Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document Information | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 1,558,235 | ||
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 Information | |||
Entity Common Stock Shares Outstanding | 104,111,711 | ||
Class C | |||
Document Information | |||
Entity Common Stock Shares Outstanding | 29,804,883 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in real estate: | ||
Real estate, at cost | $ 986,574 | $ 743,735 |
Operating real estate, at cost | 490,852 | 133,596 |
Accumulated depreciation | (42,194) | (11,814) |
Net investments in properties | 1,435,232 | 865,517 |
Real estate under construction (inclusive of $97,219 and $0, respectively, attributable to variable interest entities, or VIEs) | 131,930 | 2,258 |
Net investments in direct financing leases | 51,966 | 45,582 |
Note receivable | 28,000 | 28,000 |
Net investments in real estate | 1,647,128 | 941,357 |
Cash and cash equivalents (inclusive of $1,922 and $0, respectively, attributable to VIEs) | 117,453 | 429,548 |
In-place lease intangible assets, net | 212,420 | 167,635 |
Other intangible assets, net | 31,421 | 25,667 |
Goodwill | 23,389 | 9,692 |
Other assets, net (inclusive of $44,388 and $0, respectively, attributable to VIEs) | 111,849 | 41,985 |
Total assets | 2,143,660 | 1,615,884 |
Liabilities: | ||
Non-recourse debt | 873,588 | 430,462 |
Bonds payable | 134,602 | 91,250 |
Deferred income taxes | 47,313 | 28,753 |
Accounts payable, accrued expenses and other liabilities (inclusive of $6,171 and $0, respectively, attributable to VIEs) | 71,397 | 26,911 |
Due to affiliate (inclusive of $69 and $0, respectively, attributable to VIEs) | 43,974 | 20,651 |
Distributions payable | 20,078 | 17,629 |
Total liabilities | $ 1,190,952 | $ 615,656 |
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 | 1,178,990 | 1,055,342 |
Distributions and accumulated losses | (247,995) | (111,878) |
Accumulated other comprehensive loss | (50,316) | (20,941) |
Total CPA®:18 – Global stockholders’ equity | 880,812 | 922,641 |
Noncontrolling interests | 71,896 | 77,587 |
Total equity | 952,708 | 1,000,228 |
Total liabilities and equity | 2,143,660 | 1,615,884 |
Class A common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock | 103 | 100 |
Total equity | 103 | 100 |
Class C common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock | 30 | 18 |
Total equity | $ 30 | $ 18 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate under construction | $ 131,930 | $ 2,258 |
Cash and cash equivalents | 117,453 | 429,548 |
Other assets | 111,849 | 41,985 |
Liabilities: | ||
Accounts payable and accrued liabilities | 71,397 | 26,911 |
Due to affiliate | $ 43,974 | $ 20,651 |
CPA®:18 – Global stockholders’ equity: | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Class A common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 320,000,000 | 320,000,000 |
Common stock, shares issued | 103,214,083 | |
Common stock, shares outstanding | 103,214,083 | 99,924,009 |
Class C common stock | ||
CPA®:18 – Global stockholders’ equity: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 29,536,899 | 18,026,013 |
Common stock, shares outstanding | 29,536,899 | 18,026,013 |
VIE | ||
Assets | ||
Real estate under construction | $ 97,219 | $ 0 |
Cash and cash equivalents | 1,922 | 0 |
Other assets | 44,388 | 0 |
Liabilities: | ||
Accounts payable and accrued liabilities | 6,171 | 0 |
Due to affiliate | $ 69 | $ 0 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lease revenues: | |||
Rental income | $ 78,488 | $ 41,383 | $ 3,262 |
Interest income from direct financing leases | 3,680 | 3,450 | 11 |
Total lease revenue | 82,168 | 44,833 | 3,273 |
Other real estate income | 41,972 | 4,743 | 0 |
Other operating income | 8,972 | 3,473 | 19 |
Other interest income | 2,831 | 1,268 | 0 |
Total revenues | 135,943 | 54,317 | 3,292 |
Operating Expenses | |||
Depreciation and amortization | 65,153 | 21,981 | 1,314 |
Acquisition expenses (inclusive of $32,276, $38,825, and $0, respectively, to a related party) | 42,216 | 59,225 | 86 |
Property expenses (inclusive of $7,587, $2,635, and $117, respectively, to a related party) | 19,729 | 7,379 | 51 |
Other real estate expenses | 18,259 | 1,838 | 0 |
General and administrative (inclusive of $2,492, $1,084, and $226, respectively, to a related party) | 5,790 | 4,708 | 853 |
Operating Expenses | 151,147 | 95,131 | 2,304 |
Other Income and Expenses | |||
Interest expense (inclusive of $1,141, $151, and $36, respectively, to a related party) | (35,170) | (15,753) | (1,250) |
Other income and (expenses) | (5,708) | (1,153) | 32 |
Other Income and Expenses | (40,878) | (16,906) | (1,218) |
Loss before income taxes and gain on sale of real estate | (56,082) | (57,720) | (230) |
Benefit from (provision for) income taxes | 97 | 1,164 | (11) |
Loss before gain on sale of real estate | (55,985) | (56,556) | (241) |
Gain on sale of real estate, net of tax | 6,659 | 0 | 0 |
Loss before gain on sale of real estate | (49,326) | (56,556) | (241) |
Net (income) loss attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $6,317, $1,778, and $92, respectively) | (8,406) | 689 | (390) |
Net Loss Attributable to CPA®:18 – Global | (57,732) | (55,867) | (631) |
Class A | |||
Other Income and Expenses | |||
Net Loss Attributable to CPA®:18 – Global | $ (45,524) | $ (49,494) | $ (496) |
Basic and diluted weighted-average shares outstanding | 101,884,473 | 78,777,525 | 2,792,648 |
Net loss per share (in dollars per share) | $ (0.45) | $ (0.63) | $ (0.18) |
Class C | |||
Other Income and Expenses | |||
Interest expense (inclusive of $1,141, $151, and $36, respectively, to a related party) | $ (700) | ||
Net Loss Attributable to CPA®:18 – Global | $ (12,208) | $ (6,373) | $ (135) |
Basic and diluted weighted-average shares outstanding | 27,580,451 | 8,847,966 | 497,725 |
Net loss per share (in dollars per share) | $ (0.44) | $ (0.72) | $ (0.27) |
Consolidated Statement of Oper5
Consolidated Statement of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Expenses | |||
Acquisition expenses | $ 42,216 | $ 59,225 | $ 86 |
General and administrative expense | 5,790 | 4,708 | 853 |
Interest expense, related party | 1,141 | 151 | 36 |
Distributions of available cash | 6,317 | 1,778 | 92 |
Related Party | |||
Operating Expenses | |||
Acquisition expenses | 32,276 | 38,825 | 0 |
Property expense | 7,587 | 2,635 | 117 |
General and administrative expense | $ 2,492 | $ 1,084 | $ 226 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Loss | $ (49,326) | $ (56,556) | $ (241) |
Other Comprehensive Loss | |||
Foreign currency translation adjustments | (40,662) | (29,602) | 156 |
Change in net unrealized gain (loss) on derivative instruments | 4,208 | 1,371 | (219) |
Other Comprehensive Loss | (36,454) | (28,231) | (63) |
Comprehensive Loss | (85,780) | (84,787) | (304) |
Amounts Attributable to Noncontrolling Interests | |||
Net (income) loss | (8,406) | 689 | (390) |
Foreign currency translation adjustments | 7,079 | 7,384 | (31) |
Comprehensive (income) loss attributable to noncontrolling interests | (1,327) | 8,073 | (421) |
Comprehensive Loss Attributable to CPA®:18 – Global | $ (87,107) | $ (76,714) | $ (725) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Additional Paid-In Capital | Distributions and Accumulated Losses | Accumulated Other Comprehensive Loss | Total CPA 18 - Global Stockholders | Noncontrolling Interests | Class A | Class C | Common Stock |
Beginning equity balance, value at Dec. 31, 2012 | $ 209 | $ 209 | $ 0 | $ 0 | $ 209 | $ 0 | $ 0 | $ 0 | $ 0 |
Beginning 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 | |||||||
Renaming of General Shares to Class A common stock, shares | 23,222 | (23,222) | |||||||
Shares issued net of offering cost, value | 215,040 | 215,016 | 215,040 | $ 21 | $ 3 | ||||
Shares issued net of offering cost, shares | 21,251,565 | 2,776,001 | |||||||
Shares issued to affiliate, value | 79 | 79 | 79 | ||||||
Shares issued to affiliate, shares | 7,903 | ||||||||
Shares issued to directors, value | 67 | 67 | 67 | ||||||
Shares issued to directors, 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 net unrealized gain on derivative instruments | (219) | (219) | (219) | ||||||
Ending equity balance, value at Dec. 31, 2013 | 250,471 | 215,371 | (2,567) | (94) | 212,734 | 37,737 | $ 21 | $ 3 | $ 0 |
Ending equity balance, shares at Dec. 31, 2013 | 21,290,097 | 2,776,001 | 0 | ||||||
Statements of Equity | |||||||||
Shares issued net of offering cost, value | 839,191 | 839,097 | 839,191 | $ 79 | $ 15 | ||||
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 | ||||||||
Shares issued to directors, value | 100 | 100 | 100 | ||||||
Shares issued to directors, 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 net unrealized gain on derivative instruments | 1,371 | 1,371 | 1,371 | ||||||
Repurchase of shares, value | $ (1,520) | (1,520) | (1,520) | ||||||
Repurchase of shares, shares | (155,246) | (155,246) | |||||||
Ending equity balance, value at Dec. 31, 2014 | $ 1,000,228 | 1,055,342 | (111,878) | (20,941) | 922,641 | 77,587 | $ 100 | $ 18 | |
Ending equity balance, shares at Dec. 31, 2014 | 99,924,009 | 18,026,013 | |||||||
Statements of Equity | |||||||||
Shares issued net of offering cost, value | 124,085 | 124,070 | 124,085 | $ 3 | $ 12 | ||||
Shares issued net of offering cost, shares | 3,293,016 | 11,586,857 | |||||||
Shares issued to affiliate, value | 7,153 | 7,152 | 7,153 | $ 1 | |||||
Shares issued to affiliate, shares | 715,264 | ||||||||
Shares issued to directors, value | 100 | 100 | 100 | $ 0 | |||||
Shares issued to directors, shares | 11,111 | ||||||||
Contributions from noncontrolling interests | 10,066 | 10,066 | |||||||
Distributions to noncontrolling interests | (17,084) | (17,084) | |||||||
Distributions declared | (78,385) | (78,385) | (78,385) | ||||||
Net Loss | (49,326) | (57,732) | (57,732) | 8,406 | |||||
Other comprehensive loss: | |||||||||
Foreign currency translation adjustments | (40,662) | (33,583) | (33,583) | (7,079) | |||||
Change in net unrealized gain on derivative instruments | 4,208 | 4,208 | 4,208 | ||||||
Repurchase of shares, value | (7,675) | (7,674) | (7,675) | $ (1) | |||||
Repurchase of shares, shares | (729,317) | (75,971) | |||||||
Ending equity balance, value at Dec. 31, 2015 | $ 952,708 | $ 1,178,990 | $ (247,995) | $ (50,316) | $ 880,812 | $ 71,896 | $ 103 | $ 30 | |
Ending equity balance, shares at Dec. 31, 2015 | 103,214,083 | 29,536,899 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class A | |||||||||||
Statements of Equity | |||||||||||
Distributions declared per share (in dollars per share) | $ 0.1563 | $ 0.1563 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.6250 | $ 0.6248 | $ 0.2717 |
Class C | |||||||||||
Statements of Equity | |||||||||||
Distributions declared per share (in dollars per share) | $ 0.1335 | $ 0.134 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.5333 | $ 0.5316 | $ 0.2311 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows — Operating Activities | |||
Net Loss | $ (49,326) | $ (56,556) | $ (241) |
Adjustments to net loss: | |||
Depreciation and amortization, including intangible assets and deferred financing costs | 67,524 | 23,367 | 1,326 |
Non-cash asset management fee and directors’ compensation | 7,687 | 2,394 | 146 |
Loss (gain) on foreign currency transactions and other | 7,019 | 4,215 | (19) |
Gain on sale of real estate | (6,659) | 0 | 0 |
Straight-line rent adjustment and amortization of rent-related intangibles | (4,443) | (2,230) | (434) |
Loss on extinguishment of debt | 2,337 | 0 | 0 |
Equity in losses of equity method investments in real estate in excess of distributions received | 94 | 0 | 0 |
Organization costs paid by affiliate | 0 | 0 | 65 |
Deferred acquisition fees | 4,069 | 15,547 | 0 |
Net change in operating assets and liabilities | 7,261 | 3,349 | 1,419 |
Net Cash Provided by (Used in) Operating Activities | 35,563 | (9,914) | 2,262 |
Cash Flows — Investing Activities | |||
Acquisitions of real estate and direct financing leases, net of cash acquired | (845,257) | (888,449) | (220,331) |
Funding and advances for build-to-suit projects | (49,834) | (5,725) | 0 |
Proceeds from sale of real estate | 35,669 | 0 | 0 |
Capital contributions to equity investment | (12,772) | 0 | 0 |
Capital expenditures on real estate | (7,749) | (8,015) | (207) |
Value added taxes paid in connection with acquisition of real estate | (7,294) | (35,543) | (2,683) |
Deposits for investments | (4,000) | 0 | 0 |
Payment of deferred acquisition fees to an affiliate | (3,325) | (1,363) | (385) |
Change in investing restricted cash | (3,211) | (14,960) | (207) |
Value added taxes refunded in connection with the acquisition of real estate | 0 | 36,472 | 0 |
Investment in note receivable | 0 | (28,000) | 0 |
Net Cash Used in Investing Activities | (897,773) | (945,583) | (223,813) |
Cash Flows — Financing Activities | |||
Proceeds from mortgage financing | 511,924 | 327,188 | 85,060 |
Proceeds from issuance of shares, net of issuance costs | 133,974 | 844,254 | 208,336 |
Distributions paid | (75,936) | (37,636) | (115) |
Proceeds from bond financing | 66,328 | 105,408 | 0 |
Scheduled payments and prepayments of mortgage principal | (49,073) | (1,668) | 0 |
Contributions from noncontrolling interests | (17,084) | (69,838) | (853) |
Payment of deferred financing costs and mortgage deposits | (9,708) | (5,182) | (289) |
Repurchase of shares | (7,675) | (1,520) | 0 |
Contributions from noncontrolling interests | 3,017 | 117,761 | 38,169 |
Receipt of tenant security deposits | 28 | 4,062 | 0 |
Note payable proceeds from affiliate | 0 | 0 | 15,000 |
Repayment of note payable to affiliate | 0 | 0 | (15,000) |
Net Cash Provided by Financing Activities | 555,795 | 1,282,829 | 330,308 |
Change in Cash and Cash Equivalents During the Year | |||
Effect of exchange rate changes on cash and cash equivalents | (5,680) | (6,845) | 95 |
Net (decrease) increase in cash and cash equivalents | (312,095) | 320,487 | 108,852 |
Cash and cash equivalents, beginning of year | 429,548 | 109,061 | 209 |
Cash and cash equivalents, end of year | $ 117,453 | $ 429,548 | $ 109,061 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information | |||
Interest paid, net of amounts capitalized | $ 30,124 | $ 11,569 | $ 1,050 |
Interest capitalized | 2,355 | 143 | 0 |
Income taxes paid | $ 216 | $ 88 | $ 0 |
Organization and Offering
Organization and Offering | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Offering | Organization and Offering Organization Corporate Property Associates 18 – Global Incorporated, or CPA ® :18 – Global, and, together with its consolidated subsidiaries, we, us, or our, is a publicly-owned, non-listed real estate investment trust, or REIT, that invests primarily in a diversified portfolio of income-producing commercial real estate properties leased to companies and other real estate related assets, both domestically and internationally. We were formed in 2012 and are managed by W. P. Carey Inc., or WPC, through one of its subsidiaries, or collectively the advisor. 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 and the level of our distributions, among other factors. We earn revenue primarily by leasing the properties we own to single corporate tenants, predominantly 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 due to 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. Substantially all of our assets and liabilities are held by CPA ® :18 Limited Partnership, or the Operating Partnership, and at December 31, 2015 , we owned 99.97% of general and limited partnership interests in the Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. At December 31, 2015 , our portfolio was comprised of full or partial ownership interests in 58 properties, the majority of which were fully-occupied and triple-net leased to 96 tenants totaling 9.5 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 58 self-storage properties and eight multi-family properties totaling 5.9 million square feet. We operate in two reportable business segments: Net Lease and Self Storage. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. In addition, we have an All Other category that includes our multi-family investments and our investment in a note receivable ( Note 13 ). Our reportable business segments and All Other category are the same as our reporting units. Public Offering On May 7, 2013, we commenced our initial public offering of up to $1.4 billion in shares of our common stock, in any combination of Class A and Class C shares, including $150.0 million in shares of common stock through our distribution reinvestment plan at a price of $9.60 per share of Class A common stock and $8.98 per share of Class C common stock. Through the closing of our initial public offering on April 2, 2015, we raised gross offering proceeds for our Class A common stock and Class C common stock of $977.4 million and $266.1 million , respectively, which excludes reinvested distributions through our distribution reinvestment plan. Through December 31, 2015 , proceeds from our distribution reinvestment plan were $50.2 million and $10.5 million for our Class A and Class C common stock, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Critical Accounting Policies and Estimates 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 of Tangible Assets — 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 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 (i) 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 (ii) by the estimated residual value, which 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. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. 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, 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 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. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. For self-storage assets, the hypothetical sales price is derived by capitalizing the stabilized estimated net operating income. 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 adjusted for 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. Purchase Price Allocation of Intangible 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 the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated lease term, including renewal options at rental rates below estimated market rental rates; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. 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 Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above-market and below-market ground lease intangibles in Property expenses 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 rental income, and in-place lease values to amortization expense. Purchase Price Allocation of Debt — 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. Purchase Price Allocation of 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 allocate goodwill to the 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. 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, an upcoming lease expiration, a lease default by a tenant that is experiencing financial difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, and equity investments in real estate. We may also incur impairment charges on goodwill. Our policies and estimates 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 carrying value of 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. The estimated fair value of the property’s asset group is primarily determined 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. 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 and third-party estimates where available. 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 and therefore the asset’s holding period is reduced, 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. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. 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 a two-step test. However, we have the option to qualitatively assess any potential impairment via step zero prior to analyzing steps one and two quantitatively. 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. Our annual impairment test for the goodwill recorded in our Net Lease reporting unit is evaluated in the fourth quarter of every year. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are 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 should be deemed a VIE, and, if so, whether we should be deemed to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. 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 the 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. 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. Additionally, we own an interest in a self-storage development joint venture through a noncontrolling interest in a partnership and limited liability company that we do not control, but over which we exercise significant influence. We account for this investment under the equity method of accounting. At times, the carrying value of our equity investment may fall below zero. We intend to fund our share of the jointly-owned investment’s future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such an investment nor do we have any legal obligation to fund operating deficits. At December 31, 2015 , our sole equity investment did not have a carrying value below zero. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. During the year ended December 31, 2015 , we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase and as a reduction to Additional paid-in capital for the excess over the amount allocated to common stock, as well as included as shares unissued within the consolidated financial statements. We previously classified common shares repurchased as Treasury stock. We repurchased 155,246 shares in 2014 and 588,979 shares in the nine month period ended September 30, 2015. We evaluated the impact of this correction on previously-issued financial statements and concluded they were not materially misstated. In order to conform previous financial statements with the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The accompanying consolidated balance sheet as of December 31, 2014 and the consolidated statement of equity for the year ended December 31, 2014 has been revised accordingly. In addition, we will revise the consolidated statements of changes in equity for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015, as those financial statements are presented in future filings. The correction eliminates Treasury stock of $1.5 million as of December 31, 2014 and results in corresponding reductions of Common stock and Additional paid-in capital, which results in no change in total equity within the consolidated balance sheet as of December 31, 2014 and consolidated statement of equity as of December 31, 2014. The misclassification had no impact on the previously-reported consolidated statements of operations, consolidated statements of comprehensive loss, or consolidated statements of cash flows. 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 extend 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. Dispositions — We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. 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. Our note receivable is included in Note receivable in the consolidated financial statements. 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 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 Accounts payable, accrued expenses and 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 affiliate ( 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). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital 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 account for the special general partner interest in our Operating Partnership 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 — 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. For the years ended December 31, 2015 and 2014 , our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $6.2 million and $3.5 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore usually 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 rents were insignificant for the periods presented. For 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 ). 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 a blended rate of our debt obligations. Organization and Offering Costs — The advisor has paid various organization and offering costs on our behalf, all of which we were liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital were accrued as deferred offering costs and included in Other assets, net on the consolidated balance sheets. Upon receipt of offering proceeds, we charged the deferred costs to stockholders’ equity and reimbursed the advisor for costs incurred. Such reimbursements did not exceed regulatory cost limitations. Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining use |
Agreements and Transactions wit
Agreements and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Agreements and Transactions with Related Parties | Agreements and Transactions with Related Parties Transactions with Our Advisor We have an advisory agreement with our advisor whereby our 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 advisory agreement has a term of one year and may be renewed for successive one-year periods. We may terminate the advisory agreement upon 60 days’ written notice without cause or penalty. The following tables present a summary of fees we capitalized, expenses we reimbursed, and distributions we made to our advisor and other affiliates, which excludes the fees that impact equity as further disclosed below the tables, in accordance with the terms of the related agreements (in thousands): Years Ended December 31, 2015 2014 2013 Amounts Included in the Consolidated Statements of Operations Acquisition expenses $ 32,276 $ 38,825 $ — Asset management fees 7,587 2,635 117 Available Cash Distributions 6,317 1,778 92 Personnel and overhead reimbursements 3,252 170 — Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee ( Note 2 ) 1,141 151 36 Annual distribution and shareholder servicing fee ( Note 2 ) (860 ) 814 46 Shares issued to directors 100 100 67 Costs incurred by the advisor — — 182 Excess operating expenses charged back to the advisor — — (69 ) $ 49,813 $ 44,473 $ 471 Acquisition Fees Capitalized Current acquisition fees $ 10,143 $ 3,568 $ 4,324 Deferred acquisition fees 8,120 2,855 3,459 Capitalized personnel and overhead reimbursements 1,415 — — $ 19,678 $ 6,423 $ 7,783 The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): December 31, 2015 2014 Due to Affiliate Deferred acquisition fees, including interest $ 26,747 $ 17,525 Accounts payable 12,760 2,702 Current acquisition fees 3,148 — Asset management fees payable 813 378 Reimbursable costs 506 46 $ 43,974 $ 20,651 Organization and Offering Costs Pursuant to the advisory agreement, we were liable for certain expenses related to our initial public offering, including filing, legal, accounting, printing, advertising, transfer agent, and escrow fees, which were deducted from the gross proceeds of the offering. We reimbursed Carey Financial LLC, or Carey Financial, our dealer manager and an affiliate of our advisor, or selected dealers for reasonable bona fide due diligence expenses incurred that were supported by a detailed and itemized invoice. Total underwriting compensation paid in connection with our offering, including selling commissions, the dealer manager fee, and reimbursements made by Carey Financial to selected dealers and investment advisors, did not exceed the limitations prescribed by the Financial Industry Regulatory Authority, Inc., the regulator for broker-dealers like Carey Financial, which limit underwriting compensation to 10% of gross offering proceeds. Our advisor 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 exceeded, in the aggregate, 1.5% of the gross proceeds from our initial public offering. From inception and through December 31, 2015 , our advisor incurred organization and offering costs of $8.7 million on our behalf, which we have fully repaid and charged to stockholders’ equity. 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 our advisor’s investment committee that we would not otherwise have sufficient available funds to complete. All loans are to be made solely at the discretion of WPC’s management. We did not borrow any funds from WPC during the years ended December 31, 2015 or 2014 , nor did we have any amounts outstanding at December 31, 2015 or 2014. Asset Management Fees Pursuant to the advisory agreement, our 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. For 2014, the asset management fees were payable in cash or shares of our Class A common stock at the option of our advisor. We amended the advisory agreement for 2015, so that the asset management fees are payable in cash or shares of our Class A common stock at our option, after consultation with our advisor. If our 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 per share, or NAV, or, if NAV has not been published, which was the case for year ended December 31, 2015 , $10.00 per share, which is the price at which our Class A shares were sold in our initial public offering. For the years ended December 31, 2015 , 2014 , and 2013 , our advisor received its asset management fees in shares of our Class A common stock. At December 31, 2015 , our advisor owned 975,776 shares, or 0.7% , 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, Carey Financial received a selling commission in connection with our initial public offering 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. Our initial public offering closed on April 2, 2015. These amounts were recorded in Additional paid-in capital in the consolidated financial statements. We recorded selling commissions and dealer manager fees of $107.9 million , $104.1 million , and $23.4 million on a cumulative to date basis for the years ended December 31, 2015 , 2014, and 2013, respectively. Annual Distribution and Shareholder Servicing Fee Carey Financial also receives an annual distribution and shareholder servicing fee in connection with our Class C common stock, which it may re-allow to selected dealers. The amount of the annual distribution and shareholder servicing fee was originally 1.0% of the selling price per share of the Class C common stock in our initial public offering, but now that our initial NAV has been published in March 2016, the fee will be 1% of the NAV of the Class C common stock. The annual distribution and shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the annual distribution and shareholder servicing fee beginning on the date at which, in the aggregate, underwriting compensation from all sources, including the annual distribution and shareholder servicing fee, any organizational and offering fee paid for underwriting and underwriting compensation paid by WPC and its affiliates, reaches 10.0% of the gross proceeds from our initial public offering, which it has not yet reached. At December 31, 2015, we recorded a liability of $9.4 million to reflect the present value of the estimated future payments that we expect to pay Carey Financial and a decrease of $11.3 million to Additional paid-in capital ( Note 2 ). Acquisition and Disposition Fees Our advisor receives acquisition fees, a portion of which is payable upon acquisition, while 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 our 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, our advisor may be entitled to receive a disposition fee 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, our advisor allocates a portion of its personnel and overhead expenses to us and the other publicly-owned, non-listed REITs that are managed by our advisor, including Corporate Property Associates 17 – Global Incorporated, or CPA ® :17 – Global, or, together with us, the CPA ® REITs, Carey Watermark Investors Incorporated, or CWI 1, and Carey Watermark Investors 2 Incorporated, or CWI 2. Our advisor allocates these expenses to us on the basis of our trailing four quarters of reported revenues and those of WPC and other entities managed by WPC and its affiliates. We reimburse our advisor for various expenses it incurs in the course of providing services to us. We reimburse certain third-party expenses paid by our advisor on our behalf, including property-specific costs, professional fees, office expenses, and business development expenses. In addition, we reimburse our 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 our advisor for the cost of personnel if these personnel provide services for transactions for which our advisor receives a transaction fee, such as acquisitions and dispositions. Under the advisory agreement currently in place, the amount of applicable personnel costs allocated to us is capped at 2.4% for 2015 and 2.2% for 2016 of pro rata lease revenues for each year. Beginning in 2017, the cap decreases to 2.0% of pro rata lease revenues for that year. Costs related to our advisor’s legal transactions group are based on a schedule of expenses for different types of transactions, including 0.25% of the total investment cost of an acquisition. In general, personnel and overhead reimbursements are included in General and administrative expenses in the consolidated financial statements. In addition, we capitalize certain of the costs related to our advisor’s legal transactions group if the costs relate to a transaction that is not considered to be a business combination. 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 most recent four trailing quarters, our operating expenses were below this 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, referred to as the Available Cash Distribution, which is defined as cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. Available Cash Distributions are included in Net (income) loss attributable to noncontrolling interests in the consolidated financial statements. Jointly-Owned Investments and Other Transactions with our Affiliate At December 31, 2015 , we owned interests in four jointly-owned investments, with the remaining interests held by our affiliate CPA ® :17 – Global. The amounts listed below are the original investment amounts at the closing of each respective investment: • $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 we control the significant activities of the ventures. Additionally, no other parties, including CPA ® :17 – Global, hold any rights that overcome our control. We account for CPA ® :17 – Global’s share of these investments as noncontrolling interests. |
Net Investments in Properties
