Corporate Property Associates 18 Global (CPYA) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,558,235
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		109,753,546
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,100,527

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments in real estate:
Real estate, at cost	$ 1,003,601	$ 990,810
Operating real estate, at cost	609,884	606,558
Accumulated depreciation	(93,996)	(82,917)
Net investments in properties	1,519,489	1,514,451
Real estate under construction	209,795	182,612
Notes receivable	66,500	66,500
Net investments in direct financing leases	39,147	49,596
Net investments in real estate	1,834,931	1,813,159
Equity investment in real estate	20,651	14,694
Cash and cash equivalents	61,510	72,028
In-place lease intangible assets, net	172,026	177,438
Other intangible assets, net	29,056	29,056
Goodwill	23,713	23,526
Other assets, net	77,393	79,545
Total assets	2,219,280	2,209,446
Liabilities:
Non-recourse debt, net	1,041,583	1,019,158
Bonds payable, net	139,376	138,253
Accounts payable, accrued expenses and other liabilities	65,300	69,006
Due to affiliate	50,603	53,711
Deferred income taxes	42,813	42,419
Distributions payable	21,214	20,995
Total liabilities	1,360,889	1,343,542
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	1,233,240	1,222,139
Distributions and accumulated losses	(381,267)	(360,673)
Accumulated other comprehensive loss	(58,535)	(61,704)
Total CPA®:18 – Global stockholders’ equity	793,576	799,899
Noncontrolling interests	64,815	66,005
Total equity	858,391	865,904
Total liabilities and equity	2,219,280	2,209,446
Class A common stock
CPA®:18 – Global stockholders’ equity:
Common stock	108	107
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock	$ 30	$ 30

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Class A
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	108,573,552	107,460,081
Class C
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	30,756,572	30,469,144

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Lease revenues:
Rental income	$ 23,360	$ 23,293
Interest income from direct financing leases	974	1,171
Total lease revenue	24,334	24,464
Other real estate income	19,380	15,637
Other operating income	3,017	2,987
Other interest income	1,749	710
Total revenues	48,480	43,798
Operating Expenses
Depreciation and amortization	18,952	20,503
Other real estate expenses	8,033	6,790
Property expenses	8,209	6,259
General and administrative	1,729	2,036
Acquisition and other expenses	53	1,895
Operating Expenses	36,976	37,483
Other Income and Expenses
Interest expense	(11,452)	(10,360)
Other income and (expenses)	2,662	3,985
Equity in losses of equity method investment in real estate	(99)	0
Other Income and Expenses	(8,889)	(6,375)
Income (loss) before income taxes and loss on sale of real estate	2,615	(60)
Provision for income taxes	(70)	(333)
Income (loss) before loss on sale of real estate	2,545	(393)
Loss on sale of real estate, net of tax	0	(63)
Net Income (Loss)	2,545	(456)
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,675 and $1,277, respectively)	(1,925)	(1,741)
Net Income (Loss) Attributable to CPA®:18 – Global	620	(2,197)
Class A
Other Income and Expenses
Interest expense	(100)	(100)
Net Income (Loss) Attributable to CPA®:18 – Global	$ 579	$ (1,606)
Basic and diluted weighted-average shares outstanding	108,457,137	103,972,011
Net income (loss) per share (in dollars per share)	$ 0.01	$ (0.02)
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563
Class C
Other Income and Expenses
Net Income (Loss) Attributable to CPA®:18 – Global	$ 41	$ (591)
Basic and diluted weighted-average shares outstanding	30,764,145	29,757,726
Net income (loss) per share (in dollars per share)	$ 0	$ (0.02)
Distributions declared per share (in dollars per share)	$ 0.138	$ 0.1337

Consolidated Statement of Oper5

Consolidated Statement of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Distributions of available cash	$ 1,675	$ 1,277

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 2,545	$ (456)
Other Comprehensive Income
Foreign currency translation adjustments	4,155	16,564
Change in net unrealized loss on derivative instruments	(457)	(3,845)
Other Comprehensive Income	3,698	12,719
Comprehensive Income	6,243	12,263
Amounts Attributable to Noncontrolling Interests
Net income	(1,925)	(1,741)
Foreign currency translation adjustments	(529)	(2,670)
Comprehensive income attributable to noncontrolling interests	(2,454)	(4,411)
Comprehensive Income Attributable to CPA®:18 – Global	$ 3,789	$ 7,852

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, 2015	$ 952,708			$ 880,812	$ 103	$ 30	$ 1,178,990	$ (247,995)	$ (50,316)	$ 71,896
Beginning equity balance, shares at Dec. 31, 2015					103,214,083	29,536,899
Statements of Equity
Shares issued net of offering cost, value	10,711			10,711	$ 1	$ 0	10,710
Shares issued net of offering cost, shares					816,289	272,546
Shares issued to affiliate, value	2,401			2,401			2,401
Stock-based compensation, shares					282,339
Contributions from noncontrolling interests	18									18
Distributions to noncontrolling interests	(2,721)									(2,721)
Distributions declared	(20,251)			(20,251)				(20,251)
Net Income (Loss)	(456)			(2,197)				(2,197)		1,741
Other comprehensive income:
Foreign currency translation adjustments	16,564			13,894					13,894	2,670
Change in net unrealized loss on derivative instruments	(3,845)			(3,845)					(3,845)
Repurchase of shares, value	(2,205)			(2,205)			(2,205)
Repurchase of shares, shares					(115,466)	(150,833)
Ending equity balance, value at Mar. 31, 2016	952,924			879,320	$ 104	$ 30	1,189,896	(270,443)	(40,267)	73,604
Ending equity balance, shares at Mar. 31, 2016					104,197,245	29,658,612
Beginning equity balance, value at Dec. 31, 2016	865,904			799,899	$ 107	$ 30	1,222,139	(360,673)	(61,704)	66,005
Beginning equity balance, shares at Dec. 31, 2016		107,460,081	30,469,144		107,460,081	30,469,144
Statements of Equity
Shares issued net of offering cost, value	11,136			11,136	$ 1	$ 0	11,135
Shares issued net of offering cost, shares					1,063,682	343,249
Shares issued to affiliate, value	2,670			2,670	$ 0		2,670
Shares issued to affiliate, shares					338,062
Contributions from noncontrolling interests	840									840
Distributions to noncontrolling interests	(4,484)									(4,484)
Distributions declared	(21,214)			(21,214)				(21,214)
Net Income (Loss)	2,545			620				620		1,925
Other comprehensive income:
Foreign currency translation adjustments	4,155			3,626					3,626	529
Change in net unrealized loss on derivative instruments	(457)			(457)					(457)
Repurchase of shares, value	(2,704)			(2,704)	$ 0		(2,704)
Repurchase of shares, shares					(288,273)	(55,821)
Ending equity balance, value at Mar. 31, 2017	$ 858,391			$ 793,576	$ 108	$ 30	$ 1,233,240	$ (381,267)	$ (58,535)	$ 64,815
Ending equity balance, shares at Mar. 31, 2017		108,573,552	30,756,572		108,573,552	30,756,572

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	0.138	0.1337
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	0.1563	0.1563
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1380	$ 0.1337

Condensed Consolidated Statemen

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 19,329	$ 18,556
Cash Flows — Investing Activities
Funding and advances for build-to-suit projects	(16,765)	(24,764)
Acquisitions of real estate and direct financing leases, net of cash acquired	(9,995)	(26,072)
Capital contributions to equity investment	(5,591)	(57)
Change in investing restricted cash	4,540	79
Payment of deferred acquisition fees to an affiliate	(1,565)	(2,016)
Value added taxes paid in connection with acquisition of real estate	(1,185)	(1,822)
Capital expenditures on real estate	(1,067)	(1,461)
Value added taxes refunded in connection with acquisition of real estate	1,033	579
Distributions received from equity investments in excess of earnings	0	2,168
Proceeds from sale of real estate	0	40
Net Cash Used in Investing Activities	(30,595)	(53,326)
Cash Flows — Financing Activities
Distributions paid	(20,995)	(20,078)
Proceeds from mortgage financing	19,846	63,000
Proceeds from issuance of shares, net of issuance costs	10,578	10,042
Distributions to noncontrolling interests	(4,484)	(2,721)
Repurchase of shares	(2,704)	(2,205)
Scheduled payments and prepayments of mortgage principal	(1,520)	(733)
Payment of deferred financing costs and mortgage deposits	(264)	(155)
Change in financing restricted cash	(194)	4,179
Contributions from noncontrolling interests	62	18
Net Cash Provided by Financing Activities	325	51,347
Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash and cash equivalents	423	1,397
Net (decrease) increase in cash and cash equivalents	(10,518)	17,974
Cash and cash equivalents, beginning of period	72,028	117,453
Cash and cash equivalents, end of period	$ 61,510	$ 135,427

