Corporate Property Associates 18 Global (CPYA) 10-K 13 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 08, 2019	Jun. 30, 2018
Document Information
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001558235
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 0
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Class A
Document Information
Entity Common Stock Shares Outstanding		115,721,680
Class C
Document Information
Entity Common Stock Shares Outstanding		31,938,328

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in real estate:
Real estate — Land, buildings and improvements	$ 1,210,776	$ 1,263,172
Operating real estate — Land, buildings and improvements	503,149	566,489
Real estate under construction	152,106	134,366
Net investments in direct financing leases	41,745	39,957
In-place lease intangible assets	252,316	274,723
Other intangible assets	33,144	35,811
Investments in real estate	2,193,236	2,314,518
Accumulated depreciation and amortization	(280,608)	(252,067)
Assets held for sale, net	23,608	0
Net investments in real estate	1,936,236	2,062,451
Cash and cash equivalents	170,914	71,068
Accounts receivable and other assets, net	197,403	197,478
Total assets	2,304,553	2,330,997
Debt:
Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)	1,098,281	1,129,432
Bonds payable, net	139,146	146,016
Debt, net	1,237,427	1,275,448
Accounts payable, accrued expenses and other liabilities	132,065	148,031
Due to affiliates	16,827	13,767
Distributions payable	22,264	21,686
Total liabilities	1,408,583	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	1,290,888	1,257,840
Distributions and accumulated losses	(411,464)	(420,005)
Accumulated other comprehensive loss	(50,593)	(33,212)
Total stockholders’ equity	828,977	804,764
Noncontrolling interests	66,993	67,301
Total equity	895,970	872,065
Total liabilities and equity	2,304,553	2,330,997
Class A common stock
Debt:
Common stock	114	110
Class C common stock
Debt:
Common stock	$ 32	$ 31

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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 common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	114,589,333	111,193,651
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	31,641,265	31,189,137

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Lease revenues:
Rental income	$ 112,010	$ 102,101	$ 93,198
Interest income from direct financing leases	3,662	3,722	4,572
Total lease revenues	115,672	105,823	97,770
Operating real estate income	79,352	80,027	71,404
Other operating income	14,454	12,616	11,561
Other interest income	7,238	7,168	3,588
Revenues	216,716	205,634	184,323
Operating Expenses
Depreciation and amortization	66,436	75,174	82,756
Property expenses	40,229	35,597	25,795
Operating real estate expenses	32,928	33,530	31,831
General and administrative	7,397	7,271	6,876
Acquisition and other expenses	28	64	6,789
Operating expenses	147,018	151,636	154,047
Other Income and Expenses
Gain (loss) on sale of real estate, net	78,657	14,209	(63)
Interest expense	(53,221)	(48,994)	(43,132)
Other gains and (losses)	21,276	19,969	(6,656)
Equity in losses of equity method investment in real estate	(1,072)	(871)	(204)
Other Income and Expenses	45,640	(15,687)	(50,055)
Income (loss) before income taxes	115,338	38,311	(19,779)
Benefit from (provision for) income taxes	1,952	1,506	(6)
Net Income (Loss)	117,290	39,817	(19,785)
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $9,692, $8,650, and $7,586, respectively)	(20,562)	(13,284)	(10,299)
Net Income (Loss) Attributable to CPA:18 – Global	96,728	26,533	(30,084)
Class A
Other Income and Expenses
Net Income (Loss) Attributable to CPA:18 – Global	$ 75,816	$ 21,032	$ (23,065)
Basic and diluted weighted-average shares outstanding (shares)	113,401,265	109,942,186	105,691,583
Basic and diluted income (loss) per share (in dollars per share)	$ 0.67	$ 0.19	$ (0.22)
Class C
Other Income and Expenses
Interest expense	$ (200)	$ (500)	$ (500)
Net Income (Loss) Attributable to CPA:18 – Global	$ 20,912	$ 5,501	$ (7,019)
Basic and diluted weighted-average shares outstanding (shares)	31,608,961	31,138,787	30,091,602
Basic and diluted income (loss) per share (in dollars per share)	$ 0.66	$ 0.18	$ (0.23)

Consolidated Statement of Ope_2

Consolidated Statement of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Distributions of available cash	$ 9,692	$ 8,650	$ 7,586

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 117,290	$ 39,817	$ (19,785)
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(23,002)	39,925	(12,254)
Realized and unrealized gain (loss) on derivative instruments	3,297	(6,669)	227
Other Comprehensive (Loss) Income	(19,705)	33,256	(12,027)
Comprehensive Income (Loss)	97,585	73,073	(31,812)
Amounts Attributable to Noncontrolling Interests
Net income	(20,562)	(13,284)	(10,299)
Foreign currency translation adjustments	2,324	(4,764)	639
Comprehensive income attributable to noncontrolling interests	(18,238)	(18,048)	(9,660)
Comprehensive Income (Loss) Attributable to CPA:18 – Global	$ 79,347	$ 55,025	$ (41,472)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A	Class C	Total CPA 18 - Global Stockholders	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2015	$ 952,708			$ 880,812	$ 103	$ 30	$ 1,178,990	$ (247,995)	$ (50,316)	$ 71,896
Beginning equity balance, shares at Dec. 31, 2015					103,214,083	29,536,899
Statements of Equity
Shares issued, value	43,494			43,494	$ 4	$ 0	43,490
Shares issued, shares					3,957,275	1,280,998
Shares issued to affiliate, value	10,073			10,073	$ 1		10,072
Shares issued to affiliate, shares					1,253,420
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					12,658
Contributions from noncontrolling interests	88									88
Distributions to noncontrolling interests	(15,639)									(15,639)
Distributions declared	(82,594)			(82,594)				(82,594)
Net income (loss)	(19,785)			(30,084)				(30,084)		10,299
Other comprehensive loss:
Foreign currency translation adjustments	(12,254)			(11,615)					(11,615)	(639)
Realized and unrealized gain (loss) on derivative instruments	227			227					227
Repurchase of shares, value	(10,514)			(10,514)	$ (1)		(10,513)
Repurchase of shares, shares					(977,355)	(348,753)
Ending equity balance, value at Dec. 31, 2016	865,904			799,899	$ 107	$ 30	1,222,139	(360,673)	(61,704)	66,005
Ending equity balance, shares at Dec. 31, 2016					107,460,081	30,469,144
Statements of Equity
Shares issued, value	44,500			44,500	$ 4	$ 1	44,495
Shares issued, shares					4,219,140	1,356,090
Shares issued to affiliate, value	11,187			11,187	$ 1		11,186
Shares issued to affiliate, shares					1,387,460
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					12,658
Contributions from noncontrolling interests	3,409									3,409
Distributions to noncontrolling interests	(20,161)									(20,161)
Distributions declared	(85,865)			(85,865)				(85,865)
Net income (loss)	39,817			26,533				26,533		13,284
Other comprehensive loss:
Foreign currency translation adjustments	39,925			35,161					35,161	4,764
Realized and unrealized gain (loss) on derivative instruments	(6,669)			(6,669)					(6,669)
Repurchase of shares, value	(20,082)			(20,082)	$ (2)		(20,080)
Repurchase of shares, shares					(1,885,688)	(636,097)
Ending equity balance, value at Dec. 31, 2017	872,065			804,764	$ 110	$ 31	1,257,840	(420,005)	(33,212)	67,301
Ending equity balance, shares at Dec. 31, 2017		111,193,651	31,189,137		111,193,651	31,189,137
Statements of Equity
Shares issued, value	44,000			44,000	$ 4	$ 1	43,995
Shares issued, shares					3,969,258	1,229,712
Shares issued to affiliate, value	12,086			12,086	$ 1		12,085
Shares issued to affiliate, shares					1,422,629
Shares issued to directors, value	75			75	$ 0		75
Shares issued to directors, shares					8,753
Contributions from noncontrolling interests	5,966									5,966
Distributions to noncontrolling interests	(24,512)									(24,512)
Distributions declared	(88,187)			(88,187)				(88,187)
Net income (loss)	117,290			96,728				96,728		20,562
Other comprehensive loss:
Foreign currency translation adjustments	(23,002)			(20,678)					(20,678)	(2,324)
Realized and unrealized gain (loss) on derivative instruments	3,297			3,297					3,297
Repurchase of shares, value	(23,108)			(23,108)	$ (1)		(23,107)
Repurchase of shares, shares					(2,004,958)	(777,584)
Ending equity balance, value at Dec. 31, 2018	$ 895,970			$ 828,977	$ 114	$ 32	$ 1,290,888	$ (411,464)	$ (50,593)	$ 66,993
Ending equity balance, shares at Dec. 31, 2018		114,589,333	31,641,265		114,589,333	31,641,265

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class A
Statements of Equity
Distributions declared (in dollars per share)	$ 0.6252
Class C
Statements of Equity
Distributions declared (in dollars per share)	0.5503
Common Stock | Class A
Statements of Equity
Distributions declared (in dollars per share)	0.6252	$ 0.6252	$ 0.6252
Common Stock | Class C
Statements of Equity
Distributions declared (in dollars per share)	$ 0.5503	$ 0.5526	$ 0.5467

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Flows — Operating Activities
Net Income (Loss)	$ 117,290	$ 39,817	$ (19,785)
Adjustments to net income (loss):
(Gain) loss on sale of real estate	(78,657)	(14,209)	63
Depreciation and amortization, including intangible assets and deferred financing costs	69,622	77,530	84,766
Gain on insurance proceeds	(22,227)	0	0
Gain on Insurance Proceeds	22,227	0	0
Non-cash asset management fee and directors’ compensation	12,162	11,393	10,226
Allowance for uncollectible accounts	5,727	4,164	3
Straight-line rent adjustments	(4,548)	(5,223)	(5,221)
Deferred income tax benefit	(3,690)	(3,624)	(1,436)
Realized and unrealized loss (gain) on foreign currency transactions, derivatives, and other	1,913	(17,799)	10,259
Loss on extinguishment of debt	1,283	0	0
Equity in losses of equity method investment in real estate in excess of distributions received	1,072	871	204
Amortization of rent-related intangibles and deferred rental revenue	(712)	(575)	(1,113)
Change in deferred acquisition fees payable	(1,618)	(7,897)	(8,661)
Net change in other operating assets and liabilities	86	3,977	(2,558)
Net Cash Provided by Operating Activities	97,703	88,425	66,747
Cash Flows — Investing Activities
Proceeds from sale of real estate	125,841	59,510	40
Funding and advances for build-to-suit projects	(91,517)	(59,634)	(103,889)
Acquisitions of real estate, build-to-suit projects and direct financing leases	(80,862)	(50,392)	(57,128)
Proceeds from insurance settlements	53,195	3,895	0
Capital expenditures on real estate	(10,450)	(12,512)	(7,021)
Value added taxes paid in connection with acquisitions of real estate	(9,440)	(6,253)	(11,680)
Value added taxes refunded in connection with the acquisitions of real estate	5,501	12,639	6,049
Payment of deferred acquisition fees to an affiliate	(3,851)	(3,827)	(4,652)
Proceeds from repayment of notes receivable	2,546	0	0
Other investing activities, net	39	(93)	47
Capital contributions to equity investment	18
Capital contributions to equity investment		(5,649)	(4,013)
Deposits for investments	0	(1,139)	4,000
Return of capital from equity investments	0	229	2,149
Investment in notes receivable	0	0	(38,500)
Net Cash Used in Investing Activities	(8,980)	(63,226)	(214,598)
Cash Flows — Financing Activities
Proceeds from mortgage financing	158,302	85,559	145,675
Distributions paid	(87,609)	(85,174)	(81,677)
Scheduled payments and prepayments of mortgage principal	(52,411)	(10,711)	(7,007)
Proceeds from issuance of shares	41,901	42,329	41,070
Repurchase of shares	(23,108)	(20,082)	(10,514)
Distributions to noncontrolling interests	(21,192)	(20,264)	(15,639)
Contributions from noncontrolling interests	1,520	2,632	88
Payment of deferred financing costs and mortgage deposits	(1,495)	(807)	(1,274)
Other financing activities, net	680	(13)	4
Repayment of notes payable to affiliate	0	(38,696)	0
Proceeds from notes payable to affiliate	0	11,196	27,500
Changes in financing escrow	0	(32)	4,482
Net Cash Provided by (Used in) Financing Activities	16,588	(34,063)	102,708
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(4,656)	5,306	(1,713)
Net increase (decrease) in cash and cash equivalents and restricted cash	100,655	(3,558)	(46,856)
Cash and cash equivalents and restricted cash, beginning of year	90,183	93,741	140,597
Cash and cash equivalents and restricted cash, end of year	$ 190,838	$ 90,183	$ 93,741

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Information
Interest paid, net of amounts capitalized	$ 50,650	$ 45,821	$ 39,417
Interest capitalized	3,445	4,087	6,472
Income taxes paid	$ 2,584	$ 1,084	$ 794

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Corporate Property Associates 18 – Global Incorporated (“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. (“WPC”) through one of its subsidiaries (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 (“the Operating Partnership”), and at December 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 December 31, 2018 , our net lease portfolio was comprised of full or partial ownership interests in 57 properties, substantially all of which were fully-occupied and triple-net leased to 93 tenants totaling 10.0 million square feet. The remainder of our portfolio at that date was comprised of our full or partial ownership interests in 69 self-storage properties and 15 multi-family properties (which includes twelve student housing development projects and two student housing operating properties, as well as one multi-family residential property that was sold in January 2019 ( Note 16 )), totaling 5.6 million square feet. We operate in three reportable business segments: Net Lease, Self Storage, and Multi-Family. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating 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 student housing development projects, student housing operating properties and multi-family residential properties. In addition, we have an All Other category that includes our notes receivable investments ( Note 14 ). Our reportable business segments and All Other category are the same as our reporting units. We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our initial public offering. In addition, from inception through December 31, 2018 , $150.4 million and $42.2 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan (“DRIP”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. However, following our adoption of Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the years ended December 31, 2018 and 2017 were capitalized since our acquisitions during the years were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of above-market leases and below-market ground leases in Other intangible assets in the consolidated financial statements. We include the value of below-market leases and above-market ground leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to Depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on goodwill and notes receivable. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate over a ten-year holding period, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Real Estate Sales — In the unlikely event that we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Notes Receivable — We evaluate our notes receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a variable interest entity (“VIE”) and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered VIEs unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. At December 31, 2018 , we considered 21 entities to be VIEs, 20 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. We previously determined that a development project located in Accra, Ghana to be a VIE. During the year ended December 31, 2018 , we transferred the right to collect for tenant default damages related to the development project to our insurer as part of a settlement agreement with our insurer relating to payment of a claim under our political risk insurance policy ( Note 4 ), and as a result, we no longer determine this property to be a VIE. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2018 2017 Real estate — Land, buildings and improvements $ 362,536 $ 373,954 Operating real estate — Land, buildings and improvements 110,543 — Real estate under construction 151,479 107,732 In-place lease intangible assets 86,011 88,617 Other intangible assets 17,223 18,040 Accumulated depreciation and amortization (68,534 ) (54,592 ) Cash and cash equivalents 18,092 5,030 Accounts receivable and other assets, net 27,625 33,219 Total assets 704,975 572,000 Non-recourse mortgages, net, including debt attributable to Assets held for sale $ 284,669 $ 218,267 Bonds payable, net 57,253 60,577 Accounts payable, accrued expenses and other liabilities 50,061 46,858 Total liabilities 391,983 325,702 At both December 31, 2018 and 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 December 31, 2018 and 2017 , the net carrying amount of this equity investment was $18.8 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 December 31, 2018 and 2017 , our sole equity investment did not have a carrying value below zero. Out-of-Period Adjustments — During the third quarter of 2017, we identified and recorded out-of-period adjustments related to the accounting for deferred foreign income taxes. We concluded that these adjustments were not material to our consolidated financial statements for any of the current or prior periods presented. The net adjustment is reflected as a $0.8 million increase of our Benefit from income taxes in the consolidated statements of income for the year ended December 31, 2017 . Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. In the second quarter of 2018, we reclassified notes receivable, equity investment in real estate, and goodwill to be included within Accounts receivable and other assets, net in our consolidated balance sheets. Additionally, we reclassified deferred income taxes to be included within Accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Prior period balances have been reclassified to conform to the current period presentation. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, we moved Gain on sale of real estate, net in the consolidated statements of income to be included within Other Income and Expenses. The following table presents a summary of amounts included in Accounts receivable and other assets, net in the consolidated financial statements (in thousands): December 31, 2018 2017 Accounts receivable and other assets, net Notes receivable ( Note 5 ) $ 63,954 $ 66,500 Accounts receivable, net 31,302 32,572 Goodwill ( Note 6 ) 26,354 26,084 Restricted cash 19,924 19,115 Equity investment in real estate ( Note 4 ) 18,764 20,919 Prepaid expenses 12,890 13,496 Other assets 24,215 18,792 $ 197,403 $ 197,478 The following table presents a summary of amounts included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements (in thousands): December 31, 2018 2017 Accounts payable, accrued expenses and other liabilities Deferred income taxes ( Note 12 ) $ 47,956 $ 63,980 Accounts payable and accrued expenses 35,260 39,626 Deferred revenue 18,545 11,975 Intangible liabilities, net ( Note 6 ) 9,757 11,009 Other liabilities 20,547 21,441 $ 132,065 $ 148,031 Restricted Cash — In connection with our adoption of 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): December 31, 2018 2017 2016 Cash and cash equivalents $ 170,914 $ 71,068 $ 72,028 Restricted cash (a) 19,924 19,115 21,713 Total cash and cash equivalents and restricted cash $ 190,838 $ 90,183 $ 93,741 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets. Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. Notes Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Accounts receivable and other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements. Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Other Assets and Liabilities — We include notes receivable, prepaid expenses, deferred rental income, equity investment in real estate, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Accounts receivable and other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term and rent recognized on a straight-line basis. Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. Revenue Recogn

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 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): Years Ended December 31, 2018 2017 2016 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 12,087 $ 11,293 $ 10,126 Available Cash Distributions 9,692 8,650 7,586 Personnel and overhead reimbursements 3,121 3,170 3,064 Director compensation 235 310 310 Interest expense on deferred acquisition fees, affiliate loan, and accretion of interest on annual distribution and shareholder servicing fee (a) 100 1,034 898 Acquisition expenses — — 5,458 $ 25,235 $ 24,457 $ 27,442 Acquisition Fees Capitalized Current acquisition fees $ 9,370 $ 3,757 $ 3,310 Deferred acquisition fees 7,496 3,006 2,648 Capitalized personnel and overhead reimbursements 1,063 640 263 $ 17,929 $ 7,403 $ 6,221 _________ (a) For the year ended December 31, 2018 , interest on the annual distribution and shareholder servicing fee is excluded because, effective as of the third quarter of 2017, it is paid directly to selected dealers rather than through Carey Financial LLC (“Carey Financial”), a subsidiary of WPC, as discussed further below. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2018 2017 Due to Affiliates (a) Deferred acquisition fees, including accrued interest $ 8,720 $ 6,693 Accounts payable and other 5,070 6,102 Current acquisition fees 2,065 — Asset management fees payable 972 972 $ 16,827 $ 13,767 ___________ (a) This table excludes outstanding receivables from our Advisor totaling $0.4 million and $0.7 million at December 31, 2018 and 2017 , respectively, which were included within Accounts receivable and other assets, net in our consolidated financial statements. 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. For both the years ended December 31, 2018 and 2017 , no such loans were outstanding. 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 (“NAV”) per Class A share, which was $8.73 as of September 30, 2018. For the years ended December 31, 2018 , 2017 , and 2016 , our Advisor received its asset management fees in shares of our Class A common stock. At December 31, 2018 , our Advisor owned 5,039,285 shares, or 3.4% , of our outstanding Class A common stock. Asset management fees are included in Property expenses in the consolidated financial statements. Annual Distribution and Shareholder Servicing Fee Through June 30, 2017, Carey Financial, the wholly-owned subsidiary of our Advisor, was entitled to receive 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. Beginning with the payment for the third quarter of 2017 (paid during October 2017), the annual distribution and shareholder servicing fees are paid directly to selected dealers rather than through Carey Financial. 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, which was $8.73 as of September 30, 2018. 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 reaches 10.0% of the gross proceeds from our initial public offering, which it had not yet reached as of December 31, 2018 . At December 31, 2018 and 2017 , we recorded a liability of $3.8 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 years ended December 31, 2018 and 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. 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, which as of December 31, 2018 included Carey Watermark Investors Incorporated, Carey Watermark Investors 2 Incorporated, and Carey European Housing Fund I L.P. (collectively with us, the “Managed Programs”). Our Advisor also allocated a portion of its personnel and overhead expenses to (i) Corporate Property Associates 17 – Global Incorporated prior to October 31, 2018, which was the date of the completion of the merger between WPC and that fund and (ii) Carey Credit Income Fund (now known as Guggenheim Credit Income Fund) prior to September 11, 2017, which was the effective date of resignation of a subsidiary of WPC 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 salaries and benefits paid to our named executive officers or 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 December 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 the exception of our sole equity investment ( Note 4 ), which we account for under the equity method of accounting. Additionally, no other parties hold any rights that overcome our control. We account for the minority share of these investments as noncontrolling interests.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	12 Months Ended
	Dec. 31, 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, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2018 2017 Land $ 195,275 $ 202,500 Buildings and improvements 1,015,501 1,060,672 Less: Accumulated depreciation (112,061 ) (87,886 ) $ 1,098,715 $ 1,175,286 During the year ended December 31, 2018 , the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 4.5% to $1.1450 from $1.1993 . As a result, the carrying value of our Real estate — land, buildings and improvements decreased by $42.2 million from December 31, 2017 to December 31, 2018 . Depreciation expense, including the effect of foreign currency translation, on our real estate was $31.0 million , $28.3 million , and $25.7 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Dispositions of Real Estate During 2018 During the year ended December 31, 2018 , we sold an office building located in Utrecht, the Netherlands. As a result, the carrying value of our real estate properties decreased by $36.8 million from December 31, 2017 to December 31, 2018 ( Note 13 ). Acquisition of Real Estate During 2017 On March 14, 2017, we acquired a 90% controlling interest in a warehouse facility in Iowa City, Iowa, which was deemed to be an asset acquisition, at a total cost of $8.2 million , including net lease intangibles of $1.6 million and acquisition-related costs of $0.4 million that were capitalized. The seller retained a 10% interest in the property, which is the equivalent of $0.8 million of the purchase price. Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2018 are as follows (in thousands): Years Ending December 31, Total 2019 $ 101,618 2020 101,413 2021 101,261 2022 101,535 2023 94,502 Thereafter 590,636 Total $ 1,090,965 Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage, student housing, and multi-family residential properties, is summarized as follows (in thousands): December 31, 2018 2017 Land $ 77,984 $ 98,429 Buildings and improvements 425,165 468,060 Less: Accumulated depreciation (41,969 ) (43,786 ) $ 461,180 $ 522,703 The carrying value of our Operating real estate — land, buildings and improvements decreased by $2.5 million from December 31, 2017 to December 31, 2018 , due to the strengthening of the U.S. dollar relative to foreign currencies (primarily the British pound sterling) during the year. Depreciation expense, including the effect of foreign currency translation, on our operating real estate for the years ended December 31, 2018 , 2017 , and 2016 was $16.9 million , $17.4 million , and $16.2 million , respectively. Dispositions of Operating Real Estate During 2018 During the year ended December 31, 2018 , we sold five domestic multi-family residential properties. As a result, the carrying value of operating properties decreased by $137.3 million from December 31, 2017 to December 31, 2018 ( Note 13 ). Dispositions of Operating Real Estate During 2017 On October 11, 2017 , we sold a student housing operating property located in Reading, United Kingdom ( Note 13 ). Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2018 2017 Beginning balance $ 134,366 $ 182,612 Capitalized funds 189,286 129,588 Placed into service (139,253 ) (200,158 ) Disposition (a) (32,519 ) — Capitalized interest 5,355 4,603 Foreign currency translation adjustments (5,129 ) 17,721 Ending balance $ 152,106 $ 134,366 _________ (a) On December 17, 2018, we transferred our right to collect for tenant default damages related to the joint venture for a university complex development site located in Accra, Ghana (as discussed further below). Capitalized Funds During 2018 We entered into the following student housing development project investments during the year ended December 31, 2018 (amounts based on the exchange rate of the euro on the date of acquisition as applicable): Location Date of Acquisition Ownership Percentage Purchase Price (a) Estimated Completion Date Estimated Total Investment (a) (b) Barcelona, Spain (c) (d) 3/8/2018 98.7 % $ 10,469 Q3 2019 $ 28,473 Coimbra, Portugal (c) (d) 6/11/2018 98.5 % 9,338 Q3 2020 26,326 San Sebastian, Spain (c) 6/14/2018 100.0 % 13,126 Q3 2020 36,733 Barcelona, Spain (c) 6/25/2018 100.0 % 13,089 Q3 2020 31,686 Valencia, Spain (c) (d) 7/30/2018 98.7 % 7,113 Q3 2021 26,991 Austin, Texas (c) (e) 9/20/2018 90.0 % 13,666 Q3 2020 70,181 Granada, Spain (c) (d) 9/21/2018 98.5 % 4,262 Q3 2021 23,416 Seville, Spain (c) (f) 11/20/2018 75.0 % 13,137 Q1 2021 32,510 Bilbao, Spain (c) 12/14/2018 100.0 % 10,694 Q3 2021 51,624 Porto, Portugal (c) (d) 12/18/2018 98.5 % 6,185 Q3 2020 23,651 $ 101,079 $ 351,591 _________ (a) Based on the exchange rate of the euro at the date of acquisition for international investments. (b) Amounts represent our expected total investment in the respective development projects. (c) As there is insufficient equity at risk, the investment is considered to be a VIE ( Note 2 ). (d) Since we are responsible for substantially all of the economics but have disproportionate voting rights, the investment is considered to be a VIE ( Note 2 ). (e) We assumed 90% interest in an existing $4.5 million loan on this property ( Note 9 ). Additionally, the seller retained the remaining interest on this investment, which was accounted for as a $2.3 million non-cash financing activity. (f) As part of the transaction, the seller retained a 23.5% interest on this investment, which was accounted for as a $2.2 million non-cash financing activity. During the year ended December 31, 2018 , total capitalized funds primarily related to our student housing development projects, which were comprised principally of initial funding of $103.3 million and construction draws of $86.0 million . Capitalized funds include accrued costs of $1.1 million , which is a non-cash investing activity. Capitalized Funds During 2017 On December 20, 2017, we purchased 95% of the shares in the partially completed hotel located in Munich, Germany from the third-party developer for $9.6 million , which was based on the exchange rate of the euro on the date of the acquisition and is in addition to the $67.2 million financing provided to the developer in 2015. On May 17, 2017, we made our final payment to the developer for a development project located in Eindhoven, the Netherlands for $18.7 million , which was based on the exchange rate of the euro on the date of the acquisition. Additionally, we also recorded $10.4 million of deferred tax liabilities in connection with our investment in this project. Simultaneous with the payment to the developer, the project was completed and placed into service. During the year ended December 31, 2017, construction commenced on one of our previous development projects. The net investment of $10.7 million was reclassified to Real estate under construction from Net investments in direct financing leases during the year ended December 31, 2017. During the year ended December 31, 2017 , total capitalized funds primarily related to our development projects, which were comprised primarily of initial funding of $51.5 million and construction draws of $78.1 million . Capitalized funds include accrued costs of $3.7 million , which are a non-cash investing activity. In addition, we entered into the following student housing development projects during the year ended December 31, 2017 : • $7.3 million for a student housing development project located in Malaga, Spain on October 17, 2017 (amounts based on the exchange rate of the euro on the date of acquisition). The student housing property is currently under construction and is projected to be completed in September 2020. Upon completion of this project, our total investment is currently expected to be approximately $44.0 million . As there is insufficient equity at risk, the investment is considered to be a VIE; • $7.3 million to enter into a ground lease for a joint venture student housing development project with a third party located in Swansea, United Kingdom on November 24, 2017 (amounts are based on the exchange rate of the British pound sterling on the date of acquisition). The acquisition is included in Other assets, net on our consolidated balance sheet as this amount was a prepayment of rent and construction has not yet commenced. We also incurred acquisition-related costs of $3.1 million that were capitalized and are included in Real estate under construction on our consolidated balance sheet. We acquired 97% of the equity of this investment at closing. The student housing development project is currently projected to be completed in March 2021. Upon completion of this project, our total investment is currently expected to be approximately $50.6 million . As the joint venture has insufficient equity at risk and we control this development project, this joint venture is considered to be a VIE that we consolidate. Capitalized Interest Capitalized interest includes interest incurred during construction, as well as amortization of the mortgage discount and deferred financing costs, which totaled $5.4 million and $4.6 million for the years ended December 31, 2018 and December 31, 2017 , respectively, and is a non-cash investing activity. Placed into Service During the year ended December 31, 2018 , a total of $139.3 million was placed into service, principally related to the substantial completion of two student housing properties located in the United Kingdom and the remaining portion of a net-leased hotel placed into service in 2017 , which is a non-cash investing activity. Of that total, $113.1 million was reclassified to Operating real estate — land, buildings and improvements and $26.2 million was reclassified to Real estate — land, buildings and improvements. During the year ended December 31, 2017 , we placed into service the completed portion of a net leased hotel, two build-to-suit projects, and the remaining portion of a substantially completed student housing property, which we sold during the year, totaling $200.2 million , which is a non-cash investing activity. Of that total, $197.2 million was reclassified to Real estate — land, buildings and improvements and $2.9 million was reclassified to Operating real estate — land, buildings and improvements. Ending Balance At December 31, 2018 and 2017 , we had twelve and six open development projects, respectively, with aggregate unfunded commitments totaling approximately $348.5 million and $178.3 million , respectively, excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. Ghana Settlement On February 19, 2016, we entered into a joint venture development project with a third party for a university complex development site located in Accra, Ghana (“Ghana Joint Venture”). At the time of the investment, the Ghana Joint Venture, which we consolidated, entered into an agreement for third party financing in an amount up to $41.0 million from the Overseas Private Investment Corporation, a developmental finance institution of the U.S. Government. The transaction, including the funding of this loan, was subject to the tenant obtaining a letter of credit, which did not occur and caused the tenant to default under its concession agreement with the Ghana Joint Venture’s subsidiary. The concession agreement effectively functioned as a ground lease and gave us the right to construct the university complex. As a result, the Ghana Joint Venture’s subsidiary terminated the concession agreement in May 2018 and no longer pursued the completion of this project. On December 17, 2018, our Ghana Joint Venture entered into a settlement agreement with its insurer relating to payment of a claim under its political risk insurance policy. We received payment of $45.6 million , net of transaction costs, on December 27, 2018 , resulting in a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit related to the reversal of deferred tax liabilities and amounts attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively) and is included in Other gains and (losses) in the consolidated financial statements. As part of the settlement, the Ghana Joint Venture transferred its right to collect for tenant default damages to the insurer, excluding its claim to a $4.3 million security deposit from the tenant that is currently included in Accounts receivable and other assets, net as well as Accounts payable, accrued expenses and other liabilities. Additionally, while there is some uncertainty of collectability of our value added tax (“VAT”) receivable of $2.7 million to be refunded from the Ghanaian government, we continue to believe the full recovery of the VAT refund is probable and we will continuously monitor and assess the probability of collectability of this receivable. Assets and Liabilities Held for Sale Below is a summary of our properties held for sale (in thousands): Years Ended December 31, 2018 2017 Operating real estate — Land, buildings and improvements $ 26,277 $ — In-place lease intangible assets 1,090 — Accumulated depreciation and amortization (3,759 ) — Assets held for sale, net $ 23,608 $ — Non-recourse mortgages, net, attributable to Assets held for sale $ 24,250 $ — At December 31, 2018 , we had one multi-family residential property classified as Assets held for sale with a carrying value of $23.6 million , which was encumbered at that date by a non-recourse mortgage loan of $24.3 million . This property was sold in January 2019 and the debt was transferred to the buyer upon sale ( Note 16 ). Equity Investment in Real Estate 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. 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 entity is jointly owned with a third party, which is also the general partner. Our ownership interest in the joint venture is 90% . As of December 31, 2018 , the joint-venture partner had not accumulated the amounts to purchase its entire 10% equity interest, which will be funded by the distributions it is eligible to receive upon properties being placed into service. 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. Placed into Service During 2018 During the year ended December 31, 2018 , the joint venture completed distinct phases of the overall development at two Canadian self-storage facilities (one of which commenced operations in 2017 as further discussed below) and, as a result, placed a total of $19.5 million of the total amounts of these projects into service. Included in this amount is the vacant parcel of land in Toronto, Canada that was purchased on January 26, 2017 for $5.1 million (based on the exchange rate of the Canadian dollar at the date of acquisition). Of the four self-storage facilities in this investment, three were operational as of December 31, 2018 . Placed into Service During 2017 During the year ended December 31, 2017 , the joint venture commenced operations at two Canadian self-storage facilities upon the completion of distinct phases of the overall development, and as a result, placed $9.3 million and $10.1 million of the total amounts for these projects into service. Ending Balance At December 31, 2018 and 2017 , our total equity investment balance for these self-storage properties was $18.8 million and $20.9 million , respectively, which is included in Accounts receivable and other assets, net in the consolidated financial statements. At December 31, 2018 and 2017 , the joint venture had total third-party recourse debt of $28.7 million and $21.5 million , respectively. The unfunded commitments for the development projects at December 31, 2018 and 2017 total approximately $13.8 million and $26.2 million , respectively, related to our equity investment. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. This liability was $3.0 million and $2.9 million at December 31, 2018 and 2017 , respectively. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Financing Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Accounts receivable and other assets, net in the consolidated financial statements) 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 At December 31, 2018 , our notes receivable consisted of two mortgage loans. The first is a $28.0 million mezzanine tranche of 10 -year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York (“Cipriani”) with a maturity date of July 2024. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. We have received and will continue to receive interest-only payments at a rate of 10% per annum on this loan through its maturity date. At both December 31, 2018 and 2017 , the balance for this note receivable remained $28.0 million . The second is a $38.5 million mezzanine loan collateralized by 27 retail stores in Minnesota, Wisconsin, and Iowa leased to Mills Fleet Farm Group LLC (“Mills Fleet”). The loan bears interest at one month London Interbank Offered Rate (“LIBOR”) plus 10% , and we have received and will continue to receive interest-only monthly payments until the loan matures. On October 9, 2018, the Mills Fleet borrower exercised its first of three options to extend the maturity date for one-year successive terms from October 2018 to October 2019. The loan is collateralized by the pledge of the equity in 27 entities that directly own the retail stores and is subordinated to a $280.0 million senior mortgage on the properties. During the year ended December 31, 2018 , we received partial repayments for the Mills Fleet mezzanine loan totaling $2.5 million . As a result, the balance for the Mills Fleet note receivable at December 31, 2018 and 2017 was $36.0 million and $38.5 million , respectively. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2018 2017 Minimum lease payments receivable $ 58,353 $ 61,465 Unguaranteed residual value 39,402 37,214 97,755 98,679 Less: unearned income (56,010 ) (58,722 ) $ 41,745 $ 39,957 Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2018 were as follows (in thousands): Years Ending December 31, Total 2019 $ 3,375 2020 3,455 2021 3,523 2022 3,599 2023 3,677 Thereafter 40,724 Total $ 58,353 Credit Quality of Finance Receivables At both December 31, 2018 and 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 years ended December 31, 2018 or 2017 . We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables 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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2018 2017 2018 2017 1 — — $ — $ — 2 2 2 15,705 14,386 3 2 2 29,751 29,716 4 2 2 60,243 62,355 5 — — — — 0 $ 105,699 $ 106,457

