Corporate Property Associates 18 Global (CPYA) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 11, 2018
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	1,558,235
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		113,211,400
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,680,530

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in real estate:
Real estate — Land, buildings and improvements	$ 1,318,752	$ 1,263,172
Operating real estate — Land, buildings and improvements	567,928	566,489
Real estate under construction	144,039	134,366
Net investments in direct financing leases	40,482	39,957
In-place lease intangible assets	277,325	274,723
Other intangible assets	36,715	35,811
Investments in real estate	2,385,241	2,314,518
Accumulated depreciation and amortization	(270,478)	(252,067)
Net investments in real estate	2,114,763	2,062,451
Notes receivable	63,954	66,500
Equity investment in real estate	20,179	20,919
Cash and cash equivalents	123,604	71,068
Other assets, net	81,637	83,975
Goodwill	28,724	26,084
Total assets	2,432,861	2,330,997
Debt:
Non-recourse mortgages, net	1,215,653	1,129,432
Bonds payable, net	152,783	146,016
Debt, net	1,368,436	1,275,448
Accounts payable, accrued expenses and other liabilities	92,113	84,051
Due to affiliates	8,681	13,767
Deferred income taxes	62,595	63,980
Distributions payable	21,834	21,686
Total liabilities	1,553,659	1,458,932
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	1,266,999	1,257,840
Distributions and accumulated losses	(431,512)	(420,005)
Accumulated other comprehensive loss	(23,911)	(33,212)
Total stockholders’ equity	811,718	804,764
Noncontrolling interests	67,484	67,301
Total equity	879,202	872,065
Total liabilities and equity	2,432,861	2,330,997
Class A common stock
Debt:
Common stock	111	110
Class C common stock
Debt:
Common stock	$ 31	$ 31

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Class A
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	112,099,561	111,193,651
Class C
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	31,368,773	31,189,137

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Lease revenues:
Rental income	$ 28,557	$ 23,360
Interest income from direct financing leases	918	974
Total lease revenue	29,475	24,334
Other real estate income	19,663	19,380
Other operating income	3,517	3,017
Other interest income	1,780	1,749
Total revenues	54,435	48,480
Operating Expenses
Depreciation and amortization	17,632	18,952
Property expenses	9,834	8,209
Other real estate expenses	8,159	8,033
General and administrative	1,645	1,729
Acquisition and other expenses	0	53
Operating Expenses	37,270	36,976
Other Income and Expenses
Interest expense	(12,930)	(11,452)
Other gains and (losses)	7,992	2,662
Equity in losses of equity method investment in real estate	(324)	(99)
Other Income and Expenses	(5,262)	(8,889)
Income before income taxes	11,903	2,615
Benefit from (provision for) income taxes	415	(70)
Net Income	12,318	2,545
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,905 and $1,675, respectively)	(1,991)	(1,925)
Net Income Attributable to CPA:18 – Global	10,327	620
Class A
Other Income and Expenses
Interest expense	(100)	(100)
Net Income Attributable to CPA:18 – Global	$ 8,110	$ 579
Basic and diluted weighted-average shares outstanding (shares)	112,113,960	108,457,137
Basic and diluted income per share (in dollars per share)	$ 0.07	$ 0.01
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563
Class C
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 2,217	$ 41
Basic and diluted weighted-average shares outstanding (shares)	31,441,399	30,764,145
Basic and diluted income per share (in dollars per share)	$ 0.07	$ 0
Distributions declared per share (in dollars per share)	$ 0.1375	$ 0.1380

Consolidated Statements of Inc5

Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Distributions of available cash	$ 1,905	$ 1,675

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 12,318	$ 2,545
Other Comprehensive Income
Foreign currency translation adjustments	11,577	4,155
Realized and unrealized loss on derivative instruments	(659)	(457)
Other Comprehensive Income	10,918	3,698
Comprehensive Income	23,236	6,243
Amounts Attributable to Noncontrolling Interests
Net income	(1,991)	(1,925)
Foreign currency translation adjustments	(1,617)	(529)
Comprehensive income attributable to noncontrolling interests	(3,608)	(2,454)
Comprehensive Income Attributable to CPA:18 – Global	$ 19,628	$ 3,789

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A	Class C	Total CPA 18 - Global Stockholders	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2016	$ 865,904			$ 799,899	$ 107	$ 30	$ 1,222,139	$ (360,673)	$ (61,704)	$ 66,005
Beginning equity balance, shares at Dec. 31, 2016					107,460,081	30,469,144
Statements of Equity
Shares issued, value	11,136			11,136	$ 1	$ 0	11,135
Shares issued, shares					1,063,682	343,249
Shares issued to affiliate, value	2,670			2,670	$ 0		2,670
Shares issued to affiliate, shares					338,062
Contributions from noncontrolling interests	840									840
Distributions to noncontrolling interests	(4,484)									(4,484)
Distributions declared	(21,214)			(21,214)				(21,214)
Net Income	2,545			620				620		1,925
Other comprehensive income:
Foreign currency translation adjustments	4,155			3,626					3,626	529
Realized and unrealized loss on derivative instruments	(457)			(457)					(457)
Repurchase of shares, value	(2,704)			(2,704)	$ 0		(2,704)
Repurchase of shares, shares					(288,273)	(55,821)
Ending equity balance, value at Mar. 31, 2017	858,391			793,576	$ 108	$ 30	1,233,240	(381,267)	(58,535)	64,815
Ending equity balance, shares at Mar. 31, 2017					108,573,552	30,756,572
Beginning equity balance, value at Dec. 31, 2017	872,065			804,764	$ 110	$ 31	1,257,840	(420,005)	(33,212)	67,301
Beginning equity balance, shares at Dec. 31, 2017		111,193,651	31,189,137		111,193,651	31,189,137
Statements of Equity
Shares issued, value	11,012			11,012	$ 1	$ 0	11,011
Shares issued, shares					1,003,893	313,417
Shares issued to affiliate, value	2,886			2,886	$ 0		2,886
Shares issued to affiliate, shares					345,221
Contributions from noncontrolling interests	171									171
Distributions to noncontrolling interests	(3,596)									(3,596)
Distributions declared	(21,834)			(21,834)				(21,834)
Net Income	12,318			10,327				10,327		1,991
Other comprehensive income:
Foreign currency translation adjustments	11,577			9,960					9,960	1,617
Realized and unrealized loss on derivative instruments	(659)			(659)					(659)
Repurchase of shares, value	(4,738)			(4,738)	$ 0		(4,738)
Repurchase of shares, shares					(443,204)	(133,781)
Ending equity balance, value at Mar. 31, 2018	$ 879,202			$ 811,718	$ 111	$ 31	$ 1,266,999	$ (431,512)	$ (23,911)	$ 67,484
Ending equity balance, shares at Mar. 31, 2018		112,099,561	31,368,773		112,099,561	31,368,773

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	0.1375	0.1380
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	0.1563	0.1563
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1375	$ 0.1380

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 26,729	$ 19,055
Cash Flows — Investing Activities
Funding and advances for build-to-suit projects	(24,103)	(16,765)
Acquisitions of real estate and direct financing leases	(8,785)	(9,860)
Proceeds from insurance settlements	4,972	0
Capital expenditures on real estate	(4,271)	(1,067)
Proceeds from repayment of notes receivable	2,546	0
Value added taxes paid in connection with acquisitions of real estate	(2,282)	(1,185)
Payment of deferred acquisition fees to an affiliate	(1,683)	(1,565)
Value added taxes refunded in connection with the acquisitions of real estate	1,166	1,033
Proceeds from sale of real estate	771	0
Capital contributions to equity investment	(3)	(5,591)
Net Cash Used in Investing Activities	(31,672)	(35,000)
Cash Flows — Financing Activities
Proceeds from mortgage financing	77,920	19,846
Distributions paid	(21,686)	(20,995)
Proceeds from issuance of shares	10,486	10,578
Repurchase of shares	(4,738)	(2,704)
Scheduled payments and prepayments of mortgage principal	(4,489)	(1,520)
Distributions to noncontrolling interests	(3,596)	(4,484)
Payment of deferred financing costs and mortgage deposits	(728)	(264)
Other financing activities, net	498	(55)
Contributions from noncontrolling interests	171	62
Net Cash Provided by Financing Activities	53,838	464
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1,407	532
Net increase (decrease) in cash and cash equivalents and restricted cash	50,302	(14,949)
Cash and cash equivalents and restricted cash, beginning of period	90,183	93,741
Cash and cash equivalents and restricted cash, end of period	$ 140,485	$ 78,792

