Corporate Property Associates 18 Global (CPYA) 10-K 14 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 03, 2017	Jun. 30, 2016
Document Information
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,558,235
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 0
Class A
Document Information
Entity Common Stock Shares Outstanding		108,636,111
Class C
Document Information
Entity Common Stock Shares Outstanding		30,812,393

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investments in real estate:
Real estate, at cost	$ 990,810	$ 986,574
Operating real estate, at cost	606,558	490,852
Accumulated depreciation	(82,917)	(42,194)
Net investments in properties	1,514,451	1,435,232
Real estate under construction	182,612	131,930
Net investments in direct financing leases	49,596	51,966
Notes receivable	66,500	28,000
Net investments in real estate	1,813,159	1,647,128
Equity investment in real estate	14,694	12,588
Cash and cash equivalents	72,028	117,453
In-place lease intangible assets, net	177,438	212,420
Other intangible assets, net	29,056	31,421
Goodwill	23,526	23,389
Other assets, net	79,545	90,284
Total assets	2,209,446	2,134,683
Liabilities:
Non-recourse debt, net	1,019,158	865,327
Bonds payable, net	138,253	133,886
Deferred income taxes	42,419	47,313
Accounts payable, accrued expenses and other liabilities	69,006	71,397
Due to affiliate	53,711	43,974
Distributions payable	20,995	20,078
Total liabilities	1,343,542	1,181,975
Commitments and contingencies (Note 10)
CPA®:18 – Global stockholders’ equity:
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	1,222,139	1,178,990
Distributions and accumulated losses	(360,673)	(247,995)
Accumulated other comprehensive loss	(61,704)	(50,316)
Total CPA®:18 – Global stockholders’ equity	799,899	880,812
Noncontrolling interests	66,005	71,896
Total equity	865,904	952,708
Total liabilities and equity	2,209,446	2,134,683
Class A common stock
CPA®:18 – Global stockholders’ equity:
Common stock	107	103
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock	$ 30	$ 30

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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 common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	320,000,000	320,000,000
Common stock, shares outstanding	107,460,081	103,214,083
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares outstanding	30,469,144	29,536,899

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Lease revenues:
Rental income	$ 93,198	$ 78,488	$ 41,383
Interest income from direct financing leases	4,572	3,680	3,450
Total lease revenue	97,770	82,168	44,833
Other real estate income	71,404	41,972	4,743
Other operating income	11,561	8,972	3,473
Other interest income	3,588	2,831	1,268
Total revenues	184,323	135,943	54,317
Operating Expenses
Depreciation and amortization	82,756	65,153	21,981
Other real estate expenses	31,831	18,259	1,838
Property expenses	25,795	19,729	7,379
General and administrative	6,876	5,790	4,708
Acquisition expenses	6,789	42,216	59,225
Operating Expenses	154,047	151,147	95,131
Other Income and Expenses
Interest expense	(43,132)	(35,170)	(15,753)
Other income and (expenses)	(6,656)	(5,614)	(1,153)
Equity in losses of equity method investment in real estate	(204)	(94)	0
Other Income and Expenses	(49,992)	(40,878)	(16,906)
Loss before income taxes and (loss) gain on sale of real estate	(19,716)	(56,082)	(57,720)
(Provision for) benefit from income taxes	(6)	97	1,164
Loss before (loss) gain on sale of real estate	(19,722)	(55,985)	(56,556)
(Loss) gain on sale of real estate, net of tax	(63)	6,659	0
Net Loss	(19,785)	(49,326)	(56,556)
Net (income) loss attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $7,586, $6,317, and $1,778, respectively)	(10,299)	(8,406)	689
Net Loss Attributable to CPA®:18 – Global	(30,084)	(57,732)	(55,867)
Class A
Other Income and Expenses
Net Loss Attributable to CPA®:18 – Global	$ (23,065)	$ (45,524)	$ (49,494)
Basic and diluted weighted-average shares outstanding	105,691,583	101,884,473	78,777,525
Net loss per share (in dollars per share)	$ (0.22)	$ (0.45)	$ (0.63)
Class C
Other Income and Expenses
Interest expense	$ (500)	$ (700)
Net Loss Attributable to CPA®:18 – Global	$ (7,019)	$ (12,208)	$ (6,373)
Basic and diluted weighted-average shares outstanding	30,091,602	27,580,451	8,847,966
Net loss per share (in dollars per share)	$ (0.23)	$ (0.44)	$ (0.72)

Consolidated Statement of Oper5

Consolidated Statement of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Distributions of available cash	$ 7,586	$ 6,317	$ 1,778

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net Loss	$ (19,785)	$ (49,326)	$ (56,556)
Other Comprehensive Loss
Foreign currency translation adjustments	(12,254)	(40,662)	(29,602)
Change in net unrealized gain on derivative instruments	227	4,208	1,371
Other Comprehensive Loss	(12,027)	(36,454)	(28,231)
Comprehensive Loss	(31,812)	(85,780)	(84,787)
Amounts Attributable to Noncontrolling Interests
Net (income) loss	(10,299)	(8,406)	689
Foreign currency translation adjustments	639	7,079	7,384
Comprehensive (income) loss attributable to noncontrolling interests	(9,660)	(1,327)	8,073
Comprehensive Loss Attributable to CPA®:18 – Global	$ (41,472)	$ (87,107)	$ (76,714)

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, 2013	$ 250,471			$ 212,734	$ 21	$ 3	$ 215,371	$ (2,567)	$ (94)	$ 37,737
Beginning equity balance, shares at Dec. 31, 2013					21,290,097	2,776,001
Statements of Equity
Shares issued net of offering cost, value	839,191			839,191	$ 79	$ 15	839,097
Shares issued net of offering cost, shares					78,548,660	15,250,012
Shares issued to affiliate, value	2,294			2,294			2,294
Shares issued to affiliate, shares					229,387
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					11,111
Contributions from noncontrolling interests	117,761									117,761
Distributions to noncontrolling interests	(69,838)									(69,838)
Distributions declared	(53,444)			(53,444)				(53,444)
Net Loss	(56,556)			(55,867)				(55,867)		(689)
Other comprehensive loss:
Foreign currency translation adjustments	(29,602)			(22,218)					(22,218)	(7,384)
Change in net unrealized gain (loss) on derivative instruments	1,371			1,371					1,371
Repurchase of shares, value	(1,520)			(1,520)	$ 0		(1,520)
Repurchase of shares, shares					(155,246)
Ending equity balance, value at Dec. 31, 2014	1,000,228			922,641	$ 100	$ 18	1,055,342	(111,878)	(20,941)	77,587
Ending equity balance, shares at Dec. 31, 2014					99,924,009	18,026,013
Statements of Equity
Shares issued net of offering cost, value	124,085			124,085	$ 3	$ 12	124,070
Shares issued net of offering cost, shares					3,293,016	11,586,857
Shares issued to affiliate, value	7,153			7,153	$ 1		7,152
Shares issued to affiliate, shares					715,264
Shares issued to directors, value	100			100			100
Shares issued to directors, shares					11,111
Contributions from noncontrolling interests	10,066									10,066
Distributions to noncontrolling interests	(17,084)									(17,084)
Distributions declared	(78,385)			(78,385)				(78,385)
Net Loss	(49,326)			(57,732)				(57,732)		8,406
Other comprehensive loss:
Foreign currency translation adjustments	(40,662)			(33,583)					(33,583)	(7,079)
Change in net unrealized gain (loss) on derivative instruments	4,208			4,208					4,208
Repurchase of shares, value	(7,675)			(7,675)	$ (1)		(7,674)
Repurchase of shares, shares					(729,317)	(75,971)
Ending equity balance, value at Dec. 31, 2015	952,708			880,812	$ 103	$ 30	1,178,990	(247,995)	(50,316)	71,896
Ending 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	43,494			43,494	$ 4	$ 0	43,490
Shares issued net of offering cost, shares					3,957,275	1,280,998
Shares issued to affiliate, value	10,073			10,073	$ 1		10,072
Shares issued to affiliate, shares					1,253,420
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					12,658
Contributions from noncontrolling interests	88									88
Distributions to noncontrolling interests	(15,639)									(15,639)
Distributions declared	(82,594)			(82,594)				(82,594)
Net Loss	(19,785)			(30,084)				(30,084)		10,299
Other comprehensive loss:
Foreign currency translation adjustments	(12,254)			(11,615)					(11,615)	(639)
Change in net unrealized gain (loss) on derivative instruments	227			227					227
Repurchase of shares, value	(10,514)			(10,514)	$ (1)		(10,513)
Repurchase of shares, shares					(977,355)	(348,753)
Ending equity balance, value at Dec. 31, 2016	$ 865,904			$ 799,899	$ 107	$ 30	$ 1,222,139	$ (360,673)	$ (61,704)	$ 66,005
Ending equity balance, shares at Dec. 31, 2016		107,460,081	30,469,144		107,460,081	30,469,144

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.6252	$ 0.6250	$ 0.6248
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.5467	$ 0.5333	$ 0.5316

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows — Operating Activities
Net Loss	$ (19,785)	$ (49,326)	$ (56,556)
Adjustments to net loss:
Depreciation and amortization, including intangible assets and deferred financing costs	84,766	67,524	23,367
Loss on foreign currency transactions and other	10,259	7,019	4,215
Non-cash asset management fee and directors’ compensation	10,226	7,687	2,394
Straight-line rent adjustment and amortization of rent-related intangibles	(6,331)	(4,443)	(2,230)
Deferred income tax expense	(1,436)	(889)	(1,323)
Equity in losses of equity method investment in real estate in excess of distributions received	204	94	0
Loss (gain) on sale of real estate	63	(6,659)	0
Loss on extinguishment of debt	0	2,337	0
Change in deferred acquisition fees payable	(8,661)	4,069	15,547
Net change in operating assets and liabilities	(1,582)	8,150	4,672
Net Cash Provided by (Used in) Operating Activities	67,723	35,563	(9,914)
Cash Flows — Investing Activities
Funding and advances for build-to-suit projects	(103,889)	(49,834)	(5,725)
Acquisitions of real estate and direct financing leases, net of cash acquired	(58,497)	(845,257)	(888,449)
Investment in notes receivable	(38,500)	0	(28,000)
Value added taxes paid in connection with acquisition of real estate	(11,680)	(7,294)	(35,543)
Capital expenditures on real estate	(7,021)	(7,749)	(8,015)
Value added taxes refunded in connection with the acquisition of real estate	6,049	0	36,472
Payment of deferred acquisition fees to an affiliate	(4,652)	(3,325)	(1,363)
Capital contributions to equity investment	(4,013)	(12,820)	0
Deposits for investments	4,000	(4,000)	0
Distributions received from equity investments in excess of earnings	2,149	48	0
Change in investing restricted cash	828	(3,211)	(14,960)
Other investing activities, net	47	0	0
Proceeds from sale of real estate	40	35,669	0
Net Cash Used in Investing Activities	(215,139)	(897,773)	(945,583)
Cash Flows — Financing Activities
Proceeds from mortgage financing	145,675	511,924	327,188
Distributions paid	(81,677)	(75,936)	(37,636)
Proceeds from issuance of shares, net of issuance costs	41,070	133,974	844,254
Proceeds from notes payable to affiliate	27,500	0	0
Distributions to noncontrolling interests	(15,639)	(17,084)	(69,838)
Repurchase of shares	(10,514)	(7,675)	(1,520)
Scheduled payments and prepayments of mortgage principal	(7,007)	(49,073)	(1,668)
Changes in financing restricted cash	5,177	(4,006)	0
Payment of deferred financing costs and mortgage deposits	(1,274)	(5,618)	(5,182)
Contributions from noncontrolling interests	88	3,017	117,761
Proceeds from bond financing	0	66,328	105,408
Other financing activities, net	0	(56)	0
Receipt of tenant security deposit	0	0	4,062
Net Cash Provided by Financing Activities	103,399	555,795	1,282,829
Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash and cash equivalents	(1,408)	(5,680)	(6,845)
Net (decrease) increase in cash and cash equivalents	(45,425)	(312,095)	320,487
Cash and cash equivalents, beginning of year	117,453	429,548	109,061
Cash and cash equivalents, end of year	$ 72,028	$ 117,453	$ 429,548

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	$ 39,417	$ 30,124	$ 11,569
Interest capitalized	6,472	2,355	143
Income taxes paid	$ 794	$ 216	$ 88

Organization and Offering

Organization and Offering	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Offering	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-traded 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 December 31, 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 December 31, 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 103 tenants totaling 9.6 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 68 self-storage properties and eight multi-family properties totaling 6.6 million square feet. We operate in three reportable business segments: Net Lease, Self Storage, and Multi Family. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Multi Family segment is comprised of our investments in multi-family residential properties and student-housing developments. In addition, we have an All Other category that includes our notes receivable investments ( Note 13 ). Our reportable business segments and All Other category are the same as our reporting units. 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. We have fully invested the proceeds from our initial public offering. From inception through December 31, 2016 , we also received Distribution Reinvestment Plan, or DRIP, proceeds of $83.1 million and $21.0 million from our Class A and Class C common stock, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of above-market leases in Other intangible assets, net in the consolidated financial statements. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles, or GAAP, from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate-related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on goodwill. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Assets Held for Sale — We classify real estate assets that are accounted for as operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. The goodwill impairment test is a two-step test. However, we have the option to qualitatively assess any potential impairment via step zero prior to analyzing steps one and two quantitatively. In this step the macroeconomic environment in which the reporting unit operates is analyzed for any significant changes, such as deterioration in a market in which we operate or deterioration in overall financial performance, such as declining cash flows. Also, entity-specific changes are analyzed, such as changes in management, strategy, or composition of reporting unit. If, after assessing the overall macroeconomic environment, it is unlikely that the fair value is less than the carrying value, steps one and two do not need to be performed. If step zero is not considered, the first step is to compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. 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. 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 December 31, 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): December 31, 2016 2015 Net investments in properties $ 394,920 $ 360,049 Real estate under construction 162,371 119,115 Net investments in direct financing leases 10,516 12,684 Cash and cash equivalents 15,260 18,356 In-place lease intangible assets, net 66,209 73,487 Other intangible assets, net 20,966 22,316 Other assets, net 41,975 52,915 Total assets $ 712,217 $ 658,922 Non-recourse debt, net $ 235,425 $ 196,436 Bonds payable, net 57,615 56,259 Deferred income taxes 20,437 21,577 Accounts payable, accrued expenses and other liabilities 30,946 29,163 Total liabilities $ 344,423 $ 303,435 At both December 31, 2016 and 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 on, but does not give us power over, decisions that significantly affect the economic performance of the entity. As of December 31, 2016 and 2015 , the net carrying amount of this equity investment was $14.7 million and $12.6 million , respectively, and our maximum exposure to loss in this entity is limited to our investment. At times, the carrying value of our equity investment may fall below zero for certain investments. We intend to fund our share of the jointly owned investment’s future operating deficits should the need arise. However, we have no legal obligation to fund the operating deficits of such investment. At December 31, 2016 , our sole equity investment did not have a carrying value below zero. Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. Our consolidated balance sheets include a separate classification for Equity investment in real estate, which was previously classified in Other assets, net in our historical quarterly and annual reports. Additionally, we currently present Equity in losses of equity method investment in real estate on a separate line item in the consolidated financial statements, which was previously included in Other income and (expenses). 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. Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. Dispositions — We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Notes Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Notes receivable in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements. Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Other assets, net in the consolidated financial statements. We include derivative liabilities, amounts held on behalf of tenants, deferred revenue, and intangible liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred rental income for operating leases is the aggregate cumulative difference between scheduled rents that vary during the lease term and rent recognized on a straight-line basis. Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliate ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles the Special General Partner to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. Revenue Recognition — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2016 , 2015 , and 2014, our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $7.1 million , $6.2 million , and $3.5 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). For the years ended December 31, 2016 , 2015 , and 2014 , we recognized straight-line r

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 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. 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): Years Ended December 31, 2016 2015 2014 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 10,126 $ 7,587 $ 2,635 Available Cash Distributions 7,586 6,317 1,778 Acquisition expenses 5,458 32,276 38,825 Personnel and overhead reimbursements 3,064 3,252 170 Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee 898 1,141 151 Share-based compensation 100 100 100 Annual distribution and shareholder servicing fee (a) — (860 ) 814 $ 27,232 $ 49,813 $ 44,473 Acquisition Fees Capitalized Current acquisition fees $ 3,310 $ 10,143 $ 3,568 Deferred acquisition fees 2,648 8,120 2,855 Capitalized personnel and overhead reimbursements 263 1,415 — $ 6,221 $ 19,678 $ 6,423 _________ (a) For the year ended December 31, 2016 , we paid $2.4 million 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. The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): December 31, 2016 2015 Due to Affiliate Loan from WPC, including interest $ 27,580 $ — Deferred acquisition fees, including interest 15,305 26,747 Shareholder servicing fee liability 7,422 9,394 Accounts payable and other 2,454 3,872 Asset management fees payable 866 813 Current acquisition fees 84 3,148 $ 53,711 $ 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, or selected dealers for reasonable bona fide due diligence expenses incurred that were supported by a detailed and itemized invoice. Total underwriting compensation paid in connection with our offering, including selling commissions, the dealer manager fee, and reimbursements made by Carey Financial to selected dealers and investment advisors, did not exceed the limitations prescribed by the Financial Industry Regulatory Authority, Inc., the regulator for broker-dealers like Carey Financial, which limit underwriting compensation to 10% of gross offering proceeds. Our Advisor agreed to be responsible for the repayment of organization and offering expenses (excluding selling commissions and dealer manager fees paid to Carey Financial and selected dealers and fees paid and expenses reimbursed to selected dealers) that exceeded, in the aggregate, 1.5% of the gross proceeds from our initial public offering. From inception and through December 31, 2016 , our Advisor incurred organization and offering costs of $8.7 million on our behalf, which we have fully repaid and charged to stockholders’ equity. Loans from WPC In January 2013, our board of directors and the board of directors of WPC had 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 sufficient available funds to complete. All loans were made solely at the discretion of WPC’s management. These unsecured loans with WPC were 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. On October 31, 2016, we borrowed $27.5 million from WPC, which was used to partially finance a new investment ( Note 5 ), and has an annual interest rate of London Interbank Offered Rate, or LIBOR, as of the loan date plus 1.1% and a scheduled maturity date of October 31, 2017, which remained outstanding as of December 31, 2016 . We did not borrow any funds from WPC during the years ended December 31, 2015 or 2014 , nor did we have any amounts outstanding at December 31, 2015 . Asset Management Fees Pursuant to the advisory agreement, our Advisor is entitled to an 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. Asset management fees are payable in cash and/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, or NAV, per Class A share (before our initial NAV was published, in March 2016, as was the case for year ended December 31, 2015 , we used the offering price of our Class A shares of $10.00 per share). For the years ended December 31, 2016 , 2015 , and 2014 , our Advisor received its asset management fees in shares of our Class A common stock. At December 31, 2016 , our Advisor owned 2,229,196 shares, or 1.6% , 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 in April 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 , $107.9 million , and $104.1 million on a cumulative to date basis for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Annual Distribution and Shareholder Servicing Fee Carey Financial also receives an annual distribution and shareholder servicing fee in connection with our Class C common stock, which it may re-allow to selected dealers. The amount of the annual distribution and shareholder servicing fee was 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. The annual distribution and shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the annual distribution and shareholder servicing fee beginning on the date at which, in the aggregate, underwriting compensation from all sources, including the annual distribution and shareholder servicing fee, any organizational and offering fee paid for underwriting and underwriting compensation paid by WPC and its affiliates, reaches 10.0% of the gross proceeds from our initial public offering, which it has not yet reached. At December 31, 2016 and 2015 , we recorded a liability of $7.4 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 years ended December 31, 2016 and 2015 . Unpaid deferred acquisition fees are included in Due to affiliate in the consolidated financial statements and bear interest at an annual rate of 2.0% . 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. As of the year ended December 31, 2016, cumulative total acquisition costs exceeded 6.0% of the aggregate contract purchase price of all investments, and as a result we recorded a reimbursement receivable from our Advisor of $0.2 million that is included in Other assets, net in our consolidated financial statements. 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, 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 Housing Fund I L.P., or CESH I; collectively referred to as the Managed Programs. 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) loss attributable to noncontrolling interests in the consolidated financial statements. Jointly Owned Investments and Other Transactions with our Affiliates At December 31, 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 4 ), 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,

