Corporate Property Associates 18 Global (CPYA) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001558235
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Entity Emerging Growth Company	false
Entity Small Business	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		116,459,494
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,134,311

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments in real estate:
Real estate — Land, buildings and improvements	$ 1,200,507	$ 1,210,776
Operating real estate — Land, buildings and improvements	507,071	503,149
Real estate under construction	180,558	152,106
Net investments in direct financing leases	41,829
Net investments in direct financing leases		41,745
In-place lease intangible assets	250,765	252,316
Right-of-use and other intangible assets	47,200	33,144
Investments in real estate	2,227,930	2,193,236
Accumulated depreciation and amortization	(292,718)	(280,608)
Assets held for sale, net	0	23,608
Net investments in real estate	1,935,212	1,936,236
Cash and cash equivalents	140,142	170,914
Accounts receivable and other assets, net	192,233	197,403
Total assets	2,267,587	2,304,553
Debt:
Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)	1,061,243	1,098,281
Bonds payable, net	140,750	139,146
Debt, net	1,201,993	1,237,427
Accounts payable, accrued expenses and other liabilities	139,736	132,065
Due to affiliates	12,890	16,827
Distributions payable	22,416	22,264
Total liabilities	1,377,035	1,408,583
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued	0	0
Additional paid-in capital	1,300,223	1,290,888
Distributions and accumulated losses	(420,161)	(411,464)
Accumulated other comprehensive loss	(54,915)	(50,593)
Total stockholders’ equity	825,294	828,977
Noncontrolling interests	65,258	66,993
Total equity	890,552	895,970
Total liabilities and equity	2,267,587	2,304,553
Class A common stock
Debt:
Common stock	115	114
Class C common stock
Debt:
Common stock	$ 32	$ 32

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Class A
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	115,444,107	114,589,333
Class C
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	31,840,141	31,641,265

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Lease revenues — net-leased	$ 30,914	$ 32,797
Lease revenues — operating real estate	17,265	19,033
Other operating and interest income	2,115	2,605
Revenues	50,294	54,435
Operating Expenses
Depreciation and amortization	15,372	17,632
Property expenses	8,675	9,834
Operating real estate expenses	6,466	8,159
General and administrative	1,759	1,645
Operating Expenses	32,272	37,270
Other Income and Expenses
Gain on sale of real estate, net	15,408	0
Interest expense	(12,357)	(12,930)
Equity in losses of equity method investment in real estate	(648)	(324)
Other gains and (losses)	172	7,992
Other Income and Expenses	2,575	(5,262)
Income before income taxes	20,597	11,903
(Provision for) benefit from income taxes	(924)	415
Net Income	19,673	12,318
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,848 and $1,905, respectively)	(4,846)	(1,991)
Net Income Attributable to CPA:18 – Global	14,827	10,327
Class A
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 11,654	$ 8,110
Basic and diluted weighted-average shares outstanding (shares)	115,497,094	112,113,960
Basic and diluted earnings per share (in dollars per share)	$ 0.10	$ 0.07
Class C
Other Income and Expenses
Interest expense	$ (100)	$ (100)
Net Income Attributable to CPA:18 – Global	$ 3,173	$ 2,217
Basic and diluted weighted-average shares outstanding (shares)	31,879,027	31,441,399
Basic and diluted earnings per share (in dollars per share)	$ 0.10	$ 0.07

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Distributions of available cash	$ 1,848	$ 1,905

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 19,673	$ 12,318
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(4,242)	11,577
Unrealized loss on derivative instruments	(238)	(659)
Other Comprehensive (Loss) Income	(4,480)	10,918
Comprehensive Income	15,193	23,236
Amounts Attributable to Noncontrolling Interests
Net income	(4,846)	(1,991)
Foreign currency translation adjustments	158	(1,617)
Comprehensive income attributable to noncontrolling interests	(4,688)	(3,608)
Comprehensive Income Attributable to CPA:18 – Global	$ 10,505	$ 19,628

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A	Class C	Total CPA:18 – Global Stockholders	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2017	$ 872,065			$ 804,764	$ 110	$ 31	$ 1,257,840	$ (420,005)	$ (33,212)	$ 67,301
Beginning equity balance, shares at Dec. 31, 2017					111,193,651	31,189,137
Statements of Equity
Shares issued, value	11,012			11,012	$ 1	$ 0	11,011
Shares issued, shares					1,003,893	313,417
Shares issued to affiliate, value	2,886			2,886			2,886
Shares issued to affiliate, shares					345,221
Contributions from noncontrolling interests	171									171
Distributions to noncontrolling interests	(3,596)									(3,596)
Distributions declared	(21,834)			(21,834)				(21,834)
Net Income	12,318			10,327				10,327		1,991
Other comprehensive (loss) income:
Foreign currency translation adjustments	11,577			9,960					9,960	1,617
Unrealized loss on derivative instruments	(659)			(659)					(659)
Repurchase of shares, value	(4,738)			(4,738)	$ 0	$ 0	(4,738)
Repurchase of shares, shares					(443,204)	(133,781)
Ending equity balance, value at Mar. 31, 2018	879,202			811,718	$ 111	$ 31	1,266,999	(431,512)	(23,911)	67,484
Ending equity balance, shares at Mar. 31, 2018					112,099,561	31,368,773
Beginning equity balance, value at Dec. 31, 2018	895,970			828,977	$ 114	$ 32	1,290,888	(411,464)	(50,593)	66,993
Beginning equity balance, shares at Dec. 31, 2018		114,589,333	31,641,265		114,589,333	31,641,265
Statements of Equity
Shares issued, value	11,019			11,019	$ 1	$ 0	11,018
Shares issued, shares					965,197	297,063
Shares issued to affiliate, value	1,922			1,922			1,922
Shares issued to affiliate, shares					220,238
Contributions from noncontrolling interests	2,520									2,520
Distributions to noncontrolling interests	(8,943)									(8,943)
Distributions declared	(22,416)			(22,416)				(22,416)
Net Income	19,673			14,827				14,827		4,846
Other comprehensive (loss) income:
Foreign currency translation adjustments	(4,242)			(4,084)					(4,084)	(158)
Unrealized loss on derivative instruments	(238)			(238)					(238)
Repurchase of shares, value	(3,605)			(3,605)	$ 0	$ 0	(3,605)
Repurchase of shares, shares					(330,661)	(98,187)
Ending equity balance, value at Mar. 31, 2019	$ 890,552			$ 825,294	$ 115	$ 32	$ 1,300,223	$ (420,161)	$ (54,915)	$ 65,258
Ending equity balance, shares at Mar. 31, 2019		115,444,107	31,840,141		115,444,107	31,840,141

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1563
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	0.1373
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	0.1563	$ 0.1563
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1373	$ 0.1375

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 21,859	$ 26,729
Cash Flows — Investing Activities
Funding and advances for build-to-suit and development projects	(20,313)	(24,103)
Proceeds from sale of real estate	16,404	771
Acquisitions of real estate, build-to-suit and development projects	(12,095)	(8,785)
Value added taxes paid in connection with acquisitions of real estate	(2,926)	(2,282)
Payment of deferred acquisition fees to an affiliate	(2,252)	(1,683)
Value added taxes refunded in connection with acquisitions of real estate	1,006	1,166
Capital expenditures on real estate	(750)	(4,271)
Proceeds from insurance settlements	0	4,972
Proceeds from repayment of notes receivable	0	2,546
Capital contributions to equity investment	0	(3)
Net Cash Used in Investing Activities	(20,926)	(31,672)
Cash Flows — Financing Activities
Distributions paid	(22,264)	(21,686)
Scheduled payments and prepayments of mortgage principal	(16,423)	(4,489)
Proceeds from issuance of shares	10,487	10,486
Proceeds from mortgage financing	7,582	77,920
Distributions to noncontrolling interests	(7,112)	(3,596)
Repurchase of shares	(3,605)	(4,738)
Contributions from noncontrolling interests	2,520	171
Other financing activities, net	(368)	498
Payment of deferred financing costs and mortgage deposits	(348)	(728)
Net Cash (Used in) Provided by Financing Activities	(29,531)	53,838
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(441)	1,407
Net (decrease) increase in cash and cash equivalents and restricted cash	(29,039)	50,302
Cash and cash equivalents and restricted cash, beginning of period	190,838	90,183
Cash and cash equivalents and restricted cash, end of period	$ 161,799	$ 140,485

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), 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. In addition, our portfolio includes self-storage and student housing investments. 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 as of March 31, 2019 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. As of March 31, 2019 , our net lease portfolio was comprised of full or partial ownership interests in 56 properties, substantially all of which were fully-occupied and triple-net leased to 90 tenants totaling 10.0 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 69 self-storage properties and 15 multi-family properties (which includes 13 student housing development projects and two student housing operating properties) totaling 5.5 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 13 ). Our reportable business segments and All Other category are the same as our reporting units. We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our initial public offering. In addition, from inception through March 31, 2019 , $158.8 million and $44.8 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan (“DRIP”).