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 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. In connection with our investment activity ( Note 4 ) during the year ended December 31, 2017 , we recorded In-place lease intangibles of $1.6 million that are being amortized over 14.4 years. No lease intangibles were recorded as part of our investment activity during the year ended December 31, 2018 . The following table presents a reconciliation of our goodwill, which is included in our Net Lease segment and included in Accounts receivable and other assets, net in the consolidated financial statements (in thousands): Total Balance at January 1, 2017 $ 23,526 Foreign currency translation 1,850 Other 708 Balance at December 31, 2017 26,084 Foreign currency translation (1,359 ) Other 1,629 Balance at December 31, 2018 $ 26,354 We performed our annual test for impairment during the fourth quarter of 2018 for goodwill and no impairment was indicated. Goodwill resides within our Net Lease segment, which is also the reporting unit for goodwill impairment testing. Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2018 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 5 – 23 $ 252,316 $ (120,936 ) $ 131,380 $ 274,723 $ (115,515 ) $ 159,208 Below-market ground lease 30 – 99 21,966 (1,719 ) 20,247 23,000 (1,238 ) 21,762 Above-market rent 5 – 30 11,178 (3,923 ) 7,255 12,811 (3,642 ) 9,169 285,460 (126,578 ) 158,882 310,534 (120,395 ) 190,139 Indefinite-Lived Intangible Assets Goodwill 26,354 — 26,354 26,084 — 26,084 Total intangible assets $ 311,814 $ (126,578 ) $ 185,236 $ 336,618 $ (120,395 ) $ 216,223 Finite-Lived Intangible Liabilities Below-market rent 5 – 30 $ (15,309 ) $ 5,651 $ (9,658 ) $ (15,476 ) $ 4,573 $ (10,903 ) Above-market ground lease 81 (105 ) 6 (99 ) (110 ) 4 (106 ) Total intangible liabilities $ (15,414 ) $ 5,657 $ (9,757 ) $ (15,586 ) $ 4,577 $ (11,009 ) Net amortization of intangibles, including the effect of foreign currency translation, was $18.4 million , $29.3 million , and $40.2 million for the years ended December 31, 2018 , 2017 , and 2016 , 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. Based on the intangible assets and liabilities recorded at December 31, 2018 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2019 $ (342 ) $ 16,392 $ 16,050 2020 (387 ) 15,920 15,533 2021 (401 ) 15,781 15,380 2022 (379 ) 15,436 15,057 2023 (477 ) 13,218 12,741 Thereafter (417 ) 74,781 74,364 $ (2,403 ) $ 151,528 $ 149,125

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities 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. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 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): December 31, 2018 2017 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,237,427 $ 1,257,032 $ 1,275,448 $ 1,301,844 Notes receivable (c) 3 63,954 66,154 66,500 69,000 ___________ (a) Debt, net consists of Non-recourse mortgages, net and Bonds payable, net. At December 31, 2018 and 2017 , the carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $6.2 million and $7.0 million , respectively. At December 31, 2018 and 2017 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.7 million and $0.8 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse mortgage loans, net and Bonds payable, net using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values at both December 31, 2018 and 2017 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 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 (loss) 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 (loss) 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 December 31, 2018 and 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 December 31, December 31, 2018 2017 2018 2017 Foreign currency forward contracts Accounts receivable and other assets, net $ 2,011 $ 2,419 $ — $ — Interest rate swaps Accounts receivable and other assets, net 808 553 — — Foreign currency collars Accounts receivable and other assets, net 750 258 — — Interest rate caps Accounts receivable and other assets, net — 1 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (622 ) (3,266 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (529 ) (698 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (115 ) (366 ) $ 3,569 $ 3,231 $ (1,266 ) $ (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 (Loss) Income (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 Foreign currency collars $ 3,186 $ (4,535 ) $ 327 Interest rate swaps 487 619 810 Foreign currency forward contracts (401 ) (2,769 ) (897 ) Interest rate caps 25 16 (13 ) Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 90 (179 ) (20 ) Foreign currency forward contracts 20 (39 ) (56 ) Total $ 3,407 $ (6,887 ) $ 151 ___________ (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 (loss) income until the underlying investment is sold or substantially liquidated, at which time we reclassify the gain or loss to earnings. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2018 2017 2016 Foreign currency forward contracts Other gains and (losses) $ 1,058 $ 1,223 $ 1,278 Interest rate swaps Interest expense (254 ) (663 ) (879 ) Foreign currency collars Other gains and (losses) (232 ) 160 95 Interest rate caps Interest expense (50 ) (56 ) (4 ) Total $ 522 $ 664 $ 490 Amounts reported in Other comprehensive (loss) 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 (loss) income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. At December 31, 2018 , we estimated that an additional $0.1 million and an additional $1.2 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 Years Ended December 31, 2018 2017 2016 Foreign currency collars Other gains and (losses) $ (95 ) $ (259 ) $ 1 Interest rate swaps Interest expense (82 ) (32 ) — Derivatives in Cash Flow Hedging Relationships (a) Foreign currency collars Other gains and (losses) (81 ) (8 ) 2 Interest rate swaps Interest expense 19 26 3 Total $ (239 ) $ (273 ) $ 6 __________ (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 December 31, 2018 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2018 (a) Interest rate swaps 10 99,244 USD $ 333 Interest rate swap 1 9,785 EUR (54 ) Interest rate caps 1 5,700 USD — $ 279 ___________ (a) Fair value amount is based on the exchange rate of the euro at December 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 December 31, 2018 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 15 5,841 EUR $ 1,483 Foreign currency forward contracts 9 13,785 NOK 474 Foreign currency collars 38 25,296 EUR (308 ) Foreign currency collars 22 44,810 NOK 255 Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (115 ) Designated as Net Investment Hedging Instruments Foreign currency collars 3 16,750 NOK 181 Foreign currency forward contracts 1 2,568 NOK 54 $ 2,024 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2018 . At December 31, 2018 , our total credit exposure was $3.3 million and the maximum exposure to any single counterparty was $1.9 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 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 $1.3 million and $4.4 million at December 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 December 31, 2018 or 2017 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.4 million and $4.5 million , respectively.