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate	Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate Real Estate Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2016 2015 Land $ 173,184 $ 173,094 Buildings and improvements 817,626 813,480 Less: Accumulated depreciation (55,980 ) (31,467 ) $ 934,830 $ 955,107 The carrying value of our Real estate decreased by $12.1 million from December 31, 2015 to December 31, 2016 , due to the strengthening of the U.S. dollar relative to foreign currencies as measured at the end of the respective periods. Depreciation expense, including the effect of foreign currency translation, on our real estate and operating real estate for the years ended December 31, 2016 , 2015 , and 2014 was $41.9 million , $31.6 million , and $11.7 million respectively. Acquisitions of Real Estate During 2015 During the year ended December 31, 2015 , we acquired the following investments, which were deemed to be real estate asset acquisitions because we acquired the sellers’ properties and simultaneously entered into new leases in connection with these acquisitions, at a total cost of $48.6 million , including net lease intangibles of $12.1 million : • $32.0 million for 95% controlling interest in jointly owned investment with a third party that purchased a hotel in Stuttgart, Germany on December 30, 2015 (amounts are based on the exchange rate of the euro on the date of acquisition); and • $16.5 million for an office building in Jacksonville, Florida on July 10, 2015. In connection with these investments, the purchase price was allocated to the assets acquired, based upon their fair values, and we capitalized acquisition-related costs and fees totaling $2.4 million . During the year ended December 31, 2015 , we acquired the following investments, which were deemed to be business combinations because we assumed the existing leases on the properties, at a total cost of $297.0 million , including net lease intangibles of $43.3 million : • $14.7 million for an industrial facility located in Michalovce, Slovakia on October 8, 2015 (amounts are based on the exchange rate of the euro on the date of acquisition); • $45.9 million for a 90% controlling interest from the seller for an office building located in Coralville, Iowa on October 8, 2015; • $32.9 million we acquired the regional headquarters and nuclear power plant monitoring facility located in Warrenville, Illinois on September 1, 2015; • $46.2 million for an office building located in Utrecht, Netherlands on July 30, 2015 (amounts are based on the exchange rate of the euro on the date of acquisition); • $98.1 million for a 90% controlling interest in a jointly owned investment with a third party that purchased a retail site located in Oslo, Norway on May 28, 2015, with our portion of the investment totaling $88.3 million (amounts are based on the exchange rate of the Norwegian krone on the date of acquisition) . In July 2015, our joint-venture partner agreed to a debt-to-equity conversion of a portion of the loan they made to the property at the acquisition date. As a result, we recognized an additional $1.4 million in Contributions from noncontrolling interests within our consolidated financial statements; • $15.0 million for a warehouse facility located in Plymouth, Minnesota on May 27, 2015; • $33.7 million for an office facility located in Plano, Texas on April 28, 2015; • $3.7 million for a facility located in Freetown, Massachusetts on April 17, 2015; and • $6.8 million for a light industrial site located in Aberdeen, United Kingdom on March 24, 2015 (amounts are based on the exchange rate of the British pound sterling on the date of acquisition). In connection with these investments, we expensed acquisition-related costs and fees totaling $20.9 million , which are included in Acquisition expenses in the consolidated financial statements. Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2016 are as follows (in thousands): Years Ending December 31, Total 2017 $ 91,782 2018 93,593 2019 94,603 2020 94,167 2021 94,056 Thereafter 604,723 Total $ 1,072,924 Operating Real Estate Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): December 31, 2016 2015 Land $ 105,631 $ 86,016 Buildings and improvements 500,927 404,836 Less: Accumulated depreciation (26,937 ) (10,727 ) $ 579,621 $ 480,125 Acquisitions of Operating Real Estate During 2016 During the year ended December 31, 2016 , we acquired the following five self-storage investments aggregating $46.2 million , which were deemed to be business combinations: • $3.2 million for one facility in Chicago, Illinois, on November 30, 2016; • $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 $4.9 million , which are included in Acquisition expenses in the consolidated financial statements. Acquisitions of Operating Real Estate During 2015 During the year ended December 31, 2015 , we acquired a self-storage facility in Kissimmee, Florida from a third party for $8.4 million . This is a newly constructed facility that began operations upon our acquisition of the property and therefore was deemed to be an asset acquisition. During the year ended December 31, 2015 , we acquired the following 26 self-storage investments aggregating $243.2 million , which were deemed to business combinations: • $10.7 million for a facility in Portland, Oregon on December 9, 2015; • $5.3 million for a facility in Greensboro, North Carolina on December 4, 2015; • $5.0 million for a facility in Houston, Texas on November 5, 2015; • $4.7 million for a facility in Houston, Texas on October 29, 2015; • $4.9 million for a facility in Kissimmee, Florida on October 21, 2015; • $37.3 million for a facility in Fernandina Beach, Florida and six facilities in El Paso, Texas on October 8, 2015; • $5.0 million for a facility in Hudson, Florida on September 30, 2015; • $7.0 million for two facilities in Las Vegas, Nevada on September 29, 2015; • $3.5 million for a facility in Ithaca, New York on September 29, 2015; • $7.1 million for a facility in Houston, Texas on August 11, 2015; • $11.0 million for a facility in Palm Bay, Florida on July 28, 2015; • $3.7 million for a facility in Leesburg, Florida on July 9, 2015; • $3.5 million for a facility in St. Peters, Missouri on June 17, 2015; • $13.7 million for two facilities in Sarasota, Florida on June 16, 2015; • $9.4 million for a facility in Panama City Beach, Florida on May 26, 2015; • $9.8 million for a facility in Las Vegas, Nevada on May 18, 2015; • $4.0 million for a facility in Crystal Lake, Illinois on May 12, 2015; • $10.1 million for a facility in Louisville, Kentucky on April 29, 2015; • $36.3 million for seven facilities in California on April 10, 2015; • $6.1 million for two facilities in Lilburn and Stockbridge, Georgia on April 2, 2015; • $4.0 million for a facility in Panama City Beach, Florida on March 10, 2015; • $6.0 million for a facility in Lady Lake, Florida on February 25, 2015; • $3.0 million for a facility in Sebastian, Florida on February 18, 2015; • $7.5 million for a facility in Tallahassee, Florida on February 4, 2015; • $9.2 million for a facility in Valrico, Florida on January 29, 2015; and • $15.6 million for a facility in Naples, Florida on January 28, 2015. In connection with these self-storage property transactions, we incurred acquisition expenses totaling $14.2 million , which are included in Acquisition expenses in the consolidated financial statements. During the year ended December 31, 2015 , we acquired the following multi-family investments aggregating $129.7 million , which were deemed to be business combinations: • $25.7 million for a 97% controlling interest in a 301 -unit multi-family property located in Fort Walton Beach, Florida on July 23, 2015; • $42.5 million for a 97% controlling interest in a 408 -unit multi-family property located in San Antonio, Texas on June 8, 2015; • $34.3 million for a 97% controlling interest in a 350 -unit multi-family property located in Durham, North Carolina on January 15, 2015; and • $27.2 million for a 97% controlling interest in a 296 -unit multi-family property located in Fort Myers, Florida on January 15, 2015. In connection with our multi-family property transactions, we incurred acquisition expenses totaling $7.2 million , which are included in Acquisition expenses in the consolidated financial statements. Summary of Assets Acquired and Liabilities Assumed The following tables present a summary of assets acquired and liabilities assumed in our 2016 business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2016 (in thousands): Self-Storage Properties (a) Cash consideration $ 46,183 Assets acquired at fair value: Land $ 12,369 Buildings 53,343 In-place lease intangible assets 8,520 Other assets acquired 451 74,683 Liabilities assumed at fair value: Mortgages assumed (27,925 ) Other liabilities assumed (575 ) (28,500 ) Total identifiable net assets $ 46,183 Self-Storage Properties Respective Acquisition dates through December 31, 2016 Revenues $ 5,810 Net loss $ (7,122 ) Net loss attributable to CPA ® :18 – Global $ (7,122 ) ___________ (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. The following tables present a summary of assets acquired and liabilities assumed in our business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2015 (in thousands): 2015 Business Combinations (a) COOP Other Net-Leased Properties (b) Self-Storage Properties All Other Properties Total Cash consideration $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 Assets acquired at fair value: Land $ 59,595 $ 19,082 $ 37,845 $ 19,725 $ 136,247 Buildings 33,049 140,921 180,075 105,477 459,522 In-place lease intangible assets 4,618 47,320 27,167 4,498 83,603 Above-market rent intangible assets — 105 137 — 242 Other assets acquired 5,777 549 300 — 6,626 103,039 207,977 245,524 129,700 686,240 Liabilities assumed at fair value: Below-market rent intangible liabilities (63 ) (8,722 ) (85 ) — (8,870 ) Deferred tax liability (16,708 ) (2,548 ) — — (19,256 ) Other liabilities assumed (715 ) (310 ) (2,204 ) — (3,229 ) (17,486 ) (11,580 ) (2,289 ) — (31,355 ) Total identifiable net assets 85,553 196,397 243,235 129,700 654,885 Amounts attributable to noncontrolling interests (9,706 ) (4,594 ) — (3,891 ) (18,191 ) Goodwill ( Note 6 ) 12,484 2,548 — — 15,032 $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 COOP Other Net-Leased Properties Self-Storage Properties All Other Properties May 28, 2015 through Respective Acquisition Dates through Respective Acquisition Dates through Respective Acquisition Dates through Total Revenues $ 3,489 $ 7,669 $ 13,398 $ 11,215 $ 35,771 Net loss $ (5,815 ) $ (14,532 ) $ (20,017 ) $ (5,843 ) $ (46,207 ) Net loss (income) attributable to noncontrolling interests 92 1 (1 ) 15 107 Net loss attributable to CPA ® :18 – Global stockholders $ (5,723 ) $ (14,531 ) $ (20,018 ) $ (5,828 ) $ (46,100 ) ___________ (a) The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values. (b) During the three months ended December 31, 2015 , in accordance with the ASU 2015-16, we recorded a measurement period adjustment that increased deferred tax liabilities by $2.5 million with an offsetting increase to goodwill. Pro Forma Financial Information (Unaudited) The following unaudited consolidated pro forma financial information presents our financial results as if all of the acquisitions deemed business combinations that we completed during the years ended December 31, 2015 and 2014, and any new financings related to these acquisitions, had occurred on January 1, 2014 and 2013, respectively. The pro forma financial information is not necessarily indicative of what the actual results would have been had the acquisitions actually occurred on January 1, 2014 and 2013, nor does it purport to represent the results of operations for future periods. Acquisitions completed during the year ended December 31, 2016 that we deemed to be business combinations were not material for pro forma purposes and the pro forma results of those acquisitions are not included in the following pro forma financial information. (in thousands, except share and per share amounts) December 31, 2015 2014 Pro forma total revenues (a) $ 163,649 $ 157,488 Pro forma net loss (b) $ (5,307 ) $ (60,099 ) Pro forma net income attributable to noncontrolling interests (9,496 ) (1,823 ) Pro forma net loss attributable to CPA ® :18 – Global $ (14,803 ) $ (61,922 ) Pro forma loss per Class A share: Net loss attributable to CPA ® :18 – Global $ (12,586 ) $ (55,266 ) Pro forma basic and diluted weighted-average shares outstanding (c) 148,824,871 125,717,923 Pro forma basic and diluted loss per share $ (0.08 ) $ (0.44 ) Pro forma loss per Class C share: Net loss attributable to CPA ® :18 – Global $ (2,217 ) $ (6,656 ) Pro forma basic and diluted weighted-average shares outstanding (c) 27,580,451 8,847,966 Pro forma basic and diluted loss per share $ (0.08 ) $ (0.75 ) ___________ (a) Pro forma total revenues include revenues from lease contracts based on the terms in place at December 31, 2015 and do not include adjustments to contingent rental amounts. (b) The pro forma table above presents acquisition expenses related to all of our business combinations that we completed during the years ended December 31, 2015 and 2014 , as if they were incurred on January 1, 2014 and 2013, respectively. (c) The pro forma basic and diluted weighted-average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for our business combinations that we completed during the years ended December 31, 2015 and 2014 , were issued on January 1, 2014 and 2013, respectively. We assumed that we would have issued Class A shares to raise such funds. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2016 2015 Beginning balance $ 131,930 $ 2,258 Capitalized funds 116,616 147,233 Placed into service (59,498 ) (17,548 ) Foreign currency translation adjustments (12,871 ) (2,368 ) Capitalized interest 6,435 2,355 Ending balance $ 182,612 $ 131,930 Capitalized Funds On February 19, 2016, we entered into a concession agreement and 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 . As of December 31, 2016, total capitalized funds related to this investment were $26.3 million , inclusive of accrued construction costs of $3.5 million and acquisition-related fees of $3.3 million , of which $2.0 million was paid to our Advisor. 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. We also obtained a political risk insurance policy from a third party (subject to certain coverage limits and conditions) to mitigate various risks associated with this investment. On February 19, 2016, the joint venture obtained third-party financing in an amount up to $41.0 million from the Overseas Private Investment Corporation (“OPIC”), a financial institution of the U.S. Government, with an estimated interest rate based on the U.S. Treasury rate plus 300 basis points. Funding of this loan is subject to the tenant obtaining a letter of credit, which to date has not occurred. Because the tenant has not yet obtained the required letter of credit, it is in default under the concession agreement and we are currently unable to estimate when this project will be completed, if at all. As a result, as of December 31, 2016 , we had no amount outstanding under this financing arrangement. If the project is completed, our total investment is expected to be approximately $65.7 million . We have evaluated the asset for impairment and probability-weighted different possible scenarios in estimating future undiscounted cash flows, including payment from the tenant or through our insurance policy. Because we believe there is a high probability that we will recover the amount we have invested, the asset has not been impaired as of December 31, 2016 . As events develop, we will continue to monitor the investment for impairment. During the year ended December 31, 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 $110.1 million . Capitalized funds include accrued costs of $12.9 million , which are a non-cash investing activity. During the year ended December 31, 2015 , total capitalized funds were comprised primarily of initial funding of $118.8 million and construction draws of $28.4 million . During 2015 , the costs attributable to our build-to-suit projects included capitalized acquisition-related costs of $15.7 million , which includes $10.0 million related to accrued development costs. We acquired the following build-to-suit investments during the year ended December 31, 2015 : • $10.0 million in a build-to-suit joint venture with a third party for a student housing development site located in Portsmouth, United Kingdom for on December 23, 2015 (amounts are based on the exchange rate of the British pound sterling on the date of acquisition). We acquired 97% of the equity of this investment at closing. This acquisition includes an existing office building and its redevelopment into a student housing facility, which is currently projected to reach completion in August 2018. Upon completion of this project, our total investment is currently expected to be approximately $53.4 million . As the joint venture has insufficient equity at risk and we control this development project, this joint venture is considered to be a VIE that we consolidate; • $7.2 million in a build-to-suit project to fund the completion of a hotel located in Hamburg, Germany on June 22, 2015 (amounts are based on the exchange rate of the euro on the date of acquisition). This hotel is currently under construction and is currently projected to reach completion in May 2017. Upon completion of this hotel, our total investment is currently expected to be approximately $31.6 million ; • $50.7 million in a build-to-suit joint venture with a third party to finance the completion of a Marriott hotel located in Munich, Germany on May 8, 2015 (amounts are based on the exchange rate of the euro on the date of acquisition). The hotel is currently under construction and is currently projected to reach completion in May 2017. As the joint-venture partner does not have any equity at risk and we, a non-equity holder, will fully fund and control this development project, this joint venture is considered to be a VIE that we consolidate; • $21.7 million in and funded the first draw of a build-to-suit joint venture with a third party on a site located in Eindhoven, the Netherlands on March 20, 2015 (amounts are based on the exchange rate of the euro on the date of acquisition). Upon completion of this project, our total investment is expected to be approximately $91.1 million . This acquisition includes the development of an office building (including parking spaces) in two phases that are currently projected to reach completion in April 2017 and March 2019. We will acquire additional equity in the entity developing the building in stages throughout the construction period. We consolidate this joint venture as we are expected to fund and control all of the construction and related activities, and will fully own this property upon completion. As the joint venture has insufficient equity at risk and we control this development project, this joint venture is considered to be a VIE that we will consolidate; and • $17.3 million in a build-to-suit joint venture with a third party on a student housing development site located in Reading, United Kingdom on February 19, 2015 (amounts are based on the exchange rate of the British pound sterling on the date of acquisition). We acquired 96% of the equity of this investment at closing. This acquisition includes an existing office building and its redevelopment into a student housing facility, which was substantially completed during 2016. We consolidate all of the above joint ventures, if applicable, because we are either the majority equity holder and/or we control the significant activities of the ventures. Capitalized Interest Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest incurred during construction, which totaled $6.4 million and $2.4 million for the years ended December 31, 2016 and December 31, 2015 , respectively, and is a non-cash investing activity. Placed into Service During the year ended December 31, 2016 , we placed into service two build-to-suit expansion projects and one substantially completed student housing development totaling $59.5 million , which is a non-cash investing activity. Of that total, $44.7 million was reclassified to Operating real estate, at cost and $14.8 million was reclassified to Real estate, at cost. During the year ended December 31, 2015 , we reclassified $17.5 million to Real estate, at cost primarily related to a domestic build-to-suit project, which was placed into service. Ending Balance At December 31, 2016 and 2015 , we had seven open build-to-suit projects and one substantially completed project with aggregate unfunded commitments totaling approximately $133.5 million and $164.4 million , respectively. Equity Investment in Real Estate We have an interest in an unconsolidated investment in our Self Storage segment that relates to a joint venture for the development of three self-storage facilities in Canada. This investment is jointly owned with a third party, which is also the general partner. Our ownership interest in the joint venture is 90% ; the joint-venture partner is funding its equity interest with the distributions they are eligible to receive upon the properties being placed into service. As of December 31, 2016, the joint-venture partner has not funded their 10% equity interest. 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. On May 2, 2016, the joint venture purchased a vacant parcel of land in Vaughan, Canada for $2.0 million (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; as a result, $2.9 million of the total project was placed into service. During the year ended December 31, 2016 , we incurred losses of $0.1 million relating to this project, which is included in Equity in losses of equity method investment in real estate on our consolidated financial statements. During the year ended December 31, 2015, the joint venture purchased two vacant parcels of land in Vaughan and Mississauga, Canada for $4.0 million and $6.5 million , respectively (based on the exchange rate of the Canadian dollar at the date of acquisition). At December 31, 2016 and 2015 , our total equity investment balance for these properties was $14.7 million and $12.6 million , respectively, and the joint venture had total third-party recourse debt of $13.8 million and $0.1 million , respectively. The unfunded commitments for the build-to-suit projects at December 31, 2016 and 2015 total approximately $19.3 million and $17.4 million , respectively, related to our equity investment. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. This liability was $2.7 million and $2.6 million at December 31, 2016 and 2015 , respectively. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 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 Notes receivable. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2016 2015 Minimum lease payments receivable $ 67,811 $ 76,014 Unguaranteed residual value 48,826 51,835 116,637 127,849 Less: unearned income (67,041 ) (75,883 ) $ 49,596 $ 51,966 Interest income from direct financing leases was $4.6 million , $3.7 million , and $3.5 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. 2015 Acquisitions Arandell — On December 31, 2015, we acquired a manufacturing facility in Menomonee Falls, Wisconsin from Arandell Corporation, which is also the tenant, for $23.1 million . Cardiff — On June 16, 2015, we invested in a joint venture with a third party for an office building located in Cardiff, United Kingdom for $13.2 million , which is based on the exchange rate of the British pound sterling on the date of acquisition. We acquired 94.5% of the equity of this investment at closing, which we consolidate. At December 31, 2016 , this property is currently occupied by a single tenant and will be redeveloped into a student housing facility upon the existing tenant vacating the building. Dispositions On December 30, 2013 and March 7, 2014, we entered into two domestic net lease financing transactions with subsidiaries of Crowne Group Inc., from which we acquired five industrial facilities in South Carolina, Indiana, and Michigan. In August 2015, the tenants exercised their purchase options and we sold these five industrial facilities back to the subsidiaries of Crowne Group Inc. for $35.7 million . We recognized a gain on sale of $6.7 million , which is included in Gain on sale of real estate, net of tax in our consolidated financial statements. Simultaneously, we paid off the existing mortgage loan that encumbered all of these properties ( Note 9 ) and terminated the interest rate swap agreement that was in place. As a result, we recognized a $1.1 million loss on extinguishment of debt within Other income and (expenses) in our consolidated financial statements during the year ended December 31, 2015 . Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2016 were as follows (in thousands): Years Ending December 31, Total 2017 $ 4,087 2018 4,157 2019 4,229 2020 4,085 2021 3,503 Thereafter 47,750 Total $ 67,811 Notes Receivable On July 21, 2014, we acquired a $28.0 million mezzanine tranche of 10-year commercial mortgage-backed securities originated by Cantor Fitzgerald on the Cipriani banquet halls in New York, New York. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. We receive interest-only payments at a rate of 10% per annum. At both December 31, 2016 and 2015 , the balance for this note receivable remained $28.0 million . On November 1, 2016, we acquired a $38.5 million mezzanine loan collateralized by 27 retail stores in Minnesota, Wisconsin and Iowa, leased to Mills Fleet Farm Group LLC, or Mills Fleet, as part of the financing for a sale-leaseback that Mills Fleet completed. The loan bears interest at one month LIBOR plus 10% and we receive interest-only payments monthly until the loan matures on October 9, 2018. The borrower has the option to extend the maturity date for three successive terms, each for one year. The loan is collateralized by the pledge of the equity in 27 entities that directly own the retail stores and is subordinated to a $280.0 million senior mortgage on the properties. At December 31, 2016 the principal balance of the loan was $38.5 million . This investment was partially financed with the $27.5 million loan that we received from WPC on October 31, 2016 ( Note 3 ). In connection with this investment we incurred transaction and acquisition costs totaling $2.0 million , which were expensed and are included in Acquisition expenses on the consolidated statement of operations. Credit Quality of Finance Receivables We generally seek investments in facilities that we believe are critical to a tenant’s business and that we believe have a low risk of tenant default. At both December 31, 2016 and 2015 , we had no significant finance receivable balances that were past due and we had not established any allowances for credit losses. Additionally, there were no modifications of finance receivables during the years ended December 31, 2016 or 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 fourth 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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2016 2015 2016 2015 1 1 1 $ 10,516 $ 12,684 2 1 1 9,154 9,065 3 2 4 29,679 58,217 4 3 — 66,747 — 5 — — — — 0 $ 116,096 $ 79,966

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In connection with our acquisitions of properties ( Note 4 ) during the year ended December 31, 2016 , we recorded In-place lease intangibles of $8.5 million that are being amortized over a weighted-average period of approximately two years. In addition, we have ground lease intangibles that are being amortized over periods of up to 99 years. In-place lease intangibles are included in In-place lease intangible assets, net in the consolidated financial statements. Below-market ground lease intangibles and above-market rent intangibles are included in Other intangible assets, net in the consolidated financial statements. Below-market rent intangibles and above-market ground lease intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Goodwill is included in the consolidated financial statements. The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Total Balance at January 1, 2014 $ — Acquisition of investments accounted for as business combinations 11,040 Foreign currency translation (1,348 ) Balance at December 31, 2014 9,692 Acquisition of investments accounted for as business combinations 13,131 Measurement period adjustments (a) 3,769 Foreign currency translation (3,203 ) Balance at December 31, 2015 23,389 Foreign currency translation 137 Balance at December 31, 2016 $ 23,526 _________ (a) During 2015, we identified measurement period adjustments related to two of our acquisitions ( Note 4 ). We performed our annual test for impairment of goodwill during the fourth quarter of 2016 and no impairment was indicated. Goodwill resides within our Net Lease segment, which is also the reporting unit for goodwill impairment testing. Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2016 2015 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets In-place lease 1 - 23 $ 260,469 $ (83,031 ) $ 177,438 $ 255,510 $ (43,090 ) $ 212,420 Below-market ground lease 15 - 99 20,236 (706 ) 19,530 20,894 (325 ) 20,569 Above-market rent 2 - 30 11,846 (2,320 ) 9,526 12,174 (1,322 ) 10,852 292,551 (86,057 ) 206,494 288,578 (44,737 ) 243,841 Indefinite-Lived Intangible Assets Goodwill 23,526 — 23,526 23,389 — 23,389 Total intangible assets $ 316,077 $ (86,057 ) $ 230,020 $ 311,967 $ (44,737 ) $ 267,230 Finite-Lived Intangible Liabilities Below-market rent 1 - 30 $ (15,192 ) $ 3,234 $ (11,958 ) $ (15,439 ) $ 1,546 $ (13,893 ) Above-market ground lease 81 (101 ) 3 (98 ) (121 ) 2 (119 ) Total intangible liabilities $ (15,293 ) $ 3,237 $ (12,056 ) $ (15,560 ) $ 1,548 $ (14,012 ) Net amortization of intangibles, including the effect of foreign currency translation, was $40.2 million , $33.4 million , and $10.6 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income, amortization of below-market and above-market ground lease intangibles is included in Property expenses, and amortization of in-place lease intangibles is included in Depreciation and amortization expense. Based on the intangible assets and liabilities recorded at December 31, 2016 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2017 $ (163 ) $ 28,098 $ 27,935 2018 (205 ) 18,177 17,972 2019 (218 ) 17,116 16,898 2020 (288 ) 16,471 16,183 2021 (303 ) 16,316 16,013 Thereafter (1,255 ) 100,692 99,437 $ (2,432 ) $ 196,870 $ 194,438

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 swaps, interest rate caps, and foreign currency collars ( Note 8 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps and foreign currency collars ( Note 8 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. Rent Guarantees — Our rent guarantees, which are included in Other assets, net in the consolidated financial statements, are related to 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 December 31, 2016 and 2015 , our rent guarantees had a fair value of $0.5 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 year ended December 31, 2016 we recognized $1.1 million 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 measurements during the years ended December 31, 2016 and 2015 . Gains and losses (realized and unrealized) included in earnings are reported within Other income and (expenses) on our consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2016 2015 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) (b) 3 $ 1,157,411 $ 1,177,409 $ 999,213 $ 1,022,641 Notes receivable (c) 3 66,500 68,450 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 2 ). At December 31, 2016 and 2015 , the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.6 million and $8.3 million , respectively. At December 31, 2016 and 2015 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.9 million and $0.7 million , respectively ( Note 9 ). (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 notes 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 December 31, 2016 and 2015 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 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. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative is reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive loss into earnings when the hedged investment is either sold or substantially liquidated. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2016 and 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 December 31, December 31, 2016 2015 2016 2015 Foreign currency forward contracts Other assets, net $ 5,502 $ 6,501 $ — $ — Foreign currency collars Other assets, net 1,284 970 — — Interest rate swaps Other assets, net 393 — — — Interest rate caps Other assets, net 1 17 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,151 ) (1,568 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (33 ) (28 ) $ 7,180 $ 7,488 $ (1,184 ) $ (1,596 ) The following tables presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Loss (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2016 2015 2014 Foreign currency forward contracts $ (897 ) $ 2,374 $ — Interest rate swaps 810 933 (2,282 ) Foreign currency collars 327 939 3,653 Interest rate caps (13 ) (38 ) — Derivatives in Net Investment Hedging Relationships (a) Foreign currency forward contracts (56 ) 466 11 Foreign currency collars (20 ) 2 — Total $ 151 $ 4,676 $ 1,382 ___________ (a) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2016 2015 2014 Foreign currency forward contracts Other income and (expenses) $ 1,278 $ 1,137 $ 151 Interest rate swaps Interest expense (879 ) (2,183 ) (759 ) Foreign currency collars Other income and (expenses) 95 8 — Interest rate caps Interest expense (4 ) (6 ) — Total $ 490 $ (1,044 ) $ (608 ) Amounts reported in Other comprehensive loss related to our interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive loss related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At December 31, 2016 , we estimated that an additional $0.7 million and $1.8 million will be reclassified as Interest expense and other income, respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2016 2015 2014 Foreign currency collars Other income and (expenses) $ 1 $ 37 $ — Interest rate swaps Interest expense — (63 ) — Derivatives in Cash Flow Hedging Relationships (a) Interest rate swaps Interest expense 3 — — Foreign currency collars Other income and (expenses) 2 — — Total $ 6 $ (26 ) $ — __________ (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 December 31, 2016 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2016 Interest rate swaps 8 61,869 USD $ (758 ) Interest rate caps 2 22,000 USD 1 $ (757 ) 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 74 months or less. Certain of our foreign currency contracts are hedging the exposure to foreign currency risks of our net investments in foreign operations, which we designate as net investment hedges. The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2016 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 31 11,942 EUR $ 3,721 Foreign currency forward contracts 25 39,697 NOK 1,411 Foreign currency collars 30 14,664 EUR 868 Foreign currency collars 23 54,570 NOK 397 Designated as Net Investment Hedging Instruments Foreign currency collars 5 35,240 NOK 243 Foreign currency forward contracts 3 5,773 NOK 113 $ 6,753 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2016 . At December 31, 2016 , our total credit exposure was $7.1 million and the maximum exposure to any single counterparty was $4.2 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 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 $1.2 million and $1.6 million at December 31, 2016 and December 31, 2015 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2016 or 2015 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.3 million and $1.7 million , respectively.

Non-Recourse Debt and Bonds Pay

Non-Recourse Debt and Bonds Payable	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Non-Recourse Debt and Bonds Payable	Non-Recourse Debt and Bonds Payable Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2016, our debt bore interest at fixed annual rates ranging from 1.6% to 5.8% and variable contractual annual rates ranging from 2.3% to 5.1% , with maturity dates from 2017 to 2039 . Financing Activity During 2016 During the year ended December 31, 2016 , we obtained or assumed several non-recourse mortgage financings totaling $148.2 million , including $14.1 million that became available upon the completion of the expansion of an industrial facility located in Michalovce, Slovakia on October 14, 2016, with a weighted-average annual interest rate of 4.5% and term of eight years. In addition, we obtained a $53.3 million senior construction-to-term mortgage loan (based on the exchange rate of the euro at the date of acquisition) 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 December 31, 2016 , we had drawn $27.3 million on this loan (based on the exchange rate of the euro at the date of each drawdown) at an interest rate of 3.2% . 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 1.8% . In addition, during the year ended December 31, 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 December 31, 2016 : • $41.0 million that is intended to be used to finance the construction of the university complex development site located in Accra, Ghana ( Note 4 ), but remains subject to the tenant obtaining a letter of credit, which if drawn, will bear an interest rate based on the U.S. Treasury rate plus 300 basis points upon draw down; and • $17.3 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 (amounts are based on the exchange rate of the euro on the date of acquisition). Financing Activity During 2015 During the year ended December 31, 2015 , we obtained or assumed 20 non-recourse mortgage financings and completed two refinancings totaling $504.9 million , with a weighted-average annual interest rate of 3.8% and term of 8.0 years. In addition, during the year ended December 31, 2015 we obtained bond financing totaling $64.2 million , with an annual interest rate of 4.2% and term of 10.0 years. In conjunction with the August 2015 sale of the Crowne Group Inc. properties ( Note 5 ), we paid off the existing mortgage loans that encumbered all of these properties. The buyer paid the prepayment penalty on our behalf due to the unwinding of the related interest rate swap agreement. During the year ended December 31, 2015 , we recognized a loss on extinguishment of debt of $1.1 million related to the termination of this swap within Other income and (expenses) in our consolidated financial statements. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2016 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 $ 20,113 2018 27,571 2019 5,918 2020 109,910 2021 161,068 Thereafter through 2039 841,223 Total principal payments 1,165,803 Unamortized premium, net 536 Deferred financing costs (8,928 ) Total $ 1,157,411 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2016 . The carrying value of our Non-recourse debt, net and Bonds payable, net decreased by $9.9 million from December 31, 2015 to December 31, 2016 , due to the strengthening of the U.S. dollar relative to foreign currencies during the same period.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 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 4 for unfunded construction commitments.

