Corporate Property Associates 18 Global (CPYA) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
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
Entity Shell Company	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		117,490,016
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,392,428

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,145,792	$ 1,210,776
Operating real estate — Land, buildings and improvements		533,610	503,149
Real estate under construction		192,993	152,106
Net investments in direct financing leases		41,932
Net investments in direct financing leases			41,745
In-place lease and other intangible assets		286,915	285,460
Investments in real estate		2,201,242	2,193,236
Accumulated depreciation and amortization		(316,732)	(280,608)
Assets held for sale, net		0	23,608
Net investments in real estate		1,884,510	1,936,236
Cash and cash equivalents		168,507	170,914
Accounts receivable and other assets, net		143,348	197,403
Total assets	[1]	2,196,365	2,304,553
Liabilities and Equity
Non-recourse secured debt, net		1,175,801	1,237,427
Accounts payable, accrued expenses and other liabilities		140,619	132,065
Due to affiliates		12,166	16,827
Distributions payable		22,628	22,264
Total liabilities	[1]	1,351,214	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		1,312,108	1,290,888
Distributions and accumulated losses		(453,290)	(411,464)
Accumulated other comprehensive loss		(72,510)	(50,593)
Total stockholders’ equity		786,456	828,977
Noncontrolling interests		58,695	66,993
Total equity		845,151	895,970
Total liabilities and equity		2,196,365	2,304,553
Class A common stock
Liabilities and Equity
Common stock		116	114
Class C common stock
Liabilities and Equity
Common stock		$ 32	$ 32
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 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)	116,505,536	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)	32,105,792	31,641,265

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Lease revenues — net-leased	$ 29,596	$ 32,382	$ 90,619	$ 98,271
Lease revenues — operating real estate	17,405	20,167	51,967	58,711
Other operating and interest income	2,090	2,608	5,826	8,013
Revenues	49,091	55,157	148,412	164,995
Operating Expenses
Depreciation and amortization	18,163	16,520	50,715	51,044
Property expenses	7,993	9,753	24,794	29,777
Operating real estate expenses	7,370	9,148	20,451	25,527
General and administrative	2,211	1,927	6,070	5,389
Operating Expenses	35,737	37,348	102,030	111,737
Other Income and Expenses
Interest expense	(11,739)	(13,624)	(36,140)	(39,848)
Gain on sale of real estate, net	8,548	52,193	24,606	52,193
Equity in losses of equity method investment in real estate	(337)	(148)	(1,588)	(707)
Other gains and (losses)	258	(801)	1,732	5,119
Other Income and Expenses	(3,270)	37,620	(11,390)	16,757
Income before income taxes	10,084	55,429	34,992	70,015
Benefit from income taxes	380	58	323	771
Net Income	10,464	55,487	35,315	70,786
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,619, $1,710, $5,572, and $6,445, respectively)	(1,505)	(10,003)	(8,451)	(15,309)
Net Income Attributable to CPA:18 – Global	8,959	45,484	26,864	55,477
Class A
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 7,048	$ 35,630	$ 21,145	$ 43,497
Basic and diluted weighted-average shares outstanding (shares)	116,843,927	113,800,898	116,188,858	112,981,455
Basic and diluted earnings per share (in dollars per share)	$ 0.06	$ 0.31	$ 0.18	$ 0.38
Class C
Other Income and Expenses
Interest expense	$ (100)	$ (100)	$ (100)	$ (200)
Net Income Attributable to CPA:18 – Global	$ 1,911	$ 9,854	$ 5,719	$ 11,980
Basic and diluted weighted-average shares outstanding (shares)	32,226,626	31,654,504	32,056,045	31,563,948
Basic and diluted earnings per share (in dollars per share)	$ 0.06	$ 0.31	$ 0.18	$ 0.38

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Distributions of available cash	$ 1,619	$ 1,710	$ 5,572	$ 6,445

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 10,464	$ 55,487	$ 35,315	$ 70,786
Other Comprehensive Loss
Foreign currency translation adjustments	(21,817)	(2,659)	(22,401)	(13,664)
Unrealized gain (loss) on derivative instruments	670	772	(1,539)	3,531
Other Comprehensive Loss	(21,147)	(1,887)	(23,940)	(10,133)
Comprehensive (Loss) Income	(10,683)	53,600	11,375	60,653
Amounts Attributable to Noncontrolling Interests
Foreign currency translation adjustments	2,196	260	2,023	969
Net income	(1,505)	(10,003)	(8,451)	(15,309)
Comprehensive loss (income) attributable to noncontrolling interests	691	(9,743)	(6,428)	(14,340)
Comprehensive (Loss) Income Attributable to CPA:18 – Global	$ (9,992)	$ 43,857	$ 4,947	$ 46,313

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	32,992			32,992	$ 3	$ 1	32,988
Shares issued, shares					2,986,360	927,854
Shares issued to affiliate, value	9,077			9,077	$ 1		9,076
Shares issued to affiliate, shares					1,073,569
Shares issued to directors, value	75			75			75
Shares issued to directors, shares					8,753
Contributions from noncontrolling interests	3,583									3,583
Distributions to noncontrolling interests	(18,970)									(18,970)
Distributions declared	(65,923)			(65,923)				(65,923)
Net Income	70,786			55,477				55,477		15,309
Other comprehensive (loss) income:
Foreign currency translation adjustments	(13,664)			(12,695)					(12,695)	(969)
Unrealized gain (loss) on derivative instruments	3,531			3,531					3,531
Repurchase of shares, value	(17,256)			(17,256)			(17,256)
Repurchase of shares, shares					(1,497,823)	(587,040)
Ending equity balance, value at Sep. 30, 2018	876,296			810,042	$ 114	$ 32	1,282,723	(430,451)	(42,376)	66,254
Ending equity balance, shares at Sep. 30, 2018					113,764,510	31,529,951
Beginning equity balance, value at Jun. 30, 2018	844,862			779,257	$ 113	$ 31	1,273,685	(453,823)	(40,749)	65,605
Beginning equity balance, shares at Jun. 30, 2018					112,849,543	31,410,984
Statements of Equity
Shares issued, value	10,978			10,978	$ 1	$ 1	10,976
Shares issued, shares					978,213	302,680
Shares issued to affiliate, value	3,106			3,106			3,106
Shares issued to affiliate, shares					362,412
Shares issued to directors, value	75			75			75
Shares issued to directors, shares					8,753
Contributions from noncontrolling interests	2,409									2,409
Distributions to noncontrolling interests	(11,503)									(11,503)
Distributions declared	(22,112)			(22,112)				(22,112)
Net Income	55,487			45,484				45,484		10,003
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2,659)			(2,399)					(2,399)	(260)
Unrealized gain (loss) on derivative instruments	772			772					772
Repurchase of shares, value	(5,119)			(5,119)			(5,119)
Repurchase of shares, shares					(434,411)	(183,713)
Ending equity balance, value at Sep. 30, 2018	876,296			810,042	$ 114	$ 32	1,282,723	(430,451)	(42,376)	66,254
Ending equity balance, shares at Sep. 30, 2018					113,764,510	31,529,951
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	32,925			32,925	$ 3	$ 1	32,921
Shares issued, shares					2,886,630	884,732
Shares issued to affiliate, value	4,817			4,817	$ 1		4,816
Shares issued to affiliate, shares					549,408
Shares issued to directors, value	80			80			80
Shares issued to directors, shares					9,164
Contributions from noncontrolling interests	2,511									2,511
Distributions to noncontrolling interests	(17,237)									(17,237)
Distributions declared	(67,582)			(67,582)				(67,582)
Net Income	35,315			26,864				26,864		8,451
Other comprehensive (loss) income:
Foreign currency translation adjustments	(22,401)			(20,378)					(20,378)	(2,023)
Unrealized gain (loss) on derivative instruments	(1,539)			(1,539)					(1,539)
Repurchase of shares, value	(16,600)			(16,600)	$ (2)	$ (1)	(16,597)
Repurchase of shares, shares					(1,528,999)	(420,205)
Ending equity balance, value at Sep. 30, 2019	845,151			786,456	$ 116	$ 32	1,312,108	(453,290)	(72,510)	58,695
Ending equity balance, shares at Sep. 30, 2019		116,505,536	32,105,792		116,505,536	32,105,792
Beginning equity balance, value at Jun. 30, 2019	876,973			813,889	$ 115	$ 32	1,306,923	(439,622)	(53,559)	63,084
Beginning equity balance, shares at Jun. 30, 2019					116,033,328	32,002,614
Statements of Equity
Shares issued, value	10,955			10,955	$ 1	$ 0	10,954
Shares issued, shares					961,464	293,499
Shares issued to affiliate, value	1,455			1,455			1,455
Shares issued to affiliate, shares					164,461
Shares issued to directors, value	80			80			80
Shares issued to directors, shares					9,164
Distributions to noncontrolling interests	(3,698)									(3,698)
Distributions declared	(22,627)			(22,627)				(22,627)
Net Income	10,464			8,959				8,959		1,505
Other comprehensive (loss) income:
Foreign currency translation adjustments	(21,817)			(19,621)					(19,621)	(2,196)
Unrealized gain (loss) on derivative instruments	670			670					670
Repurchase of shares, value	(7,304)			(7,304)	$ 0	$ 0	(7,304)
Repurchase of shares, shares					(662,881)	(190,321)
Ending equity balance, value at Sep. 30, 2019	$ 845,151			$ 786,456	$ 116	$ 32	$ 1,312,108	$ (453,290)	$ (72,510)	$ 58,695
Ending equity balance, shares at Sep. 30, 2019		116,505,536	32,105,792		116,505,536	32,105,792