Debt, net

Debt, net	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt, net	Debt, net Debt, net consists of Non-recourse mortgages, net, including debt attributable to Assets held for sale, and Bonds payable, net, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . At December 31, 2018 , our debt bore interest at fixed annual rates ranging from 1.7% to 5.8% and variable contractual annual rates ranging from 1.6% to 8.2% , with maturity dates ranging from 2019 to 2039 . Financing Activity During 2018 On October 5, 2018, we obtained a construction loan of $15.0 million for a student housing development project located in Barcelona, Spain (based on the exchange rate of the euro at the date of the loan). The loan bears an annual fixed interest rate of 2.5% , with a maturity date of April 2032 . We had drawn a total of $6.5 million on the construction loan (based on the exchange rate of the euro at the date of each drawdown) as of December 31, 2018 . On November 22, 2018, we entered into an additional $2.1 million loan agreement for this student housing development project (based on the exchange rate of the euro at the date of the loan). The loan bears an annual fixed interest rate of 2.5% , with a maturity date of May 2022 , and will be repaid as the VAT is reclaimed from the taxation authorities. We had drawn a total of $1.4 million on this loan (based on the exchange rate of the euro at the date of each drawdown) as of December 31, 2018 . On September 20, 2018, in conjunction with our investment in a student housing development project located in Austin, Texas, we assumed a 90.0% interest in an existing $4.5 million non-recourse mortgage loan that bears an annual variable interest rate (which was 5.5% as of the date we assumed the loan) and is scheduled to mature in December 2019 . We have the option to extend this loan six months from the original maturity date to June 2020 . On May 9, 2018, we obtained a $34.0 million non-recourse mortgage loan encumbering seven self-storage properties located in Southern California. The properties were encumbered by a $16.4 million non-recourse mortgage loan, which was paid in full on the same date using a portion of the proceeds from the term loan. The term loan bears an annual fixed interest rate of 4.5% , with a maturity date of May 2021 . We have two options to extend the maturity date, each by an additional year. The principal balance is due at maturity and interest is payable monthly. 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 ( 6.0% on the date of the loan) on outstanding drawn balances, and is scheduled to mature in November 2019 . We had drawn a total of $43.7 million on the construction loan (based on the exchange rate of the British pound sterling at the date of each drawdown) as of December 31, 2018 . During the year ended December 31, 2018 , we had additional drawdowns totaling $20.5 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 LIBOR for outstanding drawn balances, with a maturity date of October 2019 . Additionally, we drew down a total of $52.4 million (based on the exchange rate of the euro at the date of drawdown) on the non-recourse mortgage loan for a completed build-to-suit hotel in Munich, Germany. The loan bears an annual interest rate of 2.8% and matures in June 2023 . Financing Activity During 2017 During the year ended December 31, 2017 , we obtained four non-recourse mortgage financings totaling $23.2 million , with a weighted-average annual interest rate of 5.2% and term to maturity of 5.7 years. In addition, we refinanced two non-recourse mortgage loans for a total of $17.0 million with a weighted-average annual interest rate of 2.6% and term to maturity of 4.5 years. We had an additional drawdown of $3.9 million (based on the exchange rate of the euro at the date of the drawdown) on a senior construction-to-term mortgage loan related to the development of an office building located in Eindhoven, the Netherlands. Through August 31, 2017 , the loan bore an interest rate of Euro Interbank Offered Rate (“EURIBOR”) plus 2.5% , except when EURIBOR was below zero, in which case, each draw bore a rate of 2.5% plus the liquidity spread of 0.7% (for a total interest rate of 3.2% ). In the third quarter of 2017, the loan was converted to a non-recourse seven -year term loan and now bears a fixed interest rate of 1.8% . Upon conversion of the loan, we drew down on the remaining $22.0 million available balance. In addition, during the year ended December 31, 2017 , we drew down a total of $17.9 million (based on the exchange rate of the euro at the date of the drawdown) on the third-party non-recourse financing related to our build-to-suit project in Hamburg, Germany. The loan bears a fixed annual interest rate of 2.1% with a term to maturity of seven years. On October 12, 2017 , we obtained a construction loan of $31.3 million for a student housing development project located in Cardiff, United Kingdom (based on the exchange rate of the British pound sterling at the date of acquisition). The loan bears an annual interest rate of 7.5% plus LIBOR for outstanding drawn balances with a maturity date of October 2019 . During the year ended December 31, 2017 , we had drawn down a total of $10.1 million on the student housing development construction loan (based on the exchange rate of the British pound sterling at the date of each drawdown). Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2018 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 $ 86,541 2020 93,728 2021 167,006 2022 142,771 2023 156,038 Thereafter through 2039 596,979 Total principal payments 1,243,063 Unamortized deferred financing costs (6,919 ) Unamortized premium, net 1,283 Total $ 1,237,427 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2018 . The carrying value of our Non-recourse mortgage, net, including debt attributable to Assets held for sale and Bonds payable, net decreased by $31.6 million in the aggregate from December 31, 2017 to December 31, 2018 , reflecting the impact of the strengthening of the U.S. dollar relative to certain foreign currencies (primarily the euro) during the same period. Debt Covenants During the year ended December 31, 2017 , we had 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 December 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 14 ) and whether the default can be cured. As of December 31, 2017 , we were in breach of a loan-to-value covenant on one of our bonds payable. On June 14, 2018, we entered into a pledge agreement with the bondholders to cure the covenant breach, pursuant to which we deposited $5.6 million (based on the exchange rate for the Norwegian krone on the date of deposit) in a bank account and granted a first priority interest in, and pledged the account to, the bondholders. The pledge of the account to the bondholders will stay in effect until the loan-to-value ratio is within the threshold set forth in the bond agreement or until the bonds are repaid in full. There were no changes to the amounts or timing of scheduled interest and principal payments. The balance in the pledged account, based on the exchange rate as of December 31, 2018 , was $5.2 million and is included as restricted cash within Accounts receivable and other assets, net on our consolidated balance sheets. As of December 31, 2018 , we were in breach of certain non-financial covenants on one of our non-recourse mortgage loans. As a result of the breach, the lender has the right to declare a “cash trap” in which any surplus cash in our rent account would be transferred to a reserve account with the lender. As of December 31, 2018 , the lender has not declared such an event, but has the right to do so until we cure this breach.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 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	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Net Income (Loss) Per Share and Equity	Net Income (Loss) Per Share and Equity Basic and Diluted Net Income (Loss) Per Share The following table presents net income (loss) per share (in thousands, except share and per share amounts): Year Ended December 31, 2018 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Per Share Class A common stock 113,401,265 $ 75,816 $ 0.67 Class C common stock 31,608,961 20,912 0.66 Net income attributable to CPA:18 – Global $ 96,728 Year Ended December 31, 2017 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Per Share Class A common stock 109,942,186 $ 21,032 $ 0.19 Class C common stock 31,138,787 5,501 0.18 Net income attributable to CPA:18 – Global $ 26,533 Year Ended December 31, 2016 Basic and Diluted Weighted-Average Allocation of Net Loss Basic and Diluted Net Loss Per Share Class A common stock 105,691,583 $ (23,065 ) $ (0.22 ) Class C common stock 30,091,602 (7,019 ) (0.23 ) Net loss attributable to CPA:18 – Global $ (30,084 ) The allocation of Net income (loss) attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. The Class C common stock allocation includes interest expense related to the accretion of interest on the annual distribution and shareholder servicing fee liability, which is only applicable to our Class C common stock which totaled $0.2 million for the year ended December 31, 2018 and $0.5 million for the years ended December 31, 2017 , and 2016 ( Note 3 ). Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2018 , 2017 , and 2016 , reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2018 2017 2016 Class A Class C Class A Class C Class A Class C Capital gain $ 0.3847 $ 0.3388 $ 0.0817 $ 0.0722 $ — $ — Ordinary income 0.2405 0.2119 0.2181 0.1927 0.1339 0.1171 Return of capital — — 0.3254 0.2875 0.4913 0.4296 Total distributions paid $ 0.6252 $ 0.5507 $ 0.6252 $ 0.5524 $ 0.6252 $ 0.5467 Distributions are declared at the discretion of our board of directors and are not guaranteed. During the fourth quarter of 2018 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1376 per share for our Class C common stock, which were paid on January 15, 2019 to stockholders of record on December 31, 2018 , in the amount of $22.3 million . During the year ended December 31, 2018 , our board of directors declared distributions in the aggregate amount of $70.9 million per share for our Class A common stock and $17.3 million per share for our Class C common stock, which equates to $0.6252 and $0.5503 per share, respectively. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2016 $ 5,360 $ (55,676 ) $ (50,316 ) Other comprehensive loss before reclassifications 717 (12,254 ) (11,537 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 883 — 883 Other gains and (losses) (1,373 ) — (1,373 ) Net current-period Other comprehensive loss 227 (12,254 ) (12,027 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 639 639 Balance at December 31, 2016 5,587 (67,291 ) (61,704 ) Other comprehensive income before reclassifications (6,005 ) 39,925 33,920 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 719 — 719 Other gains and (losses) (1,383 ) — (1,383 ) Net current-period Other comprehensive income (6,669 ) 39,925 33,256 Net current-period Other comprehensive income attributable to noncontrolling interests — (4,764 ) (4,764 ) Balance at December 31, 2017 (1,082 ) (32,130 ) (33,212 ) Other comprehensive loss before reclassifications 3,819 (23,002 ) (19,183 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 304 — 304 Other gains and (losses) (826 ) — (826 ) Net current-period Other comprehensive loss 3,297 (23,002 ) (19,705 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 2,324 2,324 Balance at December 31, 2018 $ 2,215 $ (52,808 ) $ (50,593 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive (loss) income for the periods presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, the only provision of income taxes in the consolidated financial statements relates to our TRSs. The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. As a result, there was no significant impact to the deferred taxes on our domestic TRSs. We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2018 2017 2016 Federal Current $ 130 $ 234 $ 276 Deferred 5 20 (34 ) 135 254 242 State and Local Current 292 355 134 292 355 134 Foreign Current 1,315 1,535 1,024 Deferred (3,694 ) (3,650 ) (1,394 ) (2,379 ) (2,115 ) (370 ) Total (Benefit) Provision $ (1,952 ) $ (1,506 ) $ 6 We account for uncertain tax positions in accordance with ASC 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2018 2017 Beginning balance $ 449 $ 242 Addition based on tax positions related to prior periods 221 207 Ending balance $ 670 $ 449 At December 31, 2018 , we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2018 and 2017 , we had no accrued interest related to uncertain tax positions. Tax authorities in relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2012 through 2017 remain open to adjustment in major tax jurisdictions. Deferred Income Taxes Our deferred tax assets before valuation allowances were $10.8 million and $13.7 million at December 31, 2018 and 2017 , respectively. Our deferred tax liabilities were $48.0 million and $64.0 million at December 31, 2018 and 2017 , respectively. We determined that $9.2 million and $13.6 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount at December 31, 2018 and 2017 , respectively. Our deferred tax asset, net of valuation allowance, is recorded in Accounts receivable and other assets, net on our consolidated balance sheet. Our deferred tax liabilities are recorded in Accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. Our deferred tax assets and liabilities are primarily the result of temporary differences related to: • basis differences between tax and GAAP for real estate assets (for income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP.); • timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. At December 31, 2018 and 2017 , we had net operating losses in foreign jurisdictions of approximately $41.9 million and $25.3 million , respectively. Our net operating losses will begin to expire in 2019 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We have an active capital recycling program, with a goal of extending the average lease term of our portfolio through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of our net-leased and operating assets. We may decide to dispose of a property due to vacancy, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. The results of operations for properties that have been sold, transferred, or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2018 2017 2016 Revenues $ 21,824 $ 28,385 $ 25,643 Operating expenses (17,917 ) (22,699 ) (19,342 ) Gain (loss) on sale of real estate, net 78,657 14,209 (63 ) Interest expense (5,530 ) (6,427 ) (3,897 ) Other gains and (losses) (a) 14,351 (3,233 ) (2,542 ) Benefit from (provision for) income taxes 415 227 (38 ) Income from properties sold, transferred, or classified as held for sale, net of income taxes (b) $ 91,800 $ 10,462 $ (239 ) __________ (a) Includes a gain on insurance proceeds for the year ended December 31, 2018 of $16.6 million (inclusive of a tax benefit of $3.5 million ) as a result of a settlement agreement with our insurer regarding a joint venture development project located in Accra, Ghana as detailed below. (b) For the years ended December 31, 2018 , and 2017 , amounts include net income attributable to noncontrolling interests of $10.5 million , and $0.7 million , respectively, and net loss attributable to noncontrolling interests of $0.1 million for the year ended December 31, 2016 . 2018 Our disposition activity for the year ended December 31, 2018 included the following, none of which qualified for classification as discontinued operations: • Sold five domestic multi-family residential properties for total proceeds of $95.5 million , net of selling costs, and recognized an aggregate gain on sale of $58.2 million (which includes an $8.3 million gain attributable to noncontrolling interests). Four of these properties had outstanding mortgage loans totaling $93.4 million , which were assumed by the buyer as part of the sale, and the mortgage loan of $25.3 million relating to the remaining property was repaid prior to the disposition. For three of these properties, we sold our 97% interest to one of our joint venture partners. • Sold an office building located in Utrecht, the Netherlands for total proceeds of $29.7 million , net of selling costs. As a result, we recognized an aggregate gain on sale of $20.5 million , inclusive of a tax benefit of $2.0 million (amounts based on the exchange rate of the euro at the date of sale). The property had an outstanding mortgage loan of $29.2 million , which was assumed by the buyer. • As a result of a settlement agreement with our political risk insurer related to a development project in Accra, Ghana, we transferred our right to collect for tenant default damages to the insurer and received $45.6 million , net of transaction costs. As a result we recognized a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit and a gain attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively). At December 31, 2018 , we had one remaining domestic multi-family residential property classified as Assets held for sale, net with a carrying value of $23.6 million and a non-recourse mortgage loan of $24.3 million . This property was sold in January 2019 ( Note 16 ). 2017 On October 11, 2017 , we sold a student housing operating property located in Reading, United Kingdom for cash proceeds of $59.5 million (based on the exchange rate of the British pound sterling at the date of sale), net of selling costs, and recorded a gain on sale of $14.2 million (inclusive of a $3.6 million gain attributable to noncontrolling interests). This property disposition did not qualify for classification as a discontinued operation.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 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 student housing development projects, student housing operating properties and multi-family residential properties. In addition, we have an All Other category that includes our notes receivable investments . The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2018 2017 2016 Net Lease Revenues $ 130,124 $ 118,476 $ 109,332 Operating expenses (a) (b) (76,255 ) (70,867 ) (60,168 ) Gain (loss) on sale of real estate, net 20,547 — (63 ) Interest expense (36,128 ) (30,877 ) (27,723 ) Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net (c) 22,597 1,575 1,233 Benefit from income taxes 1,513 2,635 811 Net income attributable to noncontrolling interests (2,716 ) (1,072 ) (2,765 ) Net income attributable to CPA:18 – Global $ 59,682 $ 19,870 $ 20,657 Self Storage Revenues $ 57,920 $ 55,075 $ 48,794 Operating expenses (d) (35,235 ) (44,357 ) (57,807 ) Interest expense (13,256 ) (12,357 ) (11,013 ) Other income and (expenses), excluding interest expense (e) (1,298 ) (1,125 ) (231 ) Provision for income taxes (85 ) (114 ) (215 ) Net income (loss) attributable to CPA:18 – Global $ 8,046 $ (2,878 ) $ (20,472 ) Multi-Family Revenues $ 21,434 $ 24,915 $ 22,609 Operating expenses (16,030 ) (17,666 ) (17,103 ) Gain on sale of real estate, net 58,110 14,209 — Interest expense (3,529 ) (4,727 ) (3,537 ) Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net (870 ) (22 ) 6 Benefit from (provision for) income taxes 178 (132 ) (164 ) Net (income) loss attributable to noncontrolling interests (8,154 ) (3,562 ) 52 Net income attributable to CPA:18 – Global $ 51,139 $ 13,015 $ 1,863 All Other Revenues $ 7,238 $ 7,168 $ 3,588 Operating expenses (f) (4 ) (12 ) (2,010 ) Net income attributable to CPA:18 – Global $ 7,234 $ 7,156 $ 1,578 Corporate Unallocated Corporate Overhead (g) $ (19,681 ) $ (1,980 ) $ (26,124 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (9,692 ) $ (8,650 ) $ (7,586 ) Total Company Revenues $ 216,716 $ 205,634 $ 184,323 Operating expenses (147,018 ) (151,636 ) (154,047 ) Gain (loss) on sale of real estate, net 78,657 14,209 (63 ) Interest expense (53,221 ) (48,994 ) (43,132 ) Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net 20,204 19,098 (6,860 ) Benefit from (provision for) income taxes 1,952 1,506 (6 ) Net income attributable to noncontrolling interests (20,562 ) (13,284 ) (10,299 ) Net income (loss) attributable to CPA:18 – Global $ 96,728 $ 26,533 $ (30,084 ) Total Assets at December 31, 2018 2017 Net Lease $ 1,461,385 $ 1,572,437 Self Storage 386,682 398,944 Multi-Family 313,925 256,875 Corporate 78,099 35,812 All Other 64,462 66,929 Total Company $ 2,304,553 $ 2,330,997 __________ (a) In April 2017, the Croatian government passed a special law assisting the restructuring of companies considered to have systemic 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 these financial difficulties and uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $5.2 million and $2.9 million for the years ended December 31, 2018 and 2017 , respectively. In July 2018, the creditors of Agrokor reached a settlement plan to attempt to restructure the company, but as of the date of this Report, we are unable to assess the potential impact of that plan on this investment. (b) 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 $1.2 million for the year ended December 31, 2017 . During the year ended December 31, 2018 , no bad debt expense was recorded as the tenant was current on rent under the amended lease. (c) The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million ) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture ( Note 4 ), as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017. (d) Includes acquisition expenses incurred in connection with self-storage transactions. We expensed acquisition-related costs and fees totaling $4.9 million for the year ended December 31, 2016 . We adopted ASU 2017-01 as of January 1, 2017 ( Note 2 ), and no acquisitions were deemed business combinations for the years ended December 31, 2018 and 2017 . (e) Includes Equity in losses of equity method investment in real estate. (f) Includes acquisition expenses incurred in connection with our notes receivable transactions in the All Other category. We expensed acquisition-related costs and fees totaling $2.0 million for the year ended December 31, 2016 . There were no acquisition expenses incurred for the years ended December 31, 2018 and 2017 related to notes receivable transactions ( Note 5 ). (g) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2018 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 24,681 $ 29,136 $ 81,059 $ 134,876 $ 17,725 $ 64,115 $ 81,840 $ 216,716 Operating expenses (14,226 ) (17,476 ) (61,837 ) (93,539 ) (9,894 ) (43,585 ) (53,479 ) (147,018 ) Gain on sale of real estate, net 5,162 18,658 34,290 58,110 — 20,547 20,547 78,657 Interest expense (7,565 ) (7,477 ) (20,564 ) (35,606 ) (7,384 ) (10,231 ) (17,615 ) (53,221 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (b) 47 (1,160 ) 13,472 12,359 (3,474 ) 11,319 7,845 20,204 Benefit from income taxes (120 ) (100 ) (147 ) (367 ) 1,614 705 2,319 1,952 Net income attributable to noncontrolling interests (811 ) (2,475 ) (15,468 ) (18,754 ) (21 ) (1,787 ) (1,808 ) (20,562 ) Net income attributable to CPA:18 – Global 7,168 19,106 30,805 57,079 (1,434 ) 41,083 39,649 96,728 Long-lived assets 215,330 167,944 515,965 899,239 204,902 832,095 1,036,997 1,936,236 Equity investment in real estate — — — — — 18,764 18,764 18,764 Non-recourse debt and bonds payable 149,132 137,802 394,603 681,537 139,146 416,744 555,890 1,237,427 As of and for the Year Ended December 31, 2017 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,166 $ 29,263 $ 81,830 $ 136,259 $ 17,600 $ 51,775 $ 69,375 $ 205,634 Operating expenses (16,984 ) (19,793 ) (69,008 ) (105,785 ) (10,749 ) (35,102 ) (45,851 ) (151,636 ) Gain on sale of real estate, net — — — — — 14,209 14,209 14,209 Interest expense (7,899 ) (7,590 ) (21,079 ) (36,568 ) (6,749 ) (5,677 ) (12,426 ) (48,994 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (b) (100 ) (100 ) 12,401 12,201 (3,002 ) 9,899 6,897 19,098 Benefit from income taxes (80 ) (112 ) (418 ) (610 ) 1,645 471 2,116 1,506 Net income attributable to noncontrolling interests (824 ) — (8,655 ) (9,479 ) 614 (4,419 ) (3,805 ) (13,284 ) Net income attributable to CPA:18 – Global (721 ) 1,668 (4,929 ) (3,982 ) (641 ) 31,156 30,515 26,533 Long-lived assets 240,918 199,511 599,646 1,040,075 223,702 798,674 1,022,376 2,062,451 Equity investment in real estate — — — — — 20,919 20,919 20,919 Non-recourse debt and bonds payable 174,339 163,026 441,960 779,325 146,016 350,107 496,123 1,275,448 For the Year Ended December 31, 2016 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,147 $ 27,090 $ 72,287 $ 124,524 $ 17,245 $ 42,554 $ 59,799 $ 184,323 Operating expenses (19,254 ) (25,237 ) (73,203 ) (117,694 ) (9,123 ) (27,230 ) (36,353 ) (154,047 ) Loss on sale of real estate, net — — — — — (63 ) (63 ) (63 ) Interest expense (7,806 ) (6,820 ) (19,283 ) (33,909 ) (7,363 ) (1,860 ) (9,223 ) (43,132 ) Other income and (expenses), excluding interest expense and loss on sale of real estate, net (b) — — 4,094 4,094 (3,607 ) (7,347 ) (10,954 ) (6,860 ) Provision for income taxes (75 ) (110 ) (192 ) (377 ) 1,143 (772 ) 371 (6 ) Net income attributable to noncontrolling interests (786 ) — (7,611 ) (8,397 ) (817 ) (1,085 ) (1,902 ) (10,299 ) Net loss attributable to CPA:18 – Global (2,774 ) (5,077 ) (23,908 ) (31,759 ) (2,522 ) 4,197 1,675 (30,084 ) ___________ (a) All years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. (b) Includes Equity in losses of equity method investment in real estate.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 54,435 $ 55,403 $ 55,157 $ 51,721 Expenses 37,270 37,119 37,348 35,281 Net income (a) (b) (c) 12,318 2,981 55,487 46,504 Net income attributable to noncontrolling interests (b) (c) (1,991 ) (3,315 ) (10,003 ) (5,253 ) Net income attributable to CPA:18 – Global 10,327 (334 ) 45,484 41,251 Class A Common Stock Basic and diluted income per share (d) $ 0.07 $ — $ 0.31 $ 0.29 Basic and diluted weighted-average shares outstanding 112,113,960 113,010,970 113,800,898 114,647,003 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted income per share (d) $ 0.07 $ — $ 0.31 $ 0.28 Basic and diluted weighted-average shares outstanding 31,441,399 31,593,597 31,654,504 31,742,535 Distributions declared per share $ 0.1375 $ 0.1378 $ 0.1374 $ 0.1376 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 48,480 $ 50,973 $ 53,201 $ 52,980 Expenses 36,976 39,130 37,103 38,427 Net income (e) 2,545 8,134 12,115 17,023 Net income attributable to noncontrolling interests (e) (1,925 ) (2,350 ) (2,294 ) (6,715 ) Net income attributable to CPA:18 – Global 620 5,784 9,821 10,308 Class A Common Stock Basic and diluted earnings per share (d) $ 0.01 $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 108,457,137 109,553,769 110,507,579 111,233,869 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted earnings per share (d) $ — $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 30,764,145 31,030,596 31,322,341 31,428,744 Distributions declared per share $ 0.1380 $ 0.1382 $ 0.1384 $ 0.1380 __________ (a) Amounts for the three months ended March 31, 2018, June 30, 2018, and December 31, 2018 include gains on insurance proceeds for $4.4 million , $0.9 million , and $0.3 million , respectively, recognized for a property that was damaged by a tornado in 2017 . (b) Amount for the three months ended September 30, 2018 includes gain on sale of $52.2 million recognized on the disposition of four domestic multi-family residential properties, inclusive of the gains on sale of $8.1 million attributable to noncontrolling interests ( Note 13 ). (c) Amount for the three months ended December 31, 2018 includes a gain on sale of real estate relating to the dispositions of an office building located in Utrecht, the Netherlands and a domestic multi-family residential property located in San Antonio, Texas of $20.5 million (inclusive of a tax benefit of $2.0 million ) and $5.2 million (which includes $0.2 million gain attributable to noncontrolling interests), respectively. Additionally, there was a $16.6 million (inclusive of a tax benefit and gain attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively) gain on insurance proceeds for the settlement with our insurer relating to an investment located in Accra, Ghana ( Note 13 ). (d) The sum of the quarterly Income per share does not agree to the annual Income per share for 2018 and 2017 due to the issuances of our common stock that occurred during such periods. (e) Amount for the three months ended December 31, 2017 includes a gain on sale of $14.2 million (inclusive of a $3.6 million gain attributable to noncontrolling interests) recognized on the disposition of the student housing property located in Reading, United Kingdom ( Note 13 ).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On January 29, 2019, we sold the 97% interest that we held in our last multi-family residential property, which was located in Fort Walton Beach, Florida, to a third party for $39.8 million . This property was classified as held for sale at December 31, 2018 . The $24.3 million non-recourse mortgage loan that encumbered this property was assumed by the buyer on the date of the sale.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2018 , 2017 , and 2016 (in thousands) Description Balance at Beginning of Year Other Additions Deductions (a) Balance at End of Year Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 13,593 $ 3,090 $ (7,470 ) $ 9,213 Allowance for uncollectible accounts 4,399 5,383 (1 ) 9,781 Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 12,817 $ 3,566 $ (2,790 ) $ 13,593 Allowance for uncollectible accounts 4 4,398 (3 ) 4,399 Year Ended December 31, 2016 Valuation reserve for deferred tax assets $ 10,196 $ 2,987 $ (366 ) $ 12,817 Allowance for uncollectible accounts 1 3 — 4 ___________ (a) During the year ended December 31, 2018, the valuation reserve for deferred taxes decreased by $3.9 million as a result of the sale of an office building located in Utrecht, the Netherlands ( Note 13 ).