Loss Per Share and Equity

Loss Per Share and Equity	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2016 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 105,691,583 $ (23,065 ) $ (0.22 ) Class C common stock 30,091,602 (7,019 ) (0.23 ) Net loss attributable to CPA ® :18 – Global $ (30,084 ) Year Ended December 31, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 101,884,473 $ (45,524 ) $ (0.45 ) Class C common stock 27,580,451 (12,208 ) (0.44 ) Net loss attributable to CPA ® :18 – Global $ (57,732 ) Year Ended December 31, 2014 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 78,777,525 $ (49,494 ) $ (0.63 ) Class C common stock 8,847,966 (6,373 ) (0.72 ) Net loss attributable to CPA ® :18 – Global $ (55,867 ) The allocation of Net loss attributable to CPA ® :18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. For the years ended December 31, 2015 and 2014 , the allocation for Class A common stock excludes annual distribution and shareholder servicing (benefit) fees of $(0.9) million and $0.8 million , respectively, which is only applicable to Class C common stock ( Note 3 ). In addition, the Class C common stock allocation includes $0.5 million and $0.7 million of interest expense related to the accretion of interest on the annual distribution and shareholder servicing liability ( Note 3 ) for the years ended December 31, 2016 and 2015 , respectively. Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2016 , 2015 , and 2014 , reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2016 2015 2014 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.1339 $ 0.1171 $ 0.1889 $ 0.1612 $ 0.2164 $ 0.1841 Return of capital 0.4913 0.4296 0.3836 0.3273 0.4084 0.3475 Capital gain — — 0.0525 0.0448 — — Total distributions paid $ 0.6252 $ 0.5467 $ 0.6250 $ 0.5333 $ 0.6248 $ 0.5316 Distributions are declared at the discretion of our board of directors and are not guaranteed. During the fourth quarter of 2016 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1378 per share for our Class C common stock. Distributions in the amount of $21.0 million were paid on January 13, 2017 to stockholders of record on December 30, 2016 . Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2014 $ (219 ) $ 125 $ (94 ) Other comprehensive loss before reclassifications 763 (29,602 ) (28,839 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 759 — 759 Other income and (expenses) (151 ) — (151 ) Net current-period Other comprehensive loss 1,371 (29,602 ) (28,231 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,384 7,384 Balance at December 31, 2014 1,152 (22,093 ) (20,941 ) Other comprehensive loss before reclassifications 3,164 (40,662 ) (37,498 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,189 — 2,189 Other income and (expenses) (1,145 ) — (1,145 ) Net current-period Other comprehensive loss 4,208 (40,662 ) (36,454 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,079 7,079 Balance at December 31, 2015 5,360 (55,676 ) (50,316 ) Other comprehensive loss before reclassifications 717 (12,254 ) (11,537 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 883 — 883 Other income and (expenses) (1,373 ) — (1,373 ) Net current-period Other comprehensive loss 227 (12,254 ) (12,027 ) Net current-period Other comprehensive income attributable to noncontrolling interests — 639 639 Balance at December 31, 2016 $ 5,587 $ (67,291 ) $ (61,704 )

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, the only provision of income taxes in the consolidated financial statements relates to our taxable REIT subsidiaries. We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2016 2015 2014 Federal Current $ 276 $ 98 $ 16 Deferred (34 ) — — 242 98 16 State and Local Current 134 87 79 134 87 79 Foreign Current 1,024 565 64 Deferred (1,394 ) (847 ) (1,323 ) (370 ) (282 ) (1,259 ) Total Provision (Benefit) $ 6 $ (97 ) $ (1,164 ) We account for uncertain tax positions in accordance with ASC 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Year Ended 2016 Beginning balance — Addition based on tax positions related to the current year 242 Ending balance $ 242 At December 31, 2016 , we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2016 , we had no accrued interest related to uncertain tax positions. Tax authorities in relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2013 through 2016 remain open to adjustment in major tax jurisdictions. Deferred Income Taxes Our deferred tax assets before valuation allowances were $13.6 million and $14.6 million at December 31, 2016 and 2015 , respectively. Our deferred tax liabilities were $42.4 million and $47.3 million at December 31, 2016 and 2015 , respectively. We determined that $12.8 million and $10.2 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount at December 31, 2016 and 2015 , respectively. Our deferred tax asset, net of valuation allowance, is recorded in Other assets, net on our consolidated balance sheet. Our deferred tax assets and liabilities are primarily the result of temporary differences related to: • basis differences between tax and GAAP for real estate assets (for income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP.); and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. At December 31, 2016 and 2015 , we had net operating losses in foreign jurisdictions of approximately $24.2 million and $17.2 million , respectively. Our net operating losses will begin to expire in 2018 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in three reportable business segments: Net Lease, Self Storage, and Multi Family. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Multi Family segment is comprised of our investments in multi-family residential properties and student-housing developments. In addition, we have an All Other category that includes our notes receivable investments ( Note 1 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2016 2015 (a) 2014 (a) Net Lease Revenues $ 109,332 $ 91,173 $ 48,306 Operating expenses (b) (60,168 ) (70,352 ) (72,780 ) Interest expense (27,723 ) (26,367 ) (14,447 ) Other income and expenses, excluding interest expense 1,233 (2,022 ) (490 ) Benefit from income taxes 811 300 1,183 (Loss) gain on sale of real estate, net of tax (63 ) 6,659 — Net (income) loss attributable to noncontrolling interests (2,765 ) (2,231 ) 2,435 Net income (loss) attributable to CPA ® :18 – Global $ 20,657 $ (2,840 ) $ (35,793 ) Self Storage Revenues $ 48,794 $ 25,570 $ 3,913 Operating expenses (c) (57,807 ) (43,459 ) (9,814 ) Interest expense (11,013 ) (5,232 ) (942 ) Other income and expenses, excluding interest expense (d) (231 ) (94 ) — Provision for income taxes (215 ) (59 ) (16 ) Net loss attributable to CPA ® :18 – Global $ (20,472 ) $ (23,274 ) $ (6,859 ) Multi Family Revenues $ 22,609 $ 16,369 $ 830 Operating expenses (e) (17,103 ) (23,728 ) (3,468 ) Interest expense (3,537 ) (3,779 ) (213 ) Other income and expenses, excluding interest expense 6 1 — Provision for income taxes (164 ) (88 ) — Net loss attributable to noncontrolling interests 52 142 32 Net income (loss) attributable to CPA ® :18 – Global $ 1,863 $ (11,083 ) $ (2,819 ) All Other Revenues $ 3,588 $ 2,831 $ 1,268 Operating expenses (f) (2,010 ) — (1,348 ) Interest expense — — — Other income and expenses, excluding interest expense — — — Provision for income taxes — — — Net loss attributable to noncontrolling interests — — — Net income (loss) attributable to CPA ® :18 – Global $ 1,578 $ 2,831 $ (80 ) Corporate Unallocated Corporate Overhead (g) $ (26,124 ) $ (17,049 ) $ (8,538 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (7,586 ) $ (6,317 ) $ (1,778 ) Total Company Revenues $ 184,323 $ 135,943 $ 54,317 Operating expenses (154,047 ) (151,147 ) (95,131 ) Interest expense (43,132 ) (35,170 ) (15,753 ) Other income and expenses, excluding interest expense (6,860 ) (5,708 ) (1,153 ) (Provision for) benefit from income taxes (6 ) 97 1,164 (Loss) gain on sale of real estate, net of tax (63 ) 6,659 — Net (income) loss attributable to noncontrolling interests (10,299 ) (8,406 ) 689 Net loss attributable to CPA ® :18 – Global $ (30,084 ) $ (57,732 ) $ (55,867 ) Total Long-Lived Assets at December 31, (h) Total Assets at December 31, 2016 2015 (a) 2016 2015 (a) (i) Net Lease $ 1,152,653 $ 1,105,237 $ 1,453,148 $ 1,446,865 Self Storage 386,099 326,835 410,781 363,284 Multi Family 222,600 199,644 230,509 210,052 All Other 66,501 28,000 66,936 28,188 Corporate — — 48,072 86,294 Total Company $ 1,827,853 $ 1,659,716 $ 2,209,446 $ 2,134,683 __________ (a) Amounts as of and for the years ended December 31, 2015 and 2014 are presented to conform to the three reportable business segment presentation for the current year. (b) Includes acquisition expenses incurred in connection with net lease transactions. We expensed acquisition-related costs and fees totaling $20.9 million and $49.3 million for the years ended December 31, 2015 and 2014 , respectively ( Note 4 ). For the year ended December 31, 2016 , we did not incur any significant acquisition expenses in our Net Lease segment. (c) Includes acquisition expenses incurred in connection with self-storage transactions. We expensed acquisition-related costs and fees totaling $4.9 million , $14.2 million , and $6.1 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively ( Note 4 ). (d) Includes Equity in losses of equity method investment in real estate. (e) Includes acquisition expenses incurred in connection with multi-family transactions. We expensed acquisition-related costs and fees totaling $7.2 million and $2.4 million for the years ended December 31, 2015 and 2014 , respectively. There were no acquisition expenses incurred for the year ended December 31, 2016 ( Note 4 ). (f) Includes acquisition expenses incurred in connection with our notes receivable transactions in the All Other category. We expensed acquisition-related costs and fees totaling $2.0 million and $1.4 million for the years ended December 31, 2016 and 2014 , respectively. There were no acquisition expenses incurred for the year ended December 31, 2015 ( Note 5 ). (g) 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. (h) Includes Net investments in real estate and Equity investment in real estate. (i) 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 2 ). Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2016 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,147 $ 27,090 $ 72,287 $ 124,524 $ 17,245 $ 42,554 $ 59,799 $ 184,323 Operating expenses (19,254 ) (25,237 ) (73,203 ) (117,694 ) (9,123 ) (27,230 ) (36,353 ) (154,047 ) Net (loss) income (1,988 ) (5,077 ) (16,297 ) (23,362 ) (1,705 ) 5,282 3,577 (19,785 ) Net income attributable to noncontrolling interests (786 ) — (7,611 ) (8,397 ) (817 ) (1,085 ) (1,902 ) (10,299 ) Net (loss) income attributable to CPA ® :18 – Global (2,774 ) (5,077 ) (23,908 ) (31,759 ) (2,522 ) 4,197 1,675 (30,084 ) Long-lived assets 224,860 199,109 624,040 1,048,009 195,052 584,792 779,844 1,827,853 Non-recourse debt and bonds payable 174,421 150,815 430,477 755,713 138,253 263,445 401,698 1,157,411 As of and for the Year Ended December 31, 2015 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 17,983 $ 17,039 $ 50,624 $ 85,646 $ 13,911 $ 36,386 $ 50,297 $ 135,943 Operating expenses (18,085 ) (23,565 ) (67,149 ) (108,799 ) (13,913 ) (28,435 ) (42,348 ) (151,147 ) Net loss (5,699 ) (10,556 ) (18,311 ) (34,566 ) (7,056 ) (7,704 ) (14,760 ) (49,326 ) Net income attributable to noncontrolling interests (852 ) — (6,175 ) (7,027 ) (399 ) (980 ) (1,379 ) (8,406 ) Net loss attributable to CPA ® :18 – Global (6,551 ) (10,556 ) (24,486 ) (41,593 ) (7,455 ) (8,684 ) (16,139 ) (57,732 ) Long-lived assets (b) 229,437 197,552 537,340 964,329 194,211 501,176 695,387 1,659,716 Non-recourse debt and bonds payable 150,284 135,873 359,431 645,588 133,576 220,049 353,625 999,213 For the Year Ended December 31, 2014 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 8,830 $ 2,514 $ 17,698 $ 29,042 $ 6,560 $ 18,715 $ 25,275 $ 54,317 Operating expenses (4,981 ) (4,593 ) (33,320 ) (42,894 ) (8,389 ) (43,848 ) (52,237 ) (95,131 ) Net income (loss) 339 (2,812 ) (15,877 ) (18,350 ) (7,277 ) (30,929 ) (38,206 ) (56,556 ) Net (income) loss attributable to noncontrolling interests (804 ) — (1,764 ) (2,568 ) 321 2,936 3,257 689 Net loss attributable to CPA ® :18 – Global (465 ) (2,812 ) (17,641 ) (20,918 ) (6,956 ) (27,993 ) (34,949 ) (55,867 ) ___________ (a) All years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, and Mauritius; and 2016 and 2015 includes Slovakia and Canada. (b) Includes Net investments in real estate and Equity investment in real estate. We have represented the long-lived assets amounts as of December 31, 2015 in this table to include our Equity investment in real estate of $12.6 million , which was previously excluded from this table.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 43,798 $ 45,715 $ 47,284 $ 47,526 Expenses 37,483 40,030 38,093 38,441 Net loss (456 ) (7,454 ) (1,850 ) (10,025 ) Net income attributable to noncontrolling interests (1,741 ) (2,758 ) (2,231 ) (3,569 ) Net loss attributable to CPA ® :18 – Global (2,197 ) (10,212 ) (4,081 ) (13,594 ) Class A Common Stock Basic and diluted loss per share (a) $ (0.02 ) $ (0.07 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 103,972,011 105,182,645 106,279,055 107,307,860 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (a) $ (0.02 ) $ (0.08 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 29,757,726 29,928,571 30,205,326 30,469,385 Distributions declared per share $ 0.1337 $ 0.1376 $ 0.1376 $ 0.1378 Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 27,172 $ 30,472 $ 37,069 $ 41,230 Expenses 27,113 41,413 42,174 40,447 Net loss (10,852 ) (18,263 ) (7,683 ) (12,528 ) Net income attributable to noncontrolling interests (1,361 ) (1,644 ) (2,092 ) (3,309 ) Net loss attributable to CPA ® :18 – Global (12,213 ) (19,907 ) (9,775 ) (15,837 ) Class A Common Stock Basic and diluted loss per share (a) $ (0.10 ) $ (0.15 ) $ (0.07 ) $ (0.13 ) Basic and diluted weighted-average shares outstanding 100,642,226 101,460,830 102,293,880 103,109,346 Distributions declared per share $ 0.1562 $ 0.1562 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (a) $ (0.12 ) $ (0.17 ) $ (0.09 ) $ (0.07 ) Basic and diluted weighted-average shares outstanding 22,381,181 29,033,036 29,279,705 29,522,763 Distributions declared per share $ 0.1329 $ 0.1329 $ 0.1340 $ 0.1335 __________ (a) The sum of the quarterly Loss per share does not agree to the annual Loss per share for 2016 and 2015 due to the issuances of our common stock that occurred during such periods.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Management Change On January 23, 2017, we announced that Ms. Kristin Sabia was appointed as our chief accounting officer, succeeding Ms. ToniAnn Sanzone, who remains as our chief financial officer, in that role. Ms. Sabia joined CPA ® :17 – Global in 2012 and served as its controller since 2015.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2016 , 2015 , and 2014 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 10,196 $ 2,987 $ (366 ) $ 12,817 Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 2,236 $ 8,214 $ (254 ) $ 10,196 Year Ended December 31, 2014 Valuation reserve for deferred tax assets $ — $ 2,236 $ — $ 2,236

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,653 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 7,103 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 6,700 — 10,828 — (2,509 ) — 8,319 8,319 745 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 6,634 — 10,576 — (2,518 ) — 8,058 8,058 681 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 6,507 2,264 10,676 — (3,070 ) 1,734 8,136 9,870 752 2006 Dec. 2013 34 yrs. Retail facility in Zadar, Croatia 7,314 4,320 10,536 — (3,524 ) 3,309 8,023 11,332 803 2007 Dec. 2013 33 yrs. Retail facility in Split, Croatia 2,975 — 3,161 — (759 ) — 2,402 2,402 271 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 3,070 1,163 3,393 1,585 (535 ) 1,163 4,443 5,606 681 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,150 13,748 52,135 — — 13,748 52,135 65,883 5,577 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,508 1,044 3,361 — — 1,044 3,361 4,405 337 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 39,339 14,362 59,219 — (21,938 ) 10,080 41,563 51,643 2,964 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 55,835 — 112,676 — (26,322 ) — 86,354 86,354 5,984 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA 4,705 448 5,841 — — 448 5,841 6,289 571 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 7,098 2,251 3,390 672 47 2,251 4,109 6,360 377 2001 May 2014 40 yrs. Industrial facility in Surprise, AZ 2,272 298 2,347 1,699 — 298 4,046 4,344 312 1998 May 2014 35 yrs. Industrial facility in Temple, GA 6,569 381 6,469 — — 381 6,469 6,850 582 2007 May 2014 33 yrs. Land in Houston, TX 1,222 1,675 — — — 1,675 — 1,675 — N/A May 2014 N/A Land in Chicago, IL 1,957 3,036 — — — 3,036 — 3,036 — N/A May 2014 N/A Warehouse facility in Jonesville, SC 27,845 2,995 14,644 19,389 — 2,995 34,033 37,028 3,003 1997 Jun. 2014 28 yrs. Industrial facility in Ayr, United Kingdom 2,433 1,150 3,228 — (1,156 ) 846 2,376 3,222 296 1950 Aug. 2014 15 - 32 yrs. Industrial facility in Bathgate, United Kingdom 1,575 627 1,852 349 (692 ) 461 1,675 2,136 151 2009 Aug. 2014 20 - 35 yrs. Industrial facility in Dundee, United Kingdom 1,527 384 2,305 — (710 ) 283 1,696 1,979 185 2008 Aug. 2014 22 yrs. Industrial facility in Dunfermline, United Kingdom 866 294 808 — (290 ) 217 595 812 90 1990 Aug. 2014 13 - 35 yrs. Industrial facility in Invergordon, United Kingdom 452 261 549 — (290 ) 116 404 520 46 2006 Aug. 2014 22 yrs. Industrial facility in Livingston, United Kingdom 1,925 447 3,015 — (914 ) 329 2,219 2,548 189 2008 Aug. 2014 29 yrs. Industrial facility in Livingston, United Kingdom 2,166 — 3,360 — (825 ) — 2,535 2,535 249 1997 Sep. 2014 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2016 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Accumulated Depreciation (c) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Warstein, Germany 11,286 281 15,671 — (2,698 ) 234 13,020 13,254 768 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 6,426 1,141 5,997 — — 1,141 5,997 7,138 1,222 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 41,299 8,276 80,476 — (20,886 ) 6,377 61,489 67,866 3,389 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,639 1,189 11,279 — — 1,189 11,279 12,468 653 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 27,511 3,990 30,320 — — 3,990 30,320 34,310 1,741 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,632 512 1,283 2 — 512 1,285 1,797 134 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 769 509 340 2 — 509 342 851 66 1990 Nov. 2014 20 yrs. Industrial facility in Dallas, TX 273 128 204 2 — 128 206 334 29 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,183 360 1,120 1 — 360 1,121 1,481 101 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,198 809 671 1 — 809 672 1,481 88 2008 Nov. 2014 30 yrs. Industrial facility in Dunfermline, United Kingdom 4,096 1,162 5,631 6 (1,458 ) 913 4,428 5,341 401 2000 Nov. 2014 23 - 31 yrs. Industrial facility in Durham, United Kingdom 1,326 207 2,108 — (497 ) 162 1,656 1,818 108 1998 Nov. 2014 35 yrs. Industrial and warehouse facility in Byron Center, MI 7,486 625 1,005 9,515 — 625 10,520 11,145 373 2015 Nov. 2014 40 yrs. Office facility in Rotterdam, Netherlands 35,302 2,247 27,149 — (7,144 ) 1,378 20,874 22,252 1,079 1960 Dec. 2014 40 yrs. Office facility in Rotterdam, Netherlands — 2,246 27,135 — (1,991 ) 2,416 24,974 27,390 1,292 1960 Dec. 2014 40 yrs. Industrial facility in Edinburgh, United Kingdom 2,323 938 2,842 — (811 ) 737 2,232 2,969 147 1985 Dec. 2014 35 yrs. Hotel in Albion, Mauritius 25,098 4,047 54,927 243 (7,965 ) 3,505 47,747 51,252 3,212 2007 Dec. 2014 40 yrs. Industrial facility in Aberdeen, United Kingdom 3,702 1,560 4,446 — (1,068 ) 1,284 3,654 4,938 177 1990 Mar. 2015 40 yrs. Warehouse facility in Freetown, MA 3,179 1,149 2,219 — — 1,149 2,219 3,368 371 2002 Apr. 2015 28 yrs. Office facility in Plano, TX 21,831 3,180 26,926 — — 3,180 26,926 30,106 1,185 2001 Apr. 2015 40 yrs. Warehouse facility in Plymouth, MN 10,415 2,537 9,731 954 — 2,537 10,685 13,222 641 1975 May 2015 32 yrs. Retail facility in Oslo, Norway 57,615 61,607 34,183 213 (12,018 ) 53,876 30,109 83,985 2,143 1971 May 2015 30 yrs. Office facility in Jacksonville, FL 10,534 1,688 10,082 — — 1,688 10,082 11,770 424 2001 Jul. 2015 40 yrs. Office facility in Utrecht, Netherlands 28,073 5,645 29,896 — (1,493 ) 5,407 28,641 34,048 1,025 1987 Jul. 2015 40 yrs. Office facility in Warrenville, IL 22,518 2,222 25,449 441 — 2,222 25,890 28,112 936 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,519 1,937 31,093 5,048 — 1,937 36,141 38,078 1,152 2015 Oct. 2015 40 yrs. Industrial facility in Michalovce, Slovakia 13,251 1,055 10,808 13,613 (1,632 ) 1,290 22,554 23,844 466 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany 17,601 — 25,717 921 (860 ) — 25,778 25,778 708 1965 Dec. 2015 35 yrs. $ 714,382 $ 191,610 $ 871,070 $ 54,656 $ (126,526 ) $ 173,184 $ 817,626 $ 990,810 $ 55,980 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2016 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial facility in Columbus, GA $ 2,735 $ 488 $ 2,947 $ — $ 1,238 $ 4,673 1965 Apr. 2014 Industrial facility in Houston, TX 1,225 — 1,573 — 106 1,679 1973 May 2014 Warehouse facility in Chicago, IL 5,899 — 8,564 — 590 9,154 1942 May 2014 Office facility in Cardiff, United Kingdom — 263 13,046 35 (2,828 ) 10,516 1960s Jun. 2015 Industrial facility in Menomonee Falls, WI 13,849 1,680 22,104 — (210 ) 23,574 1974 Dec. 2015 $ 23,708 $ 2,431 $ 48,234 $ 35 $ (1,104 ) $ 49,596 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (c) Date of Construction Date Acquired Operating Real Estate – Multi-Family Facilities Tucker, GA $ 17,562 $ 4,288 $ 15,201 $ 237 $ 797 $ — $ 4,288 $ 15,431 $ 804 $ 20,523 $ 1,153 2002 Oct. 2014 40 yrs. Atlanta, GA 17,358 4,513 16,404 780 1,010 — 4,513 16,671 1,523 22,707 1,545 1990 Oct. 2014 38 yrs. Fort Myers, FL 18,838 6,203 19,688 614 1,774 — 6,203 21,350 726 28,279 1,726 1988 Jan. 2015 34 yrs. Durham, NC 23,918 6,697 25,824 935 1,283 — 6,701 26,147 1,891 34,739 1,886 1987 Jan. 2015 37 yrs. Reading, United Kingdom — 5,692 10,357 — 28,657 (758 ) 7,222 36,726 — 43,948 72 2016 Feb. 2015 40 yrs. San Antonio, TX 29,587 3,788 36,333 588 1,178 — 3,810 37,140 937 41,887 1,687 2007 Jun. 2015 40 yrs. Fort Walton Beach, FL 17,995 3,037 20,975 598 673 — 3,037 21,266 980 25,283 1,044 1990 Jul. 2015 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 6,934 3,306 7,190 — 19 3 3,306 7,202 10 10,518 623 2005 Jan. 2014 38 yrs. St. Petersburg, FL 7,430 3,258 7,128 — 25 5 3,258 7,149 9 10,416 580 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,705 340 3,428 — 125 3 340 3,531 25 3,896 355 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,743 1,356 3,699 — 124 14 1,356 3,819 18 5,193 326 1991 Jul. 2014 32 yrs. Miami, FL 3,012 1,915 1,894 — 59 7 1,915 1,945 15 3,875 168 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,840 669 8,899 — 24 4 669 8,911 16 9,596 577 2006 Aug. 2014 40 yrs. Columbia, SC 3,034 1,065 2,742 — 132 15 1,065 2,874 15 3,954 287 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,500 2,263 2,704 — 17 4 2,263 2,704 21 4,988 223 2004 Oct. 2014 32 yrs. Pompano Beach, FL 2,987 700 3,436 — 463 2 700 3,855 46 4,601 348 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,515 1,596 5,963 — 30 — 1,596 5,966 27 7,589 404 1989 Nov. 2014 37 yrs. Dickinson, TX 6,401 1,680 7,165 — 99 2 1,680 7,217 49 8,946 515 2001 Dec. 2014 35 yrs. Humble, TX 5,011 341 6,582 — 11 3 341 6,582 14 6,937 389 2009 Dec. 2014 39 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2016 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (c) Date of Construction Date Acquired Temecula, CA 6,465 449 8,574 — 1 (6 ) 449 8,565 4 9,018 514 2006 Dec. 2014 37 yrs. Cumming, GA 2,831 300 3,531 — 21 — 300 3,552 — 3,852 317 1994 Dec. 2014 27 yrs. Naples, FL 10,598 3,073 10,677 — 1,207 19 3,073 11,788 115 14,976 901 1974 Jan. 2015 31 yrs. Valrico, FL 5,943 695 7,558 — 2 — 695 7,558 2 8,255 394 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,866 1,796 4,782 — 80 2 1,796 4,833 31 6,660 305 1999 Feb. 2015 24 yrs. Sebastian, FL 1,896 474 2,031 — 50 — 474 2,069 12 2,555 235 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,901 522 4,809 — 137 — 522 4,946 — 5,468 257 2010 Feb. 2015 40 yrs. Panama City Beach, FL 2,591 706 2,864 — 15 5 706 2,864 20 3,590 188 1997 Mar. 2015 36 yrs. Hesperia, CA 3,718 779 5,504 — 51 — 779 5,517 38 6,334 456 2004 Apr. 2015 27 yrs. Hesperia, CA 399 335 1,999 — 22 — 335 2,019 2 2,356 171 2007 Apr. 2015 28 yrs. Hesperia, CA 2,071 384 3,042 — 55 — 384 3,071 26 3,481 332 1985 Apr. 2015 20 yrs. Highland, CA 2,570 1,056 3,366 — 11 — 1,056 3,377 — 4,433 208 2003 Apr. 2015 36 yrs. Lancaster, CA 1,996 217 4,355 — 48 — 217 4,375 28 4,620 285 1989 Apr. 2015 31 yrs. Rialto, CA 2,371 1,905 3,642 — 17 — 1,905 3,649 10 5,564 256 2007 Apr. 2015 30 yrs. Thousand Palms, CA 3,244 1,115 5,802 — 83 2 1,115 5,863 24 7,002 406 2007 Apr. 2015 31 yrs. Louisville, KY 6,572 2,973 6,056 — 94 — 2,973 6,095 55 9,123 422 1998 Apr. 2015 32 yrs. Lilburn, GA 2,321 1,499 1,658 — 76 — 1,499 1,701 33 3,233 233 1998 Apr. 2015 18 yrs. Stockbridge GA 1,611 170 1,997 — 164 — 170 2,137 24 2,331 174 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,618 811 2,723 — 5 — 811 2,728 — 3,539 233 1977 May 2015 24 yrs. Las Vegas, NV 6,337 450 8,382 — 45 — 450 8,423 4 8,877 395 1996 May 2015 38 yrs. Panama City Beach, FL 6,101 347 8,233 5 2 1 347 8,233 8 8,588 349 2008 May 2015 40 yrs. Sarasota, FL 5,128 835 6,193 — 34 — 835 6,220 7 7,062 280 2003 Jun. 2015 40 yrs. Sarasota, FL 3,748 465 4,576 — 66 — 465 4,627 15 5,107 202 2001 Jun. 2015 39 yrs. St. Peters, MO 2,286 199 2,888 — 35 — 199 2,921 2 3,122 143 1991 Jun. 2015 35 yrs. Leesburg, FL 2,372 731 2,480 — 37 — 731 2,508 9 3,248 194 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,046 2,179 7,367 — 17 — 2,179 7,376 8 9,563 397 2000 Jul. 2015 34 yrs. Houston, TX 4,565 1,067 4,965 — 426 — 1,067 5,390 1 6,458 330 1971 Aug. 2015 27 yrs. Ithaca, NY 2,251 454 2,211 — 9 — 454 2,220 — 2,674 131 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,325 783 2,417 — 43 — 783 2,458 2 3,243 244 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,196 664 2,762 1 306 — 664 3,035 34 3,733 230 1987 Sep. 2015 17 yrs. Hudson, FL 3,207 364 4,188 — — — 364 4,188 — 4,552 152 2008 Sep. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2016 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (c) Date of Construction Date Acquired Kissimmee, FL 5,527 407 8,027 — 13 — 407 8,040 — 8,447 257 2015 Oct. 2015 40 yrs. El Paso, TX 3,677 1,275 3,339 — 6 — 1,275 3,339 6 4,620 136 1983 Oct. 2015 35 yrs. El Paso, TX 2,524 921 2,764 — 1 — 921 2,764 1 3,686 121 1980 Oct. 2015 35 yrs. El Paso, TX 3,585 594 4,154 — — — 594 4,154 — 4,748 161 1980 Oct. 2015 35 yrs. El Paso, TX 3,602 594 3,868 — — — 594 3,868 — 4,462 159 1986 Oct. 2015 35 yrs. El Paso, TX 1,418 337 2,024 — — — 337 2,024 — 2,361 80 1985 Oct. 2015 35 yrs. El Paso, TX 3,691 782 3,825 — — — 782 3,825 — 4,607 193 1980 Oct. 2015 35 yrs. Fernandina Beach, FL 7,198 1,785 7,133 — 7 — 1,785 7,133 7 8,925 276 1986 Oct. 2015 25 yrs. Kissimmee, FL 3,412 1,371 3,020 3 33 — 1,371 3,035 21 4,427 177 1981 Oct. 2015 24 yrs. Houston, TX 2,734 817 3,438 — 14 — 817 3,442 10 4,269 156 1998 Oct. 2015 30 yrs. Houston, TX 2,932 708 3,778 — 45 — 708 3,823 — 4,531 174 2001 Nov. 2015 30 yrs. Greensboro, NC 4,021 716 4,108 — 641 — 716 4,745 4 5,465 243 1953 Dec. 2015 20 yrs. Portland, OR 6,325 897 8,831 — 53 — 897 8,874 10 9,781 241 2000 Dec. 2015 40 yrs. Kissimmee, FL 4,033 1,094 4,298 — 7 — 1,094 4,299 6 5,399 164 2000 Jan. 2016 32 yrs. Avondale, LA 3,402 808 4,245 — (12 ) — 808 4,233 — 5,041 123 2008 Jan. 2016 40 yrs. Gilroy, California 6,069 2,704 7,451 — 24 — 2,704 7,475 — 10,179 245 1999 Feb. 2016 35 yrs. Washington, D.C. 7,300 3,185 8,177 — (9 ) — 3,185 8,168 — 11,353 177 1962 Apr. 2016 34 yrs. Milford, MA 5,720 751 6,290 — — — 751 6,290 — 7,041 145 2003 Apr. 2016 37 yrs. Millsboro, DE 3,524 807 5,152 — — — 807 5,152 — 5,959 123 2001 Apr. 2016 35 yrs. New Castle, DE 4,912 994 5,673 — 8 — 994 5,681 — 6,675 114 2005 Apr. 2016 38 yrs. Rehoboth, DE 8,739 1,229 9,945 — 6 — 1,229 9,951 — 11,180 222 1999 Apr. 2016 38 yrs. Chicago, IL 1,974 796 2,112 — 2 — 795 2,113 2 2,910 8 1990 Nov. 2016 25 yrs. $ 394,833 $ 104,076 $ 458,896 $ 3,761 $ 40,498 $ (673 ) $ 105,631 $ 493,220 $ 7,707 $ 606,558 $ 26,937 ___________ (a) Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. (b) The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates and (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received. (c) A reconciliation of real estate and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2016 2015 2014 Beginning balance $ 986,574 $ 743,735 $ 150,424 Reclassification from real estate under construction 14,775 17,188 18,502 Foreign currency translation adjustment (12,392 ) (67,273 ) (44,990 ) Improvements 1,853 2,327 1,551 Additions — 291,431 618,248 Dispositions — (834 ) — Ending balance $ 990,810 $ 986,574 $ 743,735 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2016 2015 2014 Beginning balance $ 31,467 $ 10,875 $ 824 Depreciation expense 25,483 21,617 10,543 Foreign currency translation adjustment (970 ) (1,025 ) (492 ) Ending balance $ 55,980 $ 31,467 $ 10,875 Reconciliation of Operating Real Estate Years Ended December 31, 2016 2015 2014 Beginning balance $ 490,852 $ 133,596 $ — Additions 65,711 351,364 133,596 Reclassification from real estate under construction 44,724 — — Improvements 6,029 5,892 — Foreign currency translation adjustment (758 ) — — Ending balance $ 606,558 $ 490,852 $ 133,596 Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2016 2015 2014 Beginning balance $ 10,727 $ 939 $ — Depreciation expense 16,210 9,788 939 Ending balance $ 26,937 $ 10,727 $ 939 At December 31, 2016 , the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $2.0 billion .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2016 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — Cipriani 10.0 % Jul. 2024 $ 29,950 $ 28,000 Financing agreement — Mills Fleet (a) 10.5 % Oct. 2018 $ 38,500 38,500 __________ (a) Interest rate is based on the one-month LIBOR plus 10% on the date of acquisition ( Note 5 ). NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2016 2015 2014 Balance $ 28,000 $ 28,000 $ — Additions (a) 38,500 — 28,000 Ending balance $ 66,500 $ 28,000 $ 28,000 __________ (a) Amount for 2016 represents a mezzanine loan acquisition ( Note 5 ).

