Corporate Property Associates 18 Global (CPYA) 10-K 12 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 02, 2018	Jun. 30, 2017
Document Information
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,558,235
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 0
Class A
Document Information
Entity Common Stock Shares Outstanding		112,313,799
Class C
Document Information
Entity Common Stock Shares Outstanding		31,502,554

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Real estate — Land, buildings and improvements	$ 1,263,172	$ 990,810
Operating real estate — Land, buildings and improvements	566,489	606,558
Real estate under construction	134,366	182,612
Net investments in direct financing leases	39,957	49,596
In-place lease intangible assets	274,723	260,469
Other intangible assets	35,811	32,082
Investments in real estate	2,314,518	2,122,127
Accumulated depreciation and amortization	(252,067)	(168,974)
Net investments in real estate	2,062,451	1,953,153
Notes receivable	66,500	66,500
Equity investment in real estate	20,919	14,694
Cash and cash equivalents	71,068	72,028
Other assets, net	83,975	79,545
Goodwill	26,084	23,526
Total assets	2,330,997	2,209,446
Debt:
Non-recourse mortgages, net	1,129,432	1,019,158
Bonds payable, net	146,016	138,253
Debt, net	1,275,448	1,157,411
Accounts payable, accrued expenses and other liabilities	84,051	69,006
Due to affiliates	13,767	53,711
Deferred income taxes	63,980	42,419
Distributions payable	21,686	20,995
Total liabilities	1,458,932	1,343,542
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	1,257,840	1,222,139
Distributions and accumulated losses	(420,005)	(360,673)
Accumulated other comprehensive loss	(33,212)	(61,704)
Total stockholders’ equity	804,764	799,899
Noncontrolling interests	67,301	66,005
Total equity	872,065	865,904
Total liabilities and equity	2,330,997	2,209,446
Class A common stock
Debt:
Common stock	110	107
Class C common stock
Debt:
Common stock	$ 31	$ 30

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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 common stock
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)	111,193,651	107,460,081
Class C common stock
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)	31,189,137	30,469,144

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Lease revenues:
Rental income	$ 102,101	$ 93,198	$ 78,488
Interest income from direct financing leases	3,722	4,572	3,680
Total lease revenues	105,823	97,770	82,168
Other real estate income	80,027	71,404	41,972
Other operating income	12,616	11,561	8,972
Other interest income	7,168	3,588	2,831
Revenues	205,634	184,323	135,943
Operating Expenses
Depreciation and amortization	75,174	82,756	65,153
Property expenses	35,597	25,795	19,729
Other real estate expenses	33,530	31,831	18,259
General and administrative	7,271	6,876	5,790
Acquisition and other expenses	64	6,789	42,216
Operating expenses	151,636	154,047	151,147
Other Income and Expenses
Interest expense	(48,994)	(43,132)	(35,170)
Other income and (expenses)	19,969	(6,656)	(5,614)
Equity in losses of equity method investment in real estate	(871)	(204)	(94)
Other Income and Expenses	(29,896)	(49,992)	(40,878)
Income (loss) before income taxes and gain (loss) on sale of real estate	24,102	(19,716)	(56,082)
Benefit from (provision for) income taxes	1,506	(6)	97
Income (loss) before gain (loss) on sale of real estate	25,608	(19,722)	(55,985)
Gain (loss) on sale of real estate, net of tax	14,209	(63)	6,659
Net Income (Loss)	39,817	(19,785)	(49,326)
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $8,650, $7,586, and $6,317, respectively)	(13,284)	(10,299)	(8,406)
Net Income (Loss) Attributable to CPA:18 – Global	26,533	(30,084)	(57,732)
Class A
Other Income and Expenses
Net Income (Loss) Attributable to CPA:18 – Global	$ 21,032	$ (23,065)	$ (45,524)
Basic and diluted weighted-average shares outstanding (shares)	109,942,186	105,691,583	101,884,473
Net income (loss) per share (in dollars per share)	$ 0.19	$ (0.22)	$ (0.45)
Class C
Other Income and Expenses
Interest expense	$ (500)	$ (500)	$ (700)
Net Income (Loss) Attributable to CPA:18 – Global	$ 5,501	$ (7,019)	$ (12,208)
Basic and diluted weighted-average shares outstanding (shares)	31,138,787	30,091,602	27,580,451
Net income (loss) per share (in dollars per share)	$ 0.18	$ (0.23)	$ (0.44)

Consolidated Statement of Oper5

Consolidated Statement of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Distributions of available cash	$ 8,650	$ 7,586	$ 6,317

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 39,817	$ (19,785)	$ (49,326)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	39,925	(12,254)	(40,662)
Realized and unrealized (loss) gain on derivative instruments	(6,669)	227	4,208
Other Comprehensive Income (Loss)	33,256	(12,027)	(36,454)
Comprehensive Income (Loss)	73,073	(31,812)	(85,780)
Amounts Attributable to Noncontrolling Interests
Net income	(13,284)	(10,299)	(8,406)
Foreign currency translation adjustments	(4,764)	639	7,079
Comprehensive income attributable to noncontrolling interests	(18,048)	(9,660)	(1,327)
Comprehensive Income (Loss) Attributable to CPA:18 – Global	$ 55,025	$ (41,472)	$ (87,107)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A	Class C	Total CPA 18 - Global Stockholders	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2014	$ 1,000,228			$ 922,641	$ 100	$ 18	$ 1,055,342	$ (111,878)	$ (20,941)	$ 77,587
Beginning equity balance, shares at Dec. 31, 2014					99,924,009	18,026,013
Statements of Equity
Shares issued, value	124,085			124,085	$ 3	$ 12	124,070
Shares issued, shares					3,293,016	11,586,857
Shares issued to affiliate, value	7,153			7,153	$ 1		7,152
Shares issued to affiliate, shares					715,264
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					11,111
Contributions from noncontrolling interests	10,066									10,066
Distributions to noncontrolling interests	(17,084)									(17,084)
Distributions declared	(78,385)			(78,385)				(78,385)
Net income (loss)	(49,326)			(57,732)				(57,732)		8,406
Other comprehensive loss:
Foreign currency translation adjustments	(40,662)			(33,583)					(33,583)	(7,079)
Realized and unrealized (loss) gain on derivative instruments	4,208			4,208					4,208
Repurchase of shares, value	(7,675)			(7,675)	$ (1)		(7,674)
Repurchase of shares, shares					(729,317)	(75,971)
Ending equity balance, value at Dec. 31, 2015	952,708			880,812	$ 103	$ 30	1,178,990	(247,995)	(50,316)	71,896
Ending equity balance, shares at Dec. 31, 2015					103,214,083	29,536,899
Statements of Equity
Shares issued, value	43,494			43,494	$ 4	$ 0	43,490
Shares issued, shares					3,957,275	1,280,998
Shares issued to affiliate, value	10,073			10,073	$ 1		10,072
Shares issued to affiliate, shares					1,253,420
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					12,658
Contributions from noncontrolling interests	88									88
Distributions to noncontrolling interests	(15,639)									(15,639)
Distributions declared	(82,594)			(82,594)				(82,594)
Net income (loss)	(19,785)			(30,084)				(30,084)		10,299
Other comprehensive loss:
Foreign currency translation adjustments	(12,254)			(11,615)					(11,615)	(639)
Realized and unrealized (loss) gain on derivative instruments	227			227					227
Repurchase of shares, value	(10,514)			(10,514)	$ (1)		(10,513)
Repurchase of shares, shares					(977,355)	(348,753)
Ending equity balance, value at Dec. 31, 2016	865,904			799,899	$ 107	$ 30	1,222,139	(360,673)	(61,704)	66,005
Ending equity balance, shares at Dec. 31, 2016		107,460,081	30,469,144		107,460,081	30,469,144
Statements of Equity
Shares issued, value	44,500			44,500	$ 4	$ 1	44,495
Shares issued, shares					4,219,140	1,356,090
Shares issued to affiliate, value	11,187			11,187	$ 1		11,186
Shares issued to affiliate, shares					1,387,460
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					12,658
Contributions from noncontrolling interests	3,409									3,409
Distributions to noncontrolling interests	(20,161)									(20,161)
Distributions declared	(85,865)			(85,865)				(85,865)
Net income (loss)	39,817			26,533				26,533		13,284
Other comprehensive loss:
Foreign currency translation adjustments	39,925			35,161					35,161	4,764
Realized and unrealized (loss) gain on derivative instruments	(6,669)			(6,669)					(6,669)
Repurchase of shares, value	(20,082)			(20,082)	$ (2)		(20,080)
Repurchase of shares, shares					(1,885,688)	(636,097)
Ending equity balance, value at Dec. 31, 2017	$ 872,065			$ 804,764	$ 110	$ 31	$ 1,257,840	$ (420,005)	$ (33,212)	$ 67,301
Ending equity balance, shares at Dec. 31, 2017		111,193,651	31,189,137		111,193,651	31,189,137

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class A
Statements of Equity
Distributions declared (in dollars per share)	$ 0.6252
Class C
Statements of Equity
Distributions declared (in dollars per share)	0.5526
Common Stock | Class A
Statements of Equity
Distributions declared (in dollars per share)	0.6252	$ 0.6252	$ 0.6250
Common Stock | Class C
Statements of Equity
Distributions declared (in dollars per share)	$ 0.5526	$ 0.5467	$ 0.5333

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows — Operating Activities
Net Income (Loss)	$ 39,817	$ (19,785)	$ (49,326)
Adjustments to net income (loss):
Depreciation and amortization, including intangible assets and deferred financing costs	77,530	84,766	67,524
Realized and unrealized (gain) loss on foreign currency transactions and other	(17,799)	10,259	7,019
(Gain) loss on sale of real estate	(14,209)	63	(6,659)
Non-cash asset management fee and directors’ compensation	11,393	10,226	7,687
Straight-line rent	(5,224)	(5,221)	(4,167)
Allowance for uncollectible accounts	4,164	3	167
Deferred income tax benefit	(3,624)	(1,436)	(889)
Equity in losses of equity method investment in real estate in excess of distributions received	871	204	94
Amortization of rent-related intangibles and deferred rental revenue	(576)	(1,113)	(443)
Loss on extinguishment of debt	0	0	2,337
Change in deferred acquisition fees payable	(7,897)	(8,661)	4,069
Net change in operating assets and liabilities	3,434	(1,582)	8,150
Net Cash Provided by Operating Activities	87,880	67,723	35,563
Cash Flows — Investing Activities
Funding and advances for build-to-suit projects	(59,634)	(103,889)	(49,834)
Proceeds from sale of real estate	59,510	40	35,669
Acquisitions of real estate and direct financing leases	(51,288)	(58,497)	(845,257)
Value added taxes refunded in connection with the acquisitions of real estate	12,639	6,049	0
Capital expenditures on real estate	(7,265)	(7,021)	(7,749)
Value added taxes paid in connection with acquisitions of real estate	(6,253)	(11,680)	(7,294)
Capital contributions to equity investment	(5,649)	(4,013)	(12,820)
Payment of deferred acquisition fees to an affiliate	(3,827)	(4,652)	(3,325)
Change in investing restricted cash	3,707	828	(3,211)
Deposits for investments	(1,139)	4,000	(4,000)
Return of capital from equity investments	229	2,149	48
Other investing activities, net	(26)	47	0
Investment in notes receivable	0	(38,500)	0
Net Cash Used in Investing Activities	(58,996)	(215,139)	(897,773)
Cash Flows — Financing Activities
Proceeds from mortgage financing	85,559	145,675	511,924
Distributions paid	(85,174)	(81,677)	(75,936)
Proceeds from issuance of shares, net of issuance costs	42,329	41,070	133,974
Repayment of notes payable to affiliate	(38,696)	0	0
Distributions to noncontrolling interests	(20,264)	(15,639)	(17,084)
Repurchase of shares	(20,082)	(10,514)	(7,675)
Proceeds from notes payable to affiliate	11,196	27,500	0
Scheduled payments and prepayments of mortgage principal	(10,711)	(7,007)	(49,073)
Contributions from noncontrolling interests	2,632	88	3,017
Payment of deferred financing costs and mortgage deposits	(807)	(1,274)	(5,618)
Changes in financing restricted cash	(32)	5,177	(4,006)
Other financing activities, net	(13)	0	(56)
Proceeds from bond financing	0	0	66,328
Net Cash (Used in) Provided by Financing Activities	(34,063)	103,399	555,795
Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash and cash equivalents	4,219	(1,408)	(5,680)
Net decrease in cash and cash equivalents	(960)	(45,425)	(312,095)
Cash and cash equivalents, beginning of year	72,028	117,453	429,548
Cash and cash equivalents, end of year	$ 71,068	$ 72,028	$ 117,453

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	$ 45,821	$ 39,417	$ 30,124
Interest capitalized	4,087	6,472	2,355
Income taxes paid	$ 1,084	$ 794	$ 216

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Corporate Property Associates 18 – Global Incorporated, or CPA:18 – Global, and, together with its consolidated subsidiaries, we, us, or our, is a publicly owned, non-traded real estate investment trust, or REIT, that invests primarily in a diversified portfolio of income-producing commercial real estate properties leased to companies and other real estate related assets, both domestically and internationally. We were formed in 2012 and are managed by W. P. Carey Inc., or WPC, through one of its subsidiaries, or collectively our Advisor. As a REIT, we are not subject to U.S. federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, among other factors. We earn revenue primarily by leasing the properties we own to single corporate tenants, predominantly on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership, or the Operating Partnership, and at December 31, 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 December 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 98 tenants totaling 10.2 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 69 self-storage properties and ten 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 14 ). 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 December 31, 2017 , $116.8 million and $31.8 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. However, following our adoption of Accounting Standards Update, or ASU, 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of above-market leases and below-market ground leases in Other intangible assets in the consolidated financial statements. We include the value of below-market leases and above-market ground leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease and include it in Depreciation and amortization in the consolidated financial statements. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles, or GAAP, from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on goodwill and notes receivable. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate over a ten-year holding period, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Assets Held for Sale — We classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Real Estate Sales — In the unlikely event that we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. For the second step, if required, an impairment loss is recognized in an amount equal to the excess of the carrying amount over its estimated fair value, limited to the total amount of goodwill allocated to that reporting unit. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a 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 VIEs 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 December 31, 2017 , we considered 12 entities VIEs, 11 of which we consolidated as we are considered the primary beneficiary. At December 31, 2016 we considered 13 entities VIEs, 12 of which we consolidated as we are considered the primary beneficiary. We previously determined that build-to-suit projects in Eindhoven, the Netherlands and Munich, Germany were VIEs. In May 2017, we made our final payment to the developer for the project in Eindhoven, the Netherlands and now own 100% of the voting rights ( Note 4 ). In December 2017, we purchased the shares from the third-party developer for the project in Munich, Germany and the project now has sufficient equity at risk ( Note 4 ). As such, we no longer determine the projects to be VIEs at December 31, 2017 . The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2017 2016 (a) Real estate — Land, buildings and improvements $ 373,954 $ 371,385 Operating real estate — Land, buildings and improvements — 43,948 Real estate under construction 107,732 162,371 Net investments in direct financing leases — 10,516 In-place lease intangible assets 88,617 81,798 Other intangible assets 18,040 22,376 Accumulated depreciation and amortization (54,592 ) (37,412 ) Cash and cash equivalents 5,030 15,260 Other assets, net 33,219 41,975 Total assets 572,000 712,217 Non-recourse mortgages, net $ 218,267 $ 235,425 Bonds payable, net 60,577 57,615 Accounts payable, accrued expenses and other liabilities 23,509 30,946 Deferred income taxes 23,349 20,437 Total liabilities 325,702 344,423 _________ (a) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, prior period amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation. At both December 31, 2017 and 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 December 31, 2017 and 2016 , the net carrying amount of this equity investment was $20.9 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 December 31, 2017 , our sole equity investment did not have a carrying value below zero. Out-of-Period Adjustments — During the third quarter of 2017, we identified and recorded out-of-period adjustments related to the accounting for deferred foreign income taxes. We concluded that these adjustments were not material to our consolidated financial statements for any of the current or prior periods presented. The net adjustment is reflected as a $0.8 million increase of our Benefit from income taxes in the consolidated statements of income for the year ended December 31, 2017 . Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. In the second quarter of 2017, we reclassified in-place lease intangible assets, net and other intangible assets, net to be included within Net investments in real estate in our consolidated balance sheets. The accumulated amortization on these assets is now included in Accumulated depreciation and amortization in our consolidated balance sheets. Prior period balances have been reclassified to conform to the current period presentation. Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. Notes Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Notes receivable in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements. We evaluate our notes receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future note 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. Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Other assets, net in the consolidated financial statements. We include derivative liabilities, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred rental income for operating leases is the aggregate cumulative difference between scheduled rents that vary during the lease term and rent recognized on a straight-line basis. Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC, or CPA:18 Holdings, also known as the Special General Partner, to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. Revenue Recognition — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2017 , 2016 , and 2015, our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $8.1 million , $7.1 million , and $6.2 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the res