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization Corporate Property Associates 18 – Global Incorporated, or CPA:18 – Global, and, together with its consolidated subsidiaries, we, us, or our, is a publicly owned, non-traded REIT, that invests primarily in a diversified portfolio of income-producing commercial real estate properties leased to companies and other real estate related assets, both domestically and internationally. We were formed in 2012 and are managed by W. P. Carey Inc., or WPC, through one of its subsidiaries, or collectively, our Advisor. As a REIT, we are not subject to U.S. federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, among other factors. We earn revenue primarily by leasing the properties we own to single corporate tenants, predominantly on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership, or the Operating Partnership, and at March 31, 2018 we owned 99.97% of general and limited partnership interests in the Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. At March 31, 2018 , our portfolio was comprised of full or partial ownership interests in 59 properties, substantially all of which were fully-occupied and triple-net leased to 100 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 11 multi-family properties totaling 6.7 million square feet. We operate in three reportable business segments: Net Lease, Self Storage, and Multi-Family. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating leases or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Multi-Family segment is comprised of our investments in multi-family residential properties and student-housing developments. In addition, we have an All Other category that includes our notes receivable investments ( Note 12 ). Our reportable business segments and All Other category are the same as our reporting units. We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our initial public offering. In addition, from inception through March 31, 2018 , $125.2 million and $34.4 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan, or DRIP.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2017 , which are included in the 2017 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity, or VIE, and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered 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 March 31, 2018 , we considered 13 entities to be VIEs, 12 of which we consolidated as we are considered the primary beneficiary. At December 31, 2017 , we considered 12 entities to be VIEs, 11 of which we consolidated. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): March 31, 2018 December 31, 2017 Real estate — Land, buildings and improvements $ 381,827 $ 373,954 Real estate under construction 132,343 107,732 In-place lease intangible assets 90,239 88,617 Other intangible assets 18,533 18,040 Accumulated depreciation and amortization (59,593 ) (54,592 ) Cash and cash equivalents 5,050 5,030 Other assets, net 33,910 33,219 Total assets 602,309 572,000 Non-recourse mortgages, net $ 247,621 $ 218,267 Bonds payable, net 63,297 60,577 Accounts payable, accrued expenses and other liabilities 26,468 23,509 Deferred income taxes 23,715 23,349 Total liabilities 361,101 325,702 At both March 31, 2018 and December 31, 2017 , we had one unconsolidated VIE, which we account for under the equity method of accounting. We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of the entity. As of March 31, 2018 and December 31, 2017 , the net carrying amount of this equity investment was $20.2 million and $20.9 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 both March 31, 2018 and December 31, 2017 , our sole equity investment did not have a carrying value below zero. Accounting Policy Update Distributions from Equity Method Investments — We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Restricted Cash — In connection with our adoption of Accounting Standards Update, or ASU, 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2018 December 31, 2017 Cash and cash equivalents $ 123,604 $ 71,068 Restricted cash (a) 16,881 19,115 Total cash and cash equivalents and restricted cash $ 140,485 $ 90,183 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. Recent Accounting Pronouncements Pronouncements Adopted as of March 31, 2018 In May 2014, the Financial Accounting Standards Board, or 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 transition method applied to any contracts not completed as of that date. There were no changes to the prior period presentations of revenue. Results of operations for reporting periods beginning January 1, 2018 are presented under Topic 606. The adoption of Topic 606 did not have a material impact on our consolidated financial statements. Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires all equity investments (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value, with changes in the fair value recognized through net income. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-01 did not have a material impact 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 did not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that the 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20 ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . ASU 2017-05 clarifies the scope and application of Accounting Standards Codification, or ASC, 610-20 on the sale or transfer of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. Nonfinancial assets within the scope of this Subtopic include the sale of land, buildings and intangible assets. ASU 2017-05 further 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. 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. We adopted this guidance for our interim and annual periods beginning January 1, 2018 and applied the modified retrospective transition method (applicable to any contracts not completed as of that date). The adoption of ASU 2017-05 did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after March 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces existing sale-leaseback guidance with a new model applicable to both lessees and lessors. Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application will be permitted for all entities. The new standard must be adopted using the modified retrospective transition method 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 certain 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 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.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2018
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 annual distribution and shareholder servicing fee that impacts equity as further disclosed below the tables), in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2018 2017 Amounts Included in the Consolidated Statements of Income Asset management fees $ 2,874 $ 2,709 Available Cash Distributions 1,905 1,675 Personnel and overhead reimbursements 717 782 Interest expense on deferred acquisition fees, interfund loan, and accretion of interest on annual distribution and shareholder servicing fee (a) (62 ) 301 Director compensation 40 53 $ 5,474 $ 5,520 Advisor Fees Capitalized Current acquisition fees $ 721 $ 1,393 Deferred acquisition fees 577 1,114 Capitalized personnel and overhead reimbursements 112 182 $ 1,410 $ 2,689 __________ (a) For the three months ended March 31, 2018 , interest on the annual distribution and shareholder servicing fee is excluded as it is paid directly to selected dealers rather than through Carey Financial LLC, or Carey Financial, as discussed further below. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): March 31, 2018 December 31, 2017 Due to Affiliates Deferred acquisition fees, including accrued interest $ 4,445 $ 6,693 Accounts payable and other 3,253 6,102 Asset management fees payable 960 972 Current acquisition fees 23 — $ 8,681 $ 13,767 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. As of March 31, 2018 and December 31, 2017 , we have no loans outstanding to WPC. Asset Management Fees Pursuant to the advisory agreement, our Advisor is entitled to an annual asset management fee ranging from 0.5% to 1.5% , depending on the type of investment and based on the average market value or average equity value, as applicable, of our investments. Asset management fees are payable in cash and/or shares of our Class A common stock at our option, after consultation with our Advisor. If our Advisor receives all or a portion of its fees in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share, or NAV, per Class A share, which was $8.36 as of December 31, 2017. For the three months ended March 31, 2018 and the year ended December 31, 2017 , our Advisor received its asset management fees in shares of our Class A common stock. At March 31, 2018 , our Advisor owned 3,961,878 shares, or 2.8% , of our Class A common stock outstanding. Asset management fees are included in Property expenses in the consolidated financial statements. Annual Distribution and Shareholder Servicing Fee Carey Financial, the wholly-owned subsidiary of our Advisor that was a registered broker-dealer, 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 is 1.0% of the most recently published NAV of our Class C common stock. The annual distribution and shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the annual distribution and shareholder servicing fee beginning on the date at which, in the aggregate, underwriting compensation from all sources (including the annual distribution and shareholder servicing fee, any organizational and offering fee paid for underwriting and underwriting compensation paid by WPC and its affiliates) reaches 10.0% of the gross proceeds from our initial public offering, which it had not yet reached as of March 31, 2018 . 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. At March 31, 2018 and December 31, 2017 , we recorded a liability of $5.2 million and $5.7 million , respectively, within 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 periods ended March 31, 2018 and December 31, 2017 . Unpaid installments of 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. 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. This amount was paid to us during the period ended March 31, 2018 . In addition, 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, the amount of applicable personnel costs allocated to us is capped at 1.0% and 2.0% for 2018 and 2017, respectively, of pro rata lease revenues for each 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 trailing four 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 attributable to noncontrolling interests in the consolidated financial statements. Jointly Owned Investments and Other Transactions with our Affiliates At March 31, 2018 , we owned interests ranging from 50% to 99% 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	3 Months Ended
	Mar. 31, 2018
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): March 31, 2018 December 31, 2017 Land $ 210,044 $ 202,500 Buildings and improvements 1,108,708 1,060,672 Less: Accumulated depreciation (96,313 ) (87,886 ) $ 1,222,439 $ 1,175,286 During the three months ended March 31, 2018 , 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 2.7% to $1.2321 from $1.1993 . As a result, the carrying value of our Real estate — land, buildings and improvements increased by $26.2 million from December 31, 2017 to March 31, 2018 . Depreciation expense, including the effect of foreign currency translation, on our real estate was $7.9 million and $6.3 million for the three months ended March 31, 2018 and 2017 , respectively. Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): March 31, 2018 December 31, 2017 Land $ 98,432 $ 98,429 Buildings and improvements 469,496 468,060 Less: Accumulated depreciation (48,153 ) (43,786 ) $ 519,775 $ 522,703 Depreciation expense on our operating real estate was $4.4 million for both the three months ended March 31, 2018 and 2017 . Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2018 Beginning balance $ 134,366 Capitalized funds 30,371 Placed into service (25,937 ) Foreign currency translation adjustments 4,124 Capitalized interest 1,115 Ending balance $ 144,039 Capitalized Funds On March 8, 2018 , we entered into a build-to-suit joint venture with a third party for a student-housing development site located in Barcelona, Spain at a total cost of $10.5 million (amounts based on the exchange rate of the euro on the date of acquisition). We acquired 99% of the equity in this investment at closing. This property is under construction and is currently projected to be completed in September 2019, at which point, our total investment is expected to be approximately $28.5 million . Since this joint venture has voting rights that are disproportionate to its obligation to absorb profits and losses, it is considered to be a VIE that we consolidate ( Note 2 ). Ghana — On February 19, 2016, we invested in a build-to-suit joint venture with a third party for a university complex development site located in Accra, Ghana. As of March 31, 2018 , total capitalized funds related to this investment were $32.5 million , inclusive of accrued construction costs of $0.9 million and the effect of recording 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 pursuing appropriate remedies. As a result, as of March 31, 2018 , 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 scenarios in estimating future undiscounted cash flows, including payment from the tenant or through our insurance policy. Because we believe there is a high probability that we will recover the full amount invested, we have not recorded any impairment charge in connection with this investment as of March 31, 2018 , although recovery may take additional time. We will continue to monitor this investment for impairment. During the three months ended March 31, 2018 , total capitalized funds primarily related to our build-to-suit projects, which were comprised primarily of initial funding of $11.0 million and construction draws of $19.4 million . Capitalized funds include accrued costs of $1.9 million , which is a non-cash investing activity. Capitalized Interest Capitalized interest includes amortization of the mortgage discount and deferred financing costs and interest incurred during construction, which totaled $1.1 million during the three months ended March 31, 2018 and is a non-cash investing activity. Placed into Service During the three months ended March 31, 2018 , a total of $25.9 million was placed into service and reclassified to Real estate — land, buildings and improvements, primarily related to the remaining portion of a substantially completed hotel, which is a non-cash investing activity. Ending Balance At March 31, 2018 , we had six open build-to-suit projects with aggregate unfunded commitments of approximately $178.4 million , excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. 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 March 31, 2018 , the joint-venture partner had 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. At March 31, 2018 and December 31, 2017 , our total equity investment balance for these properties was $20.2 million and $20.9 million , respectively, and the joint venture had total third-party recourse debt of $22.3 million and $21.5 million , respectively. At March 31, 2018 , the unfunded commitments for these build-to-suit projects totaled approximately $21.9 million .