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,697 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 11,319 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 6,521 — 10,828 — (1,791 ) — 9,037 9,037 1,341 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 6,456 — 10,576 — (1,823 ) — 8,753 8,753 1,226 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 6,333 2,264 10,676 — (2,219 ) 1,884 8,837 10,721 1,354 2006 Dec. 2013 34 yrs. Retail facility in Zadar, Croatia 7,118 4,320 10,536 — (2,547 ) 3,594 8,715 12,309 1,446 2007 Dec. 2013 33 yrs. Retail facility in Split, Croatia 2,895 — 3,161 — (552 ) — 2,609 2,609 488 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 2,929 1,163 3,393 1,585 (535 ) 1,163 4,443 5,606 1,172 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,179 13,748 52,135 — — 13,748 52,135 65,883 9,397 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,322 1,044 3,361 — — 1,044 3,361 4,405 535 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 40,692 14,362 59,219 — (22,346 ) 10,000 41,235 51,235 5,015 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 60,555 — 112,676 — (18,875 ) — 93,801 93,801 11,225 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA 4,556 448 5,841 — — 448 5,841 6,289 995 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 6,876 2,251 3,390 672 47 2,251 4,109 6,360 682 2001 May. 2014 40 yrs. Industrial facility in Surprise, AZ 2,163 298 2,347 1,699 — 298 4,046 4,344 580 1998 May. 2014 35 yrs. Industrial facility in Temple, GA 6,254 381 6,469 — — 381 6,469 6,850 1,025 2007 May. 2014 33 yrs. Land in Houston, TX 1,139 1,675 — — — 1,675 — 1,675 — N/A May. 2014 N/A Land in Chicago, IL 1,617 3,036 — — — 3,036 — 3,036 — N/A May. 2014 N/A Warehouse facility in Jonesville, SC 27,939 2,995 14,644 19,389 — 2,995 34,033 37,028 5,603 1997 Jun. 2014 28 yrs. Industrial facility in Ayr, United Kingdom 2,552 1,150 3,228 — (1,028 ) 880 2,470 3,350 572 1950 Aug. 2014 15 - 32 yrs. Industrial facility in Bathgate, United Kingdom 1,652 627 1,852 355 (607 ) 480 1,747 2,227 319 2009 Aug. 2014 20 - 35 yrs. Industrial facility in Dundee, United Kingdom 1,602 384 2,305 — (631 ) 294 1,764 2,058 356 2008 Aug. 2014 22 yrs. Industrial facility in Dunfermline, United Kingdom 908 294 808 — (259 ) 225 618 843 172 1990 Aug. 2014 13 - 35 yrs. Industrial facility in Invergordon, United Kingdom 475 261 549 — (269 ) 121 420 541 87 2006 Aug. 2014 22 yrs. Industrial facility in Livingston, United Kingdom 2,019 447 3,015 — (813 ) 342 2,307 2,649 365 2008 Aug. 2014 29 yrs. Industrial facility in Livingston, United Kingdom 2,271 — 3,360 — (724 ) — 2,636 2,636 490 1997 Sep. 2014 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Warstein, Germany 11,189 281 15,671 — (1,555 ) 254 14,143 14,397 1,575 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 6,092 1,141 5,997 4,690 — 1,141 10,687 11,828 688 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 41,069 8,276 80,475 — (21,421 ) 6,326 61,004 67,330 6,444 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,665 1,189 11,279 — — 1,189 11,279 12,468 1,257 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 27,546 3,990 30,320 — — 3,990 30,320 34,310 3,371 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,559 512 1,283 2 — 512 1,285 1,797 260 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 734 509 340 2 — 509 342 851 128 1990 Nov. 2014 20 yrs. Industrial facility in Dallas, TX 261 128 204 2 — 128 206 334 56 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,130 360 1,120 1 — 360 1,121 1,481 195 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,144 809 671 1 — 809 672 1,481 171 2008 Nov. 2014 30 yrs. Industrial facility in Dunfermline, United Kingdom 4,296 1,162 5,631 6 (1,247 ) 949 4,603 5,552 811 2000 Nov. 2014 23 - 31 yrs. Industrial facility in Durham, United Kingdom 1,392 207 2,108 — (425 ) 169 1,721 1,890 218 1998 Nov. 2014 35 yrs. Industrial and warehouse facility in Byron Center, MI 7,252 625 1,005 9,515 — 625 10,520 11,145 899 2015 Nov. 2014 40 yrs. Office facility in Rotterdam, Netherlands 37,555 2,247 27,150 — (5,226 ) 1,497 22,674 24,171 2,316 1960 Dec. 2014 40 yrs. Office facility in Rotterdam, Netherlands — 2,246 27,136 — 370 2,625 27,127 29,752 2,779 1960 Dec. 2014 40 yrs. Industrial facility in Edinburgh, United Kingdom 2,437 938 2,842 — (693 ) 766 2,321 3,087 304 1985 Dec. 2014 35 yrs. Hotel in Albion, Mauritius 27,400 4,047 54,927 243 (3,545 ) 3,808 51,864 55,672 6,480 2007 Dec. 2014 40 yrs. Office facility in Eindhoven, Netherlands 54,094 8,736 14,493 73,764 2,981 9,515 90,459 99,974 3,692 2017 Mar. 2015 40 yrs. Industrial facility in Aberdeen, United Kingdom 3,882 1,560 4,446 142 (880 ) 1,335 3,933 5,268 407 1990 Mar. 2015 40 yrs. Warehouse facility in Freetown, MA 3,190 1,149 2,219 — — 1,149 2,219 3,368 806 2002 Apr. 2015 28 yrs. Office facility in Plano, TX 21,845 3,180 26,926 — — 3,180 26,926 30,106 2,597 2001 Apr. 2015 40 yrs. Hotel in Munich, Germany 47,050 8,497 41,883 42,996 (5,019 ) 10,275 78,082 88,357 2,519 2017 May. 2015 40 yrs. Warehouse facility in Plymouth, MN 10,435 2,537 9,731 1,019 — 2,537 10,750 13,287 1,479 1975 May. 2015 32 yrs. Retail facility in Oslo, Norway 57,253 61,607 34,183 213 (12,680 ) 53,451 29,872 83,323 4,806 1971 May. 2015 30 yrs. Hotel in Hamburg, Germany 17,165 5,719 1,530 21,248 65 5,943 22,619 28,562 851 2017 Jun. 2015 40 yrs. Office facility in Jacksonville, FL 10,560 1,688 10,081 — — 1,687 10,082 11,769 998 2001 Jul. 2015 40 yrs. Office facility in Warrenville, IL 22,554 2,222 25,449 1,167 — 2,221 26,617 28,838 2,515 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,559 1,937 31,093 5,047 — 1,936 36,141 38,077 3,020 2015 Oct. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Michalovce, Slovakia 13,773 1,055 10,808 13,612 424 1,402 24,497 25,899 1,796 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany 18,241 — 25,717 1,170 1,364 — 28,251 28,251 2,432 1965 Dec. 2015 35 yrs. Warehouse facility in Iowa City, IA 6,130 913 5,785 — — 913 5,785 6,698 427 2001 Mar. 2017 28 yrs. $ 820,172 $ 209,830 $ 904,865 $ 198,540 $ (102,459 ) $ 195,275 $ 1,015,501 $ 1,210,776 $ 112,061 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial facility in Columbus, GA $ 2,648 $ 488 $ 2,947 $ — $ 996 $ 4,431 1965 Apr. 2014 Industrial facility in Houston, TX 1,191 — 1,573 — 178 1,751 1973 May 2014 Warehouse facility in Chicago, IL 6,004 — 8,564 1,380 1,329 11,273 1942 May 2014 Industrial facility in Menomonee Falls, WI 13,621 1,680 22,104 — 506 24,290 1974 Dec. 2015 $ 23,464 $ 2,168 $ 35,188 $ 1,380 $ 3,009 $ 41,745 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Operating Real Estate – Multi-Family Facilities Cardiff, UK $ 28,869 $ 222 $ 14,136 $ — $ 30,381 $ (1,015 ) $ 217 $ 43,507 $ — $ 43,724 $ 275 2018 Jun. 2015 40 yrs. Portsmouth, UK 40,962 8,096 3,416 — 56,810 (1,503 ) 7,910 58,909 — 66,819 421 2018 Dec. 2015 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 6,765 3,306 7,190 — 103 4 3,306 7,238 59 10,603 1,077 2005 Jan. 2014 38 yrs. St. Petersburg, FL 7,249 3,258 7,128 — 141 4 3,258 7,252 21 10,531 984 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,710 340 3,428 — 218 4 340 3,587 63 3,990 686 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,750 1,356 3,699 — 269 14 1,356 3,935 47 5,338 637 1991 Jul. 2014 32 yrs. Miami, FL 3,018 1,915 1,894 — 121 7 1,915 1,996 26 3,937 317 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,853 669 8,899 — 49 4 669 8,914 38 9,621 1,066 2006 Aug. 2014 40 yrs. Columbia, SC 3,040 1,065 2,742 — 210 15 1,065 2,874 93 4,032 551 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,506 2,263 2,704 — 94 4 2,263 2,744 58 5,065 438 2004 Oct. 2014 32 yrs. Pompano Beach, FL 2,997 700 3,436 — 671 2 700 4,053 56 4,809 720 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,534 1,596 5,963 — 96 — 1,596 6,004 55 7,655 797 1989 Nov. 2014 37 yrs. Dickinson, TX 6,409 1,680 7,165 — 130 2 1,680 7,217 80 8,977 1,038 2001 Dec. 2014 35 yrs. Humble, TX 5,017 341 6,582 — 23 3 341 6,586 22 6,949 770 2009 Dec. 2014 39 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Temecula, CA 6,474 449 8,574 — 20 (6 ) 449 8,567 21 9,037 1,022 2006 Dec. 2014 37 yrs. Cumming, GA 2,838 300 3,531 — 72 — 300 3,577 26 3,903 643 1994 Dec. 2014 27 yrs. Naples, FL 10,629 3,073 10,677 — 1,423 19 3,073 11,984 135 15,192 1,930 1974 Jan. 2015 31 yrs. Valrico, FL 5,960 695 7,558 — 27 (200 ) 695 7,358 27 8,080 719 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,880 1,796 4,782 — 120 2 1,796 4,847 57 6,700 649 1999 Feb. 2015 24 yrs. Sebastian, FL 1,909 474 2,031 — 123 — 474 2,097 57 2,628 505 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,912 522 4,809 — 169 — 522 4,972 6 5,500 549 2010 Feb. 2015 40 yrs. Panama City Beach, FL 2,598 706 2,864 — 37 5 706 2,877 29 3,612 398 1997 Mar. 2015 36 yrs. Hesperia, CA 5,920 779 5,504 — 112 — 779 5,562 54 6,395 1,001 2004 Apr. 2015 27 yrs. Hesperia, CA 2,435 335 1,999 — 86 — 335 2,079 6 2,420 382 2007 Apr. 2015 28 yrs. Hesperia, CA 3,566 384 3,042 — 105 — 384 3,105 42 3,531 724 1985 Apr. 2015 20 yrs. Highland, CA 4,494 1,056 3,366 — 39 — 1,056 3,400 5 4,461 450 2003 Apr. 2015 36 yrs. Lancaster, CA 4,464 217 4,355 — 64 — 217 4,382 37 4,636 624 1989 Apr. 2015 31 yrs. Rialto, CA 6,552 1,905 3,642 — 58 — 1,905 3,669 31 5,605 562 2007 Apr. 2015 30 yrs. Thousand Palms, CA 6,262 1,115 5,802 — 102 2 1,115 5,876 30 7,021 884 2007 Apr. 2015 31 yrs. Louisville, KY 6,580 2,973 6,056 — 138 — 2,973 6,129 65 9,167 953 1998 Apr. 2015 32 yrs. Lilburn, GA 2,326 1,499 1,658 — 92 — 1,499 1,708 42 3,249 510 1998 Apr. 2015 18 yrs. Stockbridge GA 1,615 170 1,996 — 191 — 170 2,146 41 2,357 402 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,622 811 2,723 — 49 — 811 2,770 2 3,583 508 1977 May 2015 24 yrs. Las Vegas, NV 6,345 450 8,381 — 97 — 450 8,431 47 8,928 897 1996 May 2015 38 yrs. Panama City Beach, FL 6,119 347 8,233 5 51 1 347 8,254 36 8,637 789 2008 May 2015 40 yrs. Sarasota, FL 5,145 835 6,193 — 126 — 835 6,308 11 7,154 650 2003 Jun. 2015 40 yrs. Sarasota, FL 3,761 465 4,576 — 82 — 465 4,627 31 5,123 470 2001 Jun. 2015 39 yrs. St. Peters, MO 2,291 199 2,888 — 119 — 199 2,953 54 3,206 336 1991 Jun. 2015 35 yrs. Leesburg, FL 2,380 731 2,480 — 51 — 731 2,520 11 3,262 468 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,070 2,179 7,367 — 47 — 2,179 7,382 32 9,593 958 2000 Jul. 2015 34 yrs. Houston, TX 4,576 1,067 4,965 — 502 — 1,067 5,464 3 6,534 832 1971 Aug. 2015 27 yrs. Ithaca, NY 2,261 454 2,211 — 30 — 454 2,240 1 2,695 343 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,328 783 2,417 — (131 ) — 783 2,284 2 3,069 640 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,199 664 2,762 1 585 — 664 3,314 34 4,012 633 1987 Sep. 2015 17 yrs. Hudson, FL 3,217 364 4,188 — 6 — 364 4,192 2 4,558 394 2008 Sep. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2018 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Kissimmee, FL 5,561 407 8,027 — 65 — 407 8,087 5 8,499 680 2015 Oct. 2015 40 yrs. El Paso, TX 3,685 1,275 3,339 — 59 — 1,275 3,385 13 4,673 363 1983 Oct. 2015 35 yrs. El Paso, TX 2,529 921 2,764 — 1 — 921 2,764 1 3,686 319 1980 Oct. 2015 35 yrs. El Paso, TX 3,593 594 4,154 — 16 — 594 4,154 16 4,764 422 1980 Oct. 2015 35 yrs. El Paso, TX 3,610 594 3,867 — 121 — 594 3,966 22 4,582 420 1986 Oct. 2015 35 yrs. El Paso, TX 1,421 337 2,024 — 13 — 337 2,027 10 2,374 213 1985 Oct. 2015 35 yrs. El Paso, TX 3,699 782 3,825 — 32 — 782 3,836 21 4,639 512 1980 Oct. 2015 35 yrs. Fernandina Beach, FL 7,218 1,785 7,133 — 39 — 1,785 7,146 26 8,957 728 1986 Oct. 2015 25 yrs. Kissimmee, FL 3,422 1,371 3,020 3 50 — 1,371 3,044 29 4,444 480 1981 Oct. 2015 24 yrs. Houston, TX 2,741 817 3,438 — 46 — 817 3,461 23 4,301 426 1998 Oct. 2015 30 yrs. Houston, TX 2,939 708 3,778 — 92 — 708 3,823 47 4,578 481 2001 Nov. 2015 30 yrs. Greensboro, NC 4,027 716 4,108 — 1,187 — 716 5,266 29 6,011 774 1953 Dec. 2015 20 yrs. Portland, OR 6,333 897 8,831 — 76 — 897 8,874 33 9,804 702 2000 Dec. 2015 40 yrs. Kissimmee, FL 3,907 1,094 4,298 — 19 — 1,094 4,301 16 5,411 509 2000 Jan. 2016 32 yrs. Avondale, LA 3,409 808 4,245 — — (12 ) 807 4,234 — 5,041 379 2008 Jan. 2016 40 yrs. Gilroy, California 5,880 2,704 7,451 — 75 — 2,704 7,485 41 10,230 816 1999 Feb. 2016 35 yrs. Washington, D.C. 7,049 3,185 8,177 — 23 — 3,185 8,200 — 11,385 668 1962 Apr. 2016 34 yrs. Milford, MA 5,601 751 6,290 — — — 751 6,290 — 7,041 545 2003 Apr. 2016 37 yrs. Millsboro, DE 5,680 807 5,152 — 11 — 807 5,160 3 5,970 465 2001 Apr. 2016 35 yrs. New Castle, DE 4,748 994 5,673 — 19 — 994 5,681 11 6,686 433 2005 Apr. 2016 38 yrs. Rehoboth, DE 8,693 1,229 9,945 — 11 — 1,229 9,953 3 11,185 839 1999 Apr. 2016 38 yrs. Chicago, IL 1,931 796 2,112 — 82 — 796 2,158 36 2,990 193 1990 Nov. 2016 25 yrs. $ 358,083 $ 78,176 $ 331,663 $ 9 $ 95,945 $ (2,644 ) $ 77,984 $ 423,185 $ 1,980 $ 503,149 $ 41,969 ___________ (a) Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on development project transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. (b) The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates and (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received. (c) Excludes (i) gross lease intangible assets of $285.5 million and the related accumulated amortization of $126.6 million , (ii) gross lease intangible liabilities of $15.4 million and the related accumulated amortization of $5.7 million , (iii) real estate under construction of $152.1 million , and (iv) assets held for sale with a carrying value of $23.6 million . (d) A reconciliation of real estate and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2018 2017 2016 Beginning balance $ 1,263,172 $ 990,810 $ 986,574 Foreign currency translation adjustment (42,168 ) 67,356 (12,392 ) Dispositions (36,595 ) — — Reclassification from real estate under construction 26,192 197,232 14,775 Improvements 4,437 1,378 1,853 Additions (4,262 ) 6,396 — Ending balance $ 1,210,776 $ 1,263,172 $ 990,810 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2018 2017 2016 Beginning balance $ 87,886 $ 55,980 $ 31,467 Depreciation expense 29,787 28,243 25,483 Foreign currency translation adjustment (3,089 ) 3,663 (970 ) Dispositions (2,523 ) — — Ending balance $ 112,061 $ 87,886 $ 55,980 Reconciliation of Operating Real Estate Years Ended December 31, 2018 2017 2016 Beginning balance $ 566,489 $ 606,558 $ 490,852 Dispositions (152,948 ) (50,394 ) — Reclassification from real estate under construction 113,061 2,926 44,724 Reclassification to held for sale (26,278 ) — — Improvements 5,343 4,189 6,029 Foreign currency translation adjustment (2,518 ) 3,210 (758 ) Additions — — 65,711 Ending balance $ 503,149 $ 566,489 $ 606,558 Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2018 2017 2016 Beginning balance $ 43,786 $ 26,937 $ 10,727 Depreciation expense 16,864 17,419 16,210 Dispositions (16,009 ) (602 ) — Reclassification to held for sale (2,670 ) — — Foreign currency translation adjustment (2 ) 32 — Ending balance $ 41,969 $ 43,786 $ 26,937 At December 31, 2018 , the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $2.1 billion .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2018 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount (a) Description Financing agreement — Cipriani 10.0 % Jul. 2024 $ 30,200 $ 28,000 Financing agreement — Mills Fleet (b) (c) 12.3 % Oct. 2019 35,954 35,954 __________ (a) During the year ended December 31, 2018, we received partial repayments for the Mills Fleet mezzanine loan totaling $2.5 million ( Note 5 ). (b) Interest rate is based on the one-month LIBOR plus 10% ( Note 5 ). (c) On October 9, 2018, the Mills Fleet borrower exercised its first of three options to extend the maturity date of this mezzanine loan for one-year successive terms, from October 2018 to October 2019 ( Note 5 ). NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2018 2017 2016 Balance $ 66,500 $ 66,500 $ 28,000 Collection of principal (2,546 ) Additions (a) — — 38,500 Ending balance $ 63,954 $ 66,500 $ 66,500 __________ (a) Amount for 2016 represents a mezzanine loan acquisition ( Note 5 ).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. However, following our adoption of Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , on January 1, 2017, as described below, all transaction costs incurred during the years ended December 31, 2018 and 2017 were capitalized since our acquisitions during the years were classified as asset acquisitions. Most of our future acquisitions are likely to be classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant or the tenant has long-term renewal options at rental rates below estimated market rental rates, we include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We measure the fair value of below-market purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party appraisals conducted by independent appraisal firms. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of above-market leases and below-market ground leases in Other intangible assets in the consolidated financial statements. We include the value of below-market leases and above-market ground leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. We include the amortization of above- and below-market ground lease intangibles in Property expenses in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to Depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairments	Impairments We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, the vacancy of a property that is not subject to a lease, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. We may incur impairment charges on long-lived assets, including real estate, related intangible assets, direct financing leases, assets held for sale, and equity investments in real estate. We may also incur impairment charges on goodwill and notes receivable. Our policies and estimates for evaluating whether these assets are impaired are presented below. Real Estate — For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate over a ten-year holding period, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources, such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. The estimated fair value of the property’s asset group is primarily determined using market information from outside sources, such as broker quotes or recent comparable sales. In cases where the available market information is not deemed appropriate, we perform a future net cash flow analysis discounted for inherent risk associated with each asset to determine an estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Real Estate Sales — In the unlikely event that we decide not to sell a property previously classified as held for sale, we reclassify the property as held and used. We measure and record a property that is reclassified as held and used at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used or (ii) the estimated fair value at the date of the subsequent decision not to sell. We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases — We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge equal to the difference between the fair value and carrying amount of the residual value. We also assess the carrying amount for recoverability and if, as a result of the decreased expected cash flows, we determine that our carrying value is not fully recoverable, we record an allowance for credit losses to reflect the change in the estimate of the future cash flows that includes rent. Accordingly, the net investment balance is written down to fair value. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Notes Receivable — We evaluate our notes receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
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 (“VIE”) and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered VIEs unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.
Reclassification	Certain prior period amounts have been reclassified to conform to the current period presentation. In the second quarter of 2018, we reclassified notes receivable, equity investment in real estate, and goodwill to be included within Accounts receivable and other assets, net in our consolidated balance sheets. Additionally, we reclassified deferred income taxes to be included within Accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Prior period balances have been reclassified to conform to the current period presentation. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, we moved Gain on sale of real estate, net in the consolidated statements of income to be included within Other Income and Expenses.
Restricted Cash	Restricted Cash — In connection with our adoption of 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.
Real Estate	Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period.
Notes Receivable	Notes Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance, net of the acquisition discount or premium. We amortize any discount or premium as an adjustment to increase or decrease, respectively, the yield realized on these loans over the life of the loan. As such, differences between carrying value and principal balances outstanding do not represent embedded losses or gains as we generally plan to hold such loans to maturity. Our notes receivable are included in Accounts receivable and other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other interest income in the consolidated financial statements.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts — We consider rents due under leases and payments under notes receivable to be past-due or delinquent when a contractually required rent, principal payment, or interest payment is not remitted in accordance with the provisions of the underlying agreement. We evaluate each account individually and set up an allowance when, based upon current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms and the amount can be reasonably estimated.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Other Assets And Liabilities	Other Assets and Liabilities — We include notes receivable, prepaid expenses, deferred rental income, equity investment in real estate, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Accounts receivable and other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred rental income is the aggregate cumulative difference for operating leases between scheduled rents that vary during the lease term and rent recognized on a straight-line basis.
Deferred Acquisition Fees Payable to Affiliates	Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital).
Share Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Noncontrolling Interests	Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest.
Revenue Recognition	Revenue Recognition — 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. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and multi-family portfolios (including multi-family residential and student housing operating properties). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we record real estate at cost less accumulated depreciation; we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and included in Property expenses in the consolidated financial statements and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Interest Capitalization in Connection with Real Estate Under Construction	Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment (generally up to seven years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life of the asset.
Foreign Currency Transactions and Translations Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from this translation as a component of Other comprehensive income (loss) in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income (loss). Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity. Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated, and that qualified, as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) 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 (loss) 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.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities primarily within North America and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). These operations are subject to corporate federal, state, local, and foreign income taxes, as applicable. Our financial statements are prepared on a consolidated basis including TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 12 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit) ( Note 12 ).
Income (Loss) Per Share	Income (Loss) Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income (loss) per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income (loss) per basic and diluted share of common stock is calculated by dividing Net income (loss) attributable to CPA:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net income (loss) attributable to CPA:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2018 , 2017 , and 2016 , respectively.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Adopted as of December 31, 2018 In May 2014, the Financial Accounting Standards Board (“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. 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 that the scope and application of ASC 610-20 includes the sale or transfer of nonfinancial assets and financial assets that meet the definition of nonfinancial assets to non-customers in substance, as well as partial sales. Nonfinancial assets within the scope of this Subtopic include the sale of land, buildings and intangible assets. The Subtopic defines 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. It 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. Additionally, the Subtopic provides guidance on the recognition of gains and losses on the sale or transfer of these nonfinancial and in substance nonfinancial assets when control is transferred. 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. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 removes, modifies, and adds certain fair value disclosure requirements. We adopted this guidance for our interim period beginning July 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements to be Adopted after December 31, 2018 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 modifies the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract: the lessee and the lessor. ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for 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 new standard remains equivalent to existing guidance, but has been updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The ASU eliminates specialized guidance for real estate sale and leaseback transactions and will now apply to both lessees and lessors. To qualify as a sale and leaseback transaction, certain criteria will have to be met, including qualifying as a sale (applying ASU 2014-09) and the transfer of control of the asset by the seller-lessee. Additionally, a real estate sale and leaseback arrangement that includes a seller-lessee repurchase option will result in a failed sale. As the buyer-lessor, where control is not transferred, the transaction will have to be accounted for as a financial asset instead of the purchase of a real estate asset. We do not anticipate having a significant amount of failed sales for sale and leaseback transactions as a result of the new sale and leaseback guidance. Additionally, under the ASU, if a lessor determines subsequent to the commencement date of the lease that collectability of lease payments under an operating lease is not probable, the lessor is required to recognize the difference between income recognized up to that point and the income that would have been recognized on a cash basis as a reduction of current period lease income. This differs from the current guidance, where the lessor would recognize the effects of a change in the assessment of collectability as an addition to the bad debt reserve for amounts accrued at the time the collectability assessment changed. As a result, we expect any such adjustments to be recorded to lease revenues as opposed to property expenses, which is where they are currently recorded. We will adopt this guidance for our interim and annual periods beginning January 1, 2019 and expect to use the second transition method. We will also elect the practical expedient and apply it consistently to all leased real estate. ASU 2016-02 will require extensive quantitative and qualitative disclosures. Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs. Historically, we have not capitalized internal legal and leasing costs incurred, and thus do not expect to be impacted by the change. We expect to recognize a right-of-use asset and a corresponding lease liability for certain operating land lease arrangements for which we are the lessee. The right-of-use asset and corresponding lease liability are expected to be less than 1.5% of total assets and less than 1.0% of total liabilities, respectively. Additionally, for lease arrangements that include common area maintenance services (subject to certain criteria being met), real estate taxes, and insurance where we are the lessor, we expect to present these amounts within lease revenues in our consolidated statements of income. 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 will 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. 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.
Fair Value Measurements	Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities 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. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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): December 31, 2018 2017 Real estate — Land, buildings and improvements $ 362,536 $ 373,954 Operating real estate — Land, buildings and improvements 110,543 — Real estate under construction 151,479 107,732 In-place lease intangible assets 86,011 88,617 Other intangible assets 17,223 18,040 Accumulated depreciation and amortization (68,534 ) (54,592 ) Cash and cash equivalents 18,092 5,030 Accounts receivable and other assets, net 27,625 33,219 Total assets 704,975 572,000 Non-recourse mortgages, net, including debt attributable to Assets held for sale $ 284,669 $ 218,267 Bonds payable, net 57,253 60,577 Accounts payable, accrued expenses and other liabilities 50,061 46,858 Total liabilities 391,983 325,702
Schedule of Details of Accounts Receivables, Accounts Payable, and Other Assets and Liabilities	The following table presents a summary of amounts included in Accounts receivable and other assets, net in the consolidated financial statements (in thousands): December 31, 2018 2017 Accounts receivable and other assets, net Notes receivable ( Note 5 ) $ 63,954 $ 66,500 Accounts receivable, net 31,302 32,572 Goodwill ( Note 6 ) 26,354 26,084 Restricted cash 19,924 19,115 Equity investment in real estate ( Note 4 ) 18,764 20,919 Prepaid expenses 12,890 13,496 Other assets 24,215 18,792 $ 197,403 $ 197,478 The following table presents a summary of amounts included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements (in thousands): December 31, 2018 2017 Accounts payable, accrued expenses and other liabilities Deferred income taxes ( Note 12 ) $ 47,956 $ 63,980 Accounts payable and accrued expenses 35,260 39,626 Deferred revenue 18,545 11,975 Intangible liabilities, net ( Note 6 ) 9,757 11,009 Other liabilities 20,547 21,441 $ 132,065 $ 148,031
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): December 31, 2018 2017 2016 Cash and cash equivalents $ 170,914 $ 71,068 $ 72,028 Restricted cash (a) 19,924 19,115 21,713 Total cash and cash equivalents and restricted cash $ 190,838 $ 90,183 $ 93,741 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets.
Restrictions on Cash and Cash Equivalents [Table Text Block]	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): December 31, 2018 2017 2016 Cash and cash equivalents $ 170,914 $ 71,068 $ 72,028 Restricted cash (a) 19,924 19,115 21,713 Total cash and cash equivalents and restricted cash $ 190,838 $ 90,183 $ 93,741 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 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): Years Ended December 31, 2018 2017 2016 Amounts Included in the Consolidated Statements of Operations Asset management fees $ 12,087 $ 11,293 $ 10,126 Available Cash Distributions 9,692 8,650 7,586 Personnel and overhead reimbursements 3,121 3,170 3,064 Director compensation 235 310 310 Interest expense on deferred acquisition fees, affiliate loan, and accretion of interest on annual distribution and shareholder servicing fee (a) 100 1,034 898 Acquisition expenses — — 5,458 $ 25,235 $ 24,457 $ 27,442 Acquisition Fees Capitalized Current acquisition fees $ 9,370 $ 3,757 $ 3,310 Deferred acquisition fees 7,496 3,006 2,648 Capitalized personnel and overhead reimbursements 1,063 640 263 $ 17,929 $ 7,403 $ 6,221 _________ (a) For the year ended December 31, 2018 , interest on the annual distribution and shareholder servicing fee is excluded because, effective as of the third quarter of 2017, it is paid directly to selected dealers rather than through Carey Financial LLC (“Carey Financial”), a subsidiary of WPC, as discussed further below. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2018 2017 Due to Affiliates (a) Deferred acquisition fees, including accrued interest $ 8,720 $ 6,693 Accounts payable and other 5,070 6,102 Current acquisition fees 2,065 — Asset management fees payable 972 972 $ 16,827 $ 13,767 ___________ (a) This table excludes outstanding receivables from our Advisor totaling $0.4 million and $0.7 million at December 31, 2018 and 2017 , respectively, which were included within Accounts receivable and other assets, net in our consolidated financial statements.

Real Estate, Operating Real E_2

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of Real Estate Properties	Operating real estate, which consists of our self-storage, student housing, and multi-family residential properties, is summarized as follows (in thousands): December 31, 2018 2017 Land $ 77,984 $ 98,429 Buildings and improvements 425,165 468,060 Less: Accumulated depreciation (41,969 ) (43,786 ) $ 461,180 $ 522,703 Real estate, which consists of land and buildings leased to others, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2018 2017 Land $ 195,275 $ 202,500 Buildings and improvements 1,015,501 1,060,672 Less: Accumulated depreciation (112,061 ) (87,886 ) $ 1,098,715 $ 1,175,286
Schedule of Future Minimum Rents	Scheduled Future Minimum Rents Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2018 are as follows (in thousands): Years Ending December 31, Total 2019 $ 101,618 2020 101,413 2021 101,261 2022 101,535 2023 94,502 Thereafter 590,636 Total $ 1,090,965
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2018 2017 Beginning balance $ 134,366 $ 182,612 Capitalized funds 189,286 129,588 Placed into service (139,253 ) (200,158 ) Disposition (a) (32,519 ) — Capitalized interest 5,355 4,603 Foreign currency translation adjustments (5,129 ) 17,721 Ending balance $ 152,106 $ 134,366 _________ (a) On December 17, 2018, we transferred our right to collect for tenant default damages related to the joint venture for a university complex development site located in Accra, Ghana (as discussed further below). We entered into the following student housing development project investments during the year ended December 31, 2018 (amounts based on the exchange rate of the euro on the date of acquisition as applicable): Location Date of Acquisition Ownership Percentage Purchase Price (a) Estimated Completion Date Estimated Total Investment (a) (b) Barcelona, Spain (c) (d) 3/8/2018 98.7 % $ 10,469 Q3 2019 $ 28,473 Coimbra, Portugal (c) (d) 6/11/2018 98.5 % 9,338 Q3 2020 26,326 San Sebastian, Spain (c) 6/14/2018 100.0 % 13,126 Q3 2020 36,733 Barcelona, Spain (c) 6/25/2018 100.0 % 13,089 Q3 2020 31,686 Valencia, Spain (c) (d) 7/30/2018 98.7 % 7,113 Q3 2021 26,991 Austin, Texas (c) (e) 9/20/2018 90.0 % 13,666 Q3 2020 70,181 Granada, Spain (c) (d) 9/21/2018 98.5 % 4,262 Q3 2021 23,416 Seville, Spain (c) (f) 11/20/2018 75.0 % 13,137 Q1 2021 32,510 Bilbao, Spain (c) 12/14/2018 100.0 % 10,694 Q3 2021 51,624 Porto, Portugal (c) (d) 12/18/2018 98.5 % 6,185 Q3 2020 23,651 $ 101,079 $ 351,591 _________ (a) Based on the exchange rate of the euro at the date of acquisition for international investments. (b) Amounts represent our expected total investment in the respective development projects. (c) As there is insufficient equity at risk, the investment is considered to be a VIE ( Note 2 ). (d) Since we are responsible for substantially all of the economics but have disproportionate voting rights, the investment is considered to be a VIE ( Note 2 ). (e) We assumed 90% interest in an existing $4.5 million loan on this property ( Note 9 ). Additionally, the seller retained the remaining interest on this investment, which was accounted for as a $2.3 million non-cash financing activity. (f) As part of the transaction, the seller retained a 23.5% interest on this investment, which was accounted for as a $2.2 million non-cash financing activity
Summary of Properties Held for Sale	Below is a summary of our properties held for sale (in thousands): Years Ended December 31, 2018 2017 Operating real estate — Land, buildings and improvements $ 26,277 $ — In-place lease intangible assets 1,090 — Accumulated depreciation and amortization (3,759 ) — Assets held for sale, net $ 23,608 $ — Non-recourse mortgages, net, attributable to Assets held for sale $ 24,250 $ —

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2018 2017 Minimum lease payments receivable $ 58,353 $ 61,465 Unguaranteed residual value 39,402 37,214 97,755 98,679 Less: unearned income (56,010 ) (58,722 ) $ 41,745 $ 39,957
Schedule of Future Minimum Lease Payments for Capital Leases	Scheduled future minimum rents, exclusive of renewals, expenses paid by tenants, and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2018 were as follows (in thousands): Years Ending December 31, Total 2019 $ 3,375 2020 3,455 2021 3,523 2022 3,599 2023 3,677 Thereafter 40,724 Total $ 58,353
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2018 2017 2018 2017 1 — — $ — $ — 2 2 2 15,705 14,386 3 2 2 29,751 29,716 4 2 2 60,243 62,355 5 — — — — 0 $ 105,699 $ 106,457

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Intangible Assets And Liabilities [Abstract]
Schedule of Goodwill Rollforward	The following table presents a reconciliation of our goodwill, which is included in our Net Lease segment and included in Accounts receivable and other assets, net in the consolidated financial statements (in thousands): Total Balance at January 1, 2017 $ 23,526 Foreign currency translation 1,850 Other 708 Balance at December 31, 2017 26,084 Foreign currency translation (1,359 ) Other 1,629 Balance at December 31, 2018 $ 26,354
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2018 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 5 – 23 $ 252,316 $ (120,936 ) $ 131,380 $ 274,723 $ (115,515 ) $ 159,208 Below-market ground lease 30 – 99 21,966 (1,719 ) 20,247 23,000 (1,238 ) 21,762 Above-market rent 5 – 30 11,178 (3,923 ) 7,255 12,811 (3,642 ) 9,169 285,460 (126,578 ) 158,882 310,534 (120,395 ) 190,139 Indefinite-Lived Intangible Assets Goodwill 26,354 — 26,354 26,084 — 26,084 Total intangible assets $ 311,814 $ (126,578 ) $ 185,236 $ 336,618 $ (120,395 ) $ 216,223 Finite-Lived Intangible Liabilities Below-market rent 5 – 30 $ (15,309 ) $ 5,651 $ (9,658 ) $ (15,476 ) $ 4,573 $ (10,903 ) Above-market ground lease 81 (105 ) 6 (99 ) (110 ) 4 (106 ) Total intangible liabilities $ (15,414 ) $ 5,657 $ (9,757 ) $ (15,586 ) $ 4,577 $ (11,009 )
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets and liabilities recorded at December 31, 2018 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization/Property Expenses Net 2019 $ (342 ) $ 16,392 $ 16,050 2020 (387 ) 15,920 15,533 2021 (401 ) 15,781 15,380 2022 (379 ) 15,436 15,057 2023 (477 ) 13,218 12,741 Thereafter (417 ) 74,781 74,364 $ (2,403 ) $ 151,528 $ 149,125

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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): December 31, 2018 2017 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,237,427 $ 1,257,032 $ 1,275,448 $ 1,301,844 Notes receivable (c) 3 63,954 66,154 66,500 69,000 ___________ (a) Debt, net consists of Non-recourse mortgages, net and Bonds payable, net. At December 31, 2018 and 2017 , the carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $6.2 million and $7.0 million , respectively. At December 31, 2018 and 2017 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.7 million and $0.8 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse mortgage loans, net and Bonds payable, net using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate.