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 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, which excludes the fees that impact equity as further disclosed below the tables, in accordance with the terms of the relevant agreements (in thousands): Years Ended December 31, 2017 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 11,293 $ 10,126 $ 7,587 Available Cash Distributions 8,650 7,586 6,317 Personnel and overhead reimbursements 3,170 3,064 3,252 Interest expense on deferred acquisition fees, interfund loan, and accretion of interest on annual distribution and shareholder servicing fee 1,034 898 1,141 Director compensation 310 310 310 Acquisition expenses — 5,458 32,276 Annual distribution and shareholder servicing fee (a) — — (860 ) $ 24,457 $ 27,442 $ 50,023 Acquisition Fees Capitalized Current acquisition fees $ 3,757 $ 3,310 $ 10,143 Deferred acquisition fees 3,006 2,648 8,120 Capitalized personnel and overhead reimbursements 640 263 1,415 $ 7,403 $ 6,221 $ 19,678 _________ (a) For the years ended December 31, 2017 , 2016 , and 2015 we paid $2.2 million , $2.4 million and $2.2 million , respectively, related to the annual distribution and shareholder servicing fee, which, beginning in the fourth quarter of 2015, is accounted for as a reduction in our shareholder servicing fee liability. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2017 2016 Due to Affiliates Deferred acquisition fees, including accrued interest $ 6,693 $ 15,305 Accounts payable and other 6,102 2,454 Asset management fees payable 972 866 Loan from WPC, including accrued interest — 27,580 Shareholder servicing fee liability (a) — 7,422 Current acquisition fees — 84 $ 13,767 $ 53,711 ___________ (a) Beginning with the payment for the third quarter of 2017, the annual distribution and shareholder servicing fees are paid directly to selected dealers rather than through Carey Financial LLC, or Carey Financial. Accordingly, for the year ended December 31, 2017 , the remaining liability balance of $5.7 million has been reclassified from Due to affiliates to Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Organization and Offering Costs Pursuant to the advisory agreement, we were liable for certain expenses related to our initial public offering, including filing, legal, accounting, printing, advertising, transfer agent, and escrow fees, which were deducted from the gross proceeds of the offering. We reimbursed Carey Financial, the former broker-dealer subsidiary of our Advisor, or selected dealers for reasonable bona fide due diligence expenses incurred that were supported by a detailed and itemized invoice. Total underwriting compensation paid in connection with our offering, including selling commissions, the dealer manager fee, and reimbursements made by Carey Financial to selected dealers and investment advisors, did not exceed the limitations prescribed by the Financial Industry Regulatory Authority, Inc., the regulator for broker-dealers like Carey Financial, which limit underwriting compensation to 10% of gross offering proceeds. Our Advisor agreed to be responsible for the repayment of organization and offering expenses (excluding selling commissions and dealer manager fees paid to Carey Financial and selected dealers and fees paid and expenses reimbursed to selected dealers) that exceeded, in the aggregate, 1.5% of the gross proceeds from our initial public offering. From inception and through December 31, 2017 , our Advisor incurred organization and offering costs of $8.7 million on our behalf, which we have fully repaid and charged to stockholders’ equity. Loans from WPC In 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 had an annual interest rate of 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 equaled LIBOR plus 1.0% , reflecting the lower rate available under WPC’s amended and restated senior credit facility. As of December 31, 2016 , this borrowing remained outstanding with a scheduled maturity date of October 31, 2017. On May 15, 2017, we borrowed an additional $11.2 million from WPC to partially finance the final payment to the developer for a build-to-suit project in Eindhoven, the Netherlands ( Note 4 ). The scheduled maturity date of the borrowing was May 15, 2018. During the year ended December 31, 2017 , we repaid the outstanding balance of $39.2 million to WPC, including accrued interest. As a result, we have no loans outstanding to WPC at December 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 (before our initial NAV was published, in March 2016, as was the case for year ended December 31, 2015 , we used the offering price of our Class A shares of $10.00 per share). For the years ended December 31, 2017 , 2016 , and 2015 , our Advisor received its asset management fees in shares of our Class A common stock. At December 31, 2017 , our Advisor owned 3,616,657 shares, or 2.5% , of our Class A common stock outstanding. Asset management fees are included in Property expenses in the consolidated financial statements. Selling Commissions and Dealer Manager Fees Pursuant to our dealer manager agreement, Carey Financial received a selling commission in connection with our initial public offering of $0.70 and $0.14 per share sold and a dealer manager fee of $0.30 and $0.21 per share sold for the Class A and Class C common stock, respectively. Our initial public offering closed in April 2015. These amounts were recorded in Additional paid-in capital in the consolidated financial statements. We recorded selling commissions and dealer manager fees of $107.9 million on a cumulative to date basis for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Annual Distribution and Shareholder Servicing Fee Carey Financial also received an annual distribution and shareholder servicing fee from us in connection with our Class C common stock, which it may have re-allowed to selected dealers. The amount of the annual distribution and shareholder servicing fee was initially 1.0% of the offering price per share of our Class C common stock before we began reporting our NAV, but is now 1.0% of the most recently published NAV of our Class C common stock. The annual distribution and shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the annual distribution and shareholder servicing fee beginning on the date at which, in the aggregate, underwriting compensation from all sources, including the annual distribution and shareholder servicing fee, any organizational and offering fee paid for underwriting and underwriting compensation paid by WPC and its affiliates, reaches 10.0% of the gross proceeds from our initial public offering, which it had not yet reached as of December 31, 2017 . At December 31, 2016 , the liability balance related to this fee was $7.4 million and was recorded within Due to affiliates in the consolidated financial statements to reflect the present value of the estimated future payments of the annual distribution and shareholder servicing fee. Beginning with the payment for the third quarter of 2017, paid during the first month of the fourth quarter, the annual distribution and shareholder servicing fees are paid directly to selected dealers rather than through Carey Financial. There is no change in the amount of the distribution and shareholder servicing fees that we incur. For the year ended December 31, 2017 , the remaining liability balance of $5.7 million was due directly to the selected dealers and, accordingly, we have reclassified the balance from Due to affiliates to Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0% , respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the years ended December 31, 2017 and 2016 . Unpaid deferred acquisition fees are included in Due to affiliates in the consolidated financial statements and bear interest at an annual rate of 2.0% . The cumulative total acquisition costs, including acquisition fees paid to the advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. As of the year ended December 31, 2016, cumulative total acquisition costs exceeded 6.0% of the aggregate contract purchase price of all investments, and as a result, we recorded a reimbursement receivable from our Advisor of $0.2 million that is included in Other assets, net in our consolidated financial statements. Total acquisition costs did not exceed 6.0% of the aggregate contract purchase price of all investments as of the year ended December 31, 2017. During the year ended December 31, 2017 , we overpaid acquisition fees to our Advisor totaling $0.7 million , and as a result, we recorded a reimbursement receivable from our Advisor for this amount and included it in Other assets, net in our consolidated financial statements. In addition, pursuant to the advisory agreement, our Advisor may be entitled to receive a disposition fee equal to the lesser of (i) 50.0% of the competitive real estate commission (as defined in the advisory agreement) or (ii) 3.0% of the contract sales price of the investment being sold. These fees are paid at the discretion of our board of directors. Personnel and Overhead Reimbursements Under the terms of the advisory agreement, our Advisor allocates a portion of its personnel and overhead expenses to us and the other entities that are managed by WPC and its affiliates, including Corporate Property Associates 17 – Global, Carey Watermark Investors Incorporated, Carey Watermark Investors 2 Incorporated, and Carey European Housing Fund I L.P., which are collectively referred to as the Managed Programs. Our Advisor also allocated a portion of its personnel and overhead expenses to Carey Credit Income Fund (now known as Guggenheim Credit Income Fund) prior to September 11, 2017, which was the effective date of its resignation as the advisor to that fund. Our Advisor allocates these expenses to us on the basis of our trailing four quarters of reported revenues in comparison to 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 2.0% and 2.2% for 2017 and 2016, respectively, of pro rata lease revenues for each year. Beginning in 2018, the cap decreases to 1.0% of pro rata lease revenues for that year. Costs related to our Advisor’s legal transactions group are based on a schedule of expenses relating to services performed for different types of transactions, such as financing, lease amendments, and dispositions, among other categories, and includes 0.25% of the total investment cost of an acquisition. In general, personnel and overhead reimbursements are included in General and administrative expenses in the consolidated financial statements. However, we capitalize certain of the costs related to our Advisor’s legal transactions group if the costs relate to a transaction that is not considered to be a business combination. Excess Operating Expenses Our Advisor is obligated to reimburse us for the amount by which our operating expenses exceeds the “ 2% / 25% guidelines” (the greater of 2% of average invested assets or 25% of net income) as defined in the advisory agreement for any 12-month period, subject to certain conditions. For the most recent four trailing quarters, our operating expenses were below this threshold. Available Cash Distributions WPC’s interest in the Operating Partnership entitles it to receive distributions of up to 10.0% of the available cash generated by the Operating Partnership, referred to as the Available Cash Distribution, which is defined as cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. Available Cash Distributions are included in Net (income) loss attributable to noncontrolling interests in the consolidated financial statements. Jointly Owned Investments and Other Transactions with our Affiliates At December 31, 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.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate Real Estate — Land, Buildings and Improvements Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2017 2016 Land $ 202,500 $ 173,184 Buildings and improvements 1,060,672 817,626 Less: Accumulated depreciation (87,886 ) (55,980 ) $ 1,175,286 $ 934,830 During the year ended December 31, 2017 , the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 13.8% to $1.1993 from $1.0541 . As a result, the carrying value of our Real estate — land, buildings and improvements increased by $67.4 million from December 31, 2016 to December 31, 2017 . Depreciation expense, including the effect of foreign currency translation, on our real estate was $28.3 million , $25.7 million , and $21.8 million for the years ended December 31, 2017 , 2016 , and 2015 , 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. Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 106,028 2019 107,024 2020 106,401 2021 106,107 2022 106,032 Thereafter 707,350 Total $ 1,238,942 Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage, multi-family residential and student-housing properties, at cost, is summarized as follows (in thousands): December 31, 2017 2016 Land $ 98,429 $ 105,631 Buildings and improvements 468,060 500,927 Less: Accumulated depreciation (43,786 ) (26,937 ) $ 522,703 $ 579,621 The carrying value of our Operating real estate — land, buildings and improvements increased by $3.2 million from December 31, 2016 to December 31, 2017 , due to the weakening of the U.S. dollar relative to foreign currencies (primarily the British pound sterling) during the year. Depreciation expense, including the effect of foreign currency translation, on our operating real estate for the years ended December 31, 2017 , 2016 , and 2015 was $17.4 million , $16.2 million , and $9.8 million , respectively. Dispositions of Operating Real Estate During 2017 On October 11, 2017 , we sold a student-housing property located in Reading, United Kingdom. As a result, the carrying value of our Operating real estate decreased by $43.9 million from December 31, 2016 to December 31, 2017 ( Note 13 ). Acquisitions of Operating Real Estate During 2016 During the year ended December 31, 2016 , we acquired the following five self-storage investments aggregating $46.2 million , which were deemed to be business combinations: • $3.2 million for one facility in Chicago, Illinois, on November 30, 2016; • $20.3 million for five facilities, including three in Delaware, one in Milford, Massachusetts, and one in Washington D.C., on April 11, 2016; • $11.0 million for a facility in Gilroy, California on February 17, 2016; • $5.6 million for a facility in Avondale, Louisiana on January 14, 2016; and • $6.1 million for a facility in Kissimmee, Florida on January 14, 2016. In connection with these self-storage property transactions, we incurred acquisition expenses totaling $4.9 million , which are included in Acquisition and other expenses in the consolidated financial statements. Summary of Assets Acquired and Liabilities Assumed The following tables present a summary of assets acquired and liabilities assumed in our 2016 business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2016 (in thousands): Self-Storage Properties (a) (b) Cash consideration $ 46,183 Assets acquired at fair value: Land $ 12,369 Buildings 53,343 In-place lease intangible assets 8,520 Other assets acquired 451 74,683 Liabilities assumed at fair value: Mortgages assumed (27,925 ) Other liabilities assumed (575 ) (28,500 ) Total identifiable net assets $ 46,183 Self-Storage Properties Respective Acquisition dates through December 31, 2016 Revenues $ 5,810 Net loss $ (7,122 ) Net loss attributable to CPA:18 – Global $ (7,122 ) ___________ (a) The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their fair values. (b) The completed self-storage acquisitions deemed to be business combinations during the year ended December 31, 2016 were not material for pro forma purposes. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ 182,612 $ 131,930 Placed into service (200,158 ) (59,498 ) Capitalized funds 129,588 116,616 Foreign currency translation adjustments 17,721 (12,871 ) Capitalized interest 4,603 6,435 Ending balance $ 134,366 $ 182,612 Capitalized Funds On December 20, 2017, we purchased 95% of the shares in the partially completed hotel located in Munich, Germany from the third-party developer for $9.6 million , which was based on the exchange rate of the euro on the date of the acquisition and is in addition to the $67.2 million financing provided to the developer in 2015. On May 17, 2017, we made our final payment to the developer for the build-to-suit project located in Eindhoven, the Netherlands for $18.7 million , which was based on the exchange rate of the euro on the date of the acquisition. Additionally, we also recorded $10.4 million of deferred tax liabilities in connection with our investment in this project. Simultaneous with the payment to the developer, the project was completed and placed into service. During the year ended December 31, 2017 , construction commenced on one of our previous 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 year ended December 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 for $6.5 million , which includes capitalized acquisition costs of $2.6 million . As of December 31, 2017 , total capitalized funds related to this investment were $32.5 million , inclusive of accrued construction costs of $0.9 million and deferred tax liabilities of $3.7 million . At the time of the investment, 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 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 December 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 December 31, 2017 , although recovery may take a period of time from the date on which a claim is filed. We will continue to monitor the investment for impairment. During the year ended December 31, 2017 , total capitalized funds primarily related to our build-to-suit projects, which were comprised primarily of initial funding of $51.5 million and construction draws of $78.1 million . Capitalized funds include accrued costs of $3.7 million , which are a non-cash investing activity. We acquired the following build-to-suit investments during the year ended December 31, 2017 : • $7.3 million in a build-to-suit project for a student-housing development site located in Malaga, Spain on October 17, 2017 (amounts based on the exchange rate of the euro on the date of acquisition). The student-housing property is currently under construction and is currently projected to be completed in July 2020. Upon completion of this project, our total investment is currently expected to be approximately $44.0 million . As there is insufficient equity at risk, the investment is considered to be a VIE; • $7.3 million to enter into a ground lease for a build-to-suit joint venture with a third party for a student-housing development site located in Swansea, United Kingdom on November 24, 2017 (amounts are based on the exchange rate of the British pound sterling on the date of acquisition). The acquisition is included in Other assets, net on our consolidated balance sheet as this amount was a prepayment of rent and construction has not yet commenced. We also incurred acquisition-related costs of $3.1 million that were capitalized and are included in Real estate under construction on our consolidated balance sheet. We acquired 97% of the equity of this investment at closing. The development of the student-housing facility is currently projected to be completed in August 2019. Upon completion of this project, our total investment is currently expected to be approximately $50.6 million . As the joint venture has insufficient equity at risk and we control this development project, this joint venture is considered to be a VIE that we consolidate. We consolidate all the above joint ventures, if applicable, because we are either the majority equity holder and/or we control the significant activities of the ventures. During the year ended December 31, 2016 , total capitalized funds primarily related to our build-to-suits, which were comprised primarily of initial funding of $6.5 million and construction draws of $110.1 million . Capitalized funds include accrued costs of $12.9 million , which are a non-cash investing activity. Capitalized Interest Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest incurred during construction, which totaled $4.6 million and $6.4 million for the years ended December 31, 2017 and December 31, 2016 , respectively, and is a non-cash investing activity. Placed into Service During the year ended December 31, 2017 , we placed into service the completed portion of a hotel, two build-to-suit projects, and the remaining portion of a substantially completed student-housing development, which we sold during the year, totaling $200.2 million , which is a non-cash investing activity. Of that total, $197.2 million was reclassified to Real estate — land, buildings and improvements and $2.9 million was reclassified to Operating real estate — land, buildings and improvements. During the year ended December 31, 2016 , we placed into service two build-to-suit expansion projects and one substantially completed student-housing development totaling $59.5 million . Of that total, $44.7 million was reclassified to Operating real estate — land, buildings and improvements and $14.8 million was reclassified to Real estate — land, buildings and improvements. Ending Balance At December 31, 2017 and 2016 , we had six and seven open build-to-suit projects, respectively, with aggregate unfunded commitments totaling approximately $178.3 million and $133.5 million , respectively. Equity Investment in Real Estate We have an interest in an unconsolidated investment in our Self Storage segment that relates to a joint venture for the development of 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 December 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. Acquisition During 2017 On January 26, 2017, the joint venture purchased a vacant parcel of land in Toronto, Canada 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. Acquisition During 2016 On May 2, 2016, the joint venture purchased a vacant parcel of land in Vaughan, Canada for $2.0 million (based on the exchange rate of the Canadian dollar at the date of acquisition). This parcel of land will be the site of our third self-storage development in Canada as a part of this joint venture. Placed into Service During 2017 During the year ended December 31, 2017 , the joint venture commenced operations at two Canadian self-storage facilities upon the completion of distinct phases of the overall development, and as a result, placed $9.3 million and $10.1 million of the total amounts for these projects into service. During the year ended December 31, 2017 , the joint venture incurred losses of $0.4 million and $0.3 million , respectively, relating to these distinct phases of the projects, which are included in Equity in losses of equity method investment in real estate on our consolidated financial statements. Placed into Service During 2016 On July 1, 2016, the joint venture commenced operations at one Canadian self-storage facility upon the completion of a distinct phase of the overall development, and as a result, $2.9 million of the total project was placed into service. During the year ended December 31, 2016 , the joint venture incurred losses of $0.1 million relating to this project, which is included in Equity in losses of equity method investment in real estate on our consolidated financial statements. Ending Balance At December 31, 2017 and 2016 , our total equity investment balance for these properties was $20.9 million and $14.7 million , respectively, and the joint venture had total third-party recourse debt of $21.5 million and $13.8 million , respectively. The unfunded commitments for the build-to-suit projects at December 31, 2017 and 2016 total approximately $26.2 million and $19.3 million , respectively, related to our equity investment. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. This liability was $2.9 million and $2.7 million at December 31, 2017 and 2016 , respectively. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 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 On July 21, 2014, we acquired a $28.0 million mezzanine tranche of 10 -year commercial mortgage-backed securities originated by Cantor Fitzgerald on the Cipriani banquet halls in New York, New York. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. We receive interest-only payments at a rate of 10% per annum until maturity on July 6, 2024. At both December 31, 2017 and 2016 , the balance for this note receivable remained $28.0 million . On November 1, 2016, we acquired a $38.5 million mezzanine loan collateralized by 27 retail stores in Minnesota, Wisconsin and Iowa, leased to Mills Fleet Farm Group LLC, or Mills Fleet, as part of the financing for a sale-leaseback that Mills Fleet completed. The loan bears interest at one month LIBOR plus 10% and we receive interest-only payments monthly until the loan matures on October 9, 2018. The borrower has the option to extend the maturity date for three successive terms, each for one year. The loan is collateralized by the pledge of the equity in 27 entities that directly own the retail stores and is subordinated to a $280.0 million senior mortgage on the properties. At both December 31, 2017 and 2016 , the principal balance of the loan was $38.5 million . This investment was partially financed with the $27.5 million loan that we received from WPC on October 31, 2016 ( Note 3 ). In connection with this investment we incurred transaction and acquisition costs totaling $2.0 million , which were expensed and are included in Acquisition and other expenses on the consolidated statement of operations. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 61,465 $ 67,811 Unguaranteed residual value 37,214 48,826 98,679 116,637 Less: unearned income (58,722 ) (67,041 ) $ 39,957 $ 49,596 In 2015, we invested in a joint venture with a third party to purchase an office building located in Cardiff, United Kingdom to be redeveloped into student-housing. The existing tenant vacated the building 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 year ended December 31, 2017 ( Note 4 ). Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2017 were as follows (in thousands): Years Ending December 31, Total 2018 $ 3,292 2019 3,364 2020 3,444 2021 3,512 2022 3,588 Thereafter 44,265 Total $ 61,465 Credit Quality of Finance Receivables We generally seek investments in facilities that we believe are critical to a tenant’s business and have a low risk of tenant default. At both December 31, 2017 and 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 years ended December 31, 2017 or 2016 . We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables was last updated in the fourth quarter of 2017 . A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2017 2016 2017 2016 1 — 1 $ — $ 10,516 2 2 1 14,386 9,154 3 2 2 29,716 29,679 4 2 3 62,355 66,747 5 — — — — 0 $ 106,457 $ 116,096

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2017
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In-place lease intangibles are included in In-place lease intangible assets in the consolidated financial statements. Below-market ground lease intangibles and above-market rent intangibles are included in Other intangible assets in the consolidated financial statements. Below-market rent intangibles and above-market ground lease intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. In connection with our investment activity ( Note 4 ) during the year ended December 31, 2017 , we recorded In-place lease intangibles of $1.6 million that are being amortized over 14.4 years. The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Total Balance at January 1, 2016 $ 23,389 Foreign currency translation 137 Balance at December 31, 2016 23,526 Foreign currency translation 1,850 Other 708 Balance at December 31, 2017 $ 26,084 We performed our annual test for impairment of goodwill during the fourth quarter of 2017 and no impairment was indicated. Goodwill resides within our Net Lease segment, which is also the reporting unit for goodwill impairment testing. Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2017 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 $ 274,723 $ (115,515 ) $ 159,208 $ 260,469 $ (83,031 ) $ 177,438 Below-market ground lease 15 – 99 23,000 (1,238 ) 21,762 20,236 (706 ) 19,530 Above-market rent 3 – 30 12,811 (3,642 ) 9,169 11,846 (2,320 ) 9,526 310,534 (120,395 ) 190,139 292,551 (86,057 ) 206,494 Indefinite-Lived Intangible Assets Goodwill 26,084 — 26,084 23,526 — 23,526 Total intangible assets $ 336,618 $ (120,395 ) $ 216,223 $ 316,077 $ (86,057 ) $ 230,020 Finite-Lived Intangible Liabilities Below-market rent 4 – 30 $ (15,476 ) $ 4,573 $ (10,903 ) $ (15,192 ) $ 3,234 $ (11,958 ) Above-market ground lease 81 (110 ) 4 (106 ) (101 ) 3 (98 ) Total intangible liabilities $ (15,586 ) $ 4,577 $ (11,009 ) $ (15,293 ) $ 3,237 $ (12,056 ) Net amortization of intangibles, including the effect of foreign currency translation, was $29.3 million , $40.2 million , and $33.4 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income, amortization of below-market and above-market ground lease intangibles is included in Property expenses, and amortization of in-place lease intangibles is included in Depreciation and amortization expense in the consolidated financial statements. Based on the intangible assets and liabilities recorded at December 31, 2017 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2018 $ (135 ) $ 19,239 $ 19,104 2019 (147 ) 18,170 18,023 2020 (226 ) 17,440 17,214 2021 (242 ) 17,274 17,032 2022 (215 ) 16,836 16,621 Thereafter (769 ) 91,905 91,136 $ (1,734 ) $ 180,864 $ 179,130

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 two of our international investments. These rent guarantees were measured at fair value using a discounted cash flow model, and were classified as Level 3 because the model uses unobservable inputs. At December 31, 2017 and 2016 , our rent guarantees had a fair value of $0.7 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 years ended December 31, 2017 and 2016 we recognized $1.2 million and $1.1 million , respectively, of mark-to-market gains related to these rent guarantees within Other income and (expenses) on our consolidated financial statements. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 31, 2017 and 2016 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other income and (expenses) on our consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2017 2016 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,275,448 $ 1,301,844 $ 1,157,411 $ 1,177,409 Notes receivable (c) 3 66,500 69,000 66,500 68,450 ___________ (a) Debt, net consists of Non-recourse debt, net and Bonds payable, net. At December 31, 2017 and 2016 , the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.0 million and $7.6 million , respectively. At December 31, 2017 and 2016 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.8 million and $0.9 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse debt and Bonds payable using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2017 and 2016 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 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 (loss) until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) 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 December 31, 2017 and 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 December 31, December 31, 2017 2016 2017 2016 Foreign currency forward contracts Other assets, net $ 2,419 $ 5,502 $ — $ — Interest rate swaps Other assets, net 553 393 — — Foreign currency collars Other assets, net 258 1,284 — — Interest rate caps Other assets, net 1 1 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (3,266 ) (33 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (698 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (366 ) — $ 3,231 $ 7,180 $ (4,330 ) $ (1,184 ) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 Foreign currency collars $ (4,535 ) $ 327 $ 939 Foreign currency forward contracts (2,769 ) (897 ) 2,374 Interest rate swaps 619 810 933 Interest rate caps 16 (13 ) (38 ) Derivatives in Net Investment Hedging Relationships (a) Foreign currency collars (179 ) (20 ) 2 Foreign currency forward contracts (39 ) (56 ) 466 Total $ (6,887 ) $ 151 $ 4,676 ___________ (a) The effective portion of the changes in fair value and the settlement of these contracts is reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency forward contracts Other income and (expenses) $ 1,223 $ 1,278 $ 1,137 Interest rate swaps Interest expense (663 ) (879 ) (2,183 ) Foreign currency collars Other income and (expenses) 160 95 8 Interest rate caps Interest expense (56 ) (4 ) (6 ) Total $ 664 $ 490 $ (1,044 ) Amounts reported in Other comprehensive income (loss) related to our interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Other income and (expenses) when the hedged foreign currency contracts are settled. At December 31, 2017 , we estimated that an additional $0.4 million and $0.5 million will be reclassified as Interest expense and Other 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 (Loss) Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency collars Other income and (expenses) $ (259 ) $ 1 $ 37 Interest rate swaps Interest expense (32 ) — (63 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 26 3 — Foreign currency collars Other income and (expenses) (8 ) 2 — Total $ (273 ) $ 6 $ (26 ) __________ (a) Relates to the ineffective portion of the hedging relationship. Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our investment partners may obtain non-recourse variable-rate mortgage loans and, as a result, may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2017 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2017 (a) Interest rate swaps 8 60,898 USD $ (135 ) Interest rate swap 1 10,266 EUR (10 ) Interest rate caps 3 27,700 USD 1 $ (144 ) ___________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2017 , as applicable. Foreign Currency Contracts We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the Norwegian krone. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other income and (expenses) in the consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. 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 December 31, 2017 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 54 34,580 EUR $ (3,094 ) Foreign currency forward contracts 23 8,902 EUR 1,596 Foreign currency forward contracts 17 26,771 NOK 763 Foreign currency collars 26 54,120 NOK (19 ) Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (366 ) Designated as Net Investment Hedging Instruments Foreign currency collars 4 24,740 NOK 105 Foreign currency forward contracts 2 4,504 NOK 60 $ (955 ) Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2017 . At December 31, 2017 , our total credit exposure was $1.7 million and the maximum exposure to any single counterparty was $1.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 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 $4.4 million and $1.2 million at December 31, 2017 and December 31, 2016 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2017 or 2016 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $4.5 million and $1.3 million , respectively.

Non-Recourse Mortgages and Bond

Non-Recourse Mortgages and Bonds Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Non-Recourse Debt and Bonds Payable	Non-Recourse Mortgages and Bonds Payable Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 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 8.0% , with maturity dates from 2018 to 2039 . Financing Activity During 2017 During the year ended December 31, 2017 , we obtained four non-recourse mortgage financings totaling $23.2 million , with a weighted-average annual interest rate of 5.2% and term to maturity of 5.7 years. In addition, we refinanced two non-recourse mortgage loans for a total of $17.0 million with a weighted-average annual interest rate of 2.6% and term to maturity of 4.5 years. We had an additional drawdown of $3.9 million (based on the exchange rate of the euro at the date of the drawdown) on a senior construction-to-term mortgage loan related to the development of an office building located in Eindhoven, the Netherlands. Through August 31, 2017 , the loan bore an interest rate of Euro Interbank Offered Rate, or EURIBOR, plus 2.5% , except when EURIBOR was below zero, in which case, each draw bore a rate of 2.5% plus the liquidity spread of 0.7% (for a total interest rate of 3.2% ). In the third quarter of 2017, the loan was converted to a non-recourse seven -year term loan and now bears a fixed interest rate of 1.8% . Upon conversion of the loan, we drew down on the remaining $22.0 million available balance. In addition, during the year ended December 31, 2017 , we drew down $17.9 million (based on the exchange rate of the euro at the date of the drawdown) on the third-party non-recourse financing related to our build-to-suit investment in Hamburg, Germany. The loan bears a fixed annual interest rate of 2.1% with a term to maturity of seven years. On October 12, 2017 , we obtained a construction loan of $31.3 million for a student-housing development project located in Cardiff, United Kingdom (based on the exchange rate of the British pound sterling at the date of acquisition). The loan bears an annual interest rate of 7.5% plus LIBOR for outstanding drawn balances with a term to maturity of two years. As of December 31, 2017 , we had drawn $10.1 million on the student-housing development construction loan (based on the exchange rate of the British pound sterling at the date of each drawdown). Financing Activity During 2016 During the year ended December 31, 2016 , we obtained or assumed several non-recourse mortgage financings totaling $148.2 million , with a weighted-average annual interest rate of 4.5% and term to maturity of eight years. In addition, we obtained a $53.3 million senior construction-to-term mortgage loan (based on the exchange rate of the euro at the date of acquisition) related to the development of an office building located in Eindhoven, the Netherlands. As of December 31, 2016 , we had drawn $27.3 million on this loan (based on the exchange rate of the euro at the date of each drawdown) at an annual interest rate of 3.2% . In addition, during the year ended December 31, 2016 , we entered into agreements for third-party non-recourse mortgage financing related to the following build-to-suit investments, which had no amounts drawn as of December 31, 2016 : • $41.0 million that is intended to be used to finance the construction of the university complex development site located in Accra, Ghana ( Note 4 ), but remains subject to the tenant obtaining a letter of credit, which if drawn, will bear an annual interest rate based on the U.S. Treasury rate plus 300 basis points upon draw down; and • $17.3 million that is expected to be available upon the substantial completion of a hotel located in Hamburg, Germany, which will bear an annual interest rate of 2.1% upon draw down (amounts are based on the exchange rate of the euro on the date of acquisition). Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2017 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2018 $ 28,930 2019 17,456 2020 128,013 2021 173,950 2022 196,591 Thereafter through 2039 737,768 Total principal payments 1,282,708 Unamortized deferred financing costs (8,323 ) Unamortized premium, net 1,063 Total $ 1,275,448 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2017 . The carrying value of our Non-recourse mortgages, net and Bonds payable, net increased by $44.5 million in the aggregate from December 31, 2016 to December 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. Debt Covenants During the year ended December 31, 2017 , we repaid a total of $1.8 million (amount is based on the exchange rate of the euro as of the date of repayments) of principal on one of our mortgage loans as a result of a debt service coverage ratio covenant breach. The covenant breach will be cured once the net operating income for the related property exceeds the amount as set forth in the related loan agreement. As the tenant, Agrokor, is currently in financial distress, there is uncertainty regarding future rent collections ( Note 14 ) and whether the default can be cured. As of December 31, 2017 , we were in breach of a loan-to-value covenant on one of our bonds payable. To remedy this default we are required to repay $5.8 million (amount based on the exchange rate of the euro as of December 31, 2017 ) of principal on the bond within six months of the year ended December 31, 2017 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 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	12 Months Ended
	Dec. 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): Year Ended December 31, 2017 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Per Share Class A common stock 109,942,186 $ 21,032 $ 0.19 Class C common stock 31,138,787 5,501 0.18 Net income attributable to CPA:18 – Global $ 26,533 Year Ended December 31, 2016 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 105,691,583 $ (23,065 ) $ (0.22 ) Class C common stock 30,091,602 (7,019 ) (0.23 ) Net loss attributable to CPA:18 – Global $ (30,084 ) Year Ended December 31, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 101,884,473 $ (45,524 ) $ (0.45 ) Class C common stock 27,580,451 (12,208 ) (0.44 ) Net loss attributable to CPA:18 – Global $ (57,732 ) 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 the year ended December 31, 2015 , the allocation for Class A common stock excludes annual distribution and shareholder benefit fees of $0.9 million , which is only applicable to Class C common stock ( Note 3 ). In addition, the Class C common stock allocation includes $0.5 million , $0.5 million , and $0.7 million of interest expense related to the accretion of interest on the annual distribution and shareholder servicing liability ( Note 3 ) for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2017 , 2016 , and 2015 , reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2017 2016 2015 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.2181 $ 0.1927 $ 0.1339 $ 0.1171 $ 0.1889 $ 0.1612 Return of capital 0.3254 0.2875 0.4913 0.4296 0.3836 0.3273 Capital gain 0.0817 0.0722 — — 0.0525 0.0448 Total distributions paid $ 0.6252 $ 0.5524 $ 0.6252 $ 0.5467 $ 0.6250 $ 0.5333 Distributions are declared at the discretion of our board of directors and are not guaranteed. During the fourth quarter of 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, which were paid on January 16, 2018 to stockholders of record on December 29, 2017 , in the amount of $21.7 million . During the year ended December 31, 2017 , our board of directors declared distributions in the aggregate amount of $68.7 million per share for our Class A common stock and $17.2 million per share for our Class C common stock, which equates to $0.6252 and $0.5526 per share, respectively. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2015 $ 1,152 $ (22,093 ) $ (20,941 ) Other comprehensive loss before reclassifications 3,164 (40,662 ) (37,498 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,189 — 2,189 Other income and (expenses) (1,145 ) — (1,145 ) Net current-period Other comprehensive loss 4,208 (40,662 ) (36,454 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,079 7,079 Balance at December 31, 2015 5,360 (55,676 ) (50,316 ) Other comprehensive loss before reclassifications 717 (12,254 ) (11,537 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 883 — 883 Other income and (expenses) (1,373 ) — (1,373 ) Net current-period Other comprehensive loss 227 (12,254 ) (12,027 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 639 639 Balance at December 31, 2016 5,587 (67,291 ) (61,704 ) Other comprehensive income before reclassifications (6,005 ) 39,925 33,920 Amounts reclassified from accumulated other comprehensive income to: Interest expense 719 — 719 Other income and (expenses) (1,383 ) — (1,383 ) Net current-period Other comprehensive income (6,669 ) 39,925 33,256 Net current-period Other comprehensive income attributable to noncontrolling interests — (4,764 ) (4,764 ) Balance at December 31, 2017 $ (1,082 ) $ (32,130 ) $ (33,212 )

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, the only provision of income taxes in the consolidated financial statements relates to our TRSs. The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. As a result, there was no significant impact to the deferred taxes on our domestic TRSs. We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2017 2016 2015 Federal Current $ 234 $ 276 $ 98 Deferred 20 (34 ) — 254 242 98 State and Local Current 355 134 87 355 134 87 Foreign Current 1,535 1,024 565 Deferred (3,650 ) (1,394 ) (847 ) (2,115 ) (370 ) (282 ) Total (Benefit) Provision $ (1,506 ) $ 6 $ (97 ) We account for uncertain tax positions in accordance with ASC 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ 242 $ — Addition based on tax positions related to prior periods 207 — Addition based on tax positions related to the current period — 242 Ending balance $ 449 $ 242 At December 31, 2017 , we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2017 and 2016 , we had no accrued interest related to uncertain tax positions. Tax authorities in relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2013 through 2017 remain open to adjustment in major tax jurisdictions. Deferred Income Taxes Our deferred tax assets before valuation allowances were $13.7 million and $13.6 million at December 31, 2017 and 2016 , respectively. Our deferred tax liabilities were $64.0 million and $42.4 million at December 31, 2017 and 2016 , respectively. We determined that $13.6 million and $12.8 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount at December 31, 2017 and 2016 , respectively. Our deferred tax asset, net of valuation allowance, is recorded in Other assets, net on our consolidated balance sheet. Our deferred tax assets and liabilities are primarily the result of temporary differences related to: • basis differences between tax and GAAP for real estate assets (for income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP.); • timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. At December 31, 2017 and 2016 , we had net operating losses in foreign jurisdictions of approximately $25.3 million and $24.2 million , respectively. Our net operating losses will begin to expire in 2020 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction.