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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)	0.1376
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	0.1563	$ 0.1563	$ 0.4689	$ 0.4689
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1376	$ 0.1374	$ 0.4125	$ 0.4127

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 71,662	$ 79,184
Cash Flows — Investing Activities
Funding and advances for build-to-suit and development projects	(70,098)	(68,337)
Proceeds from sale of real estate	51,297	82,533
Proceeds from repayment of notes receivable	35,954	2,546
Acquisitions of real estate, build-to-suit and development projects	(12,946)	(57,951)
Value added taxes refunded in connection with acquisitions of real estate	8,819	4,436
Value added taxes paid in connection with acquisitions of real estate	(5,499)	(6,193)
Payment of deferred acquisition fees to an affiliate	(3,628)	(2,976)
Return of capital from equity investments	3,159	0
Capital expenditures on real estate	(2,206)	(9,902)
Proceeds from insurance settlements	1,084	7,184
Other investing activities, net	(388)	306
Net Cash Provided by (Used in) Investing Activities	5,548	(48,354)
Cash Flows — Financing Activities
Distributions paid	(67,218)	(65,495)
Scheduled payments and prepayments of mortgage principal	(49,799)	(50,627)
Proceeds from mortgage financing	36,445	142,205
Proceeds from issuance of shares	31,365	31,419
Repurchase of shares	(16,600)	(17,256)
Distributions to noncontrolling interests	(15,406)	(15,595)
Contributions from noncontrolling interests	2,511	1,306
Other financing activities, net	(139)	(222)
Net Cash (Used in) Provided by Financing Activities	(78,841)	25,735
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	(2,140)	(2,972)
Net (decrease) increase in cash and cash equivalents and restricted cash	(3,771)	53,593
Cash and cash equivalents and restricted cash, beginning of period	190,838	90,183
Cash and cash equivalents and restricted cash, end of period	$ 187,067	$ 143,776