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization Corporate Property Associates 18 – Global Incorporated, or CPA ® :18 – Global, and, together with its consolidated subsidiaries, we, us, or our, is a publicly owned, non-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 March 31, 2017 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 March 31, 2017 , 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 9.7 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 69 self-storage properties and nine multi-family properties totaling 6.7 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 leases 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 12 ). 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. In addition, from inception through March 31, 2017 , $91.6 million and $23.7 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan, or DRIP.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2016 , which are included in the 2016 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. 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. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At March 31, 2017 , we considered 14 entities VIEs, 13 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): March 31, 2017 December 31, 2016 Net investments in properties $ 403,936 $ 394,920 Real estate under construction 186,470 162,371 Net investments in direct financing leases — 10,516 Cash and cash equivalents 10,749 15,260 In-place lease intangible assets, net 66,941 66,209 Other intangible assets, net 21,106 20,966 Other assets, net 39,637 41,975 Total assets $ 728,839 $ 712,217 Non-recourse debt, net $ 246,286 $ 235,425 Bonds payable, net 57,924 57,615 Deferred income taxes 20,663 20,437 Accounts payable, accrued expenses and other liabilities 22,649 30,946 Total liabilities $ 347,522 $ 344,423 At both March 31, 2017 and December 31, 2016, 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 March 31, 2017 and December 31, 2016 , the net carrying amount of our equity investment was $20.7 million and $14.7 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 pay for any of the liabilities of such investments nor do we have any legal obligation to fund the operating deficits. At March 31, 2017 , our sole equity investment did not have a carrying value below zero. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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 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 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, and will adopt the standard for the fiscal year beginning January 1, 2018. 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 is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We adopted ASU 2016-17 as of January 1, 2017 on a prospective basis. The adoption of this standard did not 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, and will adopt the standard for the fiscal year beginning January 1, 2018. 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, transaction costs are more likely to be capitalized since we expect most of our future acquisitions to be classified as asset acquisitions under this new standard. In addition, goodwill that was previously allocated to businesses that were sold or held for sale 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 company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. ASU 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.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Transactions with Our Advisor We have an advisory agreement with our Advisor whereby our Advisor performs certain services for us under a fee arrangement, including the identification, evaluation, negotiation, purchase, and disposition of real estate and related assets and mortgage loans; day-to-day management; and the performance of certain administrative duties. We also reimburse our Advisor for general and administrative duties performed on our behalf. The advisory agreement has a term of one year and may be renewed for successive one-year periods. We may terminate the advisory agreement upon 60 days’ written notice without cause or penalty. The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2017 2016 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 2,709 $ 2,409 Available Cash Distributions 1,675 1,277 Personnel and overhead reimbursements 782 869 Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee 301 240 Director compensation 53 53 Acquisition expenses — 1,162 $ 5,520 $ 6,010 Acquisition Fees Capitalized Current acquisition fees $ 1,393 $ 1,369 Deferred acquisition fees 1,114 1,095 Personnel and overhead reimbursements 182 175 $ 2,689 $ 2,639 The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): March 31, 2017 December 31, 2016 Due to Affiliate Loan from WPC, including interest $ 27,707 $ 27,580 Deferred acquisition fees, including interest 11,425 15,305 Shareholder servicing fee liability 6,987 7,422 Accounts payable and other 2,614 2,454 Current acquisition fees 965 84 Asset management fees payable 905 866 $ 50,603 $ 53,711 Loans from WPC 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 to partially finance a new investment, and that amount remained outstanding at both March 31, 2017 and December 31, 2016 . The annual interest rate equaled London Interbank Offered Rate, or LIBOR, as of the loan date plus 1.1% through February 22, 2017. After that date, the annual interest rate equals LIBOR plus 1.0% , reflecting the lower rate available under WPC’s amended senior credit facility. The scheduled maturity date of the loan is October 31, 2017. We did not borrow any funds from WPC during the three months ended March 31, 2017 . Asset Management Fees Pursuant to the advisory agreement, our Advisor is entitled to an annual asset management fee ranging from 0.5% to 1.5% , depending on the type of investment and based on the average market value or average equity value, as applicable, of our investments. 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 per share, or NAV, per Class A share which was $7.90 as of December 31, 2016 . For the three months ended March 31, 2017 , our Advisor received its asset management fees in shares of our Class A common stock. At March 31, 2017 , our Advisor owned 2,567,259 shares, or 1.8% , of our Class A common stock outstanding. Asset management fees are included in Property expenses in the consolidated financial statements. Annual Distribution and Shareholder Servicing Fee Carey Financial LLC, or Carey Financial, the broker-dealer subsidiary of our Advisor, 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 is 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 March 31, 2017 and December 31, 2016 , we recorded a liability of $7.0 million and $7.4 million , respectively, within Due to affiliate in the consolidated financial statements to reflect the present value of the estimated future payments that we expect to pay Carey Financial. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0% , respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the periods ended March 31, 2017 and December 31, 2016 . 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. 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; which are 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 2.2% for 2016 of pro rata lease revenues for the year. Beginning in 2017, the cap decreases to 2.0% of pro rata lease revenues for the 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 March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Land $ 174,815 $ 173,184 Buildings and improvements 828,787 817,626 Less: Accumulated depreciation (62,612 ) (55,980 ) $ 940,990 $ 934,830 The carrying value of our Real estate increased by $6.4 million from December 31, 2016 to March 31, 2017 , due to the weakening of the U.S. dollar relative to foreign currencies (primarily the euro) during the period. Depreciation expense, including the effect of foreign currency translation, on our real estate was $6.3 million and $6.4 million for the three months ended March 31, 2017 and 2016 , respectively. Acquisition of Real Estate During 2017 On March 14, 2017 , we acquired a 90% controlling interest in a warehouse facility in Iowa City, Iowa, which was deemed to be an asset acquisition, at a total cost of $8.2 million , including net lease intangibles of $1.6 million ( Note 6 ) and acquisition-related costs of $0.4 million that were capitalized. The seller retained a 10% interest in the property, which is the equivalent of $0.8 million of the purchase price. Operating Real Estate Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): March 31, 2017 December 31, 2016 Land $ 105,735 $ 105,631 Buildings and improvements 504,148 500,927 Less: Accumulated depreciation (31,384 ) (26,937 ) $ 578,499 $ 579,621 Depreciation expense, including the effect of foreign currency translation, on our operating real estate was $4.4 million and $3.7 million for the three months ended March 31, 2017 and 2016 , respectively. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2017 Beginning balance $ 182,612 Capitalized funds 25,026 Foreign currency translation adjustments 2,215 Placed into service (1,602 ) Capitalized interest 1,544 Ending balance $ 209,795 Capitalized Funds During the three months ended March 31, 2017 , construction commenced on one of our previously acquired build-to-suit investments ( Note 5 ). The net investment of $10.7 million was reclassified to Real estate under construction from Net investments in direct financing leases during the three months ended March 31, 2017 . Ghana — On February 19, 2016, we invested in a build-to-suit joint venture with a third party for a university complex development site located in Accra, Ghana. As of March 31, 2017 , total capitalized funds related to this investment were $29.4 million , inclusive of accrued construction costs of $3.1 million . On the same date, 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 its concession agreement with us, and we are currently unable to estimate when this project will be completed, if at all. As a result, as of March 31, 2017 , 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 this investment for impairment and probability-weighted different possible scenarios in estimating future undiscounted cash flows, including payment from the tenant or through the insurance policy that we have with regard to the completion of this project. Because we believe there is a high probability that we will recover the full amount we have invested, we have not recorded any impairment charge in connection with this investment as of March 31, 2017 . We will continue to monitor the investment for impairment. During the three months ended March 31, 2017 , total capitalized funds primarily related to our build-to-suit projects, which were comprised primarily of initial funding of $1.3 million and construction draws of $13.0 million . Capitalized funds include accrued costs of $4.7 million , which are a non-cash investing activity. Capitalized Interest Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest incurred during construction, which totaled $1.5 million during the three months ended March 31, 2017 and is a non-cash investing activity. Placed into Service During the three months ended March 31, 2017 , we placed into service a partially completed student housing development totaling $1.6 million , which is a non-cash investing activity. Ending Balance At March 31, 2017 , we had six open build-to-suit projects and one open build-to-suit expansion project with aggregate unfunded commitments of approximately $150.9 million . Equity Investment in Real Estate four 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 March 31, 2017 , 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 January 26, 2017, the joint venture purchased a vacant parcel of land in Toronto, Ontario for $5.1 million , which is based on the exchange rate of the Canadian dollar at the date of acquisition. This parcel of land will be the site of our fourth self-storage development in Canada as a part of this joint venture. During the three months ended March 31, 2017 , we commenced operations in one Canadian self-storage facility upon the completion of a distinct phase of the overall development, and as a result, $9.3 million of the total project was placed into service. Two of the three original phases remain in the development phase. During the three months ended March 31, 2017 , we incurred losses of less than $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. At March 31, 2017 and December 31, 2016 , our total equity investment balance for these properties was $20.7 million and $14.7 million , respectively, and the joint venture had total third-party recourse debt of $15.8 million and $13.8 million , respectively. At March 31, 2017 , the unfunded commitments for the build-to-suit projects totaled approximately $28.1 million and was related to our equity investment.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2017
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 Notes receivable and our Net investments in direct financing leases. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. Notes Receivable Our Notes receivable consist of a $28.0 million mezzanine tranche of 10-year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York and a $38.5 million mezzanine loan collateralized by 27 retail stores in Minnesota, Wisconsin and Iowa, leased to Mills Fleet Farm Group LLC. We receive interest-only payments on each of these loans through maturity in July 2024 and October 2018 , respectively. As a result, the balance for the receivables at March 31, 2017 was $28.0 million and $38.5 million , respectively. Net Investments in Direct Financing Leases Interest income from direct financing leases was $1.0 million and $1.2 million for the three months ended March 31, 2017 and 2016 , respectively. In 2015, we invested in a joint venture with a third party for an office building located in Cardiff, United Kingdom. The investment was expected to be redeveloped upon the existing tenant vacating the building, which occurred on January 31, 2017. Upon lease termination, construction commenced, and the net investment of $10.7 million was reclassified to Real estate under construction during the three months ended March 31, 2017 ( Note 4 ). 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 March 31, 2017 and December 31, 2016 , 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 three months ended March 31, 2017 . 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 first quarter of 2017 . A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 1 — 1 $ — $ 10,516 2 1 1 9,174 9,154 3 2 2 29,689 29,679 4 3 3 66,784 66,747 5 — — — — 0 $ 105,647 $ 116,096