Property Disposition

Property Disposition	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Property Disposition	Property Disposition From time to time, we may decide to sell a property. We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may decide to dispose of a property due to vacancy, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. Property Dispositions The results of operations for properties that have been sold or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2017 2016 2015 Revenues $ 2,285 $ 737 $ 1,771 Operating expenses (1,519 ) (1,067 ) (26 ) Other income and (expenses) 8 937 (612 ) Benefit from (provision for) income taxes 25 (17 ) — Loss on extinguishment of debt — — (1,142 ) Gain (loss) on sale of real estate, net of tax 14,209 (63 ) 6,659 Income from properties sold or classified as held for sale, net of income taxes (a) $ 15,008 $ 527 $ 6,650 __________ (a) For the years ended December 31, 2017 and 2016 , amounts included net income attributable to noncontrolling interests of $0.7 million and net loss attributable to noncontrolling interests of $0.1 million , respectively. 2017 On October 11, 2017 , we sold a student-housing property located in Reading, United Kingdom for cash proceeds of $59.5 million (based on the exchange rate of the British pound sterling at the date of sale), net of selling costs, and recorded a gain on sale of $14.2 million . This property disposition did not qualify for classification as a discontinued operation. 2015 In previous years, we entered into two domestic net lease financing transactions with subsidiaries of Crowne Group Inc., from which we acquired five industrial facilities in South Carolina, Indiana, and Michigan. In August 2015, the tenants exercised their purchase options and we sold these five industrial facilities back to the subsidiaries of Crowne Group Inc. for $35.7 million . We recognized a gain on sale of $6.7 million , which is included in Gain on sale of real estate, net of tax in our consolidated financial statements. Simultaneously, we paid off the existing mortgage loan that encumbered all of these properties and terminated the interest rate swap agreement that was in place. As a result, we recognized a $1.1 million loss on extinguishment of debt within Other income and (expenses) in our consolidated financial statements during the year ended December 31, 2015 .

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 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 . The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2017 2016 2015 Net Lease Revenues $ 118,476 $ 109,332 $ 91,173 Operating expenses (a) (b) (70,867 ) (60,168 ) (70,352 ) Interest expense (30,877 ) (27,723 ) (26,367 ) Other income and (expenses), excluding interest expense 1,575 1,233 (2,022 ) Benefit from income taxes 2,635 811 300 (Loss) gain on sale of real estate, net of tax — (63 ) 6,659 Net income attributable to noncontrolling interests (1,072 ) (2,765 ) (2,231 ) Net income (loss) attributable to CPA:18 – Global $ 19,870 $ 20,657 $ (2,840 ) Self Storage Revenues $ 55,075 $ 48,794 $ 25,570 Operating expenses (c) (44,357 ) (57,807 ) (43,459 ) Interest expense (12,357 ) (11,013 ) (5,232 ) Other income and (expenses), excluding interest expense (d) (1,125 ) (231 ) (94 ) Provision for income taxes (114 ) (215 ) (59 ) Net loss attributable to CPA:18 – Global $ (2,878 ) $ (20,472 ) $ (23,274 ) Multi-Family Revenues $ 24,915 $ 22,609 $ 16,369 Operating expenses (17,666 ) (17,103 ) (23,728 ) Interest expense (4,727 ) (3,537 ) (3,779 ) Other income and (expenses), excluding interest expense (22 ) 6 1 Provision for income taxes (132 ) (164 ) (88 ) Gain on sale of real estate, net of tax 14,209 — — Net (income) loss attributable to noncontrolling interests (3,562 ) 52 142 Net income (loss) attributable to CPA:18 – Global $ 13,015 $ 1,863 $ (11,083 ) All Other Revenues $ 7,168 $ 3,588 $ 2,831 Operating expenses (e) (12 ) (2,010 ) — Net income attributable to CPA:18 – Global $ 7,156 $ 1,578 $ 2,831 Corporate Unallocated Corporate Overhead (f) $ (1,980 ) $ (26,124 ) $ (17,049 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (8,650 ) $ (7,586 ) $ (6,317 ) Total Company Revenues $ 205,634 $ 184,323 $ 135,943 Operating expenses (151,636 ) (154,047 ) (151,147 ) Interest expense (48,994 ) (43,132 ) (35,170 ) Other income and (expenses), excluding interest expense 19,098 (6,860 ) (5,708 ) Benefit from (provision for) income taxes 1,506 (6 ) 97 Gain (loss) on sale of real estate, net of tax 14,209 (63 ) 6,659 Net income attributable to noncontrolling interests (13,284 ) (10,299 ) (8,406 ) Net income (loss) attributable to CPA:18 – Global $ 26,533 $ (30,084 ) $ (57,732 ) Total Assets at December 31, 2017 2016 Net Lease (g) $ 1,572,437 $ 1,453,148 Self Storage 398,944 410,781 Multi-Family (g) 256,875 230,509 All Other 66,929 66,936 Corporate 35,812 48,072 Total Company $ 2,330,997 $ 2,209,446 __________ (a) In April 2016, the Croatian government passed a special law assisting the restructuring of companies considered of systematic significance in Croatia. This law directly impacts our Agrokor tenant, which is currently experiencing financial distress and received a credit downgrade from both Standard & Poor’s and Moody’s. As a result of the financial difficulties and the uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $2.9 million for the year ended December 31, 2017 . (b) As a result of financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $1.2 million for the year ended December 31, 2017 . (c) Includes acquisition expenses incurred in connection with self-storage transactions. We expensed acquisition-related costs and fees totaling $4.9 million and $14.2 million for the years ended December 31, 2016 and 2015 , respectively. We adopted ASU 2017-01 as of January 1, 2017 ( Note 2 ), and no acquisitions were deemed business combinations for the year ended December 31, 2017 . (d) Includes Equity in losses of equity method investment in real estate. (e) Includes acquisition expenses incurred in connection with our Notes receivable transactions in the All Other category. We expensed acquisition-related costs and fees totaling $2.0 million for the year ended December 31, 2016 . There were no acquisition expenses incurred for the years ended December 31, 2017 and 2015 related to Notes receivable transactions ( Note 5 ). (f) 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. (g) On January 31, 2017, construction commenced on one of our previously acquired build-to-suit investments located in Cardiff, United Kingdom. Upon commencement of construction, the net investment was reclassified to Real estate under construction from Net investments in direct financing leases ( Note 4 ). As the build-to-suit is intended to be a student-housing development, we reclassified the net investment to Multi-Family from Net Lease during 2017. Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2017 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,166 $ 29,263 $ 81,830 $ 136,259 $ 17,600 $ 51,775 $ 69,375 $ 205,634 Operating expenses (16,984 ) (19,793 ) (69,008 ) (105,785 ) (10,749 ) (35,102 ) (45,851 ) (151,636 ) Interest expense (7,899 ) (7,590 ) (21,079 ) (36,568 ) (6,749 ) (5,677 ) (12,426 ) (48,994 ) Other income and (expenses), excluding interest expense (b) (100 ) (100 ) 12,401 12,201 (3,002 ) 9,899 6,897 19,098 Benefit from income taxes (80 ) (112 ) (418 ) (610 ) 1,645 471 2,116 1,506 Gain on sale of real estate, net of tax — — — — — 14,209 14,209 14,209 Net income attributable to noncontrolling interests (824 ) — (8,655 ) (9,479 ) 614 (4,419 ) (3,805 ) (13,284 ) Net income attributable to CPA:18 – Global (721 ) 1,668 (4,929 ) (3,982 ) (641 ) 31,156 30,515 26,533 Long-lived assets (c) 240,918 199,511 599,646 1,040,075 223,702 798,674 1,022,376 2,062,451 Equity investment in real estate — — — — — 20,919 20,919 20,919 Non-recourse debt and bonds payable 174,339 163,026 441,960 779,325 146,016 350,107 496,123 1,275,448 As of and for the Year Ended December 31, 2016 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,147 $ 27,090 $ 72,287 $ 124,524 $ 17,245 $ 42,554 $ 59,799 $ 184,323 Operating expenses (19,254 ) (25,237 ) (73,203 ) (117,694 ) (9,123 ) (27,230 ) (36,353 ) (154,047 ) Interest expense (7,806 ) (6,820 ) (19,283 ) (33,909 ) (7,363 ) (1,860 ) (9,223 ) (43,132 ) Other income and (expenses), excluding interest expense (b) — — 4,094 4,094 (3,607 ) (7,347 ) (10,954 ) (6,860 ) Provision for income taxes (75 ) (110 ) (192 ) (377 ) 1,143 (772 ) 371 (6 ) Loss on sale of real estate, net of tax — — — — — (63 ) (63 ) (63 ) Net income attributable to noncontrolling interests (786 ) — (7,611 ) (8,397 ) (817 ) (1,085 ) (1,902 ) (10,299 ) Net loss attributable to CPA:18 – Global (2,774 ) (5,077 ) (23,908 ) (31,759 ) (2,522 ) 4,197 1,675 (30,084 ) Long-lived assets (c) 250,827 206,540 617,960 1,075,327 219,336 658,490 877,826 1,953,153 Equity investment in real estate — — — — — 14,694 14,694 14,694 Non-recourse debt and bonds payable 174,421 150,815 430,477 755,713 138,253 263,445 401,698 1,157,411 For the Year Ended December 31, 2015 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 17,983 $ 17,039 $ 50,624 $ 85,646 $ 13,911 $ 36,386 $ 50,297 $ 135,943 Operating expenses (18,085 ) (23,565 ) (67,149 ) (108,799 ) (13,913 ) (28,435 ) (42,348 ) (151,147 ) Interest expense (5,611 ) (3,994 ) (14,009 ) (23,614 ) (5,980 ) (5,576 ) (11,556 ) (35,170 ) Other income and (expenses), excluding interest expense (b) — — 5,726 5,726 (2,778 ) (8,656 ) (11,434 ) (5,708 ) Benefit from income taxes 14 (36 ) (162 ) (184 ) 1,704 (1,423 ) 281 97 Gain on sale of real estate, net of tax — — 6,659 6,659 — — — 6,659 Net income attributable to noncontrolling interests (852 ) — (6,175 ) (7,027 ) (399 ) (980 ) (1,379 ) (8,406 ) Net loss attributable to CPA:18 – Global (6,551 ) (10,556 ) (24,486 ) (41,593 ) (7,455 ) (8,684 ) (16,139 ) (57,732 ) ___________ (a) All years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. (b) Includes Equity in losses of equity method investment in real estate. (c) Consists of Net investments in real estate. In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016 has been revised to conform to the current period presentation ( Note 2 ).

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 48,480 $ 50,973 $ 53,201 $ 52,980 Expenses 36,976 39,130 37,103 38,427 Net income (a) 2,545 8,134 12,115 17,023 Net income attributable to noncontrolling interests (1,925 ) (2,350 ) (2,294 ) (6,715 ) Net income attributable to CPA:18 – Global 620 5,784 9,821 10,308 Class A Common Stock Basic and diluted income per share (b) $ 0.01 $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 108,457,137 109,553,769 110,507,579 111,233,869 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted income per share (b) $ — $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 30,764,145 31,030,596 31,322,341 31,428,744 Distributions declared per share $ 0.1380 $ 0.1382 $ 0.1384 $ 0.1380 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 43,798 $ 45,715 $ 47,284 $ 47,526 Expenses 37,483 40,030 38,093 38,441 Net loss (456 ) (7,454 ) (1,850 ) (10,025 ) Net income attributable to noncontrolling interests (1,741 ) (2,758 ) (2,231 ) (3,569 ) Net loss attributable to CPA:18 – Global (2,197 ) (10,212 ) (4,081 ) (13,594 ) Class A Common Stock Basic and diluted loss per share (b) $ (0.02 ) $ (0.07 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 103,972,011 105,182,645 106,279,055 107,307,860 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (b) $ (0.02 ) $ (0.08 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 29,757,726 29,928,571 30,205,326 30,469,385 Distributions declared per share $ 0.1337 $ 0.1376 $ 0.1376 $ 0.1378 __________ (a) Amount for the three months ended December 31, 2017 includes a gain on sale of $14.2 million recognized on the disposition of the student-housing property located in Reading, United Kingdom ( Note 13 ). (b) The sum of the quarterly Income (loss) per share does not agree to the annual Income (loss) per share for 2017 and 2016 due to the issuances of our common stock that occurred during such periods.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 12,817 $ 3,566 $ (2,790 ) $ 13,593 Allowance for uncollectible accounts 4 4,398 (3 ) 4,399 Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 10,196 $ 2,987 $ (366 ) $ 12,817 Allowance for uncollectible accounts 1 3 — 4 Year Ended December 31, 2015 Valuation reserve for deferred tax assets $ 2,236 $ 8,214 $ (254 ) $ 10,196 Allowance for uncollectible accounts — 1 — 1

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,675 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 9,211 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 7,021 — 10,828 — (1,363 ) — 9,465 9,465 1,126 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 6,951 — 10,576 — (1,408 ) — 9,168 9,168 1,030 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 6,818 2,264 10,676 — (1,711 ) 1,973 9,256 11,229 1,137 2006 Dec. 2013 34 yrs. Retail facility in Zadar, Croatia 7,665 4,320 10,536 — (1,964 ) 3,764 9,128 12,892 1,214 2007 Dec. 2013 33 yrs. Retail facility in Split, Croatia 3,118 — 3,161 — (428 ) — 2,733 2,733 409 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 3,001 1,163 3,393 1,585 (535 ) 1,163 4,443 5,606 927 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,164 13,748 52,135 — — 13,748 52,135 65,883 7,487 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,415 1,044 3,361 — — 1,044 3,361 4,405 452 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 42,000 14,362 59,219 — (19,326 ) 10,590 43,665 54,255 4,212 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 63,637 — 112,676 — (14,427 ) — 98,249 98,249 9,283 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA 4,633 448 5,841 — — 448 5,841 6,289 783 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 6,990 2,251 3,390 672 47 2,251 4,109 6,360 530 2001 May 2014 40 yrs. Industrial facility in Surprise, AZ 2,217 298 2,347 1,699 — 298 4,046 4,344 446 1998 May 2014 35 yrs. Industrial facility in Temple, GA 6,412 381 6,469 — — 381 6,469 6,850 804 2007 May 2014 33 yrs. Land in Houston, TX 1,180 1,675 — — — 1,675 — 1,675 — N/A May 2014 N/A Land in Chicago, IL 1,826 3,036 — — — 3,036 — 3,036 — N/A May 2014 N/A Warehouse facility in Jonesville, SC 27,892 2,995 14,644 19,389 — 2,995 34,033 37,028 4,303 1997 Jun. 2014 28 yrs. Industrial facility in Ayr, United Kingdom 2,684 1,150 3,228 — (840 ) 929 2,609 3,538 464 1950 Aug. 2014 15 - 32 yrs. Industrial facility in Bathgate, United Kingdom 1,737 627 1,852 355 (483 ) 507 1,844 2,351 251 2009 Aug. 2014 20 - 35 yrs. Industrial facility in Dundee, United Kingdom 1,685 384 2,305 — (517 ) 310 1,862 2,172 290 2008 Aug. 2014 22 yrs. Industrial facility in Dunfermline, United Kingdom 955 294 808 — (211 ) 238 653 891 141 1990 Aug. 2014 13 - 35 yrs. Industrial facility in Invergordon, United Kingdom 499 261 549 — (238 ) 127 445 572 72 2006 Aug. 2014 22 yrs. Industrial facility in Livingston, United Kingdom 2,123 447 3,015 — (665 ) 361 2,436 2,797 296 2008 Aug. 2014 29 yrs. Industrial facility in Livingston, United Kingdom 2,388 — 3,360 — (576 ) — 2,784 2,784 395 1997 Sep. 2014 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Warstein, Germany 12,302 281 15,671 — (872 ) 266 14,814 15,080 1,261 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 6,259 1,141 5,997 — — 1,141 5,997 7,138 1,786 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 43,438 8,276 80,475 — (17,454 ) 6,699 64,598 71,297 5,192 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,652 1,189 11,279 — — 1,189 11,279 12,468 955 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 27,528 3,990 30,320 — — 3,990 30,320 34,310 2,556 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,595 512 1,283 2 — 512 1,285 1,797 197 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 751 509 340 2 — 509 342 851 97 1990 Nov. 2014 20 yrs. Industrial facility in Dallas, TX 267 128 204 2 — 128 206 334 43 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,156 360 1,120 1 — 360 1,121 1,481 148 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,171 809 671 1 — 809 672 1,481 129 2008 Nov. 2014 30 yrs. Industrial facility in Dunfermline, United Kingdom 4,517 1,162 5,631 6 (936 ) 1,002 4,861 5,863 648 2000 Nov. 2014 23 - 31 yrs. Industrial facility in Durham, United Kingdom 1,463 207 2,108 — (319 ) 178 1,818 1,996 174 1998 Nov. 2014 35 yrs. Industrial and warehouse facility in Byron Center, MI 7,372 625 1,005 9,515 — 625 10,520 11,145 636 2015 Nov. 2014 40 yrs. Office facility in Rotterdam, Netherlands 39,802 2,247 27,150 — (4,080 ) 1,567 23,750 25,317 1,827 1960 Dec. 2014 40 yrs. Office facility in Rotterdam, Netherlands — 2,246 27,135 — 1,782 2,750 28,413 31,163 2,190 1960 Dec. 2014 40 yrs. Industrial facility in Edinburgh, United Kingdom 2,562 938 2,842 — (520 ) 809 2,451 3,260 242 1985 Dec. 2014 35 yrs. Hotel in Albion, Mauritius 28,628 4,047 54,927 243 (905 ) 3,988 54,324 58,312 5,221 2007 Dec. 2014 40 yrs. Office facility in Eindhoven, Netherlands 56,502 7,797 15,634 77,820 7,880 8,678 100,453 109,131 1,574 2017 Mar. 2015 40 yrs. Industrial facility in Aberdeen, United Kingdom 4,082 1,560 4,446 142 (584 ) 1,410 4,154 5,564 315 1990 Mar. 2015 40 yrs. Warehouse facility in Freetown, MA 3,185 1,149 2,219 — — 1,149 2,219 3,368 588 2002 Apr. 2015 28 yrs. Office facility in Plano, TX 21,838 3,180 26,926 — — 3,180 26,926 30,106 1,891 2001 Apr. 2015 40 yrs. Hotel in Munich, Germany — 8,497 41,883 16,995 278 7,069 60,584 67,653 341 2017 May. 2015 40 yrs. Warehouse facility in Plymouth, MN 10,425 2,537 9,731 1,019 — 2,537 10,750 13,287 1,058 1975 May 2015 32 yrs. Retail facility in Oslo, Norway 60,577 61,607 34,183 213 (7,771 ) 56,600 31,632 88,232 3,671 1971 May 2015 30 yrs. Hotel in Hamburg, Germany 17,939 5,423 1,826 21,248 1,420 5,921 23,996 29,917 302 2017 Jun. 2015 40 yrs. Office facility in Jacksonville, FL 10,547 1,688 10,082 — — 1,688 10,082 11,770 711 2001 Jul. 2015 40 yrs. Office facility in Utrecht, Netherlands 31,342 5,645 29,896 — 3,198 6,153 32,586 38,739 1,985 1987 Jul. 2015 40 yrs. Office facility in Warrenville, IL 22,536 2,222 25,449 1,168 — 2,222 26,617 28,839 1,705 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,539 1,937 31,093 5,048 — 1,937 36,141 38,078 2,086 2015 Oct. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Michalovce, Slovakia 14,829 1,055 10,808 13,613 1,651 1,468 25,659 27,127 1,204 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany 19,566 — 25,717 1,169 2,704 — 29,590 29,590 1,700 1965 Dec. 2015 35 yrs. Warehouse facility in Iowa City, IA 6,116 913 5,785 — — 913 5,785 6,698 190 2001 Mar. 2017 28 yrs. $ 829,172 $ 214,240 $ 936,198 $ 171,907 $ (59,173 ) $ 202,500 $ 1,060,672 $ 1,263,172 $ 87,886 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial facility in Columbus, GA $ 2,693 $ 488 $ 2,947 $ — $ 1,117 $ 4,552 1965 Apr. 2014 Industrial facility in Houston, TX 1,209 — 1,573 — 143 1,716 1973 May 2014 Warehouse facility in Chicago, IL 5,915 — 8,564 54 1,216 9,834 1942 May 2014 Industrial facility in Menomonee Falls, WI 13,866 1,680 22,104 — 71 23,855 1974 Dec. 2015 $ 23,683 $ 2,168 $ 35,188 $ 54 $ 2,547 $ 39,957 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Operating Real Estate – Multi-Family Facilities Tucker, GA $ 17,566 $ 4,288 $ 15,201 $ 237 $ 1,151 $ — $ 4,288 $ 15,510 $ 1,079 $ 20,877 $ 1,739 2002 Oct. 2014 40 yrs. Atlanta, GA 17,376 4,513 16,404 780 1,326 (1,006 ) 4,513 15,833 1,671 22,017 2,301 1990 Oct. 2014 38 yrs. Fort Myers, FL 25,085 6,203 19,688 614 3,268 — 6,203 22,810 760 29,773 2,767 1988 Jan. 2015 34 yrs. Durham, NC 28,193 6,697 25,823 935 2,670 (897 ) 6,717 26,284 2,227 35,228 2,902 1987 Jan. 2015 37 yrs. San Antonio, TX 29,607 3,788 36,333 588 1,257 — 3,813 37,164 989 41,966 2,829 2007 Jun. 2015 40 yrs. Fort Walton Beach, FL 24,001 3,037 20,975 598 1,090 — 3,037 21,491 1,172 25,700 1,821 1990 Jul. 2015 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 6,860 3,306 7,190 — 67 5 3,306 7,237 25 10,568 841 2005 Jan. 2014 38 yrs. St. Petersburg, FL 7,350 3,258 7,128 — 25 5 3,258 7,149 9 10,416 779 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,708 340 3,428 — 206 4 340 3,587 51 3,978 517 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,746 1,356 3,699 — 261 13 1,356 3,935 38 5,329 476 1991 Jul. 2014 32 yrs. Miami, FL 3,015 1,915 1,894 — 61 7 1,915 1,945 17 3,877 243 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,847 669 8,899 — 27 4 669 8,911 19 9,599 821 2006 Aug. 2014 40 yrs. Columbia, SC 3,037 1,065 2,742 — 204 15 1,065 2,874 87 4,026 419 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,503 2,263 2,704 — 70 4 2,263 2,744 34 5,041 328 2004 Oct. 2014 32 yrs. Pompano Beach, FL 2,992 700 3,436 — 546 2 700 3,936 48 4,684 531 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,525 1,596 5,963 — 86 — 1,596 6,004 45 7,645 599 1989 Nov. 2014 37 yrs. Dickinson, TX 6,405 1,680 7,165 — 119 2 1,680 7,217 69 8,966 776 2001 Dec. 2014 35 yrs. Humble, TX 5,014 341 6,582 — 12 3 341 6,582 15 6,938 580 2009 Dec. 2014 39 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Temecula, CA 6,469 449 8,574 — 17 (6 ) 449 8,567 18 9,034 768 2006 Dec. 2014 37 yrs. Cumming, GA 2,835 300 3,531 — 51 — 300 3,562 20 3,882 479 1994 Dec. 2014 27 yrs. Naples, FL 10,614 3,073 10,677 — 1,256 19 3,073 11,835 117 15,025 1,416 1974 Jan. 2015 31 yrs. Valrico, FL 5,951 695 7,558 — 23 (200 ) 695 7,358 23 8,076 518 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,873 1,796 4,782 — 80 2 1,796 4,833 31 6,660 476 1999 Feb. 2015 24 yrs. Sebastian, FL 1,903 474 2,031 — 114 — 474 2,097 48 2,619 367 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,907 522 4,809 — 137 — 522 4,946 — 5,468 402 2010 Feb. 2015 40 yrs. Panama City Beach, FL 2,594 706 2,864 — 15 5 706 2,864 20 3,590 292 1997 Mar. 2015 36 yrs. Hesperia, CA 3,723 779 5,504 — 87 — 779 5,540 51 6,370 726 2004 Apr. 2015 27 yrs. Hesperia, CA 400 335 1,999 — 57 — 335 2,054 2 2,391 273 2007 Apr. 2015 28 yrs. Hesperia, CA 2,074 384 3,042 — 72 — 384 3,078 36 3,498 526 1985 Apr. 2015 20 yrs. Highland, CA 2,574 1,056 3,366 — 24 — 1,056 3,390 — 4,446 328 2003 Apr. 2015 36 yrs. Lancaster, CA 1,999 217 4,355 — 54 — 217 4,375 34 4,626 454 1989 Apr. 2015 31 yrs. Rialto, CA 2,374 1,905 3,642 — 54 — 1,905 3,669 27 5,601 407 2007 Apr. 2015 30 yrs. Thousand Palms, CA 3,248 1,115 5,802 — 97 1 1,115 5,876 24 7,015 644 2007 Apr. 2015 31 yrs. Louisville, KY 6,576 2,973 6,056 — 131 — 2,973 6,129 58 9,160 686 1998 Apr. 2015 32 yrs. Lilburn, GA 2,324 1,499 1,658 — 78 — 1,499 1,701 35 3,235 371 1998 Apr. 2015 18 yrs. Stockbridge GA 1,613 170 1,997 — 173 — 170 2,146 24 2,340 287 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,620 811 2,723 — 7 — 811 2,728 2 3,541 376 1977 May 2015 24 yrs. Las Vegas, NV 6,341 450 8,382 — 93 — 450 8,438 37 8,925 643 1996 May 2015 38 yrs. Panama City Beach, FL 6,110 347 8,233 5 5 1 347 8,233 11 8,591 568 2008 May 2015 40 yrs. Sarasota, FL 5,136 835 6,193 — 34 — 835 6,220 7 7,062 463 2003 Jun. 2015 40 yrs. Sarasota, FL 3,755 465 4,576 — 68 — 465 4,627 17 5,109 336 2001 Jun. 2015 39 yrs. St. Peters, MO 2,288 199 2,888 — 43 — 199 2,927 4 3,130 238 1991 Jun. 2015 35 yrs. Leesburg, FL 2,376 731 2,480 — 39 — 731 2,508 11 3,250 330 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,058 2,179 7,367 — 23 — 2,179 7,382 8 9,569 676 2000 Jul. 2015 34 yrs. Houston, TX 4,571 1,067 4,965 — 434 — 1,067 5,396 3 6,466 581 1971 Aug. 2015 27 yrs. Ithaca, NY 2,256 454 2,211 — 30 — 454 2,240 1 2,695 237 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,327 783 2,417 — 50 — 783 2,465 2 3,250 441 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,197 664 2,762 1 472 — 664 3,201 34 3,899 429 1987 Sep. 2015 17 yrs. Hudson, FL 3,212 364 4,188 — 5 — 364 4,192 1 4,557 273 2008 Sep. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2017 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Kissimmee, FL 5,566 407 8,027 — 62 — 407 8,087 2 8,496 468 2015 Oct. 2015 40 yrs. El Paso, TX 3,681 1,275 3,339 — 53 — 1,275 3,385 7 4,667 247 1983 Oct. 2015 35 yrs. El Paso, TX 2,527 921 2,764 — 1 — 921 2,764 1 3,686 220 1980 Oct. 2015 35 yrs. El Paso, TX 3,589 594 4,154 — — — 594 4,154 — 4,748 291 1980 Oct. 2015 35 yrs. El Paso, TX 3,606 594 3,868 — — — 594 3,868 — 4,462 288 1986 Oct. 2015 35 yrs. El Paso, TX 1,419 337 2,024 — 4 — 337 2,027 1 2,365 146 1985 Oct. 2015 35 yrs. El Paso, TX 3,695 782 3,825 — 21 — 782 3,836 10 4,628 349 1980 Oct. 2015 35 yrs. Fernandina Beach, FL 7,208 1,785 7,133 — 15 — 1,785 7,133 15 8,933 501 1986 Oct. 2015 25 yrs. Kissimmee, FL 3,417 1,371 3,020 3 41 — 1,371 3,035 29 4,435 328 1981 Oct. 2015 24 yrs. Houston, TX 2,737 817 3,438 — 34 — 817 3,455 17 4,289 291 1998 Oct. 2015 30 yrs. Houston, TX 2,935 708 3,778 — 53 — 708 3,823 8 4,539 325 2001 Nov. 2015 30 yrs. Greensboro, NC 4,024 716 4,108 — 1,092 — 716 5,181 19 5,916 502 1953 Dec. 2015 20 yrs. Portland, OR 6,329 897 8,831 — 65 — 897 8,875 21 9,793 470 2000 Dec. 2015 40 yrs. Kissimmee, FL 3,972 1,094 4,298 — 12 — 1,094 4,299 11 5,404 336 2000 Jan. 2016 32 yrs. Avondale, LA 3,405 808 4,245 — — (11 ) 808 4,234 — 5,042 251 2008 Jan. 2016 40 yrs. Gilroy, California 5,977 2,704 7,451 — 29 — 2,704 7,475 5 10,184 528 1999 Feb. 2016 35 yrs. Washington, D.C. 7,178 3,185 8,177 — 16 — 3,185 8,193 — 11,378 422 1962 Apr. 2016 34 yrs. Milford, MA 5,668 751 6,290 — — — 751 6,290 — 7,041 345 2003 Apr. 2016 37 yrs. Millsboro, DE 5,665 807 5,152 — — — 807 5,152 — 5,959 294 2001 Apr. 2016 35 yrs. New Castle, DE 4,832 994 5,673 — 13 — 994 5,681 5 6,680 274 2005 Apr. 2016 38 yrs. Rehoboth, DE 8,784 1,229 9,945 — 11 — 1,229 9,953 3 11,185 531 1999 Apr. 2016 38 yrs. Chicago, IL 1,955 796 2,112 — 43 — 796 2,128 27 2,951 99 1990 Nov. 2016 25 yrs. $ 413,297 $ 98,384 $ 448,538 $ 3,761 $ 17,834 $ (2,028 ) $ 98,429 $ 458,818 $ 9,242 $ 566,489 $ 43,786 ___________ (a) Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. (b) The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates and (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received. (c) Excludes (i) gross lease intangible assets of $310.5 million and the related accumulated amortization of $120.4 million , (ii) gross lease intangible liabilities of $15.6 million and the related accumulated amortization of $4.6 million , and (iii) real estate under construction of $134.4 million . (d) A reconciliation of real estate and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2017 2016 2015 Beginning balance $ 990,810 $ 986,574 $ 743,735 Reclassification from real estate under construction 197,232 14,775 17,188 Foreign currency translation adjustment 67,356 (12,392 ) (67,273 ) Additions 6,396 — 291,431 Improvements 1,378 1,853 2,327 Dispositions — — (834 ) Ending balance $ 1,263,172 $ 990,810 $ 986,574 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2017 2016 2015 Beginning balance $ 55,980 $ 31,467 $ 10,875 Depreciation expense 28,243 25,483 21,617 Foreign currency translation adjustment 3,663 (970 ) (1,025 ) Ending balance $ 87,886 $ 55,980 $ 31,467 Reconciliation of Operating Real Estate Years Ended December 31, 2017 2016 2015 Beginning balance $ 606,558 $ 490,852 $ 133,596 Dispositions (50,394 ) — — Improvements 4,189 6,029 5,892 Foreign currency translation adjustment 3,210 (758 ) — Reclassification from real estate under construction 2,926 44,724 — Additions — 65,711 351,364 Ending balance $ 566,489 $ 606,558 $ 490,852 Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2017 2016 2015 Beginning balance $ 26,937 $ 10,727 $ 939 Depreciation expense 17,419 16,210 9,788 Dispositions (602 ) — — Foreign currency translation adjustment 32 — — Ending balance $ 43,786 $ 26,937 $ 10,727 At December 31, 2017 , the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $2.2 billion .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2017 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — Cipriani 10.0 % Jul. 2024 $ 30,500 $ 28,000 Financing agreement — Mills Fleet (a) 11.3 % Oct. 2018 38,500 38,500 __________ (a) Interest rate is based on the one-month LIBOR plus 10% ( Note 5 ). NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2017 2016 2015 Balance $ 66,500 $ 28,000 $ 28,000 Additions (a) — 38,500 — Ending balance $ 66,500 $ 66,500 $ 28,000 __________ (a) Amount for 2016 represents a mezzanine loan acquisition ( Note 5 ).