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2018 , which are included in the 2018 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our condensed 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. As of March 31, 2019 , we considered 22 entities to be VIEs, 21 of which we consolidated as we are considered the primary beneficiary. As of December 31, 2018 , we considered 21 entities to be VIEs, 20 of which we consolidated. The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2019 December 31, 2018 Real estate — Land, buildings and improvements $ 360,902 $ 362,536 Operating real estate — Land, buildings and improvements 114,144 110,543 Real estate under construction 179,943 151,479 In-place lease intangible assets 85,120 86,011 Right-of-use and other intangible assets 23,698 17,223 Accumulated depreciation and amortization (71,687 ) (68,534 ) Cash and cash equivalents 13,307 18,092 Accounts receivable and other assets, net 22,393 27,625 Total assets 727,820 704,975 Non-recourse mortgages, net, including debt attributable to Assets held for sale $ 278,570 $ 284,669 Bonds payable, net 57,872 57,253 Accounts payable, accrued expenses and other liabilities 51,861 50,061 Total liabilities 388,303 391,983 As of both March 31, 2019 and December 31, 2018 , we had one unconsolidated VIE, which we account for under the equity method of accounting. We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of the entity. As of March 31, 2019 and December 31, 2018 , the net carrying amount of this equity investment was $18.3 million and $18.8 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. 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. As of both March 31, 2019 and December 31, 2018 , our sole equity investment did not have a carrying value below zero. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. In accordance with the SEC’s adoption of certain rule and form amendments on August 17, 2018, we moved Gain on sale of real estate, net in the condensed consolidated statements of income to be included within Other Income and Expenses. In connection with our adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , effective January 1, 2019, as described below in Recent Accounting Pronouncements , reimbursable tenant costs (revenues), which were previously included in Other operating income, are now included within Lease revenues — net-leased in the condensed consolidated statements of income. Additionally, we previously presented Interest income from direct financing leases separately on the condensed consolidated statements of income. We now present this item within Lease revenues — net-leased. In addition, we previously presented Other operating income and Other interest income separately on the condensed consolidated statements of income. We currently present these items as Other operating and interest income as a result of the reclassifications related to the adoption of ASU 2016-02 previously discussed. Additionally, non-lease operating real estate income is now included in Other operating and interest income, which was previously included in Lease revenues — operating real estate in the condensed consolidated statements of income. Lastly, we reclassified Acquisition and other expenses to be included in General and administrative in the condensed consolidated statements of income. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 140,142 $ 170,914 Restricted cash (a) 21,657 19,924 Total cash and cash equivalents and restricted cash $ 161,799 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets. Accounts Receivable and Other Assets, net The following table presents a summary of amounts included in Accounts receivable and other assets, net in the condensed consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Accounts receivable and other assets, net Notes receivable ( Note 5 ) $ 63,954 $ 63,954 Accounts receivable, net 31,735 31,302 Goodwill ( Note 6 ) 26,367 26,354 Restricted cash 21,657 19,924 Equity investment in real estate ( Note 4 ) 18,316 18,764 Prepaid expenses 4,237 12,890 Other assets 25,967 24,215 $ 192,233 $ 197,403 Accounts Payable, Accrued Expenses and Other Liabilities The following table presents a summary of amounts included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Accounts payable, accrued expenses and other liabilities Deferred income taxes $ 48,285 $ 47,956 Accounts payable and accrued expenses 35,839 35,260 Deferred revenue 16,396 18,545 Lease liability ( Note 4 ) 9,409 — Intangible liabilities, net ( Note 6 ) 9,310 9,757 Other liabilities 20,497 20,547 $ 139,736 $ 132,065 Recent Accounting Pronouncements Pronouncements Adopted through March 31, 2019 In February 2016, the Financial Accounting Standards Board (“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, are capitalized and recorded on the balance sheet. For lessors, however, the new standard remains generally consistent with existing guidance, but has been updated to align with certain changes to the lessee model and ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ). We adopted this guidance for our interim and annual periods beginning January 1, 2019 using the modified retrospective method, applying the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. We elected the package of practical expedients as permitted under the transition guidance, which allowed us to not reassess whether arrangements contain leases, lease classification, and initial direct costs. The adoption of the lease standard resulted in a cumulative effect adjustment recognized of $1.1 million in the opening balance of retained earnings as of January 1, 2019. • As a Lessee: we recognized $36.7 million of operating lease right-of-use (“ROU”) assets and $9.5 million of corresponding lease liabilities for certain operating land lease arrangements for which we were the lessee on January 1, 2019, which included reclassifying below market intangible assets, above market intangible liabilities, prepaid rent and deferred rent as a component of the ROU asset (a net reclassification of $27.2 million ). See Note 4 for additional disclosures on the presentation of these amounts in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. • As a Lessor: a practical expedient allows lessors to combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), if both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. We elected the practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within Lease revenues — net-leased in our condensed consolidated statements of income. We record amounts reimbursed by the lessee in the period that the applicable expenses are incurred. Under ASU 2016-02, lessors are allowed to only capitalize incremental direct leasing costs. We generally have not capitalized internal legal leasing costs incurred, and, as a result, will not be materially impacted by this change. In addition, 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 previous 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 recorded $0.8 million of current period adjustments to Lease revenues — net-leased during the three months ended March 31, 2019 as opposed to property expenses, which is where they were previously recorded. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 makes more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and eliminates the requirements to separately measure and disclose 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. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard impacted our condensed consolidated financial statements for both cash flow and net investment hedges. Changes in the fair value of our hedging instruments are no longer separated into effective and ineffective portions. The entire change in the fair value of these hedging instruments included in the assessment of effectiveness is now recorded in Accumulated other comprehensive loss. The impact to our condensed consolidated financial statements as a result of these changes was not material. Pronouncements to be Adopted after March 31, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 introduces a new model for estimating 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. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. 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 condensed consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2019
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. We also reimburse our Advisor for general and administrative duties performed on our behalf. The advisory agreement has a term of one year and may be renewed for successive one -year periods. We may terminate the advisory agreement upon 60 days written notice without cause or penalty. The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates (which excludes the annual distribution and shareholder servicing fee that impacts equity as further disclosed below the tables) in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2019 2018 Amounts Included in the Condensed Consolidated Statements of Income Asset management fees $ 2,868 $ 2,874 Available Cash Distributions 1,848 1,905 Disposition fees 1,117 — Personnel and overhead reimbursements 798 717 Interest expense on deferred acquisition fees and external joint venture loans 127 (62 ) Director compensation 55 40 $ 6,813 $ 5,474 Acquisition Fees Capitalized Current acquisition fees $ 695 $ 721 Deferred acquisition fees 555 577 Capitalized personnel and overhead reimbursements 89 112 $ 1,339 $ 1,410 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Due to Affiliates (a) Deferred acquisition fees, including accrued interest $ 6,728 $ 8,720 Accounts payable and other 5,179 5,070 Asset management fees payable 967 972 Current acquisition fees 16 2,065 $ 12,890 $ 16,827 __________ (a) This table excludes outstanding receivables from our Advisor totaling $0.5 million and $0.4 million as of March 31, 2019 and December 31, 2018 , respectively, which was included within Accounts receivable and other assets, net in our condensed 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. As of March 31, 2019 and December 31, 2018 , 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 December 31, 2018. Effective January 1, 2019 , our Advisor elected to receive 50% of the asset management fees in shares of our Class A common stock and 50% in cash. During the year ended December 31, 2018 , all asset management fees paid to our Advisor were in shares of our Class A common stock. As of March 31, 2019 , our Advisor owned 5,259,524 shares, or 3.6% , of our outstanding Class A common stock. Asset management fees are included in Property expenses in the condensed consolidated financial statements. Annual Distribution and Shareholder Servicing Fee In connection with our Class C common stock, selected dealers are entitled to receive an annual distribution and shareholder servicing fee from us. 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 December 31, 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 March 31, 2019 . As of March 31, 2019 and December 31, 2018 , we recorded a liability for the annual distribution and shareholder servicing fee of $3.3 million and $3.8 million , respectively, within Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0% , respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the periods ended March 31, 2019 and December 31, 2018 . Unpaid installments of deferred acquisition fees are included in Due to affiliates in the condensed 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. During the period ended March 31, 2019 , a total of $1.1 million of disposition fees were approved and paid in connection with certain 2018 and 2019 dispositions, and are included in Gain on sale of real estate, net in the condensed consolidated financial statements. 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 March 31, 2019 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 Corporate Property Associates 17 – Global Incorporated prior to October 31, 2018, the date at which that fund merged into a wholly-owned subsidiary of WPC. 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 that provide services for transactions for where our Advisor receives a 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% of pro rata total revenues for each of 2019 and 2018. 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 condensed 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 (“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 condensed consolidated financial statements. Jointly Owned Investments and Other Transactions with our Affiliates As of March 31, 2019 , we owned interests ranging from 50% to 99% in jointly owned investments, with the remaining interests held by affiliates or by third parties. Since no other parties hold any rights that supersede our control, 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. We account for the minority share of these investments as noncontrolling interests.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	3 Months Ended
	Mar. 31, 2019
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, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2019 December 31, 2018 Land $ 194,592 $ 195,275 Buildings and improvements 1,005,915 1,015,501 Less: Accumulated depreciation (118,667 ) (112,061 ) $ 1,081,840 $ 1,098,715 During the three months ended March 31, 2019 , 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 1.9% to $1.1235 from $1.1450 . Additionally, during the current period, the U.S. dollar weakened against the Norwegian krone, as the end-of-period rate for the U.S. dollar in relation to the Norwegian krone increased by 1.0% from $0.1151 to $0.1163 . Lastly, the U.S. dollar weakened against the British pound sterling, as the end-of-period rate for the U.S. dollar in relation to the British pound sterling increased by 2.3% from $1.2800 to $1.3090 . As a result, the carrying value of our Real Estate — Land, buildings and improvements decreased by $6.6 million from December 31, 2018 to March 31, 2019 . Depreciation expense, including the effect of foreign currency translation, on our real estate was $7.5 million and $7.9 million for the three months ended March 31, 2019 and 2018 , respectively. Dispositions of Real Estate During the three months ended March 31, 2019 , we sold a retail building located in Edinburgh, United Kingdom. As a result, the carrying value of our real estate properties decreased by $2.8 million from December 31, 2018 to March 31, 2019 ( Note 12 ). Leases Operating Lease Income Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of income is as follows (in thousands): Three Months Ended March 31, 2019 Lease income — fixed $ 42,028 Lease income — variable (a) 5,186 Total operating lease income (b) $ 47,214 ___________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $1.0 million of interest income from direct financing leases that is included in Lease revenues — net-leased in the condensed consolidated statements of income. Scheduled Future Lease Payments Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases at March 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 72,365 2020 95,113 2021 94,844 2022 95,054 2023 88,505 Thereafter 576,362 Total $ 1,022,243 Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage rents, 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 Lease Obligations We recognize an operating ROU asset and a corresponding lease liability for ten land lease arrangements for which we are the lessee. Our leases have remaining lease terms ranging from less than seven years to 984 years (excluding extension options not reasonably certain of being exercised). Lease Cost Certain information related to the total lease cost for operating leases for the three months ended March 31, 2019 is as follows (in thousands): Three Months Ended March 31, 2019 Fixed lease cost $ 278 Total lease cost $ 278 During the three months ended March 31, 2019 , we recognized reimbursable ground rent totaling approximately $0.2 million , which is included in Lease revenues — net-leased in the condensed consolidated statements of income. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Location on Condensed Consolidated Balance Sheets March 31, 2019 Operating ROU assets — ground leases Right-of-use and other intangible assets $ 36,226 Operating lease liabilities — ground leases Accounts payable, accrued expenses and other liabilities $ 9,409 Weighted-average remaining lease term — operating leases 47.2 years Weighted-average discount rate — operating leases 7.0 % Cash paid for operating lease liabilities included in the Net cash provided by operating activities for the three months ended March 31, 2019 was $0.1 million . There are no land finance leases for which we are the lessee, therefore there are no related ROU assets or lease liabilities. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the condensed consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of March 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 614 2020 742 2021 742 2022 742 2023 742 Thereafter 28,835 Total lease payments 32,417 Less: amount of lease payments representing interest (23,008 ) Present value of future lease payments/lease obligations $ 9,409 Scheduled future lease payments (excluding amounts paid directly by tenants) for the five succeeding years subsequent to the year ended December 31, 2018 are $0.3 million each year, respectively, and $8.8 million thereafter. 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): March 31, 2019 December 31, 2018 Land $ 78,168 $ 77,984 Buildings and improvements 428,903 425,165 Less: Accumulated depreciation (45,800 ) (41,969 ) $ 461,271 $ 461,180 The carrying value of our Operating real estate — land, buildings and improvements increased by $2.5 million from December 31, 2018 to March 31, 2019 , due to the weakening of the U.S. dollar relative to the British pound sterling during the period. Depreciation expense on our operating real estate was $3.8 million and $4.4 million for the three months ended March 31, 2019 and 2018 , respectively. For the three months ended March 31, 2019 , Lease revenues — operating real estate totaling $17.3 million was comprised of lease revenues from 69 consolidated self-storage properties, two consolidated student housing operating properties and one multi-family residential property (which was sold during the period). For the three months ended March 31, 2018 , Lease revenues — operating real estate totaling $19.0 million was comprised of lease revenues from 69 consolidated self-storage properties and six multi-family residential properties. We derive self-storage revenue from rents received from customers who rent storage space primarily under month-to-month leases for personal or business use. We derive student housing and multi-family residential revenue primarily from leases of one year or less with the individual students and tenants, respectively. Dispositions of Operating Real Estate During the three months ended March 31, 2019 , we sold our last multi-family residential property, which was previously classified as held for sale at December 31, 2018 . As a result, the carrying value of Assets held for sale, net decreased by $23.6 million from December 31, 2018 to March 31, 2019 ( Note 12 ). Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2019 Beginning balance $ 152,106 Capitalized funds 30,142 Foreign currency translation adjustments (2,087 ) Capitalized interest 1,562 Placed into service (1,165 ) Ending balance $ 180,558 Capitalized Funds On February 8, 2019 , we entered into a student housing development project located in Pamplona, Spain at a total cost of $11.1 million (amount is based on the exchange rate of the euro on the date of acquisition). This property is under construction and is currently projected to be completed in September 2021, at which point, our total investment is expected to be approximately $29.7 million . As there is insufficient equity at risk, the investment is considered to be a VIE ( Note 2 ). During the three months ended March 31, 2019 , total capitalized funds primarily related to our student housing development projects, which were comprised principally of initial funding of $11.1 million and construction draws of $19.0 million . Capitalized funds include accrued costs of $0.5 million , which is a non-cash investing activity. Capitalized Interest Capitalized interest includes interest incurred during construction as well as amortization of the mortgage discount and deferred financing costs, which totaled $1.6 million during the three months ended March 31, 2019 , which is a non-cash investing activity. Placed into Service During the three months ended March 31, 2019 , a total of $1.2 million was placed into service, principally related to the remaining portion of two substantially completed student housing operating properties, which is a non-cash investing activity. Ending Balance As of March 31, 2019 , we had 13 open development projects, with aggregate unfunded commitments of approximately $346.9 million , excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. Assets and Liabilities Held for Sale Below is a summary of our properties held for sale (in thousands): March 31, 2019 December 31, 2018 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, including debt attributable to Assets held for sale $ — $ 24,250 As of 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 12 ). 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 March 31, 2019 , 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. At March 31, 2019 and December 31, 2018 , our total equity investment balance for these self-storage properties were $18.3 million and $18.8 million , respectively, which is included in Accounts receivable and other assets, net in the condensed consolidated financial statements. At March 31, 2019 and December 31, 2018 , the joint venture had total third-party recourse debt of $31.5 million and $28.7 million , respectively. As of March 31, 2019 , the unfunded commitments for the development projects totaled approximately $13.4 million , related to our equity investment.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Accounts receivable and other assets, net in the condensed 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 condensed consolidated financial statements. See Note 2 and Note 4 for information on ROU operating lease assets recognized on our condensed consolidated balance sheets. Notes Receivable As of 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 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. As of both March 31, 2019 and December 31, 2018 , 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 interest-only monthly payments. 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 27 entities that directly own the retail stores and is subordinated to a $280.0 million senior mortgage on the properties. As of both March 31, 2019 and December 31, 2018 , the Mills Fleet note receivable is $36.0 million . On April 9, 2019 we received full repayment on this mezzanine loan ( Note 14 ). Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2019 December 31, 2018 Lease payments receivable $ 57,725 $ 58,353 Unguaranteed residual value 39,402 39,402 97,127 97,755 Less: unearned income (55,298 ) (56,010 ) $ 41,829 $ 41,745 Interest income from direct financing leases was $1.0 million and $0.9 million for the three months ended March 31, 2019 and 2018 , respectively, and is included in Other operating and interest income in our condensed consolidated statements of income. Scheduled Future Lease Payments Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage of rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of March 31, 2019 were as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 2,553 2020 3,466 2021 3,533 2022 3,610 2023 3,688 Thereafter 40,875 Total undiscounted cash flows $ 57,725 Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage of rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of 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 undiscounted cash flows $ 58,353 Credit Quality of Finance Receivables As of both March 31, 2019 and December 31, 2018 , we had no significant finance receivable balances that were past due and we had not established any allowances for credit losses. Additionally, there were no modifications of finance receivables during the three months ended March 31, 2019 . We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. The credit quality evaluation of our finance receivables is updated quarterly. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 1 — — $ — $ — 2 2 2 15,685 15,705 3 2 2 29,759 29,751 4 2 2 60,339 60,243 5 — — — — 0 $ 105,783 $ 105,699