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Notes receivable and our Net investments in direct financing leases. Operating leases are not included in finance receivables as such amounts are not recognized as an asset in the consolidated financial statements. Notes Receivable Our Notes receivable at December 31, 2017 consist of a $28.0 million mezzanine tranche of 10 -year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York (referred to as Cipriani) and a $38.5 million mezzanine loan collateralized by 27 retail stores in Minnesota, Wisconsin, and Iowa leased to Mills Fleet Farm Group LLC (referred to as Mills Fleet). We have and will continue to receive interest-only payments on each of these loans through maturity in July 2024 and October 2018 , respectively. During the three months ended March 31, 2018 , we received partial repayments for the Mills Fleet mezzanine loan totaling $2.5 million . As a result, the balances for the receivables at March 31, 2018 were $28.0 million and $36.0 million for Cipriani and Mills Fleet, respectively. 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 March 31, 2018 and December 31, 2017 , we had no significant finance receivable balances that were past due and we had not established any allowances for credit losses. Additionally, there were no modifications of finance receivables during the three months ended March 31, 2018 . 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 is updated quarterly. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 1 — — $ — $ — 2 2 2 14,637 14,386 3 2 2 29,725 29,716 4 2 2 60,074 62,355 5 — — — — 0 $ 104,436 $ 106,457

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2018
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. The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Three Months Ended March 31, 2018 Balance at January 1, 2018 $ 26,084 Other 1,629 Foreign currency translation 1,011 Balance at March 31, 2018 $ 28,724 Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2018 December 31, 2017 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 2 - 23 $ 277,325 $ (120,625 ) $ 156,700 $ 274,723 $ (115,515 ) $ 159,208 Below-market ground lease 15 - 99 23,625 (1,382 ) 22,243 23,000 (1,238 ) 21,762 Above-market rent 3 - 30 13,090 (4,005 ) 9,085 12,811 (3,642 ) 9,169 314,040 (126,012 ) 188,028 310,534 (120,395 ) 190,139 Indefinite-Lived Intangible Assets Goodwill 28,724 — 28,724 26,084 — 26,084 Total intangible assets $ 342,764 $ (126,012 ) $ 216,752 $ 336,618 $ (120,395 ) $ 216,223 Finite-lived Intangible Liabilities Below-market rent 4 - 30 $ (15,536 ) $ 4,912 $ (10,624 ) $ (15,476 ) $ 4,573 $ (10,903 ) Above-market ground lease 81 (115 ) 5 (110 ) (110 ) 4 (106 ) Total intangible liabilities $ (15,651 ) $ 4,917 $ (10,734 ) $ (15,586 ) $ 4,577 $ (11,009 ) Net amortization of intangibles, including the effect of foreign currency translation, was $5.3 million and $8.1 million for the three months ended March 31, 2018 and 2017 , respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income, amortization of below-market and above-market ground lease intangibles is included in Property expenses, and amortization of in-place lease intangibles is included in Depreciation and amortization expense in the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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. 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 March 31, 2018 and December 31, 2017 , our rent guarantees had a fair value of $0.6 million and $0.7 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 both the three months ended March 31, 2018 and 2017 , we recognized $0.1 million of mark-to-market gains related to these rent guarantees within Other gains and (losses) on our consolidated financial statements. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the three months ended March 31, 2018 and 2017 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2018 December 31, 2017 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,368,436 $ 1,389,201 $ 1,275,448 $ 1,301,844 Notes receivable (c) (d) 3 63,954 66,454 66,500 69,000 ___________ (a) Debt, net consists of Non-recourse debt, net and Bonds payable, net. At March 31, 2018 and December 31, 2017 , the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.9 million and $7.0 million , respectively. At both March 31, 2018 and December 31, 2017 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.8 million ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse debt and Bonds payable using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. (d) During the three months ended March 31, 2018 , we received partial repayments for the Mills Fleet mezzanine loan totaling $2.5 million . As a result, the balances for the receivables at March 31, 2018 were $28.0 million and $36.0 million for Cipriani and Mills Fleet, respectively ( Note 5 ). We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both March 31, 2018 and December 31, 2017 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
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: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) 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, as well as the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative is reported in Other comprehensive income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both March 31, 2018 and December 31, 2017 , no cash collateral had been posted or received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Foreign currency forward contracts Other assets, net $ 1,769 $ 2,419 $ — $ — Interest rate swaps Other assets, net 1,133 553 — — Foreign currency collars Other assets, net 11 258 — — Interest rate caps Other assets, net 4 1 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (4,373 ) (3,266 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (121 ) (698 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (443 ) (366 ) Total $ 2,917 $ 3,231 $ (4,937 ) $ (4,330 ) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 Foreign currency collars $ (1,205 ) $ (235 ) Interest rate swaps 1,157 247 Foreign currency forward contracts (629 ) (471 ) Interest rate caps 18 2 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars (126 ) (10 ) Foreign currency forward contracts (23 ) (19 ) Total $ (808 ) $ (486 ) ___________ (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 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 into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 222 $ 356 Foreign currency collars Other gains and (losses) (154 ) 92 Interest rate swaps Interest expense (83 ) (211 ) Interest rate caps Interest expense (31 ) (5 ) Total $ (46 ) $ 232 Amounts reported in Other comprehensive income related to our interest rate swaps will be reclassified to Interest expense as interest payments are made on our variable-rate debt. Amounts reported in Other comprehensive income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. At March 31, 2018 , we estimated that an additional $0.2 million and $0.1 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2018 2017 Foreign currency collars Other gains and (losses) $ (151 ) $ (20 ) Interest rate swaps Interest expense (6 ) (48 ) Derivatives in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) (10 ) 1 Interest rate swaps (a) Interest expense 6 3 Total $ (161 ) $ (64 ) __________ (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 joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2018 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2018 (a) Interest rate swaps 8 60,601 USD $ 1,020 Interest rate swap 1 10,146 EUR (8 ) Interest rate caps 3 27,700 USD 4 $ 1,016 ___________ (a) Fair value amount is based on the exchange rate of the euro at March 31, 2018 , 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 gains and (losses) 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 March 31, 2018 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 50 32,720 EUR $ (4,029 ) Foreign currency forward contracts 21 8,134 EUR 1,189 Foreign currency forward contracts 15 23,532 NOK 542 Foreign currency collars 25 51,790 NOK (298 ) Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (443 ) Designated as Net Investment Hedging Instruments Foreign currency forward contracts 2 4,504 NOK 38 Foreign currency collars 3 16,750 NOK (35 ) $ (3,036 ) Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2018 . At March 31, 2018 , our total credit exposure was $1.1 million and the maximum exposure to any single counterparty was $0.6 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2018 , 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 $4.9 million and $4.4 million at March 31, 2018 and December 31, 2017 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at March 31, 2018 or December 31, 2017 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $5.1 million and $4.5 million , respectively.