Net Investments in Properties | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land $ 173,094 $ 104,604 Buildings 813,480 639,131 Less: Accumulated depreciation (31,467 ) (10,875 ) $ 955,107 $ 732,860 The carrying value of our Real estate decreased by $66.2 million from December 31, 2014 to December 31, 2015 , due to the strengthening of the U.S. dollar relative to foreign currencies as measured at the end of the respective periods. Depreciation expense, including the effect of foreign currency translation, on our real estate and operating real estate for the years ended December 31, 2015 , 2014 , and 2013 was $31.6 million , $11.7 million , and $0.8 million respectively. Operating Real Estate Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): December 31, 2015 2014 Land $ 86,016 $ 28,040 Buildings 404,836 105,556 Less: Accumulated depreciation (10,727 ) (939 ) $ 480,125 $ 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 87,582 2017 92,969 2018 94,717 2019 95,222 2020 94,481 Thereafter 704,745 Total $ 1,169,716 2015 Acquisitions During the year ended December 31, 2015 , we acquired 51 new investments. Of these investments, eight were deemed to be asset acquisitions (which included five build-to-suit investments), 39 were deemed to be business combinations, two were deemed to be direct finance leases ( Note 5 ), and two were deemed to be equity method investments. Our build-to-suit investments are discussed under Real Estate Under Construction below. Asset Acquisitions — Net Leased Wyndham — On December 30, 2015, we acquired a 95% controlling interest in a jointly-owned investment with a third party that purchased a hotel located in Stuttgart, Germany for $32.0 million , which is based on the exchange rate of the euro on the date of acquisition. Acosta — On July 10, 2015, we acquired an office building in Jacksonville, Florida from a party affiliated with the tenant for $16.5 million . The facility is leased to Acosta, Inc. On August 4, 2015, we entered into a mortgage loan in the amount of $10.7 million for this property ( Note 9 ). Asset Acquisition — Self Storage Kissimmee Storage Facility — On October 7, 2015, we acquired a self-storage facility in Kissimmee, Florida from a third party for $8.4 million . This is a newly-constructed facility that began operations upon our acquisition of the property. On October 20, 2015, we entered into a mortgage loan in the amount of $5.6 million for this property ( Note 9 ). A portion of the transaction fees capitalized include current and deferred acquisition fees paid and payable, respectively, to our advisor ( Note 3 ). See Real Estate Under Construction below for more information regarding our other asset acquisitions. Business Combinations — Net Leased During the year ended December 31, 2015 , 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 $20.9 million , which is included in Acquisition expenses in the consolidated financial statements. The purchase prices for each of our business combination acquisitions were allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information for such allocation 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. ConvaTec — On October 8, 2015, we acquired an industrial facility of Unomedical s.r.o, a subsidiary of ConvaTec Healthcare B S.a.r.l, located in Michalovce, Slovakia from an unaffiliated third party for $14.7 million . We also intend to fund an expansion to this facility for a total cost of $12.7 million . See Real Estate Under Construction below for more information regarding our build-to-suit investments. University of Iowa — On October 8, 2015, we acquired a 90% controlling interest from the seller for an office building located in Coralville, Iowa for $45.9 million , which is leased to the Iowa Board of Regents and the University of Iowa. The seller retained a 10% interest in the property, which is the equivalent of $4.6 million of the purchase price. We simultaneously entered into a mortgage loan in the amount of $34.6 million ( Note 9 ). Exelon — On September 1, 2015, we acquired the regional headquarters and nuclear power plant monitoring facility of Exelon Generation Company, or Exelon, located in Warrenville, Illinois from an unaffiliated third-party for $32.9 million . We simultaneously entered into a mortgage loan in the amount of $22.6 million ( Note 9 ). Jacobsweerd — On July 30, 2015, we acquired an office building located in Utrecht, Netherlands from an unaffiliated third party for $46.2 million , which is based on the exchange rate of the euro on the date of acquisition. The facility, which we refer to as Jacobsweerd, is leased to four Dutch government agencies. We simultaneously entered into a mortgage loan in the amount of $30.1 million for the building ( Note 9 ), which is based on the exchange rate of the euro on the date of acquisition. The purchase consideration for this investment also included a rent guarantee from the seller regarding the vacant space on this property. As a result, we recognized a contingent asset in the amount of $0.5 million , which is equal to the fair value ( Note 7 ) of the rent guarantee, and we will mark the guarantee to market through earnings in subsequent periods. During the three months ended December 31, 2015 , in accordance with the ASU 2015-16, we recorded a measurement period adjustment that increased deferred tax liabilities by $2.5 million with an offsetting increase to goodwill. COOP — On May 28, 2015, we acquired a 90% controlling interest in a jointly-owned investment with a third party that purchased a retail site located in Oslo, Norway from an unaffiliated third party, COOP Norge Eiendom. The jointly-owned investment acquired real estate assets and intangibles of $98.1 million , with our portion of the investment totaling $88.3 million , which is based on the exchange rate of the Norwegian krone on the date of acquisition. This is a multi-tenant facility with the largest tenant being COOP Ost AS, or COOP, which is an affiliate of COOP Norge Eiendom. Our joint-venture partner is the third-party asset manager. We incurred debt at closing through the issuance of privately-placed bonds in the amount of $64.2 million , which is based on the exchange rate of the Norwegian krone on the date of acquisition ( Note 9 ). This investment was a share transaction, and as a result, we assumed the historical tax basis of the property owned by the entity that we purchased and, therefore, recorded a deferred tax liability of $16.7 million and goodwill of $12.5 million ( Note 6 ). The purchase consideration for this investment also included a rent guarantee from the seller regarding the vacant space on this property. As a result, we recognized a contingent asset in the amount of $0.8 million , which is equal to the fair value ( Note 7 ) of the rent guarantee, and we will mark the guarantee to market through earnings in subsequent periods. In July 2015, our joint-venture partner agreed to a debt-to-equity conversion of a portion of the loan they made to the property at the acquisition date. As a result, we recognized an additional $1.4 million in Contributions from noncontrolling interests within our consolidated financial statements. Core-Mark — On May 27, 2015, we acquired a warehouse facility located in Plymouth, Minnesota from an unaffiliated third-party group of sellers for $15.0 million . The facility is leased to Minter-Weisman Co., d/b/a Core-Mark International. On May 29, 2015, we entered into a mortgage loan in the amount of $10.5 million for this property ( Note 9 ). Intuit Inc. — On April 28, 2015, we acquired an office facility located in Plano, Texas from an unaffiliated third party for $33.7 million . The building is leased to Intuit Inc. We simultaneously entered into a mortgage loan in the amount of $21.9 million ( Note 9 ). Republic — On April 17, 2015, we acquired a facility located in Freetown, Massachusetts from an unaffiliated third party for $3.7 million . The facility is leased to Republic Services Environmental Solutions LLC and guaranteed by Republic Services, Inc., which will expand and redevelop the facility into a specialized-materials recycling plant later this year. On July 21, 2015, we entered into a mortgage loan in the amount of $3.2 million for this property ( Note 9 ). Broadfold — On March 24, 2015, we acquired a light industrial site located in Aberdeen, United Kingdom from an unaffiliated third party for $6.8 million , which is based on the exchange rate of the British pound sterling on the date of acquisition. The site is fully occupied by three tenants. We intend to engage an unaffiliated third party to act as the asset manager for this property. Business Combinations — Self Storage We acquired the following 26 self-storage investments, aggregating $243.2 million , during the year ended December 31, 2015 : • $10.7 million for a facility in Portland, Oregon on December 9, 2015; • $5.3 million for a facility in Greensboro, North Carolina on December 4, 2015; • $5.0 million for a facility in Houston, Texas on November 5, 2015; • $4.7 million for a facility in Houston, Texas on October 29, 2015; • $4.9 million for a facility in Kissimmee, Florida on October 21, 2015; • $37.3 million for a facility in Fernandina Beach, Florida and six facilities in El Paso, Texas on October 8, 2015; • $5.0 million for a facility in Hudson, Florida on September 30, 2015; • $7.0 million for two facilities in Las Vegas, Nevada on September 29, 2015; • $3.5 million for a facility in Ithaca, New York on September 29, 2015; • $7.1 million for a facility in Houston, Texas on August 11, 2015; • $11.0 million for a facility in Palm Bay, Florida on July 28, 2015; • $3.7 million for a facility in Leesburg, Florida on July 9, 2015; • $3.5 million for a facility in St. Peters, Missouri on June 17, 2015; • $13.7 million for two facilities in Sarasota, Florida on June 16, 2015; • $9.4 million for a facility in Panama City Beach, Florida on May 26, 2015; • $9.8 million for a facility in Las Vegas, Nevada on May 18, 2015; • $4.0 million for a facility in Crystal Lake, Illinois on May 12, 2015; • $10.1 million for a facility in Louisville, Kentucky on April 29, 2015; • $36.3 million for seven facilities in California on April 10, 2015; • $6.1 million for two facilities in Lilburn and Stockbridge, Georgia on April 2, 2015; • $4.0 million for a facility in Panama City Beach, Florida on March 10, 2015; • $6.0 million for a facility in Lady Lake, Florida on February 25, 2015; • $3.0 million for a facility in Sebastian, Florida on February 18, 2015; • $7.5 million for a facility in Tallahassee, Florida on February 4, 2015; • $9.2 million for a facility in Valrico, Florida on January 29, 2015; and • $15.6 million for a facility in Naples, Florida on January 28, 2015. In connection with these self-storage property transactions, we incurred acquisition expenses totaling $14.2 million , which are included in Acquisition expenses in the consolidated financial statements. During the year ended December 31, 2015 , we obtained mortgage loans totaling $137.4 million related to these self-storage investments ( Note 9 ). Business Combinations — All Other Cayo Grande — On July 23, 2015, we acquired a 97% controlling interest in Cayo Grande Apartments, or Cayo Grande, a 301 -unit multi-family property located in Fort Walton Beach, Florida, for $25.7 million . The transaction was completed with two joint-venture partners, one of which has been engaged to be the property manager. We simultaneously entered into a mortgage loan in the amount of $18.2 million ( Note 9 ). Grand Estates — On June 8, 2015, we acquired a 97% controlling interest in Grand Estates Apartments, or Grand Estates, a 408 -unit multi-family property located in San Antonio, Texas, for $42.5 million . The transaction was completed with two joint-venture partners, one of which has been engaged to be the property manager. We simultaneously entered into a mortgage loan in the amount of $29.8 million ( Note 9 ). Pinnacle Ridge — On January 15, 2015, we acquired a 97% controlling interest in Pinnacle Ridge Apartments, a 350 -unit multi-family property located in Durham, North Carolina, for $34.3 million . The transaction was completed with two joint-venture partners, one of which has been engaged to be the property manager. We simultaneously entered into a mortgage loan in the amount of $24.0 million ( Note 9 ). Brantley Pines — On January 15, 2015, we acquired a 97% controlling interest in Brantley Pines Apartments, a 296 -unit multi-family property located in Fort Myers, Florida, for $27.2 million . The transaction was completed with two joint-venture partners, one of which has been engaged to be the property manager. We simultaneously entered into a mortgage loan in the amount of $19.0 million ( Note 9 ). In connection with our multi-family property transactions, we incurred acquisition expenses totaling $7.2 million , which are included in Acquisition expenses in the consolidated financial statements. 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. Asset Acquisitions — Net Leased 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: • $5.9 million for a warehouse 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; and • $7.7 million for five industrial facilities in Dallas and Fort Worth, Texas on November 14, 2014. Apply AS — 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 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 engaged 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. During the three months ended December 31, 2015 , in accordance with the ASU 2015-16, we recorded a measurement period adjustment that increased deferred tax liabilities by $1.2 million with an offsetting increase to goodwill. 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 engaged 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 — 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 S.A. — 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 S.A. 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 S.A. 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 — Self Storage We acquired the following self-storage properties aggregating $103.9 million during the year ended December 31, 2014: • $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. Business Combinations — All Other 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 receives 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 2014 operating property transactions, we incurred acquisition expenses totaling $8.5 million , which are included in Acquisition expenses in the consolidated financial statements. Summary of Assets Acquired and Liabilities Assumed The following tables present a summary of assets acquired and liabilities assumed in our business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2015 (in thousands): 2015 Business Combinations (a) COOP Other Net-Leased Properties (b) Self-Storage Properties All Other Properties Total Cash consideration $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 Assets acquired at fair value: Land $ 59,595 $ 19,082 $ 37,845 $ 19,725 $ 136,247 Buildings 33,049 140,921 180,075 105,477 459,522 In-place lease intangible assets 4,618 47,320 27,167 4,498 83,603 Above-market rent intangible assets — 105 137 — 242 Other assets acquired 5,777 549 300 — 6,626 103,039 207,977 245,524 129,700 686,240 Liabilities assumed at fair value: Below-market rent intangible liabilities (63 ) (8,722 ) (85 ) — (8,870 ) Deferred tax liability (16,708 ) (2,548 ) — — (19,256 ) Other liabilities assumed (715 ) (310 ) (2,204 ) — (3,229 ) (17,486 ) (11,580 ) (2,289 ) — (31,355 ) Total identifiable net assets 85,553 196,397 243,235 129,700 654,885 Amounts attributable to noncontrolling interests (9,706 ) (4,594 ) — (3,891 ) (18,191 ) Goodwill ( Note 6 ) 12,484 2,548 — — 15,032 $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 COOP Other Net-Leased Properties Self-Storage Properties All Other Properties May 28, 2015 through Respective Acquisition Dates through Respective Acquisition Dates through Respective Acquisition Dates through Total Revenues $ 3,489 $ 7,669 $ 13,398 $ 11,215 $ 35,771 Net loss $ (5,815 ) $ (14,532 ) $ (20,017 ) $ (5,843 ) $ (46,207 ) Net loss (income) attributable to noncontrolling interests 92 1 (1 ) 15 107 Net loss attributable to CPA ® :18 – Global stockholders $ (5,723 ) $ (14,531 ) $ (20,018 ) $ (5,828 ) $ (46,100 ) ___________ (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) During the three months ended December 31, 2015 , in accordance with the ASU 2015-16, we recorded a measurement period adjustment that increased deferred tax liabilities by $2.5 million with an offsetting increase to goodwill. 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 throug |
Finance Receivables
Finance Receivables | 12 Months Ended |
Dec. 31, 2015 | |
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 in the consolidated financial statements. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2015 2014 Minimum lease payments receivable $ 76,014 $ 86,338 Unguaranteed residual value 51,835 45,473 127,849 131,811 Less: unearned income (75,883 ) (86,229 ) $ 51,966 $ 45,582 2015 Acquisitions Arandell — On December 31, 2015, we acquired a manufacturing facility in Menomonee Falls, Wisconsin from Arandell Corporation, which is also the tenant, for $23.1 million . Cardiff — On June 16, 2015, we invested in a joint venture with a third party for an office building located in Cardiff, United Kingdom for $13.2 million , which is based on the exchange rate of the British pound sterling on the date of acquisition. We acquired 94.5% of the equity of this investment at closing, which we consolidate. This property is currently occupied by a single tenant and will be redeveloped into a student housing facility upon the existing tenant vacating the building. Interest income from direct financing leases was $3.7 million and $3.5 million for the years ended December 31, 2015 and 2014, respectively. At December 31, 2015 , Other assets, net included $0.1 million of accounts receivable related to amounts billed under our direct financing leases. We did not have any outstanding receivables related to direct financing leases at December 31, 2014 . 2014 Acquisitions 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. See Disposition section below. Dispositions On December 30, 2013 and March 7, 2014, we entered into two domestic net lease financing transactions with subsidiaries of Crowne Group Inc., from which we acquired five industrial facilities in South Carolina, Indiana, and Michigan. In August 2015, the tenants exercised their purchase options and we sold these five industrial facilities back to the subsidiaries of Crowne Group Inc. for $35.7 million . We recognized a gain on sale of $6.7 million , which is included in Gain on sale of real estate, net of tax in our consolidated financial statements. Simultaneously, we paid off the existing mortgage loan that encumbered all of these properties ( Note 9 ) and terminated the interest rate swap agreement that was in place. As a result, we recognized a $1.1 million loss on extinguishment of debt within Other income and (expenses) in our consolidated financial statements. 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, 2015 were as follows (in thousands): Years Ending December 31, Total 2016 $ 4,491 2017 4,547 2018 4,617 2019 4,689 2020 4,499 Thereafter 53,171 Total $ 76,014 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 receive interest-only payments at a rate of 10% per annum. At both December 31, 2015 and 2014 , the balance for this note receivable remained $28.0 million . 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, 2015 and 2014 , 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 the years ended December 31, 2015 or 2014 . 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 2015. 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 2015 2014 2015 2014 1 1 — $ 12,684 $ — 2 1 1 9,065 8,962 3 4 4 58,217 64,620 4 — — — — 5 — — — — 0 $ 79,966 $ 73,582 |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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 Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. In connection with our investment activity during the year ended December 31, 2015 , we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 7.6 $ 87,494 Below-market ground lease 30.0 6,504 Above-market rent 9.1 2,382 $ 96,380 Amortizable Intangible Liabilities Below-market rent 10.3 $ (9,295 ) Goodwill is included in the consolidated financial statements. The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Total Balance at January 1, 2014 (a) $ — Acquisition of investments accounted for as business combinations 11,040 Foreign currency translation (1,348 ) Balance at December 31, 2014 9,692 Acquisition of investments accounted for as business combinations 13,131 Measurement period adjustments (b) 3,769 Foreign currency translation (3,203 ) Balance at December 31, 2015 $ 23,389 _________ (a) We did not have any goodwill activity during the year ended December 31, 2013 . (b) During 2015, we identified measurement period adjustments related to two of our acquisitions ( Note 4 ). Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease $ 255,510 $ (43,090 ) $ 212,420 $ 177,970 $ (10,335 ) $ 167,635 Below-market ground lease 20,894 (325 ) 20,569 15,790 (167 ) 15,623 Above-market rent 12,174 (1,322 ) 10,852 10,424 (380 ) 10,044 288,578 (44,737 ) 243,841 204,184 (10,882 ) 193,302 Unamortizable Intangible Assets Goodwill 23,389 — 23,389 9,692 — 9,692 Total intangible assets $ 311,967 $ (44,737 ) $ 267,230 $ 213,876 $ (10,882 ) $ 202,994 Amortizable Intangible Liabilities Below-market rent $ (15,439 ) $ 1,546 $ (13,893 ) $ (6,276 ) $ 347 $ (5,929 ) Above-market ground lease (121 ) 2 (119 ) (127 ) — (127 ) Total intangible liabilities $ (15,560 ) $ 1,548 $ (14,012 ) $ (6,403 ) $ 347 $ (6,056 ) Net amortization of intangibles, including the effect of foreign currency translation, was $33.4 million , $10.6 million , and $0.5 million for the years ended December 31, 2015 , 2014, and 2013, respectively. Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income, amortization of below-market and above-market ground lease intangibles is included in Property expenses, and amortization of in-place lease intangibles is included in Depreciation and amortization expense. Based on the intangible assets and liabilities recorded at December 31, 2015 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2016 $ (698 ) $ 37,803 $ 37,105 2017 (167 ) 24,015 23,848 2018 (214 ) 17,972 17,758 2019 (224 ) 17,464 17,240 2020 (272 ) 16,636 16,364 Thereafter (1,466 ) 118,980 117,514 $ (3,041 ) $ 232,870 $ 229,829 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 caps, interest rate swaps and foreign currency forward contracts; and Level 3, for securities 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. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts, interest rate caps, and foreign currency collars ( Note 8 ). These derivative instruments 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 and foreign currency collars ( Note 8 ). These derivative instruments 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. Rent Guarantees — Our rent guarantees, which are included in Other assets, net in the consolidated financial statements, are related to two of our foreign properties that were acquired during 2015 ( Note 4 ). These rent guarantees were measured at fair value using a discounted cash flow model, and were classified as Level 3 because the model uses unobservable inputs. At December 31, 2015 , our rent guarantees had a fair value of $1.3 million . We determined the fair value of the rent guarantees based on an estimate of discounted cash flows using a discount rate that ranged from 7% to 9% from and a growth rate 2% , which are considered significant unobservable inputs. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 31, 2015 and 2014. 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, 2015 2014 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) 3 $ 1,008,190 $ 1,022,641 $ 521,712 $ 540,577 Note receivable (b) 3 28,000 28,400 28,000 28,000 Deferred acquisition fees payable (c) 3 26,747 26,260 17,525 17,520 ___________ (a) We determined the estimated fair value of our non-recourse debt and bonds payable 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 determined the estimated fair value of the note receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, 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. (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 of 213 basis points and an illiquidity adjustment of 75 basis points. 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, 2015 and 2014. |
Risk Management and Use of Deri
Risk Management and Use of Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 investments in Europe and are subject to risks associated with fluctuating 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 entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting 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 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 that 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 the change in fair value of any derivative 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, 2015 and 2014 , 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): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2015 2014 2015 2014 Foreign currency forward contracts and collars Other assets, net $ 7,471 $ 3,664 $ — $ — Interest rate caps Other assets, net 17 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (28 ) — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,568 ) (2,501 ) $ 7,488 $ 3,664 $ (1,596 ) $ (2,501 ) The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Loss (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Foreign currency forward contracts and collars $ 3,313 $ 3,653 $ — Interest rate swaps 933 (2,282 ) (219 ) Interest rate caps (38 ) — — Derivatives in Net Investment Hedging Relationships (a) Foreign currency forward contracts and collars 468 11 — Total $ 4,676 $ 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 table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income 2015 2014 2013 Interest rate swaps Interest expense $ (2,183 ) $ (759 ) $ — Foreign currency forward contracts and collars Other income and (expenses) 1,145 151 — Interest rate caps Interest expense (6 ) — — Total $ (1,044 ) $ (608 ) $ — 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, 2015 , we estimated that an additional $0.6 million and $1.6 million will be reclassified as Interest expense and other income, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Years Ended December 31, Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income 2015 2014 2013 Interest rate swaps Interest expense $ (63 ) $ — $ — Foreign currency collars Other income and (expenses) 37 — — Total $ (26 ) $ — $ — Interest Rate Swaps and Caps 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 or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a 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. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2015 Interest rate swaps 5 30,307 USD $ (1,568 ) Interest rate caps 2 22,000 USD 17 $ (1,551 ) Foreign Currency Contracts and Collars 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 that there is a 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 and collars. 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. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices consists of a written call option and a purchased put option to sell the foreign currency. These instruments lock 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, 2015 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Foreign currency forward contracts and collars 76 30,759 EUR $ 4,347 Foreign currency forward contracts and collars 56 107,563 NOK 2,617 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 9 33,060 NOK 479 $ 7,443 ___________ (a) Fair value amounts are based on the exchange rate of the euro or the Norwegian krone, as applicable, at December 31, 2015 . Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2015 . At December 31, 2015 , our total credit exposure was $7.5 million and the maximum exposure to any single counterparty was $4.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2015 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $1.6 million and $2.6 million at December 31, 2015 and December 31, 2014, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2015 or 2014 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.7 million and $2.7 million , respectively. 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. While we believe our portfolio is reasonably well-diversified, it does contain concentrations in excess of 5% of total revenues as of December 31, 2015 . We intend to regularly monitor our portfolio to assess potential concentrations of credit risk as we make additional investments. For the year ended December 31, 2015 , the tenants that represented 5% or more of total revenues were Bank Pekao S.A. ( 8% ) and State Farm Automobile Co. ( 6% ). |
Non-Recourse Debt and Bonds Pay
Non-Recourse Debt and Bonds Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Non-Recourse Debt and Bonds Payable | Non-Recourse Debt and Bonds Payable Debt consists of non-recourse mortgage notes and bonds payable, which are collateralized by the assignment of real estate properties with an aggregate carrying value of $1.4 billion and $0.8 billion at December 31, 2015 and December 31, 2014 , respectively. The following table presents a summary of the non-recourse mortgage loans and bonds payable on our real estate property investments (dollars in thousands): Carrying Amount at December 31, Tenant/Property Interest Rate Rate Type Maturity Date 2015 2014 Non-Recourse Debt: Infineon Technologies AG 3.1% Fixed 2/28/2017 $ 11,999 $ 13,756 Self-storage – Multiple properties (a) (b) (c) 1.8% Variable 5/1/2018 16,400 — Kissimmee Self-Storage (a) 2.2% Variable 11/1/2018 5,600 — Club Med Albion Resorts, or Albion Resorts (d) 4.0% Fixed 2/26/2020 26,129 19,264 Truffle Portfolio/Oakbank (e) 4.0% Fixed 7/15/2020 27,397 11,401 Jacobsweerd (a) 1.6% Fixed 7/29/2020 29,640 — Konzum d.d. 5.8% Fixed 12/31/2020 32,321 37,038 Bank Pekao S.A. 3.3% Fixed 3/10/2021 58,082 64,852 Dupont Place Apartments (c) 3.8% Fixed 11/1/2021 14,140 14,140 Gentry’s Walk (c) 3.8% Fixed 11/1/2021 15,330 15,330 Brantley Pines (a) (c) 3.8% Fixed 2/1/2022 19,040 — Pinnacle Ridge (a) (c) 3.2% Fixed 2/1/2022 24,045 — Royal Vopak NV 2.2% Fixed 2/9/2022 36,969 — Cayo Grande (a) 4.3% Fixed 8/1/2022 18,200 — Exelon (a) 4.3% Fixed 9/10/2022 22,620 — State of Iowa (a) (c) 4.3% Fixed 11/10/2022 34,636 — State Farm Automobile Company (c) 4.5% Fixed 9/10/2023 72,800 72,800 Self-storage – Multiple properties (f) 4.9% Fixed 2/1/2024 14,500 14,500 Automobile Protection Corporation (b) 5.1% Variable 2/5/2024 3,653 3,752 Solo Cup Operating Company (c) 5.1% Fixed 2/6/2024 47,250 47,250 Swift Spinning Inc. 5.0% Fixed 5/1/2024 7,626 7,738 Janus International (b) 4.9% Variable 5/5/2024 11,538 11,538 Bell Telephone Company 4.6% Fixed 6/11/2024 8,000 8,000 Self-storage – Multiple properties (g) 4.4% Fixed 10/11/2024 23,000 23,000 Cooper Tire & Rubber Company (b) 4.7% Variable 10/31/2024 6,689 6,704 Barnsco Inc. (b) 4.5% Variable 11/14/2024 5,200 5,200 Alliant Techsystems Inc. 4.2% Fixed 1/6/2025 27,650 27,650 Belk Inc. 4.3% Fixed 2/10/2025 28,225 — Self-storage – Multiple properties (a) (h) 4.3% Fixed 3/11/2025 48,138 — Self-storage – Multiple properties (a) (i) 4.3% Fixed 6/11/2025 37,246 — Core-Mark (a) (c) 4.4% Fixed 6/11/2025 10,500 — Grand Estates (a) 4.1% Fixed 7/1/2025 29,750 — Republic Services, Inc. (a) (b) 4.5% Variable 7/21/2025 3,227 — Acosta (a) 4.4% Fixed 8/6/2025 10,650 — USF Holland 4.5% Fixed 9/6/2025 7,720 — Self-storage – Multiple properties (a) (j) 4.6% Fixed 10/11/2025 35,575 — Midcontinent Independent System Operator, Inc. 4.0% Fixed 3/6/2026 9,750 — North American Lighting Inc. 4.8% Fixed 5/6/2026 7,264 7,325 Intuit Inc. (a) (c) 4.0% Fixed 7/6/2026 21,900 — Air Enterprises 5.3% Fixed 4/1/2039 3,189 3,257 Crowne Group Inc. (k) N/A N/A N/A — 15,967 $ 873,588 $ 430,462 Bonds Payable: Apply Sørco AS (c) 4.4% Fixed 10/31/2021 $ 40,587 $ 48,151 COOP (a) (c) (l) 4.2% Fixed 5/28/2025 56,685 — Siemens AS (c) (m) 3.5% Variable 12/15/2025 37,330 43,099 $ 134,602 $ 91,250 _________ (a) These mortgage loans and bonds payable were entered into or assumed in conjunction with the 2015 acquisitions as described in Note 4 . During the year ended December 31, 2015 , we capitalized $5.3 million of deferred financing costs related to these loans and bonds payable. We amortize deferred financing costs over the term of the related mortgage loan and bonds payable using a method that 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 or caps ( Note 8 ). The interest rates presented for these mortgage loans reflect the interest rate swaps or caps in effect at December 31, 2015 . (c) These mortgage loans and bonds payable have payments that are interest-only until their respective maturity dates. (d) On February 27, 2015, we completed the refinancing of these mortgage loans and consolidated them into one mortgage loan. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $0.7 million related to this refinancing within Other income and (expenses) in our consolidated financial statements. (e) On July 1, 2015, we refinanced these mortgage loans and entered into a new credit facility for $28.9 million , which is based on the exchange rate of the British pound sterling on that date. This new credit facility now covers our entire trade counter and industrial asset portfolio located throughout the United Kingdom. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $0.5 million related to this refinancing within Other income and (expenses) in our consolidated financial statements. (f) This mortgage loan is 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. (g) This mortgage loan is allocated to the six self-storage properties purchased from July 22, 2014 through October 9, 2014. (h) On February 18, 2015, we obtained a mortgage loan for $48.1 million , which was allocated to nine self-storage properties purchased from October 28, 2014 through February 18, 2015. (i) On May 27, 2015, we obtained a mortgage loan for $37.2 million , which was allocated to several of the self-storage properties purchased from February 4, 2015 through May 26, 2015. (j) On October 7, 2015, we obtained a mortgage loan for $35.6 million , which was allocated to several of the self-storage properties purchased from June 16, 2015 through September 30, 2015. (k) In conjunction with the sale of the Crowne Group Inc. properties ( Note 5 ), we paid off the existing mortgage loans that encumbered all of these properties. The buyer paid the prepayment penalty on our behalf due to unwinding of the related interest rate swap agreement. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $1.1 million related to the termination of this swap within Other income and (expenses) in our consolidated financial statements. (l) In conjunction with this investment ( Note 4 ), on May 28, 2015, we issued privately-placed bonds totaling $64.2 million , which is based on the exchange rate of the Norwegian krone at that date. These bonds are collateralized by the COOP property and have a fixed coupon of 4.2% and a maturity date of May 28, 2025 . (m) This bond is inflation-linked to the consumer price index, or CPI, of Norway, and the annual principal balance will increase as that inflation index increases. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2015 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 3,146 2017 15,351 2018 25,897 2019 4,167 2020 115,330 Thereafter through 2039 842,681 1,006,572 Unamortized premium 1,618 Total $ 1,008,190 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2015 . The carrying value of our Non-recourse debt and Bonds payable decreased by $41.7 million from December 31, 2014 to December 31, 2015 , due to the strengthening of the U.S. dollar relative to foreign currencies during the same period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies At December 31, 2015 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are 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, 2015 | |