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, December 31, 2018 2017 2018 2017 Foreign currency forward contracts Accounts receivable and other assets, net $ 2,011 $ 2,419 $ — $ — Interest rate swaps Accounts receivable and other assets, net 808 553 — — Foreign currency collars Accounts receivable and other assets, net 750 258 — — Interest rate caps Accounts receivable and other assets, net — 1 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (622 ) (3,266 ) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (529 ) (698 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (115 ) (366 ) $ 3,569 $ 3,231 $ (1,266 ) $ (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 (Loss) Income (Effective Portion) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 Foreign currency collars $ 3,186 $ (4,535 ) $ 327 Interest rate swaps 487 619 810 Foreign currency forward contracts (401 ) (2,769 ) (897 ) Interest rate caps 25 16 (13 ) Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 90 (179 ) (20 ) Foreign currency forward contracts 20 (39 ) (56 ) Total $ 3,407 $ (6,887 ) $ 151 ___________ (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 (loss) income until the underlying investment is sold or substantially liquidated, at which time we reclassify the gain or loss to earnings. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion) Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2018 2017 2016 Foreign currency forward contracts Other gains and (losses) $ 1,058 $ 1,223 $ 1,278 Interest rate swaps Interest expense (254 ) (663 ) (879 ) Foreign currency collars Other gains and (losses) (232 ) 160 95 Interest rate caps Interest expense (50 ) (56 ) (4 ) Total $ 522 $ 664 $ 490
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2018 2017 2016 Foreign currency collars Other gains and (losses) $ (95 ) $ (259 ) $ 1 Interest rate swaps Interest expense (82 ) (32 ) — Derivatives in Cash Flow Hedging Relationships (a) Foreign currency collars Other gains and (losses) (81 ) (8 ) 2 Interest rate swaps Interest expense 19 26 3 Total $ (239 ) $ (273 ) $ 6 __________ (a) Relates to the ineffective portion of the hedging relationship.
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2018 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2018 (a) Interest rate swaps 10 99,244 USD $ 333 Interest rate swap 1 9,785 EUR (54 ) Interest rate caps 1 5,700 USD — $ 279 ___________ (a) Fair value amount is based on the exchange rate of the euro at December 31, 2018 , as applicable. The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2018 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 15 5,841 EUR $ 1,483 Foreign currency forward contracts 9 13,785 NOK 474 Foreign currency collars 38 25,296 EUR (308 ) Foreign currency collars 22 44,810 NOK 255 Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (115 ) Designated as Net Investment Hedging Instruments Foreign currency collars 3 16,750 NOK 181 Foreign currency forward contracts 1 2,568 NOK 54 $ 2,024

Debt, net (Tables)

Debt, net (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments as of December 31, 2018 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 $ 86,541 2020 93,728 2021 167,006 2022 142,771 2023 156,038 Thereafter through 2039 596,979 Total principal payments 1,243,063 Unamortized deferred financing costs (6,919 ) Unamortized premium, net 1,283 Total $ 1,237,427

Net Income (Loss) Per Share a_2

Net Income (Loss) Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Basic and Diluted Income Loss Per Share	The following table presents net income (loss) per share (in thousands, except share and per share amounts): Year Ended December 31, 2018 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Per Share Class A common stock 113,401,265 $ 75,816 $ 0.67 Class C common stock 31,608,961 20,912 0.66 Net income attributable to CPA:18 – Global $ 96,728 Year Ended December 31, 2017 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Net Income Per Share Class A common stock 109,942,186 $ 21,032 $ 0.19 Class C common stock 31,138,787 5,501 0.18 Net income attributable to CPA:18 – Global $ 26,533 Year Ended December 31, 2016 Basic and Diluted Weighted-Average Allocation of Net Loss Basic and Diluted Net Loss Per Share Class A common stock 105,691,583 $ (23,065 ) $ (0.22 ) Class C common stock 30,091,602 (7,019 ) (0.23 ) Net loss attributable to CPA:18 – Global $ (30,084 )
Schedule Of Distributions Paid Per Share For Tax	The following table presents annualized distributions per share, declared and paid during the years ended December 31, 2018 , 2017 , and 2016 , reported for tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Internal Revenue Code Section 857(b)(3)(C) and Treasury Regulation § 1.857-6(e): Years Ended December 31, 2018 2017 2016 Class A Class C Class A Class C Class A Class C Capital gain $ 0.3847 $ 0.3388 $ 0.0817 $ 0.0722 $ — $ — Ordinary income 0.2405 0.2119 0.2181 0.1927 0.1339 0.1171 Return of capital — — 0.3254 0.2875 0.4913 0.4296 Total distributions paid $ 0.6252 $ 0.5507 $ 0.6252 $ 0.5524 $ 0.6252 $ 0.5467
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2016 $ 5,360 $ (55,676 ) $ (50,316 ) Other comprehensive loss before reclassifications 717 (12,254 ) (11,537 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 883 — 883 Other gains and (losses) (1,373 ) — (1,373 ) Net current-period Other comprehensive loss 227 (12,254 ) (12,027 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 639 639 Balance at December 31, 2016 5,587 (67,291 ) (61,704 ) Other comprehensive income before reclassifications (6,005 ) 39,925 33,920 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 719 — 719 Other gains and (losses) (1,383 ) — (1,383 ) Net current-period Other comprehensive income (6,669 ) 39,925 33,256 Net current-period Other comprehensive income attributable to noncontrolling interests — (4,764 ) (4,764 ) Balance at December 31, 2017 (1,082 ) (32,130 ) (33,212 ) Other comprehensive loss before reclassifications 3,819 (23,002 ) (19,183 ) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 304 — 304 Other gains and (losses) (826 ) — (826 ) Net current-period Other comprehensive loss 3,297 (23,002 ) (19,705 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 2,324 2,324 Balance at December 31, 2018 $ 2,215 $ (52,808 ) $ (50,593 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our (benefit from) provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2018 2017 2016 Federal Current $ 130 $ 234 $ 276 Deferred 5 20 (34 ) 135 254 242 State and Local Current 292 355 134 292 355 134 Foreign Current 1,315 1,535 1,024 Deferred (3,694 ) (3,650 ) (1,394 ) (2,379 ) (2,115 ) (370 ) Total (Benefit) Provision $ (1,952 ) $ (1,506 ) $ 6
Rollforward of Uncertain Tax Positions	The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands): Years Ended December 31, 2018 2017 Beginning balance $ 449 $ 242 Addition based on tax positions related to prior periods 221 207 Ending balance $ 670 $ 449

Property Dispositions (Tables)

Property Dispositions (Tables)	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The results of operations for properties that have been sold, transferred, or classified as held for sale are included in the consolidated financial statements and are summarized as follows (in thousands): Years Ended December 31, 2018 2017 2016 Revenues $ 21,824 $ 28,385 $ 25,643 Operating expenses (17,917 ) (22,699 ) (19,342 ) Gain (loss) on sale of real estate, net 78,657 14,209 (63 ) Interest expense (5,530 ) (6,427 ) (3,897 ) Other gains and (losses) (a) 14,351 (3,233 ) (2,542 ) Benefit from (provision for) income taxes 415 227 (38 ) Income from properties sold, transferred, or classified as held for sale, net of income taxes (b) $ 91,800 $ 10,462 $ (239 ) __________ (a) Includes a gain on insurance proceeds for the year ended December 31, 2018 of $16.6 million (inclusive of a tax benefit of $3.5 million ) as a result of a settlement agreement with our insurer regarding a joint venture development project located in Accra, Ghana as detailed below. (b) For the years ended December 31, 2018 , and 2017 , amounts include net income attributable to noncontrolling interests of $10.5 million , and $0.7 million , respectively, and net loss attributable to noncontrolling interests of $0.1 million for the year ended December 31, 2016 .

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2018 2017 2016 Net Lease Revenues $ 130,124 $ 118,476 $ 109,332 Operating expenses (a) (b) (76,255 ) (70,867 ) (60,168 ) Gain (loss) on sale of real estate, net 20,547 — (63 ) Interest expense (36,128 ) (30,877 ) (27,723 ) Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net (c) 22,597 1,575 1,233 Benefit from income taxes 1,513 2,635 811 Net income attributable to noncontrolling interests (2,716 ) (1,072 ) (2,765 ) Net income attributable to CPA:18 – Global $ 59,682 $ 19,870 $ 20,657 Self Storage Revenues $ 57,920 $ 55,075 $ 48,794 Operating expenses (d) (35,235 ) (44,357 ) (57,807 ) Interest expense (13,256 ) (12,357 ) (11,013 ) Other income and (expenses), excluding interest expense (e) (1,298 ) (1,125 ) (231 ) Provision for income taxes (85 ) (114 ) (215 ) Net income (loss) attributable to CPA:18 – Global $ 8,046 $ (2,878 ) $ (20,472 ) Multi-Family Revenues $ 21,434 $ 24,915 $ 22,609 Operating expenses (16,030 ) (17,666 ) (17,103 ) Gain on sale of real estate, net 58,110 14,209 — Interest expense (3,529 ) (4,727 ) (3,537 ) Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net (870 ) (22 ) 6 Benefit from (provision for) income taxes 178 (132 ) (164 ) Net (income) loss attributable to noncontrolling interests (8,154 ) (3,562 ) 52 Net income attributable to CPA:18 – Global $ 51,139 $ 13,015 $ 1,863 All Other Revenues $ 7,238 $ 7,168 $ 3,588 Operating expenses (f) (4 ) (12 ) (2,010 ) Net income attributable to CPA:18 – Global $ 7,234 $ 7,156 $ 1,578 Corporate Unallocated Corporate Overhead (g) $ (19,681 ) $ (1,980 ) $ (26,124 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (9,692 ) $ (8,650 ) $ (7,586 ) Total Company Revenues $ 216,716 $ 205,634 $ 184,323 Operating expenses (147,018 ) (151,636 ) (154,047 ) Gain (loss) on sale of real estate, net 78,657 14,209 (63 ) Interest expense (53,221 ) (48,994 ) (43,132 ) Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net 20,204 19,098 (6,860 ) Benefit from (provision for) income taxes 1,952 1,506 (6 ) Net income attributable to noncontrolling interests (20,562 ) (13,284 ) (10,299 ) Net income (loss) attributable to CPA:18 – Global $ 96,728 $ 26,533 $ (30,084 ) (a) In April 2017, the Croatian government passed a special law assisting the restructuring of companies considered to have systemic 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 these financial difficulties and uncertainty regarding future rent collections from the tenant, we recorded bad debt expense of $5.2 million and $2.9 million for the years ended December 31, 2018 and 2017 , respectively. In July 2018, the creditors of Agrokor reached a settlement plan to attempt to restructure the company, but as of the date of this Report, we are unable to assess the potential impact of that plan on this investment. (b) 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 $1.2 million for the year ended December 31, 2017 . During the year ended December 31, 2018 , no bad debt expense was recorded as the tenant was current on rent under the amended lease. (c) The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million ) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture ( Note 4 ), as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017. (d) Includes acquisition expenses incurred in connection with self-storage transactions. We expensed acquisition-related costs and fees totaling $4.9 million for the year ended December 31, 2016 . We adopted ASU 2017-01 as of January 1, 2017 ( Note 2 ), and no acquisitions were deemed business combinations for the years ended December 31, 2018 and 2017 . (e) Includes Equity in losses of equity method investment in real estate. (f) Includes acquisition expenses incurred in connection with our notes receivable transactions in the All Other category. We expensed acquisition-related costs and fees totaling $2.0 million for the year ended December 31, 2016 . There were no acquisition expenses incurred for the years ended December 31, 2018 and 2017 related to notes receivable transactions ( Note 5 ). (g) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments.
Reconciliation of Assets from Segment to Consolidated	Total Assets at December 31, 2018 2017 Net Lease $ 1,461,385 $ 1,572,437 Self Storage 386,682 398,944 Multi-Family 313,925 256,875 Corporate 78,099 35,812 All Other 64,462 66,929 Total Company $ 2,304,553 $ 2,330,997
Schedule of Segment Reporting Information	Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): As of and for the Year Ended December 31, 2018 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 24,681 $ 29,136 $ 81,059 $ 134,876 $ 17,725 $ 64,115 $ 81,840 $ 216,716 Operating expenses (14,226 ) (17,476 ) (61,837 ) (93,539 ) (9,894 ) (43,585 ) (53,479 ) (147,018 ) Gain on sale of real estate, net 5,162 18,658 34,290 58,110 — 20,547 20,547 78,657 Interest expense (7,565 ) (7,477 ) (20,564 ) (35,606 ) (7,384 ) (10,231 ) (17,615 ) (53,221 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (b) 47 (1,160 ) 13,472 12,359 (3,474 ) 11,319 7,845 20,204 Benefit from income taxes (120 ) (100 ) (147 ) (367 ) 1,614 705 2,319 1,952 Net income attributable to noncontrolling interests (811 ) (2,475 ) (15,468 ) (18,754 ) (21 ) (1,787 ) (1,808 ) (20,562 ) Net income attributable to CPA:18 – Global 7,168 19,106 30,805 57,079 (1,434 ) 41,083 39,649 96,728 Long-lived assets 215,330 167,944 515,965 899,239 204,902 832,095 1,036,997 1,936,236 Equity investment in real estate — — — — — 18,764 18,764 18,764 Non-recourse debt and bonds payable 149,132 137,802 394,603 681,537 139,146 416,744 555,890 1,237,427 As of and for the Year Ended December 31, 2017 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,166 $ 29,263 $ 81,830 $ 136,259 $ 17,600 $ 51,775 $ 69,375 $ 205,634 Operating expenses (16,984 ) (19,793 ) (69,008 ) (105,785 ) (10,749 ) (35,102 ) (45,851 ) (151,636 ) Gain on sale of real estate, net — — — — — 14,209 14,209 14,209 Interest expense (7,899 ) (7,590 ) (21,079 ) (36,568 ) (6,749 ) (5,677 ) (12,426 ) (48,994 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (b) (100 ) (100 ) 12,401 12,201 (3,002 ) 9,899 6,897 19,098 Benefit from income taxes (80 ) (112 ) (418 ) (610 ) 1,645 471 2,116 1,506 Net income attributable to noncontrolling interests (824 ) — (8,655 ) (9,479 ) 614 (4,419 ) (3,805 ) (13,284 ) Net income attributable to CPA:18 – Global (721 ) 1,668 (4,929 ) (3,982 ) (641 ) 31,156 30,515 26,533 Long-lived assets 240,918 199,511 599,646 1,040,075 223,702 798,674 1,022,376 2,062,451 Equity investment in real estate — — — — — 20,919 20,919 20,919 Non-recourse debt and bonds payable 174,339 163,026 441,960 779,325 146,016 350,107 496,123 1,275,448 For the Year Ended December 31, 2016 Domestic International Texas Florida Other Domestic Total Norway Other International (a) Total Total Revenues $ 25,147 $ 27,090 $ 72,287 $ 124,524 $ 17,245 $ 42,554 $ 59,799 $ 184,323 Operating expenses (19,254 ) (25,237 ) (73,203 ) (117,694 ) (9,123 ) (27,230 ) (36,353 ) (154,047 ) Loss on sale of real estate, net — — — — — (63 ) (63 ) (63 ) Interest expense (7,806 ) (6,820 ) (19,283 ) (33,909 ) (7,363 ) (1,860 ) (9,223 ) (43,132 ) Other income and (expenses), excluding interest expense and loss on sale of real estate, net (b) — — 4,094 4,094 (3,607 ) (7,347 ) (10,954 ) (6,860 ) Provision for income taxes (75 ) (110 ) (192 ) (377 ) 1,143 (772 ) 371 (6 ) Net income attributable to noncontrolling interests (786 ) — (7,611 ) (8,397 ) (817 ) (1,085 ) (1,902 ) (10,299 ) Net loss attributable to CPA:18 – Global (2,774 ) (5,077 ) (23,908 ) (31,759 ) (2,522 ) 4,197 1,675 (30,084 ) ___________ (a) All years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. (b) Includes Equity in losses of equity method investment in real estate.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 54,435 $ 55,403 $ 55,157 $ 51,721 Expenses 37,270 37,119 37,348 35,281 Net income (a) (b) (c) 12,318 2,981 55,487 46,504 Net income attributable to noncontrolling interests (b) (c) (1,991 ) (3,315 ) (10,003 ) (5,253 ) Net income attributable to CPA:18 – Global 10,327 (334 ) 45,484 41,251 Class A Common Stock Basic and diluted income per share (d) $ 0.07 $ — $ 0.31 $ 0.29 Basic and diluted weighted-average shares outstanding 112,113,960 113,010,970 113,800,898 114,647,003 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted income per share (d) $ 0.07 $ — $ 0.31 $ 0.28 Basic and diluted weighted-average shares outstanding 31,441,399 31,593,597 31,654,504 31,742,535 Distributions declared per share $ 0.1375 $ 0.1378 $ 0.1374 $ 0.1376 Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Revenues $ 48,480 $ 50,973 $ 53,201 $ 52,980 Expenses 36,976 39,130 37,103 38,427 Net income (e) 2,545 8,134 12,115 17,023 Net income attributable to noncontrolling interests (e) (1,925 ) (2,350 ) (2,294 ) (6,715 ) Net income attributable to CPA:18 – Global 620 5,784 9,821 10,308 Class A Common Stock Basic and diluted earnings per share (d) $ 0.01 $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 108,457,137 109,553,769 110,507,579 111,233,869 Distributions declared per share $ 0.1563 $ 0.1563 $ 0.1563 $ 0.1563 Class C Common Stock Basic and diluted earnings per share (d) $ — $ 0.04 $ 0.07 $ 0.07 Basic and diluted weighted-average shares outstanding 30,764,145 31,030,596 31,322,341 31,428,744 Distributions declared per share $ 0.1380 $ 0.1382 $ 0.1384 $ 0.1380 __________ (a) Amounts for the three months ended March 31, 2018, June 30, 2018, and December 31, 2018 include gains on insurance proceeds for $4.4 million , $0.9 million , and $0.3 million , respectively, recognized for a property that was damaged by a tornado in 2017 . (b) Amount for the three months ended September 30, 2018 includes gain on sale of $52.2 million recognized on the disposition of four domestic multi-family residential properties, inclusive of the gains on sale of $8.1 million attributable to noncontrolling interests ( Note 13 ). (c) Amount for the three months ended December 31, 2018 includes a gain on sale of real estate relating to the dispositions of an office building located in Utrecht, the Netherlands and a domestic multi-family residential property located in San Antonio, Texas of $20.5 million (inclusive of a tax benefit of $2.0 million ) and $5.2 million (which includes $0.2 million gain attributable to noncontrolling interests), respectively. Additionally, there was a $16.6 million (inclusive of a tax benefit and gain attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively) gain on insurance proceeds for the settlement with our insurer relating to an investment located in Accra, Ghana ( Note 13 ). (d) The sum of the quarterly Income per share does not agree to the annual Income per share for 2018 and 2017 due to the issuances of our common stock that occurred during such periods. (e) Amount for the three months ended December 31, 2017 includes a gain on sale of $14.2 million (inclusive of a $3.6 million gain attributable to noncontrolling interests) recognized on the disposition of the student housing property located in Reading, United Kingdom ( Note 13 ).

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	12 Months Ended	39 Months Ended	84 Months Ended
	Dec. 31, 2018ft²segmentpropertytenant	Apr. 02, 2015USD ($)	Dec. 31, 2018USD ($)ft²propertytenant
Additional Disclosures
Capital interest ownership in operating partnership	99.97%		99.97%
Number of properties	57		57
Number of tenants | tenant	93		93
Area of real estate property (sq ft) | ft²	10		10
Number of reportable segments | segment	3
Public Offering
Proceeds from issuance of shares | $		$ 1,200
Class A
Public Offering
Distributions reinvested through the DRIP | $			$ 150.4
Class C
Public Offering
Distributions reinvested through the DRIP | $			$ 42.2
Operating Real Estate
Additional Disclosures
Area of real estate property (sq ft) | ft²	5.6		5.6
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties	69		69
Multi-Family | Operating Real Estate
Additional Disclosures
Number of properties	15		15
Multi-Family | Operating Real Estate | Twelve student housing developments
Additional Disclosures
Number of properties	12		12
Multi-Family | Operating Real Estate | Two student housing operating properties
Additional Disclosures
Number of properties	2		2
Multi-Family | Operating Real Estate | One multi-family residential property
Additional Disclosures
Number of properties	1		1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)vie	Dec. 31, 2017USD ($)vie	Dec. 31, 2016USD ($)	Jan. 01, 2019
Summary of Significant Accounting Policies
Variable interest entity count | vie	21	12
Consolidated variable interest entities, count | vie	20	11
Number of unconsolidated VIE's | vie	1	1
Equity investment in real estate (Note 4)	$ 18,764	$ 20,919
Benefit from (provision for) income taxes	$ 1,952	1,506	$ (6)
Preferred return (percent)	5.00%
Gain (loss) on foreign currency transactions and other	$ 4,700	(2,600)	$ (500)
Building and building improvements | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)	40 years
Furniture and fixtures | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)	7 years
Adjustments
Summary of Significant Accounting Policies
Benefit from (provision for) income taxes		800
Equity method investment
Summary of Significant Accounting Policies
Equity investment in real estate (Note 4)	$ 18,800	$ 20,900
Subsequent Event | Forecast
Summary of Significant Accounting Policies
Operating lease right use (percentage of total assets) (less than)				1.50%
Operating lease liability (percentage of total liability) (less than)				1.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Real estate — Land, buildings and improvements	$ 1,210,776	$ 1,263,172
Operating real estate — Land, buildings and improvements	503,149	566,489
Real estate under construction	152,106	134,366	$ 182,612
In-place lease intangible assets	252,316	274,723
Other intangible assets	33,144	35,811
Accumulated depreciation and amortization	(280,608)	(252,067)
Cash and cash equivalents	170,914	71,068	$ 72,028
Accounts receivable and other assets, net	197,403	197,478
Total assets	2,304,553	2,330,997
Liabilities
Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)	1,098,281	1,129,432
Bonds payable, net	139,146	146,016
Accounts payable, accrued expenses and other liabilities	132,065	148,031
Total liabilities	1,408,583	1,458,932
VIE
Assets
Real estate — Land, buildings and improvements	362,536	373,954
Operating real estate — Land, buildings and improvements	110,543	0
Real estate under construction	151,479	107,732
In-place lease intangible assets	86,011	88,617
Other intangible assets	17,223	18,040
Accumulated depreciation and amortization	(68,534)	(54,592)
Cash and cash equivalents	18,092	5,030
Accounts receivable and other assets, net	27,625	33,219
Total assets	704,975	572,000
Liabilities
Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)	284,669	218,267
Bonds payable, net	57,253	60,577
Accounts payable, accrued expenses and other liabilities	50,061	46,858
Total liabilities	$ 391,983	$ 325,702

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accounts Receivable and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable and other assets, net
Notes receivable (Note 5)	$ 63,954	$ 66,500
Accounts receivable, net	31,302	32,572
Goodwill (Note 6)	26,354	26,084	$ 23,526
Restricted cash	19,924	19,115	$ 21,713
Equity investment in real estate (Note 4)	18,764	20,919
Prepaid expenses	12,890	13,496
Other assets	24,215	18,792
Accounts receivable and other assets, net	$ 197,403	$ 197,478

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts payable, accrued expenses and other liabilities
Deferred income taxes (Note 12)	$ 47,956	$ 63,980
Accounts payable and accrued expenses	35,260	39,626
Deferred revenue	18,545	11,975
Intangible liabilities, net (Note 6)	9,757	11,009
Other liabilities	20,547	21,441
Accounts payable, accrued expenses and other liabilities	$ 132,065	$ 148,031

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 170,914	$ 71,068	$ 72,028
Restricted cash	19,924	19,115	21,713
Total cash and cash equivalents and restricted cash	$ 190,838	$ 90,183	$ 93,741	$ 140,597

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Jul. 31, 2016
Due to Related Party
Advisory agreement, term	1 year
Advisory agreement additional renewal period, term	1 year
Advisory agreement, unpenalized cancellation period	60 days
Due from advisor	$ 400,000		$ 700,000
Maximum line of credit approved by directors				$ 50,000,000
Underwriting compensation limit (percent)	10.00%
Preferred return (percent)	5.00%
Personnel and overhead reimbursement (percent)	1.00%		2.00%
Legal fee reimbursement rate (percent)	0.25%
Distributions of available cash (percent)	10.00%
Current
Due to Related Party
Acquisition fees rate (percent)	2.50%
Deferred
Due to Related Party
Acquisition fees rate (percent)	2.00%
Interest rate on deferred acquisition fee (percent)	2.00%
Accounts payable, accrued expenses and other liabilities
Due to Related Party
Shareholder servicing fee liability	$ 3,800,000		$ 5,700,000
Class A common stock
Due to Related Party
Net asset value (usd per share)		$ 8.73
Number of shares held by advisor (shares)	114,589,333		111,193,651
Class C common stock
Due to Related Party
Number of shares held by advisor (shares)	31,641,265		31,189,137
Shareholder servicing fee (percent)	1.00%
Minimum
Due to Related Party
Ownership interest in jointly-owned investment (percent)	50.00%
Maximum
Due to Related Party
Acquisition fees rate (percent)	6.00%
Ownership interest in jointly-owned investment (percent)	99.00%
Average market value of investment | Minimum
Due to Related Party
Percentage of asset management fees (percent)	0.50%
Average equity value of investment | Maximum
Due to Related Party
Percentage of asset management fees (percent)	1.50%
Real estate commission
Due to Related Party
Percentage of subordinated disposition fees (percent)	50.00%
Contract sales price of investment
Due to Related Party
Percentage of subordinated disposition fees (percent)	3.00%
Average invested asset
Due to Related Party
Percentage of operating expense reimbursement (percent)	2.00%
Adjusted net income
Due to Related Party
Percentage of operating expense reimbursement (percent)	25.00%
W.P. Carey | Related Party
Due to Related Party
Loan from WPC, including accrued interest	$ 0		$ 0
Advisor | Related Party | Class A common stock
Due to Related Party
Number of shares held by advisor (shares)	5,039,285
Advisor owned percentage of common stock	3.40%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amounts Included in the Consolidated Statements of Operations
Asset management fees	$ 35,281	$ 37,348	$ 37,119	$ 37,270	$ 38,427	$ 37,103	$ 39,130	$ 36,976	$ 147,018	$ 151,636	$ 154,047
Available Cash Distributions									9,692	8,650	7,586
Personnel and overhead reimbursements									3,121	3,170	3,064
Director compensation									235	310	310
Interest expense on deferred acquisition fees, affiliate loan, and accretion of interest on annual distribution and shareholder servicing fee									100	1,034	898
Acquisition expenses									28	64	6,789
Operating expenses									25,235	24,457	27,442
Acquisition Fees Capitalized
Current acquisition fees									9,370	3,757	3,310
Deferred acquisition fees									7,496	3,006	2,648
Capitalized personnel and overhead reimbursements									1,063	640	263
Transaction fees incurred									17,929	7,403	6,221
Related Party
Amounts Included in the Consolidated Statements of Operations
Acquisition expenses									0	0	5,458
Asset management fees
Amounts Included in the Consolidated Statements of Operations
Asset management fees									$ 12,087	$ 11,293	$ 10,126

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Due to Affiliates
Deferred acquisition fees, including accrued interest	$ 8,720	$ 6,693
Accounts payable and other	5,070	6,102
Current acquisition fees	2,065	0
Asset management fees payable	972	972
Due to affiliate	$ 16,827	$ 13,767