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. However, following our adoption of Accounting Standards Update, or ASU, 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of above-market leases and below-market ground leases in Other intangible assets in the consolidated financial statements. We include the value of below-market leases and above-market ground leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to expense over the remaining initial term of each lease and include it in Depreciation and amortization in the consolidated financial statements. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles, or GAAP, from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairments	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on goodwill and notes receivable. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate over a ten-year holding period, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Assets Held for Sale — We classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Real Estate Sales — In the unlikely event that we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. We recognize gains and losses on the sale of properties when, among other criteria, we no longer have continuing involvement, the parties are bound by the terms of the contract, all consideration has been exchanged, and all conditions precedent to closing have been performed. At the time the sale is consummated, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event using a two-step process. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount, including sales of properties defined as businesses for which the relative size of the sold property is significant to the reporting unit, that could impact our goodwill impairment calculations. To identify any impairment, we first compare the estimated fair value of each of our reporting units with their respective carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired and no further analysis is required. If the carrying amount of the reporting unit exceeds its estimated fair value, we then perform the second step to determine and measure the amount of the potential impairment charge. For the second step, if required, an impairment loss is recognized in an amount equal to the excess of the carrying amount over its estimated fair value, limited to the total amount of goodwill allocated to that reporting unit.
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.
Variable Interest Entity	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 VIEs 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.
Reclassification	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.
Real Estate	Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period.
Notes Receivable	Notes Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Notes receivable in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements. We evaluate our notes receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future note 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.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Other Assets And Liabilities	Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Other assets, net in the consolidated financial statements. We include derivative liabilities, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred rental income for operating leases is the aggregate cumulative difference between scheduled rents that vary during the lease term and rent recognized on a straight-line basis.
Deferred Acquisition Fees Payable to Affiliates	Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital).
Share Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Noncontrolling Interests	Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC, or CPA:18 Holdings, also known as the Special General Partner, to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest.
Revenue Recognition	Revenue Recognition — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. For the years ended December 31, 2017 , 2016 , and 2015, our tenants, pursuant to their lease obligations, have made direct payments to the taxing authorities of real estate taxes of approximately $8.1 million , $7.1 million , and $6.2 million , respectively. Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index, or CPI, or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and included in Property expenses in the consolidated financial statements and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Interest Capitalization	Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to build-to-suit projects is capitalized. We consider a build-to-suit project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment (generally up to seven years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.
Foreign Currency Transactions and Translations Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone, respectively. We perform the translation from the euro, the British pound sterling, or the Norwegian krone to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from this translation as a component of Other comprehensive income (loss) in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, intercompany foreign currency transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income (loss). Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity. Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) 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.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities within North America and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries, or TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which we believe could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. Deferred income taxes relate primarily to our TRSs and foreign properties, and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of our TRSs and their respective tax bases, and for their operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors ( Note 12 ). We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 12 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
Income (Loss) Per Share	Income (Loss) Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income (loss) per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income (loss) per basic and diluted share of common stock is calculated by dividing Net income (loss) attributable to CPA:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net income (loss) attributable to CPA:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2017 , 2016 , and 2015 , respectively.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Adopted as of December 31, 2017 In October 2016, the Financial Accounting Standards Board, or 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 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, all transaction costs incurred during the year ended December 31, 2017 were capitalized since our acquisitions during the year were classified as asset acquisitions. Most of our future acquisitions are likely 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 adopted ASU 2017-04 as of April 1, 2017 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2017 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to our lease revenues, which constitute a majority of our revenues, but will primarily apply to revenues generated from our operating properties. We adopted this guidance for our interim and annual periods beginning January 1, 2018 using the modified retrospective method. We performed a comprehensive evaluation of the impact of the new standard across our revenue streams, and determined that the timing of revenue recognition and its classification in our consolidated financial statements will remain substantially unchanged. 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. In addition, it also requires lessors to record gross revenues and expenses associated with activities that do not transfer services to the lessee (such as real estate taxes and insurance). Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application will be permitted for all entities. The new standard must be adopted using a modified retrospective transition of the new guidance and provides for certain practical expedients. Transition will require application of the new model at the beginning of the earliest comparative period presented. We will adopt this guidance for our interim and annual periods beginning January 1, 2019. The ASU is expected to impact our consolidated financial statements as we have 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 adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 is not expected to have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-18 is not expected to have a material impact 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 adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2017-05 is not expected to have a significant impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU 2017-12 will be effective in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2017-12 on our consolidated financial statements, and expect to adopt the standard for the fiscal year beginning January 1, 2019.
Intangible Assets and Liabilities	In-place lease intangibles are included in In-place lease intangible assets in the consolidated financial statements. Below-market ground lease intangibles and above-market rent intangibles are included in Other intangible assets in the consolidated financial statements. Below-market rent intangibles and above-market ground lease intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Amortization of below-market and above-market rent intangibles is recorded as an adjustment to Rental income, amortization of below-market and above-market ground lease intangibles is included in Property expenses, and amortization of in-place lease intangibles is included in Depreciation and amortization expense in the consolidated financial statements.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of foreign currency forward contracts, interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements, are comprised of interest rate swaps and foreign currency collars ( Note 8 ). These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2017 2016 (a) Real estate — Land, buildings and improvements $ 373,954 $ 371,385 Operating real estate — Land, buildings and improvements — 43,948 Real estate under construction 107,732 162,371 Net investments in direct financing leases — 10,516 In-place lease intangible assets 88,617 81,798 Other intangible assets 18,040 22,376 Accumulated depreciation and amortization (54,592 ) (37,412 ) Cash and cash equivalents 5,030 15,260 Other assets, net 33,219 41,975 Total assets 572,000 712,217 Non-recourse mortgages, net $ 218,267 $ 235,425 Bonds payable, net 60,577 57,615 Accounts payable, accrued expenses and other liabilities 23,509 30,946 Deferred income taxes 23,349 20,437 Total liabilities 325,702 344,423 _________ (a) In the second quarter of 2017, we reclassified certain line items in our consolidated balance sheets, as described below. As a result, prior period amounts for certain line items included within Net investments in real estate have been reclassified to conform to the current period presentation.

Agreements and Transactions w31

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 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, which excludes the fees that impact equity as further disclosed below the tables, in accordance with the terms of the relevant agreements (in thousands): Years Ended December 31, 2017 2016 2015 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 11,293 $ 10,126 $ 7,587 Available Cash Distributions 8,650 7,586 6,317 Personnel and overhead reimbursements 3,170 3,064 3,252 Interest expense on deferred acquisition fees, interfund loan, and accretion of interest on annual distribution and shareholder servicing fee 1,034 898 1,141 Director compensation 310 310 310 Acquisition expenses — 5,458 32,276 Annual distribution and shareholder servicing fee (a) — — (860 ) $ 24,457 $ 27,442 $ 50,023 Acquisition Fees Capitalized Current acquisition fees $ 3,757 $ 3,310 $ 10,143 Deferred acquisition fees 3,006 2,648 8,120 Capitalized personnel and overhead reimbursements 640 263 1,415 $ 7,403 $ 6,221 $ 19,678 _________ (a) For the years ended December 31, 2017 , 2016 , and 2015 we paid $2.2 million , $2.4 million and $2.2 million , respectively, related to the annual distribution and shareholder servicing fee, which, beginning in the fourth quarter of 2015, is accounted for as a reduction in our shareholder servicing fee liability. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2017 2016 Due to Affiliates Deferred acquisition fees, including accrued interest $ 6,693 $ 15,305 Accounts payable and other 6,102 2,454 Asset management fees payable 972 866 Loan from WPC, including accrued interest — 27,580 Shareholder servicing fee liability (a) — 7,422 Current acquisition fees — 84 $ 13,767 $ 53,711 ___________ (a) Beginning with the payment for the third quarter of 2017, the annual distribution and shareholder servicing fees are paid directly to selected dealers rather than through Carey Financial LLC, or Carey Financial. Accordingly, for the year ended December 31, 2017 , the remaining liability balance of $5.7 million has been reclassified from Due to affiliates to Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Real Estate, Operating Real E32

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	12 Months Ended
	Dec. 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): December 31, 2017 2016 Land $ 202,500 $ 173,184 Buildings and improvements 1,060,672 817,626 Less: Accumulated depreciation (87,886 ) (55,980 ) $ 1,175,286 $ 934,830 Operating real estate, which consists of our self-storage, multi-family residential and student-housing properties, at cost, is summarized as follows (in thousands): December 31, 2017 2016 Land $ 98,429 $ 105,631 Buildings and improvements 468,060 500,927 Less: Accumulated depreciation (43,786 ) (26,937 ) $ 522,703 $ 579,621
Schedule of Future Minimum Rents	Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2017 are as follows (in thousands): Years Ending December 31, Total 2018 $ 106,028 2019 107,024 2020 106,401 2021 106,107 2022 106,032 Thereafter 707,350 Total $ 1,238,942
Schedule of Assets Acquired in Business Combination	(a) The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their fair values. (b) The completed self-storage acquisitions deemed to be business combinations during the year ended December 31, 2016 were not material for pro forma purposes. The following tables present a summary of assets acquired and liabilities assumed in our 2016 business combinations at the date of acquisition, and revenues and earnings thereon since their respective dates of acquisition through December 31, 2016 (in thousands): Self-Storage Properties (a) (b) Cash consideration $ 46,183 Assets acquired at fair value: Land $ 12,369 Buildings 53,343 In-place lease intangible assets 8,520 Other assets acquired 451 74,683 Liabilities assumed at fair value: Mortgages assumed (27,925 ) Other liabilities assumed (575 ) (28,500 ) Total identifiable net assets $ 46,183
Schedule Of Revenues and Net Income From Business Combination	Self-Storage Properties Respective Acquisition dates through December 31, 2016 Revenues $ 5,810 Net loss $ (7,122 ) Net loss attributable to CPA:18 – Global $ (7,122 )
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ 182,612 $ 131,930 Placed into service (200,158 ) (59,498 ) Capitalized funds 129,588 116,616 Foreign currency translation adjustments 17,721 (12,871 ) Capitalized interest 4,603 6,435 Ending balance $ 134,366 $ 182,612

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 61,465 $ 67,811 Unguaranteed residual value 37,214 48,826 98,679 116,637 Less: unearned income (58,722 ) (67,041 ) $ 39,957 $ 49,596
Schedule of Future Minimum Lease Payments for Capital Leases	Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2017 were as follows (in thousands): Years Ending December 31, Total 2018 $ 3,292 2019 3,364 2020 3,444 2021 3,512 2022 3,588 Thereafter 44,265 Total $ 61,465
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2017 2016 2017 2016 1 — 1 $ — $ 10,516 2 2 1 14,386 9,154 3 2 2 29,716 29,679 4 2 3 62,355 66,747 5 — — — — 0 $ 106,457 $ 116,096

Intangible Assets and Liabili34

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 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): Total Balance at January 1, 2016 $ 23,389 Foreign currency translation 137 Balance at December 31, 2016 23,526 Foreign currency translation 1,850 Other 708 Balance at December 31, 2017 $ 26,084
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2017 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 $ 274,723 $ (115,515 ) $ 159,208 $ 260,469 $ (83,031 ) $ 177,438 Below-market ground lease 15 – 99 23,000 (1,238 ) 21,762 20,236 (706 ) 19,530 Above-market rent 3 – 30 12,811 (3,642 ) 9,169 11,846 (2,320 ) 9,526 310,534 (120,395 ) 190,139 292,551 (86,057 ) 206,494 Indefinite-Lived Intangible Assets Goodwill 26,084 — 26,084 23,526 — 23,526 Total intangible assets $ 336,618 $ (120,395 ) $ 216,223 $ 316,077 $ (86,057 ) $ 230,020 Finite-Lived Intangible Liabilities Below-market rent 4 – 30 $ (15,476 ) $ 4,573 $ (10,903 ) $ (15,192 ) $ 3,234 $ (11,958 ) Above-market ground lease 81 (110 ) 4 (106 ) (101 ) 3 (98 ) Total intangible liabilities $ (15,586 ) $ 4,577 $ (11,009 ) $ (15,293 ) $ 3,237 $ (12,056 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2017 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2018 $ (135 ) $ 19,239 $ 19,104 2019 (147 ) 18,170 18,023 2020 (226 ) 17,440 17,214 2021 (242 ) 17,274 17,032 2022 (215 ) 16,836 16,621 Thereafter (769 ) 91,905 91,136 $ (1,734 ) $ 180,864 $ 179,130

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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): December 31, 2017 2016 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,275,448 $ 1,301,844 $ 1,157,411 $ 1,177,409 Notes receivable (c) 3 66,500 69,000 66,500 68,450 ___________ (a) Debt, net consists of Non-recourse debt, net and Bonds payable, net. At December 31, 2017 and 2016 , the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.0 million and $7.6 million , respectively. At December 31, 2017 and 2016 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.8 million and $0.9 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse debt and Bonds payable using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate.