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2017
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In connection with our investment activity ( Note 4 ) during the three months ended March 31, 2017 , we recorded In-place lease intangibles of $1.6 million that are being amortized over 14.4 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): Three Months Ended March 31, 2017 Balance at January 1, 2017 $ 23,526 Foreign currency translation 187 Balance at March 31, 2017 $ 23,713 Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2017 December 31, 2016 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 $ 263,487 $ (91,461 ) $ 172,026 $ 260,469 $ (83,031 ) $ 177,438 Below-market ground lease 15 - 99 20,521 (813 ) 19,708 20,236 (706 ) 19,530 Above-market rent 2 - 30 11,949 (2,601 ) 9,348 11,846 (2,320 ) 9,526 295,957 (94,875 ) 201,082 292,551 (86,057 ) 206,494 Indefinite-Lived Intangible Assets Goodwill 23,713 — 23,713 23,526 — 23,526 Total intangible assets $ 319,670 $ (94,875 ) $ 224,795 $ 316,077 $ (86,057 ) $ 230,020 Finite-lived Intangible Liabilities Below-market rent 1 - 30 $ (15,275 ) $ 3,545 $ (11,730 ) (15,192 ) 3,234 $ (11,958 ) Above-market ground lease 81 (102 ) 3 (99 ) (101 ) 3 (98 ) Total intangible liabilities $ (15,377 ) $ 3,548 $ (11,829 ) $ (15,293 ) $ 3,237 $ (12,056 ) Net amortization of intangibles, including the effect of foreign currency translation, was $8.1 million and $10.1 million for the three months ended March 31, 2017 and 2016 , 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 in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 , our rent guarantees had a fair value of $0.3 million and $0.5 million , respectively. We determined the fair value of the rent guarantees based on an estimate of discounted cash flows using a discount rate that ranged from 7% to 9% and a growth rate that ranged from 1% to 2% , which are considered significant unobservable inputs. Significant increases or decreases to these inputs in isolation would result in a significant change in the fair value measurement. During the three months ended March 31, 2017 , we recognized $0.1 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 three months ended March 31, 2017 and 2016. 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): March 31, 2017 December 31, 2016 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) (b) 3 $ 1,180,959 $ 1,205,796 $ 1,157,411 $ 1,177,409 Notes receivable (c) 3 66,500 68,450 66,500 68,450 ___________ (a) At March 31, 2017 and December 31, 2016, the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.9 million and $7.6 million , respectively. At both March 31, 2017 and December 31, 2016, the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.9 million ( 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 March 31, 2017 and December 31, 2016 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
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 income 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 income as part of the cumulative foreign currency translation adjustment. 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 March 31, 2017 and December 31, 2016 , 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 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Foreign currency forward contracts Other assets, net $ 5,012 $ 5,502 $ — $ — Foreign currency collars Other assets, net 1,130 1,284 Interest rate swaps Other assets, net 470 393 Interest rate caps Other assets, net — 1 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,029 ) (1,151 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (122 ) (33 ) Total $ 6,612 $ 7,180 $ (1,151 ) $ (1,184 ) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 Foreign currency forward contracts $ (471 ) $ (1,269 ) Interest rate swaps 247 (1,481 ) Foreign currency collars (235 ) (1,083 ) Interest rate caps 2 (12 ) Derivatives in Net Investment Hedging Relationship (a) Foreign currency forward contracts (19 ) (201 ) Foreign currency collars (10 ) (15 ) Total $ (486 ) $ (4,061 ) ___________ (a) The effective portion of the changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2017 2016 Foreign currency forward contracts Other income and (expenses) $ 356 $ 332 Interest rate swaps Interest expense (211 ) (212 ) Foreign currency collars Other income and (expenses) 92 40 Interest rate caps Interest expense (5 ) — Total $ 232 $ 160 Amounts reported in Other comprehensive income 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 income related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At March 31, 2017 , we estimated that an additional $0.6 million and $1.8 million will be reclassified as Interest expense and other income and (expenses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2017 2016 Interest rate swaps Interest expense $ (48 ) $ — Foreign currency collars Other income and (expenses) (20 ) (13 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 3 — Foreign currency collars Other income and (expenses) 1 — Total $ (64 ) $ (13 ) __________ (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 March 31, 2017 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2017 (a) Interest rate swaps 8 61,631 USD $ (513 ) Interest rate swap 1 10,627 EUR (46 ) Interest rate caps 2 22,000 USD — $ (559 ) ___________ (a) Fair value amount is based on the exchange rate of the euro at March 31, 2017 , as applicable. 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. The following table presents the foreign currency derivative contracts we had outstanding and their designations at March 31, 2017 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 29 11,175 EUR $ 3,398 Foreign currency forward contracts 23 36,473 NOK 1,259 Foreign currency collars 53 33,629 EUR 712 Foreign currency collars 22 52,270 NOK 325 Designated as Net Investment Hedging Instruments Foreign currency collars 5 35,240 NOK 218 Foreign currency forward contracts 3 5,773 NOK 108 $ 6,020 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 March 31, 2017 . At March 31, 2017 , our total credit exposure was $6.4 million and the maximum exposure to any single counterparty was $3.8 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2017 , 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 at both March 31, 2017 and December 31, 2016, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at both March 31, 2017 or December 31, 2016, we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.3 million .