Earnings Per Share [Abstract] | |
Loss Per Share and Equity | Loss Per Share and Equity Basic and Diluted Loss Per Share The following table presents loss per share (in thousands, except share and per share amounts): Year Ended December 31, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 101,884,473 $ (45,524 ) $ (0.45 ) Class C common stock 27,580,451 (12,208 ) (0.44 ) Net loss attributable to CPA ® :18 – Global $ (57,732 ) Year Ended December 31, 2014 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss 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 to Date December 31, 2013 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss 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 the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. For the years ended December 31, 2015 , 2014 , and 2013 the allocation for Class A common stock excludes annual distribution and shareholder servicing (benefit) fees of $(0.9) million , $0.8 million , and less than $0.1 million , respectively, which is only applicable to Class C common stock ( Note 3 ). In addition, the Class C common stock allocation includes $0.7 million of interest expense related to the accretion of interest on the annual distribution and shareholder servicing liability ( Note 3 ) for the year ended December 31, 2015 . 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, 2015 2014 2013 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.1889 $ 0.1612 $ 0.2164 $ 0.1841 $ — $ — Return of capital 0.3836 0.3273 0.4084 0.3475 0.1155 0.0982 Capital gain 0.0525 0.0448 — — — — Total distributions paid $ 0.6250 $ 0.5333 $ 0.6248 $ 0.5316 $ 0.1155 $ 0.0982 During the fourth quarter of 2015, our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1335 per share for our Class C common stock. Distributions in the amount of $20.1 million were paid on January 15, 2016 to stockholders of record on December 31, 2015 . 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 primarily from offering proceeds, which reduces amounts available to invest in properties and could lower our overall return. 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): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2013 $ — $ — $ — Other comprehensive income (loss) before reclassifications (219 ) 156 (63 ) Net current-period Other comprehensive income (219 ) 156 (63 ) Net current-period Other comprehensive income attributable to noncontrolling interests — (31 ) (31 ) Balance at December 31, 2013 (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 ) Net current-period Other comprehensive income (loss) 1,371 (29,602 ) (28,231 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,384 7,384 Balance at December 31, 2014 1,152 (22,093 ) (20,941 ) Other comprehensive income (loss) before reclassifications 3,164 (40,662 ) (37,498 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 2,189 — 2,189 Other income and (expenses) (1,145 ) — (1,145 ) Net current-period Other comprehensive income (loss) 4,208 (40,662 ) (36,454 ) Net current-period Other comprehensive (income) loss attributable to noncontrolling interests — 7,079 7,079 Balance at December 31, 2015 $ 5,360 $ (55,676 ) $ (50,316 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, 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. Income tax (benefit) expense relates primarily to our international investments. The components of our (benefit from) provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Federal Current $ 98 $ 16 $ — 98 16 — State and Local Current 87 79 — 87 79 — Foreign Current 565 64 — Deferred (847 ) (1,323 ) 11 (282 ) (1,259 ) 11 Total (Benefit) Provision $ (97 ) $ (1,164 ) $ 11 Deferred Income Taxes Our deferred tax assets before valuation allowances were $14.6 million and $3.9 million at December 31, 2015 and 2014 , respectively. Our deferred tax liabilities were $47.3 million and $28.8 million at December 31, 2015 and 2014 , respectively. We determined that $10.2 million and $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 at December 31, 2015 and 2014 , respectively. Our deferred tax assets and liabilities 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, 2015 and 2014 , we had net operating losses in foreign jurisdictions of approximately $17.2 million and $7.7 million , respectively. Our net operating losses will begin to expire in 2018 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 Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We operate in two reportable business segments: Net Lease and Self Storage. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. In addition, we have an All Other category that includes our multi-family investments and our investment in a note receivable ( Note 1 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2015 2014 2013 Net Lease Revenues $ 91,173 $ 48,306 $ 3,292 Operating expenses (70,352 ) (72,780 ) (1,358 ) Interest expense (26,367 ) (14,447 ) (1,205 ) Other income and expenses, excluding interest expense (2,022 ) (490 ) (78 ) Benefit from (provision for) income taxes 300 1,183 (11 ) Gain on sale of real estate, net of tax 6,659 — — Net (income) loss attributable to noncontrolling interests (2,231 ) 2,435 (298 ) (Loss) income attributable to CPA ® :18 – Global $ (2,840 ) $ (35,793 ) $ 342 Self Storage Revenues $ 25,570 $ 3,913 $ — Operating expenses (43,459 ) (9,814 ) — Interest expense (5,232 ) (942 ) — Other income and expenses, excluding interest expense (94 ) — — Provision for income taxes (59 ) (16 ) — Loss attributable to CPA ® :18 – Global $ (23,274 ) $ (6,859 ) $ — All Other Revenues $ 19,200 $ 2,098 $ — Operating expenses (23,728 ) (4,816 ) — Interest expense (3,779 ) (213 ) — Other income and expenses, excluding interest expense 1 — — Provision for income taxes (88 ) — — Net loss attributable to noncontrolling interests 142 32 — Loss attributable to CPA ® :18 – Global $ (8,252 ) $ (2,899 ) $ — Corporate Unallocated Corporate Overhead (a) $ (17,049 ) $ (8,538 ) $ (881 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (6,317 ) $ (1,778 ) $ (92 ) Total Company Revenues $ 135,943 $ 54,317 $ 3,292 Operating expenses (151,147 ) (95,131 ) (2,304 ) Interest expense (35,170 ) (15,753 ) (1,250 ) Other income and expenses, excluding interest expense (5,708 ) (1,153 ) 32 Benefit from (provision for) income taxes 97 1,164 (11 ) Gain on sale of real estate, net of tax 6,659 — — Net (income) loss attributable to noncontrolling interests (8,406 ) 689 (390 ) Loss attributable to CPA ® :18 – Global $ (57,732 ) $ (55,867 ) $ (631 ) Total Long-Lived Assets at December 31, Total Assets at December 31, 2015 2014 2015 2014 Net Lease $ 1,105,237 $ 780,699 $ 1,452,759 $ 1,025,132 Self Storage 314,247 91,419 365,274 104,440 All Other 227,644 69,239 239,333 72,345 Corporate (a) — — 86,294 413,967 Total Company $ 1,647,128 $ 941,357 $ 2,143,660 $ 1,615,884 __________ (a) Included in unallocated corporate overhead are asset management fees and general and administrative expenses. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2015 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 17,983 $ 17,039 $ 50,624 $ 85,646 $ 13,911 $ 36,386 $ 50,297 $ 135,943 Loss before income taxes and gain on sale of real estate (5,713 ) (10,520 ) (24,802 ) (41,035 ) (8,760 ) (6,287 ) (15,047 ) (56,082 ) Net income attributable to noncontrolling interests (852 ) — (6,175 ) (7,027 ) (399 ) (980 ) (1,379 ) (8,406 ) Net loss attributable to CPA ® :18 – Global (6,551 ) (10,556 ) (24,486 ) (41,593 ) (7,455 ) (8,684 ) (16,139 ) (57,732 ) Long-lived assets (b) 229,437 197,552 537,340 964,329 194,211 488,588 682,799 1,647,128 Non-recourse debt and bonds payable 150,964 137,808 362,279 651,051 134,602 222,537 357,139 1,008,190 As of and for the Year Ended December 31, 2014 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 8,830 $ 2,514 $ 17,698 $ 29,042 $ 6,560 $ 18,715 $ 25,275 $ 54,317 Loss before income taxes and gain on sale of real estate 415 (2,812 ) (15,860 ) (18,257 ) (6,305 ) (33,158 ) (39,463 ) (57,720 ) Net (income) loss attributable to noncontrolling interests (804 ) — (1,764 ) (2,568 ) 321 2,936 3,257 689 Net loss attributable to CPA ® :18 – Global (465 ) (2,812 ) (17,641 ) (20,918 ) (6,956 ) (27,993 ) (34,949 ) (55,867 ) Long-lived assets (b) 122,965 35,929 340,202 499,096 138,675 303,586 442,261 941,357 Non-recourse debt and bonds payable 83,226 17,534 183,390 284,150 91,250 146,312 237,562 521,712 For the Year Ended December 31, 2013 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 2,997 $ — $ 10 $ 3,007 $ — $ 285 $ 285 $ 3,292 Income (loss) before income taxes and gain on sale of real estate 568 — (876 ) (308 ) — 78 78 (230 ) Net income attributable to noncontrolling interests (293 ) — (68 ) (361 ) — (29 ) (29 ) (390 ) Net income (loss) attributable to CPA ® :18 – Global 275 — (945 ) (670 ) — 39 39 (631 ) ___________ (a) All years include operations in Croatia and the Netherlands; 2015 and 2014 includes Poland, the United Kingdom, Germany, and Mauritius; and 2015 includes Slovakia and Canada. (b) Consists of Net investments in real estate. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 (a) June 30, 2015 September 30, 2015 December 31, 2015 (b) Revenues $ 27,172 $ 30,472 $ 37,069 $ 41,230 Expenses 27,113 41,413 42,174 40,447 Net loss (10,852 ) (18,263 ) (7,683 ) (12,528 ) Net income attributable to noncontrolling interests (1,361 ) (1,644 ) (2,092 ) (3,309 ) Net loss attributable to CPA ® :18 – Global $ (12,213 ) $ (19,907 ) $ (9,775 ) $ (15,837 ) Class A Common Stock Basic and diluted loss per share (c) $ (0.10 ) $ (0.15 ) $ (0.07 ) $ (0.13 ) Basic and diluted weighted-average shares outstanding 100,642,226 101,460,830 102,293,880 103,109,346 Distributions declared per share $ 0.1562 $ 0.1562 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (c) $ (0.12 ) $ (0.17 ) $ (0.09 ) $ (0.07 ) Basic and diluted weighted-average shares outstanding 22,381,181 29,033,036 29,279,705 29,522,763 Distributions declared per share $ 0.1329 $ 0.1329 $ 0.1340 $ 0.1335 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 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 Basic and diluted loss per share (c) $ (0.35 ) $ (0.05 ) $ (0.10 ) $ (0.22 ) Basic and diluted 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 Basic and diluted loss per share (c) $ (0.37 ) $ (0.07 ) $ (0.12 ) $ (0.25 ) Basic and diluted 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 __________ (a) As discussed below, we identified an error in the consolidated financial statements for the three months ended March 31, 2015. As a result, we corrected this error and revised our consolidated financial statements for the three months ended March 31, 2015, which aggregated to an increase to Net loss and Net loss attributable to CPA ® :18 – Global of $0.9 million , and an increase to Net loss per share for both Class A and Class C common stock of $0.01 . However, in order to correctly present the aforementioned errors, we will revise the consolidated statements of operations and cash flows for the three months ended March 31, 2015 when such statements are presented in our future public filings. (b) As discussed in Note 3 , in the fourth quarter of 2015, we recorded an out-of-period adjustment in the consolidated financial statements related to the accounting for the annual distribution and shareholder servicing fee in connection with the sale of our Class C common stock. We concluded that this adjustment was not material to our financial statements. This adjustment resulted in a decrease of $2.0 million to Net loss attributable to CPA ® :18 – Global for both the three months and year ended December 31, 2015 . (c) The sum of the quarterly Loss per share does not agree to the annual Loss per share for 2015 and 2014 due to the issuances of our common stock that occurred during such periods. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2015 and through March 14, 2016 , we purchased three additional self-storage properties totaling approximately $22.8 million (excluding acquisition costs) and obtained $63.0 million of new financing related to certain of our 2015 acquisitions, which had a weighted-average interest rate of 4.8% and average term of ten years. 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 Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2015 , 2014 , and 2013 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 2,236 $ 8,214 $ (254 ) $ 10,196 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
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,800 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 4,989 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 7,187 — 10,828 — (2,236 ) — 8,592 8,592 516 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 7,116 — 10,576 — (2,253 ) — 8,323 8,323 472 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 6,981 2,264 10,676 — (2,747 ) 1,791 8,402 10,193 520 2006 Dec. 2013 34 yrs. Retail facility in Zadar, Croatia 7,846 4,320 10,536 — (3,153 ) 3,417 8,286 11,703 556 2007 Dec. 2013 33 yrs. Retail facility in Split, Croatia 3,191 — 3,161 — (680 ) — 2,481 2,481 187 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 3,188 1,163 3,393 1,585 (535 ) 1,163 4,443 5,606 435 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,250 13,748 52,135 — — 13,748 52,135 65,883 3,662 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,653 1,044 3,361 — — 1,044 3,361 4,405 221 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 37,330 14,362 59,219 — (23,113 ) 9,850 40,618 50,468 1,872 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 58,082 — 112,676 — (23,487 ) — 89,189 89,189 3,928 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA 4,823 448 5,841 — — 448 5,841 6,289 359 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 7,264 2,251 3,390 672 47 2,251 4,109 6,360 224 2001 May 2014 40 yrs. Industrial facility in Surprise, AZ 2,322 298 2,347 1,699 — 298 4,046 4,344 178 1998 May 2014 35 yrs. Industrial facility in Temple, GA 6,714 381 6,469 — — 381 6,469 6,850 360 2007 May 2014 33 yrs. Land in Houston, TX 1,264 1,675 — — — 1,675 — 1,675 — N/A May 2014 N/A Land in Chicago, IL 2,007 3,036 — — — 3,036 — 3,036 — N/A May 2014 N/A Warehouse facility in Jonesville, SC 28,225 2,995 14,644 19,389 — 2,995 34,033 37,028 1,698 1997 Jun. 2014 28 yrs. Industrial facility in Ayr, United Kingdom 2,977 1,150 3,228 — (496 ) 1,019 2,863 3,882 204 1950 Aug. 2014 15 - 32 yrs. Industrial facility in Bathgate, United Kingdom 1,927 627 1,852 70 (284 ) 556 1,709 2,265 88 2009 Aug. 2014 20 - 35 yrs. Industrial facility in Dundee, United Kingdom 1,869 384 2,305 — (304 ) 341 2,044 2,385 127 2008 Aug. 2014 22 yrs. Industrial facility in Dunfermline, United Kingdom 1,060 294 808 — (125 ) 261 716 977 62 1990 Aug. 2014 13 - 35 yrs. Industrial facility in Invergordon, United Kingdom 554 261 549 — (91 ) 232 487 719 31 2006 Aug. 2014 22 yrs. Industrial facility in Livingston, United Kingdom 2,356 447 3,015 — (392 ) 396 2,674 3,070 130 2008 Aug. 2014 29 yrs. Industrial facility in Livingston, United Kingdom 2,650 — 3,360 — (305 ) — 3,055 3,055 167 1997 Sep. 2014 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Warstein, Germany 11,999 281 15,671 — (2,263 ) 242 13,447 13,689 440 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 6,689 1,141 5,997 — — 1,141 5,997 7,138 657 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 40,587 8,276 80,476 — (22,431 ) 6,232 60,089 66,321 1,790 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,750 1,189 11,279 — — 1,189 11,279 12,468 351 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 27,650 3,990 30,320 — — 3,990 30,320 34,310 924 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,679 512 1,283 2 — 512 1,285 1,797 71 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 790 509 340 2 — 509 342 851 35 1990 Nov. 2014 20 yrs. Industrial facility in Dallas, TX 281 128 204 2 — 128 206 334 15 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,217 360 1,120 1 — 360 1,121 1,481 53 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,232 809 671 1 — 809 672 1,481 47 2008 Nov. 2014 30 yrs. Industrial facility in Dunfermline, United Kingdom 5,010 1,162 5,631 6 (364 ) 1,100 5,335 6,435 254 2000 Nov. 2014 23 - 31 yrs. Industrial facility in Durham, United Kingdom 1,624 207 2,108 — (124 ) 196 1,995 2,191 68 1998 Nov. 2014 35 yrs. Industrial and warehouse facility in Byron Center, MI 7,720 625 1,005 9,515 — 625 10,520 11,145 110 2015 Nov. 2014 40 yrs. Office facility in Rotterdam, Netherlands 36,969 2,247 27,149 — (6,414 ) 1,423 21,559 22,982 568 1960 Dec. 2014 40 yrs. Office facility in Rotterdam, Netherlands — 2,246 27,135 — (1,093 ) 2,495 25,793 28,288 678 1960 Dec. 2014 40 yrs. Industrial facility in Edinburgh, United Kingdom 2,842 938 2,842 — (202 ) 888 2,690 3,578 90 1985 Dec. 2014 35 yrs. Hotel in Albion, Mauritius 26,129 4,047 54,927 243 (6,282 ) 3,621 49,314 52,935 1,657 2007 Dec. 2014 40 yrs. Industrial facility in Aberdeen, United Kingdom 4,528 1,560 4,446 — (57 ) 1,546 4,403 5,949 92 1990 Mar. 2015 40 yrs. Warehouse facility in Freetown, MA 3,227 1,149 2,219 — — 1,149 2,219 3,368 154 2002 Apr. 2015 28 yrs. Office facility in Plano, TX 21,900 3,180 26,926 — — 3,180 26,926 30,106 480 2001 Apr. 2015 40 yrs. Warehouse facility in Plymouth, MN 10,500 2,537 9,731 865 — 2,537 10,596 13,133 226 1975 May 2015 32 yrs. Retail facility in Oslo, Norway 56,685 61,607 34,183 — (13,924 ) 52,650 29,216 81,866 783 1971 May 2015 30 yrs. Office facility in Jacksonville, FL 10,650 1,688 10,082 — — 1,688 10,082 11,770 138 2001 Jul. 2015 40 yrs. Office facility in Utrecht, Netherlands 29,640 5,645 29,896 — (375 ) 5,585 29,581 35,166 316 1987 Jul. 2015 40 yrs. Office facility in Warrenville, IL 22,620 2,222 25,449 — — 2,222 25,449 27,671 229 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,636 1,937 31,093 3,885 — 1,937 34,978 36,915 188 2015 Oct. 2015 40 yrs. Industrial facility in Michalovce, Slovakia — 1,055 10,808 — (360 ) 1,023 10,480 11,503 67 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany — — 25,717 — — — 25,717 25,717 — 1965 Dec. 2015 35 yrs. $ 697,190 $ 191,610 $ 871,070 $ 37,937 $ (114,043 ) $ 173,094 $ 813,480 $ 986,574 $ 31,467 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial facility in Columbus, GA $ 2,803 $ 488 $ 2,947 $ — $ 1,359 $ 4,794 1965 Apr. 2014 Industrial facility in Houston, TX 1,237 — 1,573 — 67 1,640 1973 May 2014 Warehouse facility in Chicago, IL 5,993 — 8,564 — 501 9,065 1942 May 2014 Office facility in Cardiff, United Kingdom — 263 13,046 — (626 ) 12,683 1960s Jun. 2015 Industrial facility in Menomonee Falls, WI — 1,680 22,104 — — 23,784 1974 Dec. 2015 $ 10,033 $ 2,431 $ 48,234 $ — $ 1,301 $ 51,966 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (c) Date of Construction Date Acquired Operating Real Estate – Multi-Family Facilities Tucker, GA $ 14,140 $ 4,288 $ 15,201 $ 237 $ 410 $ — $ 4,288 $ 15,352 $ 496 $ 20,136 $ 601 2002 Oct. 2014 40 yrs. Atlanta, GA 15,330 4,513 16,404 780 620 — 4,513 16,606 1,198 22,317 797 1990 Oct. 2014 38 yrs. Fort Myers, FL 19,040 6,203 19,688 614 577 — 6,203 20,243 636 27,082 802 1988 Jan. 2015 34 yrs. Durham, NC 24,045 6,697 25,824 935 931 — 6,697 25,996 1,694 34,387 886 1987 Jan. 2015 37 yrs. San Antonio, TX 29,750 3,788 36,333 588 266 — 3,788 36,599 588 40,975 591 2007 Jun. 2015 40 yrs. Fort Walton Beach, FL 18,200 3,037 20,975 598 419 — 3,037 21,163 829 25,029 305 1990 Jul. 2015 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 7,000 3,306 7,190 — 7 — 3,306 7,197 — 10,503 410 2005 Jan. 2014 38 yrs. St. Petersburg, FL 7,500 3,258 7,128 — 15 — 3,258 7,143 — 10,401 379 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,725 340 3,428 — 17 — 340 3,430 15 3,785 206 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,770 1,356 3,699 — 48 — 1,356 3,746 1 5,103 183 1991 Jul. 2014 32 yrs. Miami, FL 3,034 1,915 1,894 — 35 — 1,915 1,922 7 3,844 93 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,890 669 8,899 — 19 — 669 8,911 7 9,587 332 2006 Aug. 2014 40 yrs. Columbia, SC 3,056 1,065 2,742 — 132 — 1,065 2,874 — 3,939 151 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,525 2,263 2,704 — 2 — 2,263 2,704 2 4,969 121 2004 Oct. 2014 32 yrs. Pompano Beach, FL 3,029 700 3,436 — 415 — 700 3,828 23 4,551 165 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,590 1,596 5,963 — — — 1,596 5,963 — 7,559 211 1989 Nov. 2014 37 yrs. Dickinson, TX 6,435 1,680 7,165 — 66 — 1,680 7,218 13 8,911 260 2001 Dec. 2014 35 yrs. Humble, TX 5,038 341 6,582 — 9 — 341 6,582 9 6,932 197 2009 Dec. 2014 39 yrs. Temecula, CA 6,500 449 8,574 — — (9 ) 449 8,565 — 9,014 261 2006 Dec. 2014 37 yrs. Cumming, GA 2,860 300 3,531 — — — 300 3,531 — 3,831 161 1994 Dec. 2014 27 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (c) Date of Construction Date Acquired Naples, FL 10,725 3,073 10,677 — 1,006 — 3,073 11,638 45 14,756 390 1974 Jan. 2015 31 yrs. Valrico, FL 6,013 695 7,558 — — — 695 7,558 — 8,253 189 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,924 1,796 4,782 — 24 — 1,796 4,782 24 6,602 140 1999 Feb. 2015 24 yrs. Sebastian, FL 1,950 474 2,031 — 33 — 474 2,063 1 2,538 107 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,949 522 4,809 — 122 — 522 4,931 — 5,453 113 2010 Feb. 2015 40 yrs. Panama City Beach, FL 2,623 706 2,864 — 3 — 706 2,864 3 3,573 83 1997 Mar. 2015 36 yrs. Hesperia, CA 3,725 779 5,504 — 41 — 779 5,528 17 6,324 189 2004 Apr. 2015 27 yrs. Hesperia, CA 400 335 1,999 — 20 — 335 2,019 — 2,354 71 2007 Apr. 2015 28 yrs. Hesperia, CA 2,075 384 3,042 — 55 — 384 3,071 26 3,481 139 1985 Apr. 2015 20 yrs. Highland, CA 2,575 1,056 3,366 — 11 — 1,056 3,377 — 4,433 87 2003 Apr. 2015 36 yrs. Lancaster, CA 2,000 217 4,355 — 48 — 217 4,389 14 4,620 118 1989 Apr. 2015 31 yrs. Rialto, CA 2,375 1,905 3,642 — 14 — 1,905 3,648 8 5,561 107 2007 Apr. 2015 30 yrs. Thousand Palms, CA 3,250 1,115 5,802 — 86 — 1,115 5,865 23 7,003 167 2007 Apr. 2015 31 yrs. Louisville, KY 6,607 2,973 6,056 — 57 — 2,973 6,108 5 9,086 167 1998 Apr. 2015 32 yrs. Lilburn, GA 2,340 1,499 1,658 — 61 — 1,499 1,686 33 3,218 97 1998 Apr. 2015 18 yrs. Stockbridge GA 1,625 170 1,997 — 37 — 170 2,012 22 2,204 71 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,633 811 2,723 — — — 811 2,723 — 3,534 91 1977 May 2015 24 yrs. Las Vegas, NV 6,370 450 8,382 — — — 450 8,382 — 8,832 151 1996 May 2015 38 yrs. Panama City Beach, FL 6,175 347 8,233 5 — — 347 8,233 5 8,585 131 2008 May 2015 40 yrs. Sarasota, FL 5,200 835 6,193 — 32 — 835 6,222 3 7,060 98 2003 Jun. 2015 40 yrs. Sarasota, FL 3,803 465 4,576 — 56 — 465 4,632 — 5,097 70 2001 Jun. 2015 39 yrs. St. Peters, MO 2,308 199 2,888 — 14 — 199 2,900 2 3,101 50 1991 Jun. 2015 35 yrs. Leesburg, FL 2,405 731 2,480 — — — 731 2,480 — 3,211 63 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,150 2,179 7,367 — 7 — 2,179 7,374 — 9,553 119 2000 Jul. 2015 34 yrs. Houston, TX 4,615 1,067 4,965 — 170 — 1,067 5,134 1 6,202 86 1971 Aug. 2015 27 yrs. Ithaca, NY 2,295 454 2,211 — — — 454 2,211 — 2,665 27 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,340 783 2,417 — 1 — 783 2,417 1 3,201 50 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,210 664 2,762 1 — — 664 2,762 1 3,427 46 1987 Sep. 2015 17 yrs. Hudson, FL 3,250 364 4,188 — — — 364 4,188 — 4,552 31 2008 Sep. 2015 40 yrs. Kissimmee, FL 5,600 407 8,027 — — — 407 8,027 — 8,434 49 2015 Oct. 2015 40 yrs. El Paso, TX — 1,275 3,339 — — — 1,275 3,339 — 4,614 26 1983 Oct. 2015 35 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2015 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (c) Date of Construction Date Acquired El Paso, TX — 921 2,764 — — — 921 2,764 — 3,685 23 1980 Oct. 2015 35 yrs. El Paso, TX — 594 4,154 — — — 594 4,154 — 4,748 30 1980 Oct. 2015 35 yrs. El Paso, TX — 594 3,868 — — — 594 3,868 — 4,462 30 1986 Oct. 2015 35 yrs. El Paso, TX — 337 2,024 — — — 337 2,024 — 2,361 15 1985 Oct. 2015 35 yrs. El Paso, TX — 782 3,825 — — — 782 3,825 — 4,607 36 1980 Oct. 2015 35 yrs. Fernandina Beach, FL — 1,785 7,133 — — — 1,785 7,133 — 8,918 52 1986 Oct. 2015 25 yrs. Kissimmee, FL — 1,371 3,020 3 — — 1,371 3,020 3 4,394 29 1981 Oct. 2015 24 yrs. Houston, TX — 817 3,438 — 2 — 817 3,438 2 4,257 23 1998 Oct. 2015 30 yrs. Houston, TX — 708 3,778 — — — 708 3,778 — 4,486 23 2001 Nov. 2015 30 yrs. Greensboro, NC — 716 4,108 — — — 716 4,108 — 4,824 17 1953 Dec. 2015 20 yrs. Portland, OR — 897 8,831 — — — 897 8,831 — 9,728 14 2000 Dec. 2015 40 yrs. $ 300,967 $ 86,016 $ 395,196 $ 3,761 $ 5,888 $ (9 ) $ 86,016 $ 399,079 $ 5,757 $ 490,852 $ 10,727 ___________ (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: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2015 2014 2013 Beginning balance $ 743,735 $ 150,424 $ — Additions 291,431 618,248 150,403 Improvements 2,327 1,551 — Dispositions (834 ) — — Foreign currency translation adjustment (67,273 ) (44,990 ) 21 Reclassification from real estate under construction 17,188 18,502 — Ending balance $ 986,574 $ 743,735 $ 150,424 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2015 2014 2013 Beginning balance $ 10,875 $ 824 $ — Depreciation expense 21,617 10,543 824 Foreign currency translation adjustment (1,025 ) (492 ) — Ending balance $ 31,467 $ 10,875 $ 824 Reconciliation of Operating Real Estate Years Ended December 31, 2015 2014 2013 Beginning balance $ 133,596 $ — $ — Additions 351,364 133,596 — Improvements 5,892 — — Ending balance $ 490,852 $ 133,596 $ — Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2015 2014 2013 Beginning balance $ 939 $ — $ — Depreciation expense 9,788 939 — Ending balance $ 10,727 $ 939 $ — At December 31, 2015 , the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $1.8 billion . |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — Cipriani 10.0 % Jul. 2024 $ 28,400 $ 28,000 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2015 2014 2013 Balance $ 28,000 $ — $ — Additions — 28,000 — Ending balance $ 28,000 $ 28,000 $ — |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 of Tangible Assets — 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 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 (i) 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 (ii) by the estimated residual value, which 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. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. 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, 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 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. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. For self-storage assets, the hypothetical sales price is derived by capitalizing the stabilized estimated net operating income. 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 adjusted for 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. Purchase Price Allocation of Intangible 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 the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated lease term, including renewal options at rental rates below estimated market rental rates; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. 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 Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above-market and below-market ground lease intangibles in Property expenses 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 rental income, and in-place lease values to amortization expense. Purchase Price Allocation of Debt — 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. Purchase Price Allocation of 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 allocate goodwill to the 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. |
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, an upcoming lease expiration, a lease default by a tenant that is experiencing financial difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, and equity investments in real estate. We may also incur impairment charges on goodwill. Our policies and estimates 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 carrying value of 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. The estimated fair value of the property’s asset group is primarily determined 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. 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 and third-party estimates where available. 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 and therefore the asset’s holding period is reduced, 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. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. 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 a two-step test. However, we have the option to qualitatively assess any potential impairment via step zero prior to analyzing steps one and two quantitatively. 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. Our annual impairment test for the goodwill recorded in our Net Lease reporting unit is evaluated in the fourth quarter of every year. |
Basis of Consolidation | Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are 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 should be deemed a VIE, and, if so, whether we should be deemed to be the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. 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 the 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. 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. Additionally, we own an interest in a self-storage development joint venture through a noncontrolling interest in a partnership and limited liability company that we do not control, but over which we exercise significant influence. We account for this investment under the equity method of accounting. At times, the carrying value of our equity investment may fall below zero. We intend to fund our share of the jointly-owned investment’s future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such an investment nor do we have any legal obligation to fund operating deficits. At December 31, 2015 , our sole equity investment did not have a carrying value below zero. |
Reclassification | Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. |
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 extend 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. |
Dispositions | Dispositions — We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. |
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. Our note receivable is included in Note receivable in the consolidated financial statements. |
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 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 Accounts payable, accrued expenses and 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 affiliate ( 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). |
Share Repurchases | Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital 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. During the year ended December 31, 2015 , we determined that our presentation of common shares repurchased should be classified as a reduction to Common stock, for the par amount of the common stock repurchase and as a reduction to Additional paid-in capital for the excess over the amount allocated to common stock, as well as included as shares unissued within the consolidated financial statements. |
Noncontrolling Interests | Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership 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 — 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. For the years ended December 31, 2015 and 2014 , our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $6.2 million and $3.5 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore usually 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 rents were insignificant for the periods presented. For 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 ). 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. |
Interest Capitalization | 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 a blended rate of our debt obligations. |
Organization And Offering Cost | Organization and Offering Costs — The advisor has paid various organization and offering costs on our behalf, all of which we were liable for under the advisory agreement. During the offering period, costs incurred in connection with the raising of capital were accrued as deferred offering costs and included in Other assets, net on the consolidated balance sheets. Upon receipt of offering proceeds, we charged the deferred costs to stockholders’ equity and reimbursed the advisor for costs incurred. Such reimbursements did 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 7 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. |
Foreign Currency Transactions and Translations | Foreign Currency Translation and Transaction Gains and Losses — We have interests in real estate investments primarily in Europe, 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. 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 of accrued interest and the translation to the reporting currency of short-term 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, 2015 , 2014 , and 2013 , we recognized net realized losses on such transactions of $0.1 million , $0.4 million , and gains of 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. 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 that 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. |
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 within the United States and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States 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 taxable subsidiaries in their 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% 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, including hotel properties, 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. 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 current and 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 | 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, 2015 , 2014 , and 2013 , respectively. |
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. |