Organization

Organization	9 Months Ended
	Sep. 30, 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 taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, 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. 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 earn student housing and multi-family residential revenue primarily from leases of one year or less with the individual students and tenants, respectively. Our last multi-family residential property was sold on January 29, 2019 , and as of that date, we no longer earn revenue from multi-family residential tenants. 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 September 30, 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 September 30, 2019 , our net lease portfolio was comprised of full or partial ownership interests in 46 properties, substantially all of which were fully-occupied and triple-net leased to 50 tenants totaling 9.6 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 68 self-storage properties, 12 student housing development projects and three student housing operating properties, totaling 5.6 million square feet. We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. 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 Other Operating Properties segment is comprised of our investments in student housing development projects, student housing operating properties and multi-family residential properties (our last multi-family residential property was sold in January 2019). In addition, we have an All Other category that includes our notes receivable investments , one of which was repaid during the second quarter of 2019 ( Note 13 ). 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 September 30, 2019 , $175.6 million and $50.0 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	9 Months Ended
	Sep. 30, 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 VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2018 Annual Report. As of both September 30, 2019 and December 31, 2018 , we considered 21 entities to be VIEs, 20 of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): September 30, 2019 December 31, 2018 Real estate — Land, buildings and improvements $ 352,213 $ 362,536 Operating real estate — Land, buildings and improvements 109,124 110,543 Real estate under construction 192,397 151,479 In-place lease and other intangible assets 106,056 103,234 Accumulated depreciation and amortization (83,849 ) (68,534 ) Total assets 712,775 704,975 Non-recourse secured debt, net $ 330,274 $ 341,922 Total liabilities 382,321 391,983 As of both September 30, 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 September 30, 2019 and December 31, 2018 , the net carrying amount of this equity investment was $14.9 million and $18.8 million , respectively, and our maximum exposure to loss in this entity is limited to our investment. Foreign Currencies We are subject to fluctuations in exchange rates between foreign currencies and the U.S. dollar (primarily the euro and the Norwegian krone and, to a lesser extent, the British pound sterling). The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: September 30, 2019 December 31, 2018 Percent Change British Pound Sterling $ 1.2294 $ 1.2800 (4.0 )% Euro 1.0889 1.1450 (4.9 )% Norwegian Krone 0.1100 0.1151 (4.4 )% 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, which did not have a material impact on our condensed consolidated financial statements. In the second quarter of 2019, we reclassified right-of-use (“ROU”) and other intangible assets to be included within In-place lease and other intangible assets in our consolidated balance sheets. Additionally, we reclassified non-recourse mortgages, net and bonds payable, net to be included within Non-recourse secured debt, net in our consolidated balance sheets. Prior period balances have been reclassified to conform to the current period presentation. 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): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 168,507 $ 170,914 Restricted cash (a) 18,560 19,924 Total cash and cash equivalents and restricted cash $ 187,067 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets. Deferred Income Taxes Our deferred tax liabilities were $46.7 million and $48.0 million at September 30, 2019 and December 31, 2018, respectively, and are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Our deferred tax assets, net of valuation allowances, were $1.3 million and $1.5 million at September 30, 2019 and December 31, 2018, respectively, and are included in Accounts receivable and other assets, net in the condensed consolidated financial statements. Recent Accounting Pronouncements Pronouncements Adopted through September 30, 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 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 land lease intangible assets, above market land lease intangible liabilities, and prepaid 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 were not materially impacted by this change. 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 September 30, 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 is expected to apply to Net investments in direct financing leases and notes receivable within Accounts receivable and other assets, net on our condensed consolidated balance sheets. 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	9 Months Ended
	Sep. 30, 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, day-to-day management, 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 in accordance with the terms of the relevant agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Amounts Included in the Condensed Consolidated Statements of Income Asset management fees $ 2,929 $ 3,117 $ 8,656 $ 9,142 Available Cash Distributions 1,619 1,710 5,572 6,445 Personnel and overhead reimbursements 1,080 870 2,661 2,303 Interest expense on deferred acquisition fees and external joint venture loans 128 100 383 58 Disposition fees — — 1,117 — $ 5,756 $ 5,797 $ 18,389 $ 17,948 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 2 $ 313 $ 91 $ 684 Current acquisition fees — 3,085 695 6,185 Deferred acquisition fees — 2,468 555 4,948 $ 2 $ 5,866 $ 1,341 $ 11,817 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): September 30, 2019 December 31, 2018 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,826 $ 5,070 Deferred acquisition fees, including accrued interest 5,344 8,720 Asset management fees payable 969 972 Current acquisition fees 27 2,065 $ 12,166 $ 16,827 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of September 30, 2019 and December 31, 2018 , loans due to our joint venture partners, including accrued interest, were $4.5 million and $3.5 million , respectively. 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 September 30, 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 $8.91 as of June 30, 2019. 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 September 30, 2019 , our Advisor owned 5,588,693 shares, or 3.8% , of our outstanding Class A common stock. Asset management fees are included in Property expenses 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 September 30, 2019 and December 31, 2018 . The preferred return will continue to be assessed on a cumulative basis for the remainder of the fiscal year. 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 nine months ended September 30, 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 September 30, 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 the percentage 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 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. In addition, 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. 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 our 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 an asset acquisition. 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 September 30, 2019 , we owned interests ranging from 50% to 100% 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.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Land $ 184,653 $ 195,275 Buildings and improvements 961,139 1,015,501 Less: Accumulated depreciation (126,212 ) (112,061 ) $ 1,019,580 $ 1,098,715 The carrying value of our Real Estate — Land, buildings and improvements decreased by $31.9 million from December 31, 2018 to September 30, 2019 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our real estate was $7.1 million and $7.8 million for the three months ended September 30, 2019 and 2018 , respectively, and $22.0 million and $23.6 million for the nine months ended September 30, 2019 and 2018 , respectively. Dispositions of Real Estate During the nine months ended September 30, 2019 , we sold the 11 properties in our United Kingdom portfolio (the “Truffle portfolio”). As a result, the carrying value of our real estate properties decreased by $26.0 million from December 31, 2018 to September 30, 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 are as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease revenues — net-leased Lease income — fixed $ 24,797 $ 75,598 Lease income — variable (a) 3,859 12,177 Total operating lease income (b) $ 28,656 $ 87,775 Lease revenues — operating real estate Lease income — fixed $ 16,758 $ 50,038 Lease income — variable (c) 648 1,932 Total operating lease income $ 17,406 $ 51,970 ___________ (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) The three and nine months ended September 30, 2019 excludes $0.9 million and $2.8 million , respectively, of interest income from direct financing leases that is included in Lease revenues — net-leased in the condensed consolidated statements of income. (c) Primarily comprised of late fees and administrative fees revenues. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases at September 30, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 23,500 2020 93,270 2021 93,328 2022 93,868 2023 87,271 Thereafter 533,773 Total $ 925,010 Scheduled future lease payments to be received (exclusive of 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 See Note 5 for scheduled future lease payments to be received under non-cancelable direct financing leases. Lease Cost During the three and nine months ended September 30, 2019 total lease cost for operating leases totaled $0.3 million and $0.8 million , respectively. Additionally, we recognized reimbursable ground rent totaling approximately $0.1 million and $0.3 million , respectively, 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 September 30, 2019 Operating ROU assets — land leases In-place lease and other intangible assets $ 33,827 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 7,915 Weighted-average remaining lease term — operating leases (a) 43.5 years Weighted-average discount rate — operating leases (a) 6.8 % Number of land lease arrangements (b) 8 Lease term range 6 – 983 years ___________ (a) Excludes a $6.8 million ROU land lease asset related to the student housing development project located in Swansea, United Kingdom as it has no future obligation during the remaining 983 -year lease term. (b) During the three months ended September 30, 2019 , two land leases were transferred to the buyer upon sale of our Truffle Portfolio ( Note 12 ). Cash paid for operating lease liabilities included in the Net cash provided by operating activities for the nine months ended September 30, 2019 was $0.6 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 September 30, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 71 2020 639 2021 639 2022 639 2023 639 Thereafter 22,520 Total lease payments 25,147 Less: amount of lease payments representing interest (17,232 ) Present value of future lease payments/lease obligations $ 7,915 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 (o ur last multi-family residential property was sold on January 29, 2019 ), is summarized as follows (in thousands): September 30, 2019 December 31, 2018 Land $ 77,662 $ 77,984 Buildings and improvements (a) 455,948 425,165 Less: Accumulated depreciation (53,403 ) (41,969 ) $ 480,207 $ 461,180 ___________ (a) Amount includes $31.3 million as a result of the substantial completion of the student housing operating property located in Barcelona, Spain on July 2, 2019 (based on the exchange rate of the euro at the date in which assets were placed into service). The carrying value of our Operating real estate — land, buildings and improvements decreased by $5.5 million from December 31, 2018 to September 30, 2019 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our operating real estate was $4.0 million and $4.3 million for the three months ended September 30, 2019 and 2018 , respectively, and $11.6 million and $13.1 million for the nine months ended September 30, 2019 and 2018 , respectively. Dispositions of Operating Real Estate During the nine months ended September 30, 2019 , we sold our last multi-family residential property, which was previously classified as held for sale at December 31, 2018 ( Note 12 ). Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Nine Months Ended September 30, 2019 Beginning balance $ 152,106 Capitalized funds 76,928 Placed into service (34,433 ) Foreign currency translation adjustments (6,770 ) Capitalized interest 5,162 Ending balance $ 192,993 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 nine months ended September 30, 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 $65.8 million . Capitalized funds include accrued costs of $2.6 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 $5.2 million during the nine months ended September 30, 2019 , which is a non-cash investing activity. Placed into Service During the three months ended September 30, 2019 , upon the substantial completion of the student housing development project located in Barcelona, Spain, we reclassified $31.3 million from Real estate under construction to Operating real estate — Land, buildings and improvements on our condensed consolidated financial statements. Additionally, during the nine months ended September 30, 2019 , we placed into service $3.1 million relating to the remaining portion of two substantially completed student housing operating properties, all of which are non-cash investing activities. Ending Balance At September 30, 2019 , we had 12 open development projects, with aggregate unfunded commitments of approximately $293.3 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): September 30, 2019 December 31, 2018 Operating real estate — Land, buildings and improvements $ — $ 26,277 In-place lease and other intangible assets — 1,090 Accumulated depreciation and amortization — (3,759 ) Assets held for sale, net $ — $ 23,608 Non-recourse secured debt, net $ — $ 24,250 At December 31, 2018 , we had one multi-family residential property classified as Assets held for sale, net, 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 three self-storage facilities in Canada. This entity was jointly owned with a third party, which is also the general partner of the joint venture. On April 15, 2019, the joint-venture agreement was amended and our ownership and economic interest in the joint venture increased from 90% to 100% . We continue to not consolidate this entity because we are not the primary beneficiary due to shared decision making with the general partner and the nature of our involvement in the activities, which allows us to exercise significant influence, but does not give us power over decisions that significantly affect the economic performance of the entity. On August 15, 2019, we closed on the disposition and transfer of ownership of the development project located in Vaughan, Canada. In conjunction with this disposal, we recognized equity income of $0.2 million during the three months ended September 30, 2019 , which is included in Equity in losses of equity method investment in real estate in our condensed consolidated financial statements. At September 30, 2019 and December 31, 2018 , our total equity investment balance for these self-storage properties was $14.9 million and $18.8 million , respectively, which is included in Accounts receivable and other assets, net in the condensed consolidated financial statements. At September 30, 2019 and December 31, 2018 , the joint venture had total third-party recourse debt of $31.7 million and $28.7 million , respectively.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 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. See Note 2 and Note 4 for information on ROU operating lease assets recognized on our condensed consolidated balance sheets. Notes Receivable At September 30, 2019 , our notes receivable consisted of 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. At both September 30, 2019 and December 31, 2018 , the balance for this note receivable remained $28.0 million . On April 9, 2019, we received full repayment totaling $36.0 million on the Mills Fleet Farm Group LLC mezzanine loan (“Mills Fleet”), which was the balance that remained at December 31, 2018 . Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): September 30, 2019 December 31, 2018 Lease payments receivable $ 56,030 $ 58,353 Unguaranteed residual value 39,402 39,402 95,432 97,755 Less: unearned income (53,500 ) (56,010 ) $ 41,932 $ 41,745 Interest income from direct financing leases was $0.9 million for both three months ended September 30, 2019 and 2018 , respectively, and $2.8 million and $2.7 million for the nine months ended September 30, 2019 and 2018 , respectively, and is included in Lease revenues — net-leased in our condensed consolidated statements of income. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of September 30, 2019 were as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 858 2020 3,466 2021 3,533 2022 3,610 2023 3,688 Thereafter 40,875 Total undiscounted cash flows $ 56,030 Scheduled future lease payments to be received (exclusive of 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 See Note 4 for scheduled lease payments to be received under non-cancelable operating leases. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. As of both September 30, 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 nine months ended September 30, 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. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates inclusion on the watch list to risk of default. 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 1-3 4 4 $ 45,422 $ 45,456 4 1 2 24,510 60,243 5 — — — — 0 $ 69,932 $ 105,699