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We evaluate the specific characteristics of each tenant’s lease and any pre-existing relationship with each tenant in determining the value of in-place lease intangibles. To determine the value of in-place lease intangibles, we consider the following: • estimated market rent; • estimated carrying costs of the property during a hypothetical expected lease-up period; and • current market conditions and costs to execute similar leases, including tenant improvement allowances and rent concessions. Estimated carrying costs of the property include real estate taxes, insurance, other property operating costs, and estimates of lost rentals at market rates during the market participants’ expected lease-up periods, based on assessments of specific market conditions. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of above-market leases in Other intangible assets, net in the consolidated financial statements. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles, or GAAP, from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit.
Impairments	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate-related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on goodwill. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Assets Held for Sale — We classify real estate assets that are accounted for as operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. The goodwill impairment test is a two-step test. However, we have the option to qualitatively assess any potential impairment via step zero prior to analyzing steps one and two quantitatively. In this step the macroeconomic environment in which the reporting unit operates is analyzed for any significant changes, such as deterioration in a market in which we operate or deterioration in overall financial performance, such as declining cash flows. Also, entity-specific changes are analyzed, such as changes in management, strategy, or composition of reporting unit. If, after assessing the overall macroeconomic environment, it is unlikely that the fair value is less than the carrying value, steps one and two do not need to be performed. If step zero is not considered, the first step is to compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. For the second step, if it were required, we compare the implied fair value of the goodwill for each reporting unit with its respective carrying amount and record an impairment charge equal to the excess of the carrying amount over the implied fair value. We would determine the implied fair value of the goodwill by allocating the estimated fair value of the reporting unit to its assets and liabilities. The excess of the estimated fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of the goodwill.
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. 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. 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.
Reclassification	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.
Real Estate	Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period.
Dispositions	Dispositions — We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property.
Notes Receivable	Notes Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Notes receivable in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Other Assets And Other Liabilities	Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Other assets, net in the consolidated financial statements. We include derivative liabilities, amounts held on behalf of tenants, deferred revenue, and intangible liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred rental income for operating leases is the aggregate cumulative difference between scheduled rents that vary during the lease term and rent recognized on a straight-line basis.
Deferred Acquisition Fees Payable to Affiliates	Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliate ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital).
Share Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Noncontrolling Interests	Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles the Special General Partner to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest.
Revenue Recognition	Revenue Recognition — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2016 , 2015 , and 2014, our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $7.1 million , $6.2 million , and $3.5 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). For the years ended December 31, 2016 , 2015 , and 2014 , we recognized straight-line rent adjustments of $5.2 million , $4.2 million , and $2.3 million , respectively, which increased Rental income within our consolidated financial statements for each year. We record leases accounted for under the direct financing method as a net investment in leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Interest Capitalization	Interest Capitalized in Connection with Real Estate Under Construction — Operating real estate is stated at cost less accumulated depreciation. Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment (generally up to 7 years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.
Foreign Currency Transactions and Translations	Foreign Currency Translation and Transaction Gains and Losses — We have interests in real estate investments primarily in Europe and Norway, for which the functional currency is either the euro or the Norwegian krone. We perform the translation from the euro or the Norwegian krone to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from this translation as a component of Other comprehensive loss in equity. These translation gains and losses are released to net loss when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, intercompany foreign currency transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net loss. Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net loss but are reported as a component of Other comprehensive loss in equity. Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualifies as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualifies as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive loss into earnings when the hedged investment is either sold or substantially liquidated. We use the portfolio exception in Accounting Standards Codification, or ASC, 820-10-35-18D, Application to Financial Assets and Financial Liabilities with Offsetting Positions in Market Risk or Counterparty Credit Risk, with respect to measuring counterparty credit risk for all of our derivative transactions subject to master netting arrangements. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive loss until the hedged item is recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative is reported in Other comprehensive loss as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive loss into earnings when the hedged investment is either sold or substantially liquidated. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities within the United States and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. Deferred income taxes are recorded for the taxable subsidiaries in their respective jurisdictions based on earnings reported. The current provision for income taxes differs from the amounts currently payable because of temporary differences in the recognition of certain income and expense items for financial reporting and tax reporting purposes. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities ( Note 12 ). Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties, and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases, and for their operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 12 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
Loss Per Share	Loss Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, loss per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. We calculate loss per share using the two-class method to reflect the different classes of our outstanding common stock. Loss per basic and diluted share of common stock is calculated by dividing Net loss attributable to CPA ® :18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net loss attributable to CPA ® :18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2016 , 2015 , and 2014 , respectively.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting 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, which constitute a majority of our revenues, but will apply to reimbursed tenant costs and revenues generated from our operating properties. We will adopt this guidance for our annual and interim periods beginning January 1, 2018 using one of two methods: retrospective restatement for each reporting period presented at the time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We have not decided which method of adoption we will use. 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 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 over the managing member or substantive participating rights over the entity or VIE. 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 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. 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, 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 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. The ASU is expected to impact our consolidated financial statements as we have certain operating office and land lease arrangements for which we are the lessee. 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 based on current expected 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. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. In November 2016 the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-18 on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . ASU 2017-01 intends to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business: inputs, processes, and outputs. While an integrated set of assets and activities, collectively referred to as a “set,” that is a business usually has outputs, outputs are not required to be present. ASU 2017-01 provides a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. ASU 2017-01 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We elected to early adopt ASU 2017-01 on January 1, 2017 on a prospective basis. While our acquisitions have historically been classified as either business combinations or asset acquisitions, certain acquisitions that were classified as business combinations by us likely would have been considered asset acquisitions under the new standard. As a result, future transaction costs are more likely to be capitalized since we expect certain of our future acquisitions to be classified as asset acquisitions under this new standard. In addition, goodwill will no longer be allocated and written off upon sale if future sales were deemed to be sales of assets and not businesses. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . ASU 2017-04 removes step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years in which a goodwill impairment test is performed, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-04 on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) . ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term in substance nonfinancial asset, in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. If substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. This amendment also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. 2017-05 is effective for periods beginning after December 15, 2017, with early application permitted for fiscal years beginning after December 15, 2016. We are currently evaluating the impact of ASU 2017-05 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.
Intangible Assets and Liabilities	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. 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 swaps, interest rate caps, and foreign currency collars ( Note 8 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps and foreign currency collars ( Note 8 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2016 2015 Net investments in properties $ 394,920 $ 360,049 Real estate under construction 162,371 119,115 Net investments in direct financing leases 10,516 12,684 Cash and cash equivalents 15,260 18,356 In-place lease intangible assets, net 66,209 73,487 Other intangible assets, net 20,966 22,316 Other assets, net 41,975 52,915 Total assets $ 712,217 $ 658,922 Non-recourse debt, net $ 235,425 $ 196,436 Bonds payable, net 57,615 56,259 Deferred income taxes 20,437 21,577 Accounts payable, accrued expenses and other liabilities 30,946 29,163 Total liabilities $ 344,423 $ 303,435

Agreements and Transactions w31

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 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): Years Ended December 31, 2016 2015 2014 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 10,126 $ 7,587 $ 2,635 Available Cash Distributions 7,586 6,317 1,778 Acquisition expenses 5,458 32,276 38,825 Personnel and overhead reimbursements 3,064 3,252 170 Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee 898 1,141 151 Share-based compensation 100 100 100 Annual distribution and shareholder servicing fee (a) — (860 ) 814 $ 27,232 $ 49,813 $ 44,473 Acquisition Fees Capitalized Current acquisition fees $ 3,310 $ 10,143 $ 3,568 Deferred acquisition fees 2,648 8,120 2,855 Capitalized personnel and overhead reimbursements 263 1,415 — $ 6,221 $ 19,678 $ 6,423 _________ (a) For the year ended December 31, 2016 , we paid $2.4 million 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. The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): December 31, 2016 2015 Due to Affiliate Loan from WPC, including interest $ 27,580 $ — Deferred acquisition fees, including interest 15,305 26,747 Shareholder servicing fee liability 7,422 9,394 Accounts payable and other 2,454 3,872 Asset management fees payable 866 813 Current acquisition fees 84 3,148 $ 53,711 $ 43,974

Net Investments in Properties32

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Real Estate Properties	Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2016 2015 Land $ 173,184 $ 173,094 Buildings and improvements 817,626 813,480 Less: Accumulated depreciation (55,980 ) (31,467 ) $ 934,830 $ 955,107 Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): December 31, 2016 2015 Land $ 105,631 $ 86,016 Buildings and improvements 500,927 404,836 Less: Accumulated depreciation (26,937 ) (10,727 ) $ 579,621 $ 480,125
Schedule of Future Minimum Rents	Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2016 are as follows (in thousands): Years Ending December 31, Total 2017 $ 91,782 2018 93,593 2019 94,603 2020 94,167 2021 94,056 Thereafter 604,723 Total $ 1,072,924
Schedule of Assets Acquired in Business Combination	The following tables present a summary of assets acquired and liabilities assumed in our 2016 business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2016 (in thousands): Self-Storage Properties (a) Cash consideration $ 46,183 Assets acquired at fair value: Land $ 12,369 Buildings 53,343 In-place lease intangible assets 8,520 Other assets acquired 451 74,683 Liabilities assumed at fair value: Mortgages assumed (27,925 ) Other liabilities assumed (575 ) (28,500 ) Total identifiable net assets $ 46,183 The following tables present a summary of assets acquired and liabilities assumed in our business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2015 (in thousands): 2015 Business Combinations (a) COOP Other Net-Leased Properties (b) Self-Storage Properties All Other Properties Total Cash consideration $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 Assets acquired at fair value: Land $ 59,595 $ 19,082 $ 37,845 $ 19,725 $ 136,247 Buildings 33,049 140,921 180,075 105,477 459,522 In-place lease intangible assets 4,618 47,320 27,167 4,498 83,603 Above-market rent intangible assets — 105 137 — 242 Other assets acquired 5,777 549 300 — 6,626 103,039 207,977 245,524 129,700 686,240 Liabilities assumed at fair value: Below-market rent intangible liabilities (63 ) (8,722 ) (85 ) — (8,870 ) Deferred tax liability (16,708 ) (2,548 ) — — (19,256 ) Other liabilities assumed (715 ) (310 ) (2,204 ) — (3,229 ) (17,486 ) (11,580 ) (2,289 ) — (31,355 ) Total identifiable net assets 85,553 196,397 243,235 129,700 654,885 Amounts attributable to noncontrolling interests (9,706 ) (4,594 ) — (3,891 ) (18,191 ) Goodwill ( Note 6 ) 12,484 2,548 — — 15,032 $ 88,331 $ 194,351 $ 243,235 $ 125,809 $ 651,726 (a) The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values. (b) During the three months ended December 31, 2015 , in accordance with the ASU 2015-16, we recorded a measurement period adjustment that increased deferred tax liabilities by $2.5 million with an offsetting increase to goodwill. (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	COOP Other Net-Leased Properties Self-Storage Properties All Other Properties May 28, 2015 through Respective Acquisition Dates through Respective Acquisition Dates through Respective Acquisition Dates through Total Revenues $ 3,489 $ 7,669 $ 13,398 $ 11,215 $ 35,771 Net loss $ (5,815 ) $ (14,532 ) $ (20,017 ) $ (5,843 ) $ (46,207 ) Net loss (income) attributable to noncontrolling interests 92 1 (1 ) 15 107 Net loss attributable to CPA ® :18 – Global stockholders $ (5,723 ) $ (14,531 ) $ (20,018 ) $ (5,828 ) $ (46,100 ) Self-Storage Properties Respective Acquisition dates through December 31, 2016 Revenues $ 5,810 Net loss $ (7,122 ) Net loss attributable to CPA ® :18 – Global $ (7,122 )
Pro Forma Information	Acquisitions completed during the year ended December 31, 2016 that we deemed to be business combinations were not material for pro forma purposes and the pro forma results of those acquisitions are not included in the following pro forma financial information. (in thousands, except share and per share amounts) December 31, 2015 2014 Pro forma total revenues (a) $ 163,649 $ 157,488 Pro forma net loss (b) $ (5,307 ) $ (60,099 ) Pro forma net income attributable to noncontrolling interests (9,496 ) (1,823 ) Pro forma net loss attributable to CPA ® :18 – Global $ (14,803 ) $ (61,922 ) Pro forma loss per Class A share: Net loss attributable to CPA ® :18 – Global $ (12,586 ) $ (55,266 ) Pro forma basic and diluted weighted-average shares outstanding (c) 148,824,871 125,717,923 Pro forma basic and diluted loss per share $ (0.08 ) $ (0.44 ) Pro forma loss per Class C share: Net loss attributable to CPA ® :18 – Global $ (2,217 ) $ (6,656 ) Pro forma basic and diluted weighted-average shares outstanding (c) 27,580,451 8,847,966 Pro forma basic and diluted loss per share $ (0.08 ) $ (0.75 ) ___________ (a) Pro forma total revenues include revenues from lease contracts based on the terms in place at December 31, 2015 and do not include adjustments to contingent rental amounts. (b) The pro forma table above presents acquisition expenses related to all of our business combinations that we completed during the years ended December 31, 2015 and 2014 , as if they were incurred on January 1, 2014 and 2013, respectively. (c) The pro forma basic and diluted weighted-average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for our business combinations that we completed during the years ended December 31, 2015 and 2014 , were issued on January 1, 2014 and 2013, respectively. We assumed that we would have issued Class A shares to raise such funds.
Real Estate Under Construction	Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2016 2015 Beginning balance $ 131,930 $ 2,258 Capitalized funds 116,616 147,233 Placed into service (59,498 ) (17,548 ) Foreign currency translation adjustments (12,871 ) (2,368 ) Capitalized interest 6,435 2,355 Ending balance $ 182,612 $ 131,930

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2016 2015 Minimum lease payments receivable $ 67,811 $ 76,014 Unguaranteed residual value 48,826 51,835 116,637 127,849 Less: unearned income (67,041 ) (75,883 ) $ 49,596 $ 51,966
Schedule of Future Minimum Lease Payments for Capital Leases	Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2016 were as follows (in thousands): Years Ending December 31, Total 2017 $ 4,087 2018 4,157 2019 4,229 2020 4,085 2021 3,503 Thereafter 47,750 Total $ 67,811
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2016 2015 2016 2015 1 1 1 $ 10,516 $ 12,684 2 1 1 9,154 9,065 3 2 4 29,679 58,217 4 3 — 66,747 — 5 — — — — 0 $ 116,096 $ 79,966

Intangible Assets and Liabili34

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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): Total Balance at January 1, 2014 $ — Acquisition of investments accounted for as business combinations 11,040 Foreign currency translation (1,348 ) Balance at December 31, 2014 9,692 Acquisition of investments accounted for as business combinations 13,131 Measurement period adjustments (a) 3,769 Foreign currency translation (3,203 ) Balance at December 31, 2015 23,389 Foreign currency translation 137 Balance at December 31, 2016 $ 23,526 _________ (a) During 2015, we identified measurement period adjustments related to two of our acquisitions ( Note 4 ).
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2016 2015 Amortization Period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets In-place lease 1 - 23 $ 260,469 $ (83,031 ) $ 177,438 $ 255,510 $ (43,090 ) $ 212,420 Below-market ground lease 15 - 99 20,236 (706 ) 19,530 20,894 (325 ) 20,569 Above-market rent 2 - 30 11,846 (2,320 ) 9,526 12,174 (1,322 ) 10,852 292,551 (86,057 ) 206,494 288,578 (44,737 ) 243,841 Indefinite-Lived Intangible Assets Goodwill 23,526 — 23,526 23,389 — 23,389 Total intangible assets $ 316,077 $ (86,057 ) $ 230,020 $ 311,967 $ (44,737 ) $ 267,230 Finite-Lived Intangible Liabilities Below-market rent 1 - 30 $ (15,192 ) $ 3,234 $ (11,958 ) $ (15,439 ) $ 1,546 $ (13,893 ) Above-market ground lease 81 (101 ) 3 (98 ) (121 ) 2 (119 ) Total intangible liabilities $ (15,293 ) $ 3,237 $ (12,056 ) $ (15,560 ) $ 1,548 $ (14,012 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2016 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2017 $ (163 ) $ 28,098 $ 27,935 2018 (205 ) 18,177 17,972 2019 (218 ) 17,116 16,898 2020 (288 ) 16,471 16,183 2021 (303 ) 16,316 16,013 Thereafter (1,255 ) 100,692 99,437 $ (2,432 ) $ 196,870 $ 194,438

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2016 2015 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) (b) 3 $ 1,157,411 $ 1,177,409 $ 999,213 $ 1,022,641 Notes receivable (c) 3 66,500 68,450 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 2 ). At December 31, 2016 and 2015 , the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.6 million and $8.3 million , respectively. At December 31, 2016 and 2015 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.9 million and $0.7 million , respectively ( Note 9 ). (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 notes 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 De36