Non-Recourse Debt and Bonds Pay

Non-Recourse Debt and Bonds Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Non-Recourse Debt and Bonds Payable	Non-Recourse Debt and Bonds Payable At March 31, 2017 , our debt bore interest at fixed annual rates ranging from 1.6% to 5.8% and variable contractual annual rates ranging from 1.6% to 5.1% , with maturity dates from 2017 to 2039 . Financing Activity During 2017 During the three months ended March 31, 2017 , we obtained three non-recourse mortgage financings totaling $17.0 million , with a weighted-average annual interest rate of 5.1% and term to maturity of 5.9 years, respectively. In addition, we refinanced one non-recourse mortgage loan for $11.3 million , with an annual interest rate of 1.6% , term to maturity of 5.0 years, and for the same principal amount. We had an additional draw down of $3.0 million (based on the exchange rate of the euro at the date of the draw down) on our senior construction-to-term mortgage loan related to the development of an office building located in Eindhoven, the Netherlands. The loan bears an interest rate of Euro Interbank Offered Rate, or EURIBOR, plus 2.5% for each draw down unless EURIBOR is below zero, in which case the margin of 2.5% plus the liquidity spread of 0.7% for a total interest rate of 3.2% will be applied. 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% . Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2017, each of the next four calendar years following December 31, 2017 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 (remainder) $ 7,925 2018 28,276 2019 6,634 2020 112,085 2021 162,927 Thereafter through 2039 870,998 1,188,845 Deferred financing costs (8,844 ) Unamortized premium, net 958 Total $ 1,180,959 Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2017 . The carrying value of our Non-recourse debt, net and Bonds payable, net increased by $4.5 million from December 31, 2016 to March 31, 2017 , reflecting the impact of the weakening of the U.S. dollar relative to certain foreign currencies (primarily the euro) during the same period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At March 31, 2017 , 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.

Net Income (Loss) Per Share and

Net Income (Loss) Per Share and Equity	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Net Income (Loss) Per Share and Equity	Net Income (Loss) Per Share and Equity Basic and Diluted Income (Loss) Per Share The following table presents net income (loss) per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Loss Basic and Diluted Net Loss Class A common stock 108,457,137 $ 579 $ 0.01 103,972,011 $ (1,606 ) $ (0.02 ) Class C common stock 30,764,145 41 — 29,757,726 (591 ) (0.02 ) Net income (loss) attributable to CPA ® :18 – Global $ 620 $ (2,197 ) The allocation of Net income (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 both the three months ended March 31, 2017 and 2016 , the allocation for Class A common stock excludes $0.1 million of interest expense related to the accretion of interest on our annual distribution and shareholder servicing fee liability, which is only applicable to Class C common stock ( Note 3 ). Distributions Distributions are declared at the discretion of our board of directors and are not guaranteed. During the three months ended March 31, 2017 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1380 per share for our Class C common stock. Distributions in the aggregate amount of $21.2 million were paid on April 17, 2017 to stockholders of record on March 31, 2017 . Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2017 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 5,587 $ (67,291 ) $ (61,704 ) Other comprehensive income before reclassifications (225 ) 4,155 3,930 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 216 — 216 Other income and (expenses) (448 ) — (448 ) Net current-period Other comprehensive income (457 ) 4,155 3,698 Net current-period Other comprehensive income attributable to noncontrolling interests — (529 ) (529 ) Ending balance $ 5,130 $ (63,665 ) $ (58,535 ) Three Months Ended March 31, 2016 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 5,360 $ (55,676 ) $ (50,316 ) Other comprehensive income before reclassifications (3,685 ) 16,564 12,879 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 212 — 212 Other income and (expenses) (372 ) — (372 ) Net current-period Other comprehensive income (3,845 ) 16,564 12,719 Net current-period Other comprehensive income attributable to noncontrolling interests — (2,670 ) (2,670 ) Ending balance $ 1,515 $ (41,782 ) $ (40,267 )

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
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 leases 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): Three Months Ended March 31, 2017 2016 (a) Net Lease Revenues (b) $ 27,370 $ 27,462 Operating expenses (16,035 ) (15,284 ) Interest expense (6,993 ) (7,317 ) Other income and expenses, excluding interest expense 205 71 Benefit from (provision for) income taxes 66 (179 ) Loss on sale of real estate, net of tax — (63 ) Net income attributable to noncontrolling interests (239 ) (459 ) Net income attributable to CPA ® :18 – Global $ 4,374 $ 4,231 Self Storage Revenues $ 13,194 $ 10,309 Operating expenses (12,090 ) (13,748 ) Interest expense (3,006 ) (2,261 ) Other income and expenses, excluding interest expense (c) (99 ) (8 ) Provision for income taxes (77 ) (35 ) Net loss attributable to CPA ® :18 – Global $ (2,078 ) $ (5,743 ) Multi Family Revenues $ 6,167 $ 5,316 Operating expenses (4,326 ) (3,917 ) Interest expense (1,152 ) (1,208 ) Other income and expenses, excluding interest expense 1 — Provision for income taxes (27 ) (28 ) Net loss attributable to noncontrolling interests (11 ) (5 ) Net income attributable to CPA ® :18 – Global $ 652 $ 158 All Other Revenues $ 1,749 $ 711 Operating expenses (9 ) — Net income attributable to CPA ® :18 – Global $ 1,740 $ 711 Corporate Unallocated Corporate Overhead (d) $ (2,393 ) $ (277 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (1,675 ) $ (1,277 ) Total Company Revenues $ 48,480 $ 43,798 Operating expenses (36,976 ) (37,483 ) Interest expense (11,452 ) (10,360 ) Other income and expenses, excluding interest expense 2,563 3,985 Provision for income taxes (70 ) (333 ) Loss on sale of real estate, net of tax — (63 ) Net income attributable to noncontrolling interests (1,925 ) (1,741 ) Net income (loss) attributable to CPA ® :18 – Global $ 620 $ (2,197 ) Total Long-Lived Assets (e) Total Assets March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Net Lease $ 1,173,105 $ 1,152,653 $ 1,474,880 $ 1,453,148 Self Storage 389,541 386,099 411,063 410,781 Multi Family 226,436 222,600 235,357 230,509 All Other 66,500 66,501 66,941 66,936 Corporate — — 31,039 48,072 Total Company $ 1,855,582 $ 1,827,853 $ 2,219,280 $ 2,209,446 __________ (a) Amounts for the three months ended March 31, 2016 are presented to conform to the three reportable business segment presentation for the current period. (b) During the three months ended March 31, 2017 and 2016 , we recognized straight-line rent adjustments of $1.0 million and $1.1 million , respectively, which increased Lease revenues within our consolidated financial statements for each period. (c) Includes Equity in losses of equity method investment in real estate. (d) 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. (e) Includes Net investments in real estate and Equity investment in real estate.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events None.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP.
Basis of Consolidation	Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Recently Adopted Accounting Policy	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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 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 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, and will adopt the standard for the fiscal year beginning January 1, 2018. 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 is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We adopted ASU 2016-17 as of January 1, 2017 on a prospective basis. The adoption of this standard did not 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, and will adopt the standard for the fiscal year beginning January 1, 2018. 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, transaction costs are more likely to be capitalized since we expect most of our future acquisitions to be classified as asset acquisitions under this new standard. In addition, goodwill that was previously allocated to businesses that were sold or held for sale 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 company may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. ASU 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	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.
Derivatives	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income 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 income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Net investments in properties $ 403,936 $ 394,920 Real estate under construction 186,470 162,371 Net investments in direct financing leases — 10,516 Cash and cash equivalents 10,749 15,260 In-place lease intangible assets, net 66,941 66,209 Other intangible assets, net 21,106 20,966 Other assets, net 39,637 41,975 Total assets $ 728,839 $ 712,217 Non-recourse debt, net $ 246,286 $ 235,425 Bonds payable, net 57,924 57,615 Deferred income taxes 20,663 20,437 Accounts payable, accrued expenses and other liabilities 22,649 30,946 Total liabilities $ 347,522 $ 344,423

