Subsequent Event | ||
Number of properties acquired | 11 | |
Investment purchase price | $244,300 | |
Mortgages assumed | 158,500 | |
Subsequent Event | Self-storage | ||
Subsequent Event | ||
Number of properties acquired | 6 | |
Subsequent Event | Multi-Family | ||
Subsequent Event | ||
Number of properties acquired | 2 | |
Subsequent Event | BTS | ||
Subsequent Event | ||
Number of properties acquired | 2 | |
Subsequent Event | Industrial | ||
Subsequent Event | ||
Number of properties acquired | 1 | |
Subsequent Event | Office | ||
Subsequent Event | ||
Investment purchase price | $85,500 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Valuation reserve for deferred tax assets, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Valuation reserve for deferred tax assets | ||
Movement in Valuation Allowances and Reserves | ||
Balance at Beginning of Year | $0 | $0 |
Change | 2,236 | 0 |
Balance at End of Year | $2,236 | $0 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real estate tax | $1 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | $429,160 | ||
Initial Cost to Company | |||
Land | 109,239 | ||
Buildings | 659,515 | ||
Costs Capitalized Subsequent to Acquisition | 20,053 | ||
Increase (Decrease) in Net Investments | -45,072 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 104,604 | ||
Buildings | 639,131 | ||
Total | 743,735 | 150,424 | 0 |
Accumulated Depreciation | 10,875 | 824 | 0 |
Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 25,582 | ||
Initial Cost to Company | |||
Land | 3,023 | ||
Buildings | 40,656 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 1,903 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 45,582 | ||
Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 66,970 | ||
Initial Cost to Company | |||
Land | 28,039 | ||
Buildings | 104,540 | ||
Personal Property | 1,017 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 28,040 | ||
Buildings | 104,539 | ||
Personal Property | 1,017 | ||
Total | 133,596 | 0 | 0 |
Accumulated Depreciation | 939 | 0 | 0 |
Office facility in Austin, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 72,800 | ||
Initial Cost to Company | |||
Land | 29,215 | ||
Buildings | 67,993 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 29,215 | ||
Buildings | 67,993 | ||
Total | 97,208 | ||
Accumulated Depreciation | 2,880 | ||
Date of Construction | 31-Dec-93 | ||
Date Acquired | 31-Aug-13 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Retail facility in Zagreb, Croatia | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 8,236 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 10,828 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -1,179 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 0 | ||
Buildings | 9,649 | ||
Total | 9,649 | ||
Accumulated Depreciation | 293 | ||
Date of Construction | 31-Dec-05 | ||
Date Acquired | 31-Dec-13 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | ||
Retail facility in Zagreb, Croatia | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 8,155 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 10,576 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -1,229 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 0 | ||
Buildings | 9,347 | ||
Total | 9,347 | ||
Accumulated Depreciation | 268 | ||
Date of Construction | 31-Dec-06 | ||
Date Acquired | 31-Dec-13 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | ||
Retail facility in Zagreb, Croatia | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,999 | ||
Initial Cost to Company | |||
Land | 2,264 | ||
Buildings | 10,676 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -1,504 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 2,000 | ||
Buildings | 9,436 | ||
Total | 11,436 | ||
Accumulated Depreciation | 296 | ||
Date of Construction | 31-Dec-06 | ||
Date Acquired | 31-Dec-13 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | ||
Retail facility in Zadar, Croatia | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 8,991 | ||
Initial Cost to Company | |||
Land | 4,320 | ||
Buildings | 10,536 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -1,728 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 3,815 | ||
Buildings | 9,313 | ||
Total | 13,128 | ||
Accumulated Depreciation | 316 | ||
Date of Construction | 31-Dec-07 | ||
Date Acquired | 31-Dec-13 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | ||
Retail facility in Split, Croatia | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,656 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 3,161 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -367 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 0 | ||
Buildings | 2,794 | ||
Total | 2,794 | ||
Accumulated Depreciation | 107 | ||
Date of Construction | 31-Dec-01 | ||
Date Acquired | 31-Dec-13 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | ||
Land in Madison, IN | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 426 | ||
Initial Cost to Company | |||
Land | 834 | ||
Buildings | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 834 | ||
Buildings | 0 | ||
Total | 834 | ||
Accumulated Depreciation | 0 | ||
Date Acquired | 31-Dec-13 | ||
Industrial facility in Streetsboro, OH | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,257 | ||
Initial Cost to Company | |||
Land | 1,163 | ||
Buildings | 3,393 | ||