Risk Management and Use of De36

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, December 31, 2017 2016 2017 2016 Foreign currency forward contracts Other assets, net $ 2,419 $ 5,502 $ — $ — Interest rate swaps Other assets, net 553 393 — — Foreign currency collars Other assets, net 258 1,284 — — Interest rate caps Other assets, net 1 1 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (3,266 ) (33 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (698 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (366 ) — $ 3,231 $ 7,180 $ (4,330 ) $ (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 (Loss) Gain Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 Foreign currency collars $ (4,535 ) $ 327 $ 939 Foreign currency forward contracts (2,769 ) (897 ) 2,374 Interest rate swaps 619 810 933 Interest rate caps 16 (13 ) (38 ) Derivatives in Net Investment Hedging Relationships (a) Foreign currency collars (179 ) (20 ) 2 Foreign currency forward contracts (39 ) (56 ) 466 Total $ (6,887 ) $ 151 $ 4,676 ___________ (a) The effective portion of the changes in fair value and the settlement of these contracts is reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency forward contracts Other income and (expenses) $ 1,223 $ 1,278 $ 1,137 Interest rate swaps Interest expense (663 ) (879 ) (2,183 ) Foreign currency collars Other income and (expenses) 160 95 8 Interest rate caps Interest expense (56 ) (4 ) (6 ) Total $ 664 $ 490 $ (1,044 )
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of (Loss) Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2017 2016 2015 Foreign currency collars Other income and (expenses) $ (259 ) $ 1 $ 37 Interest rate swaps Interest expense (32 ) — (63 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps (a) Interest expense 26 3 — Foreign currency collars Other income and (expenses) (8 ) 2 — Total $ (273 ) $ 6 $ (26 ) __________ (a) Relates to the ineffective portion of the hedging relationship.
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2017 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2017 (a) Interest rate swaps 8 60,898 USD $ (135 ) Interest rate swap 1 10,266 EUR (10 ) Interest rate caps 3 27,700 USD 1 $ (144 ) ___________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2017 , as applicable. The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2017 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 54 34,580 EUR $ (3,094 ) Foreign currency forward contracts 23 8,902 EUR 1,596 Foreign currency forward contracts 17 26,771 NOK 763 Foreign currency collars 26 54,120 NOK (19 ) Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (366 ) Designated as Net Investment Hedging Instruments Foreign currency collars 4 24,740 NOK 105 Foreign currency forward contracts 2 4,504 NOK 60 $ (955 )

Non-Recourse Mortgages and Bo37

Non-Recourse Mortgages and Bonds Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments as of December 31, 2017 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2018 $ 28,930 2019 17,456 2020 128,013 2021 173,950 2022 196,591 Thereafter through 2039 737,768 Total principal payments 1,282,708 Unamortized deferred financing costs (8,323 ) Unamortized premium, net 1,063 Total $ 1,275,448

Net Income (Loss) Per Share a38

Net Income (Loss) Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Basic and Diluted Income Loss Per Share	The following table presents net income (loss) per share (in thousands, except share and per share amounts): Year Ended December 31, 2017 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Per Share Class A common stock 109,942,186 $ 21,032 $ 0.19 Class C common stock 31,138,787 5,501 0.18 Net income attributable to CPA:18 – Global $ 26,533 Year Ended December 31, 2016 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 105,691,583 $ (23,065 ) $ (0.22 ) Class C common stock 30,091,602 (7,019 ) (0.23 ) Net loss attributable to CPA:18 – Global $ (30,084 ) Year Ended December 31, 2015 Basic and Diluted Weighted-Average Allocation of Loss Basic and Diluted Loss Class A common stock 101,884,473 $ (45,524 ) $ (0.45 ) Class C common stock 27,580,451 (12,208 ) (0.44 ) Net loss attributable to CPA:18 – Global $ (57,732 )
Schedule Of Distributions Paid Per Share For Tax	The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2017 , 2016 , and 2015 , reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2017 2016 2015 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.2181 $ 0.1927 $ 0.1339 $ 0.1171 $ 0.1889 $ 0.1612 Return of capital 0.3254 0.2875 0.4913 0.4296 0.3836 0.3273 Capital gain 0.0817 0.0722 — — 0.0525 0.0448 Total distributions paid $ 0.6252 $ 0.5524 $ 0.6252 $ 0.5467 $ 0.6250 $ 0.5333
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2015 $ 1,152 $ (22,093 ) $ (20,941 ) Other comprehensive loss before reclassifications 3,164 (40,662 ) (37,498 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 2,189 — 2,189 Other income and (expenses) (1,145 ) — (1,145 ) Net current-period Other comprehensive loss 4,208 (40,662 ) (36,454 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 7,079 7,079 Balance at December 31, 2015 5,360 (55,676 ) (50,316 ) Other comprehensive loss before reclassifications 717 (12,254 ) (11,537 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 883 — 883 Other income and (expenses) (1,373 ) — (1,373 ) Net current-period Other comprehensive loss 227 (12,254 ) (12,027 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 639 639 Balance at December 31, 2016 5,587 (67,291 ) (61,704 ) Other comprehensive income before reclassifications (6,005 ) 39,925 33,920 Amounts reclassified from accumulated other comprehensive income to: Interest expense 719 — 719 Other income and (expenses) (1,383 ) — (1,383 ) Net current-period Other comprehensive income (6,669 ) 39,925 33,256 Net current-period Other comprehensive income attributable to noncontrolling interests — (4,764 ) (4,764 ) Balance at December 31, 2017 $ (1,082 ) $ (32,130 ) $ (33,212 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2017 2016 2015 Federal Current $ 234 $ 276 $ 98 Deferred 20 (34 ) — 254 242 98 State and Local Current 355 134 87 355 134 87 Foreign Current 1,535 1,024 565 Deferred (3,650 ) (1,394 ) (847 ) (2,115 ) (370 ) (282 ) Total (Benefit) Provision $ (1,506 ) $ 6 $ (97 )
Rollforward of Uncertain Tax Positions	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2017 2016 Beginning balance $ 242 $ — Addition based on tax positions related to prior periods 207 — Addition based on tax positions related to the current period — 242 Ending balance $ 449 $ 242

Property Disposition (Tables)

Property Disposition (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The results of operations for properties that have been sold or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2017 2016 2015 Revenues $ 2,285 $ 737 $ 1,771 Operating expenses (1,519 ) (1,067 ) (26 ) Other income and (expenses) 8 937 (612 ) Benefit from (provision for) income taxes 25 (17 ) — Loss on extinguishment of debt — — (1,142 ) Gain (loss) on sale of real estate, net of tax 14,209 (63 ) 6,659 Income from properties sold or classified as held for sale, net of income taxes (a) $ 15,008 $ 527 $ 6,650 __________ (a) For the years ended December 31, 2017 and 2016 , amounts included net income attributable to noncontrolling interests of $0.7 million and net loss attributable to noncontrolling interests of $0.1 million , respectively.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	(a) In April 2016, the Croatian government passed a special law assisting the restructuring of companies considered of systematic significance in Croatia. This law directly impacts our Agrokor tenant, which is currently experiencing financial distress and received a credit downgrade from both Standard & Poor’s and Moody’s. As a result of the financial difficulties and the uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $2.9 million for the year ended December 31, 2017 . (b) As a result of financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $1.2 million for the year ended December 31, 2017 . (c) Includes acquisition expenses incurred in connection with self-storage transactions. We expensed acquisition-related costs and fees totaling $4.9 million and $14.2 million for the years ended December 31, 2016 and 2015 , respectively. We adopted ASU 2017-01 as of January 1, 2017 ( Note 2 ), and no acquisitions were deemed business combinations for the year ended December 31, 2017 . (d) Includes Equity in losses of equity method investment in real estate. (e) Includes acquisition expenses incurred in connection with our Notes receivable transactions in the All Other category. We expensed acquisition-related costs and fees totaling $2.0 million for the year ended December 31, 2016 . There were no acquisition expenses incurred for the years ended December 31, 2017 and 2015 related to Notes receivable transactions ( Note 5 ). (f) Included in unallocated corporate overhead are asset management fees and general and administrative expenses. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2017 2016 2015 Net Lease Revenues $ 118,476 $ 109,332 $ 91,173 Operating expenses (a) (b) (70,867 ) (60,168 ) (70,352 ) Interest expense (30,877 ) (27,723 ) (26,367 ) Other income and (expenses), excluding interest expense 1,575 1,233 (2,022 ) Benefit from income taxes 2,635 811 300 (Loss) gain on sale of real estate, net of tax — (63 ) 6,659 Net income attributable to noncontrolling interests (1,072 ) (2,765 ) (2,231 ) Net income (loss) attributable to CPA:18 – Global $ 19,870 $ 20,657 $ (2,840 ) Self Storage Revenues $ 55,075 $ 48,794 $ 25,570 Operating expenses (c) (44,357 ) (57,807 ) (43,459 ) Interest expense (12,357 ) (11,013 ) (5,232 ) Other income and (expenses), excluding interest expense (d) (1,125 ) (231 ) (94 ) Provision for income taxes (114 ) (215 ) (59 ) Net loss attributable to CPA:18 – Global $ (2,878 ) $ (20,472 ) $ (23,274 ) Multi-Family Revenues $ 24,915 $ 22,609 $ 16,369 Operating expenses (17,666 ) (17,103 ) (23,728 ) Interest expense (4,727 ) (3,537 ) (3,779 ) Other income and (expenses), excluding interest expense (22 ) 6 1 Provision for income taxes (132 ) (164 ) (88 ) Gain on sale of real estate, net of tax 14,209 — — Net (income) loss attributable to noncontrolling interests (3,562 ) 52 142 Net income (loss) attributable to CPA:18 – Global $ 13,015 $ 1,863 $ (11,083 ) All Other Revenues $ 7,168 $ 3,588 $ 2,831 Operating expenses (e) (12 ) (2,010 ) — Net income attributable to CPA:18 – Global $ 7,156 $ 1,578 $ 2,831 Corporate Unallocated Corporate Overhead (f) $ (1,980 ) $ (26,124 ) $ (17,049 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (8,650 ) $ (7,586 ) $ (6,317 ) Total Company Revenues $ 205,634 $ 184,323 $ 135,943 Operating expenses (151,636 ) (154,047 ) (151,147 ) Interest expense (48,994 ) (43,132 ) (35,170 ) Other income and (expenses), excluding interest expense 19,098 (6,860 ) (5,708 ) Benefit from (provision for) income taxes 1,506 (6 ) 97 Gain (loss) on sale of real estate, net of tax 14,209 (63 ) 6,659 Net income attributable to noncontrolling interests (13,284 ) (10,299 ) (8,406 ) Net income (loss) attributable to CPA:18 – Global $ 26,533 $ (30,084 ) $ (57,732 )
Reconciliation of Assets from Segment to Consolidated	(g) On January 31, 2017, construction commenced on one of our previously acquired build-to-suit investments located in Cardiff, United Kingdom. Upon commencement of construction, the net investment was reclassified to Real estate under construction from Net investments in direct financing leases ( Note 4 ). As the build-to-suit is intended to be a student-housing development, we reclassified the net investment to Multi-Family from Net Lease during 2017. Total Assets at December 31, 2017 2016 Net Lease (g) $ 1,572,437 $ 1,453,148 Self Storage 398,944 410,781 Multi-Family (g) 256,875 230,509 All Other 66,929 66,936 Corporate 35,812 48,072 Total Company $ 2,330,997 $ 2,209,446
Schedule of Segment Reporting Information	Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2017 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,166 $ 29,263 $ 81,830 $ 136,259 $ 17,600 $ 51,775 $ 69,375 $ 205,634 Operating expenses (16,984 ) (19,793 ) (69,008 ) (105,785 ) (10,749 ) (35,102 ) (45,851 ) (151,636 ) Interest expense (7,899 ) (7,590 ) (21,079 ) (36,568 ) (6,749 ) (5,677 ) (12,426 ) (48,994 ) Other income and (expenses), excluding interest expense (b) (100 ) (100 ) 12,401 12,201 (3,002 ) 9,899 6,897 19,098 Benefit from income taxes (80 ) (112 ) (418 ) (610 ) 1,645 471 2,116 1,506 Gain on sale of real estate, net of tax — — — — — 14,209 14,209 14,209 Net income attributable to noncontrolling interests (824 ) — (8,655 ) (9,479 ) 614 (4,419 ) (3,805 ) (13,284 ) Net income attributable to CPA:18 – Global (721 ) 1,668 (4,929 ) (3,982 ) (641 ) 31,156 30,515 26,533 Long-lived assets (c) 240,918 199,511 599,646 1,040,075 223,702 798,674 1,022,376 2,062,451 Equity investment in real estate — — — — — 20,919 20,919 20,919 Non-recourse debt and bonds payable 174,339 163,026 441,960 779,325 146,016 350,107 496,123 1,275,448 As of and for the Year Ended December 31, 2016 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,147 $ 27,090 $ 72,287 $ 124,524 $ 17,245 $ 42,554 $ 59,799 $ 184,323 Operating expenses (19,254 ) (25,237 ) (73,203 ) (117,694 ) (9,123 ) (27,230 ) (36,353 ) (154,047 ) Interest expense (7,806 ) (6,820 ) (19,283 ) (33,909 ) (7,363 ) (1,860 ) (9,223 ) (43,132 ) Other income and (expenses), excluding interest expense (b) — — 4,094 4,094 (3,607 ) (7,347 ) (10,954 ) (6,860 ) Provision for income taxes (75 ) (110 ) (192 ) (377 ) 1,143 (772 ) 371 (6 ) Loss on sale of real estate, net of tax — — — — — (63 ) (63 ) (63 ) Net income attributable to noncontrolling interests (786 ) — (7,611 ) (8,397 ) (817 ) (1,085 ) (1,902 ) (10,299 ) Net loss attributable to CPA:18 – Global (2,774 ) (5,077 ) (23,908 ) (31,759 ) (2,522 ) 4,197 1,675 (30,084 ) Long-lived assets (c) 250,827 206,540 617,960 1,075,327 219,336 658,490 877,826 1,953,153 Equity investment in real estate — — — — — 14,694 14,694 14,694 Non-recourse debt and bonds payable 174,421 150,815 430,477 755,713 138,253 263,445 401,698 1,157,411 For the Year Ended December 31, 2015 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 17,983 $ 17,039 $ 50,624 $ 85,646 $ 13,911 $ 36,386 $ 50,297 $ 135,943 Operating expenses (18,085 ) (23,565 ) (67,149 ) (108,799 ) (13,913 ) (28,435 ) (42,348 ) (151,147 ) Interest expense (5,611 ) (3,994 ) (14,009 ) (23,614 ) (5,980 ) (5,576 ) (11,556 ) (35,170 ) Other income and (expenses), excluding interest expense (b) — — 5,726 5,726 (2,778 ) (8,656 ) (11,434 ) (5,708 ) Benefit from income taxes 14 (36 ) (162 ) (184 ) 1,704 (1,423 ) 281 97 Gain on sale of real estate, net of tax — — 6,659 6,659 — — — 6,659 Net income attributable to noncontrolling interests (852 ) — (6,175 ) (7,027 ) (399 ) (980 ) (1,379 ) (8,406 ) Net loss attributable to CPA:18 – Global (6,551 ) (10,556 ) (24,486 ) (41,593 ) (7,455 ) (8,684 ) (16,139 ) (57,732 ) ___________ (a) All years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. (b) Includes Equity in losses of equity method investment in real estate. (c) Consists of Net investments in real estate. In 2017, we reclassified certain line items in our consolidated balance sheets. As a result, Net investments in real estate as of December 31, 2016 has been revised to conform to the current period presentation ( Note 2 ).

Selected Quarterly Financial 42

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 48,480 $ 50,973 $ 53,201 $ 52,980 Expenses 36,976 39,130 37,103 38,427 Net income (a) 2,545 8,134 12,115 17,023 Net income attributable to noncontrolling interests (1,925 ) (2,350 ) (2,294 ) (6,715 ) Net income attributable to CPA:18 – Global 620 5,784 9,821 10,308 Class A Common Stock Basic and diluted income per share (b) $ 0.01 $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 108,457,137 109,553,769 110,507,579 111,233,869 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted income per share (b) $ — $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 30,764,145 31,030,596 31,322,341 31,428,744 Distributions declared per share $ 0.1380 $ 0.1382 $ 0.1384 $ 0.1380 Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 43,798 $ 45,715 $ 47,284 $ 47,526 Expenses 37,483 40,030 38,093 38,441 Net loss (456 ) (7,454 ) (1,850 ) (10,025 ) Net income attributable to noncontrolling interests (1,741 ) (2,758 ) (2,231 ) (3,569 ) Net loss attributable to CPA:18 – Global (2,197 ) (10,212 ) (4,081 ) (13,594 ) Class A Common Stock Basic and diluted loss per share (b) $ (0.02 ) $ (0.07 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 103,972,011 105,182,645 106,279,055 107,307,860 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted loss per share (b) $ (0.02 ) $ (0.08 ) $ (0.03 ) $ (0.10 ) Basic and diluted weighted-average shares outstanding 29,757,726 29,928,571 30,205,326 30,469,385 Distributions declared per share $ 0.1337 $ 0.1376 $ 0.1376 $ 0.1378 __________ (a) Amount for the three months ended December 31, 2017 includes a gain on sale of $14.2 million recognized on the disposition of the student-housing property located in Reading, United Kingdom ( Note 13 ). (b) The sum of the quarterly Income (loss) per share does not agree to the annual Income (loss) per share for 2017 and 2016 due to the issuances of our common stock that occurred during such periods.

Organization - Narratives (Deta

Organization - Narratives (Details) $ in Thousands, ft² in Millions	12 Months Ended			39 Months Ended	72 Months Ended
	Dec. 31, 2017USD ($)ft²segmentpropertytenant	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Apr. 02, 2015USD ($)	Dec. 31, 2017USD ($)ft²propertytenant
Additional Disclosures
Capital interest ownership in operating partnership	99.97%				99.97%
Number of properties | property	59				59
Number of tenants | tenant	98				98
Area of real estate property | ft²	10.2				10.2
Number of reportable segments | segment	3
Public Offering
Proceeds from issuance of shares, net of issuance costs | $	$ 42,329	$ 41,070	$ 133,974	$ 1,200,000
Class A
Public Offering
Distributions reinvested through the DRIP | $					$ 116,800
Class C
Public Offering
Distributions reinvested through the DRIP | $					$ 31,800
Operating Real Estate
Additional Disclosures
Area of real estate property | ft²	6.7				6.7
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties | property	69				69
Operating Real Estate | Multi-Family
Additional Disclosures
Number of properties | property	10				10

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)vie	Dec. 31, 2016USD ($)vie	Dec. 31, 2015USD ($)	May 31, 2017
Variable Interest Entity
Variable interest entity count | vie	12	13
Consolidated variable interest entities, count | vie	11	12
Number of unconsolidated VIE's | vie	1	1
Equity investment in real estate	$ 20,919	$ 14,694
Benefit from income taxes	$ 1,506	(6)	$ 97
Preferred return	5.00%
Real estate tax expense	$ 8,100	7,100	6,200
Loss on foreign currency transactions and other	$ 2,600	500	$ 100
Building and building improvements | Maximum
Variable Interest Entity
Property plant and equipment (useful life)	40 years
Furniture and fixtures | Maximum
Variable Interest Entity
Property plant and equipment (useful life)	7 years
Adjustment
Variable Interest Entity
Benefit from income taxes	$ 800
Real Estate | Office Building in Eindhoven, the Netherlands
Variable Interest Entity
Ownership interest				100.00%
Equity method investment
Variable Interest Entity
Equity investment in real estate	$ 20,900	$ 14,700

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Real estate — Land, buildings and improvements	$ 1,263,172	$ 990,810
Operating real estate — Land, buildings and improvements	566,489	606,558
Real estate under construction	134,366	182,612	$ 131,930
Net investments in direct financing leases	39,957	49,596
In-place lease intangible assets	274,723	260,469
Other intangible assets	35,811	32,082
Accumulated depreciation and amortization	(252,067)	(168,974)
Cash and cash equivalents	71,068	72,028	$ 117,453	$ 429,548
Other assets, net	83,975	79,545
Total assets	2,330,997	2,209,446
Liabilities
Non-recourse mortgages, net	1,129,432	1,019,158
Bonds payable, net	146,016	138,253
Deferred income taxes	63,980	42,419
Accounts payable, accrued expenses and other liabilities	84,051	69,006
Total liabilities	1,458,932	1,343,542
VIE
Assets
Real estate — Land, buildings and improvements	373,954	371,385
Operating real estate — Land, buildings and improvements	0	43,948
Real estate under construction	107,732	162,371
Net investments in direct financing leases	0	10,516
In-place lease intangible assets	88,617	81,798
Other intangible assets	18,040	22,376
Accumulated depreciation and amortization	(54,592)	(37,412)
Cash and cash equivalents	5,030	15,260
Other assets, net	33,219	41,975
Total assets	572,000	712,217
Liabilities
Non-recourse mortgages, net	218,267	235,425
Bonds payable, net	60,577	57,615
Deferred income taxes	23,509	30,946
Accounts payable, accrued expenses and other liabilities	23,349	20,437
Total liabilities	$ 325,702	$ 344,423

Agreements and Transactions w46

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	Feb. 23, 2017	Oct. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018	May 15, 2017	Jul. 31, 2016
Due to Related Party
Payment of shareholder servicing fees			$ 2,200,000	$ 2,400,000	$ 2,200,000
Shareholder servicing fee liability			$ 0	7,422,000
Underwriting compensation limit			10.00%
Aggregate gross proceeds from offering threshold (percentage)			1.50%
Organizational costs incurred			$ 8,700,000
Maximum line of credit approved by directors								$ 50,000,000
Loan from WPC, including accrued interest			0	27,580,000
Repayment of notes payable to affiliate			38,696,000	0	0
Cumulative selling and dealer manager fees			$ 107,900,000	107,900,000	$ 107,900,000
Preferred return			5.00%
Due from advisor				$ 200,000
Reimbursement due from advisor			$ 700,000
Personnel and overhead reimbursement, percentage			2.00%	2.20%
Legal fee reimbursement rate			0.25%
Forecasted
Due to Related Party
Personnel and overhead reimbursement, percentage						1.00%
Current
Due to Related Party
Percentage of acquisition fees			2.50%
Deferred
Due to Related Party
Percentage of acquisition fees			2.00%
Interest rate on deferred acquisition fee			2.00%	2.00%
Accounts payable, accrued expenses and other liabilities
Due to Related Party
Shareholder servicing fee liability			$ 5,700,000
Class A common stock
Due to Related Party
Common stock initial public offering par or stated value per share (usd per share)					$ 10
Number of shares held by advisor			111,193,651	107,460,081
Selling commission per share sold (usd per share)			$ 0.70
Dealer manager fee per share sold (usd per share)			$ 0.30
Class C common stock
Due to Related Party
Number of shares held by advisor			31,189,137	30,469,144
Selling commission per share sold (usd per share)			$ 0.14
Dealer manager fee per share sold (usd per share)			$ 0.21
Shareholder servicing fee			1.00%
Minimum
Due to Related Party
Equity method investments, ownership percentage			50.00%
Maximum
Due to Related Party
Percentage of acquisition fees			6.00%	6.00%
Equity method investments, ownership percentage			97.00%
Average market value of investment | Minimum
Due to Related Party
Percentage of asset management fees			0.50%
Average equity value of investment | Maximum
Due to Related Party
Percentage of asset management fees			1.50%
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%
W.P. Carey
Due to Related Party
Loan from WPC, including accrued interest		$ 27,500,000	$ 0				$ 11,200,000
Repayment of notes payable to affiliate			$ 39,200,000
W.P. Carey | LIBOR
Due to Related Party
Debt instrument variable rate spread	1.00%	1.10%
Advisor | Class A common stock
Due to Related Party
Number of shares held by advisor			3,616,657
Advisor owned percentage of common stock			2.50%

Agreements and Transactions w47

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amounts Included in the Consolidated Statements of Operations
Available Cash Distributions	$ 8,650	$ 7,586	$ 6,317
Personnel and overhead reimbursements	3,170	3,064	3,252
Interest expense on deferred acquisition fees, interfund loan, and accretion of interest on annual distribution and shareholder servicing fee	1,034	898	1,141
Director compensation	310	310	310
Acquisition expenses	64	6,789	42,216
Annual distribution and shareholder servicing fee	0	0	(860)
Operating expenses	24,457	27,442	50,023
Acquisition Fees Capitalized
Current acquisition fees	3,757	3,310	10,143
Deferred acquisition fees	3,006	2,648	8,120
Capitalized personnel and overhead reimbursements	640	263	1,415
Transaction fees incurred	7,403	6,221	19,678
Related Party
Amounts Included in the Consolidated Statements of Operations
Asset management fees	11,293	10,126	7,587
Acquisition expenses	$ 0	$ 5,458	$ 32,276

Agreements and Transactions w48

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Due to Affiliates
Deferred acquisition fees, including accrued interest	$ 6,693	$ 15,305
Accounts payable and other	6,102	2,454
Asset management fees payable	972	866
Loan from WPC, including accrued interest	0	27,580
Shareholder servicing fee liability	0	7,422
Current acquisition fees	0	84
Due to affiliate	$ 13,767	$ 53,711