Recent Accounting Requirements and Proposed Accounting Change | Recent Accounting Requirements The following Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board, or FASB, are applicable to us: ASU 2015-16, Business Combinations (Topic 805) — ASU 2015-16 requires that an acquirer recognize adjustments identified during the business combination measurement period in the reporting period in which the adjustment amounts are determined. The effects on earnings due to changes in depreciation, amortization, or other income effects as a result of the change are also recognized in the same period’s financial statements. ASU 2015-16 also requires that acquirers present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, early adoption is permitted and prospective application is required for adjustments that are identified after the effective date of this update. We elected to early adopt ASU 2015-16 and implemented the standard prospectively beginning July 1, 2015 and since then have recorded measurement period adjustments related to our business combinations during the reporting periods when the adjustments were identified ( Note 4 ). ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — ASU 2015-03 changes the presentation of debt issuance costs, which are currently recognized as a deferred charge (that is, an asset) and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 does not affect the recognition and measurement guidance for debt issuance costs. ASU 2015-03 is effective for periods beginning after December 15, 2015, early adoption is permitted and retrospective application is required. We are currently evaluating the impact of ASU 2015-03 on our consolidated financial statements and expect to reclassify $4.6 million of deferred financing costs from Other assets, net to Non-recourse debt as of January 1, 2016. ASU 2015-02, Consolidation (Topic 810) — We will adopt ASU 2015-02 on January 1, 2016 and are currently in the process of evaluating its impact on the consolidated financial statements. We are evaluating our joint ventures, as well as existing leases that create VIEs based on lease terms, including a fixed-price purchase option or fixed-price renewal option. We generally create our joint ventures as partnerships in the form of a limited liability company or a limited partnership. ASU 2015-02 requires an entity to classify a limited liability company or a limited partnership as a VIE unless the partnership provides partners with either substantive kick-out rights or substantive participating rights over the managing member or general partner. Since a majority of our partnerships lack kick-out rights or substantive participating rights over the managing member or general partner, the impact of this new guidance for us is primarily a change in classification from voting interest entity to VIE. This ASU does not change the criteria regarding which party consolidates a VIE. Thus, the change in classification will require us to include additional entities as part of our VIE disclosures. However, there is not expected to be a material impact to our consolidated balance sheets or results of operations for any of the periods presented. 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 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. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017, the original public company effective date. 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. Recent Accounting Change The FASB previously issued an Exposure Draft on a joint proposal with the International Accounting Standards Board, or IASB, that would significantly transform lease accounting from the existing model. These changes would impact most companies but are particularly applicable to those that are significant users of real estate. The proposal outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. In November 2015, the FASB directed the staff to draft a final ASU on leases for vote by written ballot. In addition, the FASB decided that for (i) public business entities, (ii) a not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an-over-the-counter market, and (iii) an employee benefit plan that files or furnishes statements with or to the SEC (collectively referred to as “public business entities”), the final leases standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final leases standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. In the first quarter of 2016, the IASB and FASB finalized their lease standards, which brings most leases on the balance sheet for lessees under a single model. For lessors, however, the accounting remains largely unchanged and the distinction between operating and finance leases is retained. Both standards are effective for annual reporting periods beginning on or after January 1, 2019. For some companies, the new accounting guidance may influence whether or not, or the extent to which, they may enter into the type of sale-leaseback transactions in which we specialize.We are evaluating the impact of the new standards and have not determined if they will have a material impact on our business. Early adoption of the standard will be permitted. |
Intangible Assets and Liabilities | Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income, amortization of below-market and above-market ground lease intangibles is included in Property expenses, and amortization of in-place lease intangibles is included in Depreciation and amortization expense. 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 Accounts payable, accrued expenses and other liabilities 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, interest rate caps, and foreign currency collars ( Note 8 ). These derivative instruments 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 and foreign currency collars ( Note 8 ). These derivative instruments 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 caps, interest rate swaps and foreign currency forward contracts; and Level 3, for securities 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 w30
Agreements and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables present a summary of fees we capitalized, expenses we reimbursed, and distributions we made to our advisor and other affiliates, which excludes the fees that impact equity as further disclosed below the tables, in accordance with the terms of the related agreements (in thousands): Years Ended December 31, 2015 2014 2013 Amounts Included in the Consolidated Statements of Operations Acquisition expenses $ 32,276 $ 38,825 $ — Asset management fees 7,587 2,635 117 Available Cash Distributions 6,317 1,778 92 Personnel and overhead reimbursements 3,252 170 — Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee ( Note 2 ) 1,141 151 36 Annual distribution and shareholder servicing fee ( Note 2 ) (860 ) 814 46 Shares issued to directors 100 100 67 Costs incurred by the advisor — — 182 Excess operating expenses charged back to the advisor — — (69 ) $ 49,813 $ 44,473 $ 471 Acquisition Fees Capitalized Current acquisition fees $ 10,143 $ 3,568 $ 4,324 Deferred acquisition fees 8,120 2,855 3,459 Capitalized personnel and overhead reimbursements 1,415 — — $ 19,678 $ 6,423 $ 7,783 The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): December 31, 2015 2014 Due to Affiliate Deferred acquisition fees, including interest $ 26,747 $ 17,525 Accounts payable 12,760 2,702 Current acquisition fees 3,148 — Asset management fees payable 813 378 Reimbursable costs 506 46 $ 43,974 $ 20,651 |
Net Investments in Properties (
Net Investments in Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): December 31, 2015 2014 Land $ 86,016 $ 28,040 Buildings 404,836 105,556 Less: Accumulated depreciation (10,727 ) (939 ) $ 480,125 $ 132,657 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, 2015 2014 Land $ 173,094 $ 104,604 Buildings 813,480 639,131 Less: Accumulated depreciation (31,467 ) (10,875 ) $ 955,107 $ 732,860 |
Schedule of 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, 2015 are as follows (in thousands): Years Ending December 31, Total 2016 $ 87,582 2017 92,969 2018 94,717 2019 95,222 2020 94,481 Thereafter 704,745 Total $ 1,169,716 |
Schedule of Assets Acquired in Business Combination | (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) During the three months ended December 31, 2015 , in accordance with the ASU 2015-16, we recorded a measurement period adjustment that increased deferred tax liabilities by $2.5 million with an offsetting increase to goodwill. The following tables present a summary of assets acquired and liabilities assumed in our business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2015 (in thousands): 2015 Business Combinations (a) COOP Other Net-Leased Properties (b) Self-Storage Properties All Other Properties Total Cash consideration $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 Assets acquired at fair value: Land $ 59,595 $ 19,082 $ 37,845 $ 19,725 $ 136,247 Buildings 33,049 140,921 180,075 105,477 459,522 In-place lease intangible assets 4,618 47,320 27,167 4,498 83,603 Above-market rent intangible assets — 105 137 — 242 Other assets acquired 5,777 549 300 — 6,626 103,039 207,977 245,524 129,700 686,240 Liabilities assumed at fair value: Below-market rent intangible liabilities (63 ) (8,722 ) (85 ) — (8,870 ) Deferred tax liability (16,708 ) (2,548 ) — — (19,256 ) Other liabilities assumed (715 ) (310 ) (2,204 ) — (3,229 ) (17,486 ) (11,580 ) (2,289 ) — (31,355 ) Total identifiable net assets 85,553 196,397 243,235 129,700 654,885 Amounts attributable to noncontrolling interests (9,706 ) (4,594 ) — (3,891 ) (18,191 ) Goodwill ( Note 6 ) 12,484 2,548 — — 15,032 $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 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 Vopak (a) Bank Pekao S.A. Siemens AS Solo Cup Other Net-Leased Properties Self-Storage Properties All Other Properties Total Cash consideration $ 76,134 $ 73,952 $ 82,019 $ 80,650 $ 191,944 $ 103,703 $ 42,077 $ 650,479 Assets acquired at fair value: Land $ 4,493 $ — $ 14,362 $ 13,748 $ 24,400 $ 19,238 $ 8,801 $ 85,042 Buildings 54,286 112,676 59,219 52,135 170,490 72,888 32,231 553,925 In-place lease intangible assets 16,376 23,471 10,528 15,394 29,163 11,937 1,045 107,914 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 — — 3,538 — — 105 — 3,643 76,311 148,617 87,647 82,050 227,520 104,168 42,077 768,390 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 (1,221 ) — (6,982 ) — (4,058 ) — — (12,261 ) Other liabilities assumed — — (5,628 ) — (186 ) (465 ) — (6,279 ) (1,398 ) (713 ) (12,610 ) (1,400 ) (39,634 ) (465 ) — (56,220 ) Total identifiable net assets 74,913 147,904 75,037 80,650 187,886 103,703 42,077 712,170 Amounts attributable to noncontrolling interest — (73,952 ) — — — — — (73,952 ) Goodwill 1,221 — 6,982 — 4,058 — — 12,261 $ 76,134 $ 73,952 $ 82,019 $ 80,650 $ 191,944 $ 103,703 $ 42,077 $ 650,479 |
Schedule Of Revenues and Net Income From Business Combination | COOP Other Net-Leased Properties Self-Storage Properties All Other Properties May 28, 2015 through Respective Acquisition Dates through Respective Acquisition Dates through Respective Acquisition Dates through Total Revenues $ 3,489 $ 7,669 $ 13,398 $ 11,215 $ 35,771 Net loss $ (5,815 ) $ (14,532 ) $ (20,017 ) $ (5,843 ) $ (46,207 ) Net loss (income) attributable to noncontrolling interests 92 1 (1 ) 15 107 Net loss attributable to CPA ® :18 – Global stockholders $ (5,723 ) $ (14,531 ) $ (20,018 ) $ (5,828 ) $ (46,100 ) Vopak Bank Pekao S.A. Siemens AS Solo Cup Other Net-Leased Properties Self-Storage Properties All Other Properties December 17, 2014 through March 31, 2014 through February 27, 2014 through February 3, 2014 through Respective Acquisition Respective Acquisition Respective Acquisition Dates through Total Revenues $ 217 $ 9,586 $ 5,437 $ 5,489 $ 5,191 $ 3,851 $ 830 $ 30,601 Net loss $ (7,864 ) $ (12,920 ) $ (6,487 ) $ (4,004 ) $ (20,361 ) $ (6,889 ) $ (2,851 ) $ (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 ) $ (20,361 ) $ (6,889 ) $ (2,819 ) $ (57,995 ) |
Pro Forma Information | (in thousands, except share and per share amounts) Years Ended December 31, 2015 2014 2013 Pro forma total revenues (a) $ 163,649 $ 157,488 $ 72,168 Pro forma net loss (b) $ (5,307 ) $ (60,099 ) $ (53,893 ) Pro forma net (income) loss attributable to noncontrolling interests (9,496 ) (1,823 ) 3,769 Pro forma net loss attributable to CPA ® :18 – Global $ (14,803 ) $ (61,922 ) $ (50,124 ) Pro forma loss per Class A share: Net loss attributable to CPA ® :18 – Global $ (12,586 ) $ (55,266 ) $ (49,544 ) Pro forma basic and diluted weighted-average shares outstanding (c) 148,824,871 125,717,923 46,215,482 Pro forma basic and diluted loss per share $ (0.08 ) $ (0.44 ) $ (1.07 ) Pro forma loss per Class C share: Net loss attributable to CPA ® :18 – Global $ (2,217 ) $ (6,656 ) $ (580 ) Pro forma basic and diluted weighted-average shares outstanding (c) 27,580,451 8,847,966 497,725 Pro forma basic and diluted loss per share $ (0.08 ) $ (0.75 ) $ (1.16 ) ___________ (a) Pro forma total revenues include revenues from lease contracts based on the terms in place at December 31, 2015 and do not include adjustments to contingent rental amounts. (b) The pro forma table above presents acquisition expenses related to all of our business combinations that we completed during the years ended December 31, 2015 and 2014, as if they were incurred on January 1, 2014 and 2013, respectively. (c) The pro forma basic and diluted 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 that we completed during the years ended December 31, 2015 and 2014 , were issued on January 1, 2014 and 2013, respectively. We assumed that we would have issued 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, 2015 2014 Beginning balance $ 2,258 $ — Capitalized funds 147,233 20,617 Foreign currency translation adjustments and other (2,368 ) — Capitalized interest 2,355 143 Placed into service (17,548 ) (18,502 ) Ending balance $ 131,930 $ 2,258 |
Finance Receivables (Tables)
Finance Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Capital Leases Net Investment In Direct Financing Leases | Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2015 2014 Minimum lease payments receivable $ 76,014 $ 86,338 Unguaranteed residual value 51,835 45,473 127,849 131,811 Less: unearned income (75,883 ) (86,229 ) $ 51,966 $ 45,582 |
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, 2015 were as follows (in thousands): Years Ending December 31, Total 2016 $ 4,491 2017 4,547 2018 4,617 2019 4,689 2020 4,499 Thereafter 53,171 Total $ 76,014 |
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 2015 2014 2015 2014 1 1 — $ 12,684 $ — 2 1 1 9,065 8,962 3 4 4 58,217 64,620 4 — — — — 5 — — — — 0 $ 79,966 $ 73,582 |
Intangible Assets and Liabili33
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , we recorded net lease intangibles comprised as follows (life in years, dollars in thousands): Weighted-Average Life Amount Amortizable Intangible Assets In-place lease 7.6 $ 87,494 Below-market ground lease 30.0 6,504 Above-market rent 9.1 2,382 $ 96,380 Amortizable Intangible Liabilities Below-market rent 10.3 $ (9,295 ) |
Schedule of Goodwill | The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Total Balance at January 1, 2014 (a) $ — Acquisition of investments accounted for as business combinations 11,040 Foreign currency translation (1,348 ) Balance at December 31, 2014 9,692 Acquisition of investments accounted for as business combinations 13,131 Measurement period adjustments (b) 3,769 Foreign currency translation (3,203 ) Balance at December 31, 2015 $ 23,389 _________ (a) We did not have any goodwill activity during the year ended December 31, 2013 . (b) During 2015, we identified measurement period adjustments related to two of our acquisitions ( Note 4 ). |
Schedule Of Intangible Assets and Liabilities | Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2015 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease $ 255,510 $ (43,090 ) $ 212,420 $ 177,970 $ (10,335 ) $ 167,635 Below-market ground lease 20,894 (325 ) 20,569 15,790 (167 ) 15,623 Above-market rent 12,174 (1,322 ) 10,852 10,424 (380 ) 10,044 288,578 (44,737 ) 243,841 204,184 (10,882 ) 193,302 Unamortizable Intangible Assets Goodwill 23,389 — 23,389 9,692 — 9,692 Total intangible assets $ 311,967 $ (44,737 ) $ 267,230 $ 213,876 $ (10,882 ) $ 202,994 Amortizable Intangible Liabilities Below-market rent $ (15,439 ) $ 1,546 $ (13,893 ) $ (6,276 ) $ 347 $ (5,929 ) Above-market ground lease (121 ) 2 (119 ) (127 ) — (127 ) Total intangible liabilities $ (15,560 ) $ 1,548 $ (14,012 ) $ (6,403 ) $ 347 $ (6,056 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets and liabilities recorded at December 31, 2015 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2016 $ (698 ) $ 37,803 $ 37,105 2017 (167 ) 24,015 23,848 2018 (214 ) 17,972 17,758 2019 (224 ) 17,464 17,240 2020 (272 ) 16,636 16,364 Thereafter (1,466 ) 118,980 117,514 $ (3,041 ) $ 232,870 $ 229,829 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) 3 $ 1,008,190 $ 1,022,641 $ 521,712 $ 540,577 Note receivable (b) 3 28,000 28,400 28,000 28,000 Deferred acquisition fees payable (c) 3 26,747 26,260 17,525 17,520 ___________ (a) We determined the estimated fair value of our non-recourse debt and bonds payable 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 determined the estimated fair value of the note receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, 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. (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 of 213 basis points and an illiquidity adjustment of 75 basis points. 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 De35
Risk Management and Use of Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2015 2014 2015 2014 Foreign currency forward contracts and collars Other assets, net $ 7,471 $ 3,664 $ — $ — Interest rate caps Other assets, net 17 — — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (28 ) — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,568 ) (2,501 ) $ 7,488 $ 3,664 $ (1,596 ) $ (2,501 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income 2015 2014 2013 Interest rate swaps Interest expense $ (2,183 ) $ (759 ) $ — Foreign currency forward contracts and collars Other income and (expenses) 1,145 151 — Interest rate caps Interest expense (6 ) — — Total $ (1,044 ) $ (608 ) $ — The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Loss (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 2013 Foreign currency forward contracts and collars $ 3,313 $ 3,653 $ — Interest rate swaps 933 (2,282 ) (219 ) Interest rate caps (38 ) — — Derivatives in Net Investment Hedging Relationships (a) Foreign currency forward contracts and collars 468 11 — Total $ 4,676 $ 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. |
Derivative Instruments, Gain (Loss) | The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Years Ended December 31, Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income 2015 2014 2013 Interest rate swaps Interest expense $ (63 ) $ — $ — Foreign currency collars Other income and (expenses) 37 — — Total $ (26 ) $ — $ — |
Schedule of Derivative Instruments | The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2015 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Foreign currency forward contracts and collars 76 30,759 EUR $ 4,347 Foreign currency forward contracts and collars 56 107,563 NOK 2,617 Designated as Net Investment Hedging Instruments Foreign currency forward contracts 9 33,060 NOK 479 $ 7,443 ___________ (a) Fair value amounts are based on the exchange rate of the euro or the Norwegian krone, as applicable, at December 31, 2015 . The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2015 Interest rate swaps 5 30,307 USD $ (1,568 ) Interest rate caps 2 22,000 USD 17 $ (1,551 ) |
Non-Recourse Debt and Bonds P36
Non-Recourse Debt and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Non-Recourse Debt and Bonds Payable | The following table presents a summary of the non-recourse mortgage loans and bonds payable on our real estate property investments (dollars in thousands): Carrying Amount at December 31, Tenant/Property Interest Rate Rate Type Maturity Date 2015 2014 Non-Recourse Debt: Infineon Technologies AG 3.1% Fixed 2/28/2017 $ 11,999 $ 13,756 Self-storage – Multiple properties (a) (b) (c) 1.8% Variable 5/1/2018 16,400 — Kissimmee Self-Storage (a) 2.2% Variable 11/1/2018 5,600 — Club Med Albion Resorts, or Albion Resorts (d) 4.0% Fixed 2/26/2020 26,129 19,264 Truffle Portfolio/Oakbank (e) 4.0% Fixed 7/15/2020 27,397 11,401 Jacobsweerd (a) 1.6% Fixed 7/29/2020 29,640 — Konzum d.d. 5.8% Fixed 12/31/2020 32,321 37,038 Bank Pekao S.A. 3.3% Fixed 3/10/2021 58,082 64,852 Dupont Place Apartments (c) 3.8% Fixed 11/1/2021 14,140 14,140 Gentry’s Walk (c) 3.8% Fixed 11/1/2021 15,330 15,330 Brantley Pines (a) (c) 3.8% Fixed 2/1/2022 19,040 — Pinnacle Ridge (a) (c) 3.2% Fixed 2/1/2022 24,045 — Royal Vopak NV 2.2% Fixed 2/9/2022 36,969 — Cayo Grande (a) 4.3% Fixed 8/1/2022 18,200 — Exelon (a) 4.3% Fixed 9/10/2022 22,620 — State of Iowa (a) (c) 4.3% Fixed 11/10/2022 34,636 — State Farm Automobile Company (c) 4.5% Fixed 9/10/2023 72,800 72,800 Self-storage – Multiple properties (f) 4.9% Fixed 2/1/2024 14,500 14,500 Automobile Protection Corporation (b) 5.1% Variable 2/5/2024 3,653 3,752 Solo Cup Operating Company (c) 5.1% Fixed 2/6/2024 47,250 47,250 Swift Spinning Inc. 5.0% Fixed 5/1/2024 7,626 7,738 Janus International (b) 4.9% Variable 5/5/2024 11,538 11,538 Bell Telephone Company 4.6% Fixed 6/11/2024 8,000 8,000 Self-storage – Multiple properties (g) 4.4% Fixed 10/11/2024 23,000 23,000 Cooper Tire & Rubber Company (b) 4.7% Variable 10/31/2024 6,689 6,704 Barnsco Inc. (b) 4.5% Variable 11/14/2024 5,200 5,200 Alliant Techsystems Inc. 4.2% Fixed 1/6/2025 27,650 27,650 Belk Inc. 4.3% Fixed 2/10/2025 28,225 — Self-storage – Multiple properties (a) (h) 4.3% Fixed 3/11/2025 48,138 — Self-storage – Multiple properties (a) (i) 4.3% Fixed 6/11/2025 37,246 — Core-Mark (a) (c) 4.4% Fixed 6/11/2025 10,500 — Grand Estates (a) 4.1% Fixed 7/1/2025 29,750 — Republic Services, Inc. (a) (b) 4.5% Variable 7/21/2025 3,227 — Acosta (a) 4.4% Fixed 8/6/2025 10,650 — USF Holland 4.5% Fixed 9/6/2025 7,720 — Self-storage – Multiple properties (a) (j) 4.6% Fixed 10/11/2025 35,575 — Midcontinent Independent System Operator, Inc. 4.0% Fixed 3/6/2026 9,750 — North American Lighting Inc. 4.8% Fixed 5/6/2026 7,264 7,325 Intuit Inc. (a) (c) 4.0% Fixed 7/6/2026 21,900 — Air Enterprises 5.3% Fixed 4/1/2039 3,189 3,257 Crowne Group Inc. (k) N/A N/A N/A — 15,967 $ 873,588 $ 430,462 Bonds Payable: Apply Sørco AS (c) 4.4% Fixed 10/31/2021 $ 40,587 $ 48,151 COOP (a) (c) (l) 4.2% Fixed 5/28/2025 56,685 — Siemens AS (c) (m) 3.5% Variable 12/15/2025 37,330 43,099 $ 134,602 $ 91,250 _________ (a) These mortgage loans and bonds payable were entered into or assumed in conjunction with the 2015 acquisitions as described in Note 4 . During the year ended December 31, 2015 , we capitalized $5.3 million of deferred financing costs related to these loans and bonds payable. We amortize deferred financing costs over the term of the related mortgage loan and bonds payable using a method that 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 or caps ( Note 8 ). The interest rates presented for these mortgage loans reflect the interest rate swaps or caps in effect at December 31, 2015 . (c) These mortgage loans and bonds payable have payments that are interest-only until their respective maturity dates. (d) On February 27, 2015, we completed the refinancing of these mortgage loans and consolidated them into one mortgage loan. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $0.7 million related to this refinancing within Other income and (expenses) in our consolidated financial statements. (e) On July 1, 2015, we refinanced these mortgage loans and entered into a new credit facility for $28.9 million , which is based on the exchange rate of the British pound sterling on that date. This new credit facility now covers our entire trade counter and industrial asset portfolio located throughout the United Kingdom. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $0.5 million related to this refinancing within Other income and (expenses) in our consolidated financial statements. (f) This mortgage loan is 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. (g) This mortgage loan is allocated to the six self-storage properties purchased from July 22, 2014 through October 9, 2014. (h) On February 18, 2015, we obtained a mortgage loan for $48.1 million , which was allocated to nine self-storage properties purchased from October 28, 2014 through February 18, 2015. (i) On May 27, 2015, we obtained a mortgage loan for $37.2 million , which was allocated to several of the self-storage properties purchased from February 4, 2015 through May 26, 2015. (j) On October 7, 2015, we obtained a mortgage loan for $35.6 million , which was allocated to several of the self-storage properties purchased from June 16, 2015 through September 30, 2015. (k) In conjunction with the sale of the Crowne Group Inc. properties ( Note 5 ), we paid off the existing mortgage loans that encumbered all of these properties. The buyer paid the prepayment penalty on our behalf due to unwinding of the related interest rate swap agreement. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $1.1 million related to the termination of this swap within Other income and (expenses) in our consolidated financial statements. (l) In conjunction with this investment ( Note 4 ), on May 28, 2015, we issued privately-placed bonds totaling $64.2 million , which is based on the exchange rate of the Norwegian krone at that date. These bonds are collateralized by the COOP property and have a fixed coupon of 4.2% and a maturity date of May 28, 2025 . (m) This bond is inflation-linked to the consumer price index, or CPI, of Norway, and the annual principal balance will increase as that inflation index increases. |
Schedule of Debt Maturities | Scheduled debt principal payments as of December 31, 2015 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 $ 3,146 2017 15,351 2018 25,897 2019 4,167 2020 115,330 Thereafter through 2039 842,681 1,006,572 Unamortized premium 1,618 Total $ 1,008,190 |
Loss Per Share and Equity (Tabl
Loss Per Share and Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Share | The following table presents loss per share (in thousands, except share and per share amounts): Year Ended December 31, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 101,884,473 $ (45,524 ) $ (0.45 ) Class C common stock 27,580,451 (12,208 ) (0.44 ) Net loss attributable to CPA ® :18 – Global $ (57,732 ) Year Ended December 31, 2014 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss 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 to Date December 31, 2013 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss 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, 2015 2014 2013 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.1889 $ 0.1612 $ 0.2164 $ 0.1841 $ — $ — Return of capital 0.3836 0.3273 0.4084 0.3475 0.1155 0.0982 Capital gain 0.0525 0.0448 — — — — Total distributions paid $ 0.6250 $ 0.5333 $ 0.6248 $ 0.5316 $ 0.1155 $ 0.0982 |
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): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2013 $ — $ — $ — Other comprehensive income (loss) before reclassifications (219 ) 156 (63 ) Net current-period Other comprehensive income (219 ) 156 (63 ) Net current-period Other comprehensive income attributable to noncontrolling interests — (31 ) (31 ) Balance at December 31, 2013 (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 ) Net current-period Other comprehensive income (loss) 1,371 (29,602 ) (28,231 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,384 7,384 Balance at December 31, 2014 1,152 (22,093 ) (20,941 ) Other comprehensive income (loss) before reclassifications 3,164 (40,662 ) (37,498 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 2,189 — 2,189 Other income and (expenses) (1,145 ) — (1,145 ) Net current-period Other comprehensive income (loss) 4,208 (40,662 ) (36,454 ) Net current-period Other comprehensive (income) loss attributable to noncontrolling interests — 7,079 7,079 Balance at December 31, 2015 $ 5,360 $ (55,676 ) $ (50,316 ) |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of our (benefit from) provision for income taxes attributable to continuing operations for the periods presented are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Federal Current $ 98 $ 16 $ — 98 16 — State and Local Current 87 79 — 87 79 — Foreign Current 565 64 — Deferred (847 ) (1,323 ) 11 (282 ) (1,259 ) 11 Total (Benefit) Provision $ (97 ) $ (1,164 ) $ 11 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2015 2014 2013 Net Lease Revenues $ 91,173 $ 48,306 $ 3,292 Operating expenses (70,352 ) (72,780 ) (1,358 ) Interest expense (26,367 ) (14,447 ) (1,205 ) Other income and expenses, excluding interest expense (2,022 ) (490 ) (78 ) Benefit from (provision for) income taxes 300 1,183 (11 ) Gain on sale of real estate, net of tax 6,659 — — Net (income) loss attributable to noncontrolling interests (2,231 ) 2,435 (298 ) (Loss) income attributable to CPA ® :18 – Global $ (2,840 ) $ (35,793 ) $ 342 Self Storage Revenues $ 25,570 $ 3,913 $ — Operating expenses (43,459 ) (9,814 ) — Interest expense (5,232 ) (942 ) — Other income and expenses, excluding interest expense (94 ) — — Provision for income taxes (59 ) (16 ) — Loss attributable to CPA ® :18 – Global $ (23,274 ) $ (6,859 ) $ — All Other Revenues $ 19,200 $ 2,098 $ — Operating expenses (23,728 ) (4,816 ) — Interest expense (3,779 ) (213 ) — Other income and expenses, excluding interest expense 1 — — Provision for income taxes (88 ) — — Net loss attributable to noncontrolling interests 142 32 — Loss attributable to CPA ® :18 – Global $ (8,252 ) $ (2,899 ) $ — Corporate Unallocated Corporate Overhead (a) $ (17,049 ) $ (8,538 ) $ (881 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (6,317 ) $ (1,778 ) $ (92 ) Total Company Revenues $ 135,943 $ 54,317 $ 3,292 Operating expenses (151,147 ) (95,131 ) (2,304 ) Interest expense (35,170 ) (15,753 ) (1,250 ) Other income and expenses, excluding interest expense (5,708 ) (1,153 ) 32 Benefit from (provision for) income taxes 97 1,164 (11 ) Gain on sale of real estate, net of tax 6,659 — — Net (income) loss attributable to noncontrolling interests (8,406 ) 689 (390 ) Loss attributable to CPA ® :18 – Global $ (57,732 ) $ (55,867 ) $ (631 ) (a) Included in unallocated corporate overhead are asset management fees and general and administrative expenses. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. |
Reconciliation of Assets from Segment to Consolidated | Total Long-Lived Assets at December 31, Total Assets at December 31, 2015 2014 2015 2014 Net Lease $ 1,105,237 $ 780,699 $ 1,452,759 $ 1,025,132 Self Storage 314,247 91,419 365,274 104,440 All Other 227,644 69,239 239,333 72,345 Corporate (a) — — 86,294 413,967 Total Company $ 1,647,128 $ 941,357 $ 2,143,660 $ 1,615,884 |
Schedule of Segment Reporting Information | Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2015 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 17,983 $ 17,039 $ 50,624 $ 85,646 $ 13,911 $ 36,386 $ 50,297 $ 135,943 Loss before income taxes and gain on sale of real estate (5,713 ) (10,520 ) (24,802 ) (41,035 ) (8,760 ) (6,287 ) (15,047 ) (56,082 ) Net income attributable to noncontrolling interests (852 ) — (6,175 ) (7,027 ) (399 ) (980 ) (1,379 ) (8,406 ) Net loss attributable to CPA ® :18 – Global (6,551 ) (10,556 ) (24,486 ) (41,593 ) (7,455 ) (8,684 ) (16,139 ) (57,732 ) Long-lived assets (b) 229,437 197,552 537,340 964,329 194,211 488,588 682,799 1,647,128 Non-recourse debt and bonds payable 150,964 137,808 362,279 651,051 134,602 222,537 357,139 1,008,190 As of and for the Year Ended December 31, 2014 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 8,830 $ 2,514 $ 17,698 $ 29,042 $ 6,560 $ 18,715 $ 25,275 $ 54,317 Loss before income taxes and gain on sale of real estate 415 (2,812 ) (15,860 ) (18,257 ) (6,305 ) (33,158 ) (39,463 ) (57,720 ) Net (income) loss attributable to noncontrolling interests (804 ) — (1,764 ) (2,568 ) 321 2,936 3,257 689 Net loss attributable to CPA ® :18 – Global (465 ) (2,812 ) (17,641 ) (20,918 ) (6,956 ) (27,993 ) (34,949 ) (55,867 ) Long-lived assets (b) 122,965 35,929 340,202 499,096 138,675 303,586 442,261 941,357 Non-recourse debt and bonds payable 83,226 17,534 183,390 284,150 91,250 146,312 237,562 521,712 For the Year Ended December 31, 2013 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 2,997 $ — $ 10 $ 3,007 $ — $ 285 $ 285 $ 3,292 Income (loss) before income taxes and gain on sale of real estate 568 — (876 ) (308 ) — 78 78 (230 ) Net income attributable to noncontrolling interests (293 ) — (68 ) (361 ) — (29 ) (29 ) (390 ) Net income (loss) attributable to CPA ® :18 – Global 275 — (945 ) (670 ) — 39 39 (631 ) ___________ (a) All years include operations in Croatia and the Netherlands; 2015 and 2014 includes Poland, the United Kingdom, Germany, and Mauritius; and 2015 includes Slovakia and Canada. (b) Consists of Net investments in real estate. |
Selected Quarterly Financial 40
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2015 (a) June 30, 2015 September 30, 2015 December 31, 2015 (b) Revenues $ 27,172 $ 30,472 $ 37,069 $ 41,230 Expenses 27,113 41,413 42,174 40,447 Net loss (10,852 ) (18,263 ) (7,683 ) (12,528 ) Net income attributable to noncontrolling interests (1,361 ) (1,644 ) (2,092 ) (3,309 ) Net loss attributable to CPA ® :18 – Global $ (12,213 ) $ (19,907 ) $ (9,775 ) $ (15,837 ) Class A Common Stock Basic and diluted loss per share (c) $ (0.10 ) $ (0.15 ) $ (0.07 ) $ (0.13 ) Basic and diluted weighted-average shares outstanding 100,642,226 101,460,830 102,293,880 103,109,346 Distributions declared per share $ 0.1562 $ 0.1562 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (c) $ (0.12 ) $ (0.17 ) $ (0.09 ) $ (0.07 ) Basic and diluted weighted-average shares outstanding 22,381,181 29,033,036 29,279,705 29,522,763 Distributions declared per share $ 0.1329 $ 0.1329 $ 0.1340 $ 0.1335 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 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 Basic and diluted loss per share (c) $ (0.35 ) $ (0.05 ) $ (0.10 ) $ (0.22 ) Basic and diluted 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 Basic and diluted loss per share (c) $ (0.37 ) $ (0.07 ) $ (0.12 ) $ (0.25 ) Basic and diluted 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 __________ (a) As discussed below, we identified an error in the consolidated financial statements for the three months ended March 31, 2015. As a result, we corrected this error and revised our consolidated financial statements for the three months ended March 31, 2015, which aggregated to an increase to Net loss and Net loss attributable to CPA ® :18 – Global of $0.9 million , and an increase to Net loss per share for both Class A and Class C common stock of $0.01 . However, in order to correctly present the aforementioned errors, we will revise the consolidated statements of operations and cash flows for the three months ended March 31, 2015 when such statements are presented in our future public filings. (b) As discussed in Note 3 , in the fourth quarter of 2015, we recorded an out-of-period adjustment in the consolidated financial statements related to the accounting for the annual distribution and shareholder servicing fee in connection with the sale of our Class C common stock. We concluded that this adjustment was not material to our financial statements. This adjustment resulted in a decrease of $2.0 million to Net loss attributable to CPA ® :18 – Global for both the three months and year ended December 31, 2015 . (c) The sum of the quarterly Loss per share does not agree to the annual Loss per share for 2015 and 2014 due to the issuances of our common stock that occurred during such periods. |