Non-Recourse Mortgages and Bond

Non-Recourse Mortgages and Bonds Payable	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Non-Recourse Mortgages and Bonds Payable	Non-Recourse Mortgages and Bonds Payable Non-recourse debt consists of mortgage notes and bonds payable, which are collateralized by the assignment of real estate properties. At March 31, 2018 , 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 8.1% , with maturity dates ranging from 2018 to 2039 . Financing Activity During 2018 On February 13, 2018, we obtained a construction loan of $48.8 million for a student-housing development project located in Portsmouth, United Kingdom (based on the exchange rate of the British pound sterling at the date of acquisition). The loan bears a variable interest rate for outstanding drawn balances, with a term to maturity of 1.8 years and an interest rate of 6.0% as of March 31, 2018 . We had drawn $18.7 million on the construction loan (based on the exchange rate of the British pound sterling at the date of each drawdown) as of March 31, 2018 . During the three months ended March 31, 2018 , we had additional drawdowns of $8.2 million (based on the exchange rate of the British pound sterling at the date of each drawdown) on a construction loan related to a student-housing development project located in Cardiff, United Kingdom. The loan bears an annual interest rate of 7.5% plus the London Interbank Offered Rate, or LIBOR, for outstanding drawn balances, with a term to maturity of two years. Additionally, we drew down $52.4 million (based on the exchange rate of the euro at the date of drawdown) on the mortgage loan for a completed build-to-suit hotel in Munich, Germany. The loan bears an annual interest rate of 2.8% , with a term to maturity of 5.4 years. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2018, each of the next four calendar years following December 31, 2018 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2018 (remainder) $ 27,411 2019 45,340 2020 131,527 2021 178,029 2022 197,925 Thereafter through 2039 797,115 Total principal payments 1,377,347 Unamortized deferred financing costs (8,795 ) Unamortized discount, net (116 ) Total $ 1,368,436 Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2018 . The carrying value of our Non-recourse mortgages, net and Bonds payable, net increased by $16.9 million in the aggregate from December 31, 2017 to March 31, 2018 , 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 As of 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 our Agrokor mortgage loan 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 set forth in the related loan agreement. As of March 31, 2018, less than $0.1 million of additional payments have been made on the loan principal. As Agrokor is currently in financial distress, there is uncertainty regarding future rent collections ( Note 12 ) 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 $3.7 million (amount based on the exchange rate of the euro as of March 31, 2018) of principal on the bond by June 30, 2018. As of March 31, 2018 , this amount has not yet been paid.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At March 31, 2018 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations. See Note 4 for unfunded construction commitments.

Net Income (Loss) Per Share and

Net Income (Loss) Per Share and Equity	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income Per Share and Equity	Net Income Per Share and Equity Basic and Diluted Income Per Share The following table presents net income per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Net Income Class A common stock 112,113,960 $ 8,110 $ 0.07 108,457,137 $ 579 $ 0.01 Class C common stock 31,441,399 2,217 0.07 30,764,145 41 0.00 Net income attributable to CPA:18 – Global $ 10,327 $ 620 The allocation of Net income attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. For both the three months ended March 31, 2018 and 2017 , the allocation for Class A common stock excluded $0.1 million of interest expense related to the accretion of interest on our annual distribution and shareholder servicing fee liability, which is only applicable to Class C common stock ( Note 3 ). Distributions Distributions are declared at the discretion of our board of directors and are not guaranteed. For the three months ended March 31, 2018 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1375 per share for our Class C common stock, which was paid on April 16, 2018 to stockholders of record on March 29, 2018 , in the amount of $21.8 million . Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2018 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,082 ) $ (32,130 ) $ (33,212 ) Other comprehensive income before reclassifications (705 ) 11,577 10,872 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 114 — 114 Other gains and (losses) (68 ) — (68 ) Net current-period Other comprehensive income (659 ) 11,577 10,918 Net current-period Other comprehensive income attributable to noncontrolling interests — (1,617 ) (1,617 ) Ending balance $ (1,741 ) $ (22,170 ) $ (23,911 ) Three Months Ended March 31, 2017 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 5,587 $ (67,291 ) $ (61,704 ) Other comprehensive income before reclassifications (225 ) 4,155 3,930 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 216 — 216 Other gains and (losses) (448 ) — (448 ) Net current-period Other comprehensive income (457 ) 4,155 3,698 Net current-period Other comprehensive income attributable to noncontrolling interests — (529 ) (529 ) Ending balance $ 5,130 $ (63,665 ) $ (58,535 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive income for the periods presented.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2018
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): Three Months Ended March 31, 2018 2017 Net Lease Revenues (a) $ 32,999 $ 27,370 Operating expenses (b) (c) (19,119 ) (16,035 ) Interest expense (8,858 ) (6,993 ) Other income and (expenses), excluding interest expense 4,351 205 Benefit from income taxes 145 66 Net income attributable to noncontrolling interests (94 ) (239 ) Net income attributable to CPA:18 – Global $ 9,424 $ 4,374 Self Storage Revenues $ 13,966 $ 13,194 Operating expenses (9,349 ) (12,090 ) Interest expense (3,094 ) (3,006 ) Other income and (expenses), excluding interest expense (d) (479 ) (99 ) Provision for income taxes (27 ) (77 ) Net income (loss) attributable to CPA:18 – Global $ 1,017 $ (2,078 ) Multi-Family Revenues $ 5,690 $ 6,167 Operating expenses (4,162 ) (4,326 ) Interest expense (905 ) (1,152 ) Other income and (expenses), excluding interest expense 1 1 Benefit from (provision for) income taxes 13 (27 ) Net loss (income) attributable to noncontrolling interests 8 (11 ) Net income attributable to CPA:18 – Global $ 645 $ 652 All Other Revenues $ 1,780 $ 1,749 Operating expenses (1 ) (9 ) Net income attributable to CPA:18 – Global $ 1,779 $ 1,740 Corporate Unallocated Corporate Overhead (e) $ (633 ) $ (2,393 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,905 ) $ (1,675 ) Total Company Revenues $ 54,435 $ 48,480 Operating expenses (37,270 ) (36,976 ) Interest expense (12,930 ) (11,452 ) Other income and (expenses), excluding interest expense 7,668 2,563 Benefit from (provision for) income taxes 415 (70 ) Net income attributable to noncontrolling interests (1,991 ) (1,925 ) Net income attributable to CPA:18 – Global $ 10,327 $ 620 Total Assets March 31, 2018 December 31, 2017 Net Lease $ 1,600,618 $ 1,572,437 Self Storage 397,470 398,944 Multi-Family 292,707 256,875 Corporate 77,684 35,812 All Other 64,382 66,929 Total Company $ 2,432,861 $ 2,330,997 __________ (a) We recognized straight-line rent adjustments of $1.3 million and $1.0 million during the three months ended March 31, 2018 and 2017 , respectively, which increased Lease revenues within our consolidated financial statements for each period. (b) In April 2017, 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 uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $1.1 million and $1.0 million during the three months ended March 31, 2018 and 2017 , respectively. (c) As a result of the financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $0.5 million during the three months ended March 31, 2017 . (d) Includes Equity in losses of equity method investment in real estate. (e) 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.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States, or GAAP.
Basis of Consolidation	Basis of Consolidation Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
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.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board, or 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 transition method applied to any contracts not completed as of that date. There were no changes to the prior period presentations of revenue. Results of operations for reporting periods beginning January 1, 2018 are presented under Topic 606. The adoption of Topic 606 did not have a material impact on our consolidated financial statements. Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. In January 2016, the FASB issued ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires all equity investments (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value, with changes in the fair value recognized through net income. We adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-01 did not have a material impact 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. The adoption of ASU 2016-15 did not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . ASU 2016-18 intends to reduce diversity in practice for the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 requires that the 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. We retrospectively adopted this guidance for our interim and annual periods beginning January 1, 2018. See Restricted Cash above for additional information. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20 ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . ASU 2017-05 clarifies the scope and application of Accounting Standards Codification, or ASC, 610-20 on the sale or transfer of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. Nonfinancial assets within the scope of this Subtopic include the sale of land, buildings and intangible assets. ASU 2017-05 further 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. 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. We adopted this guidance for our interim and annual periods beginning January 1, 2018 and applied the modified retrospective transition method (applicable to any contracts not completed as of that date). The adoption of ASU 2017-05 did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after March 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new standard also replaces existing sale-leaseback guidance with a new model applicable to both lessees and lessors. Additionally, the new standard requires extensive quantitative and qualitative disclosures. Early application will be permitted for all entities. The new standard must be adopted using the modified retrospective transition method 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 certain 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 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	Amortization of below-market rent 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	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. 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.
Derivatives	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income until the hedged item is recognized in earnings. For a derivative designated, and that qualified, as a net investment hedge, the effective portion of the change in its fair value and/or the net settlement of the derivative is reported in Other comprehensive income as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of any derivative is immediately recognized in earnings.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): March 31, 2018 December 31, 2017 Real estate — Land, buildings and improvements $ 381,827 $ 373,954 Real estate under construction 132,343 107,732 In-place lease intangible assets 90,239 88,617 Other intangible assets 18,533 18,040 Accumulated depreciation and amortization (59,593 ) (54,592 ) Cash and cash equivalents 5,050 5,030 Other assets, net 33,910 33,219 Total assets 602,309 572,000 Non-recourse mortgages, net $ 247,621 $ 218,267 Bonds payable, net 63,297 60,577 Accounts payable, accrued expenses and other liabilities 26,468 23,509 Deferred income taxes 23,715 23,349 Total liabilities 361,101 325,702
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2018 December 31, 2017 Cash and cash equivalents $ 123,604 $ 71,068 Restricted cash (a) 16,881 19,115 Total cash and cash equivalents and restricted cash $ 140,485 $ 90,183 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): March 31, 2018 December 31, 2017 Cash and cash equivalents $ 123,604 $ 71,068 Restricted cash (a) 16,881 19,115 Total cash and cash equivalents and restricted cash $ 140,485 $ 90,183 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets.