Costs Capitalized Subsequent to Acquisition | 719 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,163 | ||
Buildings | 4,112 | ||
Total | 5,275 | ||
Accumulated Depreciation | 188 | ||
Date of Construction | 31-Dec-93 | ||
Date Acquired | 31-Jan-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | ||
Warehouse/distribution facility in University Park, IL | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 47,250 | ||
Initial Cost to Company | |||
Land | 13,748 | ||
Buildings | 52,135 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 13,748 | ||
Buildings | 52,135 | ||
Total | 65,883 | ||
Accumulated Depreciation | 1,752 | ||
Date of Construction | 31-Dec-03 | ||
Date Acquired | 28-Feb-14 | ||
Warehouse/distribution facility in University Park, IL | Real Estate Subject To Operating Lease | Minimum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | ||
Warehouse/distribution facility in University Park, IL | Real Estate Subject To Operating Lease | Maximum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | ||
Office facility in Norcross, GA | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,752 | ||
Initial Cost to Company | |||
Land | 1,044 | ||
Buildings | 3,361 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,044 | ||
Buildings | 3,361 | ||
Total | 4,405 | ||
Accumulated Depreciation | 106 | ||
Date of Construction | 31-Dec-99 | ||
Date Acquired | 28-Feb-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Office facility in Oslo, Norway | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 43,099 | ||
Initial Cost to Company | |||
Land | 14,362 | ||
Buildings | 59,219 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -13,707 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 11,686 | ||
Buildings | 48,188 | ||
Total | 59,874 | ||
Accumulated Depreciation | 1,008 | ||
Date of Construction | 31-Dec-13 | ||
Date Acquired | 28-Feb-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Office facility in Warsaw, Poland | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 64,852 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 112,676 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -13,091 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 0 | ||
Buildings | 99,585 | ||
Total | 99,585 | ||
Accumulated Depreciation | 1,878 | ||
Date of Construction | 31-Dec-08 | ||
Date Acquired | 31-Mar-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Industrial facility in Columbus, GA | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 4,894 | ||
Initial Cost to Company | |||
Land | 448 | ||
Buildings | 5,841 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 448 | ||
Buildings | 5,841 | ||
Total | 6,289 | ||
Accumulated Depreciation | 147 | ||
Date of Construction | 31-Dec-95 | ||
Date Acquired | 30-Apr-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | ||
Office facility in Farmington Hills, MI | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,325 | ||
Initial Cost to Company | |||
Land | 2,251 | ||
Buildings | 3,390 | ||
Costs Capitalized Subsequent to Acquisition | 672 | ||
Increase (Decrease) in Net Investments | 47 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 2,251 | ||
Buildings | 4,109 | ||
Total | 6,360 | ||
Accumulated Depreciation | 72 | ||
Date of Construction | 31-Dec-01 | ||
Date Acquired | 31-May-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Industrial facility in Surprise, AZ | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,322 | ||
Initial Cost to Company | |||
Land | 298 | ||
Buildings | 2,347 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 298 | ||
Buildings | 2,347 | ||
Total | 2,645 | ||
Accumulated Depreciation | 57 | ||
Date of Construction | 31-Dec-98 | ||
Date Acquired | 31-May-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | ||
Industrial facility in Temple, GA | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,714 | ||
Initial Cost to Company | |||
Land | 381 | ||
Buildings | 6,469 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 381 | ||
Buildings | 6,469 | ||
Total | 6,850 | ||
Accumulated Depreciation | 139 | ||
Date of Construction | 31-Dec-07 | ||
Date Acquired | 31-May-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | ||
Land in Houston, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,280 | ||
Initial Cost to Company | |||
Land | 1,675 | ||
Buildings | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,675 | ||
Buildings | 0 | ||
Total | 1,675 | ||
Accumulated Depreciation | 0 | ||
Date Acquired | 31-May-14 | ||
Land in Chicago, IL | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,024 | ||
Initial Cost to Company | |||
Land | 3,036 | ||
Buildings | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 3,036 | ||
Buildings | 0 | ||
Total | 3,036 | ||
Accumulated Depreciation | 0 | ||
Date Acquired | 31-May-14 | ||
Warehouse/distribution facility in Jonesville, SC | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 2,995 | ||
Buildings | 14,644 | ||
Costs Capitalized Subsequent to Acquisition | 18,662 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 2,995 | ||
Buildings | 33,306 | ||
Total | 36,301 | ||
Accumulated Depreciation | 400 | ||
Date of Construction | 31-Dec-97 | ||
Date Acquired | 30-Jun-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | ||
Industrial facility in Ayr, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,532 | ||
Initial Cost to Company | |||
Land | 1,150 | ||