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, December 31, 2016 2015 2016 2015 Foreign currency forward contracts Other assets, net $ 5,502 $ 6,501 $ — $ — Foreign currency collars Other assets, net 1,284 970 — — Interest rate swaps Other assets, net 393 — — — Interest rate caps Other assets, net 1 17 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,151 ) (1,568 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (33 ) (28 ) $ 7,180 $ 7,488 $ (1,184 ) $ (1,596 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Loss (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2016 2015 2014 Foreign currency forward contracts $ (897 ) $ 2,374 $ — Interest rate swaps 810 933 (2,282 ) Foreign currency collars 327 939 3,653 Interest rate caps (13 ) (38 ) — Derivatives in Net Investment Hedging Relationships (a) Foreign currency forward contracts (56 ) 466 11 Foreign currency collars (20 ) 2 — Total $ 151 $ 4,676 $ 1,382 ___________ (a) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2016 2015 2014 Foreign currency forward contracts Other income and (expenses) $ 1,278 $ 1,137 $ 151 Interest rate swaps Interest expense (879 ) (2,183 ) (759 ) Foreign currency collars Other income and (expenses) 95 8 — Interest rate caps Interest expense (4 ) (6 ) — Total $ 490 $ (1,044 ) $ (608 )
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 Years Ended December 31, 2016 2015 2014 Foreign currency collars Other income and (expenses) $ 1 $ 37 $ — Interest rate swaps Interest expense — (63 ) — Derivatives in Cash Flow Hedging Relationships (a) Interest rate swaps Interest expense 3 — — Foreign currency collars Other income and (expenses) 2 — — Total $ 6 $ (26 ) $ — __________ (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 December 31, 2016 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2016 Interest rate swaps 8 61,869 USD $ (758 ) Interest rate caps 2 22,000 USD 1 $ (757 ) The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2016 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 31 11,942 EUR $ 3,721 Foreign currency forward contracts 25 39,697 NOK 1,411 Foreign currency collars 30 14,664 EUR 868 Foreign currency collars 23 54,570 NOK 397 Designated as Net Investment Hedging Instruments Foreign currency collars 5 35,240 NOK 243 Foreign currency forward contracts 3 5,773 NOK 113 $ 6,753

Non-Recourse Debt and Bonds P37

Non-Recourse Debt and Bonds Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments as of December 31, 2016 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 $ 20,113 2018 27,571 2019 5,918 2020 109,910 2021 161,068 Thereafter through 2039 841,223 Total principal payments 1,165,803 Unamortized premium, net 536 Deferred financing costs (8,928 ) Total $ 1,157,411

Loss Per Share and Equity (Tabl

Loss Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2016 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 105,691,583 $ (23,065 ) $ (0.22 ) Class C common stock 30,091,602 (7,019 ) (0.23 ) Net loss attributable to CPA ® :18 – Global $ (30,084 ) Year Ended December 31, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 101,884,473 $ (45,524 ) $ (0.45 ) Class C common stock 27,580,451 (12,208 ) (0.44 ) Net loss attributable to CPA ® :18 – Global $ (57,732 ) Year Ended December 31, 2014 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 78,777,525 $ (49,494 ) $ (0.63 ) Class C common stock 8,847,966 (6,373 ) (0.72 ) Net loss attributable to CPA ® :18 – Global $ (55,867 )
Schedule Of Distributions Paid Per Share For Tax	The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2016 , 2015 , and 2014 , reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2016 2015 2014 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.1339 $ 0.1171 $ 0.1889 $ 0.1612 $ 0.2164 $ 0.1841 Return of capital 0.4913 0.4296 0.3836 0.3273 0.4084 0.3475 Capital gain — — 0.0525 0.0448 — — Total distributions paid $ 0.6252 $ 0.5467 $ 0.6250 $ 0.5333 $ 0.6248 $ 0.5316
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2014 $ (219 ) $ 125 $ (94 ) Other comprehensive loss before reclassifications 763 (29,602 ) (28,839 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 759 — 759 Other income and (expenses) (151 ) — (151 ) Net current-period Other comprehensive loss 1,371 (29,602 ) (28,231 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,384 7,384 Balance at December 31, 2014 1,152 (22,093 ) (20,941 ) Other comprehensive loss before reclassifications 3,164 (40,662 ) (37,498 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,189 — 2,189 Other income and (expenses) (1,145 ) — (1,145 ) Net current-period Other comprehensive loss 4,208 (40,662 ) (36,454 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,079 7,079 Balance at December 31, 2015 5,360 (55,676 ) (50,316 ) Other comprehensive loss before reclassifications 717 (12,254 ) (11,537 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 883 — 883 Other income and (expenses) (1,373 ) — (1,373 ) Net current-period Other comprehensive loss 227 (12,254 ) (12,027 ) Net current-period Other comprehensive income attributable to noncontrolling interests — 639 639 Balance at December 31, 2016 $ 5,587 $ (67,291 ) $ (61,704 )

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2016 2015 2014 Federal Current $ 276 $ 98 $ 16 Deferred (34 ) — — 242 98 16 State and Local Current 134 87 79 134 87 79 Foreign Current 1,024 565 64 Deferred (1,394 ) (847 ) (1,323 ) (370 ) (282 ) (1,259 ) Total Provision (Benefit) $ 6 $ (97 ) $ (1,164 )
Rollforward of Uncertain Tax Positions	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Year Ended 2016 Beginning balance — Addition based on tax positions related to the current year 242 Ending balance $ 242

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2016 2015 (a) 2014 (a) Net Lease Revenues $ 109,332 $ 91,173 $ 48,306 Operating expenses (b) (60,168 ) (70,352 ) (72,780 ) Interest expense (27,723 ) (26,367 ) (14,447 ) Other income and expenses, excluding interest expense 1,233 (2,022 ) (490 ) Benefit from income taxes 811 300 1,183 (Loss) gain on sale of real estate, net of tax (63 ) 6,659 — Net (income) loss attributable to noncontrolling interests (2,765 ) (2,231 ) 2,435 Net income (loss) attributable to CPA ® :18 – Global $ 20,657 $ (2,840 ) $ (35,793 ) Self Storage Revenues $ 48,794 $ 25,570 $ 3,913 Operating expenses (c) (57,807 ) (43,459 ) (9,814 ) Interest expense (11,013 ) (5,232 ) (942 ) Other income and expenses, excluding interest expense (d) (231 ) (94 ) — Provision for income taxes (215 ) (59 ) (16 ) Net loss attributable to CPA ® :18 – Global $ (20,472 ) $ (23,274 ) $ (6,859 ) Multi Family Revenues $ 22,609 $ 16,369 $ 830 Operating expenses (e) (17,103 ) (23,728 ) (3,468 ) Interest expense (3,537 ) (3,779 ) (213 ) Other income and expenses, excluding interest expense 6 1 — Provision for income taxes (164 ) (88 ) — Net loss attributable to noncontrolling interests 52 142 32 Net income (loss) attributable to CPA ® :18 – Global $ 1,863 $ (11,083 ) $ (2,819 ) All Other Revenues $ 3,588 $ 2,831 $ 1,268 Operating expenses (f) (2,010 ) — (1,348 ) Interest expense — — — Other income and expenses, excluding interest expense — — — Provision for income taxes — — — Net loss attributable to noncontrolling interests — — — Net income (loss) attributable to CPA ® :18 – Global $ 1,578 $ 2,831 $ (80 ) Corporate Unallocated Corporate Overhead (g) $ (26,124 ) $ (17,049 ) $ (8,538 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (7,586 ) $ (6,317 ) $ (1,778 ) Total Company Revenues $ 184,323 $ 135,943 $ 54,317 Operating expenses (154,047 ) (151,147 ) (95,131 ) Interest expense (43,132 ) (35,170 ) (15,753 ) Other income and expenses, excluding interest expense (6,860 ) (5,708 ) (1,153 ) (Provision for) benefit from income taxes (6 ) 97 1,164 (Loss) gain on sale of real estate, net of tax (63 ) 6,659 — Net (income) loss attributable to noncontrolling interests (10,299 ) (8,406 ) 689 Net loss attributable to CPA ® :18 – Global $ (30,084 ) $ (57,732 ) $ (55,867 ) (a) Amounts as of and for the years ended December 31, 2015 and 2014 are presented to conform to the three reportable business segment presentation for the current year. (b) Includes acquisition expenses incurred in connection with net lease transactions. We expensed acquisition-related costs and fees totaling $20.9 million and $49.3 million for the years ended December 31, 2015 and 2014 , respectively ( Note 4 ). For the year ended December 31, 2016 , we did not incur any significant acquisition expenses in our Net Lease segment. (c) Includes acquisition expenses incurred in connection with self-storage transactions. We expensed acquisition-related costs and fees totaling $4.9 million , $14.2 million , and $6.1 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively ( Note 4 ). (d) Includes Equity in losses of equity method investment in real estate. (e) Includes acquisition expenses incurred in connection with multi-family transactions. We expensed acquisition-related costs and fees totaling $7.2 million and $2.4 million for the years ended December 31, 2015 and 2014 , respectively. There were no acquisition expenses incurred for the year ended December 31, 2016 ( Note 4 ). (f) Includes acquisition expenses incurred in connection with our notes receivable transactions in the All Other category. We expensed acquisition-related costs and fees totaling $2.0 million and $1.4 million for the years ended December 31, 2016 and 2014 , respectively. There were no acquisition expenses incurred for the year ended December 31, 2015 ( Note 5 ). (g) Included in unallocated corporate overhead are asset management fees and general and administrative expenses. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance.
Reconciliation of Assets from Segment to Consolidated	Total Long-Lived Assets at December 31, (h) Total Assets at December 31, 2016 2015 (a) 2016 2015 (a) (i) Net Lease $ 1,152,653 $ 1,105,237 $ 1,453,148 $ 1,446,865 Self Storage 386,099 326,835 410,781 363,284 Multi Family 222,600 199,644 230,509 210,052 All Other 66,501 28,000 66,936 28,188 Corporate — — 48,072 86,294 Total Company $ 1,827,853 $ 1,659,716 $ 2,209,446 $ 2,134,683 Includes Net investments in real estate and Equity investment in real estate. (i) 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 2 ).
Schedule of Segment Reporting Information	Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2016 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,147 $ 27,090 $ 72,287 $ 124,524 $ 17,245 $ 42,554 $ 59,799 $ 184,323 Operating expenses (19,254 ) (25,237 ) (73,203 ) (117,694 ) (9,123 ) (27,230 ) (36,353 ) (154,047 ) Net (loss) income (1,988 ) (5,077 ) (16,297 ) (23,362 ) (1,705 ) 5,282 3,577 (19,785 ) Net income attributable to noncontrolling interests (786 ) — (7,611 ) (8,397 ) (817 ) (1,085 ) (1,902 ) (10,299 ) Net (loss) income attributable to CPA ® :18 – Global (2,774 ) (5,077 ) (23,908 ) (31,759 ) (2,522 ) 4,197 1,675 (30,084 ) Long-lived assets 224,860 199,109 624,040 1,048,009 195,052 584,792 779,844 1,827,853 Non-recourse debt and bonds payable 174,421 150,815 430,477 755,713 138,253 263,445 401,698 1,157,411 As of and for the Year Ended December 31, 2015 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 17,983 $ 17,039 $ 50,624 $ 85,646 $ 13,911 $ 36,386 $ 50,297 $ 135,943 Operating expenses (18,085 ) (23,565 ) (67,149 ) (108,799 ) (13,913 ) (28,435 ) (42,348 ) (151,147 ) Net loss (5,699 ) (10,556 ) (18,311 ) (34,566 ) (7,056 ) (7,704 ) (14,760 ) (49,326 ) Net income attributable to noncontrolling interests (852 ) — (6,175 ) (7,027 ) (399 ) (980 ) (1,379 ) (8,406 ) Net loss attributable to CPA ® :18 – Global (6,551 ) (10,556 ) (24,486 ) (41,593 ) (7,455 ) (8,684 ) (16,139 ) (57,732 ) Long-lived assets (b) 229,437 197,552 537,340 964,329 194,211 501,176 695,387 1,659,716 Non-recourse debt and bonds payable 150,284 135,873 359,431 645,588 133,576 220,049 353,625 999,213 For the Year Ended December 31, 2014 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 8,830 $ 2,514 $ 17,698 $ 29,042 $ 6,560 $ 18,715 $ 25,275 $ 54,317 Operating expenses (4,981 ) (4,593 ) (33,320 ) (42,894 ) (8,389 ) (43,848 ) (52,237 ) (95,131 ) Net income (loss) 339 (2,812 ) (15,877 ) (18,350 ) (7,277 ) (30,929 ) (38,206 ) (56,556 ) Net (income) loss attributable to noncontrolling interests (804 ) — (1,764 ) (2,568 ) 321 2,936 3,257 689 Net loss attributable to CPA ® :18 – Global (465 ) (2,812 ) (17,641 ) (20,918 ) (6,956 ) (27,993 ) (34,949 ) (55,867 ) ___________ (a) All years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, and Mauritius; and 2016 and 2015 includes Slovakia and Canada. (b) Includes Net investments in real estate and Equity investment in real estate. We have represented the long-lived assets amounts as of December 31, 2015 in this table to include our Equity investment in real estate of $12.6 million , which was previously excluded from this table.

Selected Quarterly Financial 41

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 43,798 $ 45,715 $ 47,284 $ 47,526 Expenses 37,483 40,030 38,093 38,441 Net loss (456 ) (7,454 ) (1,850 ) (10,025 ) Net income attributable to noncontrolling interests (1,741 ) (2,758 ) (2,231 ) (3,569 ) Net loss attributable to CPA ® :18 – Global (2,197 ) (10,212 ) (4,081 ) (13,594 ) Class A Common Stock Basic and diluted loss per share (a) $ (0.02 ) $ (0.07 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 103,972,011 105,182,645 106,279,055 107,307,860 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (a) $ (0.02 ) $ (0.08 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 29,757,726 29,928,571 30,205,326 30,469,385 Distributions declared per share $ 0.1337 $ 0.1376 $ 0.1376 $ 0.1378 Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 27,172 $ 30,472 $ 37,069 $ 41,230 Expenses 27,113 41,413 42,174 40,447 Net loss (10,852 ) (18,263 ) (7,683 ) (12,528 ) Net income attributable to noncontrolling interests (1,361 ) (1,644 ) (2,092 ) (3,309 ) Net loss attributable to CPA ® :18 – Global (12,213 ) (19,907 ) (9,775 ) (15,837 ) Class A Common Stock Basic and diluted loss per share (a) $ (0.10 ) $ (0.15 ) $ (0.07 ) $ (0.13 ) Basic and diluted weighted-average shares outstanding 100,642,226 101,460,830 102,293,880 103,109,346 Distributions declared per share $ 0.1562 $ 0.1562 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (a) $ (0.12 ) $ (0.17 ) $ (0.09 ) $ (0.07 ) Basic and diluted weighted-average shares outstanding 22,381,181 29,033,036 29,279,705 29,522,763 Distributions declared per share $ 0.1329 $ 0.1329 $ 0.1340 $ 0.1335 __________ (a) The sum of the quarterly Loss per share does not agree to the annual Loss per share for 2016 and 2015 due to the issuances of our common stock that occurred during such periods.

Organization and Offering - Nar

Organization and Offering - Narratives (Details) $ in Thousands, ft² in Millions	12 Months Ended			39 Months Ended	60 Months Ended
	Dec. 31, 2016USD ($)ft²segmentpropertytenant	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 02, 2015USD ($)	Dec. 31, 2016USD ($)ft²propertytenant
Additional Disclosures
Capital interest ownership in operating partnership	99.97%				99.97%
Number of properties | property	59				59
Number of tenants | tenant	103				103
Area of real estate property | ft²	9.6				9.6
Number of reportable segments | segment	3
Public Offering
Proceeds from issuance of shares, net of issuance costs | $	$ 41,070	$ 133,974	$ 844,254	$ 1,200,000
Class A
Public Offering
Distributions reinvested through the DRIP | $					$ 83,100
Class C
Public Offering
Distributions reinvested through the DRIP | $					$ 21,000
Operating Real Estate
Additional Disclosures
Area of real estate property | ft²	6.6				6.6
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties | property	68				68
Multi-Family | Operating Real Estate
Additional Disclosures
Number of properties | property	8				8

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Narratives (Details)	12 Months Ended
	Dec. 31, 2016USD ($)vie	Dec. 31, 2015USD ($)vie	Dec. 31, 2014USD ($)
Variable Interest Entity
Goodwill impairment	$ 0	$ 0	$ 0
Variable interest entity count | vie	13	12
Consolidated variable interest entities, count | vie	12	11
Unconsolidated VIE | vie	1	1
Equity investment in real estate	$ 14,694,000	$ 12,588,000
Debt issuance costs	$ 8,928,000
Preferred Return	5.00%
Real estate tax expense	$ 7,100,000	6,200,000	3,500,000
Unbilled rental income	5,200,000	4,200,000	2,300,000
Gain (loss) on foreign currency transactions and other	$ (500,000)	(100,000)	$ 400,000
Building and building improvements | Maximum
Variable Interest Entity
Property plant and equipment (useful life)	40 years
Furniture and fixtures | Maximum
Variable Interest Entity
Property plant and equipment (useful life)	7 years
Equity method investment
Variable Interest Entity
Equity investment in real estate	$ 14,700,000	12,600,000
ASU 2015-02
Variable Interest Entity
Variable interest entity count | vie	8
ASU 2015-03 | Other assets
Variable Interest Entity
Debt issuance costs		(9,000,000)
ASU 2015-03 | Non Recourse Debt and Accounts Payable
Variable Interest Entity
Debt issuance costs		$ 9,000,000

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Net investments in properties	$ 1,514,451	$ 1,435,232
Real estate under construction	182,612	131,930	$ 2,258
Net investments in direct financing leases	49,596	51,966
Cash and cash equivalents	72,028	117,453	$ 429,548	$ 109,061
In-place lease intangible assets, net	177,438	212,420
Other intangible assets, net	29,056	31,421
Other assets	79,545	90,284
Total assets	2,209,446	2,134,683
Liabilities
Non-recourse debt, net	1,019,158	865,327
Bonds payable, net	138,253	133,886
Deferred income taxes	42,419	47,313
Accounts payable, accrued expenses and other liabilities	69,006	71,397
Total liabilities	1,343,542	1,181,975
VIE
Assets
Net investments in properties	394,920	360,049
Real estate under construction	162,371	119,115
Net investments in direct financing leases	10,516	12,684
Cash and cash equivalents	15,260	18,356
In-place lease intangible assets, net	66,209	73,487
Other intangible assets, net	20,966	22,316
Other assets	41,975	52,915
Total assets	712,217	658,922
Liabilities
Non-recourse debt, net	235,425	196,436
Bonds payable, net	57,615	56,259
Deferred income taxes	20,437	21,577
Accounts payable, accrued expenses and other liabilities	30,946	29,163
Total liabilities	$ 344,423	$ 303,435

Agreements and Transactions w45

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	Oct. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Jul. 31, 2016	Dec. 31, 2014	Jan. 31, 2013
Due to Related Party
Payment of shareholder servicing fees			$ 2,400,000
Underwriting compensation limit			10.00%
Aggregate gross proceeds from offering threshold ( percentage)			1.50%
Organizational costs incurred			$ 8,700,000
Maximum line of credit approved by directors				$ 50,000,000		$ 100,000,000
Loan from WPC, including interest		$ 0	27,580,000
Cumulative selling and dealer manager fees		$ 107,900,000	$ 107,900,000		$ 104,100,000
Preferred Return			5.00%
Due from advisor			$ 200,000
Maximum personnel and overhead reimbursement, percentage		2.40%	2.20%
Legal fee reimbursement rate			0.25%
2,016
Due to Related Party
Maximum personnel and overhead reimbursement, percentage			2.00%
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%
Liability | Restatement Adjustment
Due to Related Party
Prior period reclassification adjustment		$ 9,400,000	$ 7,400,000
Class A common stock
Due to Related Party
Common stock initial public offering par or stated value per share			$ 10
Number of shares held by advisor		103,214,083	107,460,081
Selling commission per share sold (usd per share)			$ 0.70
Dealer manager fee per share sold (usd per share)			$ 0.30
Class C common stock
Due to Related Party
Number of shares held by advisor		29,536,899	30,469,144
Selling commission per share sold (usd per share)			$ 0.14
Dealer manager fee per share sold (usd per share)			$ 0.21
Shareholder servicing fee			1.00%
Minimum
Due to Related Party
Equity method investments, ownership percentage			50.00%
Maximum
Due to Related Party
Percentage of acquisition fees			6.00%
Equity method investments, ownership percentage			97.00%
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%
Average equity value of investment | Maximum
Due to Related Party
Percentage of asset management fees			1.50%
Average market value of investment | Minimum
Due to Related Party
Percentage of asset management fees			0.50%
W.P. Carey
Due to Related Party
Loan from WPC, including interest	$ 27,500,000
W.P. Carey | Maximum
Due to Related Party
Available cash distribution, percentage			10.00%
W.P. Carey | LIBOR
Due to Related Party
Debt instrument variable rate spread	1.10%
Advisor | Class A common stock
Due to Related Party
Number of shares held by advisor			2,229,196
Advisor owned percentage of common stock			1.60%

Agreements and Transactions w46

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amounts Included in the Consolidated Statements of Operations
Available Cash Distributions	$ 7,586	$ 6,317	$ 1,778
Acquisition expenses	6,789	42,216	59,225
Personnel and overhead reimbursements	3,064	3,252	170
Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee	898	1,141	151
Share-based compensation	100	100	100
Annual distribution and shareholder servicing fee	0	(860)	814
Operating expenses	27,232	49,813	44,473
Acquisition Fees Capitalized
Current acquisition fees	3,310	10,143	3,568
Deferred acquisition fees	2,648	8,120	2,855
Capitalized personnel and overhead reimbursements	263	1,415	0
Transaction fees incurred	6,221	19,678	6,423
Related Party
Amounts Included in the Consolidated Statements of Operations
Asset management fees	10,126	7,587	2,635
Acquisition expenses	$ 5,458	$ 32,276	$ 38,825

Agreements and Transactions w47

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Due to Affiliate
Loan from WPC, including interest	$ 27,580	$ 0
Deferred acquisition fees, including interest	15,305	26,747
Shareholder servicing fee liability	7,422	9,394
Accounts payable and other	2,454	3,872
Asset management fees payable	866	813
Current acquisition fees	84	3,148
Due to affiliate	$ 53,711	$ 43,974

Net Investments in Properties48

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Narratives (Details) $ in Thousands

Nov. 30, 2016USD ($)

Jul. 01, 2016USD ($)

May 02, 2016USD ($)

Apr. 11, 2016USD ($)property

Feb. 19, 2016USD ($)

Feb. 17, 2016USD ($)

Jan. 14, 2016USD ($)

Dec. 30, 2015USD ($)

Dec. 23, 2015USD ($)

Dec. 09, 2015USD ($)

Dec. 04, 2015USD ($)

Nov. 05, 2015USD ($)

Oct. 29, 2015USD ($)

Oct. 21, 2015USD ($)

Oct. 08, 2015USD ($)property

Sep. 30, 2015USD ($)

Sep. 29, 2015USD ($)property

Sep. 01, 2015USD ($)

Aug. 11, 2015USD ($)

Jul. 30, 2015USD ($)

Jul. 28, 2015USD ($)

Jul. 23, 2015USD ($)room

Jul. 10, 2015USD ($)

Jul. 09, 2015USD ($)

Jun. 22, 2015USD ($)

Jun. 17, 2015USD ($)

Jun. 16, 2015USD ($)property

Jun. 08, 2015USD ($)room

May 28, 2015USD ($)

May 27, 2015USD ($)

May 26, 2015USD ($)

May 18, 2015USD ($)

May 12, 2015USD ($)

May 08, 2015USD ($)

Apr. 29, 2015USD ($)

Apr. 28, 2015USD ($)

Apr. 17, 2015USD ($)

Apr. 10, 2015USD ($)property

Apr. 02, 2015USD ($)property

Mar. 24, 2015USD ($)

Mar. 20, 2015USD ($)

Mar. 10, 2015USD ($)

Feb. 25, 2015USD ($)

Feb. 19, 2015USD ($)

Feb. 18, 2015USD ($)

Feb. 04, 2015USD ($)

Jan. 29, 2015USD ($)

Jan. 28, 2015USD ($)

Jan. 15, 2015USD ($)room

Jul. 31, 2015USD ($)

Dec. 31, 2016USD ($)property

Dec. 31, 2015USD ($)property

Dec. 31, 2014USD ($)

Acqusition

Effect of exchange rate fluctuation

$ (12,254)

$ (40,662)

$ (29,602)

Depreciation

41,900

31,600

11,700

Non-recourse debt, net

1,019,158

865,327

Acquisition expenses

6,789

42,216

59,225

Capitalized funds

116,616

147,233

Construction loan

110,100

28,400

Accrued development cost

10,000

Capitalized interest

$ 6,435

2,355

Placed into service, count | property

2

Placed into service

$ 59,498

17,548

Number of properties | property

59

Loss on equity method investment

$ 204

94

$ 0

Equity investment in real estate

14,694

12,588

Asset retirement obligation

2,700

2,600

Noncash

Acqusition

Capitalized acquisition costs

15,700

Accrued development cost

12,900

Initial Funding

Acqusition

Capitalized funds

6,500

118,800

Real Estate

Acqusition

Effect of exchange rate fluctuation

(12,100)

Investment purchase price

48,600

Business combination, intangible assets acquired

12,100

Placed into service

$ 14,800

Real Estate | Hotel in Stuttgart, Germany

Acqusition

Investment purchase price

$ 32,000

Ownership interest in jointly-owned investment

95.00%

Real Estate | Office Building Jacksonville, FL

Acqusition

Investment purchase price

$ 16,500

Build To Suit Projects

Acqusition

Number of construction projects during period | property

7

Build To Suit Projects | Property in Portsmouth, United Kingdom

Acqusition

Investment purchase price

$ 10,000

Contractual obligation

$ 53,400

Ownership interest in joint ventures

97.00%

Build To Suit Projects | Hotel in Hamburg, Germany

Acqusition

Investment purchase price

$ 7,200

Contractual obligation

$ 31,600

Build To Suit Projects | Marriott hotel in Munich, Germany

Acqusition

Investment purchase price

$ 50,700

Build To Suit Projects | Property in Eindhoven, Netherlands

Acqusition

Investment purchase price

$ 21,700

Contractual obligation

$ 91,100

Build To Suit Projects | Student Housing in Reading, United Kingdom

Acqusition

Investment purchase price

$ 17,300

Ownership interest in joint ventures

96.00%

Build To Suit Projects | University in Accra, Ghana

Acqusition

Investment purchase price

$ 6,500

Capitalized acquisition costs

2,600

Non-recourse debt, net

41,000

$ 41,000

Capitalized funds

26,300

Contractual obligation

$ 65,700

Accrued development cost

3,500

Internal acquisition cost

3,300

Acquisition fees paid to advisor

$ 2,000

Build To Suit Projects | University in Accra, Ghana | US Treasury Notes Securities

Acqusition

Debt instrument variable rate spread

3.00%

Business Combinations

Acqusition

Number of properties acquired | property

5

Investment purchase price

$ 46,200

651,726

Capitalized acquisition costs

2,400

Leases assumed

297,000

Business combination, intangible assets acquired

43,300

Acquisition expenses

4,900

20,900

Business Combinations | Industrial Facility in Michalovce, Slovakia

Acqusition

Investment purchase price

$ 14,700

Business Combinations | Office building in Coralville, IA

Acqusition

Investment purchase price

$ 45,900

Ownership interest in jointly-owned investment

90.00%

Business Combinations | Regional headquarters and power plant in Warrenville, IL

Acqusition

Investment purchase price

$ 32,900

Business Combinations | Building in Utrecht, Netherlands

Acqusition

Investment purchase price

$ 46,200

Business Combinations | Retail site in Oslo, Norway

Acqusition

Investment purchase price

$ 88,331

Ownership interest in jointly-owned investment

90.00%

Investment purchase price, including portion attributable to noncontrolling interest

$ 98,100

Contributions from noncontrolling interests

$ 1,400

Business Combinations | Warehouse in Plymouth, MN

Acqusition

Investment purchase price

$ 15,000

Business Combinations | Office in Plano, TX

Acqusition

Investment purchase price

$ 33,700

Business Combinations | Facility in Freetown, MA

Acqusition

Investment purchase price

$ 3,700

Business Combinations | Industrial site in Aberdeen, United Kingdom

Acqusition

Investment purchase price

$ 6,800

Business Combinations | Facility in Chicago,IL

Acqusition

Investment purchase price

$ 3,200

Business Combinations | Various Self-Storage Facilities in Delaware, Massachusetts, and Washington D.C.