Agreements and Transactions w25

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2017
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 in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2017 2016 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 2,709 $ 2,409 Available Cash Distributions 1,675 1,277 Personnel and overhead reimbursements 782 869 Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee 301 240 Director compensation 53 53 Acquisition expenses — 1,162 $ 5,520 $ 6,010 Acquisition Fees Capitalized Current acquisition fees $ 1,393 $ 1,369 Deferred acquisition fees 1,114 1,095 Personnel and overhead reimbursements 182 175 $ 2,689 $ 2,639 The following table presents a summary of amounts included in Due to affiliate in the consolidated financial statements (in thousands): March 31, 2017 December 31, 2016 Due to Affiliate Loan from WPC, including interest $ 27,707 $ 27,580 Deferred acquisition fees, including interest 11,425 15,305 Shareholder servicing fee liability 6,987 7,422 Accounts payable and other 2,614 2,454 Current acquisition fees 965 84 Asset management fees payable 905 866 $ 50,603 $ 53,711

Net Investments in Properties26

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Land $ 174,815 $ 173,184 Buildings and improvements 828,787 817,626 Less: Accumulated depreciation (62,612 ) (55,980 ) $ 940,990 $ 934,830 Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): March 31, 2017 December 31, 2016 Land $ 105,735 $ 105,631 Buildings and improvements 504,148 500,927 Less: Accumulated depreciation (31,384 ) (26,937 ) $ 578,499 $ 579,621
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2017 Beginning balance $ 182,612 Capitalized funds 25,026 Foreign currency translation adjustments 2,215 Placed into service (1,602 ) Capitalized interest 1,544 Ending balance $ 209,795

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 1 — 1 $ — $ 10,516 2 1 1 9,174 9,154 3 2 2 29,689 29,679 4 3 3 66,784 66,747 5 — — — — 0 $ 105,647 $ 116,096

Intangible Assets and Liabili28

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
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): Three Months Ended March 31, 2017 Balance at January 1, 2017 $ 23,526 Foreign currency translation 187 Balance at March 31, 2017 $ 23,713
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2017 December 31, 2016 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 $ 263,487 $ (91,461 ) $ 172,026 $ 260,469 $ (83,031 ) $ 177,438 Below-market ground lease 15 - 99 20,521 (813 ) 19,708 20,236 (706 ) 19,530 Above-market rent 2 - 30 11,949 (2,601 ) 9,348 11,846 (2,320 ) 9,526 295,957 (94,875 ) 201,082 292,551 (86,057 ) 206,494 Indefinite-Lived Intangible Assets Goodwill 23,713 — 23,713 23,526 — 23,526 Total intangible assets $ 319,670 $ (94,875 ) $ 224,795 $ 316,077 $ (86,057 ) $ 230,020 Finite-lived Intangible Liabilities Below-market rent 1 - 30 $ (15,275 ) $ 3,545 $ (11,730 ) (15,192 ) 3,234 $ (11,958 ) Above-market ground lease 81 (102 ) 3 (99 ) (101 ) 3 (98 ) Total intangible liabilities $ (15,377 ) $ 3,548 $ (11,829 ) $ (15,293 ) $ 3,237 $ (12,056 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Level Carrying Value Fair Value Carrying Value Fair Value Debt (a) (b) 3 $ 1,180,959 $ 1,205,796 $ 1,157,411 $ 1,177,409 Notes receivable (c) 3 66,500 68,450 66,500 68,450 ___________ (a) At March 31, 2017 and December 31, 2016, the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.9 million and $7.6 million , respectively. At both March 31, 2017 and December 31, 2016, the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.9 million ( 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 De30

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Foreign currency forward contracts Other assets, net $ 5,012 $ 5,502 $ — $ — Foreign currency collars Other assets, net 1,130 1,284 Interest rate swaps Other assets, net 470 393 Interest rate caps Other assets, net — 1 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,029 ) (1,151 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (122 ) (33 ) Total $ 6,612 $ 7,180 $ (1,151 ) $ (1,184 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 Foreign currency forward contracts $ (471 ) $ (1,269 ) Interest rate swaps 247 (1,481 ) Foreign currency collars (235 ) (1,083 ) Interest rate caps 2 (12 ) Derivatives in Net Investment Hedging Relationship (a) Foreign currency forward contracts (19 ) (201 ) Foreign currency collars (10 ) (15 ) Total $ (486 ) $ (4,061 ) ___________ (a) The effective portion of the changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2017 2016 Foreign currency forward contracts Other income and (expenses) $ 356 $ 332 Interest rate swaps Interest expense (211 ) (212 ) Foreign currency collars Other income and (expenses) 92 40 Interest rate caps Interest expense (5 ) — Total $ 232 $ 160
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2017 2016 Interest rate swaps Interest expense $ (48 ) $ — Foreign currency collars Other income and (expenses) (20 ) (13 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 3 — Foreign currency collars Other income and (expenses) 1 — Total $ (64 ) $ (13 ) __________ (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 March 31, 2017 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2017 (a) Interest rate swaps 8 61,631 USD $ (513 ) Interest rate swap 1 10,627 EUR (46 ) Interest rate caps 2 22,000 USD — $ (559 ) ___________ (a) Fair value amount is based on the exchange rate of the euro at March 31, 2017 , as applicable. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign cu

Non-Recourse Debt and Bonds P31

Non-Recourse Debt and Bonds Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments during the remainder of 2017, each of the next four calendar years following December 31, 2017 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2017 (remainder) $ 7,925 2018 28,276 2019 6,634 2020 112,085 2021 162,927 Thereafter through 2039 870,998 1,188,845 Deferred financing costs (8,844 ) Unamortized premium, net 958 Total $ 1,180,959

Net Income (Loss) Per Share a32

Net Income (Loss) Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Share	The following table presents net income (loss) per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Loss Basic and Diluted Net Loss Class A common stock 108,457,137 $ 579 $ 0.01 103,972,011 $ (1,606 ) $ (0.02 ) Class C common stock 30,764,145 41 — 29,757,726 (591 ) (0.02 ) Net income (loss) attributable to CPA ® :18 – Global $ 620 $ (2,197 )
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2017 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 5,587 $ (67,291 ) $ (61,704 ) Other comprehensive income before reclassifications (225 ) 4,155 3,930 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 216 — 216 Other income and (expenses) (448 ) — (448 ) Net current-period Other comprehensive income (457 ) 4,155 3,698 Net current-period Other comprehensive income attributable to noncontrolling interests — (529 ) (529 ) Ending balance $ 5,130 $ (63,665 ) $ (58,535 ) Three Months Ended March 31, 2016 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 5,360 $ (55,676 ) $ (50,316 ) Other comprehensive income before reclassifications (3,685 ) 16,564 12,879 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 212 — 212 Other income and (expenses) (372 ) — (372 ) Net current-period Other comprehensive income (3,845 ) 16,564 12,719 Net current-period Other comprehensive income attributable to noncontrolling interests — (2,670 ) (2,670 ) Ending balance $ 1,515 $ (41,782 ) $ (40,267 )

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
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): Three Months Ended March 31, 2017 2016 (a) Net Lease Revenues (b) $ 27,370 $ 27,462 Operating expenses (16,035 ) (15,284 ) Interest expense (6,993 ) (7,317 ) Other income and expenses, excluding interest expense 205 71 Benefit from (provision for) income taxes 66 (179 ) Loss on sale of real estate, net of tax — (63 ) Net income attributable to noncontrolling interests (239 ) (459 ) Net income attributable to CPA ® :18 – Global $ 4,374 $ 4,231 Self Storage Revenues $ 13,194 $ 10,309 Operating expenses (12,090 ) (13,748 ) Interest expense (3,006 ) (2,261 ) Other income and expenses, excluding interest expense (c) (99 ) (8 ) Provision for income taxes (77 ) (35 ) Net loss attributable to CPA ® :18 – Global $ (2,078 ) $ (5,743 ) Multi Family Revenues $ 6,167 $ 5,316 Operating expenses (4,326 ) (3,917 ) Interest expense (1,152 ) (1,208 ) Other income and expenses, excluding interest expense 1 — Provision for income taxes (27 ) (28 ) Net loss attributable to noncontrolling interests (11 ) (5 ) Net income attributable to CPA ® :18 – Global $ 652 $ 158 All Other Revenues $ 1,749 $ 711 Operating expenses (9 ) — Net income attributable to CPA ® :18 – Global $ 1,740 $ 711 Corporate Unallocated Corporate Overhead (d) $ (2,393 ) $ (277 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (1,675 ) $ (1,277 ) Total Company Revenues $ 48,480 $ 43,798 Operating expenses (36,976 ) (37,483 ) Interest expense (11,452 ) (10,360 ) Other income and expenses, excluding interest expense 2,563 3,985 Provision for income taxes (70 ) (333 ) Loss on sale of real estate, net of tax — (63 ) Net income attributable to noncontrolling interests (1,925 ) (1,741 ) Net income (loss) attributable to CPA ® :18 – Global $ 620 $ (2,197 ) (a) Amounts for the three months ended March 31, 2016 are presented to conform to the three reportable business segment presentation for the current period. (b) During the three months ended March 31, 2017 and 2016 , we recognized straight-line rent adjustments of $1.0 million and $1.1 million , respectively, which increased Lease revenues within our consolidated financial statements for each period. (c) Includes Equity in losses of equity method investment in real estate. (d) 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	(e) Includes Net investments in real estate and Equity investment in real estate. Total Long-Lived Assets (e) Total Assets March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Net Lease $ 1,173,105 $ 1,152,653 $ 1,474,880 $ 1,453,148 Self Storage 389,541 386,099 411,063 410,781 Multi Family 226,436 222,600 235,357 230,509 All Other 66,500 66,501 66,941 66,936 Corporate — — 31,039 48,072 Total Company $ 1,855,582 $ 1,827,853 $ 2,219,280 $ 2,209,446