Real Estate, Operating Real E_3

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Narratives (Details) $ in Thousands	Dec. 27, 2018USD ($)	Nov. 20, 2018USD ($)	Sep. 20, 2018USD ($)	Dec. 20, 2017USD ($)	Nov. 24, 2017USD ($)	Oct. 17, 2017USD ($)	May 17, 2017USD ($)	Mar. 14, 2017USD ($)	Jan. 26, 2017USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Sep. 30, 2021USD ($)	Feb. 19, 2016USD ($)
Real Estate Properties
Effect of exchange rate fluctuation													$ (23,002)	$ 39,925	$ (12,254)
Real estate property												$ 1,210,776	1,210,776	1,263,172
Deferred tax liability, net												48,000	48,000	64,000
Capitalized funds													189,286	129,588
Real estate under construction												152,106	152,106	134,366	182,612
Net investments in direct financing leases												41,745	41,745	39,957
Non-recourse mortgages												$ 1,098,281	1,098,281	1,129,432
Proceeds from insurance settlements													53,195	3,895	0
Capitalized interest													$ 5,355	$ 4,603
Number of properties placed into service | property													2	2
Placed into service													$ 139,253	$ 200,158
Number of properties | property												57	57
Equity investment in real estate												$ 18,764	$ 18,764	20,919
Asset retirement obligation												3,000	3,000	2,900
Rental Properties [Member]
Real Estate Properties
Placed into service													26,200	197,200
Real Estate Investment [Member]
Real Estate Properties
Placed into service													113,100	2,900
Noncash
Real Estate Properties
Accrued development cost												$ 1,100	$ 1,100	3,700
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Ownership interest in jointly-owned investment (percent)												97.00%	97.00%
Income attributable to non-controlling interest													$ 10,500	700	(100)
Adjustments
Real Estate Properties
Real estate under construction														10,700
Net investments in direct financing leases														(10,700)
Property in Utrecht, The Netherlands
Real Estate Properties
Real estate property														36,800
Property in Utrecht, The Netherlands | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Non-recourse mortgages												$ 29,200	29,200
Gain on sales of real estate, tax benefit												(2,000)
Student Housing in Austin, Texas
Real Estate Properties
Notes assumed			$ 4,500
Land in Vaughan, Canada | Equity method investment
Real Estate Properties
Investment purchase price									$ 5,100
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Proceeds from insurance settlements	$ 45,600
Gain from insurance proceeds												16,600
Gain on sales of real estate, tax benefit												(3,500)
Income attributable to non-controlling interest												2,300
Security deposit												4,300	4,300
Deposit liability												4,300	4,300
Vaue added taxes receivable												$ 2,700	2,700
Real Estate
Real Estate Properties
Effect of exchange rate fluctuation													(42,200)
Depreciation													31,000	28,300	25,700
Investment purchase price													101,079
Real Estate | Warehouse in Iowa City, Iowa [Member]
Real Estate Properties
Ownership interest in jointly-owned investment (percent)								90.00%
Investment purchase price								$ 8,200
Finite-lived intangible assets acquired								1,600
Capitalized acquisition costs								$ 400
Real Estate | Warehouse in Iowa City, Iowa [Member] | Third Party
Real Estate Properties
Ownership interest in jointly-owned investment (percent)								10.00%
Investment purchase price								$ 800
Real Estate | Student Housing in Austin, Texas
Real Estate Properties
Ownership interest in jointly-owned investment (percent)			90.00%
Investment purchase price			$ 13,666
Real Estate | Student Housing in Seville, Spain
Real Estate Properties
Ownership interest in jointly-owned investment (percent)		75.00%
Investment purchase price		$ 13,137
Real Estate | Hotel in Munich, Germany
Real Estate Properties
Ownership interest in jointly-owned investment (percent)				95.00%
Investment purchase price				$ 9,600
Capitalized funds				$ 67,200
Real Estate | Office Building in Eindhoven, the Netherlands [Member]
Real Estate Properties
Investment purchase price							$ 18,700
Deferred tax liability, net							$ 10,400
Real Estate | Forecast
Real Estate Properties
Investment purchase price																$ 351,591
Real Estate | Forecast | Student Housing in Austin, Texas
Real Estate Properties
Investment purchase price											$ 70,181
Real Estate | Forecast | Student Housing in Seville, Spain
Real Estate Properties
Investment purchase price										$ 32,510
Operating Real Estate
Real Estate Properties
Effect of exchange rate fluctuation													(2,500)
Depreciation													$ 16,900	$ 17,400	$ 16,200
Operating Real Estate | Multi-Family
Real Estate Properties
Number of properties sold | property													5
Change in real estate													$ 137,300
Number of properties | property												15	15
Operating Real Estate | Self Storage
Real Estate Properties
Number of properties | property												69	69
Build To Suit Projects
Real Estate Properties
Number of construction projects during period | property													12	6
Unfunded commitment												$ 348,500	$ 348,500	$ 178,300
Build To Suit Projects | Equity method investment
Real Estate Properties
Unfunded commitment												13,800	13,800	26,200
Build To Suit Projects | Initial Funding
Real Estate Properties
Investment purchase price													103,300	51,500
Capitalized funds													86,000	78,100
Build To Suit Projects | Student Housing in Malaga, Spain
Real Estate Properties
Investment purchase price						$ 7,300
Build To Suit Projects | Student Housing in Swansea, United Kingdom [Member]
Real Estate Properties
Investment purchase price					$ 7,300
Capitalized acquisition costs					$ 3,100
Ownership Interest in joint venture (percent)					97.00%
Build To Suit Projects | University in Accra, Ghana | Initial Funding
Real Estate Properties
Non-recourse mortgages																	$ 41,000
Build To Suit Projects | Forecast | Student Housing in Malaga, Spain
Real Estate Properties
Investment purchase price											$ 44,000
Build To Suit Projects | Forecast | Student Housing in Swansea, United Kingdom [Member]
Real Estate Properties
Investment purchase price										$ 50,600
Equity method investment
Real Estate Properties
Equity investment in real estate												18,800	18,800	20,900
Equity method investment, non-recourse debt												$ 28,700	$ 28,700	$ 21,500
Equity method investment | Self Storage
Real Estate Properties
Number of properties | property												4	4
Equity method investments, ownership percentage												90.00%	90.00%
Equity method investment, counterparty ownership percentage												10.00%	10.00%
Equity method investment | Operational Self Storage
Real Estate Properties
Number of properties | property												3	3
Equity method investment | Self Storage Facilities in Canada | Self Storage
Real Estate Properties
Placed into service													$ 19,500
Number of properties | property												2	2	2
Equity method investment | Self Storage Facilities in Canada | Self Storage | Self Storage
Real Estate Properties
Placed into service														$ 9,300
Equity method investment | Self Storage Facilities in Canada | Self Storage II | Self Storage
Real Estate Properties
Placed into service														$ 10,100
EUR
Real Estate Properties
Decrease in foreign currency exchange rate													4.50%
Foreign currency exchange rate												1.1450	1.1450	1.1993
Original Seller | Real Estate | Student Housing in Austin, Texas
Real Estate Properties
Noncash or Part Noncash Acquisition, Value of Assets Acquired			$ 2,300
Original Seller | Real Estate | Student Housing in Seville, Spain
Real Estate Properties
Ownership interest in jointly-owned investment (percent)		23.50%
Investment purchase price		$ 2,200

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in real estate:
Net investments in real estate	$ 1,936,236	$ 2,062,451
Real Estate
Investments in real estate:
Land	195,275	202,500
Buildings and improvements	1,015,501	1,060,672
Less: Accumulated depreciation	(112,061)	(87,886)
Net investments in real estate	1,098,715	1,175,286
Operating Real Estate
Investments in real estate:
Land	77,984	98,429
Buildings and improvements	425,165	468,060
Less: Accumulated depreciation	(41,969)	(43,786)
Net investments in real estate	$ 461,180	$ 522,703

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2018USD ($)
Sheduled Future Minimum Rents
2019	$ 101,618
2020	101,413
2021	101,261
2022	101,535
2023	94,502
Thereafter	590,636
Total	$ 1,090,965

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Real Estate Under Construction
Beginning balance	$ 134,366	$ 182,612
Capitalized funds	189,286	129,588
Placed into service	(139,253)	(200,158)
Disposition	(32,519)	0
Capitalized interest	5,355	4,603
Foreign currency translation adjustments	(5,129)	17,721
Ending balance	$ 152,106	$ 134,366

Real Estate, Operating Real E_7

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Student Housing Development Projects (Details) - Real Estate - USD ($) $ in Thousands

Dec. 18, 2018

Dec. 14, 2018

Nov. 20, 2018

Sep. 21, 2018

Sep. 20, 2018

Jul. 30, 2018

Jun. 25, 2018

Jun. 14, 2018

Jun. 11, 2018

Mar. 08, 2018

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2018

Sep. 30, 2021

Real Estate [Line Items]

Investment Purchase Price

$ 101,079

Student Housing in Barcelona, Spain

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

98.70%

Investment Purchase Price

$ 10,469

Student Housing in Coimbra, Portugal

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

98.50%

Investment Purchase Price

$ 9,338

Student Housing in San Sebastian, Spain

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

100.00%

Investment Purchase Price

$ 13,126

Student Housing in Barcelona Spain II

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

100.00%

Investment Purchase Price

$ 13,089

Student Housing in Valencia Spain

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

98.70%

Investment Purchase Price

$ 7,113

Student Housing in Austin, Texas

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

90.00%

Investment Purchase Price

$ 13,666

Student Housing in Granada, Spain

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

98.50%

Investment Purchase Price

$ 4,262

Student Housing in Seville, Spain

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

75.00%

Investment Purchase Price

$ 13,137

Student Housing in Bilbao, Spain

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

100.00%

Investment Purchase Price

$ 10,694

Student Housing in Porto, Portugual

Real Estate [Line Items]

Ownership interest in jointly-owned investment (percent)

98.50%

Investment Purchase Price

$ 6,185

Forecast

Real Estate [Line Items]

Investment Purchase Price

$ 351,591

Forecast | Student Housing in Barcelona, Spain

Real Estate [Line Items]

Investment Purchase Price

$ 28,473

Forecast | Student Housing in Coimbra, Portugal

Real Estate [Line Items]

Investment Purchase Price

$ 26,326

Forecast | Student Housing in San Sebastian, Spain

Real Estate [Line Items]

Investment Purchase Price

36,733

Forecast | Student Housing in Barcelona Spain II

Real Estate [Line Items]

Investment Purchase Price

31,686

Forecast | Student Housing in Valencia Spain

Real Estate [Line Items]

Investment Purchase Price

$ 26,991

Forecast | Student Housing in Austin, Texas

Real Estate [Line Items]

Investment Purchase Price

70,181

Forecast | Student Housing in Granada, Spain

Real Estate [Line Items]

Investment Purchase Price

23,416

Forecast | Student Housing in Seville, Spain

Real Estate [Line Items]

Investment Purchase Price

$ 32,510

Forecast | Student Housing in Bilbao, Spain

Real Estate [Line Items]

Investment Purchase Price

$ 51,624

Forecast | Student Housing in Porto, Portugual

Real Estate [Line Items]

Investment Purchase Price

$ 23,651

Real Estate, Operating Real E_8

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Dispositions of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	$ 23,608	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Operating real estate — Land, buildings and improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	26,277	0
Disposal Group, Held-for-sale, Not Discontinued Operations | In-place lease intangible assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	1,090	0
Disposal Group, Held-for-sale, Not Discontinued Operations | Accumulated depreciation and amortization
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	3,759	0
Disposal Group, Held-for-sale, Not Discontinued Operations | Assets held for sale, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	23,608	0
Disposal Group, Held-for-sale, Not Discontinued Operations | Non-recourse mortgages, net, attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	$ 24,250	$ 0

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Finance Receivables
Notes receivable	$ 63,954	$ 66,500
Number of properties | property	57
Proceeds from repayment of notes receivable	$ 2,546	0	$ 0
Property Leased to Mills Fleet Farm Group LLC
Finance Receivables
Notes receivable	36,000	$ 38,500
Senior notes	280,000
Number of properties | property		27
Proceeds from repayment of notes receivable	2,500
Property Leased to Mills Fleet Farm Group LLC | LIBOR
Finance Receivables
Variable rate (percent)		10.00%
Cipriani
Finance Receivables
Notes receivable	$ 28,000	$ 28,000
Accounts receivable, term		10 years
Interest rate on receivable (percent)	10.00%
Cipriani | Third Party
Finance Receivables
Senior notes	$ 60,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Net Investments in Direct Financing Leases
Minimum lease payments receivable	$ 58,353	$ 61,465
Unguaranteed residual value	39,402	37,214
Gross investments in direct financing leases	97,755	98,679
Less: unearned income	(56,010)	(58,722)
Net investments in direct financing leases	$ 41,745	$ 39,957

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2018USD ($)
Scheduled Future Minimum Rents
2019	$ 3,375
2020	3,455
2021	3,523
2022	3,599
2023	3,677
Thereafter	40,724
Total	$ 58,353

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2018USD ($)tenant	Dec. 31, 2017USD ($)tenant
Credit Quality Of Finance Receivables
Carrying value	$ 105,699	$ 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	$ 15,705	$ 14,386
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying value	$ 29,751	$ 29,716
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying value	$ 60,243	$ 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 Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets
Net amortization of intangibles	$ 18.4	$ 29.3	$ 40.2
In-place lease
Finite-Lived Intangible Assets
Finite-lived intangible assets acquired		$ 1.6
Finite-lived intangible asset, useful life		14 years 5 months

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill
Goodwill - beginning balance	$ 26,084	$ 23,526
Foreign currency translation	(1,359)	1,850
Other	1,629	708
Goodwill - ending balance	$ 26,354	$ 26,084

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 285,460	$ 310,534
Accumulated Amortization	(126,578)	(120,395)
Net Carrying Amount	158,882	190,139
Indefinite-Lived Intangible Assets
Goodwill (Note 6)	26,354	26,084	$ 23,526
Total intangible assets, gross	311,814	336,618
Total intangible assets, net	185,236	216,223
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(15,414)	(15,586)
Accumulated Amortization	5,657	4,577
Net Carrying Amount	(9,757)	(11,009)
Below-market rent
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(15,309)	(15,476)
Accumulated Amortization	5,651	4,573
Net Carrying Amount	$ (9,658)	(10,903)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	5 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Above-market ground lease
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	81 years
Finite-Lived Intangible Liabilities
Gross Carrying Amount	$ (105)	(110)
Accumulated Amortization	6	4
Net Carrying Amount	(99)	$ (106)
In-place lease
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life		14 years 5 months
Finite-Lived Intangible Assets
Gross Carrying Amount	252,316	$ 274,723
Accumulated Amortization	(120,936)	(115,515)
Net Carrying Amount	$ 131,380	159,208
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	5 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	23 years
Below-market ground lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 21,966	23,000
Accumulated Amortization	(1,719)	(1,238)
Net Carrying Amount	$ 20,247	21,762
Below-market ground lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Below-market ground lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	99 years
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 11,178	12,811
Accumulated Amortization	(3,923)	(3,642)
Net Carrying Amount	$ 7,255	$ 9,169
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	5 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2018USD ($)
Scheduled Annual Net Amortization of Intangibles
2019	$ 16,050
2020	15,533
2021	15,380
2022	15,057
2023	12,741
Thereafter	74,364
Total	149,125
Net Increase in Rental Income
Scheduled Annual Net Amortization of Intangibles
2019	(342)
2020	(387)
2021	(401)
2022	(379)
2023	(477)
Thereafter	(417)
Total	(2,403)
Increase to Amortization/Property Expenses
Scheduled Annual Net Amortization of Intangibles
2019	16,392
2020	15,920
2021	15,781
2022	15,436
2023	13,218
Thereafter	74,781
Total	$ 151,528

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value
Debt issuance costs	$ 6,919
Non-recourse mortgages, net, attributable to Assets held for sale
Fair Value
Debt issuance costs	6,200	$ 7,000
Bonds
Fair Value
Debt issuance costs	$ 700	$ 800

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Value
Liabilities
Debt, net	$ 1,237,427	$ 1,275,448
Notes receivable	63,954	66,500
Fair Value
Liabilities
Debt, net	1,257,032	1,301,844
Notes receivable	$ 66,154	$ 69,000

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative
Cash collateral obligation	$ 0	$ 0
Derivative, remaining maturity	74 months
Collateral received	$ 0
Total credit exposure	3,300,000
Derivative in net liability position	1,300,000	4,400,000
Termination value of assets	1,400,000	$ 4,500,000
Interest expense
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	100,000
Other income
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	(1,200,000)
Individual Counterparty
Derivative
Total credit exposure	$ 1,900,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative asset fair value	$ 3,569	$ 3,231
Derivative liability, fair value	(1,266)	(4,330)
Derivatives Designated as Hedging Instruments | Foreign currency forward contracts | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	2,011	2,419
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	808	553
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(529)	(698)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	750	258
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(622)	(3,266)
Derivatives Designated as Hedging Instruments | Interest rate caps | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	0	1
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ (115)	$ (366)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	$ 3,407	$ (6,887)	$ 151
Cash Flow Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	3,186	(4,535)	327
Cash Flow Hedging | Interest rate swaps
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	487	619	810
Cash Flow Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(401)	(2,769)	(897)
Cash Flow Hedging | Interest rate caps
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	25	16	(13)
Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	90	(179)	(20)
Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	$ 20	$ (39)	$ (56)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)	$ 522	$ 664	$ 490
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)	1,058	1,223	1,278
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)	(254)	(663)	(879)
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)	(232)	160	95
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)	$ (50)	$ (56)	$ (4)

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (239)	$ (273)	$ 6
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	(95)	(259)	1
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	(82)	(32)	0
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | 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	(81)	(8)	2
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 19	$ 26	$ 3

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Dec. 31, 2018USD ($)instrument	Dec. 31, 2018EUR (€)instrument
Interest rate swaps
Derivative
Fair value	$ 279
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	10	10
Notional Amount	$ 99,244
Fair value	$ 333
Interest rate swaps | EUR
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €		€ 9,785
Fair value	$ (54)
Interest rate caps | USD
Derivative
Number of Instruments | instrument	1	1
Notional Amount	$ 5,700
Fair value	$ 0

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2018USD ($)instrument	Dec. 31, 2018NOK (kr)instrument	Dec. 31, 2018EUR (€)instrument
Derivatives Designated as Hedging Instruments
Derivative
Fair value	$ 2,024
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Foreign currency forward contracts | EUR
Derivative
Number of Instruments | instrument	15	15	15
Notional Amount | €			€ 5,841
Fair value	$ 1,483
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Foreign currency forward contracts | EUR
Derivative
Number of Instruments | instrument	9	9	9
Notional Amount | kr		kr 13,785
Fair value	$ 474
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Foreign currency collars | EUR
Derivative
Number of Instruments | instrument	38	38	38
Notional Amount | €			€ 25,296
Fair value	$ (308)
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Foreign currency collars | EUR
Derivative
Number of Instruments | instrument	22	22	22
Notional Amount | kr		kr 44,810
Fair value	$ 255
Derivatives Designated as Hedging Instruments | Net Investment Hedging | Foreign currency forward contracts | EUR
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount | kr		kr 2,568
Fair value	$ 54
Derivatives Designated as Hedging Instruments | Net Investment Hedging | Foreign currency collars | EUR
Derivative
Number of Instruments | instrument	3	3	3
Notional Amount | kr		kr 16,750
Fair value	$ 181
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | EUR
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | €			€ 3,000
Fair value	$ (115)

Debt, net - Narratives (Details

Debt, net - Narratives (Details)

Nov. 22, 2018USD ($)

Oct. 05, 2018USD ($)

Sep. 20, 2018USD ($)

Jun. 14, 2018USD ($)

May 09, 2018USD ($)propertyextension

Feb. 13, 2018USD ($)

Aug. 31, 2017

Sep. 30, 2018USD ($)

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)loan

Dec. 31, 2016USD ($)

Mar. 08, 2018

Oct. 12, 2017USD ($)

Sep. 30, 2017

Jul. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Debt Instruments

maximum borrowing capacity

$ 50,000,000

Debt instrument maturity date, start

Dec. 31, 2019

Debt instrument maturity date, end

Dec. 31, 2039

Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)

$ 1,098,281,000

$ 1,129,432,000

Proceeds from mortgage financing

$ 158,302,000

85,559,000

$ 145,675,000

Number of properties | property

57

Loan amount

$ 63,954,000

66,500,000

66,500,000

$ 28,000,000

Effect of exchange rate fluctuation

(23,002,000)

39,925,000

(12,254,000)

Repayments of principal

52,411,000

10,711,000

7,007,000

Change in investing restricted cash

$ 5,600,000

Restricted cash

19,924,000

19,115,000

$ 21,713,000

Agrokor

Debt Instruments

Repayments of principal

100,000

$ 1,800,000

Long-term debt

Debt Instruments

Effect of exchange rate fluctuation

(31,600,000)

Accounts receivable and other assets, net

Debt Instruments

Restricted cash

5,200,000

Debt Refinanced

Debt Instruments

Interest rate (percent)

2.60%

Loan amount

$ 17,000,000

Debt instrument, term

4 years 6 months 13 days

Number of loans refinanced, count | loan

2

Real Estate

Debt Instruments

Effect of exchange rate fluctuation

(42,200,000)

Mortgages

Debt Instruments

Number of loans acquired, count | loan

4

Loan amount

$ 23,200,000

Debt instrument, term

5 years 8 months 19 days

Weighted average interest rate (percent)

5.20%

Student Housing in Barcelona, Spain

Debt Instruments

maximum borrowing capacity

$ 14,957,799.4453647994

Construction loan

6,500,000

Debt instrument stated interest rate (percent)

2.50%

2.50%

Debt instrument maturity date

May 31, 2022

Apr. 30, 2032

Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)

$ 2,100,000

1,400,000

Student Housing in Barcelona, Spain | Real Estate

Debt Instruments

Ownership interest in jointly-owned investment (percent)

98.70%

Student Housing in Austin, Texas

Debt Instruments

Debt instrument stated interest rate (percent)

5.50%

Debt instrument maturity date

Dec. 31, 2019

Option maturity extension period

6 months

Debt instrument, extended maturity date

Jun. 30, 2020

Notes assumed

$ 4,500,000

Student Housing in Austin, Texas | Real Estate

Debt Instruments

Ownership interest in jointly-owned investment (percent)

90.00%

Self Storage Facility in Southern California

Debt Instruments

Debt instrument stated interest rate (percent)

4.50%

Debt instrument maturity date

May 31, 2021

Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)

$ 16,400,000

Proceeds from mortgage financing

$ 34,000,000

Number of properties | property

7

Number of extension options (options) | extension

2

Student Housing in Portsmouth, United kingdom

Debt Instruments

maximum borrowing capacity

$ 48,813,356.9985665008

Construction loan

43,700,000

Debt instrument maturity date

Nov. 30, 2019

Debt instrument variable rate spread

6.00%

Cardiff Property

Debt Instruments

maximum borrowing capacity

$ 31,300,000

Construction loan

$ 20,500,000

$ 10,100,000

Debt instrument stated interest rate (percent)

7.50%

7.50%

Debt instrument maturity date

Oct. 12, 2019

Hotel in Munich, Germany

Debt Instruments

Debt instrument stated interest rate (percent)

2.80%

Debt instrument maturity date

Jun. 30, 2023

Proceeds from mortgage financing

$ 52,400,000

Office facility in Eindhoven, Netherlands

Debt Instruments

Construction loan

$ 3,900,000

Debt instrument stated interest rate (percent)

3.20%

Proceeds from mortgage financing

$ 22,000,000

Liquidity spread

0.70%

Office facility in Eindhoven, Netherlands | EURIBOR

Debt Instruments

Debt instrument variable rate spread

2.50%

Build to Suit in Hamburg Germany

Debt Instruments

Debt instrument stated interest rate (percent)

2.10%

Proceeds from mortgage financing

$ 17,900,000

Debt instrument, term

7 years

Minimum

Debt Instruments

Ownership interest in jointly-owned investment (percent)

50.00%

Maximum

Debt Instruments

Ownership interest in jointly-owned investment (percent)

99.00%

Fixed Interest Rate | Office facility in Eindhoven, Netherlands

Debt Instruments

Debt instrument stated interest rate (percent)

1.80%

Fixed Interest Rate | Minimum

Debt Instruments

Interest rate (percent)

1.70%

Fixed Interest Rate | Maximum

Debt Instruments

Interest rate (percent)

5.80%

Variable Interest Rate | Minimum

Debt Instruments

Interest rate (percent)

1.60%

Variable Interest Rate | Maximum

Debt Instruments

Interest rate (percent)

8.20%

Debt, net - Schedule of Debt Pr

Debt, net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Long-term Debt, Fiscal Year Maturity
2019	$ 86,541
2020	93,728
2021	167,006
2022	142,771
2023	156,038
Thereafter through 2039	596,979
Total principal payments	1,243,063
Unamortized deferred financing costs	(6,919)
Unamortized premium, net	1,283
Debt, net	$ 1,237,427	$ 1,275,448

Net Income (Loss) Per Share a_3

Net Income (Loss) Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share
Interest expense									$ 53,221	$ 48,994	$ 43,132
Distributions Declared
Dividend payable, date									Jan. 15, 2019
Distributions payable	$ 22,264				$ 21,686				$ 22,264	21,686
Class C
Earnings Per Share
Interest expense									$ 200	$ 500	$ 500
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1376	$ 0.1374	$ 0.1378	$ 0.1375	$ 0.1380	$ 0.1384	$ 0.1382	$ 0.1380	$ 0.5503
Aggregate distribution declared									$ 17,300
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.6252
Aggregate distribution declared									$ 70,900

Net Income (Loss) Per Share a_4

Net Income (Loss) Per Share and Equity - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic
Net Loss Attributable to CPA®:18 – Global	$ 41,251	$ 45,484	$ (334)	$ 10,327	$ 10,308	$ 9,821	$ 5,784	$ 620	$ 96,728	$ 26,533	$ (30,084)
Class A common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares	114,647,003	113,800,898	113,010,970	112,113,960	111,233,869	110,507,579	109,553,769	108,457,137	113,401,265	109,942,186	105,691,583
Net Loss Attributable to CPA®:18 – Global									$ 75,816	$ 21,032	$ (23,065)
Loss Per Share (in dollars per share)	$ 0.29	$ 0.31	$ 0	$ 0.07	$ 0.07	$ 0.07	$ 0.04	$ 0.01	$ 0.67	$ 0.19	$ (0.22)
Class C common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares	31,742,535	31,654,504	31,593,597	31,441,399	31,428,744	31,322,341	31,030,596	30,764,145	31,608,961	31,138,787	30,091,602
Net Loss Attributable to CPA®:18 – Global									$ 20,912	$ 5,501	$ (7,019)
Loss Per Share (in dollars per share)	$ 0.28	$ 0.31	$ 0	$ 0.07	$ 0.07	$ 0.07	$ 0.04	$ 0	$ 0.66	$ 0.18	$ (0.23)

Net Income (Loss) Per Share a_5

Net Income (Loss) Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class A
Distributions
Capital gain (usd per share)	$ 0.3847	$ 0.0817	$ 0
Ordinary income (usd per share)	0.2405	0.2181	0.1339
Return of capital (usd per share)	0	0.3254	0.4913
Total distributions paid (usd per share)	0.6252	0.6252	0.6252
Class C
Distributions
Capital gain (usd per share)	0.3388	0.0722	0
Ordinary income (usd per share)	0.2119	0.1927	0.1171
Return of capital (usd per share)	0	0.2875	0.4296
Total distributions paid (usd per share)	$ 0.5507	$ 0.5524	$ 0.5467

Net Income (Loss) Per Share a_6

Net Income (Loss) Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	$ 872,065	$ 865,904	$ 952,708
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	53,221	48,994	43,132
Other Comprehensive (Loss) Income	(19,705)	33,256	(12,027)
Ending equity balance, value	895,970	872,065	865,904
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(33,212)	(61,704)	(50,316)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(50,593)	(33,212)	(61,704)
Gains and Losses on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(1,082)	5,587	5,360
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	2,215	(1,082)	5,587
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(32,130)	(67,291)	(55,676)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(52,808)	(32,130)	(67,291)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(19,183)	33,920	(11,537)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(19,705)	33,256	(12,027)
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	304	719	883
Other gains and (losses)	(826)	(1,383)	(1,373)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	3,819	(6,005)	717
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	3,297	(6,669)	227
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	304	719	883
Other gains and (losses)	(826)	(1,383)	(1,373)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(23,002)	39,925	(12,254)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(23,002)	39,925	(12,254)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	0	0	0
Other gains and (losses)	0	0	0
AOCI Attributable to Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	2,324	(4,764)	639
Gains and Losses on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	0	0	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	$ 2,324	$ (4,764)	$ 639

