Corporate Property Associates 18 Global (CPYA) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,558,235
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		107,499,845
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,529,040

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments in real estate:
Real estate, at cost	$ 1,024,242	$ 986,574
Operating real estate, at cost	573,354	490,852
Accumulated depreciation	(73,933)	(42,194)
Net investments in properties	1,523,663	1,435,232
Real estate under construction	197,938	131,930
Net investment in direct financing leases	50,182	51,966
Note receivable	28,000	28,000
Net investments in real estate	1,799,783	1,647,128
Equity investments in real estate	14,484	12,588
Cash and cash equivalents	84,775	117,453
In-place lease intangible assets, net	191,869	212,420
Other intangible assets, net	30,945	31,421
Goodwill	25,103	23,389
Other assets, net	84,587	90,284
Total assets	2,231,546	2,134,683
Liabilities:
Non-recourse debt, net	997,955	865,327
Bonds payable, net	147,677	133,886
Deferred income taxes	50,156	47,313
Accounts payable, accrued expenses and other liabilities	81,737	71,397
Due to affiliate	27,333	43,974
Distributions payable	20,777	20,078
Total liabilities	1,325,635	1,181,975
Commitments and contingencies (Note 11)
CPA®:18 – Global stockholders’ equity:
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	1,211,035	1,178,990
Distributions and accumulated losses	(326,084)	(247,995)
Accumulated other comprehensive loss	(48,545)	(50,316)
Total CPA®:18 – Global stockholders’ equity	836,542	880,812
Noncontrolling interests	69,369	71,896
Total equity	905,911	952,708
Total liabilities and equity	2,231,546	2,134,683
Class A common stock
CPA®:18 – Global stockholders’ equity:
Common stock	106	103
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock	$ 30	$ 30

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Class A
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 outstanding	106,335,979	103,214,083
Class C
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 outstanding	30,190,015	29,536,899

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Lease revenues:
Rental income	$ 23,620	$ 20,628	$ 69,887	$ 56,054
Interest income from direct financing leases	1,131	1,047	3,452	3,079
Total lease revenue	24,751	21,675	73,339	59,133
Other real estate income	18,711	12,308	52,190	27,332
Other operating income	3,112	2,376	9,138	6,128
Other interest income	710	710	2,130	2,120
Total revenues	47,284	37,069	136,797	94,713
Operating Expenses
Depreciation and amortization	20,876	17,652	62,771	44,303
Other real estate expenses	8,634	5,380	23,261	11,660
Property expenses	6,946	5,612	19,676	13,703
General and administrative	1,601	2,735	5,151	6,459
Acquisition expenses	36	10,795	4,747	34,575
Operating Expenses	38,093	42,174	115,606	110,700
Other Income and Expenses
Interest expense	(11,025)	(7,970)	(31,705)	(24,065)
Other income and (expenses)	87	(2,324)	1,120	(4,256)
Other Income and Expenses	(10,938)	(10,294)	(30,585)	(28,321)
Loss before income taxes and gain (loss) on sale of real estate	(1,747)	(15,399)	(9,394)	(44,308)
(Provision for) benefit from income taxes	(103)	1,062	(303)	854
Loss before gain (loss) on sale of real estate	(1,850)	(14,337)	(9,697)	(43,454)
Gain (loss) on sale of real estate, net of tax	0	6,654	(63)	6,654
Net Loss	(1,850)	(7,683)	(9,760)	(36,800)
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,662, $1,705, $5,319, and $4,021, respectively)	(2,231)	(2,092)	(6,730)	(5,096)
Net Loss Attributable to CPA®:18 – Global	(4,081)	(9,775)	(16,490)	(41,896)
Class A
Other Income and Expenses
Interest expense	(100)		(300)
Net Loss Attributable to CPA®:18 – Global	$ (3,083)	$ (7,078)	$ (12,569)	$ (31,659)
Basic and diluted weighted-average shares outstanding	106,279,055	102,293,880	105,148,891	101,471,695
Net loss per share (in dollars per share)	$ (0.03)	$ (0.07)	$ (0.12)	$ (0.31)
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.4689	$ 0.4687
Class C
Other Income and Expenses
Net Loss Attributable to CPA®:18 – Global	$ (998)	$ (2,697)	$ (3,921)	$ (10,237)
Basic and diluted weighted-average shares outstanding	30,205,326	29,279,706	29,964,756	26,925,898
Net loss per share (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.13)	$ (0.38)
Distributions declared per share (in dollars per share)	$ 0.1376	$ 0.1340	$ 0.4089	$ 0.3998

Consolidated Statement of Oper5

Consolidated Statement of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Distributions of available cash	$ 1,662	$ 1,705	$ 5,319	$ 4,021

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Loss	$ (1,850)	$ (7,683)	$ (9,760)	$ (36,800)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	2,963	(6,724)	8,739	(28,202)
Change in net unrealized (loss) gain on derivative instruments	(928)	837	(4,678)	3,115
Other Comprehensive Loss	2,035	(5,887)	4,061	(25,087)
Comprehensive Income (Loss)	185	(13,570)	(5,699)	(61,887)
Amounts Attributable to Noncontrolling Interests
Net income	(2,231)	(2,092)	(6,730)	(5,096)
Foreign currency translation adjustments	(813)	1,300	(2,290)	5,480
Comprehensive (income) loss attributable to noncontrolling interests	(3,044)	(792)	(9,020)	384
Comprehensive Loss Attributable to CPA®:18 – Global	$ (2,859)	$ (14,362)	$ (14,719)	$ (61,503)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A	Class C	Total CPA 18 - Global Stockholders	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2014	$ 1,000,228			$ 922,641	$ 100	$ 18	$ 1,055,342	$ (111,878)	$ (20,941)	$ 77,587
Beginning equity balance, shares at Dec. 31, 2014					99,924,009	18,026,013
Statements of Equity
Shares issued net of offering cost, value	124,728			124,728	$ 2	$ 11	124,715
Shares issued net of offering cost, shares					2,478,960	11,312,950
Shares issued to affiliate, value	4,907			4,907	$ 1		4,906
Shares issued to affiliate, shares					490,598
Stock-based compensation, value	100			100	$ 0		100
Stock-based compensation, shares					11,111
Contributions from noncontrolling interests	4,132									4,132
Distributions to noncontrolling interests	(7,454)									(7,454)
Distributions declared	(58,309)			(58,309)				(58,309)
Net Loss	(36,800)			(41,896)				(41,896)		5,096
Other comprehensive loss:
Foreign currency translation adjustments	(28,202)			(22,722)					(22,722)	(5,480)
Change in net unrealized gain on derivative instruments	3,115			3,115					3,115
Repurchase of shares, value	(5,621)			(5,621)			(5,621)
Repurchase of shares, shares					(544,294)	(44,685)
Ending equity balance, value at Sep. 30, 2015	1,000,824			926,943	$ 103	$ 29	1,179,442	(212,083)	(40,548)	73,881
Ending equity balance, shares at Sep. 30, 2015					102,360,384	29,294,278
Beginning equity balance, value at Jun. 30, 2015									(35,961)
Statements of Equity
Net Loss	(7,683)
Other comprehensive loss:
Foreign currency translation adjustments	(6,724)
Change in net unrealized gain on derivative instruments	837
Ending equity balance, value at Sep. 30, 2015	1,000,824			926,943	$ 103	$ 29	1,179,442	(212,083)	(40,548)	73,881
Ending equity balance, shares at Sep. 30, 2015					102,360,384	29,294,278
Beginning equity balance, value at Dec. 31, 2015	952,708			880,812	$ 103	$ 30	1,178,990	(247,995)	(50,316)	71,896
Beginning equity balance, shares at Dec. 31, 2015		103,214,083	29,536,899		103,214,083	29,536,899
Statements of Equity
Shares issued net of offering cost, value	32,453			32,453	$ 3	$ 0	32,450
Shares issued net of offering cost, shares					2,900,565	939,990
Shares issued to affiliate, value	7,391			7,391	$ 1		7,390
Shares issued to affiliate, shares					913,907
Stock-based compensation, value	100			100	$ 0		100
Stock-based compensation, shares					12,658
Contributions from noncontrolling interests	41									41
Distributions to noncontrolling interests	(11,588)									(11,588)
Distributions declared	(61,599)			(61,599)				(61,599)
Net Loss	(9,760)			(16,490)				(16,490)		6,730
Other comprehensive loss:
Foreign currency translation adjustments	8,739			6,449					6,449	2,290
Change in net unrealized gain on derivative instruments	(4,678)			(4,678)					(4,678)
Repurchase of shares, value	(7,896)			(7,896)	$ (1)		(7,895)
Repurchase of shares, shares					(705,234)	(286,874)
Ending equity balance, value at Sep. 30, 2016	905,911			836,542	$ 106	$ 30	1,211,035	(326,084)	(48,545)	69,369
Ending equity balance, shares at Sep. 30, 2016		106,335,979	30,190,015		106,335,979	30,190,015
Beginning equity balance, value at Jun. 30, 2016									(49,767)
Statements of Equity
Net Loss	(1,850)
Other comprehensive loss:
Foreign currency translation adjustments	2,963
Change in net unrealized gain on derivative instruments	(928)
Ending equity balance, value at Sep. 30, 2016	$ 905,911			$ 836,542	$ 106	$ 30	$ 1,211,035	$ (326,084)	$ (48,545)	$ 69,369
Ending equity balance, shares at Sep. 30, 2016		106,335,979	30,190,015		106,335,979	30,190,015

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.4689	$ 0.4687
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	0.4089	0.3998
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	0.4689	0.4687
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.4089	$ 0.3998

Condensed Consolidated Statemen

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 56,005	$ 24,380
Cash Flows — Investing Activities
Funding and advances for build-to-suit projects	(81,119)	(34,978)
Acquisitions of real estate, net of cash acquired	(55,307)	(658,384)
Value added taxes paid in connection with acquisition of real estate	(7,994)	(3,407)
Capital expenditures on real estate	(5,363)	(4,181)
Payment of deferred acquisition fees to an affiliate	(4,476)	(2,995)
Value added taxes refunded in connection with acquisition of real estate	4,224	0
Deposits for investments	4,000	(4,000)
Capital contributions to equity investment	(3,850)	(5,469)
Return of capital from equity investments in real estate	2,243	(48)
Change in investing restricted cash	340	(7,208)
Other investing activities, net	47	0
Proceeds from sale of real estate	40	35,674
Net Cash Used in Investing Activities	(147,215)	(684,996)
Cash Flows — Financing Activities
Proceeds from mortgage financing	106,601	436,656
Distributions paid	(60,900)	(56,014)
Proceeds from issuance of shares, net of issuance costs	30,588	125,243
Distributions to noncontrolling interests	(11,588)	(7,454)
Repurchase of shares	(7,896)	(5,621)
Change in financing restricted cash	5,171	(3,197)
Scheduled payments and prepayments of mortgage principal	(3,641)	(49,082)
Payment of deferred financing costs and mortgage deposits	(796)	(5,137)
Contributions from noncontrolling interests	41	2,692
Proceeds from bond financing	0	66,328
Other financing activities, net	0	(44)
Net Cash Provided by Financing Activities	57,580	504,370
Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash and cash equivalents	952	(3,441)
Net decrease in cash and cash equivalents	(32,678)	(159,687)
Cash and cash equivalents, beginning of period	117,453	429,548
Cash and cash equivalents, end of period	$ 84,775	$ 269,861

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 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, our 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 September 30, 2016 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 September 30, 2016 , our portfolio was comprised of full or partial ownership interests in 59 properties, the majority of which were fully-occupied and triple-net leased to 102 tenants totaling 9.6 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 67 self-storage properties and eight multi-family properties totaling 6.5 million square feet. We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. From inception through September 30, 2016 , we also received distribution reinvestment plan proceeds of $74.8 million and $18.3 million from our Class A and Class C common stock, respectively. 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 leases 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.