Buildings | 3,228 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -312 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,068 | ||
Buildings | 2,998 | ||
Total | 4,066 | ||
Accumulated Depreciation | 53 | ||
Date of Construction | 31-Dec-50 | ||
Date Acquired | 31-Aug-14 | ||
Industrial facility in Ayr, United Kingdom | Real Estate Subject To Operating Lease | Minimum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | ||
Industrial facility in Ayr, United Kingdom | Real Estate Subject To Operating Lease | Maximum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | ||
Industrial facility in Bathgate, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,688 | ||
Initial Cost to Company | |||
Land | 627 | ||
Buildings | 1,852 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -177 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 582 | ||
Buildings | 1,720 | ||
Total | 2,302 | ||
Accumulated Depreciation | 23 | ||
Date of Construction | 31-Dec-09 | ||
Date Acquired | 31-Aug-14 | ||
Industrial facility in Bathgate, United Kingdom | Real Estate Subject To Operating Lease | Minimum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | ||
Industrial facility in Bathgate, United Kingdom | Real Estate Subject To Operating Lease | Maximum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | ||
Industrial facility in Dundee, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,604 | ||
Initial Cost to Company | |||
Land | 384 | ||
Buildings | 2,305 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -192 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 357 | ||
Buildings | 2,140 | ||
Total | 2,497 | ||
Accumulated Depreciation | 33 | ||
Date of Construction | 31-Dec-08 | ||
Date Acquired | 31-Aug-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | ||
Industrial facility in Dunfermline, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 928 | ||
Initial Cost to Company | |||
Land | 294 | ||
Buildings | 808 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -79 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 273 | ||
Buildings | 750 | ||
Total | 1,023 | ||
Accumulated Depreciation | 16 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 31-Aug-14 | ||
Industrial facility in Dunfermline, United Kingdom | Real Estate Subject To Operating Lease | Minimum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 13 years | ||
Industrial facility in Dunfermline, United Kingdom | Real Estate Subject To Operating Lease | Maximum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | ||
Industrial facility in Invergordon, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 473 | ||
Initial Cost to Company | |||
Land | 261 | ||
Buildings | 549 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -57 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 243 | ||
Buildings | 510 | ||
Total | 753 | ||
Accumulated Depreciation | 8 | ||
Date of Construction | 31-Dec-06 | ||
Date Acquired | 31-Aug-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | ||
Industrial facility in Livingston, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,026 | ||
Initial Cost to Company | |||
Land | 447 | ||
Buildings | 3,015 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -247 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 415 | ||
Buildings | 2,800 | ||
Total | 3,215 | ||
Accumulated Depreciation | 34 | ||
Date of Construction | 31-Dec-08 | ||
Date Acquired | 31-Aug-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | ||
Industrial facility in Livingston, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,152 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 3,360 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -161 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 0 | ||
Buildings | 3,199 | ||
Total | 3,199 | ||
Accumulated Depreciation | 35 | ||
Date of Construction | 31-Dec-97 | ||
Date Acquired | 30-Sep-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | ||
Office facility in Warstein, Germany | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 13,756 | ||
Initial Cost to Company | |||
Land | 281 | ||
Buildings | 15,671 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -668 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 270 | ||
Buildings | 15,014 | ||
Total | 15,284 | ||
Accumulated Depreciation | 98 | ||
Date of Construction | 31-Dec-11 | ||
Date Acquired | 30-Sep-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Warehouse/distribution facility in Albany, GA | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,704 | ||
Initial Cost to Company | |||
Land | 1,141 | ||
Buildings | 5,997 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,141 | ||
Buildings | 5,997 | ||
Total | 7,138 | ||
Accumulated Depreciation | 93 | ||
Date of Construction | 31-Dec-77 | ||
Date Acquired | 31-Oct-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 14 years | ||
Office facility in Stavanger, Norway | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 48,151 | ||
Initial Cost to Company | |||
Land | 8,276 | ||
Buildings | 80,476 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -8,637 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 7,470 | ||
Buildings | 72,645 | ||
Total | 80,115 | ||
Accumulated Depreciation | 305 | ||
Date of Construction | 31-Dec-12 | ||
Date Acquired | 31-Oct-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Office facility in Eagan, MN | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 1,189 | ||