Organization - Narratives (Deta

Organization - Narratives (Details) $ in Thousands, ft² in Millions	3 Months Ended		39 Months Ended	63 Months Ended
	Mar. 31, 2017USD ($)ft²segmentpropertytenant	Mar. 31, 2016USD ($)	Apr. 02, 2015USD ($)	Mar. 31, 2017USD ($)ft²propertytenant
Public Offering
Capital interest ownership in operating partnership	99.97%			99.97%
Additional Disclosures
Number of properties | property	59			59
Number of tenants | tenant	103			103
Area of real estate property | ft²	9.7			9.7
Number of reportable segments | segment	3
Proceeds from issuance of shares, net of issuance costs | $	$ 10,578	$ 10,042	$ 1,200,000
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $				$ 91,600
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $				$ 23,700
Operating Real Estate
Additional Disclosures
Area of real estate property | ft²	6.7			6.7
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties | property	69			69
Multi-family | Operating Real Estate
Additional Disclosures
Number of properties | property	9			9

Basis of Presentation Basis o35

Basis of Presentation Basis of Presentation - Narratives (Details) $ in Thousands	Mar. 31, 2017USD ($)vie	Dec. 31, 2016USD ($)vie
Variable Interest Entity
Variable interest entities, count	14
Variable interest entities consolidated, count	13
Variable interest entities unconsolidated, count	1	1
Equity investment in real estate | $	$ 20,651	$ 14,694
Equity method investments
Variable Interest Entity
Equity investment in real estate | $	$ 20,700	$ 14,700

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Net investments in properties	$ 1,519,489	$ 1,514,451
Real estate under construction	209,795	182,612
Net investments in direct financing leases	39,147	49,596
Cash and cash equivalents	61,510	72,028	$ 135,427	$ 117,453
In-place lease intangible assets, net	172,026	177,438
Other intangible assets, net	29,056	29,056
Other assets, net	77,393	79,545
Total assets	2,219,280	2,209,446
Liabilities
Non-recourse debt, net	1,041,583	1,019,158
Bonds payable, net	139,376	138,253
Deferred income taxes	42,813	42,419
Accounts payable, accrued expenses and other liabilities	65,300	69,006
Total liabilities	1,360,889	1,343,542
VIE
Assets
Net investments in properties	403,936	394,920
Real estate under construction	186,470	162,371
Net investments in direct financing leases	0	10,516
Cash and cash equivalents	10,749	15,260
In-place lease intangible assets, net	66,941	66,209
Other intangible assets, net	21,106	20,966
Other assets, net	39,637	41,975
Total assets	728,839	712,217
Liabilities
Non-recourse debt, net	246,286	235,425
Bonds payable, net	57,924	57,615
Deferred income taxes	20,663	20,437
Accounts payable, accrued expenses and other liabilities	22,649	30,946
Total liabilities	$ 347,522	$ 344,423

Agreements and Transactions w37

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	Oct. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Jul. 31, 2016
Related Party Transaction
Maximum line of credit approved by directors				$ 50,000,000
Loan from related party		$ 27,707,000	$ 27,580,000
Due to Related Party
Underwriting compensation limit		10.00%
Estimated future payments		$ 6,987,000	$ 7,422,000
Preferred return		5.00%
Maximum personnel and overhead reimbursement, percentage			2.20%
Legal fee reimbursement rate		0.25%
Current
Due to Related Party
Percentage of acquisition fees		2.50%
Deferred
Due to Related Party
Percentage of acquisition fees		2.00%
Interest rate on deferred acquisition fee		2.00%
2,017
Due to Related Party
Maximum personnel and overhead reimbursement, percentage		2.00%
Real estate commission
Due to Related Party
Percentage of subordinated disposition fees		50.00%
Contract sales price of investment
Due to Related Party
Percentage of subordinated disposition fees		3.00%
Average invested asset
Due to Related Party
Percentage of operating expense reimbursement		2.00%
Adjusted net income
Due to Related Party
Percentage of operating expense reimbursement		25.00%
Class A common stock
Related Party Transaction
Net asset value (per share)			$ 7.90
Number of shares held by advisor (shares)		108,573,552	107,460,081
Class C
Related Party Transaction
Number of shares held by advisor (shares)		30,756,572	30,469,144
Due to Related Party
Shareholder servicing fee (percentage)		1.00%
W.P. Carey
Related Party Transaction
Loan from related party	$ 27,500,000
W.P. Carey | LIBOR
Related Party Transaction
Variable interest rate on debt	1.10%	1.00%
Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares)		2,567,259
Advisor owned percentage of common stock		1.80%
Minimum
Due to Related Party
Equity method investments ownership percentage		50.00%
Minimum | Average market value of investment
Related Party Transaction
Percentage of asset management fees		0.50%
Maximum
Due to Related Party
Percentage of acquisition fees		6.00%
Equity method investments ownership percentage		97.00%
Maximum | Average equity value of investment
Related Party Transaction
Percentage of asset management fees		1.50%

Agreements and Transactions w38

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amounts Included in the Consolidated Statements of Operations
Available Cash Distributions	$ 1,675	$ 1,277
Personnel and overhead reimbursements	782	869
Interest expense on deferred acquisition fees and accretion of interest on annual distribution and shareholder servicing fee	301	240
Director compensation	53	53
Acquisition expenses	53	1,895
Operating expenses	5,520	6,010
Acquisition Fees Capitalized
Current acquisition fees	1,393	1,369
Deferred acquisition fees	1,114	1,095
Personnel and overhead reimbursements	182	175
Transaction fees incurred	2,689	2,639
Related Party
Amounts Included in the Consolidated Statements of Operations
Asset management fees	2,709	2,409
Acquisition expenses	$ 0	$ 1,162

Agreements and Transactions w39

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Due to Related Parties [Abstract]
Loan from WPC, including interest	$ 27,707	$ 27,580
Deferred acquisition fees, including interest	11,425	15,305
Shareholder servicing fee liability	6,987	7,422
Accounts payable and other	2,614	2,454
Current acquisition fees	965	84
Asset management fees payable	905	866
Due to affiliate	$ 50,603	$ 53,711