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Accrued interest for uncertain tax positions	$ 0	$ 0
Deferred tax assets, gross	10,800,000	13,700,000
Deferred tax liability, net	48,000,000	64,000,000
Deferred tax assets, valuation allowance	9,200,000	13,600,000
Operating loss carryforwards, foreign	$ 41,900,000	$ 25,300,000
Maximum
Income Taxes
Open tax year	2012
Minimum
Income Taxes
Open tax year	2017
Operating loss carryforwards, expiration date	Dec. 31, 2019

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal
Current	$ 130	$ 234	$ 276
Deferred	5	20	(34)
Federal income taxes	135	254	242
State and Local
Current	292	355	134
State and local income taxes	292	355	134
Foreign
Current	1,315	1,535	1,024
Deferred	(3,694)	(3,650)	(1,394)
Foreign income taxes	(2,379)	(2,115)	(370)
Total (Benefit) Provision	$ (1,952)	$ (1,506)	$ 6

Income Taxes Income Taxes - Rol

Income Taxes Income Taxes - Rollforward of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Unrecognized Tax Benefits Rollforward
Beginning balance	$ 449	$ 242
Addition based on tax positions related to prior periods	221	207
Ending balance	$ 670	$ 449

Property Dispositions - Results

Property Dispositions - Results of Operations (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disposal Group, Income Statement Disclosures
Revenues	$ 21,824	$ 28,385	$ 25,643
Operating expenses	(17,917)	(22,699)	(19,342)
Gain (loss) on sale of real estate, net	78,657	14,209	(63)
Interest expense	(5,530)	(6,427)	(3,897)
Other gains and (losses)	14,351
Other gains and (losses)		(3,233)	(2,542)
Benefit from (provision for) income taxes	415	227	(38)
Income from properties sold or classified as held for sale, net of income taxes	$ 91,800	$ 10,462	$ (239)

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Dec. 27, 2018USD ($)	Oct. 11, 2017USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Number of properties | property			57	57
Non-recourse mortgages			$ 1,098,281	$ 1,098,281	$ 1,129,432
Proceeds from insurance settlements				53,195	3,895	$ 0
Assets held for sale, net			$ 23,608	23,608	0
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Income attributable to non-controlling interest				$ 10,500	700	(100)
Ownership interest in jointly-owned investment (percent)			97.00%	97.00%
Gain (loss) on sale of real estate, net				$ 78,657	14,209	$ (63)
Assets held for sale, net | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net			$ 23,608	23,608	0
Non-recourse mortgages, net, attributable to Assets held for sale | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net			24,250	24,250	$ 0
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain from insurance proceeds			16,600
Gain on sales of real estate, tax benefit			(3,500)
Income attributable to non-controlling interest			$ 2,300
Proceeds from insurance settlements	$ 45,600
Five Properties | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Income attributable to non-controlling interest				$ 8,300
Number of properties sold | property				5
Proceeds from the sales of real estate				$ 95,500
Gain (loss) on sale of real estate, net				$ 58,200
Number of properties | property			4	4
Four Properties | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Long term debt			$ 25,300	$ 25,300
Four Properties | Third Party | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Non-recourse mortgages			93,400	93,400
Property in Utrecht, The Netherlands | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain on sales of real estate, tax benefit			(2,000)
Proceeds from the sales of real estate				29,700
Gain (loss) on sale of real estate, net			20,500
Non-recourse mortgages			$ 29,200	$ 29,200
Student Housings in Reading, United Kingdom | Operating Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Income attributable to non-controlling interest		$ 3,600
Proceeds from the sales of real estate		59,500
Gain (loss) on sale of real estate, net		$ 14,200

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)	Dec. 27, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting
Number of reportable segments | segment			3
Proceeds from insurance settlements			$ 53,195,000	$ 3,895,000	$ 0
Acquisition expenses			28,000	64,000	6,789,000
Tornado
Segment Reporting
Proceeds from insurance settlements			5,600,000
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Segment Reporting
Gain from insurance proceeds		$ 16,600,000
Gain on sales of real estate, tax benefit		$ (3,500,000)
Proceeds from insurance settlements	$ 45,600,000
Operating Segments | Net Lease | Croatia
Segment Reporting
Allowance for doubtful accounts			5,200,000	2,900,000
Operating Segments | Net Lease | Property in Stavanger, Norway
Segment Reporting
Allowance for doubtful accounts			0	$ 1,200,000
Operating Segments | Self Storage
Segment Reporting
Acquisition expenses					4,900,000
Operating Segments | All Others
Segment Reporting
Acquisition expenses			$ 0		$ 2,000,000

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information, Profit (Loss)
Revenues	$ 51,721	$ 55,157	$ 55,403	$ 54,435	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 216,716	$ 205,634	$ 184,323
Operating expenses	(35,281)	(37,348)	(37,119)	(37,270)	(38,427)	(37,103)	(39,130)	(36,976)	(147,018)	(151,636)	(154,047)
Gain (loss) on sale of real estate, net									78,657	14,209	(63)
Interest expense									(53,221)	(48,994)	(43,132)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									20,204	19,098	(6,860)
Benefit from (provision for) income taxes									1,952	1,506	(6)
Net loss (income) attributable to noncontrolling interests	(5,253)	(10,003)	(3,315)	(1,991)	(6,715)	(2,294)	(2,350)	(1,925)	(20,562)	(13,284)	(10,299)
Net Income (Loss) Attributable to CPA:18 – Global	$ 41,251	$ 45,484	$ (334)	$ 10,327	$ 10,308	$ 9,821	$ 5,784	$ 620	96,728	26,533	(30,084)
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues									130,124	118,476	109,332
Operating expenses									(76,255)	(70,867)	(60,168)
Gain (loss) on sale of real estate, net									20,547	0	(63)
Interest expense									(36,128)	(30,877)	(27,723)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									22,597	1,575	1,233
Benefit from (provision for) income taxes									1,513	2,635	811
Net loss (income) attributable to noncontrolling interests									(2,716)	(1,072)	(2,765)
Net Income (Loss) Attributable to CPA:18 – Global									59,682	19,870	20,657
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues									57,920	55,075	48,794
Operating expenses									(35,235)	(44,357)	(57,807)
Interest expense									(13,256)	(12,357)	(11,013)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									(1,298)	(1,125)	(231)
Benefit from (provision for) income taxes									(85)	(114)	(215)
Net Income (Loss) Attributable to CPA:18 – Global									8,046	(2,878)	(20,472)
Operating Segments | Multi-Family
Segment Reporting Information, Profit (Loss)
Revenues									21,434	24,915	22,609
Operating expenses									(16,030)	(17,666)	(17,103)
Gain (loss) on sale of real estate, net									58,110	14,209	0
Interest expense									(3,529)	(4,727)	(3,537)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									(870)	(22)	6
Benefit from (provision for) income taxes									178	(132)	(164)
Net loss (income) attributable to noncontrolling interests									(8,154)	(3,562)	52
Net Income (Loss) Attributable to CPA:18 – Global									51,139	13,015	1,863
Operating Segments | All Others
Segment Reporting Information, Profit (Loss)
Revenues									7,238	7,168	3,588
Operating expenses									(4)	(12)	(2,010)
Net Income (Loss) Attributable to CPA:18 – Global									7,234	7,156	1,578
Corporate
Segment Reporting Information, Profit (Loss)
Net loss (income) attributable to noncontrolling interests									(9,692)	(8,650)	(7,586)
Unallocated Corporate Overhead									$ (19,681)	$ (1,980)	$ (26,124)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information, Additional Information
Assets	$ 2,304,553	$ 2,330,997
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets	1,461,385	1,572,437
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets	386,682	398,944
Operating Segments | Multi-Family
Segment Reporting Information, Additional Information
Assets	313,925	256,875
Operating Segments | All Others
Segment Reporting Information, Additional Information
Assets	64,462	66,929
Corporate
Segment Reporting Information, Additional Information
Assets	$ 78,099	$ 35,812

Segment Reporting - Geography (

Segment Reporting - Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information, Profit (Loss)
Revenues	$ 51,721	$ 55,157	$ 55,403	$ 54,435	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 216,716	$ 205,634	$ 184,323
Operating expenses	(35,281)	(37,348)	(37,119)	(37,270)	(38,427)	(37,103)	(39,130)	(36,976)	(147,018)	(151,636)	(154,047)
Gain (loss) on sale of real estate, net									78,657	14,209	(63)
Interest expense									(53,221)	(48,994)	(43,132)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									20,204	19,098	(6,860)
Benefit from (provision for) income taxes									1,952	1,506	(6)
Net loss (income) attributable to noncontrolling interests	(5,253)	(10,003)	(3,315)	(1,991)	(6,715)	(2,294)	(2,350)	(1,925)	(20,562)	(13,284)	(10,299)
Net Loss Attributable to CPA®:18 – Global	41,251	$ 45,484	$ (334)	$ 10,327	10,308	$ 9,821	$ 5,784	$ 620	96,728	26,533	(30,084)
Assets
Long-lived assets	1,936,236				2,062,451				1,936,236	2,062,451
Equity investment in real estate (Note 4)	18,764				20,919				18,764	20,919
Non-recourse debt and bonds payable	1,237,427				1,275,448				1,237,427	1,275,448
Domestic
Segment Reporting Information, Profit (Loss)
Revenues									134,876	136,259	124,524
Operating expenses									(93,539)	(105,785)	(117,694)
Gain (loss) on sale of real estate, net									58,110	0	0
Interest expense									(35,606)	(36,568)	(33,909)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									12,359	12,201	4,094
Benefit from (provision for) income taxes									(367)	(610)	(377)
Net loss (income) attributable to noncontrolling interests									(18,754)	(9,479)	(8,397)
Net Loss Attributable to CPA®:18 – Global									57,079	(3,982)	(31,759)
Assets
Long-lived assets	899,239				1,040,075				899,239	1,040,075
Equity investment in real estate (Note 4)	0				0				0	0
Non-recourse debt and bonds payable	681,537				779,325				681,537	779,325
Domestic | Texas
Segment Reporting Information, Profit (Loss)
Revenues									24,681	25,166	25,147
Operating expenses									(14,226)	(16,984)	(19,254)
Gain (loss) on sale of real estate, net									5,162	0	0
Interest expense									(7,565)	(7,899)	(7,806)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									47	(100)	0
Benefit from (provision for) income taxes									(120)	(80)	(75)
Net loss (income) attributable to noncontrolling interests									(811)	(824)	(786)
Net Loss Attributable to CPA®:18 – Global									7,168	(721)	(2,774)
Assets
Long-lived assets	215,330				240,918				215,330	240,918
Equity investment in real estate (Note 4)	0				0				0	0
Non-recourse debt and bonds payable	149,132				174,339				149,132	174,339
Domestic | Florida
Segment Reporting Information, Profit (Loss)
Revenues									29,136	29,263	27,090
Operating expenses									(17,476)	(19,793)	(25,237)
Gain (loss) on sale of real estate, net									18,658	0	0
Interest expense									(7,477)	(7,590)	(6,820)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									(1,160)	(100)	0
Benefit from (provision for) income taxes									(100)	(112)	(110)
Net loss (income) attributable to noncontrolling interests									(2,475)	0	0
Net Loss Attributable to CPA®:18 – Global									19,106	1,668	(5,077)
Assets
Long-lived assets	167,944				199,511				167,944	199,511
Equity investment in real estate (Note 4)	0				0				0	0
Non-recourse debt and bonds payable	137,802				163,026				137,802	163,026
Domestic | Other Domestic
Segment Reporting Information, Profit (Loss)
Revenues									81,059	81,830	72,287
Operating expenses									(61,837)	(69,008)	(73,203)
Gain (loss) on sale of real estate, net									34,290	0	0
Interest expense									(20,564)	(21,079)	(19,283)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									13,472	12,401	4,094
Benefit from (provision for) income taxes									(147)	(418)	(192)
Net loss (income) attributable to noncontrolling interests									(15,468)	(8,655)	(7,611)
Net Loss Attributable to CPA®:18 – Global									30,805	(4,929)	(23,908)
Assets
Long-lived assets	515,965				599,646				515,965	599,646
Equity investment in real estate (Note 4)	0				0				0	0
Non-recourse debt and bonds payable	394,603				441,960				394,603	441,960
International
Segment Reporting Information, Profit (Loss)
Revenues									81,840	69,375	59,799
Operating expenses									(53,479)	(45,851)	(36,353)
Gain (loss) on sale of real estate, net									20,547	14,209	(63)
Interest expense									(17,615)	(12,426)	(9,223)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									7,845	6,897	(10,954)
Benefit from (provision for) income taxes									2,319	2,116	371
Net loss (income) attributable to noncontrolling interests									(1,808)	(3,805)	(1,902)
Net Loss Attributable to CPA®:18 – Global									39,649	30,515	1,675
Assets
Long-lived assets	1,036,997				1,022,376				1,036,997	1,022,376
Equity investment in real estate (Note 4)	18,764				20,919				18,764	20,919
Non-recourse debt and bonds payable	555,890				496,123				555,890	496,123
International | Norway
Segment Reporting Information, Profit (Loss)
Revenues									17,725	17,600	17,245
Operating expenses									(9,894)	(10,749)	(9,123)
Gain (loss) on sale of real estate, net									0	0	0
Interest expense									(7,384)	(6,749)	(7,363)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									(3,474)	(3,002)	(3,607)
Benefit from (provision for) income taxes									1,614	1,645	1,143
Net loss (income) attributable to noncontrolling interests									(21)	614	(817)
Net Loss Attributable to CPA®:18 – Global									(1,434)	(641)	(2,522)
Assets
Long-lived assets	204,902				223,702				204,902	223,702
Equity investment in real estate (Note 4)	0				0				0	0
Non-recourse debt and bonds payable	139,146				146,016				139,146	146,016
International | Other International
Segment Reporting Information, Profit (Loss)
Revenues									64,115	51,775	42,554
Operating expenses									(43,585)	(35,102)	(27,230)
Gain (loss) on sale of real estate, net									20,547	14,209	(63)
Interest expense									(10,231)	(5,677)	(1,860)
Other income and (expenses), excluding interest expense and gain (loss) on sale of real estate, net									11,319	9,899	(7,347)
Benefit from (provision for) income taxes									705	471	(772)
Net loss (income) attributable to noncontrolling interests									(1,787)	(4,419)	(1,085)
Net Loss Attributable to CPA®:18 – Global									41,083	31,156	$ 4,197
Assets
Long-lived assets	832,095				798,674				832,095	798,674
Equity investment in real estate (Note 4)	18,764				20,919				18,764	20,919
Non-recourse debt and bonds payable	$ 416,744				$ 350,107				$ 416,744	$ 350,107

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, $ in Thousands	Oct. 11, 2017USD ($)	Dec. 31, 2018USD ($)property$ / sharesshares	Sep. 30, 2018USD ($)property$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2018USD ($)property$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Revenues		$ 51,721	$ 55,157	$ 55,403	$ 54,435	$ 52,980	$ 53,201	$ 50,973	$ 48,480	$ 216,716	$ 205,634	$ 184,323
Expenses		35,281	37,348	37,119	37,270	38,427	37,103	39,130	36,976	147,018	151,636	154,047
Net Income (Loss)		46,504	55,487	2,981	12,318	17,023	12,115	8,134	2,545	117,290	39,817	(19,785)
Net loss (income) attributable to noncontrolling interests		(5,253)	(10,003)	(3,315)	(1,991)	(6,715)	(2,294)	(2,350)	(1,925)	(20,562)	(13,284)	(10,299)
Net Income (Loss) Attributable to CPA:18 – Global		$ 41,251	$ 45,484	$ (334)	$ 10,327	$ 10,308	$ 9,821	$ 5,784	$ 620	96,728	26,533	(30,084)
Gain on insurance proceeds										$ 22,227	0	0
Number of properties | property		57								57
Gain (loss) on sale of real estate, net										$ 78,657	14,209	(63)
Noncontrolling Interests
Net Income (Loss)										20,562	13,284	10,299
Class A common stock
Net Income (Loss) Attributable to CPA:18 – Global										$ 75,816	$ 21,032	$ (23,065)
Loss Per Share (in dollars per share) | $ / shares		$ 0.29	$ 0.31	$ 0	$ 0.07	$ 0.07	$ 0.07	$ 0.04	$ 0.01	$ 0.67	$ 0.19	$ (0.22)
Basic and diluted weighted-average shares outstanding (shares) | shares		114,647,003	113,800,898	113,010,970	112,113,960	111,233,869	110,507,579	109,553,769	108,457,137	113,401,265	109,942,186	105,691,583
Distributions declared per share (in dollars per share) | $ / shares		$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.1563	$ 0.6252
Class C common stock
Net Income (Loss) Attributable to CPA:18 – Global										$ 20,912	$ 5,501	$ (7,019)
Loss Per Share (in dollars per share) | $ / shares		$ 0.28	$ 0.31	$ 0	$ 0.07	$ 0.07	$ 0.07	$ 0.04	$ 0	$ 0.66	$ 0.18	$ (0.23)
Basic and diluted weighted-average shares outstanding (shares) | shares		31,742,535	31,654,504	31,593,597	31,441,399	31,428,744	31,322,341	31,030,596	30,764,145	31,608,961	31,138,787	30,091,602
Distributions declared per share (in dollars per share) | $ / shares		$ 0.1376	$ 0.1374	$ 0.1378	$ 0.1375	$ 0.1380	$ 0.1384	$ 0.1382	$ 0.1380	$ 0.5503
Multi-Family Residential Property
Number of properties | property			4
Gain (loss) on sale of real estate, net			$ 52,200
Multi-Family Residential Property | Noncontrolling Interests
Gain (loss) on sale of real estate, net			$ 8,100
Multi Family in San Antonio, Texas
Gain (loss) on sale of real estate, net		$ 5,200
Income attributable to non-controlling interest		(200)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Gain (loss) on sale of real estate, net										$ 78,657	$ 14,209	$ (63)
Income attributable to non-controlling interest										$ 10,500	$ 700	$ (100)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Property in Utrecht, The Netherlands
Gain (loss) on sale of real estate, net		20,500
Gain on sales of real estate, tax benefit		(2,000)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | University in Accra, Ghana
Gain on sales of real estate, tax benefit		(3,500)
Gain from insurance proceeds		16,600
Income attributable to non-controlling interest		2,300
Tornado
Gain on insurance proceeds		$ 300		$ 900	$ 4,400
Operating Real Estate [Member] | Student Housings in Reading, United Kingdom
Gain (loss) on sale of real estate, net	$ 14,200
Income attributable to non-controlling interest	$ 3,600

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 29, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Event
Proceeds from sale of real estate		$ 125,841	$ 59,510	$ 40
Assets held for sale, net		$ 23,608	$ 0
Subsequent Event | Muti-family home in Fort Walton Beach, FL
Subsequent Event
Ownership interest in jointly-owned investment (percent)	97.00%
Proceeds from sale of real estate	$ 39,800

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Valuation reserve for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 13,593	$ 12,817	$ 10,196
Other Additions	3,090	3,566	2,987
Deductions	(7,470)	(2,790)	(366)
Balance at End of Year	9,213	13,593	12,817
Allowance for uncollectible accounts
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	4,399	4	1
Other Additions	5,383	4,398	3
Deductions	(1)	(3)	0
Balance at End of Year	$ 9,781	$ 4,399	$ 4

Schedule II - Valuation and Q_3

Schedule II - Valuation and Qualifying Accounts - Narratives (Details) - Valuation reserve for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure
Deductions	$ 7,470	$ 2,790	$ 366
Property in Utrecht, The Netherlands
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure
Deductions	$ 3,900

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	$ 285,460	$ 310,534
Accumulated amortization	126,578	120,395
Finite-lived intangible liabilities, gross	15,414	15,586
Finite-lived intangible liabilities accumulated amortization	5,657	4,577
Real estate under construction	152,106	134,366	$ 182,612
Assets held for sale, net	23,608	0
Federal income tax basis	2,100,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Assets held for sale, net
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Assets held for sale, net	23,608	$ 0
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible liabilities, gross	15,400
Finite-lived intangible liabilities accumulated amortization	5,700
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	285,500
Accumulated amortization	$ 126,600