Real Estate, Operating Real E49

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Narratives (Details) $ in Thousands	Dec. 20, 2017USD ($)	Nov. 24, 2017USD ($)	Oct. 17, 2017USD ($)	May 17, 2017USD ($)	Mar. 14, 2017USD ($)	Jan. 26, 2017USD ($)	Nov. 30, 2016USD ($)property	Jul. 01, 2016USD ($)property	May 02, 2016USD ($)	Apr. 11, 2016USD ($)property	Feb. 19, 2016USD ($)	Feb. 17, 2016USD ($)	Jan. 14, 2016USD ($)	Dec. 31, 2017USD ($)property$ / €	Dec. 31, 2016USD ($)property$ / €	Dec. 31, 2015USD ($)
Acqusition
Effect of exchange rate fluctuation														$ 39,925	$ (12,254)	$ (40,662)
Acquisition expenses														64	6,789	42,216
Deferred tax liability, net														63,980	42,419
Real estate under construction														134,366	182,612	131,930
Net investments in direct financing leases														39,957	49,596
Capitalized funds														129,588	116,616
Non-recourse mortgages, net														1,129,432	1,019,158
Construction loan														78,100	110,100
Capitalized interest														$ 4,603	$ 6,435
Number of properties placed into service | property														2	2
Placed into service														$ 200,158	$ 59,498
Number of properties | property														59
Loss on equity method investment														$ 871	204	94
Equity investment in real estate														20,919	14,694
Asset retirement obligation														2,900	2,700
Noncash
Acqusition
Accrued development cost														3,700	12,900
Initial Funding
Acqusition
Capitalized funds															6,500
Adjustment
Acqusition
Real estate under construction														10,700
Net investments in direct financing leases														(10,700)
Self Storage
Acqusition
Investment purchase price															46,183
Land in Vaughan, Canada | Equity method investment
Acqusition
Investment purchase price						$ 5,100			$ 2,000
Placed into service								$ 2,900
Number of properties | property								1
Loss on equity method investment															100
Self Storage in Canada Two | Equity method investment
Acqusition
Placed into service														10,100
Real Estate
Acqusition
Effect of exchange rate fluctuation														67,400
Depreciation														28,300	25,700	21,800
Placed into service														197,200	44,700
Real Estate | Hotel in Munich, Germany
Acqusition
Ownership interest in jointly-owned investment	95.00%
Investment purchase price	$ 9,600
Capitalized funds																67,200
Real Estate | Warehouse in Iowa City, Iowa
Acqusition
Ownership interest in jointly-owned investment					90.00%
Investment purchase price					$ 8,200
Finite-lived intangible assets acquired					1,600
Capitalized acquisition costs					$ 400
Real Estate | Warehouse in Iowa City, Iowa | Third Party
Acqusition
Ownership interest in jointly-owned investment					10.00%
Investment purchase price					$ 800
Real Estate | Office facility in Eindhoven, Netherlands
Acqusition
Investment purchase price				$ 18,700
Deferred tax liability, net				$ 10,400
Operating Real Estate
Acqusition
Effect of exchange rate fluctuation														3,200
Depreciation														17,400	16,200	$ 9,800
Decrease in real estate														43,900
Placed into service														$ 2,900	14,800
Operating Real Estate | Self Storage
Acqusition
Investment purchase price															$ 46,200
Number of properties acquired | property															5
Acquisition expenses															$ 4,900
Number of properties | property														69
Operating Real Estate | Facility in Chicago,IL
Acqusition
Investment purchase price							$ 3,200
Number of properties acquired | property							1
Operating Real Estate | Various Self-Storage Facilities in Delaware, Massachusetts, and Washington D.C.
Acqusition
Investment purchase price										$ 20,300
Number of properties acquired | property										5
Operating Real Estate | Various Self-Storage Facilities in Delaware, Massachusetts, and Washington D.C. | DELAWARE
Acqusition
Number of properties acquired | property										3
Operating Real Estate | Various Self-Storage Facilities in Delaware, Massachusetts, and Washington D.C. | MASSACHUSETTS
Acqusition
Number of properties acquired | property										1
Operating Real Estate | Various Self-Storage Facilities in Delaware, Massachusetts, and Washington D.C. | DISTRICT OF COLUMBIA
Acqusition
Number of properties acquired | property										1
Operating Real Estate | Self Storage Facility in Gilroy, CA
Acqusition
Investment purchase price												$ 11,000
Operating Real Estate | Self Storage Facility in Avondale, LA
Acqusition
Investment purchase price													$ 5,600
Operating Real Estate | Self Storage Facility in Kissimmee, FL
Acqusition
Investment purchase price													$ 6,100
Build To Suit Projects
Acqusition
Number of construction projects during period | property														6	7
Unfunded commitment														$ 178,300	$ 133,500
Build To Suit Projects | Equity method investment
Acqusition
Unfunded commitment														26,200	19,300
Build To Suit Projects | University in Accra, Ghana
Acqusition
Investment purchase price											$ 6,500
Capitalized acquisition costs											2,600
Deferred tax liability, net														3,700
Capitalized funds														32,500
Accrued development cost														900
Non-recourse mortgages, net											$ 41,000				41,000
Contractual obligation														65,700
Build To Suit Projects | University in Accra, Ghana | Initial Funding
Acqusition
Investment purchase price														51,500
Build To Suit Projects | University in Accra, Ghana | US Treasury Notes Securities
Acqusition
Debt instrument variable rate spread											3.00%
Build To Suit Projects | Student Housing in Malaga, Spain
Acqusition
Investment purchase price			$ 7,300
Anticipated investment cost														44,000
Build To Suit Projects | Student Housing in Swansea, United Kingdom
Acqusition
Ownership interest in jointly-owned investment		97.00%
Investment purchase price		$ 7,300
Capitalized acquisition costs		$ 3,100
Anticipated investment cost														50,600
Equity method investment
Acqusition
Equity investment in real estate														20,900	14,700
Equity method investment, non-recourse debt														$ 21,500	13,800
Equity method investment | Self Storage
Acqusition
Number of properties | property														4
Equity method investments, ownership percentage														90.00%
Equity method investment, counterparty ownership percentage														10.00%
Equity method investment | Land in Vaughan, Canada
Acqusition
Placed into service														$ 9,300
Number of properties | property														2
Loss on equity method investment														$ 400	$ 300
Euro
Acqusition
Increase in foreign currency exchange rate														13.80%
Foreign currency exchange rate | $ / €														1.1993	1.0541

Real Estate, Operating Real E50

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Net investments in real estate	$ 2,062,451	$ 1,953,153
Real Estate
Investments in real estate:
Land	202,500	173,184
Buildings and improvements	1,060,672	817,626
Less: Accumulated depreciation	(87,886)	(55,980)
Net investments in real estate	1,175,286	934,830
Operating Real Estate
Investments in real estate:
Land	98,429	105,631
Buildings and improvements	468,060	500,927
Less: Accumulated depreciation	(43,786)	(26,937)
Net investments in real estate	$ 522,703	$ 579,621

Real Estate, Operating Real E51

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2017USD ($)
Sheduled Future Minimum Rents
2,018	$ 106,028
2,019	107,024
2,020	106,401
2,021	106,107
2,022	106,032
Thereafter	707,350
Total	$ 1,238,942

Real Estate, Operating Real E52

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Summary of Assets Acquired and Liabilities Assumed (Details) - Self Storage $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Acquisition consideration
Cash consideration	$ 46,183
Assets acquired at fair value:
Land	12,369
Buildings	53,343
In-place lease intangible assets	8,520
Other assets acquired	451
Total assets acquired in business combination	74,683
Liabilities assumed at fair value:
Mortgages assumed	(27,925)
Other liabilities assumed	(575)
Total liabilities acquired in business combination	(28,500)
Total identifiable net assets	$ 46,183

Real Estate, Operating Real E53

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Income From Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from acquired properties
Revenues	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 205,634	$ 184,323	$ 135,943
Net Income (Loss)	17,023	12,115	8,134	2,545	(10,025)	(1,850)	(7,454)	(456)	39,817	(19,785)	(49,326)
Net Income (Loss) Attributable to CPA:18 – Global	$ 10,308	$ 9,821	$ 5,784	$ 620	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	$ 26,533	(30,084)	$ (57,732)
Self Storage
Revenues from acquired properties
Revenues										5,810
Net Income (Loss)										(7,122)
Net Income (Loss) Attributable to CPA:18 – Global										$ (7,122)

Real Estate, Operating Real E54

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate Under Construction
Beginning balance	$ 182,612	$ 131,930
Placed into service	(200,158)	(59,498)
Capitalized funds	129,588	116,616
Foreign currency translation adjustments	17,721	(12,871)
Capitalized interest	4,603	6,435
Ending balance	$ 134,366	$ 182,612

Finance Receivables - Narrative

Finance Receivables - Narratives (Details)	Feb. 23, 2017	Nov. 01, 2016USD ($)property	Oct. 31, 2016USD ($)	Jul. 21, 2014USD ($)	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May 15, 2017USD ($)
Finance Receivables
Notes receivable					$ 66,500,000	$ 66,500,000
Number of properties | property					59
Loan from WPC, including accrued interest					$ 0	27,580,000
Acquisition and other expenses					64,000	6,789,000	$ 42,216,000
Real estate under construction					134,366,000	182,612,000	$ 131,930,000
Net investments in direct financing leases					39,957,000	49,596,000
W.P. Carey
Finance Receivables
Loan from WPC, including accrued interest			$ 27,500,000		0			$ 11,200,000
LIBOR | W.P. Carey
Finance Receivables
Debt instrument variable rate spread	1.00%		1.10%
Property Leased to Mills Fleet Farm Group LLC
Finance Receivables
Notes receivable		$ 38,500,000			38,500,000	38,500,000
Number of properties | property		27
Carrying of mortgage real estate		$ 280,000,000
Acquisition and other expenses		$ 2,000,000
Property Leased to Mills Fleet Farm Group LLC | LIBOR
Finance Receivables
Debt instrument variable rate spread		10.00%
Adjustment
Finance Receivables
Real estate under construction					10,700,000
Net investments in direct financing leases					(10,700,000)
Cipriani
Finance Receivables
Notes receivable				$ 28,000,000	$ 28,000,000	$ 28,000,000
Accounts receivable, term				10 years
Senior note				$ 60,000,000
Interest rate on note receivable				10.00%

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Net Investments in Direct Financing Leases
Minimum lease payments receivable	$ 61,465	$ 67,811
Unguaranteed residual value	37,214	48,826
Gross investments in direct financing leases	98,679	116,637
Less: unearned income	(58,722)	(67,041)
Net investments in direct financing leases	$ 39,957	$ 49,596

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2017USD ($)
Scheduled Future Minimum Rents
2,018	$ 3,292
2,019	3,364
2,020	3,444
2,021	3,512
2,022	3,588
Thereafter	44,265
Total	$ 61,465

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2017USD ($)tenant	Dec. 31, 2016USD ($)tenant
Credit Quality Of Finance Receivables
Carrying value	$ 106,457	$ 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	2	1
Carrying value	$ 14,386	$ 9,154
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying value	$ 29,716	$ 29,679
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	3
Carrying value	$ 62,355	$ 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 Liabili59

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	Mar. 14, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets and Liabilities
Net amortization of intangibles		$ 29.3	$ 40.2	$ 33.4
In-place lease
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible asset, useful life		14 years 5 months
Real Estate | Warehouse in Iowa City, Iowa
Acquired Finite-Lived Intangible Assets and Liabilities
Finite-lived intangible assets acquired	$ 1.6

Intangible Assets and Liabili60

Intangible Assets and Liabilities - Net Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill
Goodwill - beginning balance	$ 23,526	$ 23,389
Foreign currency translation	1,850	137
Other	708
Goodwill - ending balance	$ 26,084	$ 23,526

Intangible Assets and Liabili61

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 310,534	$ 292,551
Less: accumulated amortization	(120,395)	(86,057)
Finite-lived intangible assets, net	190,139	206,494
Indefinite-Lived Intangible Assets
Goodwill	26,084	23,526	$ 23,389
Total intangible assets, gross	336,618	316,077
Total intangible assets, net	216,223	230,020
Finite-Lived Intangible Liabilities
Finite-Lived Intangible Liabilities, Gross	(15,586)	(15,293)
Finite Lived Intangible Liabilities Accumulated Amortization	4,577	3,237
Finite Lived Intangible Liabilities Net	$ (11,009)	(12,056)
Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	1 year
Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Below-market rent
Finite-Lived Intangible Liabilities
Finite-Lived Intangible Liabilities, Gross	$ (15,476)	(15,192)
Finite Lived Intangible Liabilities Accumulated Amortization	4,573	3,234
Finite Lived Intangible Liabilities Net	$ (10,903)	(11,958)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	4 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Above-market ground lease
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	81 years
Finite-Lived Intangible Liabilities
Finite-Lived Intangible Liabilities, Gross	$ (110)	(101)
Finite Lived Intangible Liabilities Accumulated Amortization	4	3
Finite Lived Intangible Liabilities Net	$ (106)	(98)
In-place lease
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	14 years 5 months
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 274,723	260,469
Less: accumulated amortization	(115,515)	(83,031)
Finite-lived intangible assets, net	$ 159,208	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
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 23,000	20,236
Less: accumulated amortization	(1,238)	(706)
Finite-lived intangible assets, net	$ 21,762	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
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 12,811	11,846
Less: accumulated amortization	(3,642)	(2,320)
Finite-lived intangible assets, net	$ 9,169	$ 9,526
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	3 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years

Intangible Assets and Liabili62

Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2017USD ($)
Scheduled Annual Net Amortization of Intangibles
2,018	$ 19,104
2,019	18,023
2,020	17,214
2,021	17,032
2,022	16,621
Thereafter	91,136
Total	179,130
Net Increase in Rental Income
Scheduled Annual Net Amortization of Intangibles
2,018	(135)
2,019	(147)
2,020	(226)
2,021	(242)
2,022	(215)
Thereafter	(769)
Total	(1,734)
Increase to Amortization/Property Expenses
Scheduled Annual Net Amortization of Intangibles
2,018	19,239
2,019	18,170
2,020	17,440
2,021	17,274
2,022	16,836
Thereafter	91,905
Total	$ 180,864

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value
Rent guarantees, fair value	$ 700	$ 500
Mark-to market adjustment	1,200	1,100
Debt issuance costs	8,323
Non Recourse Debt
Fair Value
Debt issuance costs	7,000	7,600
Bonds
Fair Value
Debt issuance costs	$ 800	$ 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	Dec. 31, 2017	Dec. 31, 2016
Carrying Value
Liabilities
Debt, net	$ 1,275,448	$ 1,157,411
Notes receivable	66,500	66,500
Fair Value
Liabilities
Debt, net	1,301,844	1,177,409
Notes receivable	$ 69,000	$ 68,450

Risk Management and Use of De65

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative
Cash collateral obligation	$ 0	$ 0
Derivative, remaining maturity	74 months
Collateral received	$ 0
Total credit exposure	1,700,000
Derivative in net liability position	4,400,000	1,200,000
Termination value of assets	4,500,000	$ 1,300,000
Interest expense
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	400,000
Other income
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	500,000
Individual Counterparty
Derivative
Total credit exposure	$ 1,100,000

Risk Management and Use of De66

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value
Derivative asset fair value	$ 3,231	$ 7,180
Derivative liability, fair value	(4,330)	(1,184)
Designated as Hedging Instrument | Foreign currency forward contracts | Other assets
Derivatives, Fair Value
Derivative asset fair value	2,419	5,502
Designated as Hedging Instrument | Interest rate swaps | Other assets
Derivatives, Fair Value
Derivative asset fair value	553	393
Designated as Hedging Instrument | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(698)	(1,151)
Designated as Hedging Instrument | Foreign currency collars | Other assets
Derivatives, Fair Value
Derivative asset fair value	258	1,284
Designated as Hedging Instrument | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(3,266)	(33)
Designated as Hedging Instrument | Interest rate caps | Other assets
Derivatives, Fair Value
Derivative asset fair value	1	1
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ (366)	$ 0

Risk Management and Use of De67

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	$ (6,887)	$ 151	$ 4,676
Cash Flow Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	(4,535)	327	939
Cash Flow Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	(2,769)	(897)	2,374
Cash Flow Hedging | Interest rate swaps
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	619	810	933
Cash Flow Hedging | Interest rate caps
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	16	(13)	(38)
Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	(179)	(20)	2
Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
Derivative instrument gain loss recognized in OCI	$ (39)	$ (56)	$ 466

Risk Management and Use of De68

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ 664	$ 490	$ (1,044)
Foreign currency forward contracts | Other income and (expense)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	1,223	1,278	1,137
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	(663)	(879)	(2,183)
Foreign currency collars | Other income and (expense)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	160	95	8
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ (56)	$ (4)	$ (6)

Risk Management and Use of De69

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amount of (Loss) Gain on Derivatives Recognized in Income
Amount of (Loss) Gain on Derivatives Recognized in Income	$ (273)	$ 6	$ (26)
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Other income and (expense)
Amount of (Loss) Gain on Derivatives Recognized in Income
Amount of (Loss) Gain on Derivatives Recognized in Income	(259)	1	37
Derivatives Not in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of (Loss) Gain on Derivatives Recognized in Income
Amount of (Loss) Gain on Derivatives Recognized in Income	(32)	0	(63)
Designated as Hedging Instrument | Foreign currency collars | Other income and (expense)
Amount of (Loss) Gain on Derivatives Recognized in Income
Amount of (Loss) Gain on Derivatives Recognized in Income	(8)	2	0
Designated as Hedging Instrument | Interest rate swaps | Interest expense
Amount of (Loss) Gain on Derivatives Recognized in Income
Amount of (Loss) Gain on Derivatives Recognized in Income	$ 26	$ 3	$ 0

Risk Management and Use of De70

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Dec. 31, 2017USD ($)instrument	Dec. 31, 2017EUR (€)instrument
Interest rate swaps
Derivative
Fair value	$ (144)
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	8	8
Notional Amount	$ 60,898
Fair value	$ (135)
Interest rate swaps | Euro
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €		€ 10,266
Fair value	$ (10)
Interest rate caps | USD
Derivative
Number of Instruments | instrument	3	3
Notional Amount	$ 27,700
Fair value	$ 1

Risk Management and Use of De71

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, NOK in Thousands, $ in Thousands	Dec. 31, 2017USD ($)instrument	Dec. 31, 2017NOKinstrument	Dec. 31, 2017EUR (€)instrument
Designated as Hedging Instrument
Derivative
Fair value	$ (955)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	54	54	54
Notional Amount | €			€ 34,580
Fair value	$ (3,094)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	26	26	26
Notional Amount | NOK		NOK 54,120
Fair value	$ (19)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency forward contracts | Euro
Derivative
Number of Instruments | instrument	23	23	23
Notional Amount | €			€ 8,902
Fair value	$ 1,596
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency forward contracts | NOK
Derivative
Number of Instruments | instrument	17	17	17
Notional Amount | NOK		NOK 26,771
Fair value	$ 763
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	4	4	4
Notional Amount | NOK		NOK 24,740
Fair value	$ 105
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency forward contracts | NOK
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | NOK		NOK 4,504
Fair value	$ 60
Derivatives Not in Cash Flow Hedging Relationships | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | €			€ 3,000
Fair value	$ (366)

Non-Recourse Mortgages and Bo72

Non-Recourse Mortgages and Bonds Payable - Narratives (Details)	Oct. 12, 2017USD ($)	Feb. 19, 2016USD ($)	Aug. 31, 2017	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Debt Instruments
Debt instrument maturity date, start					Dec. 31, 2017
Debt instrument maturity date, end					Dec. 31, 2039
Mortgage loan					$ 66,500,000	$ 66,500,000	$ 28,000,000		$ 28,000,000
Maximum line of credit								$ 50,000,000
Proceeds from mortgage financing					85,559,000	145,675,000	511,924,000
Non-recourse mortgages, net					1,129,432,000	1,019,158,000
Effect of exchange rate fluctuation					39,925,000	(12,254,000)	(40,662,000)
Repayments of principal					10,711,000	7,007,000	$ 49,073,000
Bonds payable, net					146,016,000	138,253,000
Agrokor
Debt Instruments
Repayments of principal					1,800,000
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation					44,500,000
Office facility in Eindhoven, Netherlands
Debt Instruments
Mortgage loan						53,300,000
Construction loan					$ 3,900,000	$ 27,300,000
Liquidity spread			0.70%
Proceeds from mortgage financing				$ 22,000,000
Debt instrument stated interest rate			3.20%			3.20%
Build to Suit in Hamburg Germany
Debt Instruments
Debt instrument, term					7 years
Proceeds from mortgage financing					$ 17,900,000
Debt instrument stated interest rate					2.10%
Cardiff Property
Debt Instruments
Debt instrument, term	2 years
Maximum line of credit	$ 31,300,000
Construction loan					$ 10,100,000
Debt instrument stated interest rate	7.50%
University in Accra, Ghana | Build To Suit Projects
Debt Instruments
Non-recourse mortgages, net		$ 41,000,000				$ 41,000,000
Hotel in Hamburg, Germany
Debt Instruments
Debt instrument stated interest rate						2.10%
Non-recourse mortgages, net						$ 17,300,000
EURIBOR | Office facility in Eindhoven, Netherlands
Debt Instruments
Debt instrument variable rate spread			2.50%
US Treasury Notes Securities | University in Accra, Ghana | Build To Suit Projects
Debt Instruments
Debt instrument variable rate spread		3.00%
Debt Refinanced
Debt Instruments
Interest rate					2.60%
Mortgage loan					$ 17,000,000
Debt instrument, term					4 years 6 months 13 days
Number of Loans Refinanced, Count | loan					2
Debt Refinanced | Office facility in Eindhoven, Netherlands
Debt Instruments
Debt instrument, term				7 years
Debt Covenant
Debt Instruments
Bonds payable, net					$ 5,800,000
Fixed Interest Rate | Office facility in Eindhoven, Netherlands
Debt Instruments
Debt instrument stated interest rate				1.80%
Fixed Interest Rate | Minimum
Debt Instruments
Interest rate					1.60%
Fixed Interest Rate | Maximum
Debt Instruments
Interest rate					5.80%
Variable Interest Rate | Minimum
Debt Instruments
Interest rate					1.60%
Variable Interest Rate | Maximum
Debt Instruments
Interest rate					8.00%
Mortgages
Debt Instruments
Number of loans acquired | loan					4
Mortgage loan					$ 23,200,000	$ 148,200,000
Weighted average interest rate					5.20%	4.50%
Debt instrument, term					5 years 8 months 19 days	8 years

Non-Recourse Mortgages and Bo73

Non-Recourse Mortgages and Bonds Payable - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-term Debt, Fiscal Year Maturity
2,018	$ 28,930
2,019	17,456
2,020	128,013
2,021	173,950
2,022	196,591
Thereafter through 2039	737,768
Total principal payments	1,282,708
Unamortized premium, net	1,063
Deferred financing costs	(8,323)
Debt, net	$ 1,275,448	$ 1,157,411

Net Income (Loss) Per Share a74

Net Income (Loss) Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-based Compensation
Annual distribution and shareholder servicing fee									$ 0	$ 0	$ (860)
Interest expense									48,994	43,132	35,170
Distributions Declared
Distributions payable	$ 21,686				$ 20,995				$ 21,686	20,995
Dividend payable, date									Jan. 16, 2018
Class C
Stock-based Compensation
Annual distribution and shareholder servicing fee											900
Interest expense									$ 500	$ 500	$ 700
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.138	$ 0.1384	$ 0.1382	$ 0.138	$ 0.1378	$ 0.1376	$ 0.1376	$ 0.1337	$ 0.5526
Aggregate distribution declared									$ 17,200
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.6252
Aggregate distribution declared									$ 68,700

Net Income (Loss) Per Share a75

Net Income (Loss) Per Share and Equity - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic
Net Loss Attributable to CPA®:18 – Global	$ 10,308	$ 9,821	$ 5,784	$ 620	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	$ 26,533	$ (30,084)	$ (57,732)
Class A common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares	111,233,869	110,507,579	109,553,769	108,457,137	107,307,860	106,279,055	105,182,645	103,972,011	109,942,186	105,691,583	101,884,473
Net Loss Attributable to CPA®:18 – Global									$ 21,032	$ (23,065)	$ (45,524)
Loss Per Share (in dollars per share)	$ 0.07	$ 0.07	$ 0.04	$ 0.01	$ (0.10)	$ (0.03)	$ (0.07)	$ (0.02)	$ 0.19	$ (0.22)	$ (0.45)
Class C common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares	31,428,744	31,322,341	31,030,596	30,764,145	30,469,385	30,205,326	29,928,571	29,757,726	31,138,787	30,091,602	27,580,451
Net Loss Attributable to CPA®:18 – Global									$ 5,501	$ (7,019)	$ (12,208)
Loss Per Share (in dollars per share)	$ 0.07	$ 0.07	$ 0.04	$ 0	$ (0.10)	$ (0.03)	$ (0.08)	$ (0.02)	$ 0.18	$ (0.23)	$ (0.44)

Net Income (Loss) Per Share a76

Net Income (Loss) Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class A
Distributions
Ordinary income (usd per share)	$ 0.2181	$ 0.1339	$ 0.1889
Return of capital (usd per share)	0.3254	0.4913	0.3836
Capital gain (usd per share)	0.0817	0	0.0525
Total distributions paid (usd per share)	0.6252	0.6252	0.625
Class C
Distributions
Ordinary income (usd per share)	0.1927	0.1171	0.1612
Return of capital (usd per share)	0.2875	0.4296	0.3273
Capital gain (usd per share)	0.0722	0	0.0448
Total distributions paid (usd per share)	$ 0.5524	$ 0.5467	$ 0.5333

Net Income (Loss) Per Share a77

Net Income (Loss) Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	$ 865,904	$ 952,708	$ 1,000,228
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	48,994	43,132	35,170
Other Comprehensive Income (Loss)	33,256	(12,027)	(36,454)
Ending equity balance, value	872,065	865,904	952,708
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(61,704)	(50,316)	(20,941)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(33,212)	(61,704)	(50,316)
Gains and Losses on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	5,587	5,360	1,152
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(1,082)	5,587	5,360
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(67,291)	(55,676)	(22,093)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(32,130)	(67,291)	(55,676)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	33,920	(11,537)	(37,498)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss)	33,256	(12,027)	(36,454)
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	719	883	2,189
Other income and (expenses)	(1,383)	(1,373)	(1,145)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(6,005)	717	3,164
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss)	(6,669)	227	4,208
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	719	883	2,189
Other income and (expenses)	(1,383)	(1,373)	(1,145)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	39,925	(12,254)	(40,662)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income (Loss)	39,925	(12,254)	(40,662)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	0	0	0
Other income and (expenses)	0	0	0
AOCI Attributable to Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	(4,764)	639	7,079
Gains and Losses on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	0	0	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	$ (4,764)	$ 639	$ 7,079

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Accrued interest for uncertain tax positions	$ 0	$ 0
Deferred tax assets, gross	13,700,000	13,600,000
Deferred tax liability, net	63,980,000	42,419,000
Deferred tax assets, valuation allowance	13,600,000	12,800,000
Operating loss carryforwards, foreign	$ 25,300,000	$ 24,200,000
Maximum
Income Taxes
Open tax year	2,013
Minimum
Income Taxes
Open tax year	2,017
Operating loss carryforwards, expiration date	Dec. 31, 2020

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal
Current	$ 234	$ 276	$ 98
Deferred	20	(34)	0
Federal income taxes	254	242	98
State and Local
Current	355	134	87
State and local income taxes	355	134	87
Foreign
Current	1,535	1,024	565
Deferred	(3,650)	(1,394)	(847)
Foreign income taxes	(2,115)	(370)	(282)
Total (Benefit) Provision	$ (1,506)	$ 6	$ (97)