Agreements and Transactions w24

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2018
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 annual distribution and shareholder servicing fee that impacts equity as further disclosed below the tables), in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2018 2017 Amounts Included in the Consolidated Statements of Income Asset management fees $ 2,874 $ 2,709 Available Cash Distributions 1,905 1,675 Personnel and overhead reimbursements 717 782 Interest expense on deferred acquisition fees, interfund loan, and accretion of interest on annual distribution and shareholder servicing fee (a) (62 ) 301 Director compensation 40 53 $ 5,474 $ 5,520 Advisor Fees Capitalized Current acquisition fees $ 721 $ 1,393 Deferred acquisition fees 577 1,114 Capitalized personnel and overhead reimbursements 112 182 $ 1,410 $ 2,689 __________ (a) For the three months ended March 31, 2018 , interest on the annual distribution and shareholder servicing fee is excluded as it is paid directly to selected dealers rather than through Carey Financial LLC, or Carey Financial, as discussed further below. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): March 31, 2018 December 31, 2017 Due to Affiliates Deferred acquisition fees, including accrued interest $ 4,445 $ 6,693 Accounts payable and other 3,253 6,102 Asset management fees payable 960 972 Current acquisition fees 23 — $ 8,681 $ 13,767

Real Estate, Operating Real E25

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands): March 31, 2018 December 31, 2017 Land $ 210,044 $ 202,500 Buildings and improvements 1,108,708 1,060,672 Less: Accumulated depreciation (96,313 ) (87,886 ) $ 1,222,439 $ 1,175,286 Operating real estate, which consists of our self-storage and multi-family properties, at cost, is summarized as follows (in thousands): March 31, 2018 December 31, 2017 Land $ 98,432 $ 98,429 Buildings and improvements 469,496 468,060 Less: Accumulated depreciation (48,153 ) (43,786 ) $ 519,775 $ 522,703
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2018 Beginning balance $ 134,366 Capitalized funds 30,371 Placed into service (25,937 ) Foreign currency translation adjustments 4,124 Capitalized interest 1,115 Ending balance $ 144,039

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 1 — — $ — $ — 2 2 2 14,637 14,386 3 2 2 29,725 29,716 4 2 2 60,074 62,355 5 — — — — 0 $ 104,436 $ 106,457

Intangible Assets and Liabili27

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Intangible Assets And Liabilities [Abstract]
Goodwill Rollforward	The following table presents a reconciliation of our goodwill, which is included in our Net Lease reporting unit (in thousands): Three Months Ended March 31, 2018 Balance at January 1, 2018 $ 26,084 Other 1,629 Foreign currency translation 1,011 Balance at March 31, 2018 $ 28,724
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2018 December 31, 2017 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 2 - 23 $ 277,325 $ (120,625 ) $ 156,700 $ 274,723 $ (115,515 ) $ 159,208 Below-market ground lease 15 - 99 23,625 (1,382 ) 22,243 23,000 (1,238 ) 21,762 Above-market rent 3 - 30 13,090 (4,005 ) 9,085 12,811 (3,642 ) 9,169 314,040 (126,012 ) 188,028 310,534 (120,395 ) 190,139 Indefinite-Lived Intangible Assets Goodwill 28,724 — 28,724 26,084 — 26,084 Total intangible assets $ 342,764 $ (126,012 ) $ 216,752 $ 336,618 $ (120,395 ) $ 216,223 Finite-lived Intangible Liabilities Below-market rent 4 - 30 $ (15,536 ) $ 4,912 $ (10,624 ) $ (15,476 ) $ 4,573 $ (10,903 ) Above-market ground lease 81 (115 ) 5 (110 ) (110 ) 4 (106 ) Total intangible liabilities $ (15,651 ) $ 4,917 $ (10,734 ) $ (15,586 ) $ 4,577 $ (11,009 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule Of Other Financial Instruments In Carrying Values And Fair Values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2018 December 31, 2017 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,368,436 $ 1,389,201 $ 1,275,448 $ 1,301,844 Notes receivable (c) (d) 3 63,954 66,454 66,500 69,000 ___________ (a) Debt, net consists of Non-recourse debt, net and Bonds payable, net. At March 31, 2018 and December 31, 2017 , the carrying value of Non-recourse debt, net includes unamortized deferred financing costs of $7.9 million and $7.0 million , respectively. At both March 31, 2018 and December 31, 2017 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.8 million ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse debt and Bonds payable using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. (d) During the three months ended March 31, 2018 , we received partial repayments for the Mills Fleet mezzanine loan totaling $2.5 million . As a result, the balances for the receivables at March 31, 2018 were $28.0 million and $36.0 million for Cipriani and Mills Fleet, respectively ( Note 5 ).

Risk Management and Use of De29

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Foreign currency forward contracts Other assets, net $ 1,769 $ 2,419 $ — $ — Interest rate swaps Other assets, net 1,133 553 — — Foreign currency collars Other assets, net 11 258 — — Interest rate caps Other assets, net 4 1 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (4,373 ) (3,266 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (121 ) (698 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (443 ) (366 ) Total $ 2,917 $ 3,231 $ (4,937 ) $ (4,330 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 Foreign currency collars $ (1,205 ) $ (235 ) Interest rate swaps 1,157 247 Foreign currency forward contracts (629 ) (471 ) Interest rate caps 18 2 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars (126 ) (10 ) Foreign currency forward contracts (23 ) (19 ) Total $ (808 ) $ (486 ) ___________ (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 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 into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 222 $ 356 Foreign currency collars Other gains and (losses) (154 ) 92 Interest rate swaps Interest expense (83 ) (211 ) Interest rate caps Interest expense (31 ) (5 ) Total $ (46 ) $ 232
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2018 2017 Foreign currency collars Other gains and (losses) $ (151 ) $ (20 ) Interest rate swaps Interest expense (6 ) (48 ) Derivatives in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) (10 ) 1 Interest rate swaps (a) Interest expense 6 3 Total $ (161 ) $ (64 ) __________ (a) Relates to the ineffective portion of the hedging relationship.
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2018 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2018 (a) Interest rate swaps 8 60,601 USD $ 1,020 Interest rate swap 1 10,146 EUR (8 ) Interest rate caps 3 27,700 USD 4 $ 1,016 ___________ (a) Fair value amount is based on the exchange rate of the euro at March 31, 2018 , as applicable. The following table presents the foreign currency derivative contracts we had outstanding and their designations at March 31, 2018 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 50 32,720 EUR $ (4,029 ) Foreign currency forward contracts 21 8,134 EUR 1,189 Foreign currency forward contracts 15 23,532 NOK 542 Foreign currency collars 25 51,790 NOK (298 ) Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (443 ) Designated as Net Investment Hedging Instruments Foreign currency forward contracts 2 4,504 NOK 38 Foreign currency collars 3 16,750 NOK (35 ) $ (3,036 )

Non-Recourse Mortgages and Bo30

Non-Recourse Mortgages and Bonds Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments during the remainder of 2018, each of the next four calendar years following December 31, 2018 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2018 (remainder) $ 27,411 2019 45,340 2020 131,527 2021 178,029 2022 197,925 Thereafter through 2039 797,115 Total principal payments 1,377,347 Unamortized deferred financing costs (8,795 ) Unamortized discount, net (116 ) Total $ 1,368,436