Revisions of Previously-Issued

Revisions of Previously-Issued Financial Statements	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Revisions of Previously-Issued Financial Statements	Revisions of Previously-Issued Financial Statements Error Associated with Financing Costs During the second quarter of 2015, we identified an error related to the capitalization of financing costs associated with the refinancing of a mortgage loan, which should have been recorded as Interest expense within our consolidated statement of operations for the three months ended March 31, 2015. We have revised our consolidated statement of operations, which increased Other income and (expenses), Loss before income taxes, Net loss, and Net loss attributable to CPA ® :18 – Global by $0.9 million and Net loss per share for Class A and Class C common stock by $0.01 . This also resulted in a corresponding decrease of $0.9 million to Other assets, Total assets, Distributions and accumulated losses, and Total equity within the consolidated balance sheet and, where applicable, within the consolidated statement of equity. In addition, the amounts for Net loss, Comprehensive loss and Comprehensive loss attributable to CPA ® :18 – Global on the consolidated statement of comprehensive loss for the three months ended March 31, 2015 increased by $0.9 million . Revision of Share Repurchases 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 shares repurchased 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 in our consolidated financial statements. 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 to the current period, we elected to revise previously-issued financial statements the next time such financial statements are filed. The correction eliminates Treasury stock of $7.1 million as of September 30, 2015 and results in corresponding reductions of Common stock and Additional paid-in capital, but has no impact on total equity within the consolidated balance sheets as of September 30, 2015 and consolidated statements of equity for the nine months ended September 30, 2015 . The accompanying consolidated statement of equity for the nine months ended September 30, 2015 has been revised accordingly. The misclassification had no impact on the previously-reported consolidated statements of operations, consolidated statements of comprehensive loss, or condensed consolidated statements of cash flows.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2015, which are included in the 2015 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. 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. 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. On January 1, 2016, we adopted the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Update, or ASU, 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , as described in the Recent Accounting Pronouncements section below, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are 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. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. 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. We performed this analysis on all of our subsidiary entities following the guidance in ASU 2015-02 to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of this change in guidance, we determined that eight entities that were previously classified as voting interest entities should now be classified as VIEs as of January 1, 2016 and therefore included in our VIE disclosures. However, there was no change in determining whether or not we consolidate these entities as a result of the new guidance. We elected to retrospectively adopt ASU 2015-02, which resulted in changes to our VIE disclosures within the consolidated balance sheets. There were no other changes to our consolidated balance sheets or results of operations for the periods presented. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets, except for the financing arrangement of our sole equity method investment, for which we have provided the lender with a guarantee of amounts due primarily of principal and interest payments. At September 30, 2016 , we considered 13 entities VIEs, 12 of which we consolidated as we are considered the primary beneficiary. At December 31, 2015 , we considered 12 entities VIEs, 11 of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): September 30, 2016 December 31, 2015 Net investments in properties $ 379,733 $ 360,049 Real estate under construction 182,883 119,115 Net investments in direct financing leases 11,177 12,684 Cash and cash equivalents 12,402 18,356 In-place lease intangible assets, net 70,215 73,487 Other intangible assets, net 22,365 22,316 Other assets, net 44,117 52,915 Total assets $ 722,892 $ 658,922 Non-recourse debt, net $ 231,548 $ 196,436 Bonds payable, net 61,669 56,259 Deferred income taxes 22,948 21,577 Accounts payable, accrued expenses and other liabilities 33,836 29,163 Total liabilities $ 350,001 $ 303,435 As of September 30, 2016 and December 31, 2015, we had one unconsolidated VIE, which we account for under the equity method of accounting. We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence but does not give us power over decisions that significantly affect the economic performance of the entity. As of September 30, 2016 and December 31, 2015, the net carrying amount of our equity investment was $14.5 million and $12.6 million , respectively, and our maximum exposure to loss in this entity is limited to our investment. The carrying value of our equity investment may fall below zero. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Our consolidated balance sheets at September 30, 2016 and December 31, 2015, include a separate classification of our Equity investments in real estate for the amounts of $14.5 million and $12.6 million , respectively, which was previously classified in Other assets, net in our historical quarterly and annual reports. On January 1, 2016, we adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) as described in the Recent Accounting Pronouncements section below. ASU 2015-03 changes the presentation of debt issuance costs, which were previously recognized as an asset and requires that they be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. As a result of adopting this guidance, we reclassified $9.0 million of deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015. Recent Accounting Pronouncements In May 2014, the FASB issued 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, 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. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 amends the current consolidation guidance, including modification of the guidance for evaluating whether limited partnerships and similar legal entities are VIEs or voting interest entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, 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. Please refer to the discussion in the Basis of Consolidation section above. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30). ASU 2015-03 changed the presentation of debt issuance costs, which were previously recognized as a deferred charge (that is, an asset) and required 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 adopted ASU 2015-03 on January 1, 2016 and have disclosed the reclassification of our debt issuance costs in the Reclassifications section above. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively. Instead, an acquirer will recognize a measurement period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at 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. The adoption and implementation of the standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 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. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces existing sale-leaseback guidance with a new model applicable to both lessees and lessors. Additionally, the new standard requires extensive quantitative and qualitative disclosures. ASU 2016-02 is effective for U.S. GAAP public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final lease standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We are evaluating the impact of the new standard and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. ASU 2016-05 clarifies that a change in counterparty to a derivative contract in and of itself, does not require the dedesignation of a hedging relationship. ASU 2016-05 is effective for fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted and entities have the option of adopting this guidance on a prospective basis to new derivative contracts or on a modified retrospective basis. We elected to early adopt ASU 2016-05 on January 1, 2016 on a prospective basis and there was no impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323). ASU 2016-07 simplifies the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead the equity method of accounting will be applied prospectively from the date significant influence is obtained. The new standard should be applied prospectively for investments that qualify for the equity method of accounting in interim and annual periods beginning after December 15, 2016. Early adoption is permitted and we elected to early adopt this standard as of January 1, 2016. The adoption of this standard had no impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, and (iv) distributions received from equity method investees. ASU 2016-15 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-15 on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control . ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which we adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 will be effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-17 on our consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 2016
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. We also reimburse our Advisor for general and administrative duties performed on our behalf. 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 paid, 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 relevant agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 2,547 $ 2,098 $ 7,424 $ 5,244 Available Cash Distributions 1,662 1,705 5,319 4,021 Personnel and overhead reimbursements 601 409 2,210 852 Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee 203 101 631 274 Stock-based compensation 100 100 100 100 Acquisition expenses — 6,851 3,484 25,532 Annual distribution and shareholder servicing fee (a) — 671 — 1,836 $ 5,113 $ 11,935 $ 19,168 $ 37,859 Acquisition Fees Capitalized Current acquisition fees $ 1,166 $ 677 $ 2,987 $ 7,052 Deferred acquisition fees 933 542 2,390 5,641 Capitalized personnel and overhead reimbursements 35 — 283 — $ 2,134 $ 1,219 $ 5,660 $ 12,693 ___________ (a) For the three and nine months ended September 30, 2016 , we paid $0.6 million and $1.9 million , respectively, related to the annual distribution and shareholder servicing fee, which, beginning in the fourth quarter of 2015, is accounted for as a reduction in our shareholder servicing fee liability and additional paid-in capital in our consolidated financial statements. The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): September 30, 2016 December 31, 2015 Due to Affiliate Deferred acquisition fees, including interest $ 16,255 $ 26,747 Shareholder servicing fee liability 7,868 9,394 Accounts payable and other 2,178 3,872 Asset management fees payable 846 813 Current acquisition fees 186 3,148 $ 27,333 $ 43,974 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 (who may then reimburse 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 and 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 September 30, 2016 , our Advisor incurred organization and offering costs of $8.7 million on our behalf, all of which we were obligated to pay because such costs did not exceed 1.5% of the gross proceeds from our initial public offering. As a result, we have fully repaid our Advisor for such costs, which we have charged to stockholders’ equity in our consolidated financial statements. Loans from WPC In January 2013, our board of directors and the board of directors of WPC 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 was 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 had sufficient available funds to complete. All loans were made solely at the discretion of WPC’s management. This line of credit with WPC was terminated in January 2016. In July 2016, our board of directors and the board of directors of WPC approved unsecured loans from WPC to us, at the sole discretion of WPC’s management, of up to $50.0 million in the aggregate, at a rate equal to the rate at which WPC can borrow funds under its senior credit facility, for acquisition funding purposes. We did not borrow any funds from WPC during the three and nine months ended September 30, 2016 or 2015 , nor did we have any amounts outstanding at September 30, 2016 or December 31, 2015 . See Note 14 , Subsequent Events. 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. We amended the advisory agreement in 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, which was published in August 2016 and estimated to be $7.90 for Class A common stock as of June 30, 2016 (before our initial NAV was published in March 2016, as was the case at December 31, 2015 , we used the offering price of our Class A shares of $10.00 per share). For both the three and nine months ended September 30, 2016 and 2015 , our Advisor received its asset management fees in shares of our Class A common stock, which is a non-cash financing activity. At September 30, 2016 , our Advisor owned 1,889,683 shares, or 1.4% , of our Class A common stock outstanding. 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 on a cumulative basis through September 30, 2016 . 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 initially 1.0% of the offering price per share of our Class C common stock before we began reporting our NAV, but is now 1.0% of the most recently published NAV of our Class C common stock, which was published in August 2016 and estimated to be $7.90 for Class C common stock as of June 30, 2016 . 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 September 30, 2016 and December 31, 2015 , we had a liability of $7.9 million and $9.4 million , respectively, within Due to affiliate in the consolidated financial statements to reflect the present value of the estimated future payments that we expect to pay Carey Financial. 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 and are subject to the preferred return described above. The preferred return was achieved as of the periods ended September 30, 2016 and December 31, 2015 . Unpaid deferred acquisition fees are included in Due to affiliate in the consolidated financial statements and bear interest at an annual rate of 2% . The cumulative total acquisition costs, including acquisition fees paid to the advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. 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. These fees are paid at the discretion of our board of directors. 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 entities that are managed by WPC and its affiliates, including Corporate Property Associates 17 – Global Incorporated, or CPA ® :17 – Global; Carey Watermark Investors Incorporated, or CWI 1; Carey Watermark Investors 2 Incorporated, or CWI 2; Carey Credit Income Fund, or CCIF; and Carey European Student Housing Fund I, L.P., or CESH I. 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 for acquisitions and dispositions. Under the advisory agreement currently in place, the amount of applicable personnel costs allocated to us was 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 relating to services performed for different types of transactions, such as financing, lease amendments, and dispositions, among other categories, and includes 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. However, 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 Our Advisor is obligated to reimburse us for the amount by which our operating expenses exceeds the “2%/25% guidelines” (the greater of 2% of average invested assets or 25% of net income) as defined in the advisory agreement for any 12-month period, subject to certain conditions. For the most recent four trailing quarters, our operating expenses were below this threshold. Available Cash Distributions WPC’s 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 attributable to noncontrolling interests in the consolidated financial statements. Jointly-Owned Investments and Other Transactions with our Affiliates At September 30, 2016 , we owned interests ranging from 50% to 97% in jointly-owned investments, with the remaining interests held by affiliates or by third parties. We consolidate all of these joint ventures with exception to our sole equity investment ( Note 5 ), which we account for under the equity method of accounting. Additionally, no other parties hold any rights that overcome our control. We account for the minority share of these investments as noncontrolling interests.