Net Investments in Properties40

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Narratives (Details) $ in Thousands	Mar. 14, 2017USD ($)	Jan. 26, 2017USD ($)	Feb. 19, 2016USD ($)	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Acquisition
Effect of exchange rate fluctuation				$ 4,155	$ 16,564
Depreciation expense				6,300	6,400
Real estate under construction				209,795		$ 182,612
Net investments in direct financing leases				39,147		49,596
Capitalized funds				25,026
Non-recourse debt, net				1,041,583		1,019,158
Construction loan				13,000
Capitalized interest				1,544
Placed into service				$ 1,602
Number of properties | property				59
Equity in losses of equity method investment in real estate				$ (99)	0
Equity investment in real estate				20,651		14,694
Noncash investing
Acquisition
Accrued liabilities				4,700
Initial Funding
Acquisition
Capitalized funds				1,300
Reclassification
Acquisition
Real estate under construction				10,700
Net investments in direct financing leases				(10,700)
Land in Vaughan, Ontario, Canada | Equity method investments
Acquisition
Investment purchase price		$ 5,100
Placed into service				9,300
Equity in losses of equity method investment in real estate				(100)
Real Estate
Acquisition
Effect of exchange rate fluctuation				6,400
Real Estate | Warehouse in Iowa City, IA
Acquisition
Ownership interest In joint venture	90.00%
Investment purchase price	$ 8,200
Intangible assets acquired	$ 1,600
Real Estate | Warehouse in Iowa City, IA | Third Party
Acquisition
Ownership interest In joint venture	10.00%
Investment purchase price	$ 800
Operating Real Estate
Acquisition
Depreciation expense				$ 4,400	$ 3,700
Build To Suit Project
Acquisition
Number of BTS projects | property				1
Unfunded commitment				$ 150,900
Build To Suit Project | Equity method investments
Acquisition
Unfunded commitment				28,100
Build To Suit Project | Warehouse in Iowa City, IA
Acquisition
Capitalized acquisition cost	$ 400
Build To Suit Project | University in Accra, Ghana
Acquisition
Capitalized funds				29,400
Accrued liabilities				3,100
Non-recourse debt, net			$ 41,000
Contractual Obligation				$ 65,700
Build To Suit Project | University in Accra, Ghana | US Treasury
Acquisition
Variable interest rate on debt			3.00%
Build To Suit Expansion
Acquisition
Number of BTS projects | property				6
Equity method investments
Acquisition
Equity investment in real estate				$ 20,700		14,700
Equity method investment, liabilities				$ 15,800		$ 13,800
Equity method investments | Self Storage
Acquisition
Number of properties | property				4
Equity method investments ownership percentage				90.00%
Equity method investment counterparty ownership percentage				10.00%

Net Investments in Properties41

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments in real estate:
Less: Accumulated depreciation	$ (93,996)	$ (82,917)
Net investments in properties	1,519,489	1,514,451
Real Estate
Investments in real estate:
Land	174,815	173,184
Buildings and improvements	828,787	817,626
Less: Accumulated depreciation	(62,612)	(55,980)
Net investments in properties	940,990	934,830
Operating Real Estate
Investments in real estate:
Land	105,735	105,631
Buildings and improvements	504,148	500,927
Less: Accumulated depreciation	(31,384)	(26,937)
Net investments in properties	$ 578,499	$ 579,621

Net Investments in Properties42

Net Investments in Properties, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Real Estate Under Construction
Beginning balance	$ 182,612
Capitalized funds	25,026
Foreign currency translation adjustments	2,215
Placed into service	(1,602)
Capitalized interest	1,544
Ending balance	$ 209,795

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income from direct financing leases	$ 974	$ 1,171
Notes receivable	$ 66,500		$ 66,500
Number of properties | property	59
Real estate under construction	$ 209,795		182,612
Net investments in direct financing leases	39,147		$ 49,596
Property Leased to Mills Fleet Farm Group LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 38,500
Number of properties | property	27
Cipriani
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 28,000
Reclassification
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real estate under construction	10,700
Net investments in direct financing leases	$ (10,700)

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2017USD ($)tenant	Dec. 31, 2016USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 105,647	$ 116,096
Internally Assigned Grade 1
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	0	1
Carrying Value	$ 0	$ 10,516
Internally Assigned Grade 2
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 9,174	$ 9,154
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying Value	$ 29,689	$ 29,679
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	3	3
Carrying Value	$ 66,784	$ 66,747
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	0	0
Carrying Value	$ 0	$ 0

Intangible Assets and Liabili45

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	Mar. 14, 2017	Mar. 31, 2017	Mar. 31, 2016
Acquired Finite-Lived Intangible Assets and Liabilities
Net amortization of intangibles		$ 8.1	$ 10.1
Maximum | In-place lease
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life		23 years
Maximum | Below-market ground lease
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life		99 years
Warehouse in Iowa City, IA | Real Estate
Acquired Finite-Lived Intangible Assets and Liabilities
Intangible assets acquired	$ 1.6
Finite-lived intangible asset, useful life		14 years 5 months

Intangible Assets and Liabili46

Intangible Assets and Liabilities - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill
Goodwill - beginning balance	$ 23,526
Foreign currency translation	187
Goodwill - ending balance	$ 23,713

Intangible Assets and Liabili47

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 295,957	$ 292,551
Less: accumulated amortization	(94,875)	(86,057)
Finite-lived intangible assets, net	201,082	206,494
Goodwill	23,713	23,526
Total intangible assets, gross	319,670	316,077
Total intangible assets, net	224,795	230,020
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,377)	(15,293)
Finite Lived Intangible Liabilities Accumulated Amortization	3,548	3,237
Finite Lived Intangible Liabilities Net	(11,829)	(12,056)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,275)	(15,192)
Finite Lived Intangible Liabilities Accumulated Amortization	3,545	3,234
Finite Lived Intangible Liabilities Net	$ (11,730)	(11,958)
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
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	$ (102)	(101)
Finite Lived Intangible Liabilities Accumulated Amortization	3	3
Finite Lived Intangible Liabilities Net	(99)	(98)
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	263,487	260,469
Less: accumulated amortization	(91,461)	(83,031)
Finite-lived intangible assets, net	$ 172,026	177,438
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
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 20,521	20,236
Less: accumulated amortization	(813)	(706)
Finite-lived intangible assets, net	$ 19,708	19,530
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
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 11,949	11,846
Less: accumulated amortization	(2,601)	(2,320)
Finite-lived intangible assets, net	$ 9,348	$ 9,526
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

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value
Rent guarantees, fair value	$ 300	$ 500
Assets fair value adjustment	100
Deferred financing costs	8,844
Non recourse debt
Fair Value
Deferred financing costs	7,900	7,600
Bonds payable
Fair Value
Deferred financing costs	$ 900	$ 900
Minimum
Fair Value
Discount rate on rent guarantee	7.00%
Growth rate	1.00%
Maximum
Fair Value
Discount rate on rent guarantee	9.00%
Growth rate	2.00%

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Value
Liabilities
Debt	$ 1,180,959	$ 1,157,411
Note receivable	66,500	66,500
Fair Value
Liabilities
Debt	1,205,796	1,177,409
Note receivable	$ 68,450	$ 68,450

Risk Management and Use of De50

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	74 months
Collateral received	$ 0
Total credit exposure	6,400,000
Derivative in net liability position	1,200,000	1,200,000
Termination value of assets	1,300,000	$ 1,300,000
Individual Counterparty
Derivative
Total credit exposure	3,800,000
Interest expense
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	600,000
Other income
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	$ 1,800,000

Risk Management and Use of De51

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value
Derivative asset fair value	$ 6,612	$ 7,180
Derivative liability, fair value	(1,151)	(1,184)
Foreign currency forward contracts | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value
Derivative asset fair value	5,012	5,502
Foreign currency collars | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value
Derivative asset fair value	1,130	1,284
Foreign currency collars | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(122)	(33)
Interest rate swaps | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value
Derivative asset fair value	470	393
Interest rate swaps | Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(1,029)	(1,151)
Interest rate caps | Designated as Hedging Instrument | Other assets, net
Derivatives, Fair Value
Derivative asset fair value	$ 0	$ 1

Risk Management and Use of De52

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	$ (486)	$ (4,061)
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	(471)	(1,269)
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	247	(1,481)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	(235)	(1,083)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	2	(12)
Net Investment Hedging | Foreign currency forward contracts
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	(19)	(201)
Net Investment Hedging | Foreign currency collars
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	$ (10)	$ (15)

Risk Management and Use of De53

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	$ 232	$ 160
Foreign currency forward contracts | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	356	332
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	(211)	(212)
Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	92	40
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	$ (5)	$ 0

Risk Management and Use of De54

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (64)	$ (13)
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	(48)	0
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(20)	(13)
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
Designated as Hedging Instrument | Foreign currency collars | Other income and (expenses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 1	$ 0