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated financial statements. Below-market ground lease intangibles (as lessee) and above-market rent intangibles are included in Right-of-use and other intangible assets in the condensed consolidated financial statements. Below-market rent intangibles and above-market ground lease intangibles (as lessee) are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. 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 condensed consolidated financial statements (in thousands): Three Months Ended March 31, 2019 Balance at January 1, 2019 $ 26,354 Foreign currency translation 13 Balance at March 31, 2019 $ 26,367 Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2019 December 31, 2018 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 $ 250,765 $ (124,265 ) $ 126,500 $ 252,316 $ (120,936 ) $ 131,380 Below-market ground lease (a) N/A — — — 21,966 (1,719 ) 20,247 Above-market rent 5 – 30 10,974 (3,986 ) 6,988 11,178 (3,923 ) 7,255 261,739 (128,251 ) 133,488 285,460 (126,578 ) 158,882 Indefinite-Lived Intangible Assets Goodwill 26,367 — 26,367 26,354 — 26,354 Total intangible assets $ 288,106 $ (128,251 ) $ 159,855 $ 311,814 $ (126,578 ) $ 185,236 Finite-lived Intangible Liabilities Below-market rent 6 – 30 $ (15,212 ) $ 5,902 $ (9,310 ) $ (15,309 ) $ 5,651 $ (9,658 ) Above-market ground lease (a) N/A — — — (105 ) 6 (99 ) Total intangible liabilities $ (15,212 ) $ 5,902 $ (9,310 ) $ (15,414 ) $ 5,657 $ (9,757 ) ___________ (a) In connection with our adoption of ASU 2016-02 ( Note 2 ), in the first quarter of 2019, we prospectively reclassified below-market ground lease intangible assets and above-market ground lease intangible liabilities to be a component of ROU assets. These amounts are included within Right-of-use and other intangibles in our condensed consolidated balance sheets. Net amortization of intangibles, including the effect of foreign currency translation, was $3.9 million and $5.3 million for the three months ended March 31, 2019 and 2018 , respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income; amortization of in-place lease intangibles is included in Depreciation and amortization expense; and amortization of below-market and above-market ground lease intangibles was included in Property expenses (prior to the reclassification of above-market ground lease and below-market lease intangibles to ROU assets within Right-of-use and other intangible assets during the first quarter of 2019, as described above).

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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, respectively, in the condensed 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 three months ended March 31, 2019 and 2018 . 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 condensed consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,201,993 $ 1,230,036 $ 1,237,427 $ 1,257,032 Notes receivable (c) 3 63,954 66,154 63,954 66,154 ___________ (a) Debt, net consists of Non-recourse mortgages, net and Bonds payable, net. As of March 31, 2019 and December 31, 2018 , the carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $5.9 million and $6.2 million , respectively. As of March 31, 2019 and December 31, 2018 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.6 million and $0.7 million , respectively. As of March 31, 2019 and December 31, 2018 , the carrying value of Non-recourse mortgages, net includes unamortized discount, net of $3.5 million . As of March 31, 2019 and December 31, 2018 , the carrying value of Bonds payable, net includes unamortized premium, net of $5.0 million and $4.8 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse mortgages, 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 as of both March 31, 2019 and December 31, 2018 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company’s accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our condensed consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. 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 condensed consolidated financial statements. As of both March 31, 2019 and December 31, 2018 , 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 Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Foreign currency forward contracts Accounts receivable and other assets, net $ 1,856 $ 2,011 $ — $ — Foreign currency collars Accounts receivable and other assets, net 1,024 750 — — Interest rate swaps Accounts receivable and other assets, net 433 808 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,042 ) (529 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (180 ) (622 ) 3,313 3,569 (1,222 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (17 ) (115 ) — — (17 ) (115 ) Total derivatives $ 3,313 $ 3,569 $ (1,239 ) $ (1,266 ) The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 Interest rate swaps $ (887 ) $ 1,157 Foreign currency collars 805 (1,205 ) Foreign currency forward contracts (157 ) (629 ) Interest rate cap 1 18 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 1 (126 ) Foreign currency forward contracts — (23 ) Total $ (237 ) $ (808 ) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 346 $ 222 Interest rate swaps Interest expense 27 (83 ) Foreign currency collars Other gains and (losses) 11 (154 ) Interest rate cap Interest expense (3 ) (31 ) Total $ 381 $ (46 ) Amounts reported in Other comprehensive income related to our interest derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of March 31, 2019 , we estimated that an additional $0.1 million and $1.5 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 condensed consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2019 2018 Foreign currency collars Other gains and (losses) $ 118 $ (151 ) Interest rate swaps Interest expense — (6 ) Derivatives in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 7 (10 ) Interest rate swaps Interest expense (1 ) 6 Total $ 124 $ (161 ) 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 as of March 31, 2019 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2019 (a) Interest rate swaps 10 98,918 USD $ (544 ) Interest rate swap 1 9,664 EUR (65 ) Interest rate cap 1 5,700 USD — $ (609 ) ___________ (a) Fair value amount is based on the exchange rate of the euro as of March 31, 2019 , 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 condensed 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 as of March 31, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 13 5,072 EUR $ 1,449 Foreign currency collars 34 23,436 EUR 513 Foreign currency forward contracts 7 10,531 NOK 352 Foreign currency collars 21 42,480 NOK 246 Designated as Net Investment Hedging Instruments Foreign currency collars 2 9,350 NOK 85 Foreign currency forward contracts 1 2,568 NOK 55 Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (17 ) $ 2,683 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2019 . At March 31, 2019 , our total credit exposure was $3.1 million and the maximum exposure to any single counterparty was $2.1 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of March 31, 2019 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $1.2 million and $1.3 million as of March 31, 2019 and December 31, 2018 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of March 31, 2019 or December 31, 2018 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.3 million and $1.4 million , respectively.

Debt, net

Debt, net	3 Months Ended
	Mar. 31, 2019
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. As of March 31, 2019 , 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 2019 On March 4, 2019 , we obtained a construction loan of $51.7 million for a student housing development project located in Austin, Texas. The loan bears a variable interest rate on outstanding drawn balances ( 4.6% on the date of the loan), and is scheduled to mature in March 2023 . We have the option to extend this loan one year from the original maturity date to March 2024 . As of March 31, 2019 , less than $ 0.1 million had been drawn on the construction loan. In connection with the construction loan acquired in 2018 for the student housing development project located in Barcelona, Spain, we made additional draws during the three months ended March 31, 2019 at an annual fixed interest rate of 2.5% on (i) the development tranche of the loan totaling $2.1 million , which has a maturity date of April 2032 ; and (ii) the furniture, fixtures, and equipment tranche of the loan totaling $0.2 million , which has a maturity date of April 2026 . Finally, we drew down a total of $0.2 million on the additional loan for this development project, which has a maturity date of May 2022 and also bears an annual fixed interest rate of 2.5% . All foregoing loan amounts are quoted based on the exchange rates of the euro at the date of each drawdown. During the three months ended March 31, 2019 , we made additional draws totaling $1.0 million in relation to a student housing operating property located in Portsmouth, United Kingdom. The loan bears a variable interest rate on outstanding drawn balances ( 6.3% as of March 31, 2019 ) and is scheduled to mature in November 2019 . We made additional draws totaling $0.7 million on a construction loan related to a student housing operating property 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 . All foregoing loan amounts are quoted based on the exchange rate of the British pound sterling at the date of each drawdown. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2019, each of the next four calendar years following December 31, 2019 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 83,801 2020 88,996 2021 162,238 2022 118,598 2023 154,957 Thereafter through 2039 598,460 Total principal payments 1,207,050 Unamortized deferred financing costs (6,534 ) Unamortized premium, net 1,477 Total $ 1,201,993 Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2019 . The carrying value of our Non-recourse mortgages, net, and Bonds payable, net decreased by $2.5 million in the aggregate from December 31, 2018 to March 31, 2019 , 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 As of March 31, 2019 , we remained in breach of the debt service coverage ratio covenant on our Agrokor mortgage loan. 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. During the period ended March 31, 2019 , no additional payments have been made on the loan principal as a result of the breach. As Agrokor is currently in financial distress, there is uncertainty regarding future rent collections ( Note 13 ) and whether the default can be cured. As of March 31, 2019 , we remained in breach of a non-financial covenant 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 March 31, 2019 , $2.5 million has been transferred to the reserve account with the lender, which is included as restricted cash within Accounts receivable and other assets, net on our condensed consolidated balance sheets. The amounts will be released once the non-financial covenant breach is cured.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2019 , 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 condensed consolidated financial position or results of operations. See Note 4 for unfunded construction commitments.