Organization and Offering (Narr
Organization and Offering (Narratives) (Details) $ / shares in Units, ft² in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)ft²segmentpropertytenant | May. 07, 2013USD ($)$ / shares | |
Additional Disclosures | ||
Capital interest ownership in operating partnership | 99.97% | |
Number of properties | property | 58 | |
Number of tenants | tenant | 96 | |
Area of real estate property | ft² | 9.5 | |
Number of reportable segments | segment | 2 | |
Public Offering | ||
Common stock shares maximum offering | $ 1,400 | |
Stock authorized during period share value dividend reinvestment plan | $ 150 | |
Multi-Family | ||
Additional Disclosures | ||
Number of properties | property | 8 | |
Operating Real Estate | ||
Additional Disclosures | ||
Area of real estate property | ft² | 5.9 | |
Class A common stock | ||
Public Offering | ||
Common stock, par or stated value per share, pursuant to DRIP | $ / shares | $ 9.60 | |
Cumulative funds from offering | $ 977.4 | |
Distributions reinvested through the DRIP | 50.2 | |
Class C common stock | ||
Public Offering | ||
Common stock, par or stated value per share, pursuant to DRIP | $ / shares | $ 8.98 | |
Cumulative funds from offering | 266.1 | |
Distributions reinvested through the DRIP | $ 10.5 | |
Self Storage | Business Combinations | ||
Additional Disclosures | ||
Number of properties | property | 58 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2016 | |
Variable Interest Entity | ||||||
Repurchase of shares, shares | 588,979 | 155,246 | ||||
Preferred Return | 5.00% | |||||
Real estate tax expense | $ 6.2 | $ 3.5 | ||||
Gain (loss) on foreign currency transactions and other | (0.1) | (0.4) | $ 0.1 | |||
New Accounting Pronouncement, Early Adoption, Effect | Other assets | Subsequent Events | ||||||
Variable Interest Entity | ||||||
Deferred financing costs | $ (4.6) | |||||
New Accounting Pronouncement, Early Adoption, Effect | Non-recourse debt | Subsequent Events | ||||||
Variable Interest Entity | ||||||
Deferred financing costs | $ 4.6 | |||||
Liability | Restatement Adjustment | ||||||
Variable Interest Entity | ||||||
Prior period reclassification adjustment | 9.4 | |||||
Additional Paid-In Capital | Restatement Adjustment | ||||||
Variable Interest Entity | ||||||
Prior period reclassification adjustment | (11.3) | |||||
Net Income | Restatement Adjustment | ||||||
Variable Interest Entity | ||||||
Prior period reclassification adjustment | $ 2.1 | $ 0.6 | ||||
Common Stock | Restatement Adjustment | ||||||
Variable Interest Entity | ||||||
Prior period reclassification adjustment | 1.5 | |||||
Treasury Stock | Restatement Adjustment | ||||||
Variable Interest Entity | ||||||
Prior period reclassification adjustment | (1.5) | |||||
Additional Paid-In Capital | Restatement Adjustment | ||||||
Variable Interest Entity | ||||||
Prior period reclassification adjustment | $ 1.5 | |||||
Building and building improvements | Maximum | ||||||
Variable Interest Entity | ||||||
Property plant and equipment (useful life) | 40 years | |||||
Furniture and fixtures | Maximum | ||||||
Variable Interest Entity | ||||||
Property plant and equipment (useful life) | 7 years |
Agreements and Transactions w43
Agreements and Transactions with Related Parties (Narratives) (Details) | Oct. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 18, 2013USD ($)property | Aug. 20, 2013USD ($) | Dec. 31, 2015USD ($)property$ / sharesshares | Dec. 31, 2014USD ($)propertyshares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012shares |
Due to Related Party | ||||||||
Aggregate gross proceeds from offering threshold ( percentage) | 1.50% | |||||||
Underwriting compensation limit | 10.00% | |||||||
Organizational costs incurred | $ 8,700,000 | |||||||
Maximum line of credit approved by directors | 100,000,000 | |||||||
Cumulative selling and dealer manager fees | $ 107,900,000 | $ 104,100,000 | $ 23,400,000 | |||||
Preferred Return | 5.00% | |||||||
Maximum personnel and overhead reimbursement, percentage | 2.40% | |||||||
Legal fee reimbursement rate | 0.25% | |||||||
Net investments in properties | $ 1,435,232,000 | $ 865,517,000 | ||||||
Number of properties acquired | property | 51 | 54 | ||||||
Real Estate | ||||||||
Due to Related Party | ||||||||
Net investments in properties | $ 955,107,000 | $ 732,860,000 | ||||||
Number of properties acquired | property | 8 | 12 | ||||||
Real Estate | Konzum d.d. | ||||||||
Due to Related Party | ||||||||
Net investments in properties | $ 97,000,000 | |||||||
Investment purchase price | $ 77,600,000 | |||||||
Ownership interest in jointly-owned investment | 80.00% | |||||||
Number of properties acquired | property | 5 | |||||||
Real Estate | State Farm Automobile Company | ||||||||
Due to Related Party | ||||||||
Net investments in properties | $ 115,600,000 | |||||||
Investment purchase price | $ 57,800,000 | |||||||
Ownership interest in jointly-owned investment | 50.00% | |||||||
Real Estate | Apply AS | ||||||||
Due to Related Party | ||||||||
Net investments in properties | $ 108,300,000 | |||||||
Investment purchase price | $ 55,200,000 | |||||||
Ownership interest in jointly-owned investment | 51.00% | |||||||
Business Combinations | ||||||||
Due to Related Party | ||||||||
Investment purchase price | $ 651,726,000 | $ 650,479,000 | ||||||
Number of properties acquired | property | 39 | |||||||
Business Combinations | Bank Pekao S.A. | ||||||||
Due to Related Party | ||||||||
Net investments in properties | $ 147,900,000 | |||||||
Investment purchase price | $ 73,952,000 | |||||||
Ownership interest in jointly-owned investment | 50.00% | |||||||
2,016 | ||||||||
Due to Related Party | ||||||||
Maximum personnel and overhead reimbursement, percentage | 2.20% | |||||||
2,017 | ||||||||
Due to Related Party | ||||||||
Maximum personnel and overhead reimbursement, percentage | 2.00% | |||||||
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% | |||||||
Liability | Restatement Adjustment | ||||||||
Due to Related Party | ||||||||
Prior period reclassification adjustment | $ 9,400,000 | |||||||
Additional Paid-In Capital | Restatement Adjustment | ||||||||
Due to Related Party | ||||||||
Prior period reclassification adjustment | $ (11,300,000) | |||||||
Current | ||||||||
Due to Related Party | ||||||||
Percentage of acquisition fees | 2.50% | |||||||
Deferred | ||||||||
Due to Related Party | ||||||||
Percentage of acquisition fees | 2.00% | |||||||
Class A common stock | ||||||||
Due to Related Party | ||||||||
Selling price of class A shares (per share) | $ / shares | $ 10 | |||||||
Number of shares held by advisor | shares | 103,214,083 | 99,924,009 | 21,290,097 | 0 | ||||
Selling commission per share sold (usd per share) | $ / shares | $ 0.70 | |||||||
Dealer manager fee per share sold (usd per share) | $ / shares | $ 0.30 | |||||||
Class A common stock | Advisor | ||||||||
Due to Related Party | ||||||||
Number of shares held by advisor | shares | 975,776 | |||||||
Advisor owned percentage of common stock | 0.70% | |||||||
Class C common stock | ||||||||
Due to Related Party | ||||||||
Number of shares held by advisor | shares | 29,536,899 | 18,026,013 | 2,776,001 | 0 | ||||
Selling commission per share sold (usd per share) | $ / shares | $ 0.14 | |||||||
Dealer manager fee per share sold (usd per share) | $ / shares | $ 0.21 | |||||||
Shareholder servicing fee | 1.00% | |||||||
Minimum | Average market value of investment | ||||||||
Due to Related Party | ||||||||
Percentage of asset management fees | 0.50% | |||||||
Maximum | ||||||||
Due to Related Party | ||||||||
Percentage of acquisition fees | 6.00% | |||||||
Maximum | Average equity value of investment | ||||||||
Due to Related Party | ||||||||
Percentage of asset management fees | 1.50% | |||||||
Maximum | Cpa 18 Holdings | ||||||||
Due to Related Party | ||||||||
Available cash distribution, percentage | 10.00% |
Agreements and Transactions w44
Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts Included in the Consolidated Statements of Operations | |||
Acquisition expenses | $ 42,216 | $ 59,225 | $ 86 |
Available Cash Distributions | 6,317 | 1,778 | 92 |
Personnel and overhead reimbursements | 3,252 | 170 | 0 |
Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee (Note 2) | 1,141 | 151 | 36 |
Annual distribution and shareholder servicing fee (Note 2) | (860) | 814 | 46 |
Shares issued to directors | 100 | 100 | 67 |
Costs incurred by the advisor | 0 | 0 | 182 |
Excess operating expenses charged back to the advisor | 0 | 0 | (69) |
Operating expenses | 49,813 | 44,473 | 471 |
Acquisition Fees Capitalized | |||
Current acquisition fees | 10,143 | 3,568 | 4,324 |
Deferred acquisition fees | 8,120 | 2,855 | 3,459 |
Capitalized personnel and overhead reimbursements | 1,415 | 0 | 0 |
Transaction fees incurred | 19,678 | 6,423 | 7,783 |
Related Party | |||
Amounts Included in the Consolidated Statements of Operations | |||
Acquisition expenses | 32,276 | 38,825 | 0 |
Asset management fees | $ 7,587 | $ 2,635 | $ 117 |
Agreements and Transactions w45
Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due to Affiliate | ||
Deferred acquisition fees, including interest | $ 26,747 | $ 17,525 |
Accounts payable | 12,760 | 2,702 |
Current acquisition fees | 3,148 | 0 |
Asset management fees payable | 813 | 378 |
Reimbursable costs | 506 | 46 |
Due to affiliate | $ 43,974 | $ 20,651 |
Net Investments in Properties46
Net Investments in Properties (Narratives) (Details) $ in Thousands, ft² in Millions | Dec. 23, 2015USD ($) | Dec. 09, 2015USD ($) | Dec. 04, 2015USD ($) | Nov. 05, 2015USD ($) | Oct. 29, 2015USD ($) | Oct. 21, 2015USD ($) | Oct. 08, 2015USD ($)property | Oct. 07, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 29, 2015USD ($)property | Sep. 01, 2015USD ($) | Aug. 11, 2015USD ($) | Jul. 30, 2015USD ($) | Jul. 28, 2015USD ($) | Jul. 23, 2015USD ($)room | Jul. 10, 2015USD ($) | Jul. 09, 2015USD ($) | Jun. 22, 2015USD ($) | Jun. 17, 2015USD ($) | Jun. 16, 2015USD ($)property | Jun. 08, 2015USD ($)room | May. 28, 2015USD ($) | May. 27, 2015USD ($) | May. 26, 2015USD ($) | May. 18, 2015USD ($) | May. 12, 2015USD ($) | May. 08, 2015USD ($) | Apr. 29, 2015USD ($) | Apr. 28, 2015USD ($) | Apr. 17, 2015USD ($) | Apr. 10, 2015USD ($)property | Apr. 02, 2015USD ($)property | Mar. 24, 2015USD ($) | Mar. 20, 2015USD ($) | Mar. 10, 2015USD ($) | Feb. 25, 2015USD ($) | Feb. 19, 2015USD ($) | Feb. 18, 2015USD ($) | Feb. 04, 2015USD ($) | Jan. 29, 2015USD ($) | Jan. 28, 2015USD ($) | Jan. 15, 2015USD ($)room | Dec. 30, 2014USD ($)room | Dec. 22, 2014USD ($) | Dec. 17, 2014USD ($) | Dec. 16, 2014USD ($) | Dec. 15, 2014USD ($) | Dec. 10, 2014USD ($) | Nov. 21, 2014USD ($)a | Nov. 20, 2014USD ($)property | Nov. 14, 2014USD ($)property | Nov. 13, 2014USD ($) | Nov. 03, 2014USD ($) | Oct. 31, 2014USD ($) | Oct. 28, 2014USD ($)room | Oct. 09, 2014USD ($)property | Sep. 30, 2014USD ($) | Sep. 26, 2014USD ($) | Sep. 18, 2014USD ($) | Aug. 19, 2014USD ($)propertytenant | Aug. 11, 2014USD ($) | Aug. 05, 2014USD ($) | Jul. 31, 2014USD ($) | Jul. 22, 2014USD ($) | Jun. 04, 2014USD ($) | May. 19, 2014USD ($) | May. 16, 2014USD ($) | May. 06, 2014USD ($) | Apr. 30, 2014USD ($) | Apr. 21, 2014USD ($) | Mar. 31, 2014USD ($) | Feb. 27, 2014USD ($) | Feb. 07, 2014USD ($) | Feb. 03, 2014USD ($) | Jan. 23, 2014USD ($) | Jan. 22, 2014USD ($) | Jan. 16, 2014USD ($) | Jul. 31, 2015USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($)propertytenant | Dec. 31, 2013USD ($) | Dec. 30, 2015USD ($) | Aug. 04, 2015USD ($) | Jul. 21, 2015USD ($) | May. 29, 2015USD ($) | Dec. 11, 2014USD ($) | Jun. 02, 2014USD ($) | May. 21, 2014USD ($) |
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate fluctuation | $ (40,662) | $ (29,602) | $ 156 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | $ 31,600 | $ 11,700 | 800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 51 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investments in properties | $ 1,435,232 | $ 865,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 873,588 | 430,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 42,216 | 59,225 | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds payable | 134,602 | 91,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 23,389 | $ 9,692 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired finite lived intangible assets | 96,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new tenants | tenant | 70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, net | 47,313 | $ 28,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized funds | $ 147,233 | 20,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Area of real estate property | ft² | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Placed into service | $ 17,548 | 18,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | property | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation | $ 2,600 | $ 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total BTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 9 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitment | $ 181,800 | $ 9,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | Portsmouth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 53,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | Melia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 7,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 31,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | Marriott | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 50,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 81,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | Marriott | Additional Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 16,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | Rabobank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 21,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 91,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | Reading | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 96.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 17,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 45,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Build To Suit Projects | USF Holland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 1,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 11,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Area of real estate property | a | 22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate fluctuation | $ (66,200) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 8 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investments in properties | $ 955,107 | $ 732,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 85,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized acquisition costs | 15,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitment | 1,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Initial Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized funds | 118,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Additional Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized funds | $ 28,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Wyndham | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 95.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investments in properties | $ 32,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Acosta | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 16,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 10,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Warehouse facility in Streetsboro, Ohio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Office facility in Norcross, Georgia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Spinning facility in Columbus, Georgia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 8,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Property in Temple, Georgia and Surprise Arizona | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 14,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Industrial facilities in Dallas and Fort Worth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 7,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Apply AS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 51.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investments in properties | $ 108,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 55,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, net | 12,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Apply AS | CPA 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 53,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 651,726 | 650,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 20,900 | 48,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 19,256 | 12,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 15,032 | 12,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | 654,885 | 712,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | 33,758 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | ConvaTec | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 14,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 12,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | University Of Iowa | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 90.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 45,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in joint venture, minority interest | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in joint ventures | $ 4,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 34,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Exelon | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 32,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 22,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Jacobsweerd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 46,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 30,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent asset acquired | $ 500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | COOP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 90.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 88,331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent asset acquired | 800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price, including portion attributable to noncontrolling interest | 98,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds payable | 64,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 16,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 12,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | $ 1,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | $ 85,553 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Core-Mark | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 15,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 10,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Intuit Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 33,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 21,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Republic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 3,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 3,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Broadfold | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 6,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Albion Resorts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 61,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | $ 4,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 266 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | $ 19,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Craigentinny | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Vopak | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 76,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 1,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 1,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | 74,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | UK Auto | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | ATK | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 41,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | 27,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | MISO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 14,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Cooper Tire | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 9,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | $ 6,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Infineon | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 22,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | $ 14,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Oakbank Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of asset management fees | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of subordinated disposition fees | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Truffle Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 17,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | $ 11,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of new tenants | tenant | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of asset management fees | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of subordinated disposition fees | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Belk Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 20,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Placed into service | 18,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | AT&T | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 11,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 8,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | North American Lighting Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 8,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 7,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Bank Pekao S.A. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership interest in jointly-owned investment | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investments in properties | $ 147,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 73,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 73,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | 147,904 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset, net | $ 1,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy rate | 98.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Bank Pekao S.A. | CPA 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 74,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Siemens AS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 82,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds payable | 52,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 6,982 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 6,982 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | 75,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Solo Cup | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 80,650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 47,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | 80,650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Self Storage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 243,235 | 103,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability, business combination | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total identifiable net assets, business combination | $ 243,235 | 103,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages assumed, business combination | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | property | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investments in properties | $ 480,125 | 132,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | 23,000 | 23,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | $ 14,200 | $ 8,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Area of real estate property | ft² | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in Portland, OR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 10,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in Greensboro, NC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facilities in Fernandina Beach Fl and El Paso, TX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 37,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in Hudson, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in Las Vegas, NV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Ithaca, NY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Houston, TX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,000 | $ 4,700 | $ 7,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Palm Bay, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 11,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Leesburg, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 3,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in St Peters, MS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in Sarasota, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 13,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Panama City, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 9,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Las Vegas, NV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 9,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Crystal Lake, IL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Louisville, KY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 10,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facilities in California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 36,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facilities in Lawrenceville and Stockbridge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 6,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Panama City, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Lady Lake, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Sebastian, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 3,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Tallahassee, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 7,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Valrico, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 9,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Naples, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 15,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage Facility in Kissimmee, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,900 | $ 8,400 | $ 11,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 5,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired finite lived intangible assets | $ 200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self Storage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 23,000 | $ 14,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in St Petersburg, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 11,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Corpus Christi, TX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Kailua-Kona, HI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Miami, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Palm Desert, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 10,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Columbia, SC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Kailua-Kona, HI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 5,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Pompano Beach. FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Jensen Beach, FL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 8,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Dickson, TX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 9,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Humble, TX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 7,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Temecula, TX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Real Estate | Self-Storage Facility in Cummings, GA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 4,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | $ 7,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of asset management fees | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 8.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint venture return on initial investments | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | property | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Cayo Grande | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 25,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 18,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Grand Estates | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 42,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 29,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Pinnacle Ridge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 34,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 24,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Brantley Pines | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 27,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 19,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 296 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Gentry | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | 21,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 15,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family | Dupont | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 20,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 14,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage in investment | 97.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | room | 217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Self Storage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment purchase price | $ 243,200 | $ 103,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse debt | $ 137,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct financing lease | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitment | $ 17,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | property | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | $ 12,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment, non-recourse debt | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment | Initial Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | 11,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investment | Additional Funding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acqusition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | $ 1,100 |
Net Investments in Properties47
Net Investments in Properties (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in real estate: | ||
Less: Accumulated depreciation | $ (42,194) | $ (11,814) |
Net investments in properties | 1,435,232 | 865,517 |
Real Estate | ||
Investments in real estate: | ||
Land | 173,094 | 104,604 |
Buildings | 813,480 | 639,131 |
Less: Accumulated depreciation | (31,467) | (10,875) |
Net investments in properties | 955,107 | 732,860 |
Operating Real Estate | ||
Investments in real estate: | ||
Land | 86,016 | 28,040 |
Buildings | 404,836 | 105,556 |
Less: Accumulated depreciation | (10,727) | (939) |
Net investments in properties | $ 480,125 | $ 132,657 |
Net Investments in Properties48
Net Investments in Properties (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Sheduled Future Minimum Rents | |
2,016 | $ 87,582 |
2,017 | 92,969 |
2,018 | 94,717 |
2,019 | 95,222 |
2,020 | 94,481 |
Thereafter | 704,745 |
Total | $ 1,169,716 |
Net Investments in Properties49
Net Investments in Properties (Details 3) - USD ($) $ in Thousands | Jul. 30, 2015 | May. 28, 2015 | Dec. 17, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Feb. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Liabilities assumed at fair value: | ||||||||||
Goodwill | $ 23,389 | $ 23,389 | $ 9,692 | $ 0 | ||||||
Business Combinations | ||||||||||
Acquisition consideration | ||||||||||
Investment purchase price | 651,726 | 650,479 | ||||||||
Assets acquired at fair value: | ||||||||||
Land | 136,247 | 136,247 | 85,042 | |||||||
Buildings | 459,522 | 459,522 | 553,925 | |||||||
In-place lease intangible assets | 83,603 | 83,603 | 107,914 | |||||||
Above-market rent intangible assets | 242 | 242 | 8,410 | |||||||
Other assets acquired | 6,626 | 6,626 | 3,643 | |||||||
Below-market ground lease intangible assets | 9,456 | |||||||||
Total assets acquired in business combination | 686,240 | 686,240 | 768,390 | |||||||
Liabilities assumed at fair value: | ||||||||||
Mortgages assumed | (33,758) | |||||||||
Below-market rent intangible liabilities | (8,870) | (8,870) | (3,789) | |||||||
Above-market ground lease intangible liabilities | (133) | |||||||||
Deferred tax liability | (19,256) | (19,256) | (12,261) | |||||||
Other liabilities assumed | (3,229) | (3,229) | (6,279) | |||||||
Total liabilities acquired in business combination | (31,355) | (31,355) | (56,220) | |||||||
Total identifiable net assets | 654,885 | 654,885 | 712,170 | |||||||
Amounts attributable to noncontrolling interests | (18,191) | (18,191) | (73,952) | |||||||
Goodwill | 15,032 | 15,032 | 12,261 | |||||||
Net assets acquired including goodwill less noncontrolling interest | 651,726 | 651,726 | 650,479 | |||||||
Business Combinations | COOP | ||||||||||
Acquisition consideration | ||||||||||
Investment purchase price | $ 88,331 | |||||||||
Assets acquired at fair value: | ||||||||||
Land | 59,595 | |||||||||
Buildings | 33,049 | |||||||||
In-place lease intangible assets | 4,618 | |||||||||
Above-market rent intangible assets | 0 | |||||||||
Other assets acquired | 5,777 | |||||||||
Total assets acquired in business combination | 103,039 | |||||||||
Liabilities assumed at fair value: | ||||||||||
Below-market rent intangible liabilities | (63) | |||||||||
Deferred tax liability | (16,708) | |||||||||
Other liabilities assumed | (715) | |||||||||
Total liabilities acquired in business combination | (17,486) | |||||||||
Total identifiable net assets | 85,553 | |||||||||
Amounts attributable to noncontrolling interests | (9,706) | |||||||||
Goodwill | 12,484 | |||||||||
Net assets acquired including goodwill less noncontrolling interest | $ 88,331 | |||||||||
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 | |||||||||
Other assets acquired | 0 | |||||||||
Below-market ground lease intangible assets | 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 | |||||||||
Deferred tax liability | (1,221) | |||||||||
Other liabilities assumed | 0 | |||||||||
Total liabilities acquired in business combination | (1,398) | |||||||||
Total identifiable net assets | 74,913 | |||||||||
Amounts attributable to noncontrolling interests | 0 | |||||||||
Goodwill | 1,221 | |||||||||
Net assets acquired including goodwill less noncontrolling interest | $ 76,134 | |||||||||
Business Combinations | Vopak | Deferred tax liability | Adjustments for New Accounting Pronouncement | ||||||||||
Liabilities assumed at fair value: | ||||||||||
Measurement period adjustment, liabilities | 1,200 | |||||||||
Business Combinations | Vopak | Goodwill | Adjustments for New Accounting Pronouncement | ||||||||||