Net Investments in Properties a

Net Investments in Properties and Real Estate Under Construction	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Net Investments in Properties and Real Estate Under Construction	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): September 30, 2016 December 31, 2015 Land $ 179,564 $ 173,094 Buildings and improvements 844,679 813,480 Less: Accumulated depreciation (51,243 ) (31,467 ) $ 973,000 $ 955,107 The carrying value of our Real estate increased by $21.9 million from December 31, 2015 to September 30, 2016 , due to the weakening of the U.S. dollar relative to foreign currencies (primarily the euro) during the period. Operating Real Estate Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): September 30, 2016 December 31, 2015 Land $ 100,616 $ 86,016 Buildings and improvements 472,737 404,836 Less: Accumulated depreciation (22,690 ) (10,727 ) $ 550,663 $ 480,125 Depreciation expense was $10.6 million and $8.6 million for the three months ended September 30, 2016 and 2015 , respectively, and $31.2 million and $22.0 million for the nine months ended September 30, 2016 and 2015 , respectively. Acquisitions of Real Estate and Operating Real Estate During 2016 Asset Acquisition On February 19, 2016, we invested in a build-to-suit joint venture with a third party for a university complex development site located in Accra, Ghana for $6.5 million , which includes capitalized acquisition costs of $2.6 million . Upon completion of this project, which is estimated to be in 2018, our total investment is expected to be approximately $65.7 million . We deemed this investment to be a VIE since the joint venture does not have sufficient equity at risk. Additionally, we consolidate the entity, since we currently wholly own and control the joint venture. See Real Estate Under Construction below for more details. In connection with the above project, on February 19, 2016, the joint venture obtained third-party financing (subject to the tenant obtaining a letter of credit, which has not yet occurred) in an amount up to $41.0 million , with an estimated interest rate based on the U.S. treasury rate plus 300 basis points. As of September 30, 2016 , we had no amount outstanding under this financing arrangement. In addition, the joint venture has procured a policy of political risk insurance on its equity investment, which is subject to coverage-specific limits and other conditions. Business Combinations — Self-Storage Properties During the nine months ended September 30, 2016 , we acquired the following four self-storage investments, for a total of $43.0 million : • $20.3 million for five facilities, including three in Delaware, one in Milford, Massachusetts, and one in Washington D.C., on April 11, 2016; • $11.0 million for a facility in Gilroy, California on February 17, 2016; • $5.6 million for a facility in Avondale, Louisiana on January 14, 2016; and • $6.1 million for a facility in Kissimmee, Florida on January 14, 2016. In connection with these self-storage property transactions, we incurred acquisition expenses totaling $4.7 million , which are included in Acquisition expenses in the consolidated financial statements. During the nine months ended September 30, 2016 , we obtained non-recourse mortgage loans totaling $108.3 million , of which $13.8 million relate to our 2016 acquisitions and the remainder related to our 2015 acquisitions. In addition, we assumed certain non-recourse mortgage loans totaling $27.9 million , which related to the properties we acquired on April 11, 2016 ( Note 10 ). 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 September 30, 2016 (in thousands): Self-Storage Properties (a) Cash consideration $ 43,023 Assets acquired at fair value: Land $ 11,573 Buildings 51,231 In-place lease intangible assets 8,158 Other assets acquired 447 71,409 Liabilities assumed at fair value: Mortgages assumed (27,925 ) Other liabilities assumed (461 ) (28,386 ) Total identifiable net assets $ 43,023 Self-Storage Properties Respective Acquisition dates through September 30, 2016 Revenues $ 4,052 Net loss $ (6,078 ) Net loss attributable to CPA ® :18 – Global $ (6,078 ) ___________ (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. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Nine Months Ended September 30, 2016 Beginning balance $ 131,930 Capitalized funds 93,575 Capitalized interest 5,137 Foreign currency translation adjustments (2,839 ) Placed into service (29,865 ) Ending balance $ 197,938 Capitalized Funds — During the nine months ended September 30, 2016 , total capitalized funds primarily related to our build-to-suit projects, which were comprised primarily of initial funding of $6.5 million and construction draws of $87.1 million . Capitalized funds include accrued costs of $5.7 million , which are a non-cash investing activity. Capitalized Interest — Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest incurred during construction, which totaled $5.1 million during the nine months ended September 30, 2016 and is a non-cash investing activity. Of that total, $0.3 million of capitalized interest relates to our equity investment in real estate. Placed into Service — During the nine months ended September 30, 2016 , we placed into service two build-to-suit expansion projects and one partially completed student housing development totaling $29.9 million , which is a non-cash investing activity. Of that total, $15.1 million was reclassified to Operating real estate, at cost and $14.8 million was reclassified to Real estate, at cost. Ending Balance — At September 30, 2016 , we had six open build-to-suit projects and one open build-to-suit expansion project with aggregate unfunded commitments totaling approximately $176.4 million , which included $22.4 million related to our equity investment. At September 30, 2016 , the aggregate unfunded commitments related to our VIEs totaled $169.2 million . Equity Investment in Real Estate On May 2, 2016, the joint venture purchased a vacant parcel of land in Vaughan, Ontario for $2.0 million , which is based on the exchange rate of the Canadian dollar at the date of acquisition. This parcel of land will be the site of our third self-storage development in Canada as a part of this joint venture. On July 1, 2016, we commenced operations in one Canadian self-storage facility upon the completion of a distinct phase of the overall development, and as a result, $2.9 million of the total project was placed into service. During both the three and nine months ended September 30, 2016 , we incurred losses of less than $0.1 million relating to this project, which is included in Other income and (expenses) on our consolidated financial statements. At September 30, 2016 and December 31, 2015 , our total equity investment balance for these properties was $14.5 million and $12.6 million , respectively, and the joint venture had total third-party recourse debt of $10.7 million and $0.1 million , respectively.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 2016
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 Interest income from direct financing leases was $1.1 million and $1.0 million for the three months ended September 30, 2016 and 2015 , respectively, and $3.5 million and $3.1 million for the nine months ended September 30, 2016 and 2015 , respectively. Disposition On December 30, 2013 and March 7, 2014, we entered into domestic net lease financing transactions with subsidiaries of Crowne Group Inc., from whom we acquired a total of five industrial facilities located 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 . During the three and nine months ended September 30, 2015 , 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 10 ) 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) on our consolidated financial statements. Credit Quality of Finance Receivables We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. At both September 30, 2016 and December 31, 2015 , we had no significant balances of our finance receivables that were past due and we had not established any allowances for credit losses. Additionally, there were no modifications of finance receivables during the nine months ended September 30, 2016 or the year ended December 31, 2015 . 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 third quarter of 2016. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 1 1 1 $ 11,177 $ 12,684 2 1 1 9,135 9,065 3 4 4 57,870 58,217 4 — — — — 5 — — — — 0 $ 78,182 $ 79,966

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2016
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In connection with our acquisitions of properties ( Note 5 ) during the nine months ended September 30, 2016 , we have recorded In-place lease intangibles of $8.2 million that are being amortized over a period of approximately two 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. Goodwill represents the consideration exceeding the fair value of the identifiable assets acquired and liabilities assumed for certain of our previously acquired investments that were deemed to be business combinations. Goodwill resulted primarily from recognizing deferred tax liabilities in connection with the acquisition of certain of our foreign investments. The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Nine Months Ended September 30, 2016 Balance at January 1, 2016 $ 23,389 Foreign currency translation 1,714 Balance at September 30, 2016 $ 25,103 Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease $ 266,908 $ (75,039 ) $ 191,869 $ 255,510 $ (43,090 ) $ 212,420 Below-market ground lease 21,416 (642 ) 20,774 20,894 (325 ) 20,569 Above-market rent 12,327 (2,156 ) 10,171 12,174 (1,322 ) 10,852 300,651 (77,837 ) 222,814 288,578 (44,737 ) 243,841 Unamortizable Intangible Assets Goodwill 25,103 — 25,103 23,389 — 23,389 Total intangible assets $ 325,754 $ (77,837 ) $ 247,917 $ 311,967 $ (44,737 ) $ 267,230 Amortizable Intangible Liabilities Below-market rent $ (15,295 ) $ 2,999 $ (12,296 ) $ (15,439 ) $ 1,546 $ (13,893 ) Above-market ground lease (106 ) 3 (103 ) (121 ) 2 (119 ) Total intangible liabilities $ (15,401 ) $ 3,002 $ (12,399 ) $ (15,560 ) $ 1,548 $ (14,012 ) Net amortization of intangibles, including the effect of foreign currency translation, was $10.3 million and $9.0 million for the three months ended September 30, 2016 and 2015 , respectively, and $31.5 million and $22.4 million for the nine months ended September 30, 2016 and 2015 , 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.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
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, foreign currency forward contracts and foreign currency collars; 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 9 ). 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 9 ). 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 three of our international investments. 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 September 30, 2016 and December 31, 2015 , our rent guarantees had a fair value of $0.9 million and $1.3 million , respectively. 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% and a growth rate that ranged from 1% to 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. During the three and nine months ended September 30, 2016 , we recognized $0.3 million and $1.1 million , respectively, of mark-to-market gains related to these rent guarantees within Other income and (expenses) on our consolidated financial statements. We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during the three and nine months ended September 30, 2016 and 2015. 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): September 30, 2016 December 31, 2015 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) (b) 3 $ 1,145,632 $ 1,192,071 $ 999,213 $ 1,022,641 Note receivable (c) 3 28,000 28,400 28,000 28,400 ___________ (a) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015 ( Note 3 ). At September 30, 2016 and December 31, 2015, the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $8.4 million and $8.3 million , respectively. At both September 30, 2016 and December 31, 2015, the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.7 million . (b) We determined the estimated fair value of our non-recourse debt and bonds payable using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our 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. 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 September 30, 2016 and December 31, 2015 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing assets and liabilities. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other investments due to changes in interest rates or other market factors. We own international investments, primarily in Europe, and are subject to 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 income (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 income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (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 September 30, 2016 and December 31, 2015 , 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 September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Foreign currency forward contracts and collars Other assets, net $ 4,576 $ 7,471 $ — $ — Interest rate caps Other assets, net 1 17 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (201 ) (28 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,514 ) (1,568 ) $ 4,577 $ 7,488 $ (3,715 ) $ (1,596 ) 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 Income (Loss) (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2016 2015 2016 2015 Foreign currency forward contracts and collars $ (1,294 ) $ 835 $ (2,715 ) $ 2,624 Interest rate swaps 366 22 (1,947 ) 524 Interest rate caps — (20 ) (16 ) (33 ) Derivatives in Net Investment Hedging Relationship (a) Foreign currency forward contracts and collars (166 ) 276 (306 ) 366 Total $ (1,094 ) $ 1,113 $ (4,984 ) $ 3,481 ___________ (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 income (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 Income (Loss) into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency forward contracts and collars Other income and (expenses) $ 342 $ 308 $ 1,010 $ 870 Interest rate swaps Interest expense (230 ) (1,401 ) (660 ) (2,001 ) Interest rate caps Interest expense (1 ) — (1 ) — Total $ 111 $ (1,093 ) $ 349 $ (1,131 ) Amounts reported in Other comprehensive income (loss) related to our interest rate swaps will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At September 30, 2016 , we estimated that an additional $0.8 million and $1.2 million will be reclassified as Interest expense and Other income and (expenses), 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 Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency collars Other income and (expenses) $ (11 ) $ — $ (21 ) $ — Interest rate swaps Interest expense — (63 ) — (63 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 5 — 1 — $ (6 ) $ (63 ) $ (20 ) $ (63 ) __________ (a) Relates to the ineffective portion of the hedging relationship. 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 continue to 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 September 30, 2016 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at September 30, 2016 Interest rate swaps 7 54,255 USD $ (3,514 ) Interest rate caps 2 22,000 USD 1 $ (3,513 ) 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. 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 consists of a written call option and a purchased put option to sell the foreign currency and guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. These instruments lock the range in which a foreign currency exchange rate may fluctuate. Our foreign currency forward contracts and foreign currency collars have maturities of 76 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations at September 30, 2016 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts and collars 65 28,133 EUR $ 3,049 Foreign currency forward contracts and collars 47 92,041 NOK 1,200 Designated as Net Investment Hedging Instruments Foreign currency forward contracts and collars 7 30,513 NOK 126 $ 4,375 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 September 30, 2016 . At September 30, 2016 , our total credit exposure was $4.2 million and the maximum exposure to any single counterparty was $2.8 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 September 30, 2016 , 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 $3.8 million and $1.6 million at September 30, 2016 and December 31, 2015, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at September 30, 2016 or December 31, 2015, we could have been required to settle our obligations under these agreements at their aggregate termination value of $4.2 million and $1.7 million , respectively.