Acqusition

Number of properties acquired | property

5

Investment purchase price

$ 20,300

Business Combinations | Self Storage Facility in Gilroy, California

Acqusition

Investment purchase price

$ 11,000

Business Combinations | Self Storage Facility in Avondale, Louisiana

Acqusition

Investment purchase price

$ 5,600

Business Combinations | Self Storage Facility in Kissimmee, FL

Acqusition

Investment purchase price

$ 6,100

Business Combinations | Self Storage [Member]

Acqusition

Investment purchase price

46,183

243,235

Total BTS

Acqusition

Unfunded commitment

133,500

164,400

Operating Real Estate

Acqusition

Placed into service

$ 44,700

Operating Real Estate | Self Storage Facility in Kissimmee, FL

Acqusition

Investment purchase price

$ 4,900

$ 8,400

Operating Real Estate | Self Storage [Member]

Acqusition

Number of properties | property

68

Operating Real Estate | Self Storage Facility in Portland, OR

Acqusition

Investment purchase price

$ 10,700

Operating Real Estate | Self Storage Facility in Greensboro, NC

Acqusition

Investment purchase price

$ 5,300

Operating Real Estate | Self-Storage Facility in Houston, TX

Acqusition

Investment purchase price

$ 5,000

$ 4,700

$ 7,100

Operating Real Estate | Self Storage Facilities in Fernandina Beach Fl and El Paso, TX

Acqusition

Number of properties acquired | property

6

Investment purchase price

$ 37,300

Operating Real Estate | Self Storage Facility in Hudson, FL

Acqusition

Investment purchase price

$ 5,000

Operating Real Estate | Self Storage Facility in Las Vegas, NV

Acqusition

Number of properties acquired | property

2

Investment purchase price

$ 7,000

Operating Real Estate | Self-Storage Facility in Ithaca, NY

Acqusition

Investment purchase price

$ 3,500

Operating Real Estate | Self-Storage Facility in Palm Bay, FL

Acqusition

Investment purchase price

$ 11,000

Operating Real Estate | Self-Storage Facility in Leesburg, FL

Acqusition

Investment purchase price

$ 3,700

Operating Real Estate | Self Storage Facility in St Peters, MS

Acqusition

Investment purchase price

$ 3,500

Operating Real Estate | Self Storage Facility in Sarasota, FL

Acqusition

Number of properties acquired | property

2

Investment purchase price

$ 13,700

Operating Real Estate | Self-Storage Facility in Panama City, FL

Acqusition

Investment purchase price

$ 9,400

Operating Real Estate | Self-Storage Facility in Las Vegas, NV

Acqusition

Investment purchase price

$ 9,800

Operating Real Estate | Self-Storage Facility in Crystal Lake, IL

Acqusition

Investment purchase price

$ 4,000

Operating Real Estate | Self-Storage Facility in Louisville, KY

Acqusition

Investment purchase price

$ 10,100

Operating Real Estate | Self-Storage Facilities in California

Acqusition

Number of properties acquired | property

7

Investment purchase price

$ 36,300

Operating Real Estate | Self-Storage Facilities in Lilburn and Stockbridge, GA

Acqusition

Number of properties acquired | property

2

Investment purchase price

$ 6,100

Operating Real Estate | Self-Storage Facility in Panama City, FL

Acqusition

Investment purchase price

$ 4,000

Operating Real Estate | Self-Storage Facility in Lady Lake, FL

Acqusition

Investment purchase price

$ 6,000

Operating Real Estate | Self-Storage Facility in Sebastian, FL

Acqusition

Investment purchase price

$ 3,000

Operating Real Estate | Self-Storage Facility in Tallahassee, FL

Acqusition

Investment purchase price

$ 7,500

Operating Real Estate | Self-Storage Facility in Valrico, FL

Acqusition

Investment purchase price

$ 9,200

Operating Real Estate | Self-Storage Facility in Naples, FL

Acqusition

Investment purchase price

$ 15,600

Self Storage [Member]

Acqusition

Number of properties acquired | property

26

Investment purchase price

$ 243,200

Acquisition expenses

14,200

Multi-Family

Acqusition

Investment purchase price

129,700

Acquisition expenses

7,200

Multi-Family | Property in Fort Walton, Beach, FL

Acqusition

Investment purchase price

$ 25,700

Ownership percentage in investment

97.00%

Units in property | room

301

Multi-Family | Property in San Antonio, TX

Acqusition

Investment purchase price

$ 42,500

Ownership percentage in investment

97.00%

Units in property | room

408

Multi-Family | Property in Durham, NC

Acqusition

Investment purchase price

$ 34,300

Ownership percentage in investment

97.00%

Units in property | room

350

Multi-Family | Property in Fort Myers, FL

Acqusition

Investment purchase price

$ 27,200

Ownership percentage in investment

97.00%

Units in property | room

296

Equity method investment

Acqusition

Unfunded commitment

$ 19,300

17,400

Equity investment in real estate

14,700

12,600

Equity method investment, non-recourse debt

$ 13,800

100

Equity method investment | Self Storage [Member]

Acqusition

Number of properties | property

3

Equity method investments, ownership percentage

90.00%

Equity method investment, counterparty ownership percentage

10.00%

Equity method investment | Land in Vaughan, Canada

Acqusition

Investment purchase price

$ 2,000

4,000

Placed into service

$ 2,900

Loss on equity method investment

$ 100

Equity method investment | Land in Mississauga, Canada

Acqusition

Investment purchase price

$ 6,500

Net Investments in Properties49

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investments in real estate:
Less: Accumulated depreciation	$ (82,917)	$ (42,194)
Net investments in properties	1,514,451	1,435,232
Real Estate
Investments in real estate:
Land	173,184	173,094
Buildings and improvements	817,626	813,480
Less: Accumulated depreciation	(55,980)	(31,467)
Net investments in properties	934,830	955,107
Operating Real Estate
Investments in real estate:
Land	105,631	86,016
Buildings and improvements	500,927	404,836
Less: Accumulated depreciation	(26,937)	(10,727)
Net investments in properties	$ 579,621	$ 480,125

Net Investments in Properties50

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2016USD ($)
Sheduled Future Minimum Rents
2,017	$ 91,782
2,018	93,593
2,019	94,603
2,020	94,167
2,021	94,056
Thereafter	604,723
Total	$ 1,072,924

Net Investments in Properties51

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	May 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Liabilities assumed at fair value:
Goodwill		$ 23,526	$ 23,389	$ 9,692	$ 0
Business Combinations
Acquisition consideration
Investment purchase price		46,200	651,726
Assets acquired at fair value:
Land			136,247
Buildings			459,522
In-place lease intangible assets			83,603
Above-market rent intangible assets			242
Other assets acquired			6,626
Total assets acquired in business combination			686,240
Liabilities assumed at fair value:
Below-market rent intangible liabilities			(8,870)
Deferred tax liability			(19,256)
Other liabilities assumed			(3,229)
Total liabilities acquired in business combination			(31,355)
Total identifiable net assets			654,885
Amounts attributable to noncontrolling interests			(18,191)
Goodwill			15,032
Net assets acquired including goodwill less noncontrolling interest			651,726
Business Combinations | Adjustments for New Accounting Pronouncement | Deferred Tax Liability
Liabilities assumed at fair value:
Measurement period adjustment, liabilities			2,500
Business Combinations | Adjustments for New Accounting Pronouncement | Goodwill
Liabilities assumed at fair value:
Measurement period adjustment, assets			2,500
Business Combinations | Other Net-Leased Property
Acquisition consideration
Investment purchase price			194,351
Assets acquired at fair value:
Land			19,082
Buildings			140,921
In-place lease intangible assets			47,320
Above-market rent intangible assets			105
Other assets acquired			549
Total assets acquired in business combination			207,977
Liabilities assumed at fair value:
Below-market rent intangible liabilities			(8,722)
Deferred tax liability			(2,548)
Other liabilities assumed			(310)
Total liabilities acquired in business combination			(11,580)
Total identifiable net assets			196,397
Amounts attributable to noncontrolling interests			(4,594)
Goodwill			2,548
Net assets acquired including goodwill less noncontrolling interest			194,351
Business Combinations | COOP
Acquisition consideration
Investment purchase price	$ 88,331
Assets acquired at fair value:
Land	59,595
Buildings	33,049
In-place lease intangible assets	4,618
Above-market rent intangible assets	0
Other assets acquired	5,777
Total assets acquired in business combination	103,039
Liabilities assumed at fair value:
Below-market rent intangible liabilities	(63)
Deferred tax liability	(16,708)
Other liabilities assumed	(715)
Total liabilities acquired in business combination	(17,486)
Total identifiable net assets	85,553
Amounts attributable to noncontrolling interests	(9,706)
Goodwill	12,484
Net assets acquired including goodwill less noncontrolling interest	$ 88,331
Business Combinations | Self Storage
Acquisition consideration
Investment purchase price		46,183	243,235
Assets acquired at fair value:
Land		12,369	37,845
Buildings		53,343	180,075
In-place lease intangible assets		8,520	27,167
Above-market rent intangible assets			137
Other assets acquired		451	300
Total assets acquired in business combination		74,683	245,524
Liabilities assumed at fair value:
Mortgages assumed		(27,925)
Below-market rent intangible liabilities			(85)
Deferred tax liability			0
Other liabilities assumed		(575)	(2,204)
Total liabilities acquired in business combination		(28,500)	(2,289)
Total identifiable net assets		$ 46,183	243,235
Amounts attributable to noncontrolling interests			0
Goodwill			0
Net assets acquired including goodwill less noncontrolling interest			243,235
Business Combinations | Other Business Combinations
Acquisition consideration
Investment purchase price			125,809
Assets acquired at fair value:
Land			19,725
Buildings			105,477
In-place lease intangible assets			4,498
Above-market rent intangible assets			0
Other assets acquired			0
Total assets acquired in business combination			129,700
Liabilities assumed at fair value:
Below-market rent intangible liabilities			0
Deferred tax liability			0
Other liabilities assumed			0
Total liabilities acquired in business combination			0
Total identifiable net assets			129,700
Amounts attributable to noncontrolling interests			(3,891)
Goodwill			0
Net assets acquired including goodwill less noncontrolling interest			$ 125,809

Net Investments in Properties52

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Income From Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended								7 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from acquired properties
Revenues	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 41,230	$ 37,069	$ 30,472	$ 27,172		$ 184,323	$ 135,943	$ 54,317
Net Loss	(10,025)	(1,850)	(7,454)	(456)	(12,528)	(7,683)	(18,263)	(10,852)		(19,785)	(49,326)	(56,556)
Net loss (income) attributable to noncontrolling interests	(3,569)	(2,231)	(2,758)	(1,741)	(3,309)	(2,092)	(1,644)	(1,361)		(10,299)	(8,406)	689
Net Loss Attributable to CPA®:18 – Global	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	$ (15,837)	$ (9,775)	$ (19,907)	$ (12,213)		(30,084)	(57,732)	$ (55,867)
Business Combinations
Revenues from acquired properties
Revenues											35,771
Net Loss											(46,207)
Net loss (income) attributable to noncontrolling interests											107
Net Loss Attributable to CPA®:18 – Global											(46,100)
Business Combinations | Other Net-Leased Property
Revenues from acquired properties
Revenues											7,669
Net Loss											(14,532)
Net loss (income) attributable to noncontrolling interests											1
Net Loss Attributable to CPA®:18 – Global											(14,531)
Business Combinations | COOP
Revenues from acquired properties
Revenues									$ 3,489
Net Loss									(5,815)
Net loss (income) attributable to noncontrolling interests									92
Net Loss Attributable to CPA®:18 – Global									$ (5,723)
Business Combinations | Self Storage
Revenues from acquired properties
Revenues										5,810	13,398
Net Loss										(7,122)	(20,017)
Net loss (income) attributable to noncontrolling interests											(1)
Net Loss Attributable to CPA®:18 – Global										$ (7,122)	(20,018)
Business Combinations | Other Business Combinations
Revenues from acquired properties
Revenues											11,215
Net Loss											(5,843)
Net loss (income) attributable to noncontrolling interests											15
Net Loss Attributable to CPA®:18 – Global											$ (5,828)

Net Investments in Properties53

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Pro Forma Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pro Forma Information
Pro forma total revenues	$ 163,649	$ 157,488
Pro forma net loss	(5,307)	(60,099)
Pro forma net income attributable to noncontrolling interests	(9,496)	(1,823)
Pro forma net loss attributable to CPA®:18 – Global	(14,803)	(61,922)
Class A
Pro Forma Information
Pro forma net loss attributable to CPA®:18 – Global	$ (12,586)	$ (55,266)
Pro forma net (loss) earnings per share
Pro forma basic and diluted weighted-average shares outstanding	148,824,871	125,717,923
Pro forma basic and diluted loss per share	$ (0.08)	$ (0.44)
Class C
Pro Forma Information
Pro forma net loss attributable to CPA®:18 – Global	$ (2,217)	$ (6,656)
Pro forma net (loss) earnings per share
Pro forma basic and diluted weighted-average shares outstanding	27,580,451	8,847,966
Pro forma basic and diluted loss per share	$ (0.08)	$ (0.75)

Net Investments in Properties54

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate Under Construction
Beginning balance	$ 131,930	$ 2,258
Capitalized funds	116,616	147,233
Placed into service	(59,498)	(17,548)
Foreign currency translation adjustments	(12,871)	(2,368)
Capitalized interest	6,435	2,355
Ending balance	$ 182,612	$ 131,930

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	Nov. 01, 2016USD ($)property	Oct. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 16, 2015USD ($)	Jul. 21, 2014USD ($)	Aug. 31, 2015USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 07, 2014property
Finance Receivables
Interest income from direct financing leases							$ 4,572	$ 3,680	$ 3,450
Proceeds from sale of real estate							40	35,669	0
(Loss) gain on sale of real estate, net of tax							(63)	6,659	0
Loss on extinguishment of debt							0	2,337	0
Notes receivable			$ 28,000				$ 66,500	28,000
Number of properties | property							59
Loan from WPC, including interest			0				$ 27,580	0
Acquisition expenses							6,789	42,216	$ 59,225
W.P. Carey
Finance Receivables
Loan from WPC, including interest		$ 27,500
W.P. Carey | LIBOR
Finance Receivables
Debt instrument variable rate spread		1.10%
Crowne Group
Finance Receivables
Number of properties acquired | property										5
Number of properties sold | property						5
Proceeds from sale of real estate						$ 35,700
Loss on extinguishment of debt						$ 1,100
Property Leased to Mills Fleet Farm Group LLC
Finance Receivables
Mezzanine loan acquired	$ 38,500
Number of properties | property	27
Carrying Amount	$ 280,000						38,500
Acquisition expenses							2,000
Property Leased to Mills Fleet Farm Group LLC | LIBOR
Finance Receivables
Debt instrument variable rate spread	10.00%
Arandell
Finance Receivables
Investment purchase price			23,100
Cardiff
Finance Receivables
Investment purchase price				$ 13,200
Ownership interest in jointly-owned investment				94.50%
Cipriani
Finance Receivables
Notes receivable			$ 28,000		$ 28,000		$ 28,000	$ 28,000
Senior note					$ 60,000
Interest rate on note receivable					10.00%

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Net Investments in Direct Financing Leases
Minimum lease payments receivable	$ 67,811	$ 76,014
Unguaranteed residual value	48,826	51,835
Gross investments in direct financing leases	116,637	127,849
Less: unearned income	(67,041)	(75,883)
Net investment in direct financing leases	$ 49,596	$ 51,966

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2016USD ($)
Scheduled Future Minimum Rents
2,017	$ 4,087
2,018	4,157
2,019	4,229
2,020	4,085
2,021	3,503
Thereafter	47,750
Total	$ 67,811

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2016USD ($)tenant	Dec. 31, 2015USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 116,096	$ 79,966
Internally Assigned Grade 1
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 10,516	$ 12,684
Internally Assigned Grade 2
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 9,154	$ 9,065
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	4
Carrying Value	$ 29,679	$ 58,217
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	3	0
Carrying Value	$ 66,747	$ 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 Liabili59

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets and Liabilities
Net amortization of intangibles	$ 40.2	$ 33.4	$ 10.6
Minimum
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life	1 year
Maximum
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life	30 years
In-place lease
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible assets acquired	$ 8.5
Finite-lived intangible asset, useful life	2 years
In-place lease | Minimum
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life	1 year
In-place lease | Maximum
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life	23 years
Below-market ground lease | Minimum
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life	15 years
Below-market ground lease | Maximum
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life	99 years

Intangible Assets and Liabili60

Intangible Assets and Liabilities - Net Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill
Goodwill - beginning balance	$ 23,389	$ 9,692	$ 0
Acquisition of investments accounted for as business combinations		13,131	11,040
Measurement period adjustment		3,769
Foreign currency translation	137	(3,203)	(1,348)
Goodwill - ending balance	$ 23,526	$ 23,389	$ 9,692

Intangible Assets and Liabili61

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 292,551	$ 288,578
Less: accumulated amortization	(86,057)	(44,737)
Finite-lived intangible assets, net	206,494	243,841
Indefinite-Lived Intangible Assets
Goodwill	23,526	23,389	$ 9,692	$ 0
Total intangible assets, gross	316,077	311,967
Total intangible assets, net	230,020	267,230
Finite-Lived Intangible Liabilities
Finite-Lived Intangible Liabilities, Gross	(15,293)	(15,560)
Finite Lived Intangible Liabilities Accumulated Amortization	3,237	1,548
Finite Lived Intangible Liabilities Net	$ (12,056)	(14,012)
Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	1 year
Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Below-market rent
Finite-Lived Intangible Liabilities
Finite-Lived Intangible Liabilities, Gross	$ (15,192)	(15,439)
Finite Lived Intangible Liabilities Accumulated Amortization	3,234	1,546
Finite Lived Intangible Liabilities Net	$ (11,958)	(13,893)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	1 year
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Above-market ground lease
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	81 years
Finite-Lived Intangible Liabilities
Finite-Lived Intangible Liabilities, Gross	$ (101)	(121)
Finite Lived Intangible Liabilities Accumulated Amortization	3	2
Finite Lived Intangible Liabilities Net	$ (98)	(119)
In-place lease
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	2 years
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 260,469	255,510
Less: accumulated amortization	(83,031)	(43,090)
Finite-lived intangible assets, net	$ 177,438	212,420
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	1 year
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	23 years
Below-market ground lease
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 20,236	20,894
Less: accumulated amortization	(706)	(325)
Finite-lived intangible assets, net	$ 19,530	20,569
Below-market ground lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	15 years
Below-market ground lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	99 years
Above-market rent
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 11,846	12,174
Less: accumulated amortization	(2,320)	(1,322)
Finite-lived intangible assets, net	$ 9,526	$ 10,852
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	2 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years

Intangible Assets and Liabili62

Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2016USD ($)
Net
2,017	$ 27,935
2,018	17,972
2,019	16,898
2,020	16,183
2,021	16,013
Thereafter	99,437
Total	194,438
Net Increase in Rental Income
Net
2,017	(163)
2,018	(205)
2,019	(218)
2,020	(288)
2,021	(303)
Thereafter	(1,255)
Total	(2,432)
Increase to Amortization/Property Expenses
Net
2,017	28,098
2,018	18,177
2,019	17,116
2,020	16,471
2,021	16,316
Thereafter	100,692
Total	$ 196,870

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value
Rent guarantees, fair value	$ 500	$ 1,300
Mark-to market adjustment	1,100
Debt issuance costs	$ 8,928
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%
Non Recourse Debt | ASU 2015-03
Fair Value
Debt issuance costs	$ 7,600	8,300
Bonds | ASU 2015-03
Fair Value
Debt issuance costs	$ 900	$ 700

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Carrying Value
Liabilities
Debt	$ 1,157,411	$ 999,213
Notes receivable	66,500	28,000
Fair Value
Liabilities
Debt	1,177,409	1,022,641
Notes receivable	$ 68,450	$ 28,400

Risk Management and Use of De65

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative
Cash collateral obligation	$ 0	$ 0
Collateral received	0
Total credit exposure	7,100,000
Derivative in net liability position	1,200,000	1,600,000
Termination value of assets	$ 1,300,000	$ 1,700,000
Derivative, remaining maturity	74 months
Interest expense
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	$ 700,000
Other income
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	1,800,000
Individual Counterparty
Derivative
Total credit exposure	$ 4,200,000

Risk Management and Use of De66

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value
Derivative asset fair value	$ 7,180	$ 7,488
Derivative liability, fair value	(1,184)	(1,596)
Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Derivative asset fair value	5,502	6,501
Designated as Hedging Instrument | Foreign currency collars | Other assets
Derivatives, Fair Value
Derivative asset fair value	1,284	970
Designated as Hedging Instrument | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(33)	(28)
Designated as Hedging Instrument | Interest rate swaps | Other assets
Derivatives, Fair Value
Derivative asset fair value	393	0
Designated as Hedging Instrument | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(1,151)	(1,568)
Designated as Hedging Instrument | Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset fair value	$ 1	$ 17

Risk Management and Use of De67

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	$ 151	$ 4,676	$ 1,382
Cash Flow Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	(897)	2,374	0
Cash Flow Hedging | Interest rate swaps
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	810	933	(2,282)
Cash Flow Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	327	939	3,653
Cash Flow Hedging | Interest rate caps
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	(13)	(38)	0
Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	(56)	466	11
Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	$ (20)	$ 2	$ 0

Risk Management and Use of De68

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion)
Amount of unrecognized loss related to interest rate swap reclassified to interest expense	$ 490	$ (1,044)	$ (608)
Foreign currency forward contracts | Other income and (expense)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion)
Amount of unrecognized loss related to interest rate swap reclassified to interest expense	1,278	1,137	151
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion)
Amount of unrecognized loss related to interest rate swap reclassified to interest expense	(879)	(2,183)	(759)
Foreign currency collars | Other income and (expense)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion)
Amount of unrecognized loss related to interest rate swap reclassified to interest expense	95	8	0
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income (Effective Portion)
Amount of unrecognized loss related to interest rate swap reclassified to interest expense	$ (4)	$ (6)	$ 0

Risk Management and Use of De69

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	$ 6	$ (26)	$ 0
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Other income and (expense)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	1	37	0
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	(63)	0
Designated as Hedging Instrument | Foreign currency collars | Other income and (expense)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	2	0	0
Designated as Hedging Instrument | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 3	$ 0	$ 0

Risk Management and Use of De70

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) $ in Thousands	Dec. 31, 2016USD ($)instrument
Interest rate swaps
Derivative
Fair value	$ (757)
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	8
Notional Amount	$ 61,869
Fair value	$ (758)
Interest rate caps | USD
Derivative
Number of Instruments | instrument	2
Notional Amount	$ 22,000
Fair value	$ 1

Risk Management and Use of De71

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) - Designated as Hedging Instrument € in Thousands, NOK in Thousands, $ in Thousands	Dec. 31, 2016USD ($)instrument	Dec. 31, 2016NOKinstrument	Dec. 31, 2016EUR (€)instrument
Derivative
Fair value	$ 6,753
Foreign currency forward contracts | Cash Flow Hedging | Euro
Derivative
Number of Instruments | instrument	31	31	31
Notional Amount | €			€ 11,942
Fair value	$ 3,721
Foreign currency forward contracts | Net Investment Hedging | NOK
Derivative
Number of Instruments | instrument	3	3	3
Notional Amount | NOK		NOK 5,773
Fair value	$ 113
Foreign currency forward contracts | Cash Flow Hedging | Euro
Derivative
Number of Instruments | instrument	25	25	25
Notional Amount | NOK		NOK 39,697
Fair value	$ 1,411
Foreign currency collars | Cash Flow Hedging | Euro
Derivative
Notional Amount | €			€ 14,664
Foreign currency collars | Cash Flow Hedging | NOK
Derivative
Number of Instruments | instrument	30	30	30
Fair value	$ 868
Foreign currency collars | Net Investment Hedging | NOK
Derivative
Number of Instruments | instrument	5	5	5
Notional Amount | NOK		NOK 35,240
Fair value	$ 243
Foreign currency collars | Cash Flow Hedging | NOK
Derivative
Number of Instruments | instrument	23	23	23
Notional Amount | NOK		NOK 54,570
Fair value	$ 397