Risk Management and Use of De55

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Mar. 31, 2017EUR (€)instrument	Mar. 31, 2017USD ($)instrument
Derivative
Fair value		$ (559)
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	8	8
Notional Amount		$ 61,631
Fair value		$ (513)
Interest rate swaps | Euro
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €	€ 10,627
Fair value		$ (46)
Interest rate caps | USD
Derivative
Number of Instruments | instrument	2	2
Notional Amount		$ 22,000
Fair value		$ 0

Risk Management and Use of De56

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) - Designated as Hedging Instrument € in Thousands, NOK in Thousands, $ in Thousands	Mar. 31, 2017EUR (€)instrument	Mar. 31, 2017NOKinstrument	Mar. 31, 2017USD ($)instrument
Foreign currency forward contracts and collars
Derivative
Fair value			$ 6,020
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts and collars | Euro
Derivative
Number of Instruments | instrument	29	29	29
Notional Amount | €	€ 11,175
Fair value			$ 3,398
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts and collars | NOK
Derivative
Number of Instruments | instrument	23	23	23
Notional Amount | NOK		NOK 36,473
Fair value			$ 1,259
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	53	53	53
Notional Amount | €	€ 33,629
Fair value			$ 712
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	22	22	22
Notional Amount | NOK		NOK 52,270
Fair value			$ 325
Net Investment Hedging | Foreign currency forward contracts and collars | NOK
Derivative
Number of Instruments | instrument	3	3	3
Notional Amount | NOK		NOK 5,773
Fair value			$ 108
Net Investment Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	5	5	5
Notional Amount | NOK		NOK 35,240
Fair value			$ 218

Non-Recourse Debt and Bonds P57

Non-Recourse Debt and Bonds Payable - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt Instruments
Mortgage loan on real estate, interest rate	5.10%
Debt instrument, maturity date range, start	Dec. 31, 2017
Debt instrument, maturity date range, end	Dec. 31, 2039
Mortgage loan	$ 17,000
Mortgage loan term	5 years 10 months 24 days
Effect of exchange rate fluctuation	$ 4,155	$ 16,564
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation	4,500
Office Building in Eindhoven, the Netherlands
Debt Instruments
Mortgage loan	$ 3,000
Liquidity spread	0.69%
Debt Instrument, Interest Rate, Stated Percentage	3.20%
Office Building in Eindhoven, the Netherlands | EURIBOR
Debt Instruments
Variable interest rate on debt	2.50%
Debt Refinanced
Debt Instruments
Mortgage loan on real estate, interest rate	1.60%
Mortgage loan	$ 11,300
Mortgage loan term	5 years
Debt Refinanced | Office Building in Eindhoven, the Netherlands
Debt Instruments
Mortgage loan on real estate, interest rate	1.80%
Mortgage loan term	7 years
Fixed Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate	1.60%
Fixed Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate	5.80%
Variable Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate	1.60%
Variable Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate	5.10%

Non-Recourse Debt and Bonds P58

Non-Recourse Debt and Bonds Payable - Schedule of Debt Principal Payments (Details) $ in Thousands	Mar. 31, 2017USD ($)
Long-term Debt, Fiscal Year Maturity
2017 (remainder)	$ 7,925
2,018	28,276
2,019	6,634
2,020	112,085
2,021	162,927
Thereafter through 2039	870,998
Long term debt gross	1,188,845
Deferred financing costs	(8,844)
Unamortized premium, net	958
Total	$ 1,180,959

Net Income (Loss) Per Share a59

Net Income (Loss) Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Distributions Declared
Interest expense	$ 11,452	$ 10,360
Distributions payable	$ 21,214		$ 20,995
Dividend payable, date	Apr. 17, 2017
Class A
Distributions Declared
Interest expense	$ 100	$ 100
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563
Class C
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.138	$ 0.1337

Net Income (Loss) Per Share a60

Net Income (Loss) Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic and Diluted
Net Income (Loss) Attributable to CPA®:18 – Global	$ 620	$ (2,197)
Class A common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	108,457,137	103,972,011
Net Income (Loss) Attributable to CPA®:18 – Global	$ 579	$ (1,606)
Basic and diluted income (loss) per share (in dollars per share)	$ 0.01	$ (0.02)
Class C common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	30,764,145	29,757,726
Net Income (Loss) Attributable to CPA®:18 – Global	$ 41	$ (591)
Basic and diluted income (loss) per share (in dollars per share)	$ 0	$ (0.02)

Net Income (Loss) Per Share a61

Net Income (Loss) Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 865,904	$ 952,708
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	11,452	10,360
Other Comprehensive Income	3,698	12,719
Ending equity balance, value	858,391	952,924
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(61,704)	(50,316)
Other comprehensive income (loss) before reclassifications	3,930	12,879
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income	3,698	12,719
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	(529)	(2,670)
Ending equity balance, value	(58,535)	(40,267)
Accumulated Other Comprehensive Loss | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	216	212
Other income and (expenses)	(448)	(372)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	5,587	5,360
Other comprehensive income (loss) before reclassifications	(225)	(3,685)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income	(457)	(3,845)
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	0	0
Ending equity balance, value	5,130	1,515
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	216	212
Other income and (expenses)	(448)	(372)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(67,291)	(55,676)
Other comprehensive income (loss) before reclassifications	4,155	16,564
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income	4,155	16,564
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	(529)	(2,670)
Ending equity balance, value	(63,665)	(41,782)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	0	0
Other income and (expenses)	$ 0	$ 0

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Operating Segments | Net Lease
Segment Reporting Information [Line Items]
Straight line rent adjustment | $	$ 1	$ 1.1

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information, Profit (Loss)
Revenues	$ 48,480	$ 43,798
Operating expenses	(36,976)	(37,483)
Interest expense	(11,452)	(10,360)
Other income and expenses, excluding interest expense	2,563	3,985
Provision for income taxes	(70)	(333)
Loss on sale of real estate, net of tax	0	(63)
Net income attributable to noncontrolling interests	(1,925)	(1,741)
Net Income (Loss) Attributable to CPA®:18 – Global	620	(2,197)
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	27,370	27,462
Operating expenses	(16,035)	(15,284)
Interest expense	(6,993)	(7,317)
Other income and expenses, excluding interest expense	205	71
Provision for income taxes	66	(179)
Loss on sale of real estate, net of tax	0	(63)
Net income attributable to noncontrolling interests	(239)	(459)
Net Income (Loss) Attributable to CPA®:18 – Global	4,374	4,231
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	13,194	10,309
Operating expenses	(12,090)	(13,748)
Interest expense	(3,006)	(2,261)
Other income and expenses, excluding interest expense	(99)	(8)
Provision for income taxes	(77)	(35)
Net Income (Loss) Attributable to CPA®:18 – Global	(2,078)	(5,743)
Operating Segments | Multi-family
Segment Reporting Information, Profit (Loss)
Revenues	6,167	5,316
Operating expenses	(4,326)	(3,917)
Interest expense	(1,152)	(1,208)
Other income and expenses, excluding interest expense	1	0
Provision for income taxes	(27)	(28)
Net income attributable to noncontrolling interests	(11)	(5)
Net Income (Loss) Attributable to CPA®:18 – Global	652	158
Operating Segments | All Other
Segment Reporting Information, Profit (Loss)
Revenues	1,749	711
Operating expenses	(9)	0
Net Income (Loss) Attributable to CPA®:18 – Global	1,740	711
Corporate
Segment Reporting Information, Profit (Loss)
Unallocated Corporate Overhead	(2,393)	(277)
Net income attributable to noncontrolling interests	$ (1,675)	$ (1,277)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Information, Additional Information
Long-Lived Assets	$ 1,855,582	$ 1,827,853
Assets	2,219,280	2,209,446
Net Lease
Segment Reporting Information, Additional Information
Long-Lived Assets	1,173,105	1,152,653
Assets	1,474,880	1,453,148
Self Storage
Segment Reporting Information, Additional Information
Long-Lived Assets	389,541	386,099
Assets	411,063	410,781
Multi-family
Segment Reporting Information, Additional Information
Long-Lived Assets	226,436	222,600
Assets	235,357	230,509
All Other
Segment Reporting Information, Additional Information
Long-Lived Assets	66,500	66,501
Assets	66,941	66,936
Corporate
Segment Reporting Information, Additional Information
Long-Lived Assets	0	0
Assets	$ 31,039	$ 48,072