Non-Recourse Debt and Bonds Pay

Non-Recourse Debt and Bonds Payable	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Non-Recourse Debt and Bonds Payable	Non-Recourse Debt and Bonds Payable At September 30, 2016 , our debt bore interest at fixed annual rates ranging from 1.6% to 5.8% and variable contractual annual rates ranging from 2.2% to 5.1% , with maturity dates from 2017 to 2039 . During the nine months ended September 30, 2016 , we obtained or assumed several non-recourse mortgage financings totaling $120.4 million , with a weighted-average annual interest rate of 4.5% and term of nine years. In addition, we obtained a €48.0 million senior construction-to-term mortgage loan related to the development of an office building located in Eindhoven, the Netherlands, which bears an interest rate of Euro Interbank Offered Rate plus 2.5% for each draw down. As of September 30, 2016 , we had drawn $15.8 million on this loan, at an interest rate of 3.19% , which is based on the exchange rate of the euro at the date of each drawdown. Upon the completion of the development project, this loan will be converted to a seven -year term loan, at which time it will bear a fixed interest rate of 1.75% . In addition, during the nine months ended September 30, 2016 , we entered into agreements for third-party non-recourse mortgage financing related to the following build-to-suit investments, which had no amounts drawn as of September 30, 2016 : • $41.0 million that will be used to finance the construction of the university complex development site located in Accra, Ghana ( Note 5 ), which is subject to the tenant obtaining a letter of credit and will bear an interest rate based on the U.S. treasury rate plus 300 basis points upon draw down; • €15.2 million that is expected to be available upon the substantial completion of a hotel located in Hamburg, Germany, which will bear an interest rate of 2.1% upon draw down; and • €12.8 million that was scheduled to become available upon the completion of the expansion of an industrial facility located in Michalovce, Slovakia, which will bear an interest rate based upon the Euro Interbank Offered Rate plus 3.1% upon draw down. This expansion was completed during the three months ended September 30, 2016 , and we drew down on the mortgage proceeds on October 14, 2016. In conjunction with the August 2015 sale of the Crowne Group Inc. properties ( Note 6 ), we paid off the existing mortgage loans that encumbered all of these properties. The buyer paid the prepayment penalty on our behalf due to the unwinding of the related interest rate swap agreement. During the three and nine months ended September 30, 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. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2016, each of the next four calendar years following December 31, 2016 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 (remainder) $ 1,117 2017 22,668 2018 27,296 2019 5,644 2020 115,415 Thereafter through 2039 982,363 1,154,503 Unamortized premium, net 279 Deferred financing costs (a) (9,150 ) Total $ 1,145,632 ___________ (a) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015 ( Note 3 ). Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2016 . The carrying value of our Non-recourse debt, net and Bonds payable, net increased by $14.5 million from December 31, 2015 to September 30, 2016 , reflecting the impact of the weakening of the U.S. dollar relative to certain foreign currencies (primarily the euro) during the same period.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2016 , 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 5 for unfunded construction commitments.

Loss Per Share and Equity

Loss Per Share and Equity	9 Months Ended
	Sep. 30, 2016
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): Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Shares Outstanding Allocation of Loss Basic and Diluted Loss Class A common stock 106,279,055 $ (3,083 ) $ (0.03 ) 102,293,880 $ (7,078 ) $ (0.07 ) Class C common stock 30,205,326 (998 ) (0.03 ) 29,279,706 (2,697 ) (0.09 ) Net loss attributable to CPA ® :18 – Global $ (4,081 ) $ (9,775 ) Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (a) Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Shares Outstanding Allocation of Loss Basic and Diluted Loss Class A common stock 105,148,891 $ (12,569 ) $ (0.12 ) 101,471,695 $ (31,659 ) $ (0.31 ) Class C common stock 29,964,756 (3,921 ) (0.13 ) 26,925,898 (10,237 ) (0.38 ) Net loss attributable to CPA ® :18 – Global $ (16,490 ) $ (41,896 ) ___________ (a) As discussed in Note 3 , we revised our consolidated statement of operations for the three months ended March 31, 2015. 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 three and nine months ended September 30, 2016 , the allocation for Class A common stock excludes $0.1 million and $0.3 million , respectively, of interest expense related to the accretion of interest on our annual distribution and shareholder servicing fee liability, which is only applicable to Class C common stock ( Note 4 ). For the three and nine months ended September 30, 2015 , the allocation for Class A common stock excludes the annual distribution and shareholder servicing fee of $0.7 million and $1.8 million , respectively, which is only allocated to Class C common stock ( Note 4 ). Distributions During the three months ended September 30, 2016 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1376 per share for our Class C common stock. Distributions in the aggregate amount of $20.8 million were paid on October 14, 2016 to stockholders of record on September 30, 2016 . During the nine months ended September 30, 2016 , our board of directors declared quarterly distributions aggregating to a total of $49.4 million for our Class A common stock and $12.2 million for our Class C common stock, which equates to $0.4689 per share for our Class A common stock and $0.4089 per share for our Class C common stock. Distributions are declared at the discretion of our board of directors and are not guaranteed. Until we fully invest the net proceeds of our initial public offering, we expect that a portion of our distributions will be paid 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): Three Months Ended September 30, 2016 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 1,610 $ (51,377 ) $ (49,767 ) Other comprehensive income before reclassifications (817 ) 2,963 2,146 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 231 — 231 Other income and (expenses) (342 ) — (342 ) Net current-period Other comprehensive income (928 ) 2,963 2,035 Net current-period Other comprehensive loss attributable to noncontrolling interests — (813 ) (813 ) Ending balance $ 682 $ (49,227 ) $ (48,545 ) Three Months Ended September 30, 2015 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 3,430 $ (39,391 ) $ (35,961 ) Other comprehensive loss before reclassifications (256 ) (6,724 ) (6,980 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 1,401 — 1,401 Other income and (expenses) (308 ) — (308 ) Net current-period Other comprehensive loss 837 (6,724 ) (5,887 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 1,300 1,300 Ending balance $ 4,267 $ (44,815 ) $ (40,548 ) Nine Months Ended September 30, 2016 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 5,360 $ (55,676 ) $ (50,316 ) Other comprehensive income before reclassifications (4,329 ) 8,739 4,410 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 661 — 661 Other income and (expenses) (1,010 ) — (1,010 ) Net current-period Other comprehensive income (4,678 ) 8,739 4,061 Net current-period Other comprehensive income attributable to noncontrolling interests — (2,290 ) (2,290 ) Ending balance $ 682 $ (49,227 ) $ (48,545 ) Nine Months Ended September 30, 2015 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 1,152 $ (22,093 ) $ (20,941 ) Other comprehensive loss before reclassifications 1,984 (28,202 ) (26,218 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 2,001 — 2,001 Other income and (expenses) (870 ) — (870 ) Net current-period Other comprehensive loss 3,115 (28,202 ) (25,087 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 5,480 5,480 Ending balance $ 4,267 $ (44,815 ) $ (40,548 )

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2016
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 leases 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): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Lease Revenues $ 27,869 $ 24,056 $ 82,500 $ 65,288 Operating expenses (15,448 ) (20,559 ) (46,170 ) (51,479 ) Interest expense (7,516 ) (6,151 ) (22,096 ) (18,921 ) Other income and expenses, excluding interest expense 382 (2,502 ) 1,093 (2,405 ) (Provision for) benefit from income taxes (16 ) 2,626 210 1,489 Gain (loss) on sale of real estate, net of tax — 6,654 (63 ) 6,654 Net income attributable to noncontrolling interests (607 ) (419 ) (1,441 ) (1,190 ) Net income (loss) attributable to CPA ® :18 – Global $ 4,664 $ 3,705 $ 14,033 $ (564 ) Self Storage Revenues $ 13,079 $ 7,153 $ 35,785 $ 16,128 Operating expenses (14,106 ) (10,492 ) (44,354 ) (28,546 ) Interest expense (2,976 ) (1,492 ) (7,971 ) (3,385 ) Other income and expenses, excluding interest expense (69 ) 18 (86 ) 29 Provision for income taxes (12 ) (13 ) (103 ) (36 ) Net loss attributable to CPA ® :18 – Global $ (4,084 ) $ (4,826 ) $ (16,729 ) $ (15,810 ) All Other Revenues $ 6,336 $ 5,860 $ 18,512 $ 13,297 Operating expenses (4,327 ) (6,334 ) (12,375 ) (18,774 ) Interest expense (1,221 ) (1,298 ) (3,640 ) (2,557 ) Provision for income taxes (28 ) (50 ) (107 ) (34 ) Net (income) loss attributable to noncontrolling interests 38 32 30 115 Net income (loss) attributable to CPA ® :18 – Global $ 798 $ (1,790 ) $ 2,420 $ (7,953 ) Corporate Unallocated Corporate Overhead (a) $ (3,797 ) $ (5,159 ) $ (10,895 ) $ (13,548 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (1,662 ) $ (1,705 ) $ (5,319 ) $ (4,021 ) Total Company Revenues $ 47,284 $ 37,069 $ 136,797 $ 94,713 Operating expenses (38,093 ) (42,174 ) (115,606 ) (110,700 ) Interest expense (11,025 ) (7,970 ) (31,705 ) (24,065 ) Other income and expenses, excluding interest expense 87 (2,324 ) 1,120 (4,256 ) (Provision for) benefit from income taxes (103 ) 1,062 (303 ) 854 Gain (loss) on sale of real estate, net of tax — 6,654 (63 ) 6,654 Net income attributable to noncontrolling interests (2,231 ) (2,092 ) (6,730 ) (5,096 ) Net loss attributable to CPA ® :18 – Global $ (4,081 ) $ (9,775 ) $ (16,490 ) $ (41,896 ) Total Long-Lived Assets Total Assets September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (b) Net Lease $ 1,179,108 $ 1,105,237 $ 1,498,257 $ 1,446,865 Self Storage 371,082 314,247 416,835 363,284 All Other 249,593 227,644 260,131 238,240 Corporate — — 56,323 86,294 Total Company $ 1,799,783 $ 1,647,128 $ 2,231,546 $ 2,134,683 __________ (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. (b) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015 ( Note 3 ).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 1, 2016, we acquired a $38.5 million mezzanine loan, as part of the financing of 27 retail stores in Minnesota, Wisconsin, and Iowa leased to a third party. We will receive interest at an annual rate of London Interbank Offered Rate, or LIBOR, plus 10% and the loan has a scheduled maturity date of October 9, 2018 with three one -year extension options. On October 31, 2016, we received $27.5 million of loan proceeds from WPC, which was used to partially finance this investment, and has an annual interest rate of LIBOR as of the issue date plus 1.1% and a scheduled maturity date of October 31, 2017.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP.
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.
Recently Adopted Accounting Policy	On January 1, 2016, we adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) as described in the Recent Accounting Pronouncements section below. ASU 2015-03 changes the presentation of debt issuance costs, which were previously recognized as an asset and requires that they be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. As a result of adopting this guidance, we reclassified $9.0 million of deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015. On January 1, 2016, we adopted the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Update, or ASU, 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , as described in the Recent Accounting Pronouncements section below, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are 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. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. 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. We performed this analysis on all of our subsidiary entities following the guidance in ASU 2015-02 to determine whether they qualify as VIEs and whether they should be consolidated or accounted for as equity investments in an unconsolidated venture. As a result of this change in guidance, we determined that eight entities that were previously classified as voting interest entities should now be classified as VIEs as of January 1, 2016 and therefore included in our VIE disclosures. However, there was no change in determining whether or not we consolidate these entities as a result of the new guidance. We elected to retrospectively adopt ASU 2015-02, which resulted in changes to our VIE disclosures within the consolidated balance sheets. There were no other changes to our consolidated balance sheets or results of operations for the periods presented. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets, except for the financing arrangement of our sole equity method investment, for which we have provided the lender with a guarantee of amounts due primarily of principal and interest payments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued 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, 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. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810). ASU 2015-02 amends the current consolidation guidance, including modification of the guidance for evaluating whether limited partnerships and similar legal entities are VIEs or voting interest entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, 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. Please refer to the discussion in the Basis of Consolidation section above. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30). ASU 2015-03 changed the presentation of debt issuance costs, which were previously recognized as a deferred charge (that is, an asset) and required 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 adopted ASU 2015-03 on January 1, 2016 and have disclosed the reclassification of our debt issuance costs in the Reclassifications section above. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively. Instead, an acquirer will recognize a measurement period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at 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. The adoption and implementation of the standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 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. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces existing sale-leaseback guidance with a new model applicable to both lessees and lessors. Additionally, the new standard requires extensive quantitative and qualitative disclosures. ASU 2016-02 is effective for U.S. GAAP public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; for all other entities, the final lease standard will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We are evaluating the impact of the new standard and have not yet determined if it will have a material impact on our business or our consolidated financial statements. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. ASU 2016-05 clarifies that a change in counterparty to a derivative contract in and of itself, does not require the dedesignation of a hedging relationship. ASU 2016-05 is effective for fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted and entities have the option of adopting this guidance on a prospective basis to new derivative contracts or on a modified retrospective basis. We elected to early adopt ASU 2016-05 on January 1, 2016 on a prospective basis and there was no impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323). ASU 2016-07 simplifies the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead the equity method of accounting will be applied prospectively from the date significant influence is obtained. The new standard should be applied prospectively for investments that qualify for the equity method of accounting in interim and annual periods beginning after December 15, 2016. Early adoption is permitted and we elected to early adopt this standard as of January 1, 2016. The adoption of this standard had no impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 intends to reduce diversity in practice for certain cash flow classifications, including, but not limited to (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination, (iii) proceeds from the settlement of insurance claims, and (iv) distributions received from equity method investees. ASU 2016-15 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. We are in the process of evaluating the impact of adopting ASU 2016-15 on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control . ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which we adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 will be effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-17 on our consolidated financial statements.
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.
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, foreign currency forward contracts and foreign currency collars; 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. 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 9 ). 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 9 ). 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.
Derivatives	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 income (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 income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (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.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	At September 30, 2016 , we considered 13 entities VIEs, 12 of which we consolidated as we are considered the primary beneficiary. At December 31, 2015 , we considered 12 entities VIEs, 11 of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): September 30, 2016 December 31, 2015 Net investments in properties $ 379,733 $ 360,049 Real estate under construction 182,883 119,115 Net investments in direct financing leases 11,177 12,684 Cash and cash equivalents 12,402 18,356 In-place lease intangible assets, net 70,215 73,487 Other intangible assets, net 22,365 22,316 Other assets, net 44,117 52,915 Total assets $ 722,892 $ 658,922 Non-recourse debt, net $ 231,548 $ 196,436 Bonds payable, net 61,669 56,259 Deferred income taxes 22,948 21,577 Accounts payable, accrued expenses and other liabilities 33,836 29,163 Total liabilities $ 350,001 $ 303,435