Buildings | 11,279 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,189 | ||
Buildings | 11,279 | ||
Total | 12,468 | ||
Accumulated Depreciation | 49 | ||
Date of Construction | 31-Dec-13 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Office facility in Plymouth, MN | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 27,650 | ||
Initial Cost to Company | |||
Land | 3,990 | ||
Buildings | 30,320 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 3,990 | ||
Buildings | 30,320 | ||
Total | 34,310 | ||
Accumulated Depreciation | 109 | ||
Date of Construction | 31-Dec-82 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Industrial facility in Dallas, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,680 | ||
Initial Cost to Company | |||
Land | 512 | ||
Buildings | 1,283 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 512 | ||
Buildings | 1,283 | ||
Total | 1,795 | ||
Accumulated Depreciation | 7 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | ||
Industrial facility in Dallas, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 790 | ||
Initial Cost to Company | |||
Land | 509 | ||
Buildings | 340 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 509 | ||
Buildings | 340 | ||
Total | 849 | ||
Accumulated Depreciation | 4 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | ||
Industrial facility in Dallas, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 281 | ||
Initial Cost to Company | |||
Land | 128 | ||
Buildings | 204 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 128 | ||
Buildings | 204 | ||
Total | 332 | ||
Accumulated Depreciation | 2 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | ||
Industrial facility in Dallas, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,217 | ||
Initial Cost to Company | |||
Land | 360 | ||
Buildings | 1,120 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 360 | ||
Buildings | 1,120 | ||
Total | 1,480 | ||
Accumulated Depreciation | 6 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | ||
Industrial facility in Fort Worth, TX | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,232 | ||
Initial Cost to Company | |||
Land | 809 | ||
Buildings | 671 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 809 | ||
Buildings | 671 | ||
Total | 1,480 | ||
Accumulated Depreciation | 5 | ||
Date of Construction | 31-Dec-08 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | ||
Industrial facility in Dunfermline, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 1,162 | ||
Buildings | 5,631 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -60 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,152 | ||
Buildings | 5,581 | ||
Total | 6,733 | ||
Accumulated Depreciation | 27 | ||
Date of Construction | 31-Dec-00 | ||
Date Acquired | 30-Nov-14 | ||
Industrial facility in Dunfermline, United Kingdom | Real Estate Subject To Operating Lease | Minimum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | ||
Industrial facility in Dunfermline, United Kingdom | Real Estate Subject To Operating Lease | Maximum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | ||
Industrial facility in Durham, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 207 | ||
Buildings | 2,108 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -21 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 205 | ||
Buildings | 2,089 | ||
Total | 2,294 | ||
Accumulated Depreciation | 7 | ||
Date of Construction | 31-Dec-98 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | ||
Office facility in Rotterdam, Netherlands | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 2,247 | ||
Buildings | 27,149 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -765 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 2,189 | ||
Buildings | 26,442 | ||
Total | 28,631 | ||
Accumulated Depreciation | 27 | ||
Date of Construction | 31-Dec-60 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Office facility in Rotterdam, Netherlands | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 2,246 | ||
Buildings | 27,135 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -764 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 2,187 | ||
Buildings | 26,430 | ||
Total | 28,617 | ||
Accumulated Depreciation | 27 | ||
Date of Construction | 31-Dec-60 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Industrial facility in Edinburgh, United Kingdom | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 938 | ||
Buildings | 2,842 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -34 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 929 | ||
Buildings | 2,817 | ||
Total | 3,746 | ||
Accumulated Depreciation | 0 | ||
Date of Construction | 31-Dec-85 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | ||
Hotel in Albion, Mauritius | Real Estate Subject To Operating Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 19,264 | ||
Initial Cost to Company | |||
Land | 4,047 | ||
Buildings | 54,927 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | -140 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 4,037 | ||
Buildings | 54,797 | ||
Total | 58,834 | ||
Accumulated Depreciation | 0 | ||
Date of Construction | 31-Dec-07 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Industrial facility in Logansport, IN | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 4,437 | ||
Initial Cost to Company | |||
Land | 455 | ||