Earnings Per Share and Equity

Earnings Per Share and Equity	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Earnings Per Share and Equity Basic and Diluted Earnings Per Share The following table presents earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 115,497,094 $ 11,654 $ 0.10 112,113,960 $ 8,110 $ 0.07 Class C common stock 31,879,027 3,173 0.10 31,441,399 2,217 0.07 Net income attributable to CPA:18 – Global $ 14,827 $ 10,327 The allocation of Net income attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. The Class C common stock allocation includes interest expense related to accretion of interest on the annual distribution and shareholder servicing fee liability of less than $0.1 million and $0.1 million for the three months ended March 31, 2019 and 2018 , respectively ( Note 3 ). Distributions Distributions are declared at the discretion of our board of directors and are not guaranteed. For the three months ended March 31, 2019 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock a nd $0.1373 per share for our Class C common stock, which was paid on April 15, 2019 to stockholders of record on March 29, 2019 , in the amount of $22.4 million . Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 2,215 $ (52,808 ) $ (50,593 ) Other comprehensive loss before reclassifications 143 (4,242 ) (4,099 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (357 ) — (357 ) Interest expense (24 ) — (24 ) Net current-period other comprehensive loss (238 ) (4,242 ) (4,480 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 158 158 Ending balance $ 1,977 $ (56,892 ) $ (54,915 ) Three Months Ended March 31, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,082 ) $ (32,130 ) $ (33,212 ) Other comprehensive income before reclassifications (705 ) 11,577 10,872 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 114 — 114 Other gains and (losses) (68 ) — (68 ) Net current-period other comprehensive income (659 ) 11,577 10,918 Net current-period other comprehensive income attributable to noncontrolling interests — (1,617 ) (1,617 ) Ending balance $ (1,741 ) $ (22,170 ) $ (23,911 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive (loss) income for the periods presented.

Property Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheet. The results of operations for properties that have been sold or transferred are included in the condensed consolidated financial statements and are summarized as follows (in thousands): Three Months Ended March 31, 2019 2018 Revenues $ 429 $ 6,830 Operating expenses (139 ) (5,362 ) Gain on sale of real estate, net 15,408 — Interest expense (150 ) (1,709 ) Other gains and (losses) (172 ) (286 ) (Provision for) benefit from income taxes (7 ) 215 Net income attributable to noncontrolling interests (2,874 ) (2 ) Income (loss) from properties sold, net of income taxes $ 12,495 $ (314 ) On January 29, 2019, we sold our 97% interest that we held in our last multi-family residential property, located in Fort Walton Beach, Florida, to one of our joint venture partners for total proceeds of $13.1 million , net of closing costs, and recognized a gain on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests). The buyer assumed the related mortgage loan outstanding on this property totaling $24.2 million . On March 22, 2019, we sold a retail building located in Edinburgh, United Kingdom for total proceeds of $4.3 million , net of closing costs, and recognized a gain on sale of $1.2 million (amounts based on the exchange rate of the British pound sterling at the date of sale). The $2.5 million mortgage encumbering this property was fully repaid at closing.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
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): Three Months Ended March 31, 2019 2018 Net Lease Revenues (a) (b) $ 30,992 $ 32,999 Operating expenses (b) (17,311 ) (19,119 ) Gain on sale of real estate, net 897 — Interest expense (8,736 ) (8,858 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net 43 4,351 (Provision for) benefit from income taxes (360 ) 145 Net income attributable to noncontrolling interests (209 ) (94 ) Net income attributable to CPA:18 – Global $ 5,316 $ 9,424 Self Storage Revenues $ 14,839 $ 13,966 Operating expenses (8,745 ) (9,349 ) Interest expense (3,426 ) (3,094 ) Other income and (expenses), excluding interest expense (c) (668 ) (479 ) Provision for income taxes (33 ) (27 ) Net income attributable to CPA:18 – Global $ 1,967 $ 1,017 Multi-Family Revenues $ 2,622 $ 5,690 Operating expenses (1,634 ) (4,162 ) Gain on sale of real estate, net 14,514 — Interest expense (120 ) (905 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (39 ) 1 (Provision for) benefit from income taxes (23 ) 13 Net (income) loss attributable to noncontrolling interests (2,789 ) 8 Net income attributable to CPA:18 – Global $ 12,531 $ 645 All Other Revenues $ 1,833 $ 1,780 Operating expenses (1 ) (1 ) Net income attributable to CPA:18 – Global $ 1,832 $ 1,779 Corporate Unallocated Corporate Overhead (d) $ (4,971 ) $ (633 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,848 ) $ (1,905 ) Total Company Revenues $ 50,294 $ 54,435 Operating expenses (32,272 ) (37,270 ) Gain on sale of real estate, net of tax 15,408 — Interest expense (12,357 ) (12,930 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (476 ) 7,668 (Provision for) benefit from income taxes (924 ) 415 Net income attributable to noncontrolling interests (4,846 ) (1,991 ) Net income attributable to CPA:18 – Global $ 14,827 $ 10,327 Total Assets March 31, 2019 December 31, 2018 Net Lease $ 1,402,568 $ 1,461,385 Self Storage 383,430 386,682 Multi-Family 319,377 313,925 Corporate 97,736 78,099 All Other 64,476 64,462 Total Company $ 2,267,587 $ 2,304,553 __________ (a) We recognized straight-line rent adjustments of $0.9 million and $1.3 million for the three months ended March 31, 2019 and 2018 , respectively, which increased Lease revenues — net-leased within our condensed consolidated financial statements for each period. (b) In April 2017, the Croatian government passed a special law assisting the restructuring of companies considered of 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, and in accordance with ASU 2016-02 ( Note 2 ), lease revenues for the three months ended March 31, 2019 were based on the cash received, which represents 54% of contractual rents. For the three months ended March 31, 2018 , we recorded bad debt expense of $1.1 million to Property expenses in the condensed consolidated statements of income. In July 2018, the creditors of Agrokor reached a settlement plan to attempt to restructure the company and subsequent to March 31, 2019, we were issued new instruments in the form of convertible bonds and depository receipts for approximately 72% of rents billed and outstanding through April 2017. (c) Includes Equity in losses of equity method investment in real estate. (d) 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 9, 2019, we received full repayment of the Mills Fleet mezzanine loan ( Note 5 ), totaling $36.0 million .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of Consolidation Our condensed 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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Adopted through March 31, 2019 In February 2016, the Financial Accounting Standards Board (“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, are capitalized and recorded on the balance sheet. For lessors, however, the new standard remains generally consistent with existing guidance, but has been updated to align with certain changes to the lessee model and ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ). We adopted this guidance for our interim and annual periods beginning January 1, 2019 using the modified retrospective method, applying the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. We elected the package of practical expedients as permitted under the transition guidance, which allowed us to not reassess whether arrangements contain leases, lease classification, and initial direct costs. The adoption of the lease standard resulted in a cumulative effect adjustment recognized of $1.1 million in the opening balance of retained earnings as of January 1, 2019. • As a Lessee: we recognized $36.7 million of operating lease right-of-use (“ROU”) assets and $9.5 million of corresponding lease liabilities for certain operating land lease arrangements for which we were the lessee on January 1, 2019, which included reclassifying below market intangible assets, above market intangible liabilities, prepaid rent and deferred rent as a component of the ROU asset (a net reclassification of $27.2 million ). See Note 4 for additional disclosures on the presentation of these amounts in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term. • As a Lessor: a practical expedient allows lessors to combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), if both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. We elected the practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within Lease revenues — net-leased in our condensed consolidated statements of income. We record amounts reimbursed by the lessee in the period that the applicable expenses are incurred. Under ASU 2016-02, lessors are allowed to only capitalize incremental direct leasing costs. We generally have not capitalized internal legal leasing costs incurred, and, as a result, will not be materially impacted by this change. In addition, 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 previous 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 recorded $0.8 million of current period adjustments to Lease revenues — net-leased during the three months ended March 31, 2019 as opposed to property expenses, which is where they were previously recorded. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 makes more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and eliminates the requirements to separately measure and disclose 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. We adopted this guidance for our interim and annual periods beginning January 1, 2019. The adoption of this standard impacted our condensed consolidated financial statements for both cash flow and net investment hedges. Changes in the fair value of our hedging instruments are no longer separated into effective and ineffective portions. The entire change in the fair value of these hedging instruments included in the assessment of effectiveness is now recorded in Accumulated other comprehensive loss. The impact to our condensed consolidated financial statements as a result of these changes was not material. Pronouncements to be Adopted after March 31, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 introduces a new model for estimating 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. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. 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 condensed consolidated financial statements.
Intangible Assets and Liabilities	Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income; amortization of in-place lease intangibles is included in Depreciation and amortization expense; and amortization of below-market and above-market ground lease intangibles was included in Property expenses (prior to the reclassification of above-market ground lease and below-market lease intangibles to ROU assets within Right-of-use and other intangible assets during the first quarter of 2019, as described above).
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets 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, respectively, in the condensed 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.
Derivatives	We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company’s accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our condensed consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2019
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 condensed consolidated balance sheets (in thousands): March 31, 2019 December 31, 2018 Real estate — Land, buildings and improvements $ 360,902 $ 362,536 Operating real estate — Land, buildings and improvements 114,144 110,543 Real estate under construction 179,943 151,479 In-place lease intangible assets 85,120 86,011 Right-of-use and other intangible assets 23,698 17,223 Accumulated depreciation and amortization (71,687 ) (68,534 ) Cash and cash equivalents 13,307 18,092 Accounts receivable and other assets, net 22,393 27,625 Total assets 727,820 704,975 Non-recourse mortgages, net, including debt attributable to Assets held for sale $ 278,570 $ 284,669 Bonds payable, net 57,872 57,253 Accounts payable, accrued expenses and other liabilities 51,861 50,061 Total liabilities 388,303 391,983
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 140,142 $ 170,914 Restricted cash (a) 21,657 19,924 Total cash and cash equivalents and restricted cash $ 161,799 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets.
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 140,142 $ 170,914 Restricted cash (a) 21,657 19,924 Total cash and cash equivalents and restricted cash $ 161,799 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets.
Schedule of Details of Accounts Receivables, Accounts Payable, and Other Assets and Liabilities	Accounts Receivable and Other Assets, net The following table presents a summary of amounts included in Accounts receivable and other assets, net in the condensed consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Accounts receivable and other assets, net Notes receivable ( Note 5 ) $ 63,954 $ 63,954 Accounts receivable, net 31,735 31,302 Goodwill ( Note 6 ) 26,367 26,354 Restricted cash 21,657 19,924 Equity investment in real estate ( Note 4 ) 18,316 18,764 Prepaid expenses 4,237 12,890 Other assets 25,967 24,215 $ 192,233 $ 197,403 Accounts Payable, Accrued Expenses and Other Liabilities The following table presents a summary of amounts included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Accounts payable, accrued expenses and other liabilities Deferred income taxes $ 48,285 $ 47,956 Accounts payable and accrued expenses 35,839 35,260 Deferred revenue 16,396 18,545 Lease liability ( Note 4 ) 9,409 — Intangible liabilities, net ( Note 6 ) 9,310 9,757 Other liabilities 20,497 20,547 $ 139,736 $ 132,065