Agreements and Transactions w26

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, 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 relevant agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 2,547 $ 2,098 $ 7,424 $ 5,244 Available Cash Distributions 1,662 1,705 5,319 4,021 Personnel and overhead reimbursements 601 409 2,210 852 Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee 203 101 631 274 Stock-based compensation 100 100 100 100 Acquisition expenses — 6,851 3,484 25,532 Annual distribution and shareholder servicing fee (a) — 671 — 1,836 $ 5,113 $ 11,935 $ 19,168 $ 37,859 Acquisition Fees Capitalized Current acquisition fees $ 1,166 $ 677 $ 2,987 $ 7,052 Deferred acquisition fees 933 542 2,390 5,641 Capitalized personnel and overhead reimbursements 35 — 283 — $ 2,134 $ 1,219 $ 5,660 $ 12,693 ___________ (a) For the three and nine months ended September 30, 2016 , we paid $0.6 million and $1.9 million , respectively, related to the annual distribution and shareholder servicing fee, which, beginning in the fourth quarter of 2015, is accounted for as a reduction in our shareholder servicing fee liability and additional paid-in capital in our consolidated financial statements. The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): September 30, 2016 December 31, 2015 Due to Affiliate Deferred acquisition fees, including interest $ 16,255 $ 26,747 Shareholder servicing fee liability 7,868 9,394 Accounts payable and other 2,178 3,872 Asset management fees payable 846 813 Current acquisition fees 186 3,148 $ 27,333 $ 43,974

Net Investments in Properties27

Net Investments in Properties and Real Estate Under Construction (Tables)	9 Months Ended
	Sep. 30, 2016
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): September 30, 2016 December 31, 2015 Land $ 100,616 $ 86,016 Buildings and improvements 472,737 404,836 Less: Accumulated depreciation (22,690 ) (10,727 ) $ 550,663 $ 480,125 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): September 30, 2016 December 31, 2015 Land $ 179,564 $ 173,094 Buildings and improvements 844,679 813,480 Less: Accumulated depreciation (51,243 ) (31,467 ) $ 973,000 $ 955,107
Schedule of Assets Acquired in Business Combination	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 September 30, 2016 (in thousands): Self-Storage Properties (a) Cash consideration $ 43,023 Assets acquired at fair value: Land $ 11,573 Buildings 51,231 In-place lease intangible assets 8,158 Other assets acquired 447 71,409 Liabilities assumed at fair value: Mortgages assumed (27,925 ) Other liabilities assumed (461 ) (28,386 ) Total identifiable net assets $ 43,023 Self-Storage Properties Respective Acquisition dates through September 30, 2016 Revenues $ 4,052 Net loss $ (6,078 ) Net loss attributable to CPA ® :18 – Global $ (6,078 ) ___________ (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.
Schedule Of Revenues and Net Income From Business Combination	Self-Storage Properties Respective Acquisition dates through September 30, 2016 Revenues $ 4,052 Net loss $ (6,078 ) Net loss attributable to CPA ® :18 – Global $ (6,078 )
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Nine Months Ended September 30, 2016 Beginning balance $ 131,930 Capitalized funds 93,575 Capitalized interest 5,137 Foreign currency translation adjustments (2,839 ) Placed into service (29,865 ) Ending balance $ 197,938

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
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 Carrying Value at Internal Credit Quality Indicator September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 1 1 1 $ 11,177 $ 12,684 2 1 1 9,135 9,065 3 4 4 57,870 58,217 4 — — — — 5 — — — — 0 $ 78,182 $ 79,966

Intangible Assets and Liabili29

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Intangible Assets And Liabilities [Abstract]
Schedule of Goodwill	The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Nine Months Ended September 30, 2016 Balance at January 1, 2016 $ 23,389 Foreign currency translation 1,714 Balance at September 30, 2016 $ 25,103
Schedule Of Intangible Assets and Liabilities	Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease $ 266,908 $ (75,039 ) $ 191,869 $ 255,510 $ (43,090 ) $ 212,420 Below-market ground lease 21,416 (642 ) 20,774 20,894 (325 ) 20,569 Above-market rent 12,327 (2,156 ) 10,171 12,174 (1,322 ) 10,852 300,651 (77,837 ) 222,814 288,578 (44,737 ) 243,841 Unamortizable Intangible Assets Goodwill 25,103 — 25,103 23,389 — 23,389 Total intangible assets $ 325,754 $ (77,837 ) $ 247,917 $ 311,967 $ (44,737 ) $ 267,230 Amortizable Intangible Liabilities Below-market rent $ (15,295 ) $ 2,999 $ (12,296 ) $ (15,439 ) $ 1,546 $ (13,893 ) Above-market ground lease (106 ) 3 (103 ) (121 ) 2 (119 ) Total intangible liabilities $ (15,401 ) $ 3,002 $ (12,399 ) $ (15,560 ) $ 1,548 $ (14,012 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
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): September 30, 2016 December 31, 2015 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) (b) 3 $ 1,145,632 $ 1,192,071 $ 999,213 $ 1,022,641 Note receivable (c) 3 28,000 28,400 28,000 28,400 ___________ (a) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015 ( Note 3 ). At September 30, 2016 and December 31, 2015, the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $8.4 million and $8.3 million , respectively. At both September 30, 2016 and December 31, 2015, the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.7 million . (b) We determined the estimated fair value of our non-recourse debt and bonds payable using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our 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.

Risk Management and Use of De31

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 Foreign currency forward contracts and collars Other assets, net $ 4,576 $ 7,471 $ — $ — Interest rate caps Other assets, net 1 17 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (201 ) (28 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,514 ) (1,568 ) $ 4,577 $ 7,488 $ (3,715 ) $ (1,596 )
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) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2016 2015 2016 2015 Foreign currency forward contracts and collars $ (1,294 ) $ 835 $ (2,715 ) $ 2,624 Interest rate swaps 366 22 (1,947 ) 524 Interest rate caps — (20 ) (16 ) (33 ) Derivatives in Net Investment Hedging Relationship (a) Foreign currency forward contracts and collars (166 ) 276 (306 ) 366 Total $ (1,094 ) $ 1,113 $ (4,984 ) $ 3,481 ___________ (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 income (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 Income (Loss) into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency forward contracts and collars Other income and (expenses) $ 342 $ 308 $ 1,010 $ 870 Interest rate swaps Interest expense (230 ) (1,401 ) (660 ) (2,001 ) Interest rate caps Interest expense (1 ) — (1 ) — Total $ 111 $ (1,093 ) $ 349 $ (1,131 )
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 Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Foreign currency collars Other income and (expenses) $ (11 ) $ — $ (21 ) $ — Interest rate swaps Interest expense — (63 ) — (63 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 5 — 1 — $ (6 ) $ (63 ) $ (20 ) $ (63 ) __________ (a) Relates to the ineffective portion of the hedging relationship.
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at September 30, 2016 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at September 30, 2016 Interest rate swaps 7 54,255 USD $ (3,514 ) Interest rate caps 2 22,000 USD 1 $ (3,513 ) The following table presents the foreign currency derivative contracts we had outstanding and their designations at September 30, 2016 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts and collars 65 28,133 EUR $ 3,049 Foreign currency forward contracts and collars 47 92,041 NOK 1,200 Designated as Net Investment Hedging Instruments Foreign currency forward contracts and collars 7 30,513 NOK 126 $ 4,375

Non-Recourse Debt and Bonds P32

Non-Recourse Debt and Bonds Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments during the remainder of 2016, each of the next four calendar years following December 31, 2016 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2016 (remainder) $ 1,117 2017 22,668 2018 27,296 2019 5,644 2020 115,415 Thereafter through 2039 982,363 1,154,503 Unamortized premium, net 279 Deferred financing costs (a) (9,150 ) Total $ 1,145,632 ___________ (a) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015 ( Note 3 ).