Non-Recourse Debt and Bonds P72

Non-Recourse Debt and Bonds Payable - Narratives (Details) $ in Thousands	Oct. 14, 2016USD ($)	Feb. 19, 2016USD ($)	Aug. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instruments
Debt instrument maturity date, start				Dec. 31, 2017
Debt instrument maturity date, end				Dec. 31, 2039
Mortgage loan				$ 66,500	$ 28,000	$ 28,000	$ 0
Non-recourse debt, net				1,019,158	865,327
Proceeds from bond financing				0	66,328	105,408
Loss on extinguishment of debt				0	2,337	0
Effect of exchange rate fluctuation				(12,254)	$ (40,662)	$ (29,602)
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation				(9,900)
Bond
Debt Instruments
Debt instrument, term					10 years
Debt instrument stated interest rate					4.20%
Proceeds from bond financing					$ 64,200
Business Combinations
Debt Instruments
Mortgage loan				$ 148,200	$ 504,900
Weighted average interest rate				4.50%	3.80%
Debt instrument, term	8 years				8 years
Number of loans assumed | loan					20
Industrial Facility in Michalovce, Slovakia
Debt Instruments
Mortgage loan	$ 14,100
Office Building in Eindhoven, the Netherlands
Debt Instruments
Mortgage loan				$ 53,300
Debt instrument, term				7 years
Construction loan				$ 27,300
Debt instrument stated interest rate				3.20%
Office Building in Eindhoven, the Netherlands | EURIBOR
Debt Instruments
Debt instrument variable rate spread				2.50%
University in Accra, Ghana | Build To Suit Projects
Debt Instruments
Non-recourse debt, net		$ 41,000		$ 41,000
University in Accra, Ghana | Build To Suit Projects | US Treasury Notes Securities
Debt Instruments
Debt instrument variable rate spread		3.00%
Hotel in Hamburg Germany
Debt Instruments
Non-recourse debt, net				$ 17,300
Debt instrument stated interest rate				2.10%
Crowne Group
Debt Instruments
Loss on extinguishment of debt			$ 1,100
Fixed Interest Rate | Office Building in Eindhoven, the Netherlands
Debt Instruments
Debt instrument stated interest rate				1.80%
Fixed Interest Rate | Minimum
Debt Instruments
Interest Rate				1.60%
Fixed Interest Rate | Maximum
Debt Instruments
Interest Rate				5.80%
Variable Interest Rate | Minimum
Debt Instruments
Interest Rate				2.30%
Variable Interest Rate | Maximum
Debt Instruments
Interest Rate				5.10%

Non-Recourse Debt and Bonds P73

Non-Recourse Debt and Bonds Payable - Schedule of Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Long-term Debt, Fiscal Year Maturity
2,017	$ 20,113
2,018	27,571
2,019	5,918
2,020	109,910
2,021	161,068
Thereafter through 2039	841,223
Total principal payments	1,165,803
Unamortized premium, net	536
Deferred financing costs	(8,928)
Total	$ 1,157,411

Loss Per Share and Equity - Nar

Loss Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-based Compensation
Annual distribution and shareholder servicing fee									$ 0	$ (860)	$ 814
Interest expense									43,132	35,170	$ 15,753
Distributions Declared
Distributions payable	$ 20,995				$ 20,078				$ 20,995	20,078
Dividend payable, date									Jan. 13, 2017
Class C
Stock-based Compensation
Interest expense									$ 500	$ 700
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1378	$ 0.1376	$ 0.1376	$ 0.1337	$ 0.1335	$ 0.1340	$ 0.1329	$ 0.1329
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1562	$ 0.1562

Loss Per Share and Equity - Bas

Loss Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic
Net Loss Attributable to CPA®:18 – Global	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	$ (15,837)	$ (9,775)	$ (19,907)	$ (12,213)	$ (30,084)	$ (57,732)	$ (55,867)
Class A common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares	107,307,860	106,279,055	105,182,645	103,972,011	103,109,346	102,293,880	101,460,830	100,642,226	105,691,583	101,884,473	78,777,525
Net Loss Attributable to CPA®:18 – Global									$ (23,065)	$ (45,524)	$ (49,494)
Loss Per Share (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.07)	$ (0.02)	$ (0.13)	$ (0.07)	$ (0.15)	$ (0.10)	$ (0.22)	$ (0.45)	$ (0.63)
Class C common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares	30,469,385	30,205,326	29,928,571	29,757,726	29,522,763	29,279,705	29,033,036	22,381,181	30,091,602	27,580,451	8,847,966
Net Loss Attributable to CPA®:18 – Global									$ (7,019)	$ (12,208)	$ (6,373)
Loss Per Share (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.08)	$ (0.02)	$ (0.07)	$ (0.09)	$ (0.17)	$ (0.12)	$ (0.23)	$ (0.44)	$ (0.72)

Loss Per Share and Equity - Dis

Loss Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class A
Distributions
Ordinary income (usd per share)	$ 0.1339	$ 0.1889	$ 0.2164
Return of capital (usd per share)	0.4913	0.3836	0.4084
Capital gain (usd per share)	0	0.0525	0
Total distributions paid (usd per share)	0.6252	0.625	0.6248
Class C
Distributions
Ordinary income (usd per share)	0.1171	0.1612	0.1841
Return of capital (usd per share)	0.4296	0.3273	0.3475
Capital gain (usd per share)	0	0.0448	0
Total distributions paid (usd per share)	$ 0.5467	$ 0.5333	$ 0.5316

Loss Per Share and Equity - Rec

Loss Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	$ 952,708	$ 1,000,228	$ 250,471
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	43,132	35,170	15,753
Other Comprehensive Loss	(12,027)	(36,454)	(28,231)
Ending equity balance, value	865,904	952,708	1,000,228
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(50,316)	(20,941)	(94)
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(11,537)	(37,498)	(28,839)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(12,027)	(36,454)	(28,231)
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	639	7,079	7,384
Ending equity balance, value	(61,704)	(50,316)	(20,941)
Accumulated Other Comprehensive Loss | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	883	2,189	759
Other income and (expenses)	(1,373)	(1,145)	(151)
Gains and Losses on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	5,360	1,152	(219)
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	717	3,164	763
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	227	4,208	1,371
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	0	0	0
Ending equity balance, value	5,587	5,360	1,152
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	883	2,189	759
Other income and (expenses)	(1,373)	(1,145)	(151)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(55,676)	(22,093)	125
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(12,254)	(40,662)	(29,602)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(12,254)	(40,662)	(29,602)
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	639	7,079	7,384
Ending equity balance, value	(67,291)	(55,676)	(22,093)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	0	0	0
Other income and (expenses)	$ 0	$ 0	$ 0

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes
Deferred tax assets, gross	$ 13,600	$ 14,600
Deferred tax liability, net	42,419	47,313
Deferred tax assets, valuation allowance	12,800	10,200
Operating loss carryforwards, foreign	$ 24,200	$ 17,200
Maximum
Income Taxes
Open Tax Year	2,013
Minimum
Income Taxes
Open Tax Year	2,016
Operating loss carryforwards, expiration date	Dec. 31, 2018

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal
Current	$ 276	$ 98	$ 16
Deferred	(34)	0	0
Federal income taxes	242	98	16
State and Local
Current	134	87	79
State and local income taxes	134	87	79
Foreign
Current	1,024	565	64
Deferred	(1,394)	(847)	(1,323)
Foreign income taxes	(370)	(282)	(1,259)
Total Provision (Benefit)	$ 6	$ (97)	$ (1,164)

Income Taxes Income Taxes - Rol

Income Taxes Income Taxes - Rollforward of Uncertain Tax Positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Unrecognized Tax Benefits Rollforward
Beginning balance	$ 0
Addition based on tax positions related to the current year	242
Ending balance	$ 242

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)
Segment Reporting
Number of reportable segments | segment	3
Equity investment in real estate | $	$ 14,694	$ 12,588

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information, Profit (Loss)
Revenues	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 41,230	$ 37,069	$ 30,472	$ 27,172	$ 184,323	$ 135,943	$ 54,317
Operating expenses	(38,441)	(38,093)	(40,030)	(37,483)	(40,447)	(42,174)	(41,413)	(27,113)	(154,047)	(151,147)	(95,131)
Interest expense									(43,132)	(35,170)	(15,753)
Other income and expenses, excluding interest expense									(6,860)	(5,708)	(1,153)
(Provision for) benefit from income taxes									(6)	97	1,164
(Loss) gain on sale of real estate, net of tax									(63)	6,659	0
Net loss (income) attributable to noncontrolling interests	(3,569)	(2,231)	(2,758)	(1,741)	(3,309)	(2,092)	(1,644)	(1,361)	(10,299)	(8,406)	689
Net Loss Attributable to CPA®:18 – Global	(13,594)	$ (4,081)	$ (10,212)	$ (2,197)	$ (15,837)	$ (9,775)	$ (19,907)	$ (12,213)	(30,084)	(57,732)	(55,867)
Acquisition expenses									6,789	42,216	59,225
Due from advisor	$ 200								200
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues									109,332	91,173	48,306
Operating expenses									(60,168)	(70,352)	(72,780)
Interest expense									(27,723)	(26,367)	(14,447)
Other income and expenses, excluding interest expense									1,233	(2,022)	(490)
(Provision for) benefit from income taxes									811	300	1,183
(Loss) gain on sale of real estate, net of tax									(63)	6,659	0
Net loss (income) attributable to noncontrolling interests									(2,765)	(2,231)	2,435
Net Loss Attributable to CPA®:18 – Global									20,657	(2,840)	(35,793)
Acquisition expenses										20,900	49,300
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues									48,794	25,570	3,913
Operating expenses									(57,807)	(43,459)	(9,814)
Interest expense									(11,013)	(5,232)	(942)
Other income and expenses, excluding interest expense									(231)	(94)	0
(Provision for) benefit from income taxes									(215)	(59)	(16)
Net Loss Attributable to CPA®:18 – Global									(20,472)	(23,274)	(6,859)
Acquisition expenses									4,900	14,200	6,100
Operating Segments | Multi-Family
Segment Reporting Information, Profit (Loss)
Revenues									22,609	16,369	830
Operating expenses									(17,103)	(23,728)	(3,468)
Interest expense									(3,537)	(3,779)	(213)
Other income and expenses, excluding interest expense									6	1	0
(Provision for) benefit from income taxes									(164)	(88)	0
Net loss (income) attributable to noncontrolling interests									52	142	32
Net Loss Attributable to CPA®:18 – Global									1,863	(11,083)	(2,819)
Acquisition expenses										7,200	2,400
Operating Segments | All Others
Segment Reporting Information, Profit (Loss)
Revenues									3,588	2,831	1,268
Operating expenses									(2,010)	0	(1,348)
Interest expense									0	0	0
Other income and expenses, excluding interest expense									0	0	0
(Provision for) benefit from income taxes									0	0	0
Net loss (income) attributable to noncontrolling interests									0	0	0
Net Loss Attributable to CPA®:18 – Global									1,578	2,831	(80)
Acquisition expenses									2,000		1,400
Corporate
Segment Reporting Information, Profit (Loss)
Net loss (income) attributable to noncontrolling interests									(7,586)	(6,317)	(1,778)
Unallocated Corporate Overhead									$ (26,124)	$ (17,049)	$ (8,538)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information, Additional Information
Long-Lived Assets	$ 1,827,853	$ 1,659,716
Assets	2,209,446	2,134,683
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Long-Lived Assets	1,152,653	1,105,237
Assets	1,453,148	1,446,865
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Long-Lived Assets	386,099	326,835
Assets	410,781	363,284
Operating Segments | Multi-Family
Segment Reporting Information, Additional Information
Long-Lived Assets	222,600	199,644
Assets	230,509	210,052
Operating Segments | All Others
Segment Reporting Information, Additional Information
Long-Lived Assets	66,501	28,000
Assets	66,936	28,188
Corporate
Segment Reporting Information, Additional Information
Long-Lived Assets	0	0
Assets	$ 48,072	$ 86,294

Segment Reporting - Geography (

Segment Reporting - Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information, Profit (Loss)
Revenues	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 41,230	$ 37,069	$ 30,472	$ 27,172	$ 184,323	$ 135,943	$ 54,317
Operating expenses	(38,441)	(38,093)	(40,030)	(37,483)	(40,447)	(42,174)	(41,413)	(27,113)	(154,047)	(151,147)	(95,131)
Net loss	(10,025)	(1,850)	(7,454)	(456)	(12,528)	(7,683)	(18,263)	(10,852)	(19,785)	(49,326)	(56,556)
Net loss (income) attributable to noncontrolling interests	(3,569)	(2,231)	(2,758)	(1,741)	(3,309)	(2,092)	(1,644)	(1,361)	(10,299)	(8,406)	689
Net Loss Attributable to CPA®:18 – Global	(13,594)	$ (4,081)	$ (10,212)	$ (2,197)	(15,837)	$ (9,775)	$ (19,907)	$ (12,213)	(30,084)	(57,732)	(55,867)
Assets
Long-lived assets	1,827,853				1,659,716				1,827,853	1,659,716
Non-recourse debt and bonds payable	1,157,411				999,213				1,157,411	999,213
Domestic
Segment Reporting Information, Profit (Loss)
Revenues									124,524	85,646	29,042
Operating expenses									(117,694)	(108,799)	(42,894)
Net loss									(23,362)	(34,566)	(18,350)
Net loss (income) attributable to noncontrolling interests									(8,397)	(7,027)	(2,568)
Net Loss Attributable to CPA®:18 – Global									(31,759)	(41,593)	(20,918)
Assets
Long-lived assets	1,048,009				964,329				1,048,009	964,329
Non-recourse debt and bonds payable	755,713				645,588				755,713	645,588
Domestic | Texas
Segment Reporting Information, Profit (Loss)
Revenues									25,147	17,983	8,830
Operating expenses									(19,254)	(18,085)	(4,981)
Net loss									(1,988)	(5,699)	339
Net loss (income) attributable to noncontrolling interests									(786)	(852)	(804)
Net Loss Attributable to CPA®:18 – Global									(2,774)	(6,551)	(465)
Assets
Long-lived assets	224,860				229,437				224,860	229,437
Non-recourse debt and bonds payable	174,421				150,284				174,421	150,284
Domestic | Florida
Segment Reporting Information, Profit (Loss)
Revenues									27,090	17,039	2,514
Operating expenses									(25,237)	(23,565)	(4,593)
Net loss									(5,077)	(10,556)	(2,812)
Net loss (income) attributable to noncontrolling interests									0	0	0
Net Loss Attributable to CPA®:18 – Global									(5,077)	(10,556)	(2,812)
Assets
Long-lived assets	199,109				197,552				199,109	197,552
Non-recourse debt and bonds payable	150,815				135,873				150,815	135,873
Domestic | Other Domestic
Segment Reporting Information, Profit (Loss)
Revenues									72,287	50,624	17,698
Operating expenses									(73,203)	(67,149)	(33,320)
Net loss									(16,297)	(18,311)	(15,877)
Net loss (income) attributable to noncontrolling interests									(7,611)	(6,175)	(1,764)
Net Loss Attributable to CPA®:18 – Global									(23,908)	(24,486)	(17,641)
Assets
Long-lived assets	624,040				537,340				624,040	537,340
Non-recourse debt and bonds payable	430,477				359,431				430,477	359,431
International
Segment Reporting Information, Profit (Loss)
Revenues									59,799	50,297	25,275
Operating expenses									(36,353)	(42,348)	(52,237)
Net loss									3,577	(14,760)	(38,206)
Net loss (income) attributable to noncontrolling interests									(1,902)	(1,379)	3,257
Net Loss Attributable to CPA®:18 – Global									1,675	(16,139)	(34,949)
Assets
Long-lived assets	779,844				695,387				779,844	695,387
Non-recourse debt and bonds payable	401,698				353,625				401,698	353,625
International | Norway
Segment Reporting Information, Profit (Loss)
Revenues									17,245	13,911	6,560
Operating expenses									(9,123)	(13,913)	(8,389)
Net loss									(1,705)	(7,056)	(7,277)
Net loss (income) attributable to noncontrolling interests									(817)	(399)	321
Net Loss Attributable to CPA®:18 – Global									(2,522)	(7,455)	(6,956)
Assets
Long-lived assets	195,052				194,211				195,052	194,211
Non-recourse debt and bonds payable	138,253				133,576				138,253	133,576
International | Other International
Segment Reporting Information, Profit (Loss)
Revenues									42,554	36,386	18,715
Operating expenses									(27,230)	(28,435)	(43,848)
Net loss									5,282	(7,704)	(30,929)
Net loss (income) attributable to noncontrolling interests									(1,085)	(980)	2,936
Net Loss Attributable to CPA®:18 – Global									4,197	(8,684)	$ (27,993)
Assets
Long-lived assets	584,792				501,176				584,792	501,176
Non-recourse debt and bonds payable	$ 263,445				$ 220,049				$ 263,445	$ 220,049

Selected Quarterly Financial 85

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 41,230	$ 37,069	$ 30,472	$ 27,172	$ 184,323	$ 135,943	$ 54,317
Expenses	38,441	38,093	40,030	37,483	40,447	42,174	41,413	27,113	154,047	151,147	95,131
Net Loss	(10,025)	(1,850)	(7,454)	(456)	(12,528)	(7,683)	(18,263)	(10,852)	(19,785)	(49,326)	(56,556)
Net loss (income) attributable to noncontrolling interests	(3,569)	(2,231)	(2,758)	(1,741)	(3,309)	(2,092)	(1,644)	(1,361)	(10,299)	(8,406)	689
Net Loss Attributable to CPA®:18 – Global	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	$ (15,837)	$ (9,775)	$ (19,907)	$ (12,213)	(30,084)	(57,732)	(55,867)
Class A common stock
Net Loss Attributable to CPA®:18 – Global									$ (23,065)	$ (45,524)	$ (49,494)
Loss Per Share (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.07)	$ (0.02)	$ (0.13)	$ (0.07)	$ (0.15)	$ (0.10)	$ (0.22)	$ (0.45)	$ (0.63)
Basic and diluted weighted-average shares outstanding	107,307,860	106,279,055	105,182,645	103,972,011	103,109,346	102,293,880	101,460,830	100,642,226	105,691,583	101,884,473	78,777,525
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1562	$ 0.1562
Class C common stock
Net Loss Attributable to CPA®:18 – Global									$ (7,019)	$ (12,208)	$ (6,373)
Loss Per Share (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.08)	$ (0.02)	$ (0.07)	$ (0.09)	$ (0.17)	$ (0.12)	$ (0.23)	$ (0.44)	$ (0.72)
Basic and diluted weighted-average shares outstanding	30,469,385	30,205,326	29,928,571	29,757,726	29,522,763	29,279,705	29,033,036	22,381,181	30,091,602	27,580,451	8,847,966
Distributions declared per share (in dollars per share)	$ 0.1378	$ 0.1376	$ 0.1376	$ 0.1337	$ 0.1335	$ 0.1340	$ 0.1329	$ 0.1329

Schedule II - Valuation and Q86

Schedule II - Valuation and Qualifying Accounts (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 10,196	$ 2,236	$ 0
Other Additions	2,987	8,214	2,236
Deductions	(366)	(254)	0
Balance at End of Year	$ 12,817	$ 10,196	$ 2,236

Schedule III - Real Estate an87

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) $ in Billions	Dec. 31, 2016USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Federal income tax basis	$ 2