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2019
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In-place lease and above-market rent intangibles are included in In-place lease and other intangible assets in the condensed consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Goodwill is included in our Net Lease segment and included in Accounts receivable and other assets, net in the condensed consolidated financial statements. As a result of foreign currency translation adjustments, goodwill decreased from $26.4 million as of December 31, 2018 to $25.2 million as of September 30, 2019 . Intangible assets and liabilities are summarized as follows (in thousands): September 30, 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 $ 243,032 $ (133,245 ) $ 109,787 $ 252,316 $ (120,936 ) $ 131,380 Above-market rent 5 – 30 10,056 (3,872 ) 6,184 11,178 (3,923 ) 7,255 Below-market ground lease (a) N/A — — — 21,966 (1,719 ) 20,247 253,088 (137,117 ) 115,971 285,460 (126,578 ) 158,882 Indefinite-Lived Intangible Assets Goodwill 25,225 — 25,225 26,354 — 26,354 Total intangible assets $ 278,313 $ (137,117 ) $ 141,196 $ 311,814 $ (126,578 ) $ 185,236 Finite-lived Intangible Liabilities Below-market rent 6 – 30 $ (14,928 ) $ 6,304 $ (8,624 ) $ (15,309 ) $ 5,651 $ (9,658 ) Above-market ground lease (a) N/A — — — (105 ) 6 (99 ) Total intangible liabilities $ (14,928 ) $ 6,304 $ (8,624 ) $ (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 In-place lease and other intangibles in our condensed consolidated balance sheets. Net amortization of intangibles, including the effect of foreign currency translation, was $7.0 million and $4.4 million for the three months ended September 30, 2019 and 2018 , respectively, and $16.8 million and $14.3 million for the nine months ended September 30, 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 (now classified as ROU assets within In-place lease and other intangible assets, as described above) is included in Property expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments 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 and nine months ended September 30, 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): September 30, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,175,801 $ 1,216,072 $ 1,237,427 $ 1,257,032 Notes receivable (c) 3 28,000 30,200 63,954 66,154 ___________ (a) As of September 30, 2019 and December 31, 2018 , the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.4 million and $6.9 million , respectively. As of September 30, 2019 and December 31, 2018 , the carrying value of Non-recourse secured debt, net, includes unamortized premium, net of $2.3 million and $1.3 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse secured debt, 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 September 30, 2019 and December 31, 2018 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 (loss) 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 our 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 (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) 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 September 30, 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Foreign currency collars Accounts receivable and other assets, net $ 2,134 $ 750 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 1,332 2,011 — — Interest rate swaps Accounts receivable and other assets, net 53 808 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2,655 ) (529 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (622 ) 3,519 3,569 (2,655 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities 66 — — (115 ) Interest rate swap Accounts payable, accrued expenses and other liabilities — — (53 ) — 66 — (53 ) (115 ) Total derivatives $ 3,585 $ 3,569 $ (2,708 ) $ (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 (Loss) Income Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Foreign currency collars $ 1,313 $ 431 $ 2,034 $ 1,852 Interest rate swaps (537 ) 523 (2,952 ) 2,043 Foreign currency forward contracts (108 ) (186 ) (626 ) (388 ) Interest rate cap 2 4 5 24 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 71 3 53 (43 ) Foreign currency forward contracts 8 — 23 — Total $ 749 $ 775 $ (1,463 ) $ 3,488 ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 362 $ 285 $ 1,046 $ 744 Foreign currency collars Other gains and (losses) 48 (72 ) 98 (252 ) Interest rate swaps Interest expense (35 ) (70 ) 14 (229 ) Interest rate cap Interest expense (4 ) (7 ) (10 ) (46 ) Total $ 371 $ 136 $ 1,148 $ 217 Amounts reported in Other comprehensive (loss) 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 (loss) 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 September 30, 2019 , we estimated that an additional $0.7 million and $1.8 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency collars Other gains and (losses) $ 166 $ — $ 279 $ (95 ) Interest rate swap Interest expense (2 ) 16 6 (31 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense — 17 12 22 Foreign currency collars Other gains and (losses) — — 7 (15 ) Total $ 164 $ 33 $ 304 $ (119 ) 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 secured debt 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 September 30, 2019 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at September 30, 2019 (a) Interest rate swaps 10 98,268 USD $ (2,602 ) Interest rate cap 1 5,700 USD — Derivatives Not Designated as Hedging Instruments Interest rate swap 1 9,424 EUR (53 ) $ (2,655 ) ___________ (a) Fair value amount is based on the exchange rate of the euro as of September 30, 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 September 30, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 27 19,322 EUR $ 1,507 Foreign currency forward contracts 9 3,546 EUR 1,176 Foreign currency collars 19 37,820 NOK 474 Foreign currency forward contracts 3 4,018 NOK 156 Designated as Net Investment Hedging Instruments Foreign currency collars 2 9,350 NOK 153 Not Designated as Hedging Instruments Foreign currency collar 1 1,500 EUR 66 $ 3,532 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 September 30, 2019 . At September 30, 2019 , our total credit exposure was $3.1 million and the maximum exposure to any single counterparty was $1.9 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of September 30, 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 $2.7 million and $1.3 million as of September 30, 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 September 30, 2019 or December 31, 2018 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.8 million and $1.4 million , respectively.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Non-recourse secured debt, net	Non-Recourse Secured Debt, Net Non-recourse secured debt, net is collateralized by the assignment of real estate properties. At September 30, 2019 , the weighted-average interest rates for our fixed-rate and variable-rate non-recourse secured debt were 4.0% and 4.8% , respectively, 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 ( 4.2% at September 30, 2019 ), 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 September 30, 2019 , we had drawn $11.6 million on the construction loan. 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) $ 78,526 2020 65,983 2021 158,230 2022 116,008 2023 165,024 Thereafter through 2039 595,136 Total principal payments 1,178,907 Unamortized deferred financing costs (5,443 ) Unamortized premium, net 2,337 Total $ 1,175,801 Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2019 . The carrying value of our Non-recourse secured debt, net decreased by $25.9 million in the aggregate from December 31, 2018 to September 30, 2019 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 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 statements of income or results of operations. See Note 4 for unfunded construction commitments.