Loss Per Share and Equity (Tabl

Loss Per Share and Equity (Tables)	9 Months Ended
	Sep. 30, 2016
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): Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Shares Outstanding Allocation of Loss Basic and Diluted Loss Class A common stock 106,279,055 $ (3,083 ) $ (0.03 ) 102,293,880 $ (7,078 ) $ (0.07 ) Class C common stock 30,205,326 (998 ) (0.03 ) 29,279,706 (2,697 ) (0.09 ) Net loss attributable to CPA ® :18 – Global $ (4,081 ) $ (9,775 ) Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (a) Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Basic and Diluted Weighted-Average Shares Outstanding Allocation of Loss Basic and Diluted Loss Class A common stock 105,148,891 $ (12,569 ) $ (0.12 ) 101,471,695 $ (31,659 ) $ (0.31 ) Class C common stock 29,964,756 (3,921 ) (0.13 ) 26,925,898 (10,237 ) (0.38 ) Net loss attributable to CPA ® :18 – Global $ (16,490 ) $ (41,896 ) ___________ (a) As discussed in Note 3 , we revised our consolidated statement of operations for the three months ended March 31, 2015.
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): Three Months Ended September 30, 2016 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 1,610 $ (51,377 ) $ (49,767 ) Other comprehensive income before reclassifications (817 ) 2,963 2,146 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 231 — 231 Other income and (expenses) (342 ) — (342 ) Net current-period Other comprehensive income (928 ) 2,963 2,035 Net current-period Other comprehensive loss attributable to noncontrolling interests — (813 ) (813 ) Ending balance $ 682 $ (49,227 ) $ (48,545 ) Three Months Ended September 30, 2015 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 3,430 $ (39,391 ) $ (35,961 ) Other comprehensive loss before reclassifications (256 ) (6,724 ) (6,980 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 1,401 — 1,401 Other income and (expenses) (308 ) — (308 ) Net current-period Other comprehensive loss 837 (6,724 ) (5,887 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 1,300 1,300 Ending balance $ 4,267 $ (44,815 ) $ (40,548 ) Nine Months Ended September 30, 2016 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 5,360 $ (55,676 ) $ (50,316 ) Other comprehensive income before reclassifications (4,329 ) 8,739 4,410 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 661 — 661 Other income and (expenses) (1,010 ) — (1,010 ) Net current-period Other comprehensive income (4,678 ) 8,739 4,061 Net current-period Other comprehensive income attributable to noncontrolling interests — (2,290 ) (2,290 ) Ending balance $ 682 $ (49,227 ) $ (48,545 ) Nine Months Ended September 30, 2015 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 1,152 $ (22,093 ) $ (20,941 ) Other comprehensive loss before reclassifications 1,984 (28,202 ) (26,218 ) Amounts reclassified from accumulated other comprehensive income (loss) to: Interest expense 2,001 — 2,001 Other income and (expenses) (870 ) — (870 ) Net current-period Other comprehensive loss 3,115 (28,202 ) (25,087 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 5,480 5,480 Ending balance $ 4,267 $ (44,815 ) $ (40,548 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	(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. The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Lease Revenues $ 27,869 $ 24,056 $ 82,500 $ 65,288 Operating expenses (15,448 ) (20,559 ) (46,170 ) (51,479 ) Interest expense (7,516 ) (6,151 ) (22,096 ) (18,921 ) Other income and expenses, excluding interest expense 382 (2,502 ) 1,093 (2,405 ) (Provision for) benefit from income taxes (16 ) 2,626 210 1,489 Gain (loss) on sale of real estate, net of tax — 6,654 (63 ) 6,654 Net income attributable to noncontrolling interests (607 ) (419 ) (1,441 ) (1,190 ) Net income (loss) attributable to CPA ® :18 – Global $ 4,664 $ 3,705 $ 14,033 $ (564 ) Self Storage Revenues $ 13,079 $ 7,153 $ 35,785 $ 16,128 Operating expenses (14,106 ) (10,492 ) (44,354 ) (28,546 ) Interest expense (2,976 ) (1,492 ) (7,971 ) (3,385 ) Other income and expenses, excluding interest expense (69 ) 18 (86 ) 29 Provision for income taxes (12 ) (13 ) (103 ) (36 ) Net loss attributable to CPA ® :18 – Global $ (4,084 ) $ (4,826 ) $ (16,729 ) $ (15,810 ) All Other Revenues $ 6,336 $ 5,860 $ 18,512 $ 13,297 Operating expenses (4,327 ) (6,334 ) (12,375 ) (18,774 ) Interest expense (1,221 ) (1,298 ) (3,640 ) (2,557 ) Provision for income taxes (28 ) (50 ) (107 ) (34 ) Net (income) loss attributable to noncontrolling interests 38 32 30 115 Net income (loss) attributable to CPA ® :18 – Global $ 798 $ (1,790 ) $ 2,420 $ (7,953 ) Corporate Unallocated Corporate Overhead (a) $ (3,797 ) $ (5,159 ) $ (10,895 ) $ (13,548 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (1,662 ) $ (1,705 ) $ (5,319 ) $ (4,021 ) Total Company Revenues $ 47,284 $ 37,069 $ 136,797 $ 94,713 Operating expenses (38,093 ) (42,174 ) (115,606 ) (110,700 ) Interest expense (11,025 ) (7,970 ) (31,705 ) (24,065 ) Other income and expenses, excluding interest expense 87 (2,324 ) 1,120 (4,256 ) (Provision for) benefit from income taxes (103 ) 1,062 (303 ) 854 Gain (loss) on sale of real estate, net of tax — 6,654 (63 ) 6,654 Net income attributable to noncontrolling interests (2,231 ) (2,092 ) (6,730 ) (5,096 ) Net loss attributable to CPA ® :18 – Global $ (4,081 ) $ (9,775 ) $ (16,490 ) $ (41,896 )
Reconciliation of Assets from Segment to Consolidated	Total Long-Lived Assets Total Assets September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (b) Net Lease $ 1,179,108 $ 1,105,237 $ 1,498,257 $ 1,446,865 Self Storage 371,082 314,247 416,835 363,284 All Other 249,593 227,644 260,131 238,240 Corporate — — 56,323 86,294 Total Company $ 1,799,783 $ 1,647,128 $ 2,231,546 $ 2,134,683 (b) In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Bonds payable, net as of December 31, 2015 ( Note 3 ).

Organization (Narratives) (Deta

Organization (Narratives) (Details) $ in Thousands, ft² in Millions	9 Months Ended		39 Months Ended	57 Months Ended
	Sep. 30, 2016USD ($)ft²segmentpropertytenant	Sep. 30, 2015USD ($)	Apr. 02, 2015USD ($)	Sep. 30, 2016USD ($)ft²propertytenant
Public Offering
Capital interest ownership in operating partnership	99.97%			99.97%
Additional Disclosures
Number of properties | property	59			59
Number of tenants | tenant	102			102
Area of real estate property | ft²	9.6			9.6
Proceeds from issuance of shares, net of issuance costs | $	$ 30,588	$ 125,243	$ 1,200,000
Number of reportable segments | segment	2
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $				$ 74,800
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $				$ 18,300
Operating Real Estate
Additional Disclosures
Area of real estate property | ft²	6.5			6.5
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties | property	67			67
Multi-family | Operating Real Estate
Additional Disclosures
Number of properties | property	8			8

Revisions of Previously-Issue36

Revisions of Previously-Issued Financial Statements (Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Sep. 30, 2015
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prior period adjustment		$ (7.1)
Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prior period adjustment		(7.1)
Treasury Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prior period adjustment		$ (7.1)
Other income and expenses
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	$ 0.9
Loss before income taxes
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	(0.9)
Net loss
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	(0.9)
Net loss attributable to CPA 18
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	$ (0.9)
Net loss attributable to CPA 18 | Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impact on net loss per share from adjustments to prior period financial statements	$ (0.01)
Net loss attributable to CPA 18 | Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impact on net loss per share from adjustments to prior period financial statements	$ (0.01)
Other assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	$ (0.9)
Total assets
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	(0.9)
Distributions and accumulated losses
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	(0.9)
Total equity
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	(0.9)
Comprehensive loss
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	(0.9)
Comprehensive loss attributable to CPA 18
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to prior period financial statements	$ (0.9)

Basis of Presentation Basis o37

Basis of Presentation Basis of Presentation (Narratives) (Details) $ in Thousands	Sep. 30, 2016USD ($)vie	Dec. 31, 2015USD ($)vie
Variable Interest Entity
Variable interest entities, count | vie	13	12
Variable interest entities consolidated, count | vie	12	11
Variable interest entities unconsolidated, count | vie	1	1
Equity investments in real estate maximum loss exposure | $	$ 14,500	$ 12,600
Deferred financing costs | $	$ 9,150
ASU 2015-02
Variable Interest Entity
Variable interest entities, count | vie	8
ASU 2015-03 | Other assets
Variable Interest Entity
Deferred financing costs | $		(9,000)
ASU 2015-03 | Non recourse debt an bond payable
Variable Interest Entity
Deferred financing costs | $		$ 9,000

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Net investments in properties	$ 1,523,663	$ 1,435,232
Real estate under construction	197,938	131,930
Net investment in direct financing leases	50,182	51,966
Cash and cash equivalents	84,775	117,453	$ 269,861	$ 429,548
In-place lease intangible assets, net	191,869	212,420
Other intangible assets, net	30,945	31,421
Other assets, net	84,587	90,284
Total assets	2,231,546	2,134,683
Liabilities
Non-recourse debt, net	997,955	865,327
Bonds payable, net	147,677	133,886
Deferred income taxes	50,156	47,313
Accounts payable, accrued expenses and other liabilities	81,737	71,397
Total liabilities	1,325,635	1,181,975
VIE
Assets
Net investments in properties	379,733	360,049
Real estate under construction	182,883	119,115
Net investment in direct financing leases	11,177	12,684
Cash and cash equivalents	12,402	18,356
In-place lease intangible assets, net	70,215	73,487
Other intangible assets, net	22,365	22,316
Other assets, net	44,117	52,915
Total assets	722,892	658,922
Liabilities
Non-recourse debt, net	231,548	196,436
Bonds payable, net	61,669	56,259
Deferred income taxes	22,948	21,577
Accounts payable, accrued expenses and other liabilities	33,836	29,163
Total liabilities	$ 350,001	$ 303,435

Agreements and Transactions w39

Agreements and Transactions with Related Parties (Narratives) (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended	57 Months Ended
	Sep. 30, 2016	Mar. 31, 2015	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2016	Jul. 31, 2016	Dec. 31, 2015	Jan. 31, 2013
Related Party Transaction
Payment of shareholder servicing fees	$ 600,000			$ 1,900,000
Underwriting compensation limit	10.00%			10.00%	10.00%
Aggregate gross proceeds from offering threshold (percentage)	1.50%			1.50%	1.50%
Organizational costs incurred					$ 8,700,000
Maximum line of credit approved by directors						$ 50,000,000		$ 100,000,000
Due to Related Party
Cumulative selling commissions and Deal manager fees Incurred	$ 107,900,000			$ 107,900,000	107,900,000
Estimated future payments	$ 7,868,000			$ 7,868,000	$ 7,868,000		$ 9,394,000
Preferred return				5.00%
Maximum personnel and overhead reimbursement, percentage	2.20%			2.20%	2.20%		2.40%
Legal fee reimbursement rate	0.25%			0.25%	0.25%
2,017
Due to Related Party
Maximum personnel and overhead reimbursement, percentage	2.00%			2.00%	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%
Current
Due to Related Party
Percentage of acquisition fees				2.50%
Deferred
Due to Related Party
Percentage of acquisition fees				2.00%
Interest rate on deferred acquisition fee	2.00%			2.00%	2.00%
Class A common stock
Related Party Transaction
Net asset value (per share)		$ 7.90
Common stock initial public offering par or stated value per share							$ 10
Number of shares held by advisor	106,335,979			106,335,979	106,335,979		103,214,083
Due to Related Party
Selling commission per share sold	$ 0.70			$ 0.70	$ 0.70
Dealer manager fee per share sold	$ 0.30			$ 0.30	$ 0.30
Class A common stock | Advisor
Related Party Transaction
Number of shares held by advisor	1,889,683			1,889,683	1,889,683
Advisor owned percentage of common stock	1.40%			1.40%	1.40%
Class C common stock
Related Party Transaction
Net asset value (per share)			$ 7.90
Number of shares held by advisor	30,190,015			30,190,015	30,190,015		29,536,899
Due to Related Party
Selling commission per share sold	$ 0.14			$ 0.14	$ 0.14
Dealer manager fee per share sold	$ 0.21			$ 0.21	$ 0.21
Shareholder servicing fee	1.00%			1.00%	1.00%
Minimum
Due to Related Party
Equity method investments ownership percentage	50.00%			50.00%	50.00%
Minimum | Average market value of investment
Related Party Transaction
Percentage of asset management fees				0.50%
Maximum
Due to Related Party
Percentage of acquisition fees				6.00%
Equity method investments ownership percentage	97.00%			97.00%	97.00%
Maximum | Average equity value of investment
Related Party Transaction
Percentage of asset management fees				1.50%
Maximum | W.P. Carey
Due to Related Party
Available cash distribution, percentage				10.00%