Liabilities assumed at fair value: | ||||||||||
Measurement period adjustment, intangible asset | 1,200 | |||||||||
Business Combinations | Bank Pekao S.A. | ||||||||||
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 | |||||||||
Other assets acquired | 0 | |||||||||
Below-market ground lease intangible assets | 9,456 | |||||||||
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 | |||||||||
Deferred tax liability | 0 | |||||||||
Other liabilities assumed | 0 | |||||||||
Total liabilities acquired in business combination | (713) | |||||||||
Total identifiable net assets | 147,904 | |||||||||
Amounts attributable to noncontrolling interests | (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 | |||||||||
Other assets acquired | 3,538 | |||||||||
Below-market ground lease intangible assets | 0 | |||||||||
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 | |||||||||
Deferred tax liability | (6,982) | |||||||||
Other liabilities assumed | (5,628) | |||||||||
Total liabilities acquired in business combination | (12,610) | |||||||||
Total identifiable net assets | 75,037 | |||||||||
Amounts attributable to noncontrolling interests | 0 | |||||||||
Goodwill | 6,982 | |||||||||
Net assets acquired including goodwill less noncontrolling interest | $ 82,019 | |||||||||
Business Combinations | Self Storage | ||||||||||
Acquisition consideration | ||||||||||
Investment purchase price | 243,235 | 103,703 | ||||||||
Assets acquired at fair value: | ||||||||||
Land | 37,845 | 37,845 | 19,238 | |||||||
Buildings | 180,075 | 180,075 | 72,888 | |||||||
In-place lease intangible assets | 27,167 | 27,167 | 11,937 | |||||||
Above-market rent intangible assets | 137 | 137 | 0 | |||||||
Other assets acquired | 300 | 300 | 105 | |||||||
Below-market ground lease intangible assets | 0 | |||||||||
Total assets acquired in business combination | 245,524 | 245,524 | 104,168 | |||||||
Liabilities assumed at fair value: | ||||||||||
Mortgages assumed | 0 | |||||||||
Below-market rent intangible liabilities | (85) | (85) | 0 | |||||||
Above-market ground lease intangible liabilities | 0 | |||||||||
Deferred tax liability | 0 | 0 | 0 | |||||||
Other liabilities assumed | (2,204) | (2,204) | (465) | |||||||
Total liabilities acquired in business combination | (2,289) | (2,289) | (465) | |||||||
Total identifiable net assets | 243,235 | 243,235 | 103,703 | |||||||
Amounts attributable to noncontrolling interests | 0 | 0 | 0 | |||||||
Goodwill | 0 | 0 | 0 | |||||||
Net assets acquired including goodwill less noncontrolling interest | 243,235 | 243,235 | 103,703 | |||||||
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 | |||||||||
Other assets acquired | 0 | |||||||||
Below-market ground lease intangible assets | 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 | |||||||||
Deferred tax liability | 0 | |||||||||
Other liabilities assumed | 0 | |||||||||
Total liabilities acquired in business combination | (1,400) | |||||||||
Total identifiable net assets | 80,650 | |||||||||
Amounts attributable to noncontrolling interests | 0 | |||||||||
Goodwill | 0 | |||||||||
Net assets acquired including goodwill less noncontrolling interest | $ 80,650 | |||||||||
Business Combinations | Other Business Combinations | ||||||||||
Acquisition consideration | ||||||||||
Investment purchase price | 125,809 | 42,077 | ||||||||
Assets acquired at fair value: | ||||||||||
Land | 19,725 | 19,725 | 8,801 | |||||||
Buildings | 105,477 | 105,477 | 32,231 | |||||||
In-place lease intangible assets | 4,498 | 4,498 | 1,045 | |||||||
Above-market rent intangible assets | 0 | 0 | 0 | |||||||
Other assets acquired | 0 | 0 | 0 | |||||||
Below-market ground lease intangible assets | 0 | |||||||||
Total assets acquired in business combination | 129,700 | 129,700 | 42,077 | |||||||
Liabilities assumed at fair value: | ||||||||||
Mortgages assumed | 0 | |||||||||
Below-market rent intangible liabilities | 0 | 0 | 0 | |||||||
Above-market ground lease intangible liabilities | 0 | |||||||||
Deferred tax liability | 0 | 0 | 0 | |||||||
Other liabilities assumed | 0 | 0 | 0 | |||||||
Total liabilities acquired in business combination | 0 | 0 | 0 | |||||||
Total identifiable net assets | 129,700 | 129,700 | 42,077 | |||||||
Amounts attributable to noncontrolling interests | (3,891) | (3,891) | 0 | |||||||
Goodwill | 0 | 0 | 0 | |||||||
Net assets acquired including goodwill less noncontrolling interest | 125,809 | 125,809 | 42,077 | |||||||
Business Combinations | Jacobsweerd | ||||||||||
Acquisition consideration | ||||||||||
Investment purchase price | $ 46,200 | |||||||||
Business Combinations | Jacobsweerd | Deferred tax liability | Adjustments for New Accounting Pronouncement | ||||||||||
Liabilities assumed at fair value: | ||||||||||
Measurement period adjustment, liabilities | 2,500 | |||||||||
Business Combinations | Jacobsweerd | Goodwill | Adjustments for New Accounting Pronouncement | ||||||||||
Liabilities assumed at fair value: | ||||||||||
Measurement period adjustment, intangible asset | 2,500 | |||||||||
Business Combinations | Other Net-Leased Property | ||||||||||
Acquisition consideration | ||||||||||
Investment purchase price | 194,351 | 191,944 | ||||||||
Assets acquired at fair value: | ||||||||||
Land | 19,082 | 19,082 | 24,400 | |||||||
Buildings | 140,921 | 140,921 | 170,490 | |||||||
In-place lease intangible assets | 47,320 | 47,320 | 29,163 | |||||||
Above-market rent intangible assets | 105 | 105 | 3,467 | |||||||
Other assets acquired | 549 | 549 | 0 | |||||||
Below-market ground lease intangible assets | 0 | |||||||||
Total assets acquired in business combination | 207,977 | 207,977 | 227,520 | |||||||
Liabilities assumed at fair value: | ||||||||||
Mortgages assumed | (33,758) | |||||||||
Below-market rent intangible liabilities | (8,722) | (8,722) | (1,499) | |||||||
Above-market ground lease intangible liabilities | (133) | |||||||||
Deferred tax liability | (2,548) | (2,548) | (4,058) | |||||||
Other liabilities assumed | (310) | (310) | (186) | |||||||
Total liabilities acquired in business combination | (11,580) | (11,580) | (39,634) | |||||||
Total identifiable net assets | 196,397 | 196,397 | 187,886 | |||||||
Amounts attributable to noncontrolling interests | (4,594) | (4,594) | 0 | |||||||
Goodwill | 2,548 | 2,548 | 4,058 | |||||||
Net assets acquired including goodwill less noncontrolling interest | $ 194,351 | $ 194,351 | $ 191,944 |
Net Investments in Properties50
Net Investments in Properties (Details 4) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues from acquired properties | ||||||||||||||||
Revenues | $ 41,230 | $ 37,069 | $ 30,472 | $ 27,172 | $ 20,094 | $ 14,882 | $ 12,647 | $ 6,694 | $ 135,943 | $ 54,317 | $ 3,292 | |||||
Net Loss | (12,528) | (7,683) | (18,263) | (10,852) | (25,538) | (9,465) | (3,110) | (18,443) | (49,326) | (56,556) | (241) | |||||
Net loss (income) attributable to noncontrolling interests | (3,309) | (2,092) | (1,644) | (1,361) | (700) | (1,136) | (1,248) | 3,773 | (8,406) | 689 | (390) | |||||
Net Loss Attributable to CPA®:18 – Global | $ (15,837) | $ (9,775) | $ (19,907) | $ (12,213) | $ (26,238) | $ (10,601) | $ (4,358) | $ (14,670) | (57,732) | (55,867) | $ (631) | |||||
Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | 35,771 | 30,601 | ||||||||||||||
Net Loss | (46,207) | (61,376) | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 107 | 3,381 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | (46,100) | (57,995) | ||||||||||||||
Other Net-Leased Property | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | 7,669 | 5,191 | ||||||||||||||
Net Loss | (14,532) | (20,361) | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1 | 0 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | (14,531) | (20,361) | ||||||||||||||
COOP | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | $ 3,489 | |||||||||||||||
Net Loss | (5,815) | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 92 | |||||||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (5,723) | |||||||||||||||
Vopak | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | $ 217 | |||||||||||||||
Net Loss | (7,864) | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 0 | |||||||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (7,864) | |||||||||||||||
Solo Cup | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | $ 5,489 | |||||||||||||||
Net Loss | (4,004) | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 0 | |||||||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (4,004) | |||||||||||||||
Self Storage | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | 13,398 | 3,851 | ||||||||||||||
Net Loss | (20,017) | (6,889) | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | (1) | 0 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | (20,018) | (6,889) | ||||||||||||||
Other Business Combinations | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | 11,215 | 830 | ||||||||||||||
Net Loss | (5,843) | (2,851) | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 15 | 32 | ||||||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (5,828) | $ (2,819) | ||||||||||||||
Bank Pekao S.A. | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | $ 9,586 | |||||||||||||||
Net Loss | (12,920) | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 3,349 | |||||||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (9,571) | |||||||||||||||
Siemens AS | Business Combinations | ||||||||||||||||
Revenues from acquired properties | ||||||||||||||||
Revenues | $ 5,437 | |||||||||||||||
Net Loss | (6,487) | |||||||||||||||
Net loss (income) attributable to noncontrolling interests | 0 | |||||||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (6,487) |
Net Investments in Properties51
Net Investments in Properties (Details 5) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pro Forma Information | |||
Pro forma total revenues | $ 163,649 | $ 157,488 | $ 72,168 |
Pro forma net loss | (5,307) | (60,099) | (53,893) |
Pro forma net (income) loss attributable to noncontrolling interests | (9,496) | (1,823) | 3,769 |
Pro forma net loss attributable to CPA®:18 – Global | (14,803) | (61,922) | (50,124) |
Class A | |||
Pro Forma Information | |||
Pro forma net loss attributable to CPA®:18 – Global | $ (12,586) | $ (55,266) | $ (49,544) |
Pro forma net (loss) earnings per share | |||
Pro forma basic and diluted weighted-average shares outstanding | 148,824,871 | 125,717,923 | 46,215,482 |
Pro forma basic and diluted loss per share | $ (0.08) | $ (0.44) | $ (1.07) |
Class C | |||
Pro Forma Information | |||
Pro forma net loss attributable to CPA®:18 – Global | $ (2,217) | $ (6,656) | $ (580) |
Pro forma net (loss) earnings per share | |||
Pro forma basic and diluted weighted-average shares outstanding | 27,580,451 | 8,847,966 | 497,725 |
Pro forma basic and diluted loss per share | $ (0.08) | $ (0.75) | $ (1.16) |
Net Investments in Properties52
Net Investments in Properties (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Under Construction | ||
Beginning balance | $ 2,258 | $ 0 |
Capitalized funds | 147,233 | 20,617 |
Foreign currency translation adjustments and other | (2,368) | 0 |
Capitalized interest | 2,355 | 143 |
Placed into service | (17,548) | (18,502) |
Ending balance | $ 131,930 | $ 2,258 |
Finance Receivables (Narratives
Finance Receivables (Narratives) (Details) $ in Thousands | Dec. 31, 2015USD ($)property | Jun. 16, 2015USD ($) | Jul. 21, 2014USD ($) | May. 19, 2014USD ($) | Mar. 07, 2014USD ($)property | Aug. 31, 2015USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | May. 16, 2014USD ($)property | Apr. 21, 2014USD ($)property |
Finance Receivables | |||||||||||
Interest income from direct financing leases | $ 3,680 | $ 3,450 | $ 11 | ||||||||
AR billed under DFL | $ 100 | $ 100 | |||||||||
Number of properties acquired | property | 51 | 51 | 54 | ||||||||
Net investments in direct financing leases | $ 51,966 | $ 51,966 | $ 45,582 | ||||||||
Acquisition-related costs and fees, capitalized | 19,678 | 6,423 | 7,783 | ||||||||
Proceeds from sale of real estate | $ 35,700 | ||||||||||
Gain on sale of real estate, net of tax | 6,659 | 0 | $ 0 | ||||||||
Note receivable | 28,000 | 28,000 | 28,000 | ||||||||
Business Combinations | |||||||||||
Finance Receivables | |||||||||||
Investment purchase price | 651,726 | 650,479 | |||||||||
Buildings acquired in business combination | $ 459,522 | $ 459,522 | $ 553,925 | ||||||||
Number of properties acquired | property | 39 | 39 | |||||||||
Real Estate | |||||||||||
Finance Receivables | |||||||||||
Number of properties acquired | property | 8 | 8 | 12 | ||||||||
Land | $ 173,094 | $ 173,094 | $ 104,604 | ||||||||
Crowne Group Inc. | |||||||||||
Finance Receivables | |||||||||||
Loss on extinguishment of debt | 1,100 | ||||||||||
Arandell | |||||||||||
Finance Receivables | |||||||||||
Investment purchase price | 23,100 | ||||||||||
Cardiff | |||||||||||
Finance Receivables | |||||||||||
Investment purchase price | $ 13,200 | ||||||||||
Ownership interest in jointly-owned investment | 94.50% | ||||||||||
Janus | |||||||||||
Finance Receivables | |||||||||||
Net investments in direct financing leases | $ 1,600 | ||||||||||
Janus | Finance Receivable | |||||||||||
Finance Receivables | |||||||||||
Number of properties acquired | property | 2 | ||||||||||
Swift Spinning Inc. | |||||||||||
Finance Receivables | |||||||||||
Number of properties acquired | property | 2 | ||||||||||
Net investments in direct financing leases | $ 3,400 | ||||||||||
Crowne Group Investments | |||||||||||
Finance Receivables | |||||||||||
Investment purchase price | $ 8,000 | ||||||||||
Number of properties acquired | property | 2 | ||||||||||
Land | $ 1,000 | ||||||||||
Buildings | 6,800 | ||||||||||
Acquisition-related costs and fees, capitalized | $ 200 | ||||||||||
Cipriani | |||||||||||
Finance Receivables | |||||||||||
Note receivable | $ 28,000 | $ 28,000 | $ 28,000 | $ 28,000 | |||||||
Senior note | $ 60,000 | ||||||||||
Interest rate on note receivable | 10.00% | ||||||||||
AT&T | Business Combinations | |||||||||||
Finance Receivables | |||||||||||
Investment purchase price | $ 11,600 | ||||||||||
Buildings acquired in business combination | $ 8,600 |
Finance Receivables (Details 1)
Finance Receivables (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net Investments in Direct Financing Leases | ||
Minimum lease payments receivable | $ 76,014 | $ 86,338 |
Unguaranteed residual value | 51,835 | 45,473 |
Gross investments in direct financing leases | 127,849 | 131,811 |
Less: unearned income | (75,883) | (86,229) |
Net investment in direct financing leases | $ 51,966 | $ 45,582 |
Finance Receivables (Details 2)
Finance Receivables (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled Future Minimum Rents | |
2,016 | $ 4,491 |
2,017 | 4,547 |
2,018 | 4,617 |
2,019 | 4,689 |
2,020 | 4,499 |
Thereafter | 53,171 |
Total | $ 76,014 |
Finance Receivables (Details 3)
Finance Receivables (Details 3) $ in Thousands | Dec. 31, 2015USD ($)tenant | Dec. 31, 2014USD ($)tenant |
Credit Quality Of Finance Receivables | ||
Carrying Value | $ 79,966 | $ 73,582 |
Internally Assigned Grade 1 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | tenant | 1 | 0 |
Carrying Value | $ 12,684 | $ 0 |
Internally Assigned Grade 2 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | tenant | 1 | 1 |
Carrying Value | $ 9,065 | $ 8,962 |
Internally Assigned Grade 3 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | tenant | 4 | 4 |
Carrying Value | $ 58,217 | $ 64,620 |
Internally Assigned Grade 4 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | tenant | 0 | 0 |
Carrying Value | $ 0 | $ 0 |
Internally Assigned Grade 5 | ||
Credit Quality Of Finance Receivables | ||
Number of tenants and obligors | tenant | 0 | 0 |
Carrying Value | $ 0 | $ 0 |
Intangible Assets and Liabili57
Intangible Assets and Liabilities (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets and Liabilities | |||
Net amortization of intangibles | $ 33.4 | $ 10.6 | $ 0.5 |
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 Liabili58
Intangible Assets and Liabilities (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Amortizable Intangible Assets | |
Acquired finite lived intangible assets | $ 96,380 |
Below-market rent | |
Amortizable Intangible Liability | |
Acquired finite-lived intangible liabilities, weighted average useful life | 10 years 3 months 18 days |
Acquired finite lived intangible liabilities | $ (9,295) |
In-place lease | |
Amortizable Intangible Assets | |
Acquired finite-lived intangible assets, weighted average useful life | 7 years 7 months 6 days |
Acquired finite lived intangible assets | $ 87,494 |
Below-market ground lease | |
Amortizable Intangible Assets | |
Acquired finite-lived intangible assets, weighted average useful life | 30 years |
Acquired finite lived intangible assets | $ 6,504 |
Above-market rent | |
Amortizable Intangible Assets | |
Acquired finite-lived intangible assets, weighted average useful life | 9 years 1 month 6 days |
Acquired finite lived intangible assets | $ 2,382 |
Intangible Assets and Liabili59
Intangible Assets and Liabilities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | ||
Goodwill - beginning balance | $ 9,692 | $ 0 |
Acquisition of investments accounted for as business combinations | 13,131 | 11,040 |
Measurement period adjustment | 3,769 | |
Foreign currency translation | (3,203) | (1,348) |
Goodwill - ending balance | $ 23,389 | $ 9,692 |
Intangible Assets and Liabili60
Intangible Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Amortizable Intangible Assets | |||
Finite-lived intangible assets, gross | $ 288,578 | $ 204,184 | |
Less: accumulated amortization | (44,737) | (10,882) | |
Finite-lived intangible assets, net | 243,841 | 193,302 | |
Goodwill | 23,389 | 9,692 | $ 0 |
Total intangible assets, gross | 311,967 | 213,876 | |
Total intangible assets, net | 267,230 | 202,994 | |
Amortizable Intangible Liability | |||
Finite-Lived Intangible Liabilities, Gross | (15,560) | (6,403) | |
Finite Lived Intangible Liabilities Accumulated Amortization | 1,548 | 347 | |
Finite Lived Intangible Liabilities Net | (14,012) | (6,056) | |
Below-market rent | |||
Amortizable Intangible Liability | |||
Finite-Lived Intangible Liabilities, Gross | (15,439) | (6,276) | |
Finite Lived Intangible Liabilities Accumulated Amortization | 1,546 | 347 | |
Finite Lived Intangible Liabilities Net | (13,893) | (5,929) | |
Above-market ground lease | |||
Amortizable Intangible Liability | |||
Finite-Lived Intangible Liabilities, Gross | (121) | (127) | |
Finite Lived Intangible Liabilities Accumulated Amortization | 2 | 0 | |
Finite Lived Intangible Liabilities Net | (119) | (127) | |
In-place lease | |||
Amortizable Intangible Assets | |||
Finite-lived intangible assets, gross | 255,510 | 177,970 | |
Less: accumulated amortization | (43,090) | (10,335) | |
Finite-lived intangible assets, net | 212,420 | 167,635 | |
Below-market ground lease | |||
Amortizable Intangible Assets | |||
Finite-lived intangible assets, gross | 20,894 | 15,790 | |
Less: accumulated amortization | (325) | (167) | |
Finite-lived intangible assets, net | 20,569 | 15,623 | |
Above-market rent | |||
Amortizable Intangible Assets | |||
Finite-lived intangible assets, gross | 12,174 | 10,424 | |
Less: accumulated amortization | (1,322) | (380) | |
Finite-lived intangible assets, net | $ 10,852 | $ 10,044 |
Intangible Assets and Liabili61
Intangible Assets and Liabilities (Details 4) $ in Thousands | Dec. 31, 2015USD ($) |
Net | |
2,016 | $ 37,105 |
2,017 | 23,848 |
2,018 | 17,758 |
2,019 | 17,240 |
2,020 | 16,364 |
Thereafter | 117,514 |
Total | 229,829 |
Net Increase in Rental Income | |
Net | |
2,016 | (698) |
2,017 | (167) |
2,018 | (214) |
2,019 | (224) |
2,020 | (272) |
Thereafter | (1,466) |
Total | (3,041) |
Increase to Amortization/Property Expenses | |
Net | |
2,016 | 37,803 |
2,017 | 24,015 |
2,018 | 17,972 |
2,019 | 17,464 |
2,020 | 16,636 |
Thereafter | 118,980 |
Total | $ 232,870 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narratives) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value | |
Rent guarantees, fair value | $ 1.3 |
Growth rate | 2.00% |
Leverage adjusted unsecured spread | 2.13% |
Illiquidity adjustment | 0.75% |
Minimum | |
Fair Value | |
Discount rate on rent guarantee | 7.00% |
Maximum | |
Fair Value | |
Discount rate on rent guarantee | 9.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Value | ||
Liabilities | ||
Debt | $ 1,008,190 | $ 521,712 |
Note receivable | 28,000 | 28,000 |
Deferred acquisition fees payable | 26,747 | 17,525 |
Fair Value | ||
Liabilities | ||
Debt | 1,022,641 | 540,577 |
Note receivable | 28,400 | 28,000 |
Deferred acquisition fees payable | $ 26,260 | $ 17,520 |
Risk Management and Use of De64
Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative | ||
Total credit exposure | $ 7.5 | |
Derivative in net liability position | 1.6 | $ 2.6 |
Termination value of assets | $ 1.7 | $ 2.7 |
Lease Revenue | Bank Pekao S.A. | ||
Derivative | ||
Concentration risk, percentage | 8.00% | |
Lease Revenue | State Farm Automobile Company | ||
Derivative | ||
Concentration risk, percentage | 6.00% | |
Interest expense | ||
Derivative | ||
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months | $ 0.6 | |
Other income | ||
Derivative | ||
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months | 1.6 | |
Individual Counterparty | ||
Derivative | ||
Total credit exposure | $ 4.1 |
Risk Management and Use of De65
Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value | ||
Derivative asset fair value | $ 7,488 | $ 3,664 |
Derivative liability, fair value | (1,596) | (2,501) |
Foreign currency forwards contracts and collars | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Derivative asset fair value | 7,471 | 3,664 |
Interest rate caps | Designated as Hedging Instrument | Other assets | ||
Derivatives, Fair Value | ||
Derivative asset fair value | 17 | 0 |
Foreign currency collars | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value | (28) | 0 |
Interest rate swaps | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value | ||
Derivative liability, fair value | $ (1,568) | $ (2,501) |
Risk Management and Use of De66
Risk Management and Use of Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | |||
Derivative instrument gain loss recognized in OCI | $ 4,676 | $ 1,382 | $ (219) |
Foreign currency forwards contracts and collars | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | |||
Derivative instrument gain loss recognized in OCI | 3,313 | 3,653 | 0 |
Foreign currency forwards contracts and collars | Net Investment Hedging | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | |||
Derivative instrument gain loss recognized in OCI | 468 | 11 | 0 |
Interest rate swaps | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | |||
Derivative instrument gain loss recognized in OCI | 933 | (2,282) | (219) |
Interest rate caps | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | |||
Derivative instrument gain loss recognized in OCI | $ (38) | $ 0 | $ 0 |
Risk Management and Use of De67
Risk Management and Use of Derivative Financial Instruments (Details 3) - Cash Flow Hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) | |||
Amount of unrecognized loss related to interest rate swap reclassified to interest expense | $ (1,044) | $ (608) | $ 0 |
Interest rate swaps | Interest expense | |||
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) | |||
Amount of unrecognized loss related to interest rate swap reclassified to interest expense | (2,183) | (759) | 0 |
Foreign currency forwards contracts and collars | Other income and (expense) | |||
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) | |||
Amount of unrecognized loss related to interest rate swap reclassified to interest expense | 1,145 | 151 | 0 |
Interest rate caps | Interest expense | |||
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) | |||
Amount of unrecognized loss related to interest rate swap reclassified to interest expense | $ (6) | $ 0 | $ 0 |
Risk Management and Use of De68
Risk Management and Use of Derivative Financial Instruments (Details 4) - Derivatives Not in Cash Flow Hedging Relationships - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ (26) | $ 0 | $ 0 |
Interest rate swaps | Interest expense | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | (63) | 0 | 0 |
Foreign currency collars | Other income and (expense) | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | |||
Amount of Gain (Loss) on Derivatives Recognized in Income | $ 37 | $ 0 | $ 0 |
Risk Management and Use of De69
Risk Management and Use of Derivative Financial Instruments (Details 5) $ in Thousands | Dec. 31, 2015USD ($)instrument |
Interest rate swaps | |
Derivative | |
Fair value | $ (1,551) |
Interest rate swaps | USD | |
Derivative | |
Number of Instruments | instrument | 5 |
Notional Amount | $ 30,307 |
Fair value | $ (1,568) |
Interest rate caps | USD | |
Derivative | |
Number of Instruments | instrument | 2 |
Notional Amount | $ 22,000 |
Fair value | $ 17 |
Risk Management and Use of De70
Risk Management and Use of Derivative Financial Instruments (Details 6) - Designated as Hedging Instrument - Foreign currency forward contracts and collars € in Thousands, NOK in Thousands, $ in Thousands | Dec. 31, 2015USD ($)instrument | Dec. 31, 2015NOKinstrument | Dec. 31, 2015EUR (€)instrument |
Derivative | |||
Fair value | $ 7,443 | ||
Cash Flow Hedging | Euro | |||
Derivative | |||
Number of Instruments | instrument | 76 | 76 | 76 |
Notional Amount | € | € 30,759 | ||
Fair value | $ 4,347 | ||
Cash Flow Hedging | NOK | |||
Derivative | |||
Number of Instruments | instrument | 56 | 56 | 56 |
Notional Amount | NOK | NOK 107,563 | ||
Fair value | $ 2,617 | ||
Net Investment Hedging | NOK | |||
Derivative | |||
Number of Instruments | instrument | 9 | 9 | 9 |
Notional Amount | NOK | NOK 33,060 | ||
Fair value | $ 479 |
Non-Recourse Debt and Bonds P71
Non-Recourse Debt and Bonds Payable (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instruments | |||
Real estate property carrying value | $ 1,400,000 | $ 800,000 | |
Effect of exchange rate fluctuation | (40,662) | $ (29,602) | $ 156 |
Long-term debt | |||
Debt Instruments | |||
Effect of exchange rate fluctuation | $ (41,700) |
Non-Recourse Debt and Bonds P72
Non-Recourse Debt and Bonds Payable (Details 1) $ in Thousands | May. 28, 2015USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2015USD ($)property | Oct. 07, 2015USD ($) | Jul. 01, 2015USD ($) | May. 27, 2015USD ($) | Feb. 18, 2015USD ($)property | Dec. 31, 2014USD ($)property | Oct. 09, 2014property |
Outstanding Debt | |||||||||
Non-recourse debt | $ 873,588 | $ 873,588 | $ 430,462 | ||||||
Bonds payable | $ 134,602 | $ 134,602 | $ 91,250 | ||||||
Number of properties acquired | property | 51 | 51 | 54 | ||||||
Infineon Technologies AG | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.10% | 3.10% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 28, 2017 | ||||||||
Non-recourse debt | $ 11,999 | $ 11,999 | $ 13,756 | ||||||
Self-storage – Multiple properties | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 1.80% | 1.80% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | May 1, 2018 | ||||||||
Non-recourse debt | $ 16,400 | $ 16,400 | 0 | ||||||
Deferred financing costs, capitalized | $ 5,300 | ||||||||
Kissimmee Self Storage | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 2.20% | 2.20% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | Nov. 1, 2018 | ||||||||
Non-recourse debt | $ 5,600 | $ 5,600 | 0 | ||||||
Club Med Albion Resorts, or Albion Resorts | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.00% | 4.00% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 26, 2020 | ||||||||
Non-recourse debt | $ 26,129 | $ 26,129 | 19,264 | ||||||
Loss on extinguishment of debt | $ 700 | ||||||||
Truffle Portfolio/Oakbank | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.00% | 4.00% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jul. 15, 2020 | ||||||||
Non-recourse debt | $ 27,397 | $ 27,397 | 11,401 | ||||||
Loss on extinguishment of debt | $ 500 | ||||||||
Credit facility | $ 28,900 | ||||||||
Jacobsweerd | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 1.60% | 1.60% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jul. 29, 2020 | ||||||||
Non-recourse debt | $ 29,640 | $ 29,640 | 0 | ||||||
Konzum d.d. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 5.80% | 5.80% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Dec. 31, 2020 | ||||||||
Non-recourse debt | $ 32,321 | $ 32,321 | 37,038 | ||||||
Bank Pekao S.A. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.30% | 3.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Mar. 10, 2021 | ||||||||
Non-recourse debt | $ 58,082 | $ 58,082 | 64,852 | ||||||
Dupont Place Apartments | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.80% | 3.80% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Nov. 1, 2021 | ||||||||
Non-recourse debt | $ 14,140 | $ 14,140 | 14,140 | ||||||
Gentry’s Walk | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.80% | 3.80% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Nov. 1, 2021 | ||||||||
Non-recourse debt | $ 15,330 | $ 15,330 | 15,330 | ||||||
Brantley Pines | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.80% | 3.80% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 1, 2022 | ||||||||
Non-recourse debt | $ 19,040 | $ 19,040 | 0 | ||||||
Pinnacle Ridge | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.20% | 3.20% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 1, 2022 | ||||||||
Non-recourse debt | $ 24,045 | $ 24,045 | 0 | ||||||
Royal Vopak NV | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 2.20% | 2.20% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 9, 2022 | ||||||||
Non-recourse debt | $ 36,969 | $ 36,969 | 0 | ||||||
Cayo Grande | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.30% | 4.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Aug. 1, 2022 | ||||||||
Non-recourse debt | $ 18,200 | $ 18,200 | 0 | ||||||
Exelon | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.30% | 4.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Sep. 10, 2022 | ||||||||
Non-recourse debt | $ 22,620 | $ 22,620 | 0 | ||||||
State of Iowa | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.30% | 4.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Nov. 10, 2022 | ||||||||
Non-recourse debt | $ 34,636 | $ 34,636 | 0 | ||||||
State Farm Automobile Company | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.50% | 4.50% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Sep. 10, 2023 | ||||||||
Non-recourse debt | $ 72,800 | $ 72,800 | 72,800 | ||||||
Self Storage | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.90% | 4.90% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 1, 2024 | ||||||||
Non-recourse debt | $ 14,500 | $ 14,500 | 14,500 | ||||||
Automobile Protection Corporation | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 5.10% | 5.10% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | Feb. 5, 2024 | ||||||||
Non-recourse debt | $ 3,653 | $ 3,653 | 3,752 | ||||||
Solo Cup Operating Company | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 5.10% | 5.10% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 6, 2024 | ||||||||
Non-recourse debt | $ 47,250 | $ 47,250 | 47,250 | ||||||
Swift Spinning Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 5.00% | 5.00% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | May 1, 2024 | ||||||||
Non-recourse debt | $ 7,626 | $ 7,626 | 7,738 | ||||||
Janus International | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.90% | 4.90% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | May 5, 2024 | ||||||||
Non-recourse debt | $ 11,538 | $ 11,538 | 11,538 | ||||||
Bell Telephone Company | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.60% | 4.60% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jun. 11, 2024 | ||||||||
Non-recourse debt | $ 8,000 | $ 8,000 | 8,000 | ||||||
Self-storage – Multiple properties | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.40% | 4.40% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Oct. 11, 2024 | ||||||||
Non-recourse debt | $ 23,000 | $ 23,000 | 23,000 | ||||||
Number of properties acquired | property | 6 | ||||||||
Cooper Tire & Rubber Company | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.70% | 4.70% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | Oct. 31, 2024 | ||||||||
Non-recourse debt | $ 6,689 | $ 6,689 | 6,704 | ||||||
Barnsco Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.50% | 4.50% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | Nov. 14, 2024 | ||||||||
Non-recourse debt | $ 5,200 | $ 5,200 | 5,200 | ||||||
Alliant Techsystems Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.20% | 4.20% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jan. 6, 2025 | ||||||||
Non-recourse debt | $ 27,650 | $ 27,650 | 27,650 | ||||||
Belk Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.30% | 4.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Feb. 10, 2025 | ||||||||
Non-recourse debt | $ 28,225 | $ 28,225 | 0 | ||||||
Self-storage – Multiple properties | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.30% | 4.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Mar. 11, 2025 | ||||||||
Non-recourse debt | $ 48,138 | $ 48,138 | $ 48,100 | 0 | |||||
Number of properties acquired | property | 9 | ||||||||
Self-storage – Multiple properties | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.30% | 4.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jun. 11, 2025 | ||||||||
Non-recourse debt | $ 37,246 | $ 37,246 | $ 37,200 | 0 | |||||
Core-Mark | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.40% | 4.40% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jun. 11, 2025 | ||||||||
Non-recourse debt | $ 10,500 | $ 10,500 | 0 | ||||||
Grand Estates | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.10% | 4.10% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jul. 1, 2025 | ||||||||
Non-recourse debt | $ 29,750 | $ 29,750 | 0 | ||||||
Republic Services, Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.50% | 4.50% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | Jul. 21, 2025 | ||||||||
Non-recourse debt | $ 3,227 | $ 3,227 | 0 | ||||||
Acosta | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.40% | 4.40% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Aug. 6, 2025 | ||||||||
Non-recourse debt | $ 10,650 | $ 10,650 | 0 | ||||||
USF Holland | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.50% | 4.50% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Sep. 6, 2025 | ||||||||
Non-recourse debt | $ 7,720 | $ 7,720 | 0 | ||||||
Self-storage - Multiple properties | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.60% | 4.60% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Oct. 11, 2025 | ||||||||
Non-recourse debt | $ 35,575 | $ 35,575 | $ 35,600 | 0 | |||||
Midcontinent Independent System Operator, Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.00% | 4.00% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Mar. 6, 2026 | ||||||||
Non-recourse debt | $ 9,750 | $ 9,750 | 0 | ||||||