Earnings Per Share and Equity

Earnings Per Share and Equity	9 Months Ended
	Sep. 30, 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 September 30, 2019 Three Months Ended September 30, 2018 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,843,927 $ 7,048 $ 0.06 113,800,898 $ 35,630 $ 0.31 Class C common stock 32,226,626 1,911 0.06 31,654,504 9,854 0.31 Net income attributable to CPA:18 – Global $ 8,959 $ 45,484 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,188,858 $ 21,145 $ 0.18 112,981,455 $ 43,497 $ 0.38 Class C common stock 32,056,045 5,719 0.18 31,563,948 11,980 0.38 Net income attributable to CPA:18 – Global $ 26,864 $ 55,477 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 and nine months ended September 30, 2019 , respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2018 , respectively ( Note 3 ). Distributions For the three months ended September 30, 2019 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock a nd $0.1376 per share for our Class C common stock, which was paid on October 15, 2019 to stockholders of record on September 30, 2019 , in the amount of $22.6 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 September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 6 $ (53,565 ) $ (53,559 ) Other comprehensive loss before reclassifications 1,041 (21,817 ) (20,776 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (410 ) — (410 ) Interest expense 39 — 39 Net current-period other comprehensive loss 670 (21,817 ) (21,147 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,196 2,196 Ending balance $ 676 $ (73,186 ) $ (72,510 ) Three Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 1,677 $ (42,426 ) $ (40,749 ) Other comprehensive loss before reclassifications 908 (2,659 ) (1,751 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (213 ) — (213 ) Interest expense 77 — 77 Net current-period other comprehensive loss 772 (2,659 ) (1,887 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 260 260 Ending balance $ 2,449 $ (44,825 ) $ (42,376 ) Nine Months Ended September 30, 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 (391 ) (22,401 ) (22,792 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,144 ) — (1,144 ) Interest expense (4 ) — (4 ) Net current-period other comprehensive loss (1,539 ) (22,401 ) (23,940 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,023 2,023 Ending balance $ 676 $ (73,186 ) $ (72,510 ) Nine Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,082 ) $ (32,130 ) $ (33,212 ) Other comprehensive loss before reclassifications 3,748 (13,664 ) (9,916 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (492 ) — (492 ) Interest expense 275 — 275 Net current-period other comprehensive loss 3,531 (13,664 ) (10,133 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 969 969 Ending balance $ 2,449 $ (44,825 ) $ (42,376 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive (loss) income for the periods presented.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 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. Operating Real Estate — Land, Buildings and Improvements 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 non-recourse mortgage loan outstanding on this property totaling $24.2 million . Real Estate — Land, Buildings and Improvements During the nine months ended September 30, 2019 , we sold the 11 properties in our Truffle portfolio, for total proceeds of $39.3 million , net of closing costs, and recognized an aggregate gain on sale of $10.3 million . Additionally, at closing we repaid the non-recourse mortgage loan totaling $22.7 million encumbering these properties (amounts are based on the exchange rate of the British pound sterling at the date of sale).

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. 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 Other Operating Properties segment is comprised of our investments in student housing development projects, student housing operating properties and multi-family residential properties (our last multi-family residential property was sold in January 2019). 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net Lease Revenues (a) (b) $ 30,743 $ 32,525 $ 92,466 $ 98,816 Operating expenses (b) (19,026 ) (18,822 ) (54,975 ) (57,248 ) Interest expense (8,374 ) (9,365 ) (25,804 ) (27,225 ) Gain on sale of real estate, net 8,384 — 9,931 — Other gains and (losses) 473 291 1,019 6,197 Benefit from income taxes 183 69 1,189 302 Net income attributable to noncontrolling interests (35 ) (249 ) (289 ) (828 ) Net income attributable to CPA:18 – Global $ 12,348 $ 4,449 $ 23,537 $ 20,014 Self Storage Revenues $ 15,428 $ 14,801 $ 45,434 $ 43,172 Operating expenses (9,205 ) (8,745 ) (26,822 ) (26,856 ) Interest expense (3,493 ) (3,402 ) (10,369 ) (9,784 ) Other gains and (losses) (c) (59 ) (176 ) (1,334 ) (921 ) Provision for income taxes (44 ) (24 ) (88 ) (79 ) Net income attributable to CPA:18 – Global $ 2,627 $ 2,454 $ 6,821 $ 5,532 Other Operating Properties Revenues $ 2,210 $ 6,010 $ 7,139 $ 17,611 Operating expenses (2,299 ) (4,677 ) (5,477 ) (13,033 ) Interest expense 187 (783 ) 233 (2,611 ) Gain on sale of real estate, net 164 52,193 14,678 52,193 Other gains and (losses) 19 (1,078 ) (25 ) (926 ) Benefit from income taxes 395 64 16 124 Net loss (income) attributable to noncontrolling interests 149 (8,044 ) (2,590 ) (8,036 ) Net income attributable to CPA:18 – Global $ 825 $ 43,685 $ 13,974 $ 45,322 All Other Revenues $ 710 $ 1,821 $ 3,365 $ 5,396 Operating expenses — (1 ) (1 ) (3 ) Net income attributable to CPA:18 – Global $ 710 $ 1,820 $ 3,364 $ 5,393 Corporate Unallocated Corporate Income and Expenses (d) $ (5,932 ) $ (5,214 ) $ (15,260 ) $ (14,339 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,619 ) $ (1,710 ) $ (5,572 ) $ (6,445 ) Total Company Revenues $ 49,091 $ 55,157 $ 148,412 $ 164,995 Operating expenses (35,737 ) (37,348 ) (102,030 ) (111,737 ) Interest expense (11,739 ) (13,624 ) (36,140 ) (39,848 ) Gain on sale of real estate, net 8,548 52,193 24,606 52,193 Other gains and (losses) (c) (79 ) (949 ) 144 4,412 Benefit from income taxes 380 58 323 771 Net income attributable to noncontrolling interests (1,505 ) (10,003 ) (8,451 ) (15,309 ) Net income attributable to CPA:18 – Global $ 8,959 $ 45,484 $ 26,864 $ 55,477 Total Assets September 30, 2019 December 31, 2018 Net Lease $ 1,317,343 $ 1,461,385 Self Storage 373,396 386,682 Other Operating Properties 356,399 313,925 Corporate 120,969 78,099 All Other 28,258 64,462 Total Company $ 2,196,365 $ 2,304,553 __________ (a) We recognized straight-line rent adjustments of $0.7 million and $1.1 million for the three months ended September 30, 2019 and 2018 , respectively, and $2.4 million and $3.6 million for the nine months ended September 30, 2019 and 2018 , respectively, which increased Lease revenues — net-leased within our condensed consolidated financial statements for each period. (b) For the three and nine months ended September 30, 2018 , we recorded bad debt expense of $1.1 million and $3.2 million , respectively, to Property expenses in the condensed consolidated statements of income as a result of financial difficulties and uncertainty regarding future rent collections from our tenant Fortenova. As part of our adoption of ASU 2016-02 in the first quarter of 2019, any lease payments that are not determined to be probable of collection were recognized within lease revenues ( Note 2 ). In addition, we restructured the lease with the tenant during the nine months ended September 30, 2019 ( Note 9 ). (c) Includes Equity in losses of equity method investment in real estate. (d) Included in unallocated corporate income and expenses 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. Asset management fees totaled $2.9 million and $3.1 million for the three months ended September 30, 2019 and 2018 , respectively, and $8.7 million and $9.1 million for the nine months ended September 30, 2019 and 2018 , respectively ( Note 3 ).