Net Income Per Share and Equity

Net Income Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Share	The following table presents net income per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Net Income Class A common stock 112,113,960 $ 8,110 $ 0.07 108,457,137 $ 579 $ 0.01 Class C common stock 31,441,399 2,217 0.07 30,764,145 41 0.00 Net income attributable to CPA:18 – Global $ 10,327 $ 620
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2018 Gains and Losses on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,082 ) $ (32,130 ) $ (33,212 ) Other comprehensive income before reclassifications (705 ) 11,577 10,872 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 114 — 114 Other gains and (losses) (68 ) — (68 ) Net current-period Other comprehensive income (659 ) 11,577 10,918 Net current-period Other comprehensive income attributable to noncontrolling interests — (1,617 ) (1,617 ) Ending balance $ (1,741 ) $ (22,170 ) $ (23,911 ) Three Months Ended March 31, 2017 Gains and Losses Foreign Currency Translation Adjustments Total Beginning balance $ 5,587 $ (67,291 ) $ (61,704 ) Other comprehensive income before reclassifications (225 ) 4,155 3,930 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 216 — 216 Other gains and (losses) (448 ) — (448 ) Net current-period Other comprehensive income (457 ) 4,155 3,698 Net current-period Other comprehensive income attributable to noncontrolling interests — (529 ) (529 ) Ending balance $ 5,130 $ (63,665 ) $ (58,535 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive income for the periods presented.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	(a) We recognized straight-line rent adjustments of $1.3 million and $1.0 million during the three months ended March 31, 2018 and 2017 , respectively, which increased Lease revenues within our consolidated financial statements for each period. (b) In April 2017, 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 uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $1.1 million and $1.0 million during the three months ended March 31, 2018 and 2017 , respectively. (c) As a result of the financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $0.5 million during the three months ended March 31, 2017 . (d) Includes Equity in losses of equity method investment in real estate. (e) Included in unallocated corporate overhead are asset management fees and general and administrative expenses. These expenses are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended March 31, 2018 2017 Net Lease Revenues (a) $ 32,999 $ 27,370 Operating expenses (b) (c) (19,119 ) (16,035 ) Interest expense (8,858 ) (6,993 ) Other income and (expenses), excluding interest expense 4,351 205 Benefit from income taxes 145 66 Net income attributable to noncontrolling interests (94 ) (239 ) Net income attributable to CPA:18 – Global $ 9,424 $ 4,374 Self Storage Revenues $ 13,966 $ 13,194 Operating expenses (9,349 ) (12,090 ) Interest expense (3,094 ) (3,006 ) Other income and (expenses), excluding interest expense (d) (479 ) (99 ) Provision for income taxes (27 ) (77 ) Net income (loss) attributable to CPA:18 – Global $ 1,017 $ (2,078 ) Multi-Family Revenues $ 5,690 $ 6,167 Operating expenses (4,162 ) (4,326 ) Interest expense (905 ) (1,152 ) Other income and (expenses), excluding interest expense 1 1 Benefit from (provision for) income taxes 13 (27 ) Net loss (income) attributable to noncontrolling interests 8 (11 ) Net income attributable to CPA:18 – Global $ 645 $ 652 All Other Revenues $ 1,780 $ 1,749 Operating expenses (1 ) (9 ) Net income attributable to CPA:18 – Global $ 1,779 $ 1,740 Corporate Unallocated Corporate Overhead (e) $ (633 ) $ (2,393 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,905 ) $ (1,675 ) Total Company Revenues $ 54,435 $ 48,480 Operating expenses (37,270 ) (36,976 ) Interest expense (12,930 ) (11,452 ) Other income and (expenses), excluding interest expense 7,668 2,563 Benefit from (provision for) income taxes 415 (70 ) Net income attributable to noncontrolling interests (1,991 ) (1,925 ) Net income attributable to CPA:18 – Global $ 10,327 $ 620
Reconciliation of Assets from Segment to Consolidated	Total Assets March 31, 2018 December 31, 2017 Net Lease $ 1,600,618 $ 1,572,437 Self Storage 397,470 398,944 Multi-Family 292,707 256,875 Corporate 77,684 35,812 All Other 64,382 66,929 Total Company $ 2,432,861 $ 2,330,997

Organization - Narratives (Deta

Organization - Narratives (Details) $ in Thousands, ft² in Millions	3 Months Ended		39 Months Ended	75 Months Ended
	Mar. 31, 2018USD ($)ft²segmentpropertytenant	Mar. 31, 2017USD ($)	Apr. 02, 2015USD ($)	Mar. 31, 2018USD ($)ft²propertytenant
Public Offering
Capital interest ownership in operating partnership	99.97%			99.97%
Additional Disclosures
Number of properties | property	59			59
Number of tenants | tenant	100			100
Area of real estate property (sqft) | ft²	10.2			10.2
Number of reportable segments | segment	3
Proceeds from issuance of shares | $	$ 10,486	$ 10,578	$ 1,200,000
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $				$ 125,200
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $				$ 34,400
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	6.7			6.7
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties | property	69			69
Multi-family | Operating Real Estate
Additional Disclosures
Number of properties | property	11			11

Basis of Presentation Basis o34

Basis of Presentation Basis of Presentation - Narratives (Details) $ in Thousands	Mar. 31, 2018USD ($)vie	Dec. 31, 2017USD ($)vie
Variable Interest Entity
Variable interest entities, count	13	12
Variable interest entities consolidated, count	12	11
Variable interest entities unconsolidated, count	1	1
Equity investment in real estate | $	$ 20,179	$ 20,919
Equity method investments
Variable Interest Entity
Equity investment in real estate | $	$ 20,200	$ 20,900

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate — Land, buildings and improvements	$ 1,318,752	$ 1,263,172
Real estate under construction	144,039	134,366
In-place lease intangible assets	277,325	274,723
Other intangible assets	36,715	35,811
Accumulated depreciation and amortization	(270,478)	(252,067)
Cash and cash equivalents	123,604	71,068
Other assets, net	81,637	83,975
Total assets	2,432,861	2,330,997
Liabilities
Non-recourse mortgages, net	1,215,653	1,129,432
Bonds payable, net	152,783	146,016
Accounts payable, accrued expenses and other liabilities	92,113	84,051
Deferred income taxes	62,595	63,980
Total liabilities	1,553,659	1,458,932
VIE
Assets
Real estate — Land, buildings and improvements	381,827	373,954
Real estate under construction	132,343	107,732
In-place lease intangible assets	90,239	88,617
Other intangible assets	18,533	18,040
Accumulated depreciation and amortization	(59,593)	(54,592)
Cash and cash equivalents	5,050	5,030
Other assets, net	33,910	33,219
Total assets	602,309	572,000
Liabilities
Non-recourse mortgages, net	247,621	218,267
Bonds payable, net	63,297	60,577
Accounts payable, accrued expenses and other liabilities	26,468	23,509
Deferred income taxes	23,715	23,349
Total liabilities	$ 361,101	$ 325,702

Basis of Presentation - Cash Re

Basis of Presentation - Cash Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 123,604	$ 71,068
Restricted cash	16,881	19,115
Total cash and cash equivalents and restricted cash	$ 140,485	$ 90,183	$ 78,792	$ 93,741

Agreements and Transactions w37

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Jul. 31, 2016
Related Party Transaction
Maximum line of credit approved by directors			$ 50,000,000
Due to Related Party
Underwriting compensation limit (as a percentage)	10.00%
Preferred return (as a percentage)	5.00%
Due from advisor		$ 700,000
Personnel and overhead reimbursement (as a percentage)	1.00%	2.00%
Legal fee reimbursement rate	0.25%
Distributions of available cash (as a percentage)	10.00%
Current
Due to Related Party
Acquisition fees (as a percentage)	2.50%
Deferred
Due to Related Party
Acquisition fees (as a percentage)	2.00%
Interest rate on deferred acquisition fee	2.00%
Accounts payable, accrued expenses and other liabilities
Due to Related Party
Estimated future payments	$ 5,200,000	$ 5,700,000
Class A common stock
Related Party Transaction
Net asset value (usd per share)		$ 8.36
Number of shares held by advisor (shares)	112,099,561	111,193,651
Class C
Related Party Transaction
Number of shares held by advisor (shares)	31,368,773	31,189,137
Due to Related Party
Shareholder servicing fee (as a percentage)	1.00%
Real estate commission
Due to Related Party
Subordinated disposition fees (as a percentage)	50.00%
Contract sales price of investment
Due to Related Party
Subordinated disposition fees (as a percentage)	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%
Minimum
Due to Related Party
Equity method investments ownership percentage	50.00%
Minimum | Average market value of investment
Related Party Transaction
Asset management fees (as a percentage)	0.50%
Maximum
Due to Related Party
Acquisition fees (as a percentage)	6.00%
Equity method investments ownership percentage	99.00%
Maximum | Average equity value of investment
Related Party Transaction
Asset management fees (as a percentage)	1.50%
W.P. Carey
Related Party Transaction
Loan from related party	$ 0	$ 0
Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares)	3,961,878
Advisor owned percentage of common stock	2.80%