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates (which excludes the annual distribution and shareholder servicing fee that impacts equity as further disclosed below the tables) in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2019 2018 Amounts Included in the Condensed Consolidated Statements of Income Asset management fees $ 2,868 $ 2,874 Available Cash Distributions 1,848 1,905 Disposition fees 1,117 — Personnel and overhead reimbursements 798 717 Interest expense on deferred acquisition fees and external joint venture loans 127 (62 ) Director compensation 55 40 $ 6,813 $ 5,474 Acquisition Fees Capitalized Current acquisition fees $ 695 $ 721 Deferred acquisition fees 555 577 Capitalized personnel and overhead reimbursements 89 112 $ 1,339 $ 1,410 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2019 December 31, 2018 Due to Affiliates (a) Deferred acquisition fees, including accrued interest $ 6,728 $ 8,720 Accounts payable and other 5,179 5,070 Asset management fees payable 967 972 Current acquisition fees 16 2,065 $ 12,890 $ 16,827 __________ (a) This table excludes outstanding receivables from our Advisor totaling $0.5 million and $0.4 million as of March 31, 2019 and December 31, 2018 , respectively, which was included within Accounts receivable and other assets, net in our condensed 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)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2019 December 31, 2018 Land $ 194,592 $ 195,275 Buildings and improvements 1,005,915 1,015,501 Less: Accumulated depreciation (118,667 ) (112,061 ) $ 1,081,840 $ 1,098,715 Operating real estate, which consists of our self-storage, student housing, and multi-family residential properties, is summarized as follows (in thousands): March 31, 2019 December 31, 2018 Land $ 78,168 $ 77,984 Buildings and improvements 428,903 425,165 Less: Accumulated depreciation (45,800 ) (41,969 ) $ 461,271 $ 461,180
Operating Lease Income	Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of income is as follows (in thousands): Three Months Ended March 31, 2019 Lease income — fixed $ 42,028 Lease income — variable (a) 5,186 Total operating lease income (b) $ 47,214 ___________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $1.0 million of interest income from direct financing leases that is included in Lease revenues — net-leased in the condensed consolidated statements of income.
Scheduled Future Lease Payments	Scheduled Future Lease Payments Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases at March 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 72,365 2020 95,113 2021 94,844 2022 95,054 2023 88,505 Thereafter 576,362 Total $ 1,022,243
Scheduled Future Lease Payments - Before Adoption	Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage rents, 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
Lease Cost	Certain information related to the total lease cost for operating leases for the three months ended March 31, 2019 is as follows (in thousands): Three Months Ended March 31, 2019 Fixed lease cost $ 278 Total lease cost $ 278
Supplemental Balance Sheet	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Location on Condensed Consolidated Balance Sheets March 31, 2019 Operating ROU assets — ground leases Right-of-use and other intangible assets $ 36,226 Operating lease liabilities — ground leases Accounts payable, accrued expenses and other liabilities $ 9,409 Weighted-average remaining lease term — operating leases 47.2 years Weighted-average discount rate — operating leases 7.0 %
Undiscounted Cash Flows	A reconciliation of the undiscounted cash flows for operating leases recorded on the condensed consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of March 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 614 2020 742 2021 742 2022 742 2023 742 Thereafter 28,835 Total lease payments 32,417 Less: amount of lease payments representing interest (23,008 ) Present value of future lease payments/lease obligations $ 9,409
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2019 Beginning balance $ 152,106 Capitalized funds 30,142 Foreign currency translation adjustments (2,087 ) Capitalized interest 1,562 Placed into service (1,165 ) Ending balance $ 180,558
Schedule of Assets-held for Sale	Below is a summary of our properties held for sale (in thousands): March 31, 2019 December 31, 2018 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, including debt attributable to Assets held for sale $ — $ 24,250

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Net Investments in Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2019 December 31, 2018 Lease payments receivable $ 57,725 $ 58,353 Unguaranteed residual value 39,402 39,402 97,127 97,755 Less: unearned income (55,298 ) (56,010 ) $ 41,829 $ 41,745
Future Lease Payments	Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage of rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of March 31, 2019 were as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 2,553 2020 3,466 2021 3,533 2022 3,610 2023 3,688 Thereafter 40,875 Total undiscounted cash flows $ 57,725
Future Lease Payments - Before Adoption	Scheduled future lease payments (exclusive of renewal options that are determined to be reasonably certain of exercise, expenses paid by tenants, percentage of rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of 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 undiscounted cash flows $ 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 Carrying Value at Internal Credit Quality Indicator March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 1 — — $ — $ — 2 2 2 15,685 15,705 3 2 2 29,759 29,751 4 2 2 60,339 60,243 5 — — — — 0 $ 105,783 $ 105,699

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Intangible Assets And Liabilities [Abstract]
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 condensed consolidated financial statements (in thousands): Three Months Ended March 31, 2019 Balance at January 1, 2019 $ 26,354 Foreign currency translation 13 Balance at March 31, 2019 $ 26,367
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2019 December 31, 2018 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 $ 250,765 $ (124,265 ) $ 126,500 $ 252,316 $ (120,936 ) $ 131,380 Below-market ground lease (a) N/A — — — 21,966 (1,719 ) 20,247 Above-market rent 5 – 30 10,974 (3,986 ) 6,988 11,178 (3,923 ) 7,255 261,739 (128,251 ) 133,488 285,460 (126,578 ) 158,882 Indefinite-Lived Intangible Assets Goodwill 26,367 — 26,367 26,354 — 26,354 Total intangible assets $ 288,106 $ (128,251 ) $ 159,855 $ 311,814 $ (126,578 ) $ 185,236 Finite-lived Intangible Liabilities Below-market rent 6 – 30 $ (15,212 ) $ 5,902 $ (9,310 ) $ (15,309 ) $ 5,651 $ (9,658 ) Above-market ground lease (a) N/A — — — (105 ) 6 (99 ) Total intangible liabilities $ (15,212 ) $ 5,902 $ (9,310 ) $ (15,414 ) $ 5,657 $ (9,757 ) ___________ (a) In connection with our adoption of ASU 2016-02 ( Note 2 ), in the first quarter of 2019, we prospectively reclassified below-market ground lease intangible assets and above-market ground lease intangible liabilities to be a component of ROU assets. These amounts are included within Right-of-use and other intangibles in our condensed consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Other Financial Instruments In Carrying Values And Fair Values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Debt, net (a) (b) 3 $ 1,201,993 $ 1,230,036 $ 1,237,427 $ 1,257,032 Notes receivable (c) 3 63,954 66,154 63,954 66,154 ___________ (a) Debt, net consists of Non-recourse mortgages, net and Bonds payable, net. As of March 31, 2019 and December 31, 2018 , the carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $5.9 million and $6.2 million , respectively. As of March 31, 2019 and December 31, 2018 , the carrying value of Bonds payable, net includes unamortized deferred financing costs of $0.6 million and $0.7 million , respectively. As of March 31, 2019 and December 31, 2018 , the carrying value of Non-recourse mortgages, net includes unamortized discount, net of $3.5 million . As of March 31, 2019 and December 31, 2018 , the carrying value of Bonds payable, net includes unamortized premium, net of $5.0 million and $4.8 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse mortgages, 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)	3 Months Ended
	Mar. 31, 2019
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 Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Foreign currency forward contracts Accounts receivable and other assets, net $ 1,856 $ 2,011 $ — $ — Foreign currency collars Accounts receivable and other assets, net 1,024 750 — — Interest rate swaps Accounts receivable and other assets, net 433 808 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,042 ) (529 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (180 ) (622 ) 3,313 3,569 (1,222 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (17 ) (115 ) — — (17 ) (115 ) Total derivatives $ 3,313 $ 3,569 $ (1,239 ) $ (1,266 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 Interest rate swaps $ (887 ) $ 1,157 Foreign currency collars 805 (1,205 ) Foreign currency forward contracts (157 ) (629 ) Interest rate cap 1 18 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 1 (126 ) Foreign currency forward contracts — (23 ) Total $ (237 ) $ (808 ) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 346 $ 222 Interest rate swaps Interest expense 27 (83 ) Foreign currency collars Other gains and (losses) 11 (154 ) Interest rate cap Interest expense (3 ) (31 ) Total $ 381 $ (46 )
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2019 2018 Foreign currency collars Other gains and (losses) $ 118 $ (151 ) Interest rate swaps Interest expense — (6 ) Derivatives in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 7 (10 ) Interest rate swaps Interest expense (1 ) 6 Total $ 124 $ (161 )
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of March 31, 2019 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2019 (a) Interest rate swaps 10 98,918 USD $ (544 ) Interest rate swap 1 9,664 EUR (65 ) Interest rate cap 1 5,700 USD — $ (609 ) ___________ (a) Fair value amount is based on the exchange rate of the euro as of March 31, 2019 , as applicable. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of March 31, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency forward contracts 13 5,072 EUR $ 1,449 Foreign currency collars 34 23,436 EUR 513 Foreign currency forward contracts 7 10,531 NOK 352 Foreign currency collars 21 42,480 NOK 246 Designated as Net Investment Hedging Instruments Foreign currency collars 2 9,350 NOK 85 Foreign currency forward contracts 1 2,568 NOK 55 Not Designated as Hedging Instruments Foreign currency collars 2 3,000 EUR (17 ) $ 2,683

Debt, net (Tables)

Debt, net (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments during the remainder of 2019, each of the next four calendar years following December 31, 2019 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 83,801 2020 88,996 2021 162,238 2022 118,598 2023 154,957 Thereafter through 2039 598,460 Total principal payments 1,207,050 Unamortized deferred financing costs (6,534 ) Unamortized premium, net 1,477 Total $ 1,201,993

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Share	The following table presents earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 115,497,094 $ 11,654 $ 0.10 112,113,960 $ 8,110 $ 0.07 Class C common stock 31,879,027 3,173 0.10 31,441,399 2,217 0.07 Net income attributable to CPA:18 – Global $ 14,827 $ 10,327
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 2,215 $ (52,808 ) $ (50,593 ) Other comprehensive loss before reclassifications 143 (4,242 ) (4,099 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (357 ) — (357 ) Interest expense (24 ) — (24 ) Net current-period other comprehensive loss (238 ) (4,242 ) (4,480 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 158 158 Ending balance $ 1,977 $ (56,892 ) $ (54,915 ) Three Months Ended March 31, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,082 ) $ (32,130 ) $ (33,212 ) Other comprehensive income before reclassifications (705 ) 11,577 10,872 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 114 — 114 Other gains and (losses) (68 ) — (68 ) Net current-period other comprehensive income (659 ) 11,577 10,918 Net current-period other comprehensive income attributable to noncontrolling interests — (1,617 ) (1,617 ) Ending balance $ (1,741 ) $ (22,170 ) $ (23,911 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive (loss) income for the periods presented.