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity.
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 September 30, 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 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 land lease intangible assets, above market land lease intangible liabilities, and prepaid 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 were not materially impacted by this change. 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 September 30, 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 is expected to apply to Net investments in direct financing leases and notes receivable within Accounts receivable and other assets, net on our condensed consolidated balance sheets. 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 (now classified as ROU assets within In-place lease and other intangible assets, as described above) is included in Property expenses.
Fair Value Measurements	Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, 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 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
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 (loss) 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 our 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 (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) 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)	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Real estate — Land, buildings and improvements $ 352,213 $ 362,536 Operating real estate — Land, buildings and improvements 109,124 110,543 Real estate under construction 192,397 151,479 In-place lease and other intangible assets 106,056 103,234 Accumulated depreciation and amortization (83,849 ) (68,534 ) Total assets 712,775 704,975 Non-recourse secured debt, net $ 330,274 $ 341,922 Total liabilities 382,321 391,983
Foreign Currency Exchange Rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: September 30, 2019 December 31, 2018 Percent Change British Pound Sterling $ 1.2294 $ 1.2800 (4.0 )% Euro 1.0889 1.1450 (4.9 )% Norwegian Krone 0.1100 0.1151 (4.4 )%
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): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 168,507 $ 170,914 Restricted cash (a) 18,560 19,924 Total cash and cash equivalents and restricted cash $ 187,067 $ 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): September 30, 2019 December 31, 2018 Cash and cash equivalents $ 168,507 $ 170,914 Restricted cash (a) 18,560 19,924 Total cash and cash equivalents and restricted cash $ 187,067 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 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 in accordance with the terms of the relevant agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Amounts Included in the Condensed Consolidated Statements of Income Asset management fees $ 2,929 $ 3,117 $ 8,656 $ 9,142 Available Cash Distributions 1,619 1,710 5,572 6,445 Personnel and overhead reimbursements 1,080 870 2,661 2,303 Interest expense on deferred acquisition fees and external joint venture loans 128 100 383 58 Disposition fees — — 1,117 — $ 5,756 $ 5,797 $ 18,389 $ 17,948 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 2 $ 313 $ 91 $ 684 Current acquisition fees — 3,085 695 6,185 Deferred acquisition fees — 2,468 555 4,948 $ 2 $ 5,866 $ 1,341 $ 11,817 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): September 30, 2019 December 31, 2018 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,826 $ 5,070 Deferred acquisition fees, including accrued interest 5,344 8,720 Asset management fees payable 969 972 Current acquisition fees 27 2,065 $ 12,166 $ 16,827 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of September 30, 2019 and December 31, 2018 , loans due to our joint venture partners, including accrued interest, were $4.5 million and $3.5 million , respectively.

Real Estate, Operating Real E_2

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Land $ 184,653 $ 195,275 Buildings and improvements 961,139 1,015,501 Less: Accumulated depreciation (126,212 ) (112,061 ) $ 1,019,580 $ 1,098,715 Operating real estate, which consists of our self-storage, student housing, and multi-family residential properties (o ur last multi-family residential property was sold on January 29, 2019 ), is summarized as follows (in thousands): September 30, 2019 December 31, 2018 Land $ 77,662 $ 77,984 Buildings and improvements (a) 455,948 425,165 Less: Accumulated depreciation (53,403 ) (41,969 ) $ 480,207 $ 461,180 ___________ (a) Amount includes $31.3 million as a result of the substantial completion of the student housing operating property located in Barcelona, Spain on July 2, 2019 (based on the exchange rate of the euro at the date in which assets were placed into service).
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 are as follows (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease revenues — net-leased Lease income — fixed $ 24,797 $ 75,598 Lease income — variable (a) 3,859 12,177 Total operating lease income (b) $ 28,656 $ 87,775 Lease revenues — operating real estate Lease income — fixed $ 16,758 $ 50,038 Lease income — variable (c) 648 1,932 Total operating lease income $ 17,406 $ 51,970 ___________ (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) The three and nine months ended September 30, 2019 excludes $0.9 million and $2.8 million , respectively, of interest income from direct financing leases that is included in Lease revenues — net-leased in the condensed consolidated statements of income. (c) Primarily comprised of late fees and administrative fees revenues.
Scheduled Future Lease Payments to be Received	Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases at September 30, 2019 are as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 23,500 2020 93,270 2021 93,328 2022 93,868 2023 87,271 Thereafter 533,773 Total $ 925,010
Scheduled Future Lease Payments to be Received - Before Adoption	Scheduled future lease payments to be received (exclusive of 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
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 September 30, 2019 Operating ROU assets — land leases In-place lease and other intangible assets $ 33,827 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 7,915 Weighted-average remaining lease term — operating leases (a) 43.5 years Weighted-average discount rate — operating leases (a) 6.8 % Number of land lease arrangements (b) 8 Lease term range 6 – 983 years ___________ (a) Excludes a $6.8 million ROU land lease asset related to the student housing development project located in Swansea, United Kingdom as it has no future obligation during the remaining 983 -year lease term. (b) During the three months ended September 30, 2019 , two land leases were transferred to the buyer upon sale of our Truffle Portfolio ( Note 12 ).
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 September 30, 2019 is as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 71 2020 639 2021 639 2022 639 2023 639 Thereafter 22,520 Total lease payments 25,147 Less: amount of lease payments representing interest (17,232 ) Present value of future lease payments/lease obligations $ 7,915
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Nine Months Ended September 30, 2019 Beginning balance $ 152,106 Capitalized funds 76,928 Placed into service (34,433 ) Foreign currency translation adjustments (6,770 ) Capitalized interest 5,162 Ending balance $ 192,993
Schedule of Assets-held for Sale	Below is a summary of our properties held for sale (in thousands): September 30, 2019 December 31, 2018 Operating real estate — Land, buildings and improvements $ — $ 26,277 In-place lease and other intangible assets — 1,090 Accumulated depreciation and amortization — (3,759 ) Assets held for sale, net $ — $ 23,608 Non-recourse secured debt, net $ — $ 24,250

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Net Investments in Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): September 30, 2019 December 31, 2018 Lease payments receivable $ 56,030 $ 58,353 Unguaranteed residual value 39,402 39,402 95,432 97,755 Less: unearned income (53,500 ) (56,010 ) $ 41,932 $ 41,745
Future Lease Payments	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of September 30, 2019 were as follows (in thousands): Years Ending December 31, Total 2019 (remainder) $ 858 2020 3,466 2021 3,533 2022 3,610 2023 3,688 Thereafter 40,875 Total undiscounted cash flows $ 56,030
Future Lease Payments - Before Adoption	Scheduled future lease payments to be received (exclusive of 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 1-3 4 4 $ 45,422 $ 45,456 4 1 2 24,510 60,243 5 — — — — 0 $ 69,932 $ 105,699