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Under Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 820,172
Initial Cost to Company
Land	209,830
Buildings	904,865
Cost Capitalized Subsequent to Acquisition	198,540
Increase (Decrease) in Net Investments	(102,459)
Gross Amount at which Carried at Close of Period
Land	195,275
Buildings	1,015,501
Total	1,210,776	$ 1,263,172	$ 990,810	$ 986,574
Accumulated Depreciation	112,061	87,886	55,980	31,467
Real Estate Under Operating Leases | Office facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	72,697
Initial Cost to Company
Land	29,215
Buildings	67,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,215
Buildings	67,993
Total	97,208
Accumulated Depreciation	$ 11,319
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,521
Initial Cost to Company
Land	0
Buildings	10,828
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,791)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	9,037
Total	9,037
Accumulated Depreciation	$ 1,341
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,456
Initial Cost to Company
Land	0
Buildings	10,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,823)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,753
Total	8,753
Accumulated Depreciation	$ 1,226
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,333
Initial Cost to Company
Land	2,264
Buildings	10,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,219)
Gross Amount at which Carried at Close of Period
Land	1,884
Buildings	8,837
Total	10,721
Accumulated Depreciation	$ 1,354
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zadar, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,118
Initial Cost to Company
Land	4,320
Buildings	10,536
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,547)
Gross Amount at which Carried at Close of Period
Land	3,594
Buildings	8,715
Total	12,309
Accumulated Depreciation	$ 1,446
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Retail facility in Split, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,895
Initial Cost to Company
Land	0
Buildings	3,161
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(552)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,609
Total	2,609
Accumulated Depreciation	$ 488
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Real Estate Under Operating Leases | Industrial facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,929
Initial Cost to Company
Land	1,163
Buildings	3,393
Cost Capitalized Subsequent to Acquisition	1,585
Increase (Decrease) in Net Investments	(535)
Gross Amount at which Carried at Close of Period
Land	1,163
Buildings	4,443
Total	5,606
Accumulated Depreciation	$ 1,172
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,179
Initial Cost to Company
Land	13,748
Buildings	52,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	13,748
Buildings	52,135
Total	65,883
Accumulated Depreciation	$ 9,397
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Office facility in Norcross, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,322
Initial Cost to Company
Land	1,044
Buildings	3,361
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,044
Buildings	3,361
Total	4,405
Accumulated Depreciation	$ 535
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,692
Initial Cost to Company
Land	14,362
Buildings	59,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(22,346)
Gross Amount at which Carried at Close of Period
Land	10,000
Buildings	41,235
Total	51,235
Accumulated Depreciation	$ 5,015
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 60,555
Initial Cost to Company
Land	0
Buildings	112,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(18,875)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	93,801
Total	93,801
Accumulated Depreciation	$ 11,225
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,556
Initial Cost to Company
Land	448
Buildings	5,841
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	448
Buildings	5,841
Total	6,289
Accumulated Depreciation	$ 995
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,876
Initial Cost to Company
Land	2,251
Buildings	3,390
Cost Capitalized Subsequent to Acquisition	672
Increase (Decrease) in Net Investments	47
Gross Amount at which Carried at Close of Period
Land	2,251
Buildings	4,109
Total	6,360
Accumulated Depreciation	$ 682
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Surprise, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,163
Initial Cost to Company
Land	298
Buildings	2,347
Cost Capitalized Subsequent to Acquisition	1,699
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	298
Buildings	4,046
Total	4,344
Accumulated Depreciation	$ 580
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Temple, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,254
Initial Cost to Company
Land	381
Buildings	6,469
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	381
Buildings	6,469
Total	6,850
Accumulated Depreciation	$ 1,025
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Land in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,139
Initial Cost to Company
Land	1,675
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,675
Buildings	0
Total	1,675
Accumulated Depreciation	0
Real Estate Under Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,617
Initial Cost to Company
Land	3,036
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,036
Buildings	0
Total	3,036
Accumulated Depreciation	0
Real Estate Under Operating Leases | Warehouse facility in Jonesville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,939
Initial Cost to Company
Land	2,995
Buildings	14,644
Cost Capitalized Subsequent to Acquisition	19,389
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,995
Buildings	34,033
Total	37,028
Accumulated Depreciation	$ 5,603
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,552
Initial Cost to Company
Land	1,150
Buildings	3,228
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,028)
Gross Amount at which Carried at Close of Period
Land	880
Buildings	2,470
Total	3,350
Accumulated Depreciation	$ 572
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Real Estate Under Operating Leases | Industrial facility in Ayr, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,652
Initial Cost to Company
Land	627
Buildings	1,852
Cost Capitalized Subsequent to Acquisition	355
Increase (Decrease) in Net Investments	(607)
Gross Amount at which Carried at Close of Period
Land	480
Buildings	1,747
Total	2,227
Accumulated Depreciation	$ 319
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Bathgate, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Dundee, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,602
Initial Cost to Company
Land	384
Buildings	2,305
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(631)
Gross Amount at which Carried at Close of Period
Land	294
Buildings	1,764
Total	2,058
Accumulated Depreciation	$ 356
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 908
Initial Cost to Company
Land	294
Buildings	808
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(259)
Gross Amount at which Carried at Close of Period
Land	225
Buildings	618
Total	843
Accumulated Depreciation	$ 172
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Invergordon, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 475
Initial Cost to Company
Land	261
Buildings	549
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(269)
Gross Amount at which Carried at Close of Period
Land	121
Buildings	420
Total	541
Accumulated Depreciation	$ 87
Life on which Depreciation in Latest Statement of Income is Computed	22 years
Real Estate Under Operating Leases | Industrial facility in Livingston, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,019
Initial Cost to Company
Land	447
Buildings	3,015
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(813)
Gross Amount at which Carried at Close of Period
Land	342
Buildings	2,307
Total	2,649
Accumulated Depreciation	$ 365
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Livingston, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,271
Initial Cost to Company
Land	0
Buildings	3,360
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(724)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,636
Total	2,636
Accumulated Depreciation	$ 490
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Real Estate Under Operating Leases | Office facility in Warstein, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 11,189
Initial Cost to Company
Land	281
Buildings	15,671
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,555)
Gross Amount at which Carried at Close of Period
Land	254
Buildings	14,143
Total	14,397
Accumulated Depreciation	$ 1,575
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Albany, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,092
Initial Cost to Company
Land	1,141
Buildings	5,997
Cost Capitalized Subsequent to Acquisition	4,690
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,141
Buildings	10,687
Total	11,828
Accumulated Depreciation	$ 688
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Real Estate Under Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 41,069
Initial Cost to Company
Land	8,276
Buildings	80,475
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(21,421)
Gross Amount at which Carried at Close of Period
Land	6,326
Buildings	61,004
Total	67,330
Accumulated Depreciation	$ 6,444
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,665
Initial Cost to Company
Land	1,189
Buildings	11,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,189
Buildings	11,279
Total	12,468
Accumulated Depreciation	$ 1,257
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,546
Initial Cost to Company
Land	3,990
Buildings	30,320
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,990
Buildings	30,320
Total	34,310
Accumulated Depreciation	$ 3,371
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,559
Initial Cost to Company
Land	512
Buildings	1,283
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	512
Buildings	1,285
Total	1,797
Accumulated Depreciation	$ 260
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 734
Initial Cost to Company
Land	509
Buildings	340
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	509
Buildings	342
Total	851
Accumulated Depreciation	$ 128
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 261
Initial Cost to Company
Land	128
Buildings	204
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	128
Buildings	206
Total	334
Accumulated Depreciation	$ 56
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,130
Initial Cost to Company
Land	360
Buildings	1,120
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	360
Buildings	1,121
Total	1,481
Accumulated Depreciation	$ 195
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,144
Initial Cost to Company
Land	809
Buildings	671
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809
Buildings	672
Total	1,481
Accumulated Depreciation	$ 171
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,296
Initial Cost to Company
Land	1,162
Buildings	5,631
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	(1,247)
Gross Amount at which Carried at Close of Period
Land	949
Buildings	4,603
Total	5,552
Accumulated Depreciation	$ 811
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Real Estate Under Operating Leases | Industrial facility in Dunfermline, United Kingdom | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Real Estate Under Operating Leases | Industrial facility in Durham, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,392
Initial Cost to Company
Land	207
Buildings	2,108
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(425)
Gross Amount at which Carried at Close of Period
Land	169
Buildings	1,721
Total	1,890
Accumulated Depreciation	$ 218
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial and warehouse facility in Byron Center, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,252
Initial Cost to Company
Land	625
Buildings	1,005
Cost Capitalized Subsequent to Acquisition	9,515
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	625
Buildings	10,520
Total	11,145
Accumulated Depreciation	$ 899
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 37,555
Initial Cost to Company
Land	2,247
Buildings	27,150
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,226)
Gross Amount at which Carried at Close of Period
Land	1,497
Buildings	22,674
Total	24,171
Accumulated Depreciation	$ 2,316
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,246
Buildings	27,136
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	370
Gross Amount at which Carried at Close of Period
Land	2,625
Buildings	27,127
Total	29,752
Accumulated Depreciation	$ 2,779
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Edinburgh, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,437
Initial Cost to Company
Land	938
Buildings	2,842
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(693)
Gross Amount at which Carried at Close of Period
Land	766
Buildings	2,321
Total	3,087
Accumulated Depreciation	$ 304
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Hotel in Albion, Mauritius
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,400
Initial Cost to Company
Land	4,047
Buildings	54,927
Cost Capitalized Subsequent to Acquisition	243
Increase (Decrease) in Net Investments	(3,545)
Gross Amount at which Carried at Close of Period
Land	3,808
Buildings	51,864
Total	55,672
Accumulated Depreciation	$ 6,480
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eindhoven, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 54,094
Initial Cost to Company
Land	8,736
Buildings	14,493
Cost Capitalized Subsequent to Acquisition	73,764
Increase (Decrease) in Net Investments	2,981
Gross Amount at which Carried at Close of Period
Land	9,515
Buildings	90,459
Total	99,974
Accumulated Depreciation	$ 3,692
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Aberdeen, United Kingdom
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,882
Initial Cost to Company
Land	1,560
Buildings	4,446
Cost Capitalized Subsequent to Acquisition	142
Increase (Decrease) in Net Investments	(880)
Gross Amount at which Carried at Close of Period
Land	1,335
Buildings	3,933
Total	5,268
Accumulated Depreciation	$ 407
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Freetown, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,190
Initial Cost to Company
Land	1,149
Buildings	2,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,149
Buildings	2,219
Total	3,368
Accumulated Depreciation	$ 806
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Plano, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,845
Initial Cost to Company
Land	3,180
Buildings	26,926
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	26,926
Total	30,106
Accumulated Depreciation	$ 2,597
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Munich, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,050
Initial Cost to Company
Land	8,497
Buildings	41,883
Cost Capitalized Subsequent to Acquisition	42,996
Increase (Decrease) in Net Investments	(5,019)
Gross Amount at which Carried at Close of Period
Land	10,275
Buildings	78,082
Total	88,357
Accumulated Depreciation	$ 2,519
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,435
Initial Cost to Company
Land	2,537
Buildings	9,731
Cost Capitalized Subsequent to Acquisition	1,019
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,537
Buildings	10,750
Total	13,287
Accumulated Depreciation	$ 1,479
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Retail facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 57,253
Initial Cost to Company
Land	61,607
Buildings	34,183
Cost Capitalized Subsequent to Acquisition	213
Increase (Decrease) in Net Investments	(12,680)
Gross Amount at which Carried at Close of Period
Land	53,451
Buildings	29,872
Total	83,323
Accumulated Depreciation	$ 4,806
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Hotel in Hamburg, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,165
Initial Cost to Company
Land	5,719
Buildings	1,530
Cost Capitalized Subsequent to Acquisition	21,248
Increase (Decrease) in Net Investments	65
Gross Amount at which Carried at Close of Period
Land	5,943
Buildings	22,619
Total	28,562
Accumulated Depreciation	$ 851
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,560
Initial Cost to Company
Land	1,688
Buildings	10,081
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,687
Buildings	10,082
Total	11,769
Accumulated Depreciation	$ 998
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,554
Initial Cost to Company
Land	2,222
Buildings	25,449
Cost Capitalized Subsequent to Acquisition	1,167
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,221
Buildings	26,617
Total	28,838
Accumulated Depreciation	$ 2,515
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Coralville, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,559
Initial Cost to Company
Land	1,937
Buildings	31,093
Cost Capitalized Subsequent to Acquisition	5,047
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,936
Buildings	36,141
Total	38,077
Accumulated Depreciation	$ 3,020
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Michalovce, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,773
Initial Cost to Company
Land	1,055
Buildings	10,808
Cost Capitalized Subsequent to Acquisition	13,612
Increase (Decrease) in Net Investments	424
Gross Amount at which Carried at Close of Period
Land	1,402
Buildings	24,497
Total	25,899
Accumulated Depreciation	$ 1,796
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Stuttgart, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,241
Initial Cost to Company
Land	0
Buildings	25,717
Cost Capitalized Subsequent to Acquisition	1,170
Increase (Decrease) in Net Investments	1,364
Gross Amount at which Carried at Close of Period
Land	0
Buildings	28,251
Total	28,251
Accumulated Depreciation	$ 2,432
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Warehouse facility in Iowa City, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,130
Initial Cost to Company
Land	913
Buildings	5,785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	913
Buildings	5,785
Total	6,698
Accumulated Depreciation	$ 427
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,464
Initial Cost to Company
Land	2,168
Buildings	35,188
Cost Capitalized Subsequent to Acquisition	1,380
Increase (Decrease) in Net Investments	3,009
Gross Amount at which Carried at Close of Period
Total	41,745
Direct Financing Method | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,648
Initial Cost to Company
Land	488
Buildings	2,947
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	996
Gross Amount at which Carried at Close of Period
Total	4,431
Direct Financing Method | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,191
Initial Cost to Company
Land	0
Buildings	1,573
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	178
Gross Amount at which Carried at Close of Period
Total	1,751
Direct Financing Method | Warehouse facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	6,004
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	1,380
Increase (Decrease) in Net Investments	1,329
Gross Amount at which Carried at Close of Period
Total	11,273
Direct Financing Method | Industrial facility in Menomonee Falls, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,621
Initial Cost to Company
Land	1,680
Buildings	22,104
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	506
Gross Amount at which Carried at Close of Period
Total	24,290
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	358,083
Initial Cost to Company
Land	78,176
Buildings	331,663
Personal Property	9
Cost Capitalized Subsequent to Acquisition	95,945
Increase (Decrease) in Net Investments	(2,644)
Gross Amount at which Carried at Close of Period
Land	77,984
Buildings	423,185
Personal Property	1,980
Total	503,149	566,489	606,558	490,852
Accumulated Depreciation	41,969	$ 43,786	$ 26,937	$ 10,727
Operating Real Estate | Cardiff, UK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	28,869
Initial Cost to Company
Land	222
Buildings	14,136
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30,381
Increase (Decrease) in Net Investments	(1,015)
Gross Amount at which Carried at Close of Period
Land	217
Buildings	43,507
Personal Property	0
Total	43,724
Accumulated Depreciation	$ 275
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Portsmouth, UK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,962
Initial Cost to Company
Land	8,096
Buildings	3,416
Personal Property	0
Cost Capitalized Subsequent to Acquisition	56,810
Increase (Decrease) in Net Investments	(1,503)
Gross Amount at which Carried at Close of Period
Land	7,910
Buildings	58,909
Personal Property	0
Total	66,819
Accumulated Depreciation	$ 421
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,765
Initial Cost to Company
Land	3,306
Buildings	7,190
Personal Property	0
Cost Capitalized Subsequent to Acquisition	103
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	3,306
Buildings	7,238
Personal Property	59
Total	10,603
Accumulated Depreciation	$ 1,077
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,249
Initial Cost to Company
Land	3,258
Buildings	7,128
Personal Property	0
Cost Capitalized Subsequent to Acquisition	141
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	7,252
Personal Property	21
Total	10,531
Accumulated Depreciation	$ 984
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,710
Initial Cost to Company
Land	340
Buildings	3,428
Personal Property	0
Cost Capitalized Subsequent to Acquisition	218
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,587
Personal Property	63
Total	3,990
Accumulated Depreciation	$ 686
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,750
Initial Cost to Company
Land	1,356
Buildings	3,699
Personal Property	0
Cost Capitalized Subsequent to Acquisition	269
Increase (Decrease) in Net Investments	14
Gross Amount at which Carried at Close of Period
Land	1,356
Buildings	3,935
Personal Property	47
Total	5,338
Accumulated Depreciation	$ 637
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,018
Initial Cost to Company
Land	1,915
Buildings	1,894
Personal Property	0
Cost Capitalized Subsequent to Acquisition	121
Increase (Decrease) in Net Investments	7
Gross Amount at which Carried at Close of Period
Land	1,915
Buildings	1,996
Personal Property	26
Total	3,937
Accumulated Depreciation	$ 317
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Operating Real Estate | Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,853
Initial Cost to Company
Land	669
Buildings	8,899
Personal Property	0
Cost Capitalized Subsequent to Acquisition	49
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	669
Buildings	8,914
Personal Property	38
Total	9,621
Accumulated Depreciation	$ 1,066
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,040
Initial Cost to Company
Land	1,065
Buildings	2,742
Personal Property	0
Cost Capitalized Subsequent to Acquisition	210
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	1,065
Buildings	2,874
Personal Property	93
Total	4,032
Accumulated Depreciation	$ 551
Operating Real Estate | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,506
Initial Cost to Company
Land	2,263
Buildings	2,704
Personal Property	0
Cost Capitalized Subsequent to Acquisition	94
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	2,263
Buildings	2,744
Personal Property	58
Total	5,065
Accumulated Depreciation	$ 438
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Pompano Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,997
Initial Cost to Company
Land	700
Buildings	3,436
Personal Property	0
Cost Capitalized Subsequent to Acquisition	671
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	700
Buildings	4,053
Personal Property	56
Total	4,809
Accumulated Depreciation	$ 720
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Jensen Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,534
Initial Cost to Company
Land	1,596
Buildings	5,963
Personal Property	0
Cost Capitalized Subsequent to Acquisition	96
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,596
Buildings	6,004
Personal Property	55
Total	7,655
Accumulated Depreciation	$ 797
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Dickinson, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,409
Initial Cost to Company
Land	1,680
Buildings	7,165
Personal Property	0
Cost Capitalized Subsequent to Acquisition	130
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	7,217
Personal Property	80
Total	8,977
Accumulated Depreciation	$ 1,038
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Humble, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,017
Initial Cost to Company
Land	341
Buildings	6,582
Personal Property	0
Cost Capitalized Subsequent to Acquisition	23
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	341
Buildings	6,586
Personal Property	22
Total	6,949
Accumulated Depreciation	$ 770
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | Temecula, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,474
Initial Cost to Company
Land	449
Buildings	8,574
Personal Property	0
Cost Capitalized Subsequent to Acquisition	20
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	449
Buildings	8,567
Personal Property	21
Total	9,037
Accumulated Depreciation	$ 1,022
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Cumming, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,838
Initial Cost to Company
Land	300
Buildings	3,531
Personal Property	0
Cost Capitalized Subsequent to Acquisition	72
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	300
Buildings	3,577
Personal Property	26
Total	3,903
Accumulated Depreciation	$ 643
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Naples, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,629
Initial Cost to Company
Land	3,073
Buildings	10,677
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,423
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	3,073
Buildings	11,984
Personal Property	135
Total	15,192
Accumulated Depreciation	$ 1,930
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Valrico, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,960
Initial Cost to Company
Land	695
Buildings	7,558
Personal Property	0
Cost Capitalized Subsequent to Acquisition	27
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	695
Buildings	7,358
Personal Property	27
Total	8,080
Accumulated Depreciation	$ 719
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Tallahassee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,880
Initial Cost to Company
Land	1,796
Buildings	4,782
Personal Property	0
Cost Capitalized Subsequent to Acquisition	120
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,796
Buildings	4,847
Personal Property	57
Total	6,700
Accumulated Depreciation	$ 649
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Sebastian, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,909
Initial Cost to Company
Land	474
Buildings	2,031
Personal Property	0
Cost Capitalized Subsequent to Acquisition	123
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	474
Buildings	2,097
Personal Property	57
Total	2,628
Accumulated Depreciation	$ 505
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Lady Lake, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,912
Initial Cost to Company
Land	522
Buildings	4,809
Personal Property	0
Cost Capitalized Subsequent to Acquisition	169
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	4,972
Personal Property	6
Total	5,500
Accumulated Depreciation	$ 549
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,598
Initial Cost to Company
Land	706
Buildings	2,864
Personal Property	0
Cost Capitalized Subsequent to Acquisition	37
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	706
Buildings	2,877
Personal Property	29
Total	3,612
Accumulated Depreciation	$ 398
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,920
Initial Cost to Company
Land	779
Buildings	5,504
Personal Property	0
Cost Capitalized Subsequent to Acquisition	112
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	779
Buildings	5,562
Personal Property	54
Total	6,395
Accumulated Depreciation	$ 1,001
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,435
Initial Cost to Company
Land	335
Buildings	1,999
Personal Property	0
Cost Capitalized Subsequent to Acquisition	86
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	335
Buildings	2,079
Personal Property	6
Total	2,420
Accumulated Depreciation	$ 382
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,566
Initial Cost to Company
Land	384
Buildings	3,042
Personal Property	0
Cost Capitalized Subsequent to Acquisition	105
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	384
Buildings	3,105
Personal Property	42
Total	3,531
Accumulated Depreciation	$ 724
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Highland, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,494
Initial Cost to Company
Land	1,056
Buildings	3,366
Personal Property	0
Cost Capitalized Subsequent to Acquisition	39
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,056
Buildings	3,400
Personal Property	5
Total	4,461
Accumulated Depreciation	$ 450
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Lancaster, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,464
Initial Cost to Company
Land	217
Buildings	4,355
Personal Property	0
Cost Capitalized Subsequent to Acquisition	64
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	217
Buildings	4,382
Personal Property	37
Total	4,636
Accumulated Depreciation	$ 624
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Rialto, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,552
Initial Cost to Company
Land	1,905
Buildings	3,642
Personal Property	0
Cost Capitalized Subsequent to Acquisition	58
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	3,669
Personal Property	31
Total	5,605
Accumulated Depreciation	$ 562
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,262
Initial Cost to Company
Land	1,115
Buildings	5,802
Personal Property	0
Cost Capitalized Subsequent to Acquisition	102
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,115
Buildings	5,876
Personal Property	30
Total	7,021
Accumulated Depreciation	$ 884
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Louisville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,580
Initial Cost to Company
Land	2,973
Buildings	6,056
Personal Property	0
Cost Capitalized Subsequent to Acquisition	138
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,973
Buildings	6,129
Personal Property	65
Total	9,167
Accumulated Depreciation	$ 953
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,326
Initial Cost to Company
Land	1,499
Buildings	1,658
Personal Property	0
Cost Capitalized Subsequent to Acquisition	92
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	1,708
Personal Property	42
Total	3,249
Accumulated Depreciation	$ 510
Life on which Depreciation in Latest Statement of Income is Computed	18 years
Operating Real Estate | Stockbridge GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,615
Initial Cost to Company
Land	170
Buildings	1,996
Personal Property	0
Cost Capitalized Subsequent to Acquisition	191
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	2,146
Personal Property	41
Total	2,357
Accumulated Depreciation	$ 402
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,622
Initial Cost to Company
Land	811
Buildings	2,723
Personal Property	0
Cost Capitalized Subsequent to Acquisition	49
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	811
Buildings	2,770
Personal Property	2
Total	3,583
Accumulated Depreciation	$ 508
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,345
Initial Cost to Company
Land	450
Buildings	8,381
Personal Property	0
Cost Capitalized Subsequent to Acquisition	97
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	450
Buildings	8,431
Personal Property	47
Total	8,928
Accumulated Depreciation	$ 897
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,119
Initial Cost to Company
Land	347
Buildings	8,233
Personal Property	5
Cost Capitalized Subsequent to Acquisition	51
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	347
Buildings	8,254
Personal Property	36
Total	8,637
Accumulated Depreciation	$ 789
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,145
Initial Cost to Company
Land	835
Buildings	6,193
Personal Property	0
Cost Capitalized Subsequent to Acquisition	126
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	835
Buildings	6,308
Personal Property	11
Total	7,154
Accumulated Depreciation	$ 650
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,761
Initial Cost to Company
Land	465
Buildings	4,576
Personal Property	0
Cost Capitalized Subsequent to Acquisition	82
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	465
Buildings	4,627
Personal Property	31
Total	5,123
Accumulated Depreciation	$ 470
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | St. Peters, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,291
Initial Cost to Company
Land	199
Buildings	2,888
Personal Property	0
Cost Capitalized Subsequent to Acquisition	119
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	199
Buildings	2,953
Personal Property	54
Total	3,206
Accumulated Depreciation	$ 336
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Leesburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,380
Initial Cost to Company
Land	731
Buildings	2,480
Personal Property	0
Cost Capitalized Subsequent to Acquisition	51
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	731
Buildings	2,520
Personal Property	11
Total	3,262
Accumulated Depreciation	$ 468
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Operating Real Estate | Palm Bay, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,070
Initial Cost to Company
Land	2,179
Buildings	7,367
Personal Property	0
Cost Capitalized Subsequent to Acquisition	47
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,179
Buildings	7,382
Personal Property	32
Total	9,593
Accumulated Depreciation	$ 958
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,576
Initial Cost to Company
Land	1,067
Buildings	4,965
Personal Property	0
Cost Capitalized Subsequent to Acquisition	502
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,067
Buildings	5,464
Personal Property	3
Total	6,534
Accumulated Depreciation	$ 832
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Ithaca, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,261
Initial Cost to Company
Land	454
Buildings	2,211
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	2,240
Personal Property	1
Total	2,695
Accumulated Depreciation	$ 343
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,328
Initial Cost to Company
Land	783
Buildings	2,417
Personal Property	0
Cost Capitalized Subsequent to Acquisition	(131)
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	783
Buildings	2,284
Personal Property	2
Total	3,069
Accumulated Depreciation	$ 640
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,199
Initial Cost to Company
Land	664
Buildings	2,762
Personal Property	1
Cost Capitalized Subsequent to Acquisition	585
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	664
Buildings	3,314
Personal Property	34
Total	4,012
Accumulated Depreciation	$ 633
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Operating Real Estate | Hudson, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,217
Initial Cost to Company
Land	364
Buildings	4,188
Personal Property	0
Cost Capitalized Subsequent to Acquisition	6
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	364
Buildings	4,192
Personal Property	2
Total	4,558
Accumulated Depreciation	$ 394
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,561
Initial Cost to Company
Land	407
Buildings	8,027
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	407
Buildings	8,087
Personal Property	5
Total	8,499
Accumulated Depreciation	$ 680
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,685
Initial Cost to Company
Land	1,275
Buildings	3,339
Personal Property	0
Cost Capitalized Subsequent to Acquisition	59
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,275
Buildings	3,385
Personal Property	13
Total	4,673
Accumulated Depreciation	$ 363
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,529
Initial Cost to Company
Land	921
Buildings	2,764
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	921
Buildings	2,764
Personal Property	1
Total	3,686
Accumulated Depreciation	$ 319
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,593
Initial Cost to Company
Land	594
Buildings	4,154
Personal Property	0
Cost Capitalized Subsequent to Acquisition	16
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	4,154
Personal Property	16
Total	4,764
Accumulated Depreciation	$ 422
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,610
Initial Cost to Company
Land	594
Buildings	3,867
Personal Property	0
Cost Capitalized Subsequent to Acquisition	121
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,966
Personal Property	22
Total	4,582
Accumulated Depreciation	$ 420
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,421
Initial Cost to Company
Land	337
Buildings	2,024
Personal Property	0
Cost Capitalized Subsequent to Acquisition	13
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	337
Buildings	2,027
Personal Property	10
Total	2,374
Accumulated Depreciation	$ 213
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,699
Initial Cost to Company
Land	782
Buildings	3,825
Personal Property	0
Cost Capitalized Subsequent to Acquisition	32
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	782
Buildings	3,836
Personal Property	21
Total	4,639
Accumulated Depreciation	$ 512
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Fernandina Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,218
Initial Cost to Company
Land	1,785
Buildings	7,133
Personal Property	0
Cost Capitalized Subsequent to Acquisition	39
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,785
Buildings	7,146
Personal Property	26
Total	8,957
Accumulated Depreciation	$ 728
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,422
Initial Cost to Company
Land	1,371
Buildings	3,020
Personal Property	3
Cost Capitalized Subsequent to Acquisition	50
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,371
Buildings	3,044
Personal Property	29
Total	4,444
Accumulated Depreciation	$ 480
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,741
Initial Cost to Company
Land	817
Buildings	3,438
Personal Property	0
Cost Capitalized Subsequent to Acquisition	46
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	817
Buildings	3,461
Personal Property	23
Total	4,301
Accumulated Depreciation	$ 426
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,939
Initial Cost to Company
Land	708
Buildings	3,778
Personal Property	0
Cost Capitalized Subsequent to Acquisition	92
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	708
Buildings	3,823
Personal Property	47
Total	4,578
Accumulated Depreciation	$ 481
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Greensboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,027
Initial Cost to Company
Land	716
Buildings	4,108
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,187
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	716
Buildings	5,266
Personal Property	29
Total	6,011
Accumulated Depreciation	$ 774
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,333
Initial Cost to Company
Land	897
Buildings	8,831
Personal Property	0
Cost Capitalized Subsequent to Acquisition	76
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	897
Buildings	8,874
Personal Property	33
Total	9,804
Accumulated Depreciation	$ 702
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,907
Initial Cost to Company
Land	1,094
Buildings	4,298
Personal Property	0
Cost Capitalized Subsequent to Acquisition	19
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,094
Buildings	4,301
Personal Property	16
Total	5,411
Accumulated Depreciation	$ 509
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Avondale, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,409
Initial Cost to Company
Land	808
Buildings	4,245
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(12)
Gross Amount at which Carried at Close of Period
Land	807
Buildings	4,234
Personal Property	0
Total	5,041
Accumulated Depreciation	$ 379
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Gilroy, California
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,880
Initial Cost to Company
Land	2,704
Buildings	7,451
Personal Property	0
Cost Capitalized Subsequent to Acquisition	75
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,704
Buildings	7,485
Personal Property	41
Total	10,230
Accumulated Depreciation	$ 816
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Washington, D.C.
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,049
Initial Cost to Company
Land	3,185
Buildings	8,177
Personal Property	0
Cost Capitalized Subsequent to Acquisition	23
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,185
Buildings	8,200
Personal Property	0
Total	11,385
Accumulated Depreciation	$ 668
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Milford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,601
Initial Cost to Company
Land	751
Buildings	6,290
Personal Property	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	751
Buildings	6,290
Personal Property	0
Total	7,041
Accumulated Depreciation	$ 545
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Millsboro, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,680
Initial Cost to Company
Land	807
Buildings	5,152
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	807
Buildings	5,160
Personal Property	3
Total	5,970
Accumulated Depreciation	$ 465
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | New Castle, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,748
Initial Cost to Company
Land	994
Buildings	5,673
Personal Property	0
Cost Capitalized Subsequent to Acquisition	19
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994
Buildings	5,681
Personal Property	11
Total	6,686
Accumulated Depreciation	$ 433
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Rehoboth, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,693
Initial Cost to Company
Land	1,229
Buildings	9,945
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,229
Buildings	9,953
Personal Property	3
Total	11,185
Accumulated Depreciation	$ 839
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,931
Initial Cost to Company
Land	796
Buildings	2,112
Personal Property	0
Cost Capitalized Subsequent to Acquisition	82
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	796
Buildings	2,158
Personal Property	36
Total	2,990
Accumulated Depreciation	$ 193
Life on which Depreciation in Latest Statement of Income is Computed	25 years

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Under Operating Leases
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 1,263,172	$ 990,810	$ 986,574
Foreign currency translation adjustment	(42,168)	67,356	(12,392)
Dispositions	(36,595)	0	0
Reclassification from real estate under construction	26,192	197,232	14,775
Improvements	4,437	1,378	1,853
Additions	(4,262)	6,396	0
Ending balance	1,210,776	1,263,172	990,810
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	87,886	55,980	31,467
Depreciation expense	29,787	28,243	25,483
Foreign currency translation adjustment	(3,089)	3,663	(970)
Dispositions	(2,523)	0	0
Ending balance	112,061	87,886	55,980
Operating Real Estate
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	566,489	606,558	490,852
Foreign currency translation adjustment	(2,518)	3,210	(758)
Dispositions	(152,948)	(50,394)	0
Reclassification from real estate under construction	113,061	2,926	44,724
Improvements	5,343	4,189	6,029
Additions	0	0	65,711
Reclassification to held for sale	(26,278)	0	0
Ending balance	503,149	566,489	606,558
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	43,786	26,937	10,727
Depreciation expense	16,864	17,419	16,210
Foreign currency translation adjustment	(2)	32	0
Dispositions	(16,009)	(602)	0
Reclassification to held for sale	(2,670)	0	0
Ending balance	$ 41,969	$ 43,786	$ 26,937

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable	$ 2,546	$ 0	$ 0
Property Leased to Mills Fleet Farm Group LLC
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable	$ 2,500
Property Leased to Mills Fleet Farm Group LLC | LIBOR
Mortgage Loans on Real Estate
Debt instrument variable rate spread	10.00%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate
Carrying Amount	$ 63,954	$ 66,500	$ 66,500	$ 28,000
Financing agreement — Cipriani
Mortgage Loans on Real Estate
Interest Rate	10.00%
Final Maturity Date	Jul. 31, 2024
Fair Value	$ 30,200
Carrying Amount	$ 28,000
Financing agreement — Mills Fleet
Mortgage Loans on Real Estate
Interest Rate	12.30%
Final Maturity Date	Oct. 31, 2019
Fair Value	$ 35,954
Carrying Amount	$ 35,954

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Mortgage Loans on Real Estate
Balance	$ 66,500	$ 66,500	$ 28,000
Collection of principal	(2,546)
Additions	0	0	38,500
Ending balance	$ 63,954	$ 66,500	$ 66,500