North American Lighting Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.80% | 4.80% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | May 6, 2026 | ||||||||
Non-recourse debt | $ 7,264 | $ 7,264 | 7,325 | ||||||
Intuit Inc. | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.00% | 4.00% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Jul. 6, 2026 | ||||||||
Non-recourse debt | $ 21,900 | $ 21,900 | 0 | ||||||
Air Enterprises | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 5.30% | 5.30% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Apr. 1, 2039 | ||||||||
Non-recourse debt | $ 3,189 | $ 3,189 | 3,257 | ||||||
Crowne Group Inc. | |||||||||
Outstanding Debt | |||||||||
Non-recourse debt | $ 0 | 0 | 15,967 | ||||||
Loss on extinguishment of debt | $ 1,100 | ||||||||
Apply Sorco AS | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.40% | 4.40% | |||||||
Rate Type | Fixed | ||||||||
Maturity Date | Oct. 31, 2021 | ||||||||
Bonds payable | $ 40,587 | $ 40,587 | 48,151 | ||||||
COOP | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 4.20% | 4.20% | 4.20% | ||||||
Rate Type | Fixed | ||||||||
Maturity Date | May 28, 2025 | May 28, 2025 | |||||||
Bonds payable | $ 64,200 | $ 56,685 | $ 56,685 | 0 | |||||
Siemens AS | |||||||||
Outstanding Debt | |||||||||
Interest Rate | 3.50% | 3.50% | |||||||
Rate Type | Variable | ||||||||
Maturity Date | Dec. 15, 2025 | ||||||||
Bonds payable | $ 37,330 | $ 37,330 | $ 43,099 |
Non-Recourse Debt and Bonds P73
Non-Recourse Debt and Bonds Payable (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity | |
2,016 | $ 3,146 |
2,017 | 15,351 |
2,018 | 25,897 |
2,019 | 4,167 |
2,020 | 115,330 |
Thereafter through 2039 | 842,681 |
Long term debt gross | 1,006,572 |
Unamortized premium | 1,618 |
Total | $ 1,008,190 |
Loss Per Share and Equity (Narr
Loss Per Share and Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based Compensation | |||||||||||
Shareholder servicing fee incurred | $ (860) | $ 814 | $ 46 | ||||||||
Interest expense | 35,170 | 15,753 | $ 1,250 | ||||||||
Distributions Declared | |||||||||||
Distributions payable | $ 20,078 | $ 17,629 | $ 20,078 | $ 17,629 | |||||||
Dividend payable, date | Jan. 15, 2016 | ||||||||||
Class A | |||||||||||
Distributions Declared | |||||||||||
Distributions declared per share (in dollars per share) | $ 0.1563 | $ 0.1563 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.6250 | $ 0.6248 | $ 0.2717 |
Class C | |||||||||||
Stock-based Compensation | |||||||||||
Interest expense | $ 700 | ||||||||||
Distributions Declared | |||||||||||
Distributions declared per share (in dollars per share) | $ 0.1335 | $ 0.134 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.5333 | $ 0.5316 | $ 0.2311 |
Loss Per Share and Equity (Deta
Loss Per Share and Equity (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic | |||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (15,837) | $ (9,775) | $ (19,907) | $ (12,213) | $ (26,238) | $ (10,601) | $ (4,358) | $ (14,670) | $ (57,732) | $ (55,867) | $ (631) |
Class A common stock | |||||||||||
Basic | |||||||||||
Basic and Diluted Weighted-Average Shares Outstanding, shares | 103,109,346 | 102,293,880 | 101,460,830 | 100,642,226 | 99,836,316 | 99,007,256 | 77,300,223 | 38,001,011 | 101,884,473 | 78,777,525 | 2,792,648 |
Net Loss Attributable to CPA®:18 – Global | $ (45,524) | $ (49,494) | $ (496) | ||||||||
Loss Per Share (in dollars per share) | $ (0.13) | $ (0.07) | $ (0.15) | $ (0.10) | $ (0.22) | $ (0.10) | $ (0.05) | $ (0.35) | $ (0.45) | $ (0.63) | $ (0.18) |
Class C common stock | |||||||||||
Basic | |||||||||||
Basic and Diluted Weighted-Average Shares Outstanding, shares | 29,522,763 | 29,279,705 | 29,033,036 | 22,381,181 | 15,376,487 | 9,925,481 | 6,126,012 | 3,820,432 | 27,580,451 | 8,847,966 | 497,725 |
Net Loss Attributable to CPA®:18 – Global | $ (12,208) | $ (6,373) | $ (135) | ||||||||
Loss Per Share (in dollars per share) | $ (0.07) | $ (0.09) | $ (0.17) | $ (0.12) | $ (0.25) | $ (0.12) | $ (0.07) | $ (0.37) | $ (0.44) | $ (0.72) | $ (0.27) |
Loss Per Share and Equity (De76
Loss Per Share and Equity (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class A | |||
Distributions | |||
Ordinary income (usd per share) | $ 0.1889 | $ 0.2164 | $ 0 |
Return of capital (usd per share) | 0.3836 | 0.4084 | 0.1155 |
Capital gain (usd per share) | 0.0525 | 0 | 0 |
Total distributions paid (usd per share) | 0.6250 | 0.6248 | 0.1155 |
Class C | |||
Distributions | |||
Ordinary income (usd per share) | 0.1612 | 0.1841 | 0 |
Return of capital (usd per share) | 0.3273 | 0.3475 | 0.0982 |
Capital gain (usd per share) | 0.0448 | 0 | 0 |
Total distributions paid (usd per share) | $ 0.5333 | $ 0.5316 | $ 0.0982 |
Loss Per Share and Equity (De77
Loss Per Share and Equity (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation Of Accumulated Comprehensive Income | |||
Beginning balance | $ (20,941) | $ (94) | $ 0 |
Other comprehensive income (loss) before reclassifications | (37,498) | (28,839) | (63) |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Net current-period Other comprehensive income (loss) | (36,454) | (28,231) | (63) |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 7,079 | 7,384 | (31) |
Ending balance | (50,316) | (20,941) | (94) |
Interest expense | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive loss to income | 2,189 | 759 | |
Other income and (expense) | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive loss to income | (1,145) | (151) | |
Gains and Losses on Derivative Instruments | |||
Reconciliation Of Accumulated Comprehensive Income | |||
Beginning balance | 1,152 | (219) | 0 |
Other comprehensive income (loss) before reclassifications | 3,164 | 763 | (219) |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Net current-period Other comprehensive income (loss) | 4,208 | 1,371 | (219) |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Ending balance | 5,360 | 1,152 | (219) |
Gains and Losses on Derivative Instruments | Interest expense | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive loss to income | 2,189 | 759 | |
Gains and Losses on Derivative Instruments | Other income and (expense) | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive loss to income | (1,145) | (151) | |
Foreign Currency Translation Adjustments | |||
Reconciliation Of Accumulated Comprehensive Income | |||
Beginning balance | (22,093) | 125 | 0 |
Other comprehensive income (loss) before reclassifications | (40,662) | (29,602) | 156 |
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Net current-period Other comprehensive income (loss) | (40,662) | (29,602) | 156 |
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests | 7,079 | 7,384 | (31) |
Ending balance | (55,676) | (22,093) | $ 125 |
Foreign Currency Translation Adjustments | Interest expense | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive loss to income | 0 | 0 | |
Foreign Currency Translation Adjustments | Other income and (expense) | |||
Amounts reclassified from accumulated other comprehensive income (loss) to: | |||
Amount reclassified from accumulated other comprehensive loss to income | $ 0 | $ 0 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes | ||
Deferred tax assets, gross | $ 14,600 | $ 3,900 |
Deferred tax liability, net | 47,313 | 28,753 |
Deferred tax assets, valuation allowance | 10,200 | 2,200 |
Operating loss carryforwards, foreign | $ 17,200 | $ 7,700 |
Minimum | ||
Income Taxes | ||
Operating loss carryforwards, expiration date | Dec. 31, 2018 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal | |||
Current | $ 98 | $ 16 | $ 0 |
Federal income taxes | 98 | 16 | 0 |
State and Local | |||
Current | 87 | 79 | 0 |
State and local income taxes | 87 | 79 | 0 |
Foreign | |||
Current | 565 | 64 | 0 |
Deferred | (847) | (1,323) | 11 |
Foreign income taxes | (282) | (1,259) | 11 |
Total (Benefit) Provision | $ (97) | $ (1,164) | $ 11 |
Segment Reporting (Narratives)
Segment Reporting (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting | |
Number of reportable segments | 2 |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $ 41,230 | $ 37,069 | $ 30,472 | $ 27,172 | $ 20,094 | $ 14,882 | $ 12,647 | $ 6,694 | $ 135,943 | $ 54,317 | $ 3,292 |
Operating expenses | (40,447) | (42,174) | (41,413) | (27,113) | (41,361) | (18,580) | (12,099) | (23,091) | (151,147) | (95,131) | (2,304) |
Interest expense | (35,170) | (15,753) | (1,250) | ||||||||
Other income and expenses, excluding interest expense | (5,708) | (1,153) | 32 | ||||||||
Benefit from (provision for) income taxes | 97 | 1,164 | (11) | ||||||||
Gain on sale of real estate, net of tax | 6,659 | 0 | 0 | ||||||||
Net loss (income) attributable to noncontrolling interests | (3,309) | (2,092) | (1,644) | (1,361) | (700) | (1,136) | (1,248) | 3,773 | (8,406) | 689 | (390) |
Net Loss Attributable to CPA®:18 – Global | $ (15,837) | $ (9,775) | $ (19,907) | $ (12,213) | $ (26,238) | $ (10,601) | $ (4,358) | $ (14,670) | (57,732) | (55,867) | (631) |
Operating Segments | Net Lease | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 91,173 | 48,306 | 3,292 | ||||||||
Operating expenses | (70,352) | (72,780) | (1,358) | ||||||||
Interest expense | (26,367) | (14,447) | (1,205) | ||||||||
Other income and expenses, excluding interest expense | (2,022) | (490) | (78) | ||||||||
Benefit from (provision for) income taxes | 300 | 1,183 | (11) | ||||||||
Gain on sale of real estate, net of tax | 6,659 | 0 | 0 | ||||||||
Net loss (income) attributable to noncontrolling interests | (2,231) | 2,435 | (298) | ||||||||
Net Loss Attributable to CPA®:18 – Global | (2,840) | (35,793) | 342 | ||||||||
Operating Segments | Self Storage | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 25,570 | 3,913 | 0 | ||||||||
Operating expenses | (43,459) | (9,814) | 0 | ||||||||
Interest expense | (5,232) | (942) | 0 | ||||||||
Other income and expenses, excluding interest expense | (94) | 0 | 0 | ||||||||
Benefit from (provision for) income taxes | (59) | (16) | 0 | ||||||||
Net Loss Attributable to CPA®:18 – Global | (23,274) | (6,859) | 0 | ||||||||
Operating Segments | All Others | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 19,200 | 2,098 | 0 | ||||||||
Operating expenses | (23,728) | (4,816) | 0 | ||||||||
Interest expense | (3,779) | (213) | 0 | ||||||||
Other income and expenses, excluding interest expense | 1 | 0 | 0 | ||||||||
Benefit from (provision for) income taxes | (88) | 0 | 0 | ||||||||
Net loss (income) attributable to noncontrolling interests | 142 | 32 | 0 | ||||||||
Net Loss Attributable to CPA®:18 – Global | (8,252) | (2,899) | 0 | ||||||||
Corporate | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Net loss (income) attributable to noncontrolling interests | (6,317) | (1,778) | (92) | ||||||||
Unallocated Corporate Overhead | $ (17,049) | $ (8,538) | $ (881) |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | $ 1,647,128 | $ 941,357 |
Assets | 2,143,660 | 1,615,884 |
Corporate | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 0 | 0 |
Assets | 86,294 | 413,967 |
Net Lease | Operating Segments | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 1,105,237 | 780,699 |
Assets | 1,452,759 | 1,025,132 |
Self Storage | Operating Segments | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 314,247 | 91,419 |
Assets | 365,274 | 104,440 |
All Others | Operating Segments | ||
Segment Reporting Information, Additional Information | ||
Long-Lived Assets | 227,644 | 69,239 |
Assets | $ 239,333 | $ 72,345 |
Segment Reporting (Details 3)
Segment Reporting (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | $ 41,230 | $ 37,069 | $ 30,472 | $ 27,172 | $ 20,094 | $ 14,882 | $ 12,647 | $ 6,694 | $ 135,943 | $ 54,317 | $ 3,292 |
Loss before income taxes and gain on sale of real estate | (56,082) | (57,720) | (230) | ||||||||
Net loss (income) attributable to noncontrolling interests | (3,309) | (2,092) | (1,644) | (1,361) | (700) | (1,136) | (1,248) | 3,773 | (8,406) | 689 | (390) |
Net Loss Attributable to CPA®:18 – Global | (15,837) | $ (9,775) | $ (19,907) | $ (12,213) | (26,238) | $ (10,601) | $ (4,358) | $ (14,670) | (57,732) | (55,867) | (631) |
Assets | |||||||||||
Long-lived assets | 1,647,128 | 941,357 | 1,647,128 | 941,357 | |||||||
Non-recourse debt and bonds payable | 1,008,190 | 521,712 | 1,008,190 | 521,712 | |||||||
Domestic | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 85,646 | 29,042 | 3,007 | ||||||||
Loss before income taxes and gain on sale of real estate | (41,035) | (18,257) | (308) | ||||||||
Net loss (income) attributable to noncontrolling interests | (7,027) | (2,568) | (361) | ||||||||
Net Loss Attributable to CPA®:18 – Global | (41,593) | (20,918) | (670) | ||||||||
Assets | |||||||||||
Long-lived assets | 964,329 | 499,096 | 964,329 | 499,096 | |||||||
Non-recourse debt and bonds payable | 651,051 | 284,150 | 651,051 | 284,150 | |||||||
Domestic | Texas | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 17,983 | 8,830 | 2,997 | ||||||||
Loss before income taxes and gain on sale of real estate | (5,713) | 415 | 568 | ||||||||
Net loss (income) attributable to noncontrolling interests | (852) | (804) | (293) | ||||||||
Net Loss Attributable to CPA®:18 – Global | (6,551) | (465) | 275 | ||||||||
Assets | |||||||||||
Long-lived assets | 229,437 | 122,965 | 229,437 | 122,965 | |||||||
Non-recourse debt and bonds payable | 150,964 | 83,226 | 150,964 | 83,226 | |||||||
Domestic | Florida | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 17,039 | 2,514 | 0 | ||||||||
Loss before income taxes and gain on sale of real estate | (10,520) | (2,812) | 0 | ||||||||
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net Loss Attributable to CPA®:18 – Global | (10,556) | (2,812) | 0 | ||||||||
Assets | |||||||||||
Long-lived assets | 197,552 | 35,929 | 197,552 | 35,929 | |||||||
Non-recourse debt and bonds payable | 137,808 | 17,534 | 137,808 | 17,534 | |||||||
Domestic | Other Domestic | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 50,624 | 17,698 | 10 | ||||||||
Loss before income taxes and gain on sale of real estate | (24,802) | (15,860) | (876) | ||||||||
Net loss (income) attributable to noncontrolling interests | (6,175) | (1,764) | (68) | ||||||||
Net Loss Attributable to CPA®:18 – Global | (24,486) | (17,641) | (945) | ||||||||
Assets | |||||||||||
Long-lived assets | 537,340 | 340,202 | 537,340 | 340,202 | |||||||
Non-recourse debt and bonds payable | 362,279 | 183,390 | 362,279 | 183,390 | |||||||
International | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 50,297 | 25,275 | 285 | ||||||||
Loss before income taxes and gain on sale of real estate | (15,047) | (39,463) | 78 | ||||||||
Net loss (income) attributable to noncontrolling interests | (1,379) | 3,257 | (29) | ||||||||
Net Loss Attributable to CPA®:18 – Global | (16,139) | (34,949) | 39 | ||||||||
Assets | |||||||||||
Long-lived assets | 682,799 | 442,261 | 682,799 | 442,261 | |||||||
Non-recourse debt and bonds payable | 357,139 | 237,562 | 357,139 | 237,562 | |||||||
International | Norway | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 13,911 | 6,560 | 0 | ||||||||
Loss before income taxes and gain on sale of real estate | (8,760) | (6,305) | 0 | ||||||||
Net loss (income) attributable to noncontrolling interests | (399) | 321 | 0 | ||||||||
Net Loss Attributable to CPA®:18 – Global | (7,455) | (6,956) | 0 | ||||||||
Assets | |||||||||||
Long-lived assets | 194,211 | 138,675 | 194,211 | 138,675 | |||||||
Non-recourse debt and bonds payable | 134,602 | 91,250 | 134,602 | 91,250 | |||||||
International | Other International | |||||||||||
Segment Reporting Information, Profit (Loss) | |||||||||||
Revenues | 36,386 | 18,715 | 285 | ||||||||
Loss before income taxes and gain on sale of real estate | (6,287) | (33,158) | 78 | ||||||||
Net loss (income) attributable to noncontrolling interests | (980) | 2,936 | (29) | ||||||||
Net Loss Attributable to CPA®:18 – Global | (8,684) | (27,993) | $ 39 | ||||||||
Assets | |||||||||||
Long-lived assets | 488,588 | 303,586 | 488,588 | 303,586 | |||||||
Non-recourse debt and bonds payable | $ 222,537 | $ 146,312 | $ 222,537 | $ 146,312 |
Selected Quarterly Financial 84
Selected Quarterly Financial Data (Unaudited) (Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | |
Scenario, Adjustment | Net Income (Loss) | |||
Quantifying Misstatement in Current Year Financial Statements | |||
Prior period reclassification adjustment | $ (0.9) | ||
Scenario, Adjustment | Net Income (Loss) attributable to CPA 18 | Class A | |||
Quantifying Misstatement in Current Year Financial Statements | |||
Impact of restatement on earnings per share (usd per share) | $ 0.01 | ||
Scenario, Adjustment | Net Income (Loss) attributable to CPA 18 | Class C | |||
Quantifying Misstatement in Current Year Financial Statements | |||
Impact of restatement on earnings per share (usd per share) | $ 0.01 | ||
Restatement Adjustment | Net Income | |||
Quantifying Misstatement in Current Year Financial Statements | |||
Prior period reclassification adjustment | $ 2.1 | $ 0.6 | |
Adjustment to current period balance | $ 2 |
Selected Quarterly Financial 85
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 41,230 | $ 37,069 | $ 30,472 | $ 27,172 | $ 20,094 | $ 14,882 | $ 12,647 | $ 6,694 | $ 135,943 | $ 54,317 | $ 3,292 |
Expenses | 40,447 | 42,174 | 41,413 | 27,113 | 41,361 | 18,580 | 12,099 | 23,091 | 151,147 | 95,131 | 2,304 |
Net Loss | (12,528) | (7,683) | (18,263) | (10,852) | (25,538) | (9,465) | (3,110) | (18,443) | (49,326) | (56,556) | (241) |
Net loss (income) attributable to noncontrolling interests | (3,309) | (2,092) | (1,644) | (1,361) | (700) | (1,136) | (1,248) | 3,773 | (8,406) | 689 | (390) |
Net Loss Attributable to CPA®:18 – Global | $ (15,837) | $ (9,775) | $ (19,907) | $ (12,213) | $ (26,238) | $ (10,601) | $ (4,358) | $ (14,670) | (57,732) | (55,867) | (631) |
Class A common stock | |||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (45,524) | $ (49,494) | $ (496) | ||||||||
Loss Per Share (in dollars per share) | $ (0.13) | $ (0.07) | $ (0.15) | $ (0.10) | $ (0.22) | $ (0.10) | $ (0.05) | $ (0.35) | $ (0.45) | $ (0.63) | $ (0.18) |
Basic and diluted weighted-average shares outstanding | 103,109,346 | 102,293,880 | 101,460,830 | 100,642,226 | 99,836,316 | 99,007,256 | 77,300,223 | 38,001,011 | 101,884,473 | 78,777,525 | 2,792,648 |
Distributions declared per share (in dollars per share) | $ 0.1563 | $ 0.1563 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.1562 | $ 0.6250 | $ 0.6248 | $ 0.2717 |
Class C common stock | |||||||||||
Net Loss Attributable to CPA®:18 – Global | $ (12,208) | $ (6,373) | $ (135) | ||||||||
Loss Per Share (in dollars per share) | $ (0.07) | $ (0.09) | $ (0.17) | $ (0.12) | $ (0.25) | $ (0.12) | $ (0.07) | $ (0.37) | $ (0.44) | $ (0.72) | $ (0.27) |
Basic and diluted weighted-average shares outstanding | 29,522,763 | 29,279,705 | 29,033,036 | 22,381,181 | 15,376,487 | 9,925,481 | 6,126,012 | 3,820,432 | 27,580,451 | 8,847,966 | 497,725 |
Distributions declared per share (in dollars per share) | $ 0.1335 | $ 0.134 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.1329 | $ 0.5333 | $ 0.5316 | $ 0.2311 |
Scenario, Adjustment | Net Income (Loss) | |||||||||||
Prior period reclassification adjustment | $ (900) | ||||||||||
Scenario, Adjustment | Net Income (Loss) attributable to CPA 18 | Class A common stock | |||||||||||
Impact of restatement on earnings per share (usd per share) | $ (0.01) | ||||||||||
Scenario, Adjustment | Net Income (Loss) attributable to CPA 18 | Class C common stock | |||||||||||
Impact of restatement on earnings per share (usd per share) | $ (0.01) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Mar. 11, 2016USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | |
Subsequent Events | |||
Number of properties acquired | property | 51 | 54 | |
Non-recourse debt | $ 873,588 | $ 430,462 | |
Self Storage | |||
Subsequent Events | |||
Number of properties acquired | property | 26 | ||
Investment purchase price | $ 243,200 | $ 103,900 | |
Non-recourse debt | $ 137,400 | ||
Subsequent Events | Self Storage | |||
Subsequent Events | |||
Number of properties acquired | property | 3 | ||
Investment purchase price | $ 22,800 | ||
Non-recourse debt | $ 63,000 | ||
Fixed interest rate | 4.80% | ||
Debt instrument, term | 10 years |
Schedule II - Valuation and Q87
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 2,236 | $ 0 | $ 0 |
Other Additions | 8,214 | 2,236 | 0 |
Deductions | (254) | 0 | 0 |
Balance at End of Year | $ 10,196 | $ 2,236 | $ 0 |
Schedule III - Real Estate an88
Schedule III - Real Estate and Accumulated Depreciation (Narratives) (Details) $ in Billions | Dec. 31, 2015USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures | |
Federal income tax basis | $ 1.8 |
Schedule III - Real Estate an89
Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 697,190 | |||
Initial Cost to Company | ||||
Land | 191,610 | |||
Buildings | 871,070 | |||
Cost Capitalized Subsequent to Acquisition | 37,937 | |||
Increase (Decrease) in Net Investments | (114,043) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 173,094 | |||
Buildings | 813,480 | |||
Total | 986,574 | $ 743,735 | $ 150,424 | $ 0 |
Accumulated Depreciation | 31,467 | 10,875 | 824 | 0 |
Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 10,033 | |||
Initial Cost to Company | ||||
Land | 2,431 | |||
Buildings | 48,234 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,301 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 51,966 | |||
Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 300,967 | |||
Initial Cost to Company | ||||
Land | 86,016 | |||
Buildings | 395,196 | |||
Personal Property | 3,761 | |||
Cost Capitalized Subsequent to Acquisition | 5,888 | |||
Increase (Decrease) in Net Investments | (9) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 86,016 | |||
Buildings | 399,079 | |||
Personal Property | 5,757 | |||
Total | 490,852 | 133,596 | 0 | 0 |
Accumulated Depreciation | 10,727 | $ 939 | $ 0 | $ 0 |
Office facility in Austin, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 72,800 | |||
Initial Cost to Company | ||||
Land | 29,215 | |||
Buildings | 67,993 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 29,215 | |||
Buildings | 67,993 | |||
Total | 97,208 | |||
Accumulated Depreciation | $ 4,989 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Retail facility in Zagreb, Croatia | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,187 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 10,828 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,236) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 8,592 | |||
Total | 8,592 | |||
Accumulated Depreciation | $ 516 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Retail facility in Zagreb, Croatia | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,116 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 10,576 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,253) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 8,323 | |||
Total | 8,323 | |||
Accumulated Depreciation | $ 472 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Retail facility in Zagreb, Croatia | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,981 | |||
Initial Cost to Company | ||||
Land | 2,264 | |||
Buildings | 10,676 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,747) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,791 | |||
Buildings | 8,402 | |||
Total | 10,193 | |||
Accumulated Depreciation | $ 520 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Retail facility in Zadar, Croatia | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,846 | |||
Initial Cost to Company | ||||
Land | 4,320 | |||
Buildings | 10,536 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (3,153) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,417 | |||
Buildings | 8,286 | |||
Total | 11,703 | |||
Accumulated Depreciation | $ 556 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Retail facility in Split, Croatia | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,191 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 3,161 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (680) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 2,481 | |||
Total | 2,481 | |||
Accumulated Depreciation | $ 187 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Industrial facility in Streetsboro, OH | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,188 | |||
Initial Cost to Company | ||||
Land | 1,163 | |||
Buildings | 3,393 | |||
Cost Capitalized Subsequent to Acquisition | 1,585 | |||
Increase (Decrease) in Net Investments | (535) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,163 | |||
Buildings | 4,443 | |||
Total | 5,606 | |||
Accumulated Depreciation | $ 435 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Warehouse facility in University Park, IL | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 47,250 | |||
Initial Cost to Company | ||||
Land | 13,748 | |||
Buildings | 52,135 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 13,748 | |||
Buildings | 52,135 | |||
Total | 65,883 | |||
Accumulated Depreciation | $ 3,662 | |||
Warehouse facility in University Park, IL | Real Estate Under Operating Leases | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Warehouse facility in University Park, IL | Real Estate Under Operating Leases | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Office facility in Norcross, GA | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,653 | |||
Initial Cost to Company | ||||
Land | 1,044 | |||
Buildings | 3,361 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,044 | |||
Buildings | 3,361 | |||
Total | 4,405 | |||
Accumulated Depreciation | $ 221 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Oslo, Norway | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 37,330 | |||
Initial Cost to Company | ||||
Land | 14,362 | |||
Buildings | 59,219 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (23,113) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,850 | |||
Buildings | 40,618 | |||
Total | 50,468 | |||
Accumulated Depreciation | $ 1,872 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Warsaw, Poland | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 58,082 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 112,676 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (23,487) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 89,189 | |||
Total | 89,189 | |||
Accumulated Depreciation | $ 3,928 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Columbus, GA | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,823 | |||
Initial Cost to Company | ||||
Land | 448 | |||
Buildings | 5,841 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 448 | |||
Buildings | 5,841 | |||
Total | 6,289 | |||
Accumulated Depreciation | $ 359 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Farmington Hills, MI | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,264 | |||
Initial Cost to Company | ||||
Land | 2,251 | |||
Buildings | 3,390 | |||
Cost Capitalized Subsequent to Acquisition | 672 | |||
Increase (Decrease) in Net Investments | 47 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,251 | |||
Buildings | 4,109 | |||
Total | 6,360 | |||
Accumulated Depreciation | $ 224 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Surprise, AZ | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,322 | |||
Initial Cost to Company | ||||
Land | 298 | |||
Buildings | 2,347 | |||
Cost Capitalized Subsequent to Acquisition | 1,699 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 298 | |||
Buildings | 4,046 | |||
Total | 4,344 | |||
Accumulated Depreciation | $ 178 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial facility in Temple, GA | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,714 | |||
Initial Cost to Company | ||||
Land | 381 | |||
Buildings | 6,469 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 381 | |||
Buildings | 6,469 | |||
Total | 6,850 | |||
Accumulated Depreciation | $ 360 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 33 years | |||
Land in Houston, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,264 | |||
Initial Cost to Company | ||||
Land | 1,675 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,675 | |||
Buildings | 0 | |||
Total | 1,675 | |||
Accumulated Depreciation | 0 | |||
Land in Chicago, IL | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 2,007 | |||
Initial Cost to Company | ||||
Land | 3,036 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,036 | |||
Buildings | 0 | |||
Total | 3,036 | |||
Accumulated Depreciation | 0 | |||
Warehouse facility in Jonesville, SC | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 28,225 | |||
Initial Cost to Company | ||||
Land | 2,995 | |||
Buildings | 14,644 | |||
Cost Capitalized Subsequent to Acquisition | 19,389 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,995 | |||
Buildings | 34,033 | |||
Total | 37,028 | |||
Accumulated Depreciation | $ 1,698 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Industrial facility in Ayr, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,977 | |||
Initial Cost to Company | ||||
Land | 1,150 | |||
Buildings | 3,228 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (496) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,019 | |||
Buildings | 2,863 | |||
Total | 3,882 | |||
Accumulated Depreciation | $ 204 | |||
Industrial facility in Ayr, United Kingdom | Real Estate Under Operating Leases | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 15 years | |||
Industrial facility in Ayr, United Kingdom | Real Estate Under Operating Leases | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Industrial facility in Bathgate, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,927 | |||
Initial Cost to Company | ||||
Land | 627 | |||
Buildings | 1,852 | |||
Cost Capitalized Subsequent to Acquisition | 70 | |||
Increase (Decrease) in Net Investments | (284) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 556 | |||
Buildings | 1,709 | |||
Total | 2,265 | |||
Accumulated Depreciation | $ 88 | |||
Industrial facility in Bathgate, United Kingdom | Real Estate Under Operating Leases | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Industrial facility in Bathgate, United Kingdom | Real Estate Under Operating Leases | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial facility in Dundee, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,869 | |||
Initial Cost to Company | ||||
Land | 384 | |||
Buildings | 2,305 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (304) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 341 | |||
Buildings | 2,044 | |||
Total | 2,385 | |||
Accumulated Depreciation | 127 | |||
Industrial facility in Dunfermline, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,060 | |||
Initial Cost to Company | ||||
Land | 294 | |||
Buildings | 808 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (125) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 261 | |||
Buildings | 716 | |||
Total | 977 | |||
Accumulated Depreciation | $ 62 | |||
Industrial facility in Dunfermline, United Kingdom | Real Estate Under Operating Leases | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 13 years | |||
Industrial facility in Dunfermline, United Kingdom | Real Estate Under Operating Leases | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial facility in Invergordon, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 554 | |||
Initial Cost to Company | ||||
Land | 261 | |||
Buildings | 549 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (91) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 232 | |||
Buildings | 487 | |||
Total | 719 | |||
Accumulated Depreciation | $ 31 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 22 years | |||
Industrial facility in Livingston, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,356 | |||
Initial Cost to Company | ||||
Land | 447 | |||
Buildings | 3,015 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (392) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 396 | |||
Buildings | 2,674 | |||
Total | 3,070 | |||
Accumulated Depreciation | $ 130 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Industrial facility in Livingston, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,650 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 3,360 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (305) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 3,055 | |||
Total | 3,055 | |||
Accumulated Depreciation | $ 167 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Office facility in Warstein, Germany | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 11,999 | |||
Initial Cost to Company | ||||
Land | 281 | |||
Buildings | 15,671 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (2,263) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 242 | |||
Buildings | 13,447 | |||
Total | 13,689 | |||
Accumulated Depreciation | $ 440 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Albany, GA | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,689 | |||
Initial Cost to Company | ||||
Land | 1,141 | |||
Buildings | 5,997 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,141 | |||
Buildings | 5,997 | |||
Total | 7,138 | |||
Accumulated Depreciation | $ 657 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 14 years | |||
Office facility in Stavanger, Norway | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 40,587 | |||
Initial Cost to Company | ||||
Land | 8,276 | |||
Buildings | 80,476 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (22,431) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,232 | |||
Buildings | 60,089 | |||
Total | 66,321 | |||
Accumulated Depreciation | $ 1,790 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Eagan, MN | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 9,750 | |||
Initial Cost to Company | ||||
Land | 1,189 | |||
Buildings | 11,279 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,189 | |||
Buildings | 11,279 | |||
Total | 12,468 | |||
Accumulated Depreciation | $ 351 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Plymouth, MN | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 27,650 | |||
Initial Cost to Company | ||||
Land | 3,990 | |||
Buildings | 30,320 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,990 | |||
Buildings | 30,320 | |||
Total | 34,310 | |||
Accumulated Depreciation | $ 924 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Dallas, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,679 | |||
Initial Cost to Company | ||||
Land | 512 | |||
Buildings | 1,283 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 512 | |||
Buildings | 1,285 | |||
Total | 1,797 | |||
Accumulated Depreciation | $ 71 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Industrial facility in Dallas, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 790 | |||
Initial Cost to Company | ||||
Land | 509 | |||
Buildings | 340 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 509 | |||
Buildings | 342 | |||
Total | 851 | |||
Accumulated Depreciation | $ 35 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Industrial facility in Dallas, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 281 | |||
Initial Cost to Company | ||||
Land | 128 | |||