Property Dispositions (Tables)

Property Dispositions (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Results of Operations For Properties Sold, or Classified as Held for Sale	The results of operations for properties that have been sold or transferred are included in the condensed consolidated financial statements and are summarized as follows (in thousands): Three Months Ended March 31, 2019 2018 Revenues $ 429 $ 6,830 Operating expenses (139 ) (5,362 ) Gain on sale of real estate, net 15,408 — Interest expense (150 ) (1,709 ) Other gains and (losses) (172 ) (286 ) (Provision for) benefit from income taxes (7 ) 215 Net income attributable to noncontrolling interests (2,874 ) (2 ) Income (loss) from properties sold, net of income taxes $ 12,495 $ (314 )

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended March 31, 2019 2018 Net Lease Revenues (a) (b) $ 30,992 $ 32,999 Operating expenses (b) (17,311 ) (19,119 ) Gain on sale of real estate, net 897 — Interest expense (8,736 ) (8,858 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net 43 4,351 (Provision for) benefit from income taxes (360 ) 145 Net income attributable to noncontrolling interests (209 ) (94 ) Net income attributable to CPA:18 – Global $ 5,316 $ 9,424 Self Storage Revenues $ 14,839 $ 13,966 Operating expenses (8,745 ) (9,349 ) Interest expense (3,426 ) (3,094 ) Other income and (expenses), excluding interest expense (c) (668 ) (479 ) Provision for income taxes (33 ) (27 ) Net income attributable to CPA:18 – Global $ 1,967 $ 1,017 Multi-Family Revenues $ 2,622 $ 5,690 Operating expenses (1,634 ) (4,162 ) Gain on sale of real estate, net 14,514 — Interest expense (120 ) (905 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (39 ) 1 (Provision for) benefit from income taxes (23 ) 13 Net (income) loss attributable to noncontrolling interests (2,789 ) 8 Net income attributable to CPA:18 – Global $ 12,531 $ 645 All Other Revenues $ 1,833 $ 1,780 Operating expenses (1 ) (1 ) Net income attributable to CPA:18 – Global $ 1,832 $ 1,779 Corporate Unallocated Corporate Overhead (d) $ (4,971 ) $ (633 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,848 ) $ (1,905 ) Total Company Revenues $ 50,294 $ 54,435 Operating expenses (32,272 ) (37,270 ) Gain on sale of real estate, net of tax 15,408 — Interest expense (12,357 ) (12,930 ) Other income and (expenses), excluding interest expense and gain on sale of real estate, net (476 ) 7,668 (Provision for) benefit from income taxes (924 ) 415 Net income attributable to noncontrolling interests (4,846 ) (1,991 ) Net income attributable to CPA:18 – Global $ 14,827 $ 10,327 (a) We recognized straight-line rent adjustments of $0.9 million and $1.3 million for the three months ended March 31, 2019 and 2018 , respectively, which increased Lease revenues — net-leased within our condensed consolidated financial statements for each period. (b) In April 2017, the Croatian government passed a special law assisting the restructuring of companies considered of 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, and in accordance with ASU 2016-02 ( Note 2 ), lease revenues for the three months ended March 31, 2019 were based on the cash received, which represents 54% of contractual rents. For the three months ended March 31, 2018 , we recorded bad debt expense of $1.1 million to Property expenses in the condensed consolidated statements of income. In July 2018, the creditors of Agrokor reached a settlement plan to attempt to restructure the company and subsequent to March 31, 2019, we were issued new instruments in the form of convertible bonds and depository receipts for approximately 72% of rents billed and outstanding through April 2017. (c) Includes Equity in losses of equity method investment in real estate. (d) 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 March 31, 2019 December 31, 2018 Net Lease $ 1,402,568 $ 1,461,385 Self Storage 383,430 386,682 Multi-Family 319,377 313,925 Corporate 97,736 78,099 All Other 64,476 64,462 Total Company $ 2,267,587 $ 2,304,553

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	3 Months Ended	39 Months Ended	87 Months Ended
	Mar. 31, 2019ft²segmentpropertytenant	Apr. 02, 2015USD ($)	Mar. 31, 2019USD ($)ft²propertytenant	Mar. 31, 2018property
Public Offering
Capital interest ownership in operating partnership	99.97%		99.97%
Additional Disclosures
Number of properties	56		56
Number of tenants | tenant	90		90
Area of real estate property (sqft) | ft²	10		10
Number of reportable segments | segment	3
Proceeds from issuance of shares | $		$ 1,200
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 158.8
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 44.8
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.5		5.5
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties	69		69	69
Operating Real Estate | Multi-Family
Additional Disclosures
Number of properties	15		15
Operating Real Estate | Multi-Family | Thirteen Student Housing Developments
Additional Disclosures
Number of properties	13		13
Operating Real Estate | Multi-Family | Two Student Housing Operating Properties
Additional Disclosures
Number of properties	2		2

Basis of Presentation Basis o_2

Basis of Presentation Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)vie	Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)vie
Variable Interest Entity
Variable interest entities, count | vie	22			21
Variable interest entities consolidated, count | vie	21			20
Variable interest entities unconsolidated, count | vie	1			1
Equity investment in real estate	$ 18,316			$ 18,764
Operating lease, right of use asset	36,226
Operating lease liabilities — ground leases	9,409
Lease revenues — net-leased	30,914	$ 32,797
ASU 2016-02
Variable Interest Entity
Cumulative-effect adjustment for the adoption of new accounting pronouncements			$ (1,108)
Operating lease, right of use asset			36,700
Operating lease liabilities — ground leases			9,500
Reclassification of below market intangible assets, above market intangible liabilities, prepaid rent and deferred rent			$ (27,200)
Lease revenues — net-leased	(800)
Equity method investments
Variable Interest Entity
Equity investment in real estate	$ 18,300			$ 18,800

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Real estate — Land, buildings and improvements	$ 1,200,507	$ 1,210,776
Operating real estate — Land, buildings and improvements	507,071	503,149
Real estate under construction	180,558	152,106
In-place lease intangible assets	250,765	252,316
Right-of-use and other intangible assets	47,200	33,144
Accumulated depreciation and amortization	(292,718)	(280,608)
Cash and cash equivalents	140,142	170,914
Accounts receivable and other assets, net	192,233	197,403
Total assets	2,267,587	2,304,553
Liabilities
Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)	1,061,243	1,098,281
Bonds payable, net	140,750	139,146
Accounts payable, accrued expenses and other liabilities	139,736	132,065
Total liabilities	1,377,035	1,408,583
VIE
Assets
Real estate — Land, buildings and improvements	360,902	362,536
Operating real estate — Land, buildings and improvements	114,144	110,543
Real estate under construction	179,943	151,479
In-place lease intangible assets	85,120	86,011
Right-of-use and other intangible assets	23,698	17,223
Accumulated depreciation and amortization	(71,687)	(68,534)
Cash and cash equivalents	13,307	18,092
Accounts receivable and other assets, net	22,393	27,625
Total assets	727,820	704,975
Liabilities
Non-recourse mortgages, net, including debt attributable to Assets held for sale (Note 4)	278,570	284,669
Bonds payable, net	57,872	57,253
Accounts payable, accrued expenses and other liabilities	51,861	50,061
Total liabilities	$ 388,303	$ 391,983

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 140,142	$ 170,914
Restricted cash	21,657	19,924
Total cash and cash equivalents and restricted cash	$ 161,799	$ 190,838	$ 140,485	$ 90,183

Basis of Presentation - Account

Basis of Presentation - Accounts Receivable and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Notes receivable (Note 5)	$ 63,954	$ 63,954
Accounts receivable, net	31,735	31,302
Goodwill (Note 6)	26,367	26,354
Restricted cash	21,657	19,924
Equity investment in real estate (Note 4)	18,316	18,764
Prepaid expenses	4,237	12,890
Other assets	25,967	24,215
Accounts receivable and other assets, net	$ 192,233	$ 197,403

Basis of Presentation - Accou_2

Basis of Presentation - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred income taxes	$ 48,285	$ 47,956
Accounts payable and accrued expenses	35,839	35,260
Deferred revenue	16,396	18,545
Lease liability (Note 4)	9,409
Intangible liabilities, net (Note 6)	9,310	9,757
Other liabilities	20,497	20,547
Accounts payable, accrued expenses and other liabilities	$ 139,736	$ 132,065

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018	Jul. 31, 2016
Related Party Transaction
Advisory agreement, term	1 year
Advisory agreement additional renewal period. term	1 year
Advisory agreement, unpenalized cancellation period	60 days
Due from advisor	$ 500,000			$ 400,000
Maximum line of credit approved by directors					$ 50,000,000
Percentage of asset management fees payable in cash (percent)			50.00%
Due to Related Party
Underwriting compensation limit (as a percentage)	10.00%
Preferred return (as a percentage)	5.00%
Disposition fees	$ 1,117,000	$ 0
Personnel and overhead reimbursement (as a percentage)	1.00%
Legal fee reimbursement rate	0.25%
Distributions of available cash (as a percentage)	10.00%
Current
Due to Related Party
Acquisition fees (as a percentage)	2.50%
Deferred
Due to Related Party
Acquisition fees (as a percentage)	2.00%
Interest rate on deferred acquisition fee	2.00%
Accounts payable, accrued expenses and other liabilities
Due to Related Party
Estimated future payments	$ 3,300,000			$ 3,800,000
Class A common stock
Related Party Transaction
Net asset value (usd per share)				$ 8.73
Percentage of asset management fees payable in shares (percent)			50.00%
Number of shares held by advisor (shares)	115,444,107			114,589,333
Class C
Related Party Transaction
Number of shares held by advisor (shares)	31,840,141			31,641,265
Due to Related Party
Shareholder servicing fee (as a percentage)	1.00%
Real estate commission
Due to Related Party
Subordinated disposition fees (as a percentage)	50.00%
Contract sales price of investment
Due to Related Party
Subordinated disposition fees (as a percentage)	3.00%
Average invested asset
Due to Related Party
Percentage of operating expense reimbursement	2.00%
Adjusted net income
Due to Related Party
Percentage of operating expense reimbursement	25.00%
Minimum
Due to Related Party
Ownership Interest In joint venture (percentage)	50.00%
Minimum | Average market value of investment
Related Party Transaction
Asset management fees (as a percentage)	0.50%
Maximum
Due to Related Party
Acquisition fees (as a percentage)	6.00%
Ownership Interest In joint venture (percentage)	99.00%
Maximum | Average equity value of investment
Related Party Transaction
Asset management fees (as a percentage)	1.50%
Affiliated Entity | W.P. Carey
Related Party Transaction
Loan from related party	$ 0			$ 0
Affiliated Entity | Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares)	5,259,524
Advisor owned percentage of common stock	3.60%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amounts Included in the Condensed Consolidated Statements of Income
Operating expenses	$ 32,272	$ 37,270
Available Cash Distributions	1,848	1,905
Disposition fees	1,117	0
Personnel and overhead reimbursements	798	717
Interest expense on deferred acquisition fees and external joint venture loans	127	(62)
Director compensation	55	40
Operating expenses	6,813	5,474
Acquisition Fees Capitalized
Current acquisition fees	695	721
Deferred acquisition fees	555	577
Capitalized personnel and overhead reimbursements	89	112
Transaction fees incurred	1,339	1,410
Asset management fees
Amounts Included in the Condensed Consolidated Statements of Income
Operating expenses	$ 2,868	$ 2,874