Buildings | 7,689 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 8,144 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 31-Dec-13 | ||
Industrial facility in Madison, IN | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,911 | ||
Initial Cost to Company | |||
Land | 356 | ||
Buildings | 3,382 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 3,738 | ||
Date of Construction | 31-Dec-00 | ||
Date Acquired | 31-Dec-13 | ||
Industrial facility in Marion, SC | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,205 | ||
Initial Cost to Company | |||
Land | 753 | ||
Buildings | 9,430 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 10,183 | ||
Date of Construction | 31-Dec-68 | ||
Date Acquired | 31-Dec-13 | ||
Industrial facility in Fraser, MI | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,172 | ||
Initial Cost to Company | |||
Land | 542 | ||
Buildings | 3,840 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 4,382 | ||
Date of Construction | 31-Dec-84 | ||
Date Acquired | 31-Mar-14 | ||
Industrial facility in Warren, MI | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,814 | ||
Initial Cost to Company | |||
Land | 429 | ||
Buildings | 3,231 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 3,660 | ||
Date of Construction | 31-Dec-47 | ||
Date Acquired | 31-Mar-14 | ||
Industrial facility in Columbus, GA | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,845 | ||
Initial Cost to Company | |||
Land | 488 | ||
Buildings | 2,947 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 1,479 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 4,914 | ||
Date of Construction | 31-Dec-65 | ||
Date Acquired | 30-Apr-14 | ||
Industrial facility in Houston, TX | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 1,222 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 1,573 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 26 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 1,599 | ||
Date of Construction | 31-Dec-73 | ||
Date Acquired | 31-May-14 | ||
Warehouse/distribution facility in Chicago, IL | Direct Financing Lease | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 5,976 | ||
Initial Cost to Company | |||
Land | 0 | ||
Buildings | 8,564 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 398 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Total | 8,962 | ||
Date of Construction | 31-Dec-42 | ||
Date Acquired | 31-May-14 | ||
Tucker, GA | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 14,140 | ||
Initial Cost to Company | |||
Land | 4,288 | ||
Buildings | 15,201 | ||
Personal Property | 237 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 4,288 | ||
Buildings | 15,201 | ||
Personal Property | 237 | ||
Total | 19,726 | ||
Accumulated Depreciation | 83 | ||
Date of Construction | 31-Dec-02 | ||
Date Acquired | 31-Oct-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Atlanta, GA | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 15,330 | ||
Initial Cost to Company | |||
Land | 4,513 | ||
Buildings | 16,404 | ||
Personal Property | 780 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 4,513 | ||
Buildings | 16,404 | ||
Personal Property | 780 | ||
Total | 21,697 | ||
Accumulated Depreciation | 101 | ||
Date of Construction | 31-Dec-90 | ||
Date Acquired | 31-Oct-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | ||
Kissimmee, FL | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,000 | ||
Initial Cost to Company | |||
Land | 3,306 | ||
Buildings | 7,190 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 3,306 | ||
Buildings | 7,190 | ||
Personal Property | 0 | ||
Total | 10,496 | ||
Accumulated Depreciation | 198 | ||
Date of Construction | 31-Dec-05 | ||
Date Acquired | 31-Jan-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | ||
St. Petersburg, FL | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 7,500 | ||
Initial Cost to Company | |||
Land | 3,258 | ||
Buildings | 7,128 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 3,258 | ||
Buildings | 7,128 | ||
Personal Property | 0 | ||
Total | 10,386 | ||
Accumulated Depreciation | 184 | ||
Date of Construction | 31-Dec-07 | ||
Date Acquired | 31-Jan-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Corpus Christi, TX | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 2,725 | ||
Initial Cost to Company | |||
Land | 340 | ||
Buildings | 3,428 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 340 | ||
Buildings | 3,428 | ||
Personal Property | 0 | ||
Total | 3,768 | ||
Accumulated Depreciation | 63 | ||
Date of Construction | 31-Dec-98 | ||
Date Acquired | 31-Jul-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | ||
Kailua-Kona, HI | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,770 | ||
Initial Cost to Company | |||
Land | 1,356 | ||
Buildings | 3,699 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,356 | ||
Buildings | 3,699 | ||
Personal Property | 0 | ||
Total | 5,055 | ||
Accumulated Depreciation | 54 | ||
Date of Construction | 31-Dec-91 | ||
Date Acquired | 31-Jul-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | ||
Miami, FL | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,034 | ||
Initial Cost to Company | |||
Land | 1,915 | ||
Buildings | 1,894 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,915 | ||
Buildings | 1,894 | ||
Personal Property | 0 | ||
Total | 3,809 | ||
Accumulated Depreciation | 27 | ||