Agreements and Transactions w38

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amounts Included in the Consolidated Statements of Income
Asset management fees	$ 2,874	$ 2,709
Available Cash Distributions	1,905	1,675
Personnel and overhead reimbursements	717	782
Interest expense on deferred acquisition fees, interfund loan, and accretion of interest on annual distribution and shareholder servicing fee	(62)	301
Director compensation	40	53
Operating expenses	5,474	5,520
Advisor Fees Capitalized
Current acquisition fees	721	1,393
Deferred acquisition fees	577	1,114
Capitalized personnel and overhead reimbursements	112	182
Transaction fees incurred	$ 1,410	$ 2,689

Agreements and Transactions w39

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Due to Affiliates
Deferred acquisition fees, including accrued interest	$ 4,445	$ 6,693
Accounts payable and other	3,253	6,102
Asset management fees payable	960	972
Current acquisition fees	23	0
Due to affiliate	$ 8,681	$ 13,767

Real Estate, Operating Real E40

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Narratives (Details) $ in Thousands	Mar. 08, 2018USD ($)	Feb. 19, 2016USD ($)	Mar. 31, 2018USD ($)property$ / €	Mar. 31, 2017USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2017USD ($)$ / €
Acquisition
Effect of exchange rate fluctuation			$ 11,577	$ 4,155
Capitalized funds			30,371
Deferred tax liability			62,595			$ 63,980
Non-recourse mortgages, net			1,215,653			1,129,432
Construction loan			19,400
Capitalized interest			1,115
Placed into service			$ 25,937
Number of properties | property			59
Equity investment in real estate			$ 20,179			20,919
Noncash investing
Acquisition
Accrued liabilities			1,900
Initial Funding
Acquisition
Capitalized funds			11,000
Real Estate
Acquisition
Effect of exchange rate fluctuation			26,200
Depreciation expense			7,900	6,300
Real Estate | Student Housing in Barcelona, Spain
Acquisition
Investment purchase price	$ 10,500
Ownership Interest In joint venture (percentage)	99.00%
Real Estate | Student Housing in Barcelona, Spain | Forecasted
Acquisition
Anticipated investment cost					$ 28,500
Operating Real Estate
Acquisition
Depreciation expense			$ 4,400	$ 4,400
Build To Suit Projects
Acquisition
Number of BTS projects | property			6
Unfunded commitment			$ 178,400
Build To Suit Projects | Equity method investments
Acquisition
Unfunded commitment			21,900
Build To Suit Projects | University in Accra, Ghana
Acquisition
Capitalized funds			32,500
Accrued liabilities			900
Deferred tax liability			3,700
Non-recourse mortgages, net		$ 41,000
Contractual obligation			65,700
Build To Suit Projects | University in Accra, Ghana | US Treasury
Acquisition
Variable interest rate on debt		3.00%
Equity method investments
Acquisition
Equity investment in real estate			20,200			20,900
Equity method investment, liabilities			$ 22,300			$ 21,500
Equity method investments | Self Storage
Acquisition
Number of properties | property			4
Equity method investments ownership percentage			90.00%
Equity method investment counterparty ownership percentage			10.00%
Euro
Real Estate Properties
Increase decrease in foreign currency exchange rate			2.70%
Foreign currency exchange rate | $ / €			1.2321			1.1993

Real Estate, Operating Real E41

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in real estate:
Net investments in real estate	$ 2,114,763	$ 2,062,451
Real Estate
Investments in real estate:
Land	210,044	202,500
Buildings and improvements	1,108,708	1,060,672
Less: Accumulated depreciation	(96,313)	(87,886)
Net investments in real estate	1,222,439	1,175,286
Operating Real Estate
Investments in real estate:
Land	98,432	98,429
Buildings and improvements	469,496	468,060
Less: Accumulated depreciation	(48,153)	(43,786)
Net investments in real estate	$ 519,775	$ 522,703

Real Estate, Operating Real E42

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Real Estate Under Construction
Beginning balance	$ 134,366
Capitalized funds	30,371
Placed into service	(25,937)
Foreign currency translation adjustments	4,124
Capitalized interest	1,115
Ending balance	$ 144,039

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)property
Accounts, Notes, Loans and Financing Receivable
Notes receivable	$ 63,954		$ 66,500
Number of properties | property	59
Proceeds from repayment of notes receivable	$ 2,546	$ 0
Property Leased to Mills Fleet Farm Group LLC
Accounts, Notes, Loans and Financing Receivable
Notes receivable	36,000		$ 38,500
Number of properties | property			27
Proceeds from repayment of notes receivable	2,500
Cipriani
Accounts, Notes, Loans and Financing Receivable
Notes receivable	$ 28,000
Accounts receivable, term			10 years

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2018USD ($)tenant	Dec. 31, 2017USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 104,436	$ 106,457
Internally Assigned Grade 1
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	0	0
Carrying Value	$ 0	$ 0
Internally Assigned Grade 2
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying Value	$ 14,637	$ 14,386
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying Value	$ 29,725	$ 29,716
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying Value	$ 60,074	$ 62,355
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	0	0
Carrying Value	$ 0	$ 0

Intangible Assets and Liabili45

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Intangible Assets And Liabilities [Abstract]
Net amortization of intangibles	$ 5.3	$ 8.1

Intangible Assets and Liabili46

Intangible Assets and Liabilities - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Goodwill
Goodwill - beginning balance	$ 26,084
Other	1,629
Foreign currency translation	1,011
Goodwill - ending balance	$ 28,724

Intangible Assets and Liabili47

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 314,040	$ 310,534
Less: accumulated amortization	(126,012)	(120,395)
Finite-lived intangible assets, net	188,028	190,139
Goodwill	28,724	26,084
Total intangible assets, gross	342,764	336,618
Total intangible assets, net	216,752	216,223
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,651)	(15,586)
Finite Lived Intangible Liabilities Accumulated Amortization	4,917	4,577
Finite Lived Intangible Liabilities Net	(10,734)	(11,009)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,536)	(15,476)
Finite Lived Intangible Liabilities Accumulated Amortization	4,912	4,573
Finite Lived Intangible Liabilities Net	$ (10,624)	(10,903)
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
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	$ (115)	(110)
Finite Lived Intangible Liabilities Accumulated Amortization	5	4
Finite Lived Intangible Liabilities Net	(110)	(106)
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	277,325	274,723
Less: accumulated amortization	(120,625)	(115,515)
Finite-lived intangible assets, net	$ 156,700	159,208
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	2 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	23 years
Below-market ground lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 23,625	23,000
Less: accumulated amortization	(1,382)	(1,238)
Finite-lived intangible assets, net	$ 22,243	21,762
Below-market ground lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	15 years
Below-market ground lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	99 years
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 13,090	12,811
Less: accumulated amortization	(4,005)	(3,642)
Finite-lived intangible assets, net	$ 9,085	$ 9,169
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

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value
Rent guarantees, fair value	$ 600		$ 700
Assets fair value adjustment	100	$ 100
Deferred financing costs	8,795
Proceeds from repayment of notes receivable	2,546	$ 0
Notes receivable	63,954		66,500
Cipriani
Fair Value
Notes receivable	28,000
Property Leased to Mills Fleet Farm Group LLC
Fair Value
Proceeds from repayment of notes receivable	2,500
Notes receivable	36,000		38,500
Non recourse debt
Fair Value
Deferred financing costs	7,900		7,000
Bonds payable
Fair Value
Deferred financing costs	$ 800		$ 800
Minimum
Fair Value
Discount rate on rent guarantee	7.00%
Growth rate	1.00%
Maximum
Fair Value
Discount rate on rent guarantee	9.00%
Growth rate	2.00%

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Liabilities
Debt, net	$ 1,368,436	$ 1,275,448
Notes receivable	63,954	66,500
Fair Value
Liabilities
Debt, net	1,389,201	1,301,844
Notes receivable	$ 66,454	$ 69,000

Risk Management and Use of De50

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	74 months
Collateral received	$ 0
Total credit exposure	1,100,000
Derivative in net liability position	4,900,000	4,400,000
Termination value of assets	5,100,000	$ 4,500,000
Individual Counterparty
Derivative
Total credit exposure	600,000
Interest expense
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	200,000
Other income
Derivative
Estimated amount of derivative income loss to be reclassified to interest expense in the next 12 months	$ 100,000

Risk Management and Use of De51

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative asset fair value	$ 2,917	$ 3,231
Derivative liability, fair value	(4,937)	(4,330)
Designated as Hedging Instrument | Other assets, net | Foreign currency forward contracts
Derivatives, Fair Value
Derivative asset fair value	1,769	2,419
Designated as Hedging Instrument | Other assets, net | Interest rate swaps
Derivatives, Fair Value
Derivative asset fair value	1,133	553
Designated as Hedging Instrument | Other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	11	258
Designated as Hedging Instrument | Other assets, net | Interest rate caps
Derivatives, Fair Value
Derivative asset fair value	4	1
Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	(121)	(698)
Designated as Hedging Instrument | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value	(4,373)	(3,266)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency forward contracts
Derivatives, Fair Value
Derivative liability, fair value	$ (443)	$ (366)