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets And Liabilities [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): September 30, 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 $ 243,032 $ (133,245 ) $ 109,787 $ 252,316 $ (120,936 ) $ 131,380 Above-market rent 5 – 30 10,056 (3,872 ) 6,184 11,178 (3,923 ) 7,255 Below-market ground lease (a) N/A — — — 21,966 (1,719 ) 20,247 253,088 (137,117 ) 115,971 285,460 (126,578 ) 158,882 Indefinite-Lived Intangible Assets Goodwill 25,225 — 25,225 26,354 — 26,354 Total intangible assets $ 278,313 $ (137,117 ) $ 141,196 $ 311,814 $ (126,578 ) $ 185,236 Finite-lived Intangible Liabilities Below-market rent 6 – 30 $ (14,928 ) $ 6,304 $ (8,624 ) $ (15,309 ) $ 5,651 $ (9,658 ) Above-market ground lease (a) N/A — — — (105 ) 6 (99 ) Total intangible liabilities $ (14,928 ) $ 6,304 $ (8,624 ) $ (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 In-place lease and other intangibles in our condensed consolidated balance sheets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,175,801 $ 1,216,072 $ 1,237,427 $ 1,257,032 Notes receivable (c) 3 28,000 30,200 63,954 66,154 ___________ (a) As of September 30, 2019 and December 31, 2018 , the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.4 million and $6.9 million , respectively. As of September 30, 2019 and December 31, 2018 , the carrying value of Non-recourse secured debt, net, includes unamortized premium, net of $2.3 million and $1.3 million , respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse secured debt, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Foreign currency collars Accounts receivable and other assets, net $ 2,134 $ 750 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 1,332 2,011 — — Interest rate swaps Accounts receivable and other assets, net 53 808 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2,655 ) (529 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (622 ) 3,519 3,569 (2,655 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities 66 — — (115 ) Interest rate swap Accounts payable, accrued expenses and other liabilities — — (53 ) — 66 — (53 ) (115 ) Total derivatives $ 3,585 $ 3,569 $ (2,708 ) $ (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 (Loss) Income Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 2019 2018 Foreign currency collars $ 1,313 $ 431 $ 2,034 $ 1,852 Interest rate swaps (537 ) 523 (2,952 ) 2,043 Foreign currency forward contracts (108 ) (186 ) (626 ) (388 ) Interest rate cap 2 4 5 24 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 71 3 53 (43 ) Foreign currency forward contracts 8 — 23 — Total $ 749 $ 775 $ (1,463 ) $ 3,488 ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency forward contracts Other gains and (losses) $ 362 $ 285 $ 1,046 $ 744 Foreign currency collars Other gains and (losses) 48 (72 ) 98 (252 ) Interest rate swaps Interest expense (35 ) (70 ) 14 (229 ) Interest rate cap Interest expense (4 ) (7 ) (10 ) (46 ) Total $ 371 $ 136 $ 1,148 $ 217
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Foreign currency collars Other gains and (losses) $ 166 $ — $ 279 $ (95 ) Interest rate swap Interest expense (2 ) 16 6 (31 ) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense — 17 12 22 Foreign currency collars Other gains and (losses) — — 7 (15 ) Total $ 164 $ 33 $ 304 $ (119 )
Schedule of Derivative Instruments	The following table presents the foreign currency derivative contracts we had outstanding and their designations as of September 30, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 27 19,322 EUR $ 1,507 Foreign currency forward contracts 9 3,546 EUR 1,176 Foreign currency collars 19 37,820 NOK 474 Foreign currency forward contracts 3 4,018 NOK 156 Designated as Net Investment Hedging Instruments Foreign currency collars 2 9,350 NOK 153 Not Designated as Hedging Instruments Foreign currency collar 1 1,500 EUR 66 $ 3,532 The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of September 30, 2019 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at September 30, 2019 (a) Interest rate swaps 10 98,268 USD $ (2,602 ) Interest rate cap 1 5,700 USD — Derivatives Not Designated as Hedging Instruments Interest rate swap 1 9,424 EUR (53 ) $ (2,655 ) ___________ (a) Fair value amount is based on the exchange rate of the euro as of September 30, 2019 , as applicable.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	9 Months Ended
	Sep. 30, 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) $ 78,526 2020 65,983 2021 158,230 2022 116,008 2023 165,024 Thereafter through 2039 595,136 Total principal payments 1,178,907 Unamortized deferred financing costs (5,443 ) Unamortized premium, net 2,337 Total $ 1,175,801

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 Three Months Ended September 30, 2018 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,843,927 $ 7,048 $ 0.06 113,800,898 $ 35,630 $ 0.31 Class C common stock 32,226,626 1,911 0.06 31,654,504 9,854 0.31 Net income attributable to CPA:18 – Global $ 8,959 $ 45,484 Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,188,858 $ 21,145 $ 0.18 112,981,455 $ 43,497 $ 0.38 Class C common stock 32,056,045 5,719 0.18 31,563,948 11,980 0.38 Net income attributable to CPA:18 – Global $ 26,864 $ 55,477
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 September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 6 $ (53,565 ) $ (53,559 ) Other comprehensive loss before reclassifications 1,041 (21,817 ) (20,776 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (410 ) — (410 ) Interest expense 39 — 39 Net current-period other comprehensive loss 670 (21,817 ) (21,147 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,196 2,196 Ending balance $ 676 $ (73,186 ) $ (72,510 ) Three Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 1,677 $ (42,426 ) $ (40,749 ) Other comprehensive loss before reclassifications 908 (2,659 ) (1,751 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (213 ) — (213 ) Interest expense 77 — 77 Net current-period other comprehensive loss 772 (2,659 ) (1,887 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 260 260 Ending balance $ 2,449 $ (44,825 ) $ (42,376 ) Nine Months Ended September 30, 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 (391 ) (22,401 ) (22,792 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,144 ) — (1,144 ) Interest expense (4 ) — (4 ) Net current-period other comprehensive loss (1,539 ) (22,401 ) (23,940 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,023 2,023 Ending balance $ 676 $ (73,186 ) $ (72,510 ) Nine Months Ended September 30, 2018 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (1,082 ) $ (32,130 ) $ (33,212 ) Other comprehensive loss before reclassifications 3,748 (13,664 ) (9,916 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (492 ) — (492 ) Interest expense 275 — 275 Net current-period other comprehensive loss 3,531 (13,664 ) (10,133 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 969 969 Ending balance $ 2,449 $ (44,825 ) $ (42,376 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	(a) We recognized straight-line rent adjustments of $0.7 million and $1.1 million for the three months ended September 30, 2019 and 2018 , respectively, and $2.4 million and $3.6 million for the nine months ended September 30, 2019 and 2018 , respectively, which increased Lease revenues — net-leased within our condensed consolidated financial statements for each period. (b) For the three and nine months ended September 30, 2018 , we recorded bad debt expense of $1.1 million and $3.2 million , respectively, to Property expenses in the condensed consolidated statements of income as a result of financial difficulties and uncertainty regarding future rent collections from our tenant Fortenova. As part of our adoption of ASU 2016-02 in the first quarter of 2019, any lease payments that are not determined to be probable of collection were recognized within lease revenues ( Note 2 ). In addition, we restructured the lease with the tenant during the nine months ended September 30, 2019 ( Note 9 ). (c) Includes Equity in losses of equity method investment in real estate. (d) Included in unallocated corporate income and expenses 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. Asset management fees totaled $2.9 million and $3.1 million for the three months ended September 30, 2019 and 2018 , respectively, and $8.7 million and $9.1 million for the nine months ended September 30, 2019 and 2018 , respectively ( Note 3 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net Lease Revenues (a) (b) $ 30,743 $ 32,525 $ 92,466 $ 98,816 Operating expenses (b) (19,026 ) (18,822 ) (54,975 ) (57,248 ) Interest expense (8,374 ) (9,365 ) (25,804 ) (27,225 ) Gain on sale of real estate, net 8,384 — 9,931 — Other gains and (losses) 473 291 1,019 6,197 Benefit from income taxes 183 69 1,189 302 Net income attributable to noncontrolling interests (35 ) (249 ) (289 ) (828 ) Net income attributable to CPA:18 – Global $ 12,348 $ 4,449 $ 23,537 $ 20,014 Self Storage Revenues $ 15,428 $ 14,801 $ 45,434 $ 43,172 Operating expenses (9,205 ) (8,745 ) (26,822 ) (26,856 ) Interest expense (3,493 ) (3,402 ) (10,369 ) (9,784 ) Other gains and (losses) (c) (59 ) (176 ) (1,334 ) (921 ) Provision for income taxes (44 ) (24 ) (88 ) (79 ) Net income attributable to CPA:18 – Global $ 2,627 $ 2,454 $ 6,821 $ 5,532 Other Operating Properties Revenues $ 2,210 $ 6,010 $ 7,139 $ 17,611 Operating expenses (2,299 ) (4,677 ) (5,477 ) (13,033 ) Interest expense 187 (783 ) 233 (2,611 ) Gain on sale of real estate, net 164 52,193 14,678 52,193 Other gains and (losses) 19 (1,078 ) (25 ) (926 ) Benefit from income taxes 395 64 16 124 Net loss (income) attributable to noncontrolling interests 149 (8,044 ) (2,590 ) (8,036 ) Net income attributable to CPA:18 – Global $ 825 $ 43,685 $ 13,974 $ 45,322 All Other Revenues $ 710 $ 1,821 $ 3,365 $ 5,396 Operating expenses — (1 ) (1 ) (3 ) Net income attributable to CPA:18 – Global $ 710 $ 1,820 $ 3,364 $ 5,393 Corporate Unallocated Corporate Income and Expenses (d) $ (5,932 ) $ (5,214 ) $ (15,260 ) $ (14,339 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,619 ) $ (1,710 ) $ (5,572 ) $ (6,445 ) Total Company Revenues $ 49,091 $ 55,157 $ 148,412 $ 164,995 Operating expenses (35,737 ) (37,348 ) (102,030 ) (111,737 ) Interest expense (11,739 ) (13,624 ) (36,140 ) (39,848 ) Gain on sale of real estate, net 8,548 52,193 24,606 52,193 Other gains and (losses) (c) (79 ) (949 ) 144 4,412 Benefit from income taxes 380 58 323 771 Net income attributable to noncontrolling interests (1,505 ) (10,003 ) (8,451 ) (15,309 ) Net income attributable to CPA:18 – Global $ 8,959 $ 45,484 $ 26,864 $ 55,477
Reconciliation of Assets from Segment to Consolidated	Total Assets September 30, 2019 December 31, 2018 Net Lease $ 1,317,343 $ 1,461,385 Self Storage 373,396 386,682 Other Operating Properties 356,399 313,925 Corporate 120,969 78,099 All Other 28,258 64,462 Total Company $ 2,196,365 $ 2,304,553