Date of Construction | 31-Dec-86 | ||
Date Acquired | 31-Aug-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | ||
Palm Desert, CA | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 6,890 | ||
Initial Cost to Company | |||
Land | 669 | ||
Buildings | 8,899 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 669 | ||
Buildings | 8,899 | ||
Personal Property | 0 | ||
Total | 9,568 | ||
Accumulated Depreciation | 93 | ||
Date of Construction | 31-Dec-06 | ||
Date Acquired | 31-Aug-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | ||
Columbia, SC | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,056 | ||
Initial Cost to Company | |||
Land | 1,065 | ||
Buildings | 2,742 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,065 | ||
Buildings | 2,742 | ||
Personal Property | 0 | ||
Total | 3,807 | ||
Accumulated Depreciation | 32 | ||
Date of Construction | 31-Dec-88 | ||
Date Acquired | 30-Sep-14 | ||
Columbia, SC | Operating Real Estate | Minimum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | ||
Columbia, SC | Operating Real Estate | Maximum | |||
Gross Amount at which Carried at Close of Period (c) | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | ||
Kailua-Kona, HI | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 3,525 | ||
Initial Cost to Company | |||
Land | 2,263 | ||
Buildings | 2,704 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 2,263 | ||
Buildings | 2,704 | ||
Personal Property | 0 | ||
Total | 4,967 | ||
Accumulated Depreciation | 22 | ||
Date of Construction | 31-Dec-04 | ||
Date Acquired | 31-Oct-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | ||
Pompano Beach, FL | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 700 | ||
Buildings | 3,436 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 700 | ||
Buildings | 3,436 | ||
Personal Property | 0 | ||
Total | 4,136 | ||
Accumulated Depreciation | 24 | ||
Date of Construction | 31-Dec-92 | ||
Date Acquired | 31-Oct-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | ||
Jensen Beach, FL | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 1,596 | ||
Buildings | 5,963 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,596 | ||
Buildings | 5,963 | ||
Personal Property | 0 | ||
Total | 7,559 | ||
Accumulated Depreciation | 25 | ||
Date of Construction | 31-Dec-89 | ||
Date Acquired | 30-Nov-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | ||
Dickinson, TX | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 1,680 | ||
Buildings | 7,165 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 1,680 | ||
Buildings | 7,165 | ||
Personal Property | 0 | ||
Total | 8,845 | ||
Accumulated Depreciation | 14 | ||
Date of Construction | 31-Dec-01 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | ||
Humble, TX | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 341 | ||
Buildings | 6,582 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 341 | ||
Buildings | 6,582 | ||
Personal Property | 0 | ||
Total | 6,923 | ||
Accumulated Depreciation | 8 | ||
Date of Construction | 31-Dec-09 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | ||
Temecula, CA | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 449 | ||
Buildings | 8,574 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 449 | ||
Buildings | 8,574 | ||
Personal Property | 0 | ||
Total | 9,023 | ||
Accumulated Depreciation | 11 | ||
Date of Construction | 31-Dec-06 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | ||
Cumming, GA | Operating Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost to Company | |||
Land | 300 | ||
Buildings | 3,531 | ||
Personal Property | 0 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Increase (Decrease) in Net Investments | 0 | ||
Gross Amount at which Carried at Close of Period (c) | |||
Land | 301 | ||
Buildings | 3,530 | ||
Personal Property | 0 | ||
Total | 3,831 | ||
Accumulated Depreciation | $0 | ||
Date of Construction | 31-Dec-94 | ||
Date Acquired | 31-Dec-14 | ||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Subject To Operating Lease | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | ||
Beginning balance | $150,424 | $0 |
Additions | 618,248 | 150,403 |
Improvements | 1,551 | 0 |
Reclassification from real estate under construction | 18,502 | 0 |
Foreign currency translation adjustment | -44,990 | 21 |
Ending balance | 743,735 | 150,424 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation | ||
Beginning balance | 824 | 0 |
Depreciation expense | 10,543 | 824 |
Foreign currency translation adjustment | -492 | 0 |
Ending balance | 10,875 | 824 |
Operating Real Estate | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | ||
Beginning balance | 0 | 0 |
Additions | 133,596 | 0 |
Ending balance | 133,596 | 0 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation | ||
Beginning balance | 0 | 0 |
Depreciation expense | 939 | 0 |
Ending balance | $939 | $0 |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate (Details 1) (Cipriani, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Cipriani | |
Mortgage Loans on Real Estate | |
Interest Rate | 10.00% |
Final Maturity Date | 31-Jul-24 |
Fair Value | $28,000 |
Carrying Amount | $28,000 |
Schedule_IV_Mortgage_Loans_on_2
Schedule IV - Mortgage Loans on Real Estate (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Mortgage Loans on Real Estate | ||
Balance | $0 | $0 |
Additions | 28,000 | 0 |
Ending balance | $28,000 | $0 |