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Due to Affiliates
Deferred acquisition fees, including accrued interest	$ 6,728	$ 8,720
Accounts payable and other	5,179	5,070
Asset management fees payable	967	972
Current acquisition fees	16	2,065
Due to affiliate	$ 12,890	$ 16,827

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	Feb. 08, 2019USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2018USD ($)
Real Estate Properties
Effect of exchange rate fluctuation			$ (4,242)	$ 11,577
Acquisition
Interest income from direct financing lease			$ 1,000	900
Number of properties under operating lease | property			10
Operating reimbursements			$ 200
Operating lease payments			100
Operating lease future payment, year one					$ 300
Operating lease future payment, year two					300
Operating lease future payment, year three					300
Operating lease future payment, year four					300
Operating lease future payment, year five					300
Operating lease future payment, subsequent to year five					8,800
Lease revenues — operating real estate			17,265	19,033
Capitalized funds			30,142
Capitalized interest			1,562
Placed into service			$ 1,165
Properties placed into service, count | property			2
Number of properties | property			56
Equity investment in real estate			$ 18,316		18,764
Noncash investing
Acquisition
Accrued liabilities			$ 500
Minimum
Acquisition
Operating lease remaining term			7 years
Maximum
Acquisition
Operating lease remaining term			984 years
Retail building located in Edinburgh, United Kingdom
Acquisition
Disopsal of real estate			$ 2,800
Real Estate
Real Estate Properties
Effect of exchange rate fluctuation			(6,600)
Acquisition
Depreciation expense			7,500	7,900
Real Estate | Student Housing In Pamplona, Spain
Acquisition
Investment purchase price	$ 11,100
Real Estate | Student Housing In Pamplona, Spain | Forecasted
Acquisition
Investment purchase price		$ 29,700
Operating Real Estate
Real Estate Properties
Effect of exchange rate fluctuation			2,500
Acquisition
Depreciation expense			$ 3,800	$ 4,400
Operating Real Estate | Self Storage
Acquisition
Number of properties | property			69	69
Operating Real Estate | Multi-Family
Acquisition
Change in real estate			$ (23,600)
Number of properties | property			15
Operating Real Estate | Two Student Housing Operating Properties | Multi-Family
Acquisition
Number of properties | property			2
Operating Real Estate | Residential Property | Multi-Family
Acquisition
Number of properties | property			1	6
Build To Suit Projects
Acquisition
Number of BTS projects | property			13
Unfunded commitment			$ 346,900
Build To Suit Projects | Equity method investments
Acquisition
Unfunded commitment			13,400
Build To Suit Projects | Initial Funding
Acquisition
Investment purchase price			11,100
Capitalized funds			19,000
Equity method investments
Acquisition
Equity investment in real estate			18,300		18,800
Equity method investment, liabilities			$ 31,500		$ 28,700
Equity method investments | Self Storage
Acquisition
Number of properties | property			4
Equity method investments ownership (percent)			90.00%
Equity method investment counterparty ownership percentage			10.00%
Euro
Real Estate Properties
Increase (decrease) in foreign currency exchange rate			(1.90%)
Foreign currency exchange rate			1.1235		1.1450
NOK
Real Estate Properties
Increase (decrease) in foreign currency exchange rate			1.00%
Foreign currency exchange rate			0.1151		0.1163
GBP
Real Estate Properties
Increase (decrease) in foreign currency exchange rate			2.30%
Foreign currency exchange rate			1.2800		1.3090

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	Mar. 31, 2019	Dec. 31, 2018
Investments in real estate:
Net investments in real estate	$ 1,935,212	$ 1,936,236
Real Estate
Investments in real estate:
Land	194,592	195,275
Buildings and improvements	1,005,915	1,015,501
Less: Accumulated depreciation	(118,667)	(112,061)
Net investments in real estate	1,081,840	1,098,715
Operating Real Estate
Investments in real estate:
Land	78,168	77,984
Buildings and improvements	428,903	425,165
Less: Accumulated depreciation	(45,800)	(41,969)
Net investments in real estate	$ 461,271	$ 461,180

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Operating Lease Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Operating Leases, Lease Income
Lease income — fixed	$ 42,028
Lease income — variable	5,186
Total operating lease income	$ 47,214

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Lease Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2019 (remainder)	$ 72,365
2020	95,113
2021	94,844
2022	95,054
2023	88,505
Thereafter	576,362
Total	$ 1,022,243

Real Estate, Operating Real E_7

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Lease Payments - Before Adoption (Details) $ in Thousands	Dec. 31, 2018USD ($)
Future Minimum Payments Receivable
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_8

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Operating Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease Cost
Fixed lease cost	$ 278
Total lease cost	$ 278

Real Estate, Operating Real E_9

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Supplemental Balance Sheet (Details) $ in Thousands	Mar. 31, 2019USD ($)
Real Estate [Abstract]
Operating ROU assets — ground leases	$ 36,226
Operating lease liabilities — ground leases	$ 9,409
Weighted-average remaining lease term — operating leases	47 years 2 months 12 days
Weighted-average discount rate — operating leases (percent)	7.00%

Real Estate, Operating Real _10

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Undiscounted Cash Flows (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Lease Liabilities, Payments Due
2019 (remainder)	$ 614
2020	742
2021	742
2022	742
2023	742
Thereafter	28,835
Total lease payments	32,417
Less: amount of lease payments representing interest	(23,008)
Present value of future lease payments/lease obligations	$ 9,409

Real Estate, Operating Real _11

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Real Estate Under Construction
Beginning balance	$ 152,106
Capitalized funds	30,142
Foreign currency translation adjustments	(2,087)
Capitalized interest	1,562
Placed into service	(1,165)
Ending balance	$ 180,558

Real Estate, Operating Real _12

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	Mar. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net	$ 0	$ 23,608
Operating real estate — Land, buildings and improvements | Assets held for sale, not included in discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net	0	26,277
In-place lease intangible assets | Assets held for sale, not included in discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net	0	1,090
Accumulated depreciation and amortization | Assets held for sale, not included in discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net	0	(3,759)
Assets held for sale, net | Assets held for sale, not included in discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net	0	23,608
Non-recourse mortgages, net, including debt attributable to Assets held for sale | Assets held for sale, not included in discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net	$ 0	$ 24,250

Finance Receivables - Narrative

Finance Receivables - Narratives (Details)	Apr. 09, 2019USD ($)	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable
Notes receivable		$ 63,954,000		$ 63,954,000
Number of properties | property		56
Proceeds from repayment of notes receivable		$ 0	$ 2,546,000
Interest income from direct financing lease		1,000,000	$ 900,000
Property Leased to Mills Fleet Farm Group LLC
Accounts, Notes, Loans and Financing Receivable
Notes receivable, principal amount		38,500,000
Senior notes		280,000,000
Notes receivable		$ 36,000,000		36,000,000
Number of properties | property		27
Property Leased to Mills Fleet Farm Group LLC | Subsequent Event
Accounts, Notes, Loans and Financing Receivable
Proceeds from repayment of notes receivable	$ 36,000,000
Property Leased to Mills Fleet Farm Group LLC | LIBOR
Accounts, Notes, Loans and Financing Receivable
Variable rate (percent)		10.00%
Cipriani
Accounts, Notes, Loans and Financing Receivable
Notes receivable, principal amount				$ 28,000,000
Accounts receivable, term				10 years
Stated interest rate (percent)				10.00%
Notes receivable		$ 28,000,000		$ 28,000,000
Cipriani | Third Party
Accounts, Notes, Loans and Financing Receivable
Senior notes				$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Lease payments receivable	$ 57,725
Unguaranteed residual value	39,402
Gross investments in direct financing leases	97,127
Less: unearned income	(55,298)
Net investment in direct financing leases	$ 41,829
Lease payments receivable		$ 58,353
Unguaranteed residual value		39,402
Gross investments in direct financing leases		97,755
Less: unearned income		(56,010)
Net investments in direct financing leases		$ 41,745

Finance Receivables - Future Le

Finance Receivables - Future Lease Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Direct Financing Lease Future Lease Future Lease Payments
2019 (remainder)	$ 2,553
2020	3,466
2021	3,533
2022	3,610
2023	3,688
Thereafter	40,875
Total undiscounted cash flows	$ 57,725

Finance Receivables - Future _2

Finance Receivables - Future Lease Payments - Before Adoption (Details) $ in Thousands	Dec. 31, 2018USD ($)
Future Lease Payments
2019	$ 3,375
2020	3,455
2021	3,523
2022	3,599
2023	3,677
Thereafter	40,724
Total undiscounted cash flows	$ 58,353

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2019USD ($)tenant	Dec. 31, 2018USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 105,783	$ 105,699
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	$ 15,685	$ 15,705
Internally Assigned Grade 3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying Value	$ 29,759	$ 29,751
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	2	2
Carrying Value	$ 60,339	$ 60,243
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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Intangible Assets And Liabilities [Abstract]
Net amortization of intangibles	$ 3.9	$ 5.3

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill
Goodwill - beginning balance	$ 26,354
Foreign currency translation	13
Goodwill - ending balance	$ 26,367

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 261,739	$ 285,460
Less: accumulated amortization	(128,251)	(126,578)
Finite-lived intangible assets, net	133,488	158,882
Goodwill	26,367	26,354
Total intangible assets, gross	288,106	311,814
Total intangible assets, net	159,855	185,236
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,212)	(15,414)
Finite Lived Intangible Liabilities Accumulated Amortization	5,902	5,657
Finite Lived Intangible Liabilities Net	(9,310)	(9,757)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(15,212)	(15,309)
Finite Lived Intangible Liabilities Accumulated Amortization	5,902	5,651
Finite Lived Intangible Liabilities Net	$ (9,310)	(9,658)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	6 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
Above-market ground lease
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	$ 0	(105)
Finite Lived Intangible Liabilities Accumulated Amortization	0	6
Finite Lived Intangible Liabilities Net	0	(99)
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	250,765	252,316
Less: accumulated amortization	(124,265)	(120,936)
Finite-lived intangible assets, net	$ 126,500	131,380
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
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 0	21,966
Less: accumulated amortization	0	(1,719)
Finite-lived intangible assets, net	0	20,247
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	10,974	11,178
Less: accumulated amortization	(3,986)	(3,923)
Finite-lived intangible assets, net	$ 6,988	$ 7,255
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

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value
Deferred financing costs	$ 6,534
Unamortized discount (premium)	(1,477)
Non recourse debt
Fair Value
Deferred financing costs	5,900	$ 6,200
Unamortized discount (premium)	3,500	3,500
Bonds payable
Fair Value
Deferred financing costs	600	700
Unamortized discount (premium)	$ (5,000)	$ (4,800)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Value
Liabilities
Debt, net	$ 1,201,993	$ 1,237,427
Notes receivable	63,954	63,954
Fair Value
Liabilities
Debt, net	1,230,036	1,257,032
Notes receivable	$ 66,154	$ 66,154