Income Taxes Income Taxes - Rol

Income Taxes Income Taxes - Rollforward of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Unrecognized Tax Benefits Rollforward
Beginning balance	$ 242	$ 0
Addition based on tax positions related to prior periods	207	0
Addition based on tax positions related to the current period	0	242
Ending balance	$ 449	$ 242

Property Disposition - Results

Property Disposition - Results of Operations (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disposal Group, Income Statement Disclosures
Revenues	$ 2,285	$ 737	$ 1,771
Operating expenses	(1,519)	(1,067)	(26)
Other income and (expenses)	8	937	(612)
Benefit from (provision for) income taxes	25	(17)	0
Loss on extinguishment of debt	0	0	(1,142)
Gain (loss) on sale of real estate, net of tax	14,209	(63)	6,659
Income from properties sold or classified as held for sale, net of income taxes	15,008	527	$ 6,650
Noncontrolling Interests
Disposal Group, Income Statement Disclosures
Income from properties sold or classified as held for sale, net of income taxes	$ 700	$ (100)

Property Disposition - Narrativ

Property Disposition - Narratives (Details) $ in Thousands	Oct. 11, 2017USD ($)	Aug. 31, 2015USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain (loss) on sale of real estate, net of tax			$ 14,200	$ 14,209	$ (63)	$ 6,659
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Loss on extinguishment of debt				$ 0	$ 0	$ 1,142
Crowne Group Inc | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from the sales of real estate		$ 35,700
Gain (loss) on sale of real estate, net of tax		$ 6,700
Number of properties sold | property		5
Operating Real Estate | Student Housings in Reading, United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from the sales of real estate	$ 59,500

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment Reporting
Number of reportable segments | segment	3
Acquisition expenses	$ 64,000	$ 6,789,000	$ 42,216,000
Operating Segments | Net Lease | Croatia
Segment Reporting
Allowance for doubtful accounts	2,900,000
Operating Segments | Net Lease | Property in Stavanger, Norway
Segment Reporting
Allowance for doubtful accounts	1,200,000
Operating Segments | Self Storage
Segment Reporting
Acquisition expenses		4,900,000	14,200,000
Operating Segments | All Others
Segment Reporting
Acquisition expenses	$ 0	$ 2,000,000	$ 0

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information, Profit (Loss)
Revenues	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 205,634	$ 184,323	$ 135,943
Operating expenses	(38,427)	(37,103)	(39,130)	(36,976)	(38,441)	(38,093)	(40,030)	(37,483)	(151,636)	(154,047)	(151,147)
Interest expense									(48,994)	(43,132)	(35,170)
Other income and (expenses), excluding interest expense									19,098	(6,860)	(5,708)
Benefit from (provision for) income taxes									1,506	(6)	97
Gain (loss) on sale of real estate, net of tax	14,200								14,209	(63)	6,659
Net loss (income) attributable to noncontrolling interests	(6,715)	(2,294)	(2,350)	(1,925)	(3,569)	(2,231)	(2,758)	(1,741)	(13,284)	(10,299)	(8,406)
Net Income (Loss) Attributable to CPA:18 – Global	$ 10,308	$ 9,821	$ 5,784	$ 620	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	26,533	(30,084)	(57,732)
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues									118,476	109,332	91,173
Operating expenses									(70,867)	(60,168)	(70,352)
Interest expense									(30,877)	(27,723)	(26,367)
Other income and (expenses), excluding interest expense									1,575	1,233	(2,022)
Benefit from (provision for) income taxes									2,635	811	300
Gain (loss) on sale of real estate, net of tax									0	(63)	6,659
Net loss (income) attributable to noncontrolling interests									(1,072)	(2,765)	(2,231)
Net Income (Loss) Attributable to CPA:18 – Global									19,870	20,657	(2,840)
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues									55,075	48,794	25,570
Operating expenses									(44,357)	(57,807)	(43,459)
Interest expense									(12,357)	(11,013)	(5,232)
Other income and (expenses), excluding interest expense									(1,125)	(231)	(94)
Benefit from (provision for) income taxes									(114)	(215)	(59)
Net Income (Loss) Attributable to CPA:18 – Global									(2,878)	(20,472)	(23,274)
Operating Segments | Multi-Family
Segment Reporting Information, Profit (Loss)
Revenues									24,915	22,609	16,369
Operating expenses									(17,666)	(17,103)	(23,728)
Interest expense									(4,727)	(3,537)	(3,779)
Other income and (expenses), excluding interest expense									(22)	6	1
Benefit from (provision for) income taxes									(132)	(164)	(88)
Gain (loss) on sale of real estate, net of tax									14,209	0	0
Net loss (income) attributable to noncontrolling interests									(3,562)	52	142
Net Income (Loss) Attributable to CPA:18 – Global									13,015	1,863	(11,083)
Operating Segments | All Others
Segment Reporting Information, Profit (Loss)
Revenues									7,168	3,588	2,831
Operating expenses									(12)	(2,010)	0
Net Income (Loss) Attributable to CPA:18 – Global									7,156	1,578	2,831
Corporate
Segment Reporting Information, Profit (Loss)
Net loss (income) attributable to noncontrolling interests									(8,650)	(7,586)	(6,317)
Unallocated Corporate Overhead									$ (1,980)	$ (26,124)	$ (17,049)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information, Additional Information
Assets	$ 2,330,997	$ 2,209,446
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets	1,572,437	1,453,148
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets	398,944	410,781
Operating Segments | Multi-Family
Segment Reporting Information, Additional Information
Assets	256,875	230,509
Operating Segments | All Others
Segment Reporting Information, Additional Information
Assets	66,929	66,936
Corporate
Segment Reporting Information, Additional Information
Assets	$ 35,812	$ 48,072

Segment Reporting - Geography (

Segment Reporting - Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information, Profit (Loss)
Revenues	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 205,634	$ 184,323	$ 135,943
Operating expenses	(38,427)	(37,103)	(39,130)	(36,976)	(38,441)	(38,093)	(40,030)	(37,483)	(151,636)	(154,047)	(151,147)
Interest expense									(48,994)	(43,132)	(35,170)
Other income and (expenses), excluding interest expense									19,098	(6,860)	(5,708)
Benefit from (provision for) income taxes									1,506	(6)	97
Gain (loss) on sale of real estate, net of tax	14,200								14,209	(63)	6,659
Net loss (income) attributable to noncontrolling interests	(6,715)	(2,294)	(2,350)	(1,925)	(3,569)	(2,231)	(2,758)	(1,741)	(13,284)	(10,299)	(8,406)
Net Loss Attributable to CPA®:18 – Global	10,308	$ 9,821	$ 5,784	$ 620	(13,594)	$ (4,081)	$ (10,212)	$ (2,197)	26,533	(30,084)	(57,732)
Assets
Long-lived assets	2,062,451				1,953,153				2,062,451	1,953,153
Equity investment in real estate	20,919				14,694				20,919	14,694
Non-recourse debt and bonds payable	1,275,448				1,157,411				1,275,448	1,157,411
Domestic
Segment Reporting Information, Profit (Loss)
Revenues									136,259	124,524	85,646
Operating expenses									(105,785)	(117,694)	(108,799)
Interest expense									(36,568)	(33,909)	(23,614)
Other income and (expenses), excluding interest expense									12,201	4,094	5,726
Benefit from (provision for) income taxes									(610)	(377)	(184)
Gain (loss) on sale of real estate, net of tax									0	0	6,659
Net loss (income) attributable to noncontrolling interests									(9,479)	(8,397)	(7,027)
Net Loss Attributable to CPA®:18 – Global									(3,982)	(31,759)	(41,593)
Assets
Long-lived assets	1,040,075				1,075,327				1,040,075	1,075,327
Equity investment in real estate	0				0				0	0
Non-recourse debt and bonds payable	779,325				755,713				779,325	755,713
Domestic | Texas
Segment Reporting Information, Profit (Loss)
Revenues									25,166	25,147	17,983
Operating expenses									(16,984)	(19,254)	(18,085)
Interest expense									(7,899)	(7,806)	(5,611)
Other income and (expenses), excluding interest expense									(100)	0	0
Benefit from (provision for) income taxes									(80)	(75)	14
Gain (loss) on sale of real estate, net of tax									0	0	0
Net loss (income) attributable to noncontrolling interests									(824)	(786)	(852)
Net Loss Attributable to CPA®:18 – Global									(721)	(2,774)	(6,551)
Assets
Long-lived assets	240,918				250,827				240,918	250,827
Equity investment in real estate	0				0				0	0
Non-recourse debt and bonds payable	174,339				174,421				174,339	174,421
Domestic | Florida
Segment Reporting Information, Profit (Loss)
Revenues									29,263	27,090	17,039
Operating expenses									(19,793)	(25,237)	(23,565)
Interest expense									(7,590)	(6,820)	(3,994)
Other income and (expenses), excluding interest expense									(100)	0	0
Benefit from (provision for) income taxes									(112)	(110)	(36)
Gain (loss) on sale of real estate, net of tax									0	0	0
Net loss (income) attributable to noncontrolling interests									0	0	0
Net Loss Attributable to CPA®:18 – Global									1,668	(5,077)	(10,556)
Assets
Long-lived assets	199,511				206,540				199,511	206,540
Equity investment in real estate	0				0				0	0
Non-recourse debt and bonds payable	163,026				150,815				163,026	150,815
Domestic | Other Domestic
Segment Reporting Information, Profit (Loss)
Revenues									81,830	72,287	50,624
Operating expenses									(69,008)	(73,203)	(67,149)
Interest expense									(21,079)	(19,283)	(14,009)
Other income and (expenses), excluding interest expense									12,401	4,094	5,726
Benefit from (provision for) income taxes									(418)	(192)	(162)
Gain (loss) on sale of real estate, net of tax									0	0	6,659
Net loss (income) attributable to noncontrolling interests									(8,655)	(7,611)	(6,175)
Net Loss Attributable to CPA®:18 – Global									(4,929)	(23,908)	(24,486)
Assets
Long-lived assets	599,646				617,960				599,646	617,960
Equity investment in real estate	0				0				0	0
Non-recourse debt and bonds payable	441,960				430,477				441,960	430,477
International
Segment Reporting Information, Profit (Loss)
Revenues									69,375	59,799	50,297
Operating expenses									(45,851)	(36,353)	(42,348)
Interest expense									(12,426)	(9,223)	(11,556)
Other income and (expenses), excluding interest expense									6,897	(10,954)	(11,434)
Benefit from (provision for) income taxes									2,116	371	281
Gain (loss) on sale of real estate, net of tax									14,209	(63)	0
Net loss (income) attributable to noncontrolling interests									(3,805)	(1,902)	(1,379)
Net Loss Attributable to CPA®:18 – Global									30,515	1,675	(16,139)
Assets
Long-lived assets	1,022,376				877,826				1,022,376	877,826
Equity investment in real estate	20,919				14,694				20,919	14,694
Non-recourse debt and bonds payable	496,123				401,698				496,123	401,698
International | Norway
Segment Reporting Information, Profit (Loss)
Revenues									17,600	17,245	13,911
Operating expenses									(10,749)	(9,123)	(13,913)
Interest expense									(6,749)	(7,363)	(5,980)
Other income and (expenses), excluding interest expense									(3,002)	(3,607)	(2,778)
Benefit from (provision for) income taxes									1,645	1,143	1,704
Gain (loss) on sale of real estate, net of tax									0	0	0
Net loss (income) attributable to noncontrolling interests									614	(817)	(399)
Net Loss Attributable to CPA®:18 – Global									(641)	(2,522)	(7,455)
Assets
Long-lived assets	223,702				219,336				223,702	219,336
Equity investment in real estate	0				0				0	0
Non-recourse debt and bonds payable	146,016				138,253				146,016	138,253
International | Other International
Segment Reporting Information, Profit (Loss)
Revenues									51,775	42,554	36,386
Operating expenses									(35,102)	(27,230)	(28,435)
Interest expense									(5,677)	(1,860)	(5,576)
Other income and (expenses), excluding interest expense									9,899	(7,347)	(8,656)
Benefit from (provision for) income taxes									471	(772)	(1,423)
Gain (loss) on sale of real estate, net of tax									14,209	(63)	0
Net loss (income) attributable to noncontrolling interests									(4,419)	(1,085)	(980)
Net Loss Attributable to CPA®:18 – Global									31,156	4,197	$ (8,684)
Assets
Long-lived assets	798,674				658,490				798,674	658,490
Equity investment in real estate	20,919				14,694				20,919	14,694
Non-recourse debt and bonds payable	$ 350,107				$ 263,445				$ 350,107	$ 263,445

Selected Quarterly Financial 87

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 47,526	$ 47,284	$ 45,715	$ 43,798	$ 205,634	$ 184,323	$ 135,943
Expenses	38,427	37,103	39,130	36,976	38,441	38,093	40,030	37,483	151,636	154,047	151,147
Net Income (Loss)	17,023	12,115	8,134	2,545	(10,025)	(1,850)	(7,454)	(456)	39,817	(19,785)	(49,326)
Net loss (income) attributable to noncontrolling interests	(6,715)	(2,294)	(2,350)	(1,925)	(3,569)	(2,231)	(2,758)	(1,741)	(13,284)	(10,299)	(8,406)
Net Income (Loss) Attributable to CPA:18 – Global	10,308	$ 9,821	$ 5,784	$ 620	$ (13,594)	$ (4,081)	$ (10,212)	$ (2,197)	26,533	(30,084)	(57,732)
Gain (loss) on sale of real estate, net of tax	$ 14,200								14,209	(63)	6,659
Class A common stock
Net Income (Loss) Attributable to CPA:18 – Global									$ 21,032	$ (23,065)	$ (45,524)
Loss Per Share (in dollars per share)	$ 0.07	$ 0.07	$ 0.04	$ 0.01	$ (0.10)	$ (0.03)	$ (0.07)	$ (0.02)	$ 0.19	$ (0.22)	$ (0.45)
Basic and diluted weighted-average shares outstanding (shares)	111,233,869	110,507,579	109,553,769	108,457,137	107,307,860	106,279,055	105,182,645	103,972,011	109,942,186	105,691,583	101,884,473
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.6252
Class C common stock
Net Income (Loss) Attributable to CPA:18 – Global									$ 5,501	$ (7,019)	$ (12,208)
Loss Per Share (in dollars per share)	$ 0.07	$ 0.07	$ 0.04	$ 0	$ (0.10)	$ (0.03)	$ (0.08)	$ (0.02)	$ 0.18	$ (0.23)	$ (0.44)
Basic and diluted weighted-average shares outstanding (shares)	31,428,744	31,322,341	31,030,596	30,764,145	30,469,385	30,205,326	29,928,571	29,757,726	31,138,787	30,091,602	27,580,451
Distributions declared per share (in dollars per share)	$ 0.138	$ 0.1384	$ 0.1382	$ 0.138	$ 0.1378	$ 0.1376	$ 0.1376	$ 0.1337	$ 0.5526

Schedule II - Valuation and Q88

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation reserve for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 12,817	$ 10,196	$ 2,236
Other Additions	3,566	2,987	8,214
Deductions	(2,790)	(366)	(254)
Balance at End of Year	13,593	12,817	10,196
Allowance for uncollectible accounts
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	4	1	0
Other Additions	4,398	3	1
Deductions	(3)	0	0
Balance at End of Year	$ 4,399	$ 4	$ 1

Schedule III - Real Estate an89

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible assets, gross	$ 310,534	$ 292,551
Accumulated amortization	120,395	86,057
Finite-lived intangible liabilities, gross	15,586	15,293
Finite-lived intangible liabilities accumulated amortization	4,577	3,237
Real estate under construction	134,366	$ 182,612	$ 131,930
Federal income tax basis	2,200,000
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible liabilities, gross	15,600
Finite-lived intangible liabilities accumulated amortization	4,600
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible assets, gross	310,500
Accumulated amortization	$ 120,400