Schedule III - Real Estate an88

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Under Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 714,382
Initial Cost to Company
Land	191,610
Buildings	871,070
Cost Capitalized Subsequent to Acquisition	54,656
Increase (Decrease) in Net Investments	(126,526)
Gross Amount at which Carried at Close of Period
Land	173,184
Buildings	817,626
Total	990,810	$ 986,574	$ 743,735	$ 150,424
Accumulated Depreciation	55,980	31,467	10,875	824
Real Estate Under Operating Leases | Office facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	72,653
Initial Cost to Company
Land	29,215
Buildings	67,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,215
Buildings	67,993
Total	97,208
Accumulated Depreciation	$ 7,103
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,700
Initial Cost to Company
Land	0
Buildings	10,828
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,509)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,319
Total	8,319
Accumulated Depreciation	$ 745
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,634
Initial Cost to Company
Land	0
Buildings	10,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,518)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,058
Total	8,058
Accumulated Depreciation	$ 681
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,507
Initial Cost to Company
Land	2,264
Buildings	10,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,070)
Gross Amount at which Carried at Close of Period
Land	1,734
Buildings	8,136
Total	9,870
Accumulated Depreciation	$ 752
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zadar, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,314
Initial Cost to Company
Land	4,320
Buildings	10,536
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,524)
Gross Amount at which Carried at Close of Period
Land	3,309
Buildings	8,023
Total	11,332
Accumulated Depreciation	$ 803
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Retail facility in Split, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,975
Initial Cost to Company
Land	0
Buildings	3,161
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(759)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,402
Total	2,402
Accumulated Depreciation	$ 271
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Real Estate Under Operating Leases | Industrial facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,070
Initial Cost to Company
Land	1,163
Buildings	3,393
Cost Capitalized Subsequent to Acquisition	1,585
Increase (Decrease) in Net Investments	(535)
Gross Amount at which Carried at Close of Period
Land	1,163
Buildings	4,443
Total	5,606
Accumulated Depreciation	$ 681
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,150
Initial Cost to Company
Land	13,748
Buildings	52,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	13,748
Buildings	52,135
Total	65,883
Accumulated Depreciation	$ 5,577
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Office facility in Norcross, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,508
Initial Cost to Company
Land	1,044
Buildings	3,361
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,044
Buildings	3,361
Total	4,405
Accumulated Depreciation	$ 337
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 39,339
Initial Cost to Company
Land	14,362
Buildings	59,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(21,938)
Gross Amount at which Carried at Close of Period
Land	10,080
Buildings	41,563
Total	51,643
Accumulated Depreciation	$ 2,964
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 55,835
Initial Cost to Company
Land	0
Buildings	112,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(26,322)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	86,354
Total	86,354
Accumulated Depreciation	$ 5,984
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,705
Initial Cost to Company
Land	448
Buildings	5,841
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	448
Buildings	5,841
Total	6,289
Accumulated Depreciation	$ 571
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,098
Initial Cost to Company
Land	2,251
Buildings	3,390
Cost Capitalized Subsequent to Acquisition	672
Increase (Decrease) in Net Investments	47
Gross Amount at which Carried at Close of Period
Land	2,251
Buildings	4,109
Total	6,360
Accumulated Depreciation	$ 377
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Surprise, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,272
Initial Cost to Company
Land	298
Buildings	2,347
Cost Capitalized Subsequent to Acquisition	1,699
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	298
Buildings	4,046
Total	4,344
Accumulated Depreciation	$ 312
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Temple, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,569
Initial Cost to Company
Land	381
Buildings	6,469
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	381
Buildings	6,469
Total	6,850
Accumulated Depreciation	$ 582
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Land in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,222
Initial Cost to Company
Land	1,675
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,675
Buildings	0
Total	1,675
Accumulated Depreciation	0
Real Estate Under Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,957
Initial Cost to Company
Land	3,036
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,036
Buildings	0
Total	3,036
Accumulated Depreciation	0
Real Estate Under Operating Leases | Warehouse facility in Jonesville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,845
Initial Cost to Company
Land	2,995
Buildings	14,644
Cost Capitalized Subsequent to Acquisition	19,389
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,995
Buildings	34,033
Total	37,028
Accumulated Depreciation	$ 3,003
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,433
Initial Cost to Company
Land	1,150
Buildings	3,228
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,156)
Gross Amount at which Carried at Close of Period
Land	846
Buildings	2,376
Total	3,222
Accumulated Depreciation	$ 296
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,575
Initial Cost to Company
Land	627
Buildings	1,852
Cost Capitalized Subsequent to Acquisition	349
Increase (Decrease) in Net Investments	(692)
Gross Amount at which Carried at Close of Period
Land	461
Buildings	1,675
Total	2,136
Accumulated Depreciation	$ 151
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Dundee, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,527
Initial Cost to Company
Land	384
Buildings	2,305
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(710)
Gross Amount at which Carried at Close of Period
Land	283
Buildings	1,696
Total	1,979
Accumulated Depreciation	$ 185
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 866
Initial Cost to Company
Land	294
Buildings	808
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(290)
Gross Amount at which Carried at Close of Period
Land	217
Buildings	595
Total	812
Accumulated Depreciation	$ 90
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Invergordon, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 452
Initial Cost to Company
Land	261
Buildings	549
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(290)
Gross Amount at which Carried at Close of Period
Land	116
Buildings	404
Total	520
Accumulated Depreciation	$ 46
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Real Estate Under Operating Leases | Industrial facility in Livingston, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,925
Initial Cost to Company
Land	447
Buildings	3,015
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(914)
Gross Amount at which Carried at Close of Period
Land	329
Buildings	2,219
Total	2,548
Accumulated Depreciation	$ 189
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Livingston, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,166
Initial Cost to Company
Land	0
Buildings	3,360
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(825)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,535
Total	2,535
Accumulated Depreciation	$ 249
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Real Estate Under Operating Leases | Office facility in Warstein, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,286
Initial Cost to Company
Land	281
Buildings	15,671
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,698)
Gross Amount at which Carried at Close of Period
Land	234
Buildings	13,020
Total	13,254
Accumulated Depreciation	$ 768
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Albany, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,426
Initial Cost to Company
Land	1,141
Buildings	5,997
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,141
Buildings	5,997
Total	7,138
Accumulated Depreciation	$ 1,222
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Real Estate Under Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 41,299
Initial Cost to Company
Land	8,276
Buildings	80,476
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(20,886)
Gross Amount at which Carried at Close of Period
Land	6,377
Buildings	61,489
Total	67,866
Accumulated Depreciation	$ 3,389
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,639
Initial Cost to Company
Land	1,189
Buildings	11,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,189
Buildings	11,279
Total	12,468
Accumulated Depreciation	$ 653
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,511
Initial Cost to Company
Land	3,990
Buildings	30,320
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,990
Buildings	30,320
Total	34,310
Accumulated Depreciation	$ 1,741
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,632
Initial Cost to Company
Land	512
Buildings	1,283
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	512
Buildings	1,285
Total	1,797
Accumulated Depreciation	$ 134
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 769
Initial Cost to Company
Land	509
Buildings	340
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	509
Buildings	342
Total	851
Accumulated Depreciation	$ 66
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 273
Initial Cost to Company
Land	128
Buildings	204
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	128
Buildings	206
Total	334
Accumulated Depreciation	$ 29
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,183
Initial Cost to Company
Land	360
Buildings	1,120
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	360
Buildings	1,121
Total	1,481
Accumulated Depreciation	$ 101
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,198
Initial Cost to Company
Land	809
Buildings	671
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809
Buildings	672
Total	1,481
Accumulated Depreciation	$ 88
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,096
Initial Cost to Company
Land	1,162
Buildings	5,631
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	(1,458)
Gross Amount at which Carried at Close of Period
Land	913
Buildings	4,428
Total	5,341
Accumulated Depreciation	$ 401
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Real Estate Under Operating Leases | Industrial facility in Durham, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,326
Initial Cost to Company
Land	207
Buildings	2,108
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(497)
Gross Amount at which Carried at Close of Period
Land	162
Buildings	1,656
Total	1,818
Accumulated Depreciation	$ 108
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial and warehouse facility in Byron Center, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,486
Initial Cost to Company
Land	625
Buildings	1,005
Cost Capitalized Subsequent to Acquisition	9,515
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	625
Buildings	10,520
Total	11,145
Accumulated Depreciation	$ 373
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 35,302
Initial Cost to Company
Land	2,247
Buildings	27,149
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(7,144)
Gross Amount at which Carried at Close of Period
Land	1,378
Buildings	20,874
Total	22,252
Accumulated Depreciation	$ 1,079
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,246
Buildings	27,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,991)
Gross Amount at which Carried at Close of Period
Land	2,416
Buildings	24,974
Total	27,390
Accumulated Depreciation	$ 1,292
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Edinburgh, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,323
Initial Cost to Company
Land	938
Buildings	2,842
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(811)
Gross Amount at which Carried at Close of Period
Land	737
Buildings	2,232
Total	2,969
Accumulated Depreciation	$ 147
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Hotel in Albion, Mauritius
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,098
Initial Cost to Company
Land	4,047
Buildings	54,927
Cost Capitalized Subsequent to Acquisition	243
Increase (Decrease) in Net Investments	(7,965)
Gross Amount at which Carried at Close of Period
Land	3,505
Buildings	47,747
Total	51,252
Accumulated Depreciation	$ 3,212
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Aberdeen, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,702
Initial Cost to Company
Land	1,560
Buildings	4,446
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,068)
Gross Amount at which Carried at Close of Period
Land	1,284
Buildings	3,654
Total	4,938
Accumulated Depreciation	$ 177
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Freetown, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,179
Initial Cost to Company
Land	1,149
Buildings	2,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,149
Buildings	2,219
Total	3,368
Accumulated Depreciation	$ 371
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Plano, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,831
Initial Cost to Company
Land	3,180
Buildings	26,926
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	26,926
Total	30,106
Accumulated Depreciation	$ 1,185
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,415
Initial Cost to Company
Land	2,537
Buildings	9,731
Cost Capitalized Subsequent to Acquisition	954
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,537
Buildings	10,685
Total	13,222
Accumulated Depreciation	$ 641
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Retail facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 57,615
Initial Cost to Company
Land	61,607
Buildings	34,183
Cost Capitalized Subsequent to Acquisition	213
Increase (Decrease) in Net Investments	(12,018)
Gross Amount at which Carried at Close of Period
Land	53,876
Buildings	30,109
Total	83,985
Accumulated Depreciation	$ 2,143
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,534
Initial Cost to Company
Land	1,688
Buildings	10,082
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,688
Buildings	10,082
Total	11,770
Accumulated Depreciation	$ 424
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Utrecht, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 28,073
Initial Cost to Company
Land	5,645
Buildings	29,896
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,493)
Gross Amount at which Carried at Close of Period
Land	5,407
Buildings	28,641
Total	34,048
Accumulated Depreciation	$ 1,025
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,518
Initial Cost to Company
Land	2,222
Buildings	25,449
Cost Capitalized Subsequent to Acquisition	441
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	25,890
Total	28,112
Accumulated Depreciation	$ 936
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Coralville, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,519
Initial Cost to Company
Land	1,937
Buildings	31,093
Cost Capitalized Subsequent to Acquisition	5,048
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,937
Buildings	36,141
Total	38,078
Accumulated Depreciation	$ 1,152
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Michalovce, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,251
Initial Cost to Company
Land	1,055
Buildings	10,808
Cost Capitalized Subsequent to Acquisition	13,613
Increase (Decrease) in Net Investments	(1,632)
Gross Amount at which Carried at Close of Period
Land	1,290
Buildings	22,554
Total	23,844
Accumulated Depreciation	$ 466
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Stuttgart, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,601
Initial Cost to Company
Land	0
Buildings	25,717
Cost Capitalized Subsequent to Acquisition	921
Increase (Decrease) in Net Investments	(860)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	25,778
Total	25,778
Accumulated Depreciation	$ 708
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,708
Initial Cost to Company
Land	2,431
Buildings	48,234
Cost Capitalized Subsequent to Acquisition	35
Increase (Decrease) in Net Investments	(1,104)
Gross Amount at which Carried at Close of Period
Total	49,596
Direct Financing Method | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,735
Initial Cost to Company
Land	488
Buildings	2,947
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,238
Gross Amount at which Carried at Close of Period
Total	4,673
Direct Financing Method | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,225
Initial Cost to Company
Land	0
Buildings	1,573
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	106
Gross Amount at which Carried at Close of Period
Total	1,679
Direct Financing Method | Warehouse facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,899
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	590
Gross Amount at which Carried at Close of Period
Total	9,154
Direct Financing Method | Office facility in Cardiff, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost to Company
Land	263
Buildings	13,046
Cost Capitalized Subsequent to Acquisition	35
Increase (Decrease) in Net Investments	(2,828)
Gross Amount at which Carried at Close of Period
Total	10,516
Direct Financing Method | Industrial facility in Menomonee Falls, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,849
Initial Cost to Company
Land	1,680
Buildings	22,104
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(210)
Gross Amount at which Carried at Close of Period
Total	23,574
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	394,833
Initial Cost to Company
Land	104,076
Buildings	458,896
Personal Property	3,761
Cost Capitalized Subsequent to Acquisition	40,498
Increase (Decrease) in Net Investments	(673)
Gross Amount at which Carried at Close of Period
Land	105,631
Buildings	493,220
Personal Property	7,707
Total	606,558	490,852	133,596	0
Accumulated Depreciation	26,937	$ 10,727	$ 939	$ 0
Operating Real Estate | Tucker, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	17,562
Initial Cost to Company
Land	4,288
Buildings	15,201
Personal Property	237
Cost Capitalized Subsequent to Acquisition	797
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,288
Buildings	15,431
Personal Property	804
Total	20,523
Accumulated Depreciation	$ 1,153
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Atlanta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,358
Initial Cost to Company
Land	4,513
Buildings	16,404
Personal Property	780
Cost Capitalized Subsequent to Acquisition	1,010
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,513
Buildings	16,671
Personal Property	1,523
Total	22,707
Accumulated Depreciation	$ 1,545
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Fort Myers, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,838
Initial Cost to Company
Land	6,203
Buildings	19,688
Personal Property	614
Cost Capitalized Subsequent to Acquisition	1,774
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,203
Buildings	21,350
Personal Property	726
Total	28,279
Accumulated Depreciation	$ 1,726
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Durham, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,918
Initial Cost to Company
Land	6,697
Buildings	25,824
Personal Property	935
Cost Capitalized Subsequent to Acquisition	1,283
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,701
Buildings	26,147
Personal Property	1,891
Total	34,739
Accumulated Depreciation	$ 1,886
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Reading, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,692
Buildings	10,357
Personal Property	0
Cost Capitalized Subsequent to Acquisition	28,657
Increase (Decrease) in Net Investments	(758)
Gross Amount at which Carried at Close of Period
Land	7,222
Buildings	36,726
Personal Property	0
Total	43,948
Accumulated Depreciation	$ 72
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 29,587
Initial Cost to Company
Land	3,788
Buildings	36,333
Personal Property	588
Cost Capitalized Subsequent to Acquisition	1,178
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,810
Buildings	37,140
Personal Property	937
Total	41,887
Accumulated Depreciation	$ 1,687
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Fort Walton Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,995
Initial Cost to Company
Land	3,037
Buildings	20,975
Personal Property	598
Cost Capitalized Subsequent to Acquisition	673
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,037
Buildings	21,266
Personal Property	980
Total	25,283
Accumulated Depreciation	$ 1,044
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,934
Initial Cost to Company
Land	3,306
Buildings	7,190
Personal Property	0
Cost Capitalized Subsequent to Acquisition	19
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	3,306
Buildings	7,202
Personal Property	10
Total	10,518
Accumulated Depreciation	$ 623
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,430
Initial Cost to Company
Land	3,258
Buildings	7,128
Personal Property	0
Cost Capitalized Subsequent to Acquisition	25
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	7,149
Personal Property	9
Total	10,416
Accumulated Depreciation	$ 580
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,705
Initial Cost to Company
Land	340
Buildings	3,428
Personal Property	0
Cost Capitalized Subsequent to Acquisition	125
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,531
Personal Property	25
Total	3,896
Accumulated Depreciation	$ 355
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,743
Initial Cost to Company
Land	1,356
Buildings	3,699
Personal Property	0
Cost Capitalized Subsequent to Acquisition	124
Increase (Decrease) in Net Investments	14
Gross Amount at which Carried at Close of Period
Land	1,356
Buildings	3,819
Personal Property	18
Total	5,193
Accumulated Depreciation	$ 326
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,012
Initial Cost to Company
Land	1,915
Buildings	1,894
Personal Property	0
Cost Capitalized Subsequent to Acquisition	59
Increase (Decrease) in Net Investments	7
Gross Amount at which Carried at Close of Period
Land	1,915
Buildings	1,945
Personal Property	15
Total	3,875
Accumulated Depreciation	$ 168
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Operating Real Estate | Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,840
Initial Cost to Company
Land	669
Buildings	8,899
Personal Property	0
Cost Capitalized Subsequent to Acquisition	24
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	669
Buildings	8,911
Personal Property	16
Total	9,596
Accumulated Depreciation	$ 577
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,034
Initial Cost to Company
Land	1,065
Buildings	2,742
Personal Property	0
Cost Capitalized Subsequent to Acquisition	132
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	1,065
Buildings	2,874
Personal Property	15
Total	3,954
Accumulated Depreciation	$ 287
Operating Real Estate | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,500
Initial Cost to Company
Land	2,263
Buildings	2,704
Personal Property	0
Cost Capitalized Subsequent to Acquisition	17
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	2,263
Buildings	2,704
Personal Property	21
Total	4,988
Accumulated Depreciation	$ 223
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Pompano Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,987
Initial Cost to Company
Land	700
Buildings	3,436
Personal Property	0
Cost Capitalized Subsequent to Acquisition	463
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	700
Buildings	3,855
Personal Property	46
Total	4,601
Accumulated Depreciation	$ 348
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Jensen Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,515
Initial Cost to Company
Land	1,596
Buildings	5,963
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,596
Buildings	5,966
Personal Property	27
Total	7,589
Accumulated Depreciation	$ 404
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Dickinson, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,401
Initial Cost to Company
Land	1,680
Buildings	7,165
Personal Property	0
Cost Capitalized Subsequent to Acquisition	99
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	7,217
Personal Property	49
Total	8,946
Accumulated Depreciation	$ 515
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Humble, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,011
Initial Cost to Company
Land	341
Buildings	6,582
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	341
Buildings	6,582
Personal Property	14
Total	6,937
Accumulated Depreciation	$ 389
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | Temecula, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,465
Initial Cost to Company
Land	449
Buildings	8,574
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	449
Buildings	8,565
Personal Property	4
Total	9,018
Accumulated Depreciation	$ 514
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Cumming, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,831
Initial Cost to Company
Land	300
Buildings	3,531
Personal Property	0
Cost Capitalized Subsequent to Acquisition	21
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	300
Buildings	3,552
Personal Property	0
Total	3,852
Accumulated Depreciation	$ 317
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Naples, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,598
Initial Cost to Company
Land	3,073
Buildings	10,677
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,207
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	3,073
Buildings	11,788
Personal Property	115
Total	14,976
Accumulated Depreciation	$ 901
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Valrico, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,943
Initial Cost to Company
Land	695
Buildings	7,558
Personal Property	0
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	695
Buildings	7,558
Personal Property	2
Total	8,255
Accumulated Depreciation	$ 394
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Tallahassee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,866
Initial Cost to Company
Land	1,796
Buildings	4,782
Personal Property	0
Cost Capitalized Subsequent to Acquisition	80
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,796
Buildings	4,833
Personal Property	31
Total	6,660
Accumulated Depreciation	$ 305
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Sebastian, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,896
Initial Cost to Company
Land	474
Buildings	2,031
Personal Property	0
Cost Capitalized Subsequent to Acquisition	50
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	474
Buildings	2,069
Personal Property	12
Total	2,555
Accumulated Depreciation	$ 235
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Lady Lake, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,901
Initial Cost to Company
Land	522
Buildings	4,809
Personal Property	0
Cost Capitalized Subsequent to Acquisition	137
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	4,946
Personal Property	0
Total	5,468
Accumulated Depreciation	$ 257
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,591
Initial Cost to Company
Land	706
Buildings	2,864
Personal Property	0
Cost Capitalized Subsequent to Acquisition	15
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	706
Buildings	2,864
Personal Property	20
Total	3,590
Accumulated Depreciation	$ 188
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,718
Initial Cost to Company
Land	779
Buildings	5,504
Personal Property	0
Cost Capitalized Subsequent to Acquisition	51
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	779
Buildings	5,517
Personal Property	38
Total	6,334
Accumulated Depreciation	$ 456
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 399
Initial Cost to Company
Land	335
Buildings	1,999
Personal Property	0
Cost Capitalized Subsequent to Acquisition	22
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	335
Buildings	2,019
Personal Property	2
Total	2,356
Accumulated Depreciation	$ 171
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,071
Initial Cost to Company
Land	384
Buildings	3,042
Personal Property	0
Cost Capitalized Subsequent to Acquisition	55
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	384
Buildings	3,071
Personal Property	26
Total	3,481
Accumulated Depreciation	$ 332
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Highland, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,570
Initial Cost to Company
Land	1,056
Buildings	3,366
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,056
Buildings	3,377
Personal Property	0
Total	4,433
Accumulated Depreciation	$ 208
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Lancaster, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,996
Initial Cost to Company
Land	217
Buildings	4,355
Personal Property	0
Cost Capitalized Subsequent to Acquisition	48
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	217
Buildings	4,375
Personal Property	28
Total	4,620
Accumulated Depreciation	$ 285
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Rialto, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,371
Initial Cost to Company
Land	1,905
Buildings	3,642
Personal Property	0
Cost Capitalized Subsequent to Acquisition	17
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	3,649
Personal Property	10
Total	5,564
Accumulated Depreciation	$ 256
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,244
Initial Cost to Company
Land	1,115
Buildings	5,802
Personal Property	0
Cost Capitalized Subsequent to Acquisition	83
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,115
Buildings	5,863
Personal Property	24
Total	7,002
Accumulated Depreciation	$ 406
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Louisville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,572
Initial Cost to Company
Land	2,973
Buildings	6,056
Personal Property	0
Cost Capitalized Subsequent to Acquisition	94
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,973
Buildings	6,095
Personal Property	55
Total	9,123
Accumulated Depreciation	$ 422
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,321
Initial Cost to Company
Land	1,499
Buildings	1,658
Personal Property	0
Cost Capitalized Subsequent to Acquisition	76
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	1,701
Personal Property	33
Total	3,233
Accumulated Depreciation	$ 233
Life on which Depreciation in Latest Statement of Income is Computed	18 years
Operating Real Estate | Stockbridge GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,611
Initial Cost to Company
Land	170
Buildings	1,997
Personal Property	0
Cost Capitalized Subsequent to Acquisition	164
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	2,137
Personal Property	24
Total	2,331
Accumulated Depreciation	$ 174
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,618
Initial Cost to Company
Land	811
Buildings	2,723
Personal Property	0
Cost Capitalized Subsequent to Acquisition	5
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	811
Buildings	2,728
Personal Property	0
Total	3,539
Accumulated Depreciation	$ 233
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,337
Initial Cost to Company
Land	450
Buildings	8,382
Personal Property	0
Cost Capitalized Subsequent to Acquisition	45
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	450
Buildings	8,423
Personal Property	4
Total	8,877
Accumulated Depreciation	$ 395
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,101
Initial Cost to Company
Land	347
Buildings	8,233
Personal Property	5
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	347
Buildings	8,233
Personal Property	8
Total	8,588
Accumulated Depreciation	$ 349
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,128
Initial Cost to Company
Land	835
Buildings	6,193
Personal Property	0
Cost Capitalized Subsequent to Acquisition	34
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	835
Buildings	6,220
Personal Property	7
Total	7,062
Accumulated Depreciation	$ 280
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,748
Initial Cost to Company
Land	465
Buildings	4,576
Personal Property	0
Cost Capitalized Subsequent to Acquisition	66
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	465
Buildings	4,627
Personal Property	15
Total	5,107
Accumulated Depreciation	$ 202
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | St. Peters, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,286
Initial Cost to Company
Land	199
Buildings	2,888
Personal Property	0
Cost Capitalized Subsequent to Acquisition	35
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	199
Buildings	2,921
Personal Property	2
Total	3,122
Accumulated Depreciation	$ 143
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Leesburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,372
Initial Cost to Company
Land	731
Buildings	2,480
Personal Property	0
Cost Capitalized Subsequent to Acquisition	37
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	731
Buildings	2,508
Personal Property	9
Total	3,248
Accumulated Depreciation	$ 194
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Operating Real Estate | Palm Bay, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,046
Initial Cost to Company
Land	2,179
Buildings	7,367
Personal Property	0
Cost Capitalized Subsequent to Acquisition	17
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,179
Buildings	7,376
Personal Property	8
Total	9,563
Accumulated Depreciation	$ 397
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,565
Initial Cost to Company
Land	1,067
Buildings	4,965
Personal Property	0
Cost Capitalized Subsequent to Acquisition	426
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,067
Buildings	5,390
Personal Property	1
Total	6,458
Accumulated Depreciation	$ 330
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Ithaca, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,251
Initial Cost to Company
Land	454
Buildings	2,211
Personal Property	0
Cost Capitalized Subsequent to Acquisition	9
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	2,220
Personal Property	0
Total	2,674
Accumulated Depreciation	$ 131
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,325
Initial Cost to Company
Land	783
Buildings	2,417
Personal Property	0
Cost Capitalized Subsequent to Acquisition	43
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	783
Buildings	2,458
Personal Property	2
Total	3,243
Accumulated Depreciation	$ 244
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,196
Initial Cost to Company
Land	664
Buildings	2,762
Personal Property	1
Cost Capitalized Subsequent to Acquisition	306
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	664
Buildings	3,035
Personal Property	34
Total	3,733
Accumulated Depreciation	$ 230
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Operating Real Estate | Hudson, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,207
Initial Cost to Company
Land	364
Buildings	4,188
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	364
Buildings	4,188
Personal Property	0
Total	4,552
Accumulated Depreciation	$ 152
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,527
Initial Cost to Company
Land	407
Buildings	8,027
Personal Property	0
Cost Capitalized Subsequent to Acquisition	13
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	407
Buildings	8,040
Personal Property	0
Total	8,447
Accumulated Depreciation	$ 257
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,677
Initial Cost to Company
Land	1,275
Buildings	3,339
Personal Property	0
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,275
Buildings	3,339
Personal Property	6
Total	4,620
Accumulated Depreciation	$ 136
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,524
Initial Cost to Company
Land	921
Buildings	2,764
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	921
Buildings	2,764
Personal Property	1
Total	3,686
Accumulated Depreciation	$ 121
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,585
Initial Cost to Company
Land	594
Buildings	4,154
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	4,154
Personal Property	0
Total	4,748
Accumulated Depreciation	$ 161
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,602
Initial Cost to Company
Land	594
Buildings	3,868
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,868
Personal Property	0
Total	4,462
Accumulated Depreciation	$ 159
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,418
Initial Cost to Company
Land	337
Buildings	2,024
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	337
Buildings	2,024
Personal Property	0
Total	2,361
Accumulated Depreciation	$ 80
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,691
Initial Cost to Company
Land	782
Buildings	3,825
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	782
Buildings	3,825
Personal Property	0
Total	4,607
Accumulated Depreciation	$ 193
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Fernandina Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,198
Initial Cost to Company
Land	1,785
Buildings	7,133
Personal Property	0
Cost Capitalized Subsequent to Acquisition	7
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,785
Buildings	7,133
Personal Property	7
Total	8,925
Accumulated Depreciation	$ 276
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,412
Initial Cost to Company
Land	1,371
Buildings	3,020
Personal Property	3
Cost Capitalized Subsequent to Acquisition	33
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,371
Buildings	3,035
Personal Property	21
Total	4,427
Accumulated Depreciation	$ 177
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,734
Initial Cost to Company
Land	817
Buildings	3,438
Personal Property	0
Cost Capitalized Subsequent to Acquisition	14
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	817
Buildings	3,442
Personal Property	10
Total	4,269
Accumulated Depreciation	$ 156
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,932
Initial Cost to Company
Land	708
Buildings	3,778
Personal Property	0
Cost Capitalized Subsequent to Acquisition	45
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	708
Buildings	3,823
Personal Property	0
Total	4,531
Accumulated Depreciation	$ 174
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Greensboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,021
Initial Cost to Company
Land	716
Buildings	4,108
Personal Property	0
Cost Capitalized Subsequent to Acquisition	641
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	716
Buildings	4,745
Personal Property	4
Total	5,465
Accumulated Depreciation	$ 243
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,325
Initial Cost to Company
Land	897
Buildings	8,831
Personal Property	0
Cost Capitalized Subsequent to Acquisition	53
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	897
Buildings	8,874
Personal Property	10
Total	9,781
Accumulated Depreciation	$ 241
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,033
Initial Cost to Company
Land	1,094
Buildings	4,298
Personal Property	0
Cost Capitalized Subsequent to Acquisition	7
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,094
Buildings	4,299
Personal Property	6
Total	5,399
Accumulated Depreciation	$ 164
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Avondale, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,402
Initial Cost to Company
Land	808
Buildings	4,245
Personal Property	0
Cost Capitalized Subsequent to Acquisition	(12)
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,233
Personal Property	0
Total	5,041
Accumulated Depreciation	$ 123
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Gilroy, California
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,069
Initial Cost to Company
Land	2,704
Buildings	7,451
Personal Property	0
Cost Capitalized Subsequent to Acquisition	24
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,704
Buildings	7,475
Personal Property	0
Total	10,179
Accumulated Depreciation	$ 245
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Washington, D.C.
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,300
Initial Cost to Company
Land	3,185
Buildings	8,177
Personal Property	0
Cost Capitalized Subsequent to Acquisition	(9)
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,185
Buildings	8,168
Personal Property	0
Total	11,353
Accumulated Depreciation	$ 177
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Milford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,720
Initial Cost to Company
Land	751
Buildings	6,290
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	751
Buildings	6,290
Personal Property	0
Total	7,041
Accumulated Depreciation	$ 145
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Millsboro, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,524
Initial Cost to Company
Land	807
Buildings	5,152
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	807
Buildings	5,152
Personal Property	0
Total	5,959
Accumulated Depreciation	$ 123
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | New Castle, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,912
Initial Cost to Company
Land	994
Buildings	5,673
Personal Property	0
Cost Capitalized Subsequent to Acquisition	8
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994
Buildings	5,681
Personal Property	0
Total	6,675
Accumulated Depreciation	$ 114
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Rehoboth, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,739
Initial Cost to Company
Land	1,229
Buildings	9,945
Personal Property	0
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,229
Buildings	9,951
Personal Property	0
Total	11,180
Accumulated Depreciation	$ 222
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,974
Initial Cost to Company
Land	796
Buildings	2,112
Personal Property	0
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	795
Buildings	2,113
Personal Property	2
Total	2,910
Accumulated Depreciation	$ 8
Life on which Depreciation in Latest Statement of Income is Computed	25 years

Schedule III - Real Estate an89

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Under Operating Leases
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 986,574	$ 743,735	$ 150,424
Reclassification from real estate under construction	14,775	17,188	18,502
Foreign currency translation adjustment	(12,392)	(67,273)	(44,990)
Improvements	1,853	2,327	1,551
Additions	0	291,431	618,248
Dispositions	0	(834)	0
Ending balance	990,810	986,574	743,735
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	31,467	10,875	824
Depreciation expense	25,483	21,617	10,543
Foreign currency translation adjustment	(970)	(1,025)	(492)
Ending balance	55,980	31,467	10,875
Operating Real Estate
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	490,852	133,596	0
Reclassification from real estate under construction	44,724	0	0
Foreign currency translation adjustment	(758)	0	0
Improvements	6,029	5,892	0
Additions	65,711	351,364	133,596
Ending balance	606,558	490,852	133,596
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	10,727	939	0
Depreciation expense	16,210	9,788	939
Ending balance	$ 26,937	$ 10,727	$ 939

Schedule IV - Mortgage Loans 90

Schedule IV - Mortgage Loans on Real Estate - Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Cipriani
Mortgage Loans on Real Estate
Interest Rate	10.00%
Final Maturity Date	Jul. 31, 2024
Fair Value	$ 29,950
Carrying Amount	$ 28,000
Mills Fleet
Mortgage Loans on Real Estate
Interest Rate	10.50%
Final Maturity Date	Oct. 31, 2018
Fair Value	$ 38,500
Carrying Amount	$ 38,500

Schedule IV - Mortgage Loans 91

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate
Balance	$ 28,000	$ 28,000	$ 0
Additions	38,500	0	28,000
Ending balance	$ 66,500	$ 28,000	$ 28,000