Buildings | 204 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 128 | |||
Buildings | 206 | |||
Total | 334 | |||
Accumulated Depreciation | $ 15 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 21 years | |||
Industrial facility in Dallas, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,217 | |||
Initial Cost to Company | ||||
Land | 360 | |||
Buildings | 1,120 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 360 | |||
Buildings | 1,121 | |||
Total | 1,481 | |||
Accumulated Depreciation | $ 53 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 29 years | |||
Industrial facility in Fort Worth, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,232 | |||
Initial Cost to Company | ||||
Land | 809 | |||
Buildings | 671 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 809 | |||
Buildings | 672 | |||
Total | 1,481 | |||
Accumulated Depreciation | $ 47 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Industrial facility in Dunfermline, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,010 | |||
Initial Cost to Company | ||||
Land | 1,162 | |||
Buildings | 5,631 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Increase (Decrease) in Net Investments | (364) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings | 5,335 | |||
Total | 6,435 | |||
Accumulated Depreciation | $ 254 | |||
Industrial facility in Dunfermline, United Kingdom | Real Estate Under Operating Leases | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Industrial facility in Dunfermline, United Kingdom | Real Estate Under Operating Leases | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Industrial facility in Durham, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,624 | |||
Initial Cost to Company | ||||
Land | 207 | |||
Buildings | 2,108 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (124) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 196 | |||
Buildings | 1,995 | |||
Total | 2,191 | |||
Accumulated Depreciation | $ 68 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial and warehouse facility in Byron Center, MI | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,720 | |||
Initial Cost to Company | ||||
Land | 625 | |||
Buildings | 1,005 | |||
Cost Capitalized Subsequent to Acquisition | 9,515 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 625 | |||
Buildings | 10,520 | |||
Total | 11,145 | |||
Accumulated Depreciation | $ 110 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Rotterdam, Netherlands | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 36,969 | |||
Initial Cost to Company | ||||
Land | 2,247 | |||
Buildings | 27,149 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (6,414) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,423 | |||
Buildings | 21,559 | |||
Total | 22,982 | |||
Accumulated Depreciation | $ 568 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Rotterdam, Netherlands | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,246 | |||
Buildings | 27,135 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (1,093) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,495 | |||
Buildings | 25,793 | |||
Total | 28,288 | |||
Accumulated Depreciation | $ 678 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Edinburgh, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,842 | |||
Initial Cost to Company | ||||
Land | 938 | |||
Buildings | 2,842 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (202) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 888 | |||
Buildings | 2,690 | |||
Total | 3,578 | |||
Accumulated Depreciation | $ 90 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Hotel in Albion, Mauritius | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 26,129 | |||
Initial Cost to Company | ||||
Land | 4,047 | |||
Buildings | 54,927 | |||
Cost Capitalized Subsequent to Acquisition | 243 | |||
Increase (Decrease) in Net Investments | (6,282) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,621 | |||
Buildings | 49,314 | |||
Total | 52,935 | |||
Accumulated Depreciation | $ 1,657 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Aberdeen, United Kingdom | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,528 | |||
Initial Cost to Company | ||||
Land | 1,560 | |||
Buildings | 4,446 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (57) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,546 | |||
Buildings | 4,403 | |||
Total | 5,949 | |||
Accumulated Depreciation | $ 92 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Freetown, MA | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,227 | |||
Initial Cost to Company | ||||
Land | 1,149 | |||
Buildings | 2,219 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,149 | |||
Buildings | 2,219 | |||
Total | 3,368 | |||
Accumulated Depreciation | $ 154 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Office facility in Plano, TX | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 21,900 | |||
Initial Cost to Company | ||||
Land | 3,180 | |||
Buildings | 26,926 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,180 | |||
Buildings | 26,926 | |||
Total | 30,106 | |||
Accumulated Depreciation | $ 480 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Warehouse facility in Plymouth, MN | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,500 | |||
Initial Cost to Company | ||||
Land | 2,537 | |||
Buildings | 9,731 | |||
Cost Capitalized Subsequent to Acquisition | 865 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,537 | |||
Buildings | 10,596 | |||
Total | 13,133 | |||
Accumulated Depreciation | $ 226 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Retail facility in Oslo, Norway | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 56,685 | |||
Initial Cost to Company | ||||
Land | 61,607 | |||
Buildings | 34,183 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (13,924) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 52,650 | |||
Buildings | 29,216 | |||
Total | 81,866 | |||
Accumulated Depreciation | $ 783 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Office facility in Jacksonville, FL | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,650 | |||
Initial Cost to Company | ||||
Land | 1,688 | |||
Buildings | 10,082 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,688 | |||
Buildings | 10,082 | |||
Total | 11,770 | |||
Accumulated Depreciation | $ 138 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Utrecht, Netherlands | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 29,640 | |||
Initial Cost to Company | ||||
Land | 5,645 | |||
Buildings | 29,896 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (375) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,585 | |||
Buildings | 29,581 | |||
Total | 35,166 | |||
Accumulated Depreciation | $ 316 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Warrenville, IL | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 22,620 | |||
Initial Cost to Company | ||||
Land | 2,222 | |||
Buildings | 25,449 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,222 | |||
Buildings | 25,449 | |||
Total | 27,671 | |||
Accumulated Depreciation | $ 229 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Office facility in Coralville, IA | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 34,636 | |||
Initial Cost to Company | ||||
Land | 1,937 | |||
Buildings | 31,093 | |||
Cost Capitalized Subsequent to Acquisition | 3,885 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,937 | |||
Buildings | 34,978 | |||
Total | 36,915 | |||
Accumulated Depreciation | $ 188 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Industrial facility in Michalovce, Slovakia | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,055 | |||
Buildings | 10,808 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (360) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,023 | |||
Buildings | 10,480 | |||
Total | 11,503 | |||
Accumulated Depreciation | $ 67 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Hotel in Stuttgart, Germany | Real Estate Under Operating Leases | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 25,717 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings | 25,717 | |||
Total | 25,717 | |||
Accumulated Depreciation | $ 0 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Industrial facility in Columbus, GA | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,803 | |||
Initial Cost to Company | ||||
Land | 488 | |||
Buildings | 2,947 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 1,359 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 4,794 | |||
Industrial facility in Houston, TX | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 1,237 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 1,573 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 67 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 1,640 | |||
Warehouse facility in Chicago, IL | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,993 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings | 8,564 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 501 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 9,065 | |||
Office facility in Cardiff, United Kingdom | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 263 | |||
Buildings | 13,046 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (626) | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 12,683 | |||
Industrial facility in Menomonee Falls, WI | Direct Financing Method | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 1,680 | |||
Buildings | 22,104 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Total | 23,784 | |||
Tucker, GA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | 14,140 | |||
Initial Cost to Company | ||||
Land | 4,288 | |||
Buildings | 15,201 | |||
Personal Property | 237 | |||
Cost Capitalized Subsequent to Acquisition | 410 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,288 | |||
Buildings | 15,352 | |||
Personal Property | 496 | |||
Total | 20,136 | |||
Accumulated Depreciation | $ 601 | |||
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 | ||||
Encumbrances | $ 15,330 | |||
Initial Cost to Company | ||||
Land | 4,513 | |||
Buildings | 16,404 | |||
Personal Property | 780 | |||
Cost Capitalized Subsequent to Acquisition | 620 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,513 | |||
Buildings | 16,606 | |||
Personal Property | 1,198 | |||
Total | 22,317 | |||
Accumulated Depreciation | $ 797 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Fort Myers, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 19,040 | |||
Initial Cost to Company | ||||
Land | 6,203 | |||
Buildings | 19,688 | |||
Personal Property | 614 | |||
Cost Capitalized Subsequent to Acquisition | 577 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,203 | |||
Buildings | 20,243 | |||
Personal Property | 636 | |||
Total | 27,082 | |||
Accumulated Depreciation | $ 802 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Durham, NC | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 24,045 | |||
Initial Cost to Company | ||||
Land | 6,697 | |||
Buildings | 25,824 | |||
Personal Property | 935 | |||
Cost Capitalized Subsequent to Acquisition | 931 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,697 | |||
Buildings | 25,996 | |||
Personal Property | 1,694 | |||
Total | 34,387 | |||
Accumulated Depreciation | $ 886 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 37 years | |||
San Antonio, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 29,750 | |||
Initial Cost to Company | ||||
Land | 3,788 | |||
Buildings | 36,333 | |||
Personal Property | 588 | |||
Cost Capitalized Subsequent to Acquisition | 266 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,788 | |||
Buildings | 36,599 | |||
Personal Property | 588 | |||
Total | 40,975 | |||
Accumulated Depreciation | $ 591 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Fort Walton Beach, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 18,200 | |||
Initial Cost to Company | ||||
Land | 3,037 | |||
Buildings | 20,975 | |||
Personal Property | 598 | |||
Cost Capitalized Subsequent to Acquisition | 419 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,037 | |||
Buildings | 21,163 | |||
Personal Property | 829 | |||
Total | 25,029 | |||
Accumulated Depreciation | $ 305 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Kissimmee, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,000 | |||
Initial Cost to Company | ||||
Land | 3,306 | |||
Buildings | 7,190 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,306 | |||
Buildings | 7,197 | |||
Personal Property | 0 | |||
Total | 10,503 | |||
Accumulated Depreciation | $ 410 | |||
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 | ||||
Encumbrances | $ 7,500 | |||
Initial Cost to Company | ||||
Land | 3,258 | |||
Buildings | 7,128 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 15 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,258 | |||
Buildings | 7,143 | |||
Personal Property | 0 | |||
Total | 10,401 | |||
Accumulated Depreciation | $ 379 | |||
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 | ||||
Encumbrances | $ 2,725 | |||
Initial Cost to Company | ||||
Land | 340 | |||
Buildings | 3,428 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 340 | |||
Buildings | 3,430 | |||
Personal Property | 15 | |||
Total | 3,785 | |||
Accumulated Depreciation | $ 206 | |||
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 | ||||
Encumbrances | $ 3,770 | |||
Initial Cost to Company | ||||
Land | 1,356 | |||
Buildings | 3,699 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 48 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,356 | |||
Buildings | 3,746 | |||
Personal Property | 1 | |||
Total | 5,103 | |||
Accumulated Depreciation | $ 183 | |||
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 | ||||
Encumbrances | $ 3,034 | |||
Initial Cost to Company | ||||
Land | 1,915 | |||
Buildings | 1,894 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 35 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,915 | |||
Buildings | 1,922 | |||
Personal Property | 7 | |||
Total | 3,844 | |||
Accumulated Depreciation | $ 93 | |||
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 | ||||
Encumbrances | $ 6,890 | |||
Initial Cost to Company | ||||
Land | 669 | |||
Buildings | 8,899 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 19 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 669 | |||
Buildings | 8,911 | |||
Personal Property | 7 | |||
Total | 9,587 | |||
Accumulated Depreciation | $ 332 | |||
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 | ||||
Encumbrances | $ 3,056 | |||
Initial Cost to Company | ||||
Land | 1,065 | |||
Buildings | 2,742 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 132 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,065 | |||
Buildings | 2,874 | |||
Personal Property | 0 | |||
Total | 3,939 | |||
Accumulated Depreciation | $ 151 | |||
Columbia, SC | Operating Real Estate | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
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 | ||||
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 | ||||
Encumbrances | $ 3,525 | |||
Initial Cost to Company | ||||
Land | 2,263 | |||
Buildings | 2,704 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,263 | |||
Buildings | 2,704 | |||
Personal Property | 2 | |||
Total | 4,969 | |||
Accumulated Depreciation | $ 121 | |||
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 | ||||
Encumbrances | $ 3,029 | |||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings | 3,436 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 415 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 700 | |||
Buildings | 3,828 | |||
Personal Property | 23 | |||
Total | 4,551 | |||
Accumulated Depreciation | $ 165 | |||
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 | ||||
Encumbrances | $ 5,590 | |||
Initial Cost to Company | ||||
Land | 1,596 | |||
Buildings | 5,963 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,596 | |||
Buildings | 5,963 | |||
Personal Property | 0 | |||
Total | 7,559 | |||
Accumulated Depreciation | $ 211 | |||
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 | ||||
Encumbrances | $ 6,435 | |||
Initial Cost to Company | ||||
Land | 1,680 | |||
Buildings | 7,165 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 66 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,680 | |||
Buildings | 7,218 | |||
Personal Property | 13 | |||
Total | 8,911 | |||
Accumulated Depreciation | $ 260 | |||
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 | ||||
Encumbrances | $ 5,038 | |||
Initial Cost to Company | ||||
Land | 341 | |||
Buildings | 6,582 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 341 | |||
Buildings | 6,582 | |||
Personal Property | 9 | |||
Total | 6,932 | |||
Accumulated Depreciation | $ 197 | |||
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 | ||||
Encumbrances | $ 6,500 | |||
Initial Cost to Company | ||||
Land | 449 | |||
Buildings | 8,574 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | (9) | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 449 | |||
Buildings | 8,565 | |||
Personal Property | 0 | |||
Total | 9,014 | |||
Accumulated Depreciation | $ 261 | |||
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 | ||||
Encumbrances | $ 2,860 | |||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings | 3,531 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 300 | |||
Buildings | 3,531 | |||
Personal Property | 0 | |||
Total | 3,831 | |||
Accumulated Depreciation | $ 161 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Naples, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 10,725 | |||
Initial Cost to Company | ||||
Land | 3,073 | |||
Buildings | 10,677 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,006 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,073 | |||
Buildings | 11,638 | |||
Personal Property | 45 | |||
Total | 14,756 | |||
Accumulated Depreciation | $ 390 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Valrico, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,013 | |||
Initial Cost to Company | ||||
Land | 695 | |||
Buildings | 7,558 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 695 | |||
Buildings | 7,558 | |||
Personal Property | 0 | |||
Total | 8,253 | |||
Accumulated Depreciation | $ 189 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Tallahassee, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,924 | |||
Initial Cost to Company | ||||
Land | 1,796 | |||
Buildings | 4,782 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,796 | |||
Buildings | 4,782 | |||
Personal Property | 24 | |||
Total | 6,602 | |||
Accumulated Depreciation | $ 140 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Sebastian, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,950 | |||
Initial Cost to Company | ||||
Land | 474 | |||
Buildings | 2,031 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 33 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 474 | |||
Buildings | 2,063 | |||
Personal Property | 1 | |||
Total | 2,538 | |||
Accumulated Depreciation | $ 107 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Lady Lake, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,949 | |||
Initial Cost to Company | ||||
Land | 522 | |||
Buildings | 4,809 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 122 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 522 | |||
Buildings | 4,931 | |||
Personal Property | 0 | |||
Total | 5,453 | |||
Accumulated Depreciation | $ 113 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Panama City Beach, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,623 | |||
Initial Cost to Company | ||||
Land | 706 | |||
Buildings | 2,864 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 3 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 706 | |||
Buildings | 2,864 | |||
Personal Property | 3 | |||
Total | 3,573 | |||
Accumulated Depreciation | $ 83 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Hesperia, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,725 | |||
Initial Cost to Company | ||||
Land | 779 | |||
Buildings | 5,504 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 41 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 779 | |||
Buildings | 5,528 | |||
Personal Property | 17 | |||
Total | 6,324 | |||
Accumulated Depreciation | $ 189 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Hesperia, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 400 | |||
Initial Cost to Company | ||||
Land | 335 | |||
Buildings | 1,999 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 20 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 335 | |||
Buildings | 2,019 | |||
Personal Property | 0 | |||
Total | 2,354 | |||
Accumulated Depreciation | $ 71 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 28 years | |||
Hesperia, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,075 | |||
Initial Cost to Company | ||||
Land | 384 | |||
Buildings | 3,042 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 55 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 384 | |||
Buildings | 3,071 | |||
Personal Property | 26 | |||
Total | 3,481 | |||
Accumulated Depreciation | $ 139 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Highland, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,575 | |||
Initial Cost to Company | ||||
Land | 1,056 | |||
Buildings | 3,366 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,056 | |||
Buildings | 3,377 | |||
Personal Property | 0 | |||
Total | 4,433 | |||
Accumulated Depreciation | $ 87 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 36 years | |||
Lancaster, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,000 | |||
Initial Cost to Company | ||||
Land | 217 | |||
Buildings | 4,355 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 48 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 217 | |||
Buildings | 4,389 | |||
Personal Property | 14 | |||
Total | 4,620 | |||
Accumulated Depreciation | $ 118 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Rialto, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,375 | |||
Initial Cost to Company | ||||
Land | 1,905 | |||
Buildings | 3,642 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,905 | |||
Buildings | 3,648 | |||
Personal Property | 8 | |||
Total | 5,561 | |||
Accumulated Depreciation | $ 107 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Thousand Palms, CA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,250 | |||
Initial Cost to Company | ||||
Land | 1,115 | |||
Buildings | 5,802 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 86 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,115 | |||
Buildings | 5,865 | |||
Personal Property | 23 | |||
Total | 7,003 | |||
Accumulated Depreciation | $ 167 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 31 years | |||
Louisville, KY | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,607 | |||
Initial Cost to Company | ||||
Land | 2,973 | |||
Buildings | 6,056 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 57 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,973 | |||
Buildings | 6,108 | |||
Personal Property | 5 | |||
Total | 9,086 | |||
Accumulated Depreciation | $ 167 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 32 years | |||
Lilburn, GA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,340 | |||
Initial Cost to Company | ||||
Land | 1,499 | |||
Buildings | 1,658 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 61 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,499 | |||
Buildings | 1,686 | |||
Personal Property | 33 | |||
Total | 3,218 | |||
Accumulated Depreciation | $ 97 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 18 years | |||
Stockbridge GA | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 1,625 | |||
Initial Cost to Company | ||||
Land | 170 | |||
Buildings | 1,997 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 37 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 170 | |||
Buildings | 2,012 | |||
Personal Property | 22 | |||
Total | 2,204 | |||
Accumulated Depreciation | $ 71 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Crystal Lake, IL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,633 | |||
Initial Cost to Company | ||||
Land | 811 | |||
Buildings | 2,723 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 811 | |||
Buildings | 2,723 | |||
Personal Property | 0 | |||
Total | 3,534 | |||
Accumulated Depreciation | $ 91 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Las Vegas, NV | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,370 | |||
Initial Cost to Company | ||||
Land | 450 | |||
Buildings | 8,382 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 450 | |||
Buildings | 8,382 | |||
Personal Property | 0 | |||
Total | 8,832 | |||
Accumulated Depreciation | $ 151 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 38 years | |||
Panama City Beach, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 6,175 | |||
Initial Cost to Company | ||||
Land | 347 | |||
Buildings | 8,233 | |||
Personal Property | 5 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 347 | |||
Buildings | 8,233 | |||
Personal Property | 5 | |||
Total | 8,585 | |||
Accumulated Depreciation | $ 131 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Sarasota, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,200 | |||
Initial Cost to Company | ||||
Land | 835 | |||
Buildings | 6,193 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 32 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 835 | |||
Buildings | 6,222 | |||
Personal Property | 3 | |||
Total | 7,060 | |||
Accumulated Depreciation | $ 98 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Sarasota, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,803 | |||
Initial Cost to Company | ||||
Land | 465 | |||
Buildings | 4,576 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 56 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 465 | |||
Buildings | 4,632 | |||
Personal Property | 0 | |||
Total | 5,097 | |||
Accumulated Depreciation | $ 70 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 39 years | |||
St. Peters, MO | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,308 | |||
Initial Cost to Company | ||||
Land | 199 | |||
Buildings | 2,888 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 199 | |||
Buildings | 2,900 | |||
Personal Property | 2 | |||
Total | 3,101 | |||
Accumulated Depreciation | $ 50 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Leesburg, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,405 | |||
Initial Cost to Company | ||||
Land | 731 | |||
Buildings | 2,480 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 731 | |||
Buildings | 2,480 | |||
Personal Property | 0 | |||
Total | 3,211 | |||
Accumulated Depreciation | $ 63 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 23 years | |||
Palm Bay, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 7,150 | |||
Initial Cost to Company | ||||
Land | 2,179 | |||
Buildings | 7,367 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,179 | |||
Buildings | 7,374 | |||
Personal Property | 0 | |||
Total | 9,553 | |||
Accumulated Depreciation | $ 119 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 34 years | |||
Houston, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 4,615 | |||
Initial Cost to Company | ||||
Land | 1,067 | |||
Buildings | 4,965 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 170 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,067 | |||
Buildings | 5,134 | |||
Personal Property | 1 | |||
Total | 6,202 | |||
Accumulated Depreciation | $ 86 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 27 years | |||
Ithaca, NY | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,295 | |||
Initial Cost to Company | ||||
Land | 454 | |||
Buildings | 2,211 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 454 | |||
Buildings | 2,211 | |||
Personal Property | 0 | |||
Total | 2,665 | |||
Accumulated Depreciation | $ 27 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 26 years | |||
Las Vegas, NV | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,340 | |||
Initial Cost to Company | ||||
Land | 783 | |||
Buildings | 2,417 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 783 | |||
Buildings | 2,417 | |||
Personal Property | 1 | |||
Total | 3,201 | |||
Accumulated Depreciation | $ 50 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 14 years | |||
Las Vegas, NV | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 2,210 | |||
Initial Cost to Company | ||||
Land | 664 | |||
Buildings | 2,762 | |||
Personal Property | 1 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 664 | |||
Buildings | 2,762 | |||
Personal Property | 1 | |||
Total | 3,427 | |||
Accumulated Depreciation | $ 46 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 17 years | |||
Hudson, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 3,250 | |||
Initial Cost to Company | ||||
Land | 364 | |||
Buildings | 4,188 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 364 | |||
Buildings | 4,188 | |||
Personal Property | 0 | |||
Total | 4,552 | |||
Accumulated Depreciation | $ 31 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
Kissimmee, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 5,600 | |||
Initial Cost to Company | ||||
Land | 407 | |||
Buildings | 8,027 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 407 | |||
Buildings | 8,027 | |||
Personal Property | 0 | |||
Total | 8,434 | |||
Accumulated Depreciation | $ 49 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years | |||
El Paso, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,275 | |||
Buildings | 3,339 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,275 | |||
Buildings | 3,339 | |||
Personal Property | 0 | |||
Total | 4,614 | |||
Accumulated Depreciation | $ 26 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
El Paso, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 921 | |||
Buildings | 2,764 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 921 | |||
Buildings | 2,764 | |||
Personal Property | 0 | |||
Total | 3,685 | |||
Accumulated Depreciation | $ 23 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
El Paso, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 594 | |||
Buildings | 4,154 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 594 | |||
Buildings | 4,154 | |||
Personal Property | 0 | |||
Total | 4,748 | |||
Accumulated Depreciation | $ 30 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
El Paso, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 594 | |||
Buildings | 3,868 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 594 | |||
Buildings | 3,868 | |||
Personal Property | 0 | |||
Total | 4,462 | |||
Accumulated Depreciation | $ 30 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
El Paso, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 337 | |||
Buildings | 2,024 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 337 | |||
Buildings | 2,024 | |||
Personal Property | 0 | |||
Total | 2,361 | |||
Accumulated Depreciation | $ 15 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
El Paso, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 782 | |||
Buildings | 3,825 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 782 | |||
Buildings | 3,825 | |||
Personal Property | 0 | |||
Total | 4,607 | |||
Accumulated Depreciation | $ 36 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 35 years | |||
Fernandina Beach, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,785 | |||
Buildings | 7,133 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,785 | |||
Buildings | 7,133 | |||
Personal Property | 0 | |||
Total | 8,918 | |||
Accumulated Depreciation | $ 52 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 25 years | |||
Kissimmee, FL | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,371 | |||
Buildings | 3,020 | |||
Personal Property | 3 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,371 | |||
Buildings | 3,020 | |||
Personal Property | 3 | |||
Total | 4,394 | |||
Accumulated Depreciation | $ 29 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 24 years | |||
Houston, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 817 | |||
Buildings | 3,438 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 817 | |||
Buildings | 3,438 | |||
Personal Property | 2 | |||
Total | 4,257 | |||
Accumulated Depreciation | $ 23 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Houston, TX | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 708 | |||
Buildings | 3,778 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 708 | |||
Buildings | 3,778 | |||
Personal Property | 0 | |||
Total | 4,486 | |||
Accumulated Depreciation | $ 23 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 30 years | |||
Greensboro, NC | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 716 | |||
Buildings | 4,108 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 716 | |||
Buildings | 4,108 | |||
Personal Property | 0 | |||
Total | 4,824 | |||
Accumulated Depreciation | $ 17 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 20 years | |||
Portland, OR | Operating Real Estate | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 897 | |||
Buildings | 8,831 | |||
Personal Property | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Increase (Decrease) in Net Investments | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 897 | |||
Buildings | 8,831 | |||
Personal Property | 0 | |||
Total | 9,728 | |||
Accumulated Depreciation | $ 14 | |||
Life on which Depreciation in Latest Statement of Income is Computed | 40 years |
Schedule III - Real Estate an90
Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Under Operating Leases | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Beginning balance | $ 743,735 | $ 150,424 | $ 0 |
Additions | 291,431 | 618,248 | 150,403 |
Improvements | 2,327 | 1,551 | 0 |
Dispositions | (834) | 0 | 0 |
Foreign currency translation adjustment | (67,273) | (44,990) | 21 |
Reclassification from real estate under construction | 17,188 | 18,502 | 0 |
Ending balance | 986,574 | 743,735 | 150,424 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Beginning balance | 10,875 | 824 | 0 |
Depreciation expense | 21,617 | 10,543 | 824 |
Foreign currency translation adjustment | (1,025) | (492) | 0 |
Ending balance | 31,467 | 10,875 | 824 |
Operating Real Estate | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments | |||
Beginning balance | 133,596 | 0 | 0 |
Additions | 351,364 | 133,596 | 0 |
Improvements | 5,892 | 0 | 0 |
Ending balance | 490,852 | 133,596 | 0 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation | |||
Beginning balance | 939 | 0 | 0 |
Depreciation expense | 9,788 | 939 | 0 |
Ending balance | $ 10,727 | $ 939 | $ 0 |
Schedule IV - Mortgage Loans 91
Schedule IV - Mortgage Loans on Real Estate (Details 1) - Cipriani $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate | |
Interest Rate | 10.00% |
Final Maturity Date | Jul. 31, 2024 |
Fair Value | $ 28,400 |
Carrying Amount | $ 28,000 |
Schedule IV - Mortgage Loans 92
Schedule IV - Mortgage Loans on Real Estate (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Mortgage Loans on Real Estate | |||
Balance | $ 28,000 | $ 0 | $ 0 |
Additions | 0 | 28,000 | 0 |
Ending balance | $ 28,000 | $ 28,000 | $ 0 |