Agreements and Transactions w40

Agreements and Transactions with Related Parties (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amounts Included in the Consolidated Statements of Operations
Available Cash Distributions	$ 1,662	$ 1,705	$ 5,319	$ 4,021
Personnel and overhead reimbursements	601	409	2,210	852
Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee	203	101	631	274
Stock-based compensation	100	100	100	100
Acquisition expenses	36	10,795	4,747	34,575
Annual distribution and shareholder servicing fee	0	671	0	1,836
Operating expenses	5,113	11,935	19,168	37,859
Acquisition Fees Capitalized
Current acquisition fees	1,166	677	2,987	7,052
Deferred acquisition fees	933	542	2,390	5,641
Capitalized personnel and overhead reimbursements	35	0	283	0
Transaction fees incurred	2,134	1,219	5,660	12,693
Related Party
Amounts Included in the Consolidated Statements of Operations
Asset management fees	2,547	2,098	7,424	5,244
Acquisition expenses	$ 0	$ 6,851	$ 3,484	$ 25,532

Agreements and Transactions w41

Agreements and Transactions with Related Parties (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Due to Related Parties [Abstract]
Deferred acquisition fees, including interest	$ 16,255	$ 26,747
Shareholder servicing fee liability	7,868	9,394
Accounts payable and other	2,178	3,872
Asset management fees payable	846	813
Current acquisition fees	186	3,148
Due to affiliate	$ 27,333	$ 43,974

Net Investments in Properties42

Net Investments in Properties and Real Estate Under Construction (Narratives) (Details) $ in Thousands	Jul. 01, 2016USD ($)	May 02, 2016USD ($)	Apr. 11, 2016USD ($)property	Feb. 19, 2016USD ($)	Feb. 17, 2016USD ($)	Jan. 14, 2016USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Acqusition
Effect of exchange rate fluctuation							$ 2,963	$ (6,724)	$ 8,739	$ (28,202)
Depreciation expense							10,600	8,600	31,200	22,000
Non-recourse debt, net							997,955		997,955		$ 865,327
Acquisition expenses							36	$ 10,795	4,747	$ 34,575
Capitalized funds									93,575
Construction loan							87,100		87,100
Capitalized interest									5,137
Placed into service									29,865
Equity investments in real estate maximum loss exposure							14,500		14,500		12,600
Debt							1,145,632		1,145,632
Equity method investments
Acqusition
Capitalized interest									332
Debt							10,700		10,700		100
Noncash investing
Acqusition
Capitalized interest									5,700
Initial Funding
Acqusition
Capitalized funds									6,500
VIE
Acqusition
Non-recourse debt, net							231,548		231,548		$ 196,436
Unfunded commitment							169,200		169,200
Land in Vaughan, Ontario, Canada | Equity method investments
Acqusition
Investment purchase price		$ 2,000
Placed into service	$ 2,900
Loss on construction project							100		100
Real Estate
Acqusition
Effect of exchange rate fluctuation									21,900
Placed into service									15,100
Operating Real Estate
Acqusition
Placed into service									$ 14,800
Build To Suit Project
Acqusition
Number of BTS projects | property									6
Unfunded commitment							176,400		$ 176,400
Build To Suit Project | Equity method investments
Acqusition
Unfunded commitment							$ 22,400		22,400
Build To Suit Project | University in Accra, Ghana
Acqusition
Investment purchase price				$ 6,500
Capitalized acquisition cost				2,600
Capital commitment				65,700
Non-recourse debt, net				$ 41,000
Build To Suit Project | US Treasury | University in Accra, Ghana
Acqusition
Variable interest rate on debt				3.00%
Business Combinations
Acqusition
Investment purchase price									$ 43,000
Number of properties acquired | property							4		4
Acquisition expenses									$ 4,700
Business Combinations | Operating Real Estate
Acqusition
Investment purchase price									43,023
Non-recourse debt, net							$ 108,300		108,300
Mortgages assumed			$ 27,925				27,925		27,925
Business Combinations | Current Year Acquisitions | Operating Real Estate
Acqusition
Non-recourse debt, net							$ 13,800		$ 13,800
Business Combinations | Various self-storage facilities in Delaware, Massachusetts, and Washington D.C.
Acqusition
Investment purchase price			$ 20,300
Number of properties acquired | property			5
Business Combinations | Self-storage facility in Gilroy, CA
Acqusition
Investment purchase price					$ 11,000
Business Combinations | Self-storage facility in Avondale, LA
Acqusition
Investment purchase price						$ 5,600
Business Combinations | Self -storage facility in Kissimmee, FL
Acqusition
Investment purchase price						$ 6,100
Build To Suit Expansion
Acqusition
Number of BTS projects | property									1

Net Investments in Properties43

Net Investments in Properties and Real Estate Under Construction (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments in real estate:
Less: Accumulated depreciation	$ (73,933)	$ (42,194)
Net investments in properties	1,523,663	1,435,232
Real Estate
Investments in real estate:
Land	179,564	173,094
Buildings and improvements	844,679	813,480
Less: Accumulated depreciation	(51,243)	(31,467)
Net investments in properties	973,000	955,107
Operating Real Estate
Investments in real estate:
Land	100,616	86,016
Buildings and improvements	472,737	404,836
Less: Accumulated depreciation	(22,690)	(10,727)
Net investments in properties	$ 550,663	$ 480,125

Net Investments in Properties44

Net Investments in Properties and Real Estate Under Construction (Details 2) - Business Combinations - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Apr. 11, 2016
Acquisition consideration
Investment purchase price	$ 43,000
Operating Properties
Acquisition consideration
Investment purchase price	43,023
Assets acquired at fair value:
Land	11,573
Buildings	51,231
In-place lease intangible assets	8,158
Other assets acquired	447
Total assets acquired in business combination	71,409
Liabilities assumed at fair value:
Mortgages assumed	(27,925)	$ (27,925)
Other liabilities assumed	(461)
Total liabilities acquired in business combination	(28,386)
Net assets acquired including goodwill less noncontrolling interest	$ 43,023

Net Investments in Properties45

Net Investments in Properties and Real Estate Under Construction (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues from acquired properties
Revenues	$ 47,284	$ 37,069	$ 136,797	$ 94,713
Net Loss	(1,850)	(7,683)	(9,760)	(36,800)
Net Loss Attributable to CPA®:18 – Global	$ (4,081)	$ (9,775)	(16,490)	$ (41,896)
Operating Real Estate | Business Combinations
Revenues from acquired properties
Revenues			4,052
Net Loss			(6,078)
Net Loss Attributable to CPA®:18 – Global			$ (6,078)

Net Investments in Properties46

Net Investments in Properties and Real Estate Under Construction (Details 4) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Real Estate Under Construction
Beginning balance	$ 131,930
Capitalized funds	93,575
Capitalized interest	5,137
Foreign currency translation adjustments	(2,839)
Placed into service	(29,865)
Ending balance	$ 197,938

Finance Receivables (Narratives

Finance Receivables (Narratives) (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2015USD ($)property	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income from direct financing leases		$ 1,131	$ 1,047	$ 3,452	$ 3,079
Number of properties | property		59		59
Proceeds from sale of real estate				$ 40	35,674
Gain (loss) on sale of real estate, net of tax		$ 0	6,654	$ (63)	6,654
Crowne Group Inc
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties sold | property	5
Proceeds from sale of real estate	$ 35,700
Gain (loss) on sale of real estate, net of tax			6,700		6,700
Loss on the extinguishment of debt	$ 1,100		$ 1,100		$ 1,100

Finance Receivables (Details 1)

Finance Receivables (Details 1) $ in Thousands	Sep. 30, 2016USD ($)tenant	Dec. 31, 2015USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 78,182	$ 79,966
Internally Assigned Grade 1
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 11,177	$ 12,684
Internally Assigned Grade 2
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 9,135	$ 9,065
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	4	4
Carrying Value	$ 57,870	$ 58,217
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 Liabili49

Intangible Assets and Liabilities (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Acquired Finite-Lived Intangible Assets and Liabilities
Net amortization of intangibles	$ 10.3	$ 9	$ 31.5	$ 22.4
In-place lease
Acquired Finite-Lived Intangible Assets and Liabilities
Intangible assets acquired			$ 8.2
Finite-lived intangible asset, useful life			2 years

Intangible Assets and Liabili50

Intangible Assets and Liabilities (Details 1) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill
Goodwill - beginning balance	$ 23,389
Foreign currency translation	1,714
Goodwill - ending balance	$ 25,103

Intangible Assets and Liabili51

Intangible Assets and Liabilities (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 300,651	$ 288,578
Less: accumulated amortization	(77,837)	(44,737)
Finite-lived intangible assets, net	222,814	243,841
Goodwill	25,103	23,389
Total intangible assets, gross	325,754	311,967
Total intangible assets, net	247,917	267,230
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,401)	(15,560)
Finite Lived Intangible Liabilities Accumulated Amortization	3,002	1,548
Finite Lived Intangible Liabilities Net	(12,399)	(14,012)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,295)	(15,439)
Finite Lived Intangible Liabilities Accumulated Amortization	2,999	1,546
Finite Lived Intangible Liabilities Net	(12,296)	(13,893)
Above-market ground lease
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(106)	(121)
Finite Lived Intangible Liabilities Accumulated Amortization	3	2
Finite Lived Intangible Liabilities Net	(103)	(119)
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	266,908	255,510
Less: accumulated amortization	(75,039)	(43,090)
Finite-lived intangible assets, net	191,869	212,420
Below-market ground lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	21,416	20,894
Less: accumulated amortization	(642)	(325)
Finite-lived intangible assets, net	20,774	20,569
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	12,327	12,174
Less: accumulated amortization	(2,156)	(1,322)
Finite-lived intangible assets, net	$ 10,171	$ 10,852

Fair Value Measurements (Narrat

Fair Value Measurements (Narratives) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Fair Value
Rent guarantees, fair value	$ 900	$ 900	$ 1,300
Assets fair value adjustment	300	1,100
Deferred financing costs	9,150	9,150
Non recourse debt | ASU 2015-03
Fair Value
Deferred financing costs	8,400	8,400	8,300
Bonds payable | ASU 2015-03
Fair Value
Deferred financing costs	$ 700	$ 700	$ 700
Minimum
Fair Value
Discount rate on rent guarantee		7.00%
Growth rate		1.00%
Maximum
Fair Value
Discount rate on rent guarantee		9.00%
Growth rate		2.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Value
Liabilities
Debt	$ 1,145,632	$ 999,213
Note receivable	28,000	28,000
Fair Value
Liabilities
Debt	1,192,071	1,022,641
Note receivable	$ 28,400	$ 28,400

Risk Management and Use of De54

Risk Management and Use of Derivative Financial Instruments (Narratives) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	6 years 3 months 29 days
Total credit exposure	$ 4,200,000
Derivative in net liability position	3,800,000	1,600,000
Termination value of assets	4,200,000	$ 1,700,000
Interest expense
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	800,000
Other income
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	1,200,000
Individual Counterparty
Derivative
Total credit exposure	$ 2,800,000

Risk Management and Use of De55

Risk Management and Use of Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value
Derivative asset fair value	$ 4,577	$ 7,488
Derivative liability, fair value	(3,715)	(1,596)
Foreign currency forward contracts and collars | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value
Derivative asset fair value	4,576	7,471
Interest rate caps | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value
Derivative asset fair value	1	17
Foreign currency collars | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(201)	(28)
Interest rate swaps | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ (3,514)	$ (1,568)

Risk Management and Use of De56

Risk Management and Use of Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	$ (1,094)	$ 1,113	$ (4,984)	$ 3,481
Foreign currency forward contracts and collars | Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(1,294)	835	(2,715)	2,624
Foreign currency forward contracts and collars | Net Investment Hedging
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	(166)	276	(306)	366
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	366	22	(1,947)	524
Interest rate caps | Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion)	$ 0	$ (20)	$ (16)	$ (33)

Risk Management and Use of De57

Risk Management and Use of Derivative Financial Instruments (Details 3) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ 111	$ (1,093)	$ 349	$ (1,131)
Foreign currency forward contracts and collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	342	308	1,010	870
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	(230)	(1,401)	(660)	(2,001)
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ (1)	$ 0	$ (1)	$ 0