Schedule III - Real Estate an90

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Under Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 829,172
Initial Cost to Company
Land	214,240
Buildings	936,198
Cost Capitalized Subsequent to Acquisition	171,907
Increase (Decrease) in Net Investments	(59,173)
Gross Amount at which Carried at Close of Period
Land	202,500
Buildings	1,060,672
Total	1,263,172	$ 990,810	$ 986,574	$ 743,735
Accumulated Depreciation	87,886	55,980	31,467	10,875
Real Estate Under Operating Leases | Office facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	72,675
Initial Cost to Company
Land	29,215
Buildings	67,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,215
Buildings	67,993
Total	97,208
Accumulated Depreciation	$ 9,211
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,021
Initial Cost to Company
Land	0
Buildings	10,828
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,363)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	9,465
Total	9,465
Accumulated Depreciation	$ 1,126
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,951
Initial Cost to Company
Land	0
Buildings	10,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,408)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	9,168
Total	9,168
Accumulated Depreciation	$ 1,030
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,818
Initial Cost to Company
Land	2,264
Buildings	10,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,711)
Gross Amount at which Carried at Close of Period
Land	1,973
Buildings	9,256
Total	11,229
Accumulated Depreciation	$ 1,137
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zadar, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,665
Initial Cost to Company
Land	4,320
Buildings	10,536
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,964)
Gross Amount at which Carried at Close of Period
Land	3,764
Buildings	9,128
Total	12,892
Accumulated Depreciation	$ 1,214
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Retail facility in Split, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,118
Initial Cost to Company
Land	0
Buildings	3,161
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(428)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,733
Total	2,733
Accumulated Depreciation	$ 409
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Real Estate Under Operating Leases | Industrial facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,001
Initial Cost to Company
Land	1,163
Buildings	3,393
Cost Capitalized Subsequent to Acquisition	1,585
Increase (Decrease) in Net Investments	(535)
Gross Amount at which Carried at Close of Period
Land	1,163
Buildings	4,443
Total	5,606
Accumulated Depreciation	$ 927
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,164
Initial Cost to Company
Land	13,748
Buildings	52,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	13,748
Buildings	52,135
Total	65,883
Accumulated Depreciation	$ 7,487
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Office facility in Norcross, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,415
Initial Cost to Company
Land	1,044
Buildings	3,361
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,044
Buildings	3,361
Total	4,405
Accumulated Depreciation	$ 452
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 42,000
Initial Cost to Company
Land	14,362
Buildings	59,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(19,326)
Gross Amount at which Carried at Close of Period
Land	10,590
Buildings	43,665
Total	54,255
Accumulated Depreciation	$ 4,212
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 63,637
Initial Cost to Company
Land	0
Buildings	112,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(14,427)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	98,249
Total	98,249
Accumulated Depreciation	$ 9,283
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,633
Initial Cost to Company
Land	448
Buildings	5,841
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	448
Buildings	5,841
Total	6,289
Accumulated Depreciation	$ 783
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,990
Initial Cost to Company
Land	2,251
Buildings	3,390
Cost Capitalized Subsequent to Acquisition	672
Increase (Decrease) in Net Investments	47
Gross Amount at which Carried at Close of Period
Land	2,251
Buildings	4,109
Total	6,360
Accumulated Depreciation	$ 530
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Surprise, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,217
Initial Cost to Company
Land	298
Buildings	2,347
Cost Capitalized Subsequent to Acquisition	1,699
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	298
Buildings	4,046
Total	4,344
Accumulated Depreciation	$ 446
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Temple, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,412
Initial Cost to Company
Land	381
Buildings	6,469
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	381
Buildings	6,469
Total	6,850
Accumulated Depreciation	$ 804
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Land in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,180
Initial Cost to Company
Land	1,675
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,675
Buildings	0
Total	1,675
Accumulated Depreciation	0
Real Estate Under Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,826
Initial Cost to Company
Land	3,036
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,036
Buildings	0
Total	3,036
Accumulated Depreciation	0
Real Estate Under Operating Leases | Warehouse facility in Jonesville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,892
Initial Cost to Company
Land	2,995
Buildings	14,644
Cost Capitalized Subsequent to Acquisition	19,389
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,995
Buildings	34,033
Total	37,028
Accumulated Depreciation	$ 4,303
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,684
Initial Cost to Company
Land	1,150
Buildings	3,228
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(840)
Gross Amount at which Carried at Close of Period
Land	929
Buildings	2,609
Total	3,538
Accumulated Depreciation	$ 464
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,737
Initial Cost to Company
Land	627
Buildings	1,852
Cost Capitalized Subsequent to Acquisition	355
Increase (Decrease) in Net Investments	(483)
Gross Amount at which Carried at Close of Period
Land	507
Buildings	1,844
Total	2,351
Accumulated Depreciation	$ 251
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Dundee, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,685
Initial Cost to Company
Land	384
Buildings	2,305
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(517)
Gross Amount at which Carried at Close of Period
Land	310
Buildings	1,862
Total	2,172
Accumulated Depreciation	$ 290
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 955
Initial Cost to Company
Land	294
Buildings	808
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(211)
Gross Amount at which Carried at Close of Period
Land	238
Buildings	653
Total	891
Accumulated Depreciation	$ 141
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Invergordon, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 499
Initial Cost to Company
Land	261
Buildings	549
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(238)
Gross Amount at which Carried at Close of Period
Land	127
Buildings	445
Total	572
Accumulated Depreciation	$ 72
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Real Estate Under Operating Leases | Industrial facility in Livingston, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,123
Initial Cost to Company
Land	447
Buildings	3,015
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(665)
Gross Amount at which Carried at Close of Period
Land	361
Buildings	2,436
Total	2,797
Accumulated Depreciation	$ 296
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Livingston, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,388
Initial Cost to Company
Land	0
Buildings	3,360
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(576)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,784
Total	2,784
Accumulated Depreciation	$ 395
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Real Estate Under Operating Leases | Office facility in Warstein, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,302
Initial Cost to Company
Land	281
Buildings	15,671
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(872)
Gross Amount at which Carried at Close of Period
Land	266
Buildings	14,814
Total	15,080
Accumulated Depreciation	$ 1,261
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Albany, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,259
Initial Cost to Company
Land	1,141
Buildings	5,997
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,141
Buildings	5,997
Total	7,138
Accumulated Depreciation	$ 1,786
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Real Estate Under Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 43,438
Initial Cost to Company
Land	8,276
Buildings	80,475
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(17,454)
Gross Amount at which Carried at Close of Period
Land	6,699
Buildings	64,598
Total	71,297
Accumulated Depreciation	$ 5,192
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,652
Initial Cost to Company
Land	1,189
Buildings	11,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,189
Buildings	11,279
Total	12,468
Accumulated Depreciation	$ 955
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,528
Initial Cost to Company
Land	3,990
Buildings	30,320
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,990
Buildings	30,320
Total	34,310
Accumulated Depreciation	$ 2,556
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,595
Initial Cost to Company
Land	512
Buildings	1,283
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	512
Buildings	1,285
Total	1,797
Accumulated Depreciation	$ 197
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 751
Initial Cost to Company
Land	509
Buildings	340
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	509
Buildings	342
Total	851
Accumulated Depreciation	$ 97
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 267
Initial Cost to Company
Land	128
Buildings	204
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	128
Buildings	206
Total	334
Accumulated Depreciation	$ 43
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,156
Initial Cost to Company
Land	360
Buildings	1,120
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	360
Buildings	1,121
Total	1,481
Accumulated Depreciation	$ 148
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,171
Initial Cost to Company
Land	809
Buildings	671
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809
Buildings	672
Total	1,481
Accumulated Depreciation	$ 129
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,517
Initial Cost to Company
Land	1,162
Buildings	5,631
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	(936)
Gross Amount at which Carried at Close of Period
Land	1,002
Buildings	4,861
Total	5,863
Accumulated Depreciation	$ 648
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Real Estate Under Operating Leases | Industrial facility in Durham, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,463
Initial Cost to Company
Land	207
Buildings	2,108
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(319)
Gross Amount at which Carried at Close of Period
Land	178
Buildings	1,818
Total	1,996
Accumulated Depreciation	$ 174
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial and warehouse facility in Byron Center, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,372
Initial Cost to Company
Land	625
Buildings	1,005
Cost Capitalized Subsequent to Acquisition	9,515
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	625
Buildings	10,520
Total	11,145
Accumulated Depreciation	$ 636
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 39,802
Initial Cost to Company
Land	2,247
Buildings	27,150
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(4,080)
Gross Amount at which Carried at Close of Period
Land	1,567
Buildings	23,750
Total	25,317
Accumulated Depreciation	$ 1,827
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,246
Buildings	27,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,782
Gross Amount at which Carried at Close of Period
Land	2,750
Buildings	28,413
Total	31,163
Accumulated Depreciation	$ 2,190
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Edinburgh, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,562
Initial Cost to Company
Land	938
Buildings	2,842
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(520)
Gross Amount at which Carried at Close of Period
Land	809
Buildings	2,451
Total	3,260
Accumulated Depreciation	$ 242
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Hotel in Albion, Mauritius
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 28,628
Initial Cost to Company
Land	4,047
Buildings	54,927
Cost Capitalized Subsequent to Acquisition	243
Increase (Decrease) in Net Investments	(905)
Gross Amount at which Carried at Close of Period
Land	3,988
Buildings	54,324
Total	58,312
Accumulated Depreciation	$ 5,221
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eindhoven, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 56,502
Initial Cost to Company
Land	7,797
Buildings	15,634
Cost Capitalized Subsequent to Acquisition	77,820
Increase (Decrease) in Net Investments	7,880
Gross Amount at which Carried at Close of Period
Land	8,678
Buildings	100,453
Total	109,131
Accumulated Depreciation	$ 1,574
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Aberdeen, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,082
Initial Cost to Company
Land	1,560
Buildings	4,446
Cost Capitalized Subsequent to Acquisition	142
Increase (Decrease) in Net Investments	(584)
Gross Amount at which Carried at Close of Period
Land	1,410
Buildings	4,154
Total	5,564
Accumulated Depreciation	$ 315
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Freetown, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,185
Initial Cost to Company
Land	1,149
Buildings	2,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,149
Buildings	2,219
Total	3,368
Accumulated Depreciation	$ 588
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Plano, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,838
Initial Cost to Company
Land	3,180
Buildings	26,926
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	26,926
Total	30,106
Accumulated Depreciation	$ 1,891
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Munich, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	8,497
Buildings	41,883
Cost Capitalized Subsequent to Acquisition	16,995
Increase (Decrease) in Net Investments	278
Gross Amount at which Carried at Close of Period
Land	7,069
Buildings	60,584
Total	67,653
Accumulated Depreciation	$ 341
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,425
Initial Cost to Company
Land	2,537
Buildings	9,731
Cost Capitalized Subsequent to Acquisition	1,019
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,537
Buildings	10,750
Total	13,287
Accumulated Depreciation	$ 1,058
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Retail facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 60,577
Initial Cost to Company
Land	61,607
Buildings	34,183
Cost Capitalized Subsequent to Acquisition	213
Increase (Decrease) in Net Investments	(7,771)
Gross Amount at which Carried at Close of Period
Land	56,600
Buildings	31,632
Total	88,232
Accumulated Depreciation	$ 3,671
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Hotel in Hamburg, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,939
Initial Cost to Company
Land	5,423
Buildings	1,826
Cost Capitalized Subsequent to Acquisition	21,248
Increase (Decrease) in Net Investments	1,420
Gross Amount at which Carried at Close of Period
Land	5,921
Buildings	23,996
Total	29,917
Accumulated Depreciation	$ 302
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,547
Initial Cost to Company
Land	1,688
Buildings	10,082
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,688
Buildings	10,082
Total	11,770
Accumulated Depreciation	$ 711
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Utrecht, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 31,342
Initial Cost to Company
Land	5,645
Buildings	29,896
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	3,198
Gross Amount at which Carried at Close of Period
Land	6,153
Buildings	32,586
Total	38,739
Accumulated Depreciation	$ 1,985
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,536
Initial Cost to Company
Land	2,222
Buildings	25,449
Cost Capitalized Subsequent to Acquisition	1,168
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	26,617
Total	28,839
Accumulated Depreciation	$ 1,705
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Coralville, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,539
Initial Cost to Company
Land	1,937
Buildings	31,093
Cost Capitalized Subsequent to Acquisition	5,048
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,937
Buildings	36,141
Total	38,078
Accumulated Depreciation	$ 2,086
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Michalovce, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,829
Initial Cost to Company
Land	1,055
Buildings	10,808
Cost Capitalized Subsequent to Acquisition	13,613
Increase (Decrease) in Net Investments	1,651
Gross Amount at which Carried at Close of Period
Land	1,468
Buildings	25,659
Total	27,127
Accumulated Depreciation	$ 1,204
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Stuttgart, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 19,566
Initial Cost to Company
Land	0
Buildings	25,717
Cost Capitalized Subsequent to Acquisition	1,169
Increase (Decrease) in Net Investments	2,704
Gross Amount at which Carried at Close of Period
Land	0
Buildings	29,590
Total	29,590
Accumulated Depreciation	$ 1,700
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Warehouse facility in Iowa City, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,116
Initial Cost to Company
Land	913
Buildings	5,785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	913
Buildings	5,785
Total	6,698
Accumulated Depreciation	$ 190
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,683
Initial Cost to Company
Land	2,168
Buildings	35,188
Cost Capitalized Subsequent to Acquisition	54
Increase (Decrease) in Net Investments	2,547
Gross Amount at which Carried at Close of Period
Total	39,957
Direct Financing Method | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,693
Initial Cost to Company
Land	488
Buildings	2,947
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,117
Gross Amount at which Carried at Close of Period
Total	4,552
Direct Financing Method | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,209
Initial Cost to Company
Land	0
Buildings	1,573
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	143
Gross Amount at which Carried at Close of Period
Total	1,716
Direct Financing Method | Warehouse facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,915
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	54
Increase (Decrease) in Net Investments	1,216
Gross Amount at which Carried at Close of Period
Total	9,834
Direct Financing Method | Industrial facility in Menomonee Falls, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,866
Initial Cost to Company
Land	1,680
Buildings	22,104
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	71
Gross Amount at which Carried at Close of Period
Total	23,855
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	413,297
Initial Cost to Company
Land	98,384
Buildings	448,538
Personal Property	3,761
Cost Capitalized Subsequent to Acquisition	17,834
Increase (Decrease) in Net Investments	(2,028)
Gross Amount at which Carried at Close of Period
Land	98,429
Buildings	458,818
Personal Property	9,242
Total	566,489	606,558	490,852	133,596
Accumulated Depreciation	43,786	$ 26,937	$ 10,727	$ 939
Operating Real Estate | Tucker, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	17,566
Initial Cost to Company
Land	4,288
Buildings	15,201
Personal Property	237
Cost Capitalized Subsequent to Acquisition	1,151
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	4,288
Buildings	15,510
Personal Property	1,079
Total	20,877
Accumulated Depreciation	$ 1,739
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Atlanta, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,376
Initial Cost to Company
Land	4,513
Buildings	16,404
Personal Property	780
Cost Capitalized Subsequent to Acquisition	1,326
Increase (Decrease) in Net Investments	(1,006)
Gross Amount at which Carried at Close of Period
Land	4,513
Buildings	15,833
Personal Property	1,671
Total	22,017
Accumulated Depreciation	$ 2,301
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Fort Myers, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,085
Initial Cost to Company
Land	6,203
Buildings	19,688
Personal Property	614
Cost Capitalized Subsequent to Acquisition	3,268
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	6,203
Buildings	22,810
Personal Property	760
Total	29,773
Accumulated Depreciation	$ 2,767
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Durham, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 28,193
Initial Cost to Company
Land	6,697
Buildings	25,823
Personal Property	935
Cost Capitalized Subsequent to Acquisition	2,670
Increase (Decrease) in Net Investments	(897)
Gross Amount at which Carried at Close of Period
Land	6,717
Buildings	26,284
Personal Property	2,227
Total	35,228
Accumulated Depreciation	$ 2,902
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 29,607
Initial Cost to Company
Land	3,788
Buildings	36,333
Personal Property	588
Cost Capitalized Subsequent to Acquisition	1,257
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,813
Buildings	37,164
Personal Property	989
Total	41,966
Accumulated Depreciation	$ 2,829
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Fort Walton Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 24,001
Initial Cost to Company
Land	3,037
Buildings	20,975
Personal Property	598
Cost Capitalized Subsequent to Acquisition	1,090
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,037
Buildings	21,491
Personal Property	1,172
Total	25,700
Accumulated Depreciation	$ 1,821
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,860
Initial Cost to Company
Land	3,306
Buildings	7,190
Personal Property	0
Cost Capitalized Subsequent to Acquisition	67
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	3,306
Buildings	7,237
Personal Property	25
Total	10,568
Accumulated Depreciation	$ 841
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,350
Initial Cost to Company
Land	3,258
Buildings	7,128
Personal Property	0
Cost Capitalized Subsequent to Acquisition	25
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	7,149
Personal Property	9
Total	10,416
Accumulated Depreciation	$ 779
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,708
Initial Cost to Company
Land	340
Buildings	3,428
Personal Property	0
Cost Capitalized Subsequent to Acquisition	206
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,587
Personal Property	51
Total	3,978
Accumulated Depreciation	$ 517
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,746
Initial Cost to Company
Land	1,356
Buildings	3,699
Personal Property	0
Cost Capitalized Subsequent to Acquisition	261
Increase (Decrease) in Net Investments	13
Gross Amount at which Carried at Close of Period
Land	1,356
Buildings	3,935
Personal Property	38
Total	5,329
Accumulated Depreciation	$ 476
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,015
Initial Cost to Company
Land	1,915
Buildings	1,894
Personal Property	0
Cost Capitalized Subsequent to Acquisition	61
Increase (Decrease) in Net Investments	7
Gross Amount at which Carried at Close of Period
Land	1,915
Buildings	1,945
Personal Property	17
Total	3,877
Accumulated Depreciation	$ 243
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Operating Real Estate | Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,847
Initial Cost to Company
Land	669
Buildings	8,899
Personal Property	0
Cost Capitalized Subsequent to Acquisition	27
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	669
Buildings	8,911
Personal Property	19
Total	9,599
Accumulated Depreciation	$ 821
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,037
Initial Cost to Company
Land	1,065
Buildings	2,742
Personal Property	0
Cost Capitalized Subsequent to Acquisition	204
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	1,065
Buildings	2,874
Personal Property	87
Total	4,026
Accumulated Depreciation	$ 419
Operating Real Estate | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,503
Initial Cost to Company
Land	2,263
Buildings	2,704
Personal Property	0
Cost Capitalized Subsequent to Acquisition	70
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	2,263
Buildings	2,744
Personal Property	34
Total	5,041
Accumulated Depreciation	$ 328
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Pompano Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,992
Initial Cost to Company
Land	700
Buildings	3,436
Personal Property	0
Cost Capitalized Subsequent to Acquisition	546
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	700
Buildings	3,936
Personal Property	48
Total	4,684
Accumulated Depreciation	$ 531
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Jensen Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,525
Initial Cost to Company
Land	1,596
Buildings	5,963
Personal Property	0
Cost Capitalized Subsequent to Acquisition	86
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,596
Buildings	6,004
Personal Property	45
Total	7,645
Accumulated Depreciation	$ 599
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Dickinson, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,405
Initial Cost to Company
Land	1,680
Buildings	7,165
Personal Property	0
Cost Capitalized Subsequent to Acquisition	119
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	7,217
Personal Property	69
Total	8,966
Accumulated Depreciation	$ 776
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Humble, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,014
Initial Cost to Company
Land	341
Buildings	6,582
Personal Property	0
Cost Capitalized Subsequent to Acquisition	12
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	341
Buildings	6,582
Personal Property	15
Total	6,938
Accumulated Depreciation	$ 580
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | Temecula, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,469
Initial Cost to Company
Land	449
Buildings	8,574
Personal Property	0
Cost Capitalized Subsequent to Acquisition	17
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	449
Buildings	8,567
Personal Property	18
Total	9,034
Accumulated Depreciation	$ 768
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Cumming, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,835
Initial Cost to Company
Land	300
Buildings	3,531
Personal Property	0
Cost Capitalized Subsequent to Acquisition	51
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	300
Buildings	3,562
Personal Property	20
Total	3,882
Accumulated Depreciation	$ 479
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Naples, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,614
Initial Cost to Company
Land	3,073
Buildings	10,677
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,256
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	3,073
Buildings	11,835
Personal Property	117
Total	15,025
Accumulated Depreciation	$ 1,416
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Valrico, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,951
Initial Cost to Company
Land	695
Buildings	7,558
Personal Property	0
Cost Capitalized Subsequent to Acquisition	23
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	695
Buildings	7,358
Personal Property	23
Total	8,076
Accumulated Depreciation	$ 518
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Tallahassee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,873
Initial Cost to Company
Land	1,796
Buildings	4,782
Personal Property	0
Cost Capitalized Subsequent to Acquisition	80
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,796
Buildings	4,833
Personal Property	31
Total	6,660
Accumulated Depreciation	$ 476
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Sebastian, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,903
Initial Cost to Company
Land	474
Buildings	2,031
Personal Property	0
Cost Capitalized Subsequent to Acquisition	114
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	474
Buildings	2,097
Personal Property	48
Total	2,619
Accumulated Depreciation	$ 367
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Lady Lake, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,907
Initial Cost to Company
Land	522
Buildings	4,809
Personal Property	0
Cost Capitalized Subsequent to Acquisition	137
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	4,946
Personal Property	0
Total	5,468
Accumulated Depreciation	$ 402
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,594
Initial Cost to Company
Land	706
Buildings	2,864
Personal Property	0
Cost Capitalized Subsequent to Acquisition	15
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	706
Buildings	2,864
Personal Property	20
Total	3,590
Accumulated Depreciation	$ 292
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,723
Initial Cost to Company
Land	779
Buildings	5,504
Personal Property	0
Cost Capitalized Subsequent to Acquisition	87
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	779
Buildings	5,540
Personal Property	51
Total	6,370
Accumulated Depreciation	$ 726
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 400
Initial Cost to Company
Land	335
Buildings	1,999
Personal Property	0
Cost Capitalized Subsequent to Acquisition	57
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	335
Buildings	2,054
Personal Property	2
Total	2,391
Accumulated Depreciation	$ 273
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,074
Initial Cost to Company
Land	384
Buildings	3,042
Personal Property	0
Cost Capitalized Subsequent to Acquisition	72
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	384
Buildings	3,078
Personal Property	36
Total	3,498
Accumulated Depreciation	$ 526
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Highland, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,574
Initial Cost to Company
Land	1,056
Buildings	3,366
Personal Property	0
Cost Capitalized Subsequent to Acquisition	24
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,056
Buildings	3,390
Personal Property	0
Total	4,446
Accumulated Depreciation	$ 328
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Lancaster, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,999
Initial Cost to Company
Land	217
Buildings	4,355
Personal Property	0
Cost Capitalized Subsequent to Acquisition	54
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	217
Buildings	4,375
Personal Property	34
Total	4,626
Accumulated Depreciation	$ 454
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Rialto, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,374
Initial Cost to Company
Land	1,905
Buildings	3,642
Personal Property	0
Cost Capitalized Subsequent to Acquisition	54
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	3,669
Personal Property	27
Total	5,601
Accumulated Depreciation	$ 407
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,248
Initial Cost to Company
Land	1,115
Buildings	5,802
Personal Property	0
Cost Capitalized Subsequent to Acquisition	97
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	1,115
Buildings	5,876
Personal Property	24
Total	7,015
Accumulated Depreciation	$ 644
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Louisville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,576
Initial Cost to Company
Land	2,973
Buildings	6,056
Personal Property	0
Cost Capitalized Subsequent to Acquisition	131
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,973
Buildings	6,129
Personal Property	58
Total	9,160
Accumulated Depreciation	$ 686
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,324
Initial Cost to Company
Land	1,499
Buildings	1,658
Personal Property	0
Cost Capitalized Subsequent to Acquisition	78
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	1,701
Personal Property	35
Total	3,235
Accumulated Depreciation	$ 371
Life on which Depreciation in Latest Statement of Income is Computed	18 years
Operating Real Estate | Stockbridge GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,613
Initial Cost to Company
Land	170
Buildings	1,997
Personal Property	0
Cost Capitalized Subsequent to Acquisition	173
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	2,146
Personal Property	24
Total	2,340
Accumulated Depreciation	$ 287
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,620
Initial Cost to Company
Land	811
Buildings	2,723
Personal Property	0
Cost Capitalized Subsequent to Acquisition	7
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	811
Buildings	2,728
Personal Property	2
Total	3,541
Accumulated Depreciation	$ 376
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,341
Initial Cost to Company
Land	450
Buildings	8,382
Personal Property	0
Cost Capitalized Subsequent to Acquisition	93
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	450
Buildings	8,438
Personal Property	37
Total	8,925
Accumulated Depreciation	$ 643
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,110
Initial Cost to Company
Land	347
Buildings	8,233
Personal Property	5
Cost Capitalized Subsequent to Acquisition	5
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	347
Buildings	8,233
Personal Property	11
Total	8,591
Accumulated Depreciation	$ 568
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,136
Initial Cost to Company
Land	835
Buildings	6,193
Personal Property	0
Cost Capitalized Subsequent to Acquisition	34
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	835
Buildings	6,220
Personal Property	7
Total	7,062
Accumulated Depreciation	$ 463
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,755
Initial Cost to Company
Land	465
Buildings	4,576
Personal Property	0
Cost Capitalized Subsequent to Acquisition	68
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	465
Buildings	4,627
Personal Property	17
Total	5,109
Accumulated Depreciation	$ 336
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | St. Peters, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,288
Initial Cost to Company
Land	199
Buildings	2,888
Personal Property	0
Cost Capitalized Subsequent to Acquisition	43
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	199
Buildings	2,927
Personal Property	4
Total	3,130
Accumulated Depreciation	$ 238
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Leesburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,376
Initial Cost to Company
Land	731
Buildings	2,480
Personal Property	0
Cost Capitalized Subsequent to Acquisition	39
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	731
Buildings	2,508
Personal Property	11
Total	3,250
Accumulated Depreciation	$ 330
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Operating Real Estate | Palm Bay, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,058
Initial Cost to Company
Land	2,179
Buildings	7,367
Personal Property	0
Cost Capitalized Subsequent to Acquisition	23
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,179
Buildings	7,382
Personal Property	8
Total	9,569
Accumulated Depreciation	$ 676
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,571
Initial Cost to Company
Land	1,067
Buildings	4,965
Personal Property	0
Cost Capitalized Subsequent to Acquisition	434
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,067
Buildings	5,396
Personal Property	3
Total	6,466
Accumulated Depreciation	$ 581
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Ithaca, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,256
Initial Cost to Company
Land	454
Buildings	2,211
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	2,240
Personal Property	1
Total	2,695
Accumulated Depreciation	$ 237
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,327
Initial Cost to Company
Land	783
Buildings	2,417
Personal Property	0
Cost Capitalized Subsequent to Acquisition	50
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	783
Buildings	2,465
Personal Property	2
Total	3,250
Accumulated Depreciation	$ 441
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,197
Initial Cost to Company
Land	664
Buildings	2,762
Personal Property	1
Cost Capitalized Subsequent to Acquisition	472
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	664
Buildings	3,201
Personal Property	34
Total	3,899
Accumulated Depreciation	$ 429
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Operating Real Estate | Hudson, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,212
Initial Cost to Company
Land	364
Buildings	4,188
Personal Property	0
Cost Capitalized Subsequent to Acquisition	5
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	364
Buildings	4,192
Personal Property	1
Total	4,557
Accumulated Depreciation	$ 273
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,566
Initial Cost to Company
Land	407
Buildings	8,027
Personal Property	0
Cost Capitalized Subsequent to Acquisition	62
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	407
Buildings	8,087
Personal Property	2
Total	8,496
Accumulated Depreciation	$ 468
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,681
Initial Cost to Company
Land	1,275
Buildings	3,339
Personal Property	0
Cost Capitalized Subsequent to Acquisition	53
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,275
Buildings	3,385
Personal Property	7
Total	4,667
Accumulated Depreciation	$ 247
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,527
Initial Cost to Company
Land	921
Buildings	2,764
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	921
Buildings	2,764
Personal Property	1
Total	3,686
Accumulated Depreciation	$ 220
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,589
Initial Cost to Company
Land	594
Buildings	4,154
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	4,154
Personal Property	0
Total	4,748
Accumulated Depreciation	$ 291
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,606
Initial Cost to Company
Land	594
Buildings	3,868
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,868
Personal Property	0
Total	4,462
Accumulated Depreciation	$ 288
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,419
Initial Cost to Company
Land	337
Buildings	2,024
Personal Property	0
Cost Capitalized Subsequent to Acquisition	4
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	337
Buildings	2,027
Personal Property	1
Total	2,365
Accumulated Depreciation	$ 146
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,695
Initial Cost to Company
Land	782
Buildings	3,825
Personal Property	0
Cost Capitalized Subsequent to Acquisition	21
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	782
Buildings	3,836
Personal Property	10
Total	4,628
Accumulated Depreciation	$ 349
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Fernandina Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,208
Initial Cost to Company
Land	1,785
Buildings	7,133
Personal Property	0
Cost Capitalized Subsequent to Acquisition	15
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,785
Buildings	7,133
Personal Property	15
Total	8,933
Accumulated Depreciation	$ 501
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,417
Initial Cost to Company
Land	1,371
Buildings	3,020
Personal Property	3
Cost Capitalized Subsequent to Acquisition	41
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,371
Buildings	3,035
Personal Property	29
Total	4,435
Accumulated Depreciation	$ 328
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,737
Initial Cost to Company
Land	817
Buildings	3,438
Personal Property	0
Cost Capitalized Subsequent to Acquisition	34
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	817
Buildings	3,455
Personal Property	17
Total	4,289
Accumulated Depreciation	$ 291
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,935
Initial Cost to Company
Land	708
Buildings	3,778
Personal Property	0
Cost Capitalized Subsequent to Acquisition	53
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	708
Buildings	3,823
Personal Property	8
Total	4,539
Accumulated Depreciation	$ 325
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Greensboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,024
Initial Cost to Company
Land	716
Buildings	4,108
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,092
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	716
Buildings	5,181
Personal Property	19
Total	5,916
Accumulated Depreciation	$ 502
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,329
Initial Cost to Company
Land	897
Buildings	8,831
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	897
Buildings	8,875
Personal Property	21
Total	9,793
Accumulated Depreciation	$ 470
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,972
Initial Cost to Company
Land	1,094
Buildings	4,298
Personal Property	0
Cost Capitalized Subsequent to Acquisition	12
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,094
Buildings	4,299
Personal Property	11
Total	5,404
Accumulated Depreciation	$ 336
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Avondale, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,405
Initial Cost to Company
Land	808
Buildings	4,245
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(11)
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,234
Personal Property	0
Total	5,042
Accumulated Depreciation	$ 251
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Gilroy, California
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,977
Initial Cost to Company
Land	2,704
Buildings	7,451
Personal Property	0
Cost Capitalized Subsequent to Acquisition	29
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,704
Buildings	7,475
Personal Property	5
Total	10,184
Accumulated Depreciation	$ 528
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Washington, D.C.
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,178
Initial Cost to Company
Land	3,185
Buildings	8,177
Personal Property	0
Cost Capitalized Subsequent to Acquisition	16
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,185
Buildings	8,193
Personal Property	0
Total	11,378
Accumulated Depreciation	$ 422
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Milford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,668
Initial Cost to Company
Land	751
Buildings	6,290
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	751
Buildings	6,290
Personal Property	0
Total	7,041
Accumulated Depreciation	$ 345
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Millsboro, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,665
Initial Cost to Company
Land	807
Buildings	5,152
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	807
Buildings	5,152
Personal Property	0
Total	5,959
Accumulated Depreciation	$ 294
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | New Castle, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,832
Initial Cost to Company
Land	994
Buildings	5,673
Personal Property	0
Cost Capitalized Subsequent to Acquisition	13
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994
Buildings	5,681
Personal Property	5
Total	6,680
Accumulated Depreciation	$ 274
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Rehoboth, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,784
Initial Cost to Company
Land	1,229
Buildings	9,945
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,229
Buildings	9,953
Personal Property	3
Total	11,185
Accumulated Depreciation	$ 531
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,955
Initial Cost to Company
Land	796
Buildings	2,112
Personal Property	0
Cost Capitalized Subsequent to Acquisition	43
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	796
Buildings	2,128
Personal Property	27
Total	2,951
Accumulated Depreciation	$ 99
Life on which Depreciation in Latest Statement of Income is Computed	25 years

Schedule III - Real Estate an91

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Under Operating Leases
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 990,810	$ 986,574	$ 743,735
Reclassification from real estate under construction	197,232	14,775	17,188
Foreign currency translation adjustment	67,356	(12,392)	(67,273)
Additions	6,396	0	291,431
Improvements	1,378	1,853	2,327
Dispositions	0	0	(834)
Ending balance	1,263,172	990,810	986,574
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	55,980	31,467	10,875
Depreciation expense	28,243	25,483	21,617
Foreign currency translation adjustment	3,663	(970)	(1,025)
Ending balance	87,886	55,980	31,467
Operating Real Estate
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	606,558	490,852	133,596
Reclassification from real estate under construction	2,926	44,724	0
Foreign currency translation adjustment	3,210	(758)	0
Additions	0	65,711	351,364
Improvements	4,189	6,029	5,892
Dispositions	(50,394)	0	0
Ending balance	566,489	606,558	490,852
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	26,937	10,727	939
Depreciation expense	17,419	16,210	9,788
Dispositions	(602)	0	0
Foreign currency translation adjustment	32	0	0
Ending balance	$ 43,786	$ 26,937	$ 10,727

Schedule IV - Mortgage Loans 92

Schedule IV - Mortgage Loans on Real Estate - Narratives (Details)	Nov. 01, 2016
Property Leased to Mills Fleet Farm Group LLC | LIBOR
Mortgage Loans on Real Estate
Debt instrument variable rate spread	10.00%

Schedule IV - Mortgage Loans 93

Schedule IV - Mortgage Loans on Real Estate - Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Cipriani
Mortgage Loans on Real Estate
Interest Rate	10.00%
Final Maturity Date	Jul. 31, 2024
Fair Value	$ 30,500
Carrying Amount	$ 28,000
Property Leased to Mills Fleet Farm Group LLC
Mortgage Loans on Real Estate
Interest Rate	11.30%
Final Maturity Date	Oct. 31, 2018
Fair Value	$ 38,500
Carrying Amount	$ 38,500

Schedule IV - Mortgage Loans 94

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Mortgage Loans on Real Estate
Balance	$ 66,500	$ 28,000	$ 28,000
Additions	0	38,500	0
Ending balance	$ 66,500	$ 66,500	$ 28,000