Risk Management and Use of De52

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	$ (808)	$ (486)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	(1,205)	(235)
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	1,157	247
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	(629)	(471)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	18	2
Net Investment Hedging | Foreign currency collars
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	(126)	(10)
Net Investment Hedging | Foreign currency forward contracts
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Effective Portion)	$ (23)	$ (19)

Risk Management and Use of De53

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	$ (46)	$ 232
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	222	356
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	(154)	92
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	(83)	(211)
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)	$ (31)	$ (5)

Risk Management and Use of De54

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (161)	$ (64)
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(151)	(20)
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(6)	(48)
Designated as Hedging Instrument | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(10)	1
Designated as Hedging Instrument | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 6	$ 3

Risk Management and Use of De55

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Mar. 31, 2018EUR (€)instrument	Mar. 31, 2018USD ($)instrument
Derivative
Fair value		$ 1,016
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	8	8
Notional Amount		$ 60,601
Fair value		$ 1,020
Interest rate swaps | Euro
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €	€ 10,146
Fair value		$ (8)
Interest rate caps | USD
Derivative
Number of Instruments | instrument	3	3
Notional Amount		$ 27,700
Fair value		$ 4

Risk Management and Use of De56

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands	Mar. 31, 2018EUR (€)instrument	Mar. 31, 2018NOK (kr)instrument	Mar. 31, 2018USD ($)instrument
Designated as Hedging Instrument | Foreign currency forward contracts and collars
Derivative
Fair value			$ (3,036)
Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	50	50	50
Notional Amount | €	€ 32,720
Fair value			$ (4,029)
Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts and collars | Euro
Derivative
Number of Instruments | instrument	21	21	21
Notional Amount | €	€ 8,134
Fair value			$ 1,189
Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts and collars | NOK
Derivative
Number of Instruments | instrument	15	15	15
Notional Amount | kr		kr 23,532
Fair value			$ 542
Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	25	25	25
Notional Amount | kr		kr 51,790
Fair value			$ (298)
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	3	3	3
Notional Amount | kr		kr 16,750
Fair value			$ (35)
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency forward contracts and collars | NOK
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | kr		kr 4,504
Fair value			$ 38
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | €	€ 3,000
Fair value			$ (443)

Non-Recourse Mortgages and Bo57

Non-Recourse Mortgages and Bonds Payable - Narratives (Details) - USD ($)	Feb. 13, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jul. 31, 2016
Debt Instruments
Debt instrument range, beginning		Dec. 31, 2018
Debt instrument range, ending		Dec. 31, 2039
Debt instrument face amount					$ 50,000,000
Construction loan		$ 19,400,000
Proceeds from mortgage financing		77,920,000	$ 19,846,000
Effect of exchange rate fluctuation		11,577,000	4,155,000
Repayments of debt		4,489,000	$ 1,520,000
Bonds payable, net		152,783,000		$ 146,016,000
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation		16,900,000
Debt Covenant
Debt Instruments
Bonds payable, net		3,700,000
Agrokor
Debt Instruments
Repayments of debt		$ 100,000		$ 1,800,000
Student Housing in Portsmouth, United Kingdom
Debt Instruments
Debt instrument face amount	$ 48,800,000
Variable interest rate on debt	6.00%
Debt instrument term	1 year 9 months
Construction loan	$ 18,700,000
Student Housing in Cardiff, United Kingdom
Debt Instruments
Debt instrument term		2 years
Stated interest rate		7.50%
Proceeds from mortgage financing		$ 8,200,000
Hotel in Munich, Germany
Debt Instruments
Debt instrument term		5 years 4 months 20 days
Stated interest rate		2.80%
Proceeds from mortgage financing		$ 52,400,000
Fixed Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate		1.60%
Fixed Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate		5.80%
Variable Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate		1.60%
Variable Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate		8.10%

Non-Recourse Mortgages and Bo58

Non-Recourse Mortgages and Bonds Payable - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Long-term Debt, Fiscal Year Maturity
2018 (remainder)	$ 27,411
2,019	45,340
2,020	131,527
2,021	178,029
2,022	197,925
Thereafter through 2039	797,115
Long term debt gross	1,377,347
Unamortized deferred financing costs	(8,795)
Unamortized discount, net	(116)
Debt, net	$ 1,368,436	$ 1,275,448

Net Income Per Share and Equi59

Net Income Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Distributions Declared
Interest expense	$ 12,930	$ 11,452
Dividends payment	Apr. 16, 2018
Distributions payable	$ 21,834		$ 21,686
Class A
Distributions Declared
Interest expense	$ 100	$ 100
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563
Class C
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1375	$ 0.1380

Net Income Per Share and Equi60

Net Income Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic and Diluted
Allocation of Net Income	$ 10,327	$ 620
Class A common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	112,113,960	108,457,137
Allocation of Net Income	$ 8,110	$ 579
Basic and diluted income per share (in dollars per share)	$ 0.07	$ 0.01
Class C common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	31,441,399	30,764,145
Allocation of Net Income	$ 2,217	$ 41
Basic and diluted income per share (in dollars per share)	$ 0.07	$ 0

Net Income Per Share and Equi61

Net Income Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 872,065	$ 865,904
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	12,930	11,452
Other Comprehensive Income	10,918	3,698
Ending equity balance, value	879,202	858,391
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(33,212)	(61,704)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(23,911)	(58,535)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(1,082)	5,587
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(1,741)	5,130
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(32,130)	(67,291)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(22,170)	(63,665)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	10,872	3,930
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income	10,918	3,698
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	114	216
Other gains and (losses)	(68)	(448)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(705)	(225)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income	(659)	(457)
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	114	216
Other gains and (losses)	(68)	(448)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	11,577	4,155
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Income	11,577	4,155
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	0	0
Other gains and (losses)	0	0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	(1,617)	(529)
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
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	$ (1,617)	$ (529)

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Operating Segments | Net Lease
Segment Reporting Information
Straight line rent adjustment	$ 1.3	$ 1
Operating Segments | Net Lease | Agrokor
Segment Reporting Information
Bad debt expense	$ 1.1	1
Operating Segments | Net Lease | Property in Stavanger, Norway
Segment Reporting Information
Bad debt expense		$ 0.5

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information, Profit (Loss)
Revenues	$ 54,435	$ 48,480
Operating expenses	(37,270)	(36,976)
Interest expense	(12,930)	(11,452)
Other income and (expenses), excluding interest expense	7,668	2,563
Benefit from (provision for) income taxes	415	(70)
Net income attributable to noncontrolling interests	(1,991)	(1,925)
Net Income Attributable to CPA:18 – Global	10,327	620
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	32,999	27,370
Operating expenses	(19,119)	(16,035)
Interest expense	(8,858)	(6,993)
Other income and (expenses), excluding interest expense	4,351	205
Benefit from (provision for) income taxes	145	66
Net income attributable to noncontrolling interests	(94)	(239)
Net Income Attributable to CPA:18 – Global	9,424	4,374
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	13,966	13,194
Operating expenses	(9,349)	(12,090)
Interest expense	(3,094)	(3,006)
Other income and (expenses), excluding interest expense	(479)	(99)
Benefit from (provision for) income taxes	(27)	(77)
Net Income Attributable to CPA:18 – Global	1,017	(2,078)
Operating Segments | Multi-family
Segment Reporting Information, Profit (Loss)
Revenues	5,690	6,167
Operating expenses	(4,162)	(4,326)
Interest expense	(905)	(1,152)
Other income and (expenses), excluding interest expense	1	1
Benefit from (provision for) income taxes	13	(27)
Net income attributable to noncontrolling interests	8	(11)
Net Income Attributable to CPA:18 – Global	645	652
All Other
Segment Reporting Information, Profit (Loss)
Revenues	1,780	1,749
Operating expenses	(1)	(9)
Net Income Attributable to CPA:18 – Global	1,779	1,740
Corporate
Segment Reporting Information, Profit (Loss)
Net income attributable to noncontrolling interests	(1,905)	(1,675)
Unallocated Corporate Overhead	$ (633)	$ (2,393)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information, Additional Information
Assets	$ 2,432,861	$ 2,330,997
Net Lease
Segment Reporting Information, Additional Information
Assets	1,600,618	1,572,437
Self Storage
Segment Reporting Information, Additional Information
Assets	397,470	398,944
Multi-family
Segment Reporting Information, Additional Information
Assets	292,707	256,875
Corporate
Segment Reporting Information, Additional Information
Assets	77,684	35,812
All Other
Segment Reporting Information, Additional Information
Assets	$ 64,382	$ 66,929