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	74 months
Collateral received	$ 0
Total credit exposure	3,100,000
Derivative in net liability position	1,200,000	1,300,000
Termination value of assets	1,300,000	$ 1,400,000
Individual Counterparty
Derivative
Total credit exposure	2,100,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	100,000
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ (1,500,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value
Derivative asset fair value	$ 3,313	$ 3,569
Derivative liability, fair value	(1,239)	(1,266)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	3,313	3,569
Derivative liability, fair value	(1,222)	(1,151)
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency forward contracts
Derivatives, Fair Value
Derivative asset fair value	1,856	2,011
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	1,024	750
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate swaps
Derivatives, Fair Value
Derivative asset fair value	433	808
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value	(180)	(622)
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	(1,042)	(529)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	0	0
Derivative liability, fair value	(17)	(115)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value	$ (17)	$ (115)

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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	$ (237)	$ (808)
Derivatives in Cash Flow Hedging Relationships | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	(887)	1,157
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	805	(1,205)
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	(157)	(629)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	1	18
Derivatives in Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	1	(126)
Derivatives in Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income	$ 0	$ (23)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income	$ 381	$ (46)
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income	346	222
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income	27	(83)
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income	11	(154)
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income	$ (3)	$ (31)

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	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 124	$ (161)
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	118	(151)
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	0	(6)
Derivatives 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	7	(10)
Derivatives 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	$ (1)	$ 6

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	Mar. 31, 2019USD ($)instrument	Mar. 31, 2019EUR (€)instrument
Derivative
Fair value	$ (609)
Interest rate swaps | USD
Derivative
Number of Instruments | instrument	10	10
Notional Amount	$ 98,918
Fair value	$ (544)
Interest rate swaps | Euro
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €		€ 9,664
Fair value	$ (65)
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	Mar. 31, 2019USD ($)instrument	Mar. 31, 2019NOK (kr)instrument	Mar. 31, 2019EUR (€)instrument
Derivative
Fair value	$ 2,683
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts and collars | Euro
Derivative
Number of Instruments | instrument	13	13	13
Notional Amount | €			€ 5,072
Fair value	$ 1,449
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts and collars | NOK
Derivative
Number of Instruments | instrument	7	7	7
Notional Amount | kr		kr 10,531
Fair value	$ 352
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	34	34	34
Notional Amount | €			€ 23,436
Fair value	$ 513
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	21	21	21
Notional Amount | kr		kr 42,480
Fair value	$ 246
Derivatives Designated as Hedging Instruments | Derivatives in Net Investment Hedging | Foreign currency forward contracts and collars | NOK
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount | kr		kr 2,568
Fair value	$ 55
Derivatives Designated as Hedging Instruments | Derivatives in Net Investment Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | kr		kr 9,350
Fair value	$ 85
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | €			€ 3,000
Fair value	$ (17)

Debt, net - Narratives (Details

Debt, net - Narratives (Details) - USD ($)	Mar. 04, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jul. 31, 2016
Debt Instruments
Debt instrument range, beginning		Dec. 31, 2019
Debt instrument range, ending		Dec. 31, 2039
Debt instrument maximum borrowing amount					$ 50,000,000
Proceeds from mortgage financing		$ 7,582,000	$ 77,920,000
Effect of exchange rate fluctuation		(4,242,000)	$ 11,577,000
Restricted cash		21,657,000		$ 19,924,000
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation		(2,500,000)
Accounts receivable and other assets, net
Debt Instruments
Restricted cash		2,500,000
Student Housing in Austin, Texas
Debt Instruments
Debt instrument maximum borrowing amount	$ 51,700,000
Variable interest rate (percent)	4.63%
Option extension period	1 year
Construction loan		$ 100,000
Student Housing in Barcelona, Spain
Debt Instruments
Stated interest rate (percent)		2.50%
Student Housing in Barcelona, Spain | Development
Debt Instruments
Proceeds from mortgage financing		$ 2,100,000
Student Housing in Barcelona, Spain | Furniture, fixtures and equipment
Debt Instruments
Proceeds from mortgage financing		$ 200,000
Student Housing in Barcelona, Spain | Additional development
Debt Instruments
Stated interest rate (percent)		2.50%
Proceeds from mortgage financing		$ 200,000
Student Housing in Portsmouth, United Kingdom
Debt Instruments
Variable interest rate (percent)		6.30%
Proceeds from mortgage financing		$ 1,000,000
Student Housing in Cardiff, United Kingdom
Debt Instruments
Stated interest rate (percent)		7.50%
Proceeds from mortgage financing		$ 700,000
Fixed Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate		1.70%
Fixed Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate		5.80%
Variable Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate		1.60%
Variable Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate		8.20%

Debt - Schedule of Debt Princip

Debt - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity
2019 (remainder)	$ 83,801
2020	88,996
2021	162,238
2022	118,598
2023	154,957
Thereafter through 2039	598,460
Long term debt gross	1,207,050
Unamortized deferred financing costs	(6,534)
Unamortized premium, net	1,477
Debt, net	$ 1,201,993	$ 1,237,427

Earnings Per Share and Equity -

Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Distributions Declared
Interest expense	$ 12,357	$ 12,930
Dividends payment	Apr. 15, 2019
Distributions payable	$ 22,416		$ 22,264
Class C
Distributions Declared
Interest expense	$ 100	$ 100
Distributions declared per share (in dollars per share)	$ 0.1373
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1563

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic and Diluted
Allocation of Net Income	$ 14,827	$ 10,327
Class A common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	115,497,094	112,113,960
Allocation of Net Income	$ 11,654	$ 8,110
Basic and diluted earnings per share (in dollars per share)	$ 0.10	$ 0.07
Class C common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	31,879,027	31,441,399
Allocation of Net Income	$ 3,173	$ 2,217
Basic and diluted earnings per share (in dollars per share)	$ 0.10	$ 0.07

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 895,970	$ 872,065
Amounts reclassified from accumulated other comprehensive income (loss) to:
Interest expense	12,357	12,930
Other Comprehensive (Loss) Income	(4,480)	10,918
Ending equity balance, value	890,552	879,202
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(50,593)	(33,212)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(54,915)	(23,911)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	2,215	(1,082)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	1,977	(1,741)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(52,808)	(32,130)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(56,892)	(22,170)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(4,099)	10,872
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(4,480)	10,918
AOCI Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(357)	(68)
Interest expense	(24)	114
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	143	(705)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(238)	(659)
Gains and (Losses) on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(357)	(68)
Interest expense	(24)	114
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(4,242)	11,577
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(4,242)	11,577
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	0	0
Interest expense	0	0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	158	(1,617)
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	0	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	$ 158	$ (1,617)

Property Dispositions (Details)

Property Dispositions (Details) - Properties that have been sold or classified as held for sale - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Revenues	$ 429	$ 6,830
Operating expenses	(139)	(5,362)
Gain on sale of real estate, net	15,408	0
Interest expense	(150)	(1,709)
Other gains and (losses)	(172)	(286)
(Provision for) benefit from income taxes	(7)	215
Net income attributable to noncontrolling interests	(2,874)	(2)
Income (loss) from properties sold, net of income taxes	$ 12,495	$ (314)

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) - USD ($) $ in Thousands	Mar. 22, 2019	Jan. 29, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate			$ 16,404	$ 771
Assets held for sale, net			$ 0		$ 23,608
Disposed of by Sale | Muti-family Home in Fort Walton Beach, FL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Ownership Interest In joint venture (percentage)		97.00%
Proceeds from sale of real estate		$ 13,100
Gain on sale of real estate, net		(15,400)
Net income attributable to noncontrolling interests		2,900
Disposed of by Sale | Muti-family Home in Fort Walton Beach, FL | Non-recourse mortgages, net, including debt attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Assets held for sale, net		$ 24,200
Disposed of by Sale | Retail building located in Edinburgh, United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate	$ 4,300
Gain on sale of real estate, net	(1,200)
Disposed of by Sale | Retail building located in Edinburgh, United Kingdom | Non-recourse mortgages, net, including debt attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Long-term debt	$ 2,500

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Apr. 01, 2019
Segment Reporting Information
Number of reportable segments | segment	3
Net Lease | Operating Segments
Segment Reporting Information
Straight line rent adjustment	$ 0.9	$ 1.3
Bad debt expense		$ 1.1
Net Lease | Operating Segments | Agrokor
Segment Reporting Information
Percentage of contractual rents collected (percent)	54.00%
Net Lease | Operating Segments | Agrokor | Subsequent Event
Segment Reporting Information
Percentage of rents converted to debt (percent)			72.00%

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information, Profit (Loss)
Revenues	$ 50,294	$ 54,435
Operating expenses	(32,272)	(37,270)
Gain on sale of real estate, net	15,408	0
Interest expense	(12,357)	(12,930)
Other income and (expenses), excluding interest expense and gain on sale of real estate, net	(476)	7,668
(Provision for) benefit from income taxes	(924)	415
Net income attributable to noncontrolling interests	(4,846)	(1,991)
Net Income Attributable to CPA:18 – Global	14,827	10,327
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	30,992	32,999
Operating expenses	(17,311)	(19,119)
Gain on sale of real estate, net	897	0
Interest expense	(8,736)	(8,858)
Other income and (expenses), excluding interest expense and gain on sale of real estate, net	43	4,351
(Provision for) benefit from income taxes	(360)	145
Net income attributable to noncontrolling interests	(209)	(94)
Net Income Attributable to CPA:18 – Global	5,316	9,424
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	14,839	13,966
Operating expenses	(8,745)	(9,349)
Interest expense	(3,426)	(3,094)
Other income and (expenses), excluding interest expense and gain on sale of real estate, net	(668)	(479)
(Provision for) benefit from income taxes	(33)	(27)
Net Income Attributable to CPA:18 – Global	1,967	1,017
Operating Segments | Multi-Family
Segment Reporting Information, Profit (Loss)
Revenues	2,622	5,690
Operating expenses	(1,634)	(4,162)
Gain on sale of real estate, net	14,514	0
Interest expense	(120)	(905)
Other income and (expenses), excluding interest expense and gain on sale of real estate, net	(39)	1
(Provision for) benefit from income taxes	(23)	13
Net income attributable to noncontrolling interests	(2,789)	8
Net Income Attributable to CPA:18 – Global	12,531	645
All Other
Segment Reporting Information, Profit (Loss)
Revenues	1,833	1,780
Operating expenses	(1)	(1)
Net Income Attributable to CPA:18 – Global	1,832	1,779
Corporate
Segment Reporting Information, Profit (Loss)
Net income attributable to noncontrolling interests	(1,848)	(1,905)
Unallocated Corporate Overhead	$ (4,971)	$ (633)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information, Additional Information
Assets	$ 2,267,587	$ 2,304,553
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets	1,402,568	1,461,385
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets	383,430	386,682
Operating Segments | Multi-Family
Segment Reporting Information, Additional Information
Assets	319,377	313,925
Corporate
Segment Reporting Information, Additional Information
Assets	97,736	78,099
All Other
Segment Reporting Information, Additional Information
Assets	$ 64,476	$ 64,462

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 09, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Events
Proceeds from repayment of notes receivable		$ 0	$ 2,546
Subsequent Event | Property Leased to Mills Fleet Farm Group LLC
Subsequent Events
Proceeds from repayment of notes receivable	$ 36,000

Uncategorized Items - cpa18-201

Label	Element	Value
Accounting Standards Update 2016-02 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,108,000)
Accounting Standards Update 2016-02 [Member] | Accumulated Distributions in Excess of Net Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,108,000)