Risk Management and Use of De58

Risk Management and Use of Derivative Financial Instruments (Details 4) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (6)	$ (63)	$ (20)	$ (63)
Foreign currency collars | Other income and (expenses) | Derivatives Not in Cash Flow Hedging Relationships
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(11)	0	(21)	0
Interest rate swaps | Interest expense | Derivatives Not in Cash Flow Hedging Relationships
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	(63)	0	(63)
Interest rate swaps | Interest expense | Designated as Hedging Instrument
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 5	$ 0	$ 1	$ 0

Risk Management and Use of De59

Risk Management and Use of Derivative Financial Instruments (Details 5) $ in Thousands	Sep. 30, 2016USD ($)instrument
Derivative
Fair value	$ (3,513)
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	7
Notional Amount	$ 54,255
Fair value	$ (3,514)
Interest rate caps | USD
Derivative
Number of Instruments | instrument	2
Notional Amount	$ 22,000
Fair value	$ 1

Risk Management and Use of De60

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	Sep. 30, 2016USD ($)instrument	Sep. 30, 2016NOKinstrument	Sep. 30, 2016EUR (€)instrument
Derivative
Fair value	$ 4,375
Derivatives in Cash Flow Hedging Relationships | Euro
Derivative
Number of Instruments | instrument	65	65	65
Notional Amount | €			€ 28,133
Fair value	$ 3,049
Derivatives in Cash Flow Hedging Relationships | NOK
Derivative
Number of Instruments | instrument	47	47	47
Notional Amount | NOK		NOK 92,041
Fair value	$ 1,200
Net Investment Hedging | NOK
Derivative
Number of Instruments | instrument	7	7	7
Notional Amount | NOK		NOK 30,513
Fair value	$ 126

Non-Recourse Debt and Bonds P61

Non-Recourse Debt and Bonds Payable (Narratives) (Details) $ in Thousands, € in Millions	Feb. 19, 2016USD ($)	Aug. 31, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016EUR (€)	Dec. 31, 2015USD ($)
Debt Instruments
Mortgage loan on real estate, interest rate					4.50%
Debt instrument, maturity date range, start					Dec. 31, 2017
Debt instrument, maturity date range, end					Dec. 31, 2039
Mortgage loan			$ 120,400		$ 120,400
Mortgage loan term					9 years
Secured Debt			997,955		$ 997,955			$ 865,327
Effect of exchange rate fluctuation			$ 2,963	$ (6,724)	8,739	$ (28,202)
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation					$ 14,500
Hotel in Hamburg Germany
Debt Instruments
Secured Debt | €							€ 15.2
Debt instrument, stated interest rate			2.10%		2.10%		2.10%
Industrial facility in Michalovce, Slovakia
Debt Instruments
Secured Debt | €							€ 12.8
Industrial facility in Michalovce, Slovakia | EURIBOR
Debt Instruments
Variable interest rate on debt					3.10%
Office Building in Eindhoven, the Netherlands
Debt Instruments
Mortgage loan term					7 years
Secured Debt | €							€ 48
Construction loan			$ 15,800		$ 15,800
Debt instrument, stated interest rate			3.19%		3.19%		3.19%
Office Building in Eindhoven, the Netherlands | EURIBOR
Debt Instruments
Debt instrument, stated interest rate			2.50%		2.50%		2.50%
Crowne Group Inc
Debt Instruments
Loss on the extinguishment of debt		$ 1,100		$ 1,100		$ 1,100
Fixed Interest Rate | Office Building in Eindhoven, the Netherlands
Debt Instruments
Debt instrument, stated interest rate			1.75%		1.75%		1.75%
Build To Suit Project | University in Accra, Ghana
Debt Instruments
Secured Debt	$ 41,000
Build To Suit Project | University in Accra, Ghana | US Treasury
Debt Instruments
Variable interest rate on debt	3.00%
Minimum | Fixed Interest Rate
Debt Instruments
Mortgage loan on real estate, interest rate					1.60%
Minimum | Variable Interest Rate
Debt Instruments
Mortgage loan on real estate, interest rate					2.20%
Maximum | Fixed Interest Rate
Debt Instruments
Mortgage loan on real estate, interest rate					5.80%
Maximum | Variable Interest Rate
Debt Instruments
Mortgage loan on real estate, interest rate					5.10%

Non-Recourse Debt and Bonds P62

Non-Recourse Debt and Bonds Payable (Details 1) $ in Thousands	Sep. 30, 2016USD ($)
Long-term Debt, Fiscal Year Maturity
2016 (remainder)	$ 1,117
2,017	22,668
2,018	27,296
2,019	5,644
2,020	115,415
Thereafter through 2039	982,363
Long term debt gross	1,154,503
Unamortized premium, net	279
Deferred financing costs	(9,150)
Total	$ 1,145,632

Loss Per Share and Equity (Narr

Loss Per Share and Equity (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Distributions Declared
Interest expense	$ 11,025	$ 7,970	$ 31,705	$ 24,065
Shareholder servicing fee incurred	$ 0	$ 671	0	1,836
Distributions paid			60,900	$ 56,014
Dividend payable, date	Oct. 14, 2016
Distributions payable	$ 20,777		20,777		$ 20,078
Class A
Distributions Declared
Interest expense	$ 100		$ 300
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.4689	$ 0.4687
Distributions paid			$ 49,400
Class C
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1376	$ 0.1340	$ 0.4089	$ 0.3998
Distributions paid			$ 12,200

Loss Per Share and Equity (Deta

Loss Per Share and Equity (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basic and Diluted
Net Loss Attributable to CPA®:18 – Global	$ (4,081)	$ (9,775)	$ (16,490)	$ (41,896)
Class A common stock
Basic and Diluted
Weighted-Average Shares Outstanding	106,279,055	102,293,880	105,148,891	101,471,695
Net Loss Attributable to CPA®:18 – Global	$ (3,083)	$ (7,078)	$ (12,569)	$ (31,659)
Loss Per Share (in dollars per share)	$ (0.03)	$ (0.07)	$ (0.12)	$ (0.31)
Class C common stock
Basic and Diluted
Weighted-Average Shares Outstanding	30,205,326	29,279,706	29,964,756	26,925,898
Net Loss Attributable to CPA®:18 – Global	$ (998)	$ (2,697)	$ (3,921)	$ (10,237)
Loss Per Share (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.13)	$ (0.38)

Loss Per Share and Equity (De65

Loss Per Share and Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value			$ 952,708	$ 1,000,228
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	$ 11,025	$ 7,970	31,705	24,065
Other Comprehensive Loss	2,035	(5,887)	4,061	(25,087)
Ending equity balance, value	905,911	1,000,824	905,911	1,000,824
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(49,767)	(35,961)	(50,316)	(20,941)
Other comprehensive income (loss) before reclassifications	2,146	(6,980)	4,410	(26,218)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	2,035	(5,887)	4,061	(25,087)
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	(813)	1,300	(2,290)	5,480
Ending equity balance, value	(48,545)	(40,548)	(48,545)	(40,548)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	1,610	3,430	5,360	1,152
Other comprehensive income (loss) before reclassifications	(817)	(256)	(4,329)	1,984
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(928)	837	(4,678)	3,115
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	0	0	0	0
Ending equity balance, value	682	4,267	682	4,267
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(51,377)	(39,391)	(55,676)	(22,093)
Other comprehensive income (loss) before reclassifications	2,963	(6,724)	8,739	(28,202)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	2,963	(6,724)	8,739	(28,202)
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	(813)	1,300	(2,290)	5,480
Ending equity balance, value	(49,227)	(44,815)	(49,227)	(44,815)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	231	1,401	661	2,001
Other income and (expenses)	(342)	(308)	(1,010)	(870)
Reclassification out of Accumulated Other Comprehensive Income | Gains and Losses on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	231	1,401	661	2,001
Other income and (expenses)	(342)	(308)	(1,010)	(870)
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	0	0	0	0
Other income and (expenses)	$ 0	$ 0	$ 0	$ 0

Segment Reporting (Narratives)

Segment Reporting (Narratives) (Details)	9 Months Ended
	Sep. 30, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information, Profit (Loss)
Revenues	$ 47,284	$ 37,069	$ 136,797	$ 94,713
Operating expenses	(38,093)	(42,174)	(115,606)	(110,700)
Interest expense	(11,025)	(7,970)	(31,705)	(24,065)
Other income and expenses, excluding interest expense	87	(2,324)	1,120	(4,256)
(Provision for) benefit from income taxes	(103)	1,062	(303)	854
Gain (loss) on sale of real estate, net of tax	0	6,654	(63)	6,654
Net loss attributable to noncontrolling interests	(2,231)	(2,092)	(6,730)	(5,096)
Net Loss Attributable to CPA®:18 – Global	(4,081)	(9,775)	(16,490)	(41,896)
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	27,869	24,056	82,500	65,288
Operating expenses	(15,448)	(20,559)	(46,170)	(51,479)
Interest expense	(7,516)	(6,151)	(22,096)	(18,921)
Other income and expenses, excluding interest expense	382	(2,502)	1,093	(2,405)
(Provision for) benefit from income taxes	(16)	2,626	210	1,489
Gain (loss) on sale of real estate, net of tax	0	6,654	(63)	6,654
Net loss attributable to noncontrolling interests	(607)	(419)	(1,441)	(1,190)
Net Loss Attributable to CPA®:18 – Global	4,664	3,705	14,033	(564)
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	13,079	7,153	35,785	16,128
Operating expenses	(14,106)	(10,492)	(44,354)	(28,546)
Interest expense	(2,976)	(1,492)	(7,971)	(3,385)
Other income and expenses, excluding interest expense	(69)	18	(86)	29
(Provision for) benefit from income taxes	(12)	(13)	(103)	(36)
Net Loss Attributable to CPA®:18 – Global	(4,084)	(4,826)	(16,729)	(15,810)
Operating Segments | All Other
Segment Reporting Information, Profit (Loss)
Revenues	6,336	5,860	18,512	13,297
Operating expenses	(4,327)	(6,334)	(12,375)	(18,774)
Interest expense	(1,221)	(1,298)	(3,640)	(2,557)
(Provision for) benefit from income taxes	(28)	(50)	(107)	(34)
Net loss attributable to noncontrolling interests	38	32	30	115
Net Loss Attributable to CPA®:18 – Global	798	(1,790)	2,420	(7,953)
Corporate
Segment Reporting Information, Profit (Loss)
Unallocated Corporate Overhead	(3,797)	(5,159)	(10,895)	(13,548)
Net loss attributable to noncontrolling interests	$ (1,662)	$ (1,705)	$ (5,319)	$ (4,021)

Segment Reporting (Details 2)

Segment Reporting (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting Information, Additional Information
Long-Lived Assets	$ 1,799,783	$ 1,647,128
Assets	2,231,546	2,134,683
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Long-Lived Assets	1,179,108	1,105,237
Assets	1,498,257	1,446,865
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Long-Lived Assets	371,082	314,247
Assets	416,835	363,284
Operating Segments | All Other
Segment Reporting Information, Additional Information
Long-Lived Assets	249,593	227,644
Assets	260,131	238,240
Corporate
Segment Reporting Information, Additional Information
Long-Lived Assets	0	0
Assets	$ 56,323	$ 86,294

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Nov. 01, 2016USD ($)propertyoption	Oct. 31, 2016USD ($)	Sep. 30, 2016property
Subsequent Event [Line Items]
Number of properties | property			59
Subsequent Event | Property Leased to Mills Fleet Farm Group LLC
Subsequent Event [Line Items]
Mezzanine Loan Acquired | $	$ 38.5
Number of properties | property	27
Subsequent Event | LIBOR | Property Leased to Mills Fleet Farm Group LLC
Subsequent Event [Line Items]
Variable interest rate on debt	10.00%
Number of extension options | option	3
Extension option term	1 year
Subsequent Event | W.P. Carey
Subsequent Event [Line Items]
Notes payable, related parties | $		$ 27.5
Subsequent Event | W.P. Carey | LIBOR
Subsequent Event [Line Items]
Variable interest rate on debt		1.10%