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	9 Months Ended	39 Months Ended	93 Months Ended
	Sep. 30, 2019ft²segmentpropertytenant	Apr. 02, 2015USD ($)	Sep. 30, 2019USD ($)ft²propertytenant
Public Offering
Capital interest ownership in operating partnership	99.97%		99.97%
Additional Disclosures
Number of properties	46		46
Number of tenants | tenant	50		50
Area of real estate property (sqft) | ft²	9.6		9.6
Number of reportable segments | segment	3
Proceeds from issuance of shares | $		$ 1,200
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 175.6
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 50
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.6		5.6
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties	68		68
Operating Real Estate | Other Operating Properties | Twelve Student Housing Developments
Additional Disclosures
Number of properties	12		12
Operating Real Estate | Other Operating Properties | Three Student Housing Operating Properties
Additional Disclosures
Number of properties	3		3

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	Sep. 30, 2019USD ($)vie	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)vie
Variable Interest Entity
Variable interest entities, count | vie	21		21
Variable interest entities consolidated, count | vie	20		20
Variable interest entities unconsolidated, count | vie	1		1
Deferred tax liabilities	$ 46,700		$ 48,000
Deferred tax assets, net of valuation	1,300		1,500
Operating lease, right of use asset	33,827
Operating lease liabilities — land leases	7,915
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 — land leases		9,500
Reclassification of below market intangible assets, above market intangible liabilities, prepaid rent and deferred rent		$ 27,200
Equity method investments
Variable Interest Entity
Equity investment in real estate	$ 14,900		$ 18,800

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Assets
Real estate — Land, buildings and improvements		$ 1,145,792	$ 1,210,776
Operating real estate — Land, buildings and improvements		533,610	503,149
Real estate under construction		192,993	152,106
In-place lease and other intangible assets		286,915	285,460
Accumulated depreciation and amortization		(316,732)	(280,608)
Total assets	[1]	2,196,365	2,304,553
Liabilities
Non-recourse secured debt, net		1,175,801	1,237,427
Total liabilities	[1]	1,351,214	1,408,583
VIE
Assets
Real estate — Land, buildings and improvements		352,213	362,536
Operating real estate — Land, buildings and improvements		109,124	110,543
Real estate under construction		192,397	151,479
In-place lease and other intangible assets		106,056	103,234
Accumulated depreciation and amortization		(83,849)	(68,534)
Total assets		712,775	704,975
Liabilities
Non-recourse secured debt, net		330,274	341,922
Total liabilities		$ 382,321	$ 391,983
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Foreign

Basis of Presentation - Foreign Currencies (Details)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
British Pound Sterling
Real Estate Properties
Foreign currency exchange rate	1.2294	1.2800
Increase (decrease) in foreign currency exchange rate	(4.00%)
Euro
Real Estate Properties
Foreign currency exchange rate	1.0889	1.1450
Increase (decrease) in foreign currency exchange rate	(4.90%)
Norwegian Krone
Real Estate Properties
Foreign currency exchange rate	0.1100	0.1151
Increase (decrease) in foreign currency exchange rate	(4.40%)

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 168,507	$ 170,914
Restricted cash	18,560	19,924
Total cash and cash equivalents and restricted cash	$ 187,067	$ 190,838	$ 143,776	$ 90,183

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)paymentshares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)paymentshares	Sep. 30, 2018USD ($)	Jun. 30, 2019$ / shares	Jan. 01, 2019	Dec. 31, 2018USD ($)shares	Jul. 31, 2016USD ($)
Related Party Transaction
Advisory agreement, term			1 year
Advisory agreement additional renewal period. term			1 year
Advisory agreement, unpenalized cancellation period			60 days
Loans payable to joint venture	$ 4,500,000		$ 4,500,000				$ 3,500,000
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
Preferred return (as a percentage)			5.00%
Number of annual installment payments for acquisition and disposition fees | payment	3		3
Disposition fees	$ 0	$ 0	$ 1,117,000	$ 0
Personnel and overhead reimbursement (as a percentage)	1.00%		1.00%
Legal fee reimbursement rate	0.25%		0.25%
Distributions of available cash (as a percentage)	10.00%		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%		2.00%
Class A common stock
Related Party Transaction
Net asset value (usd per share) | $ / shares					$ 8.91
Percentage of asset management fees payable in shares (percent)						50.00%
Number of shares held by advisor (shares) | shares	116,505,536		116,505,536				114,589,333
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%		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)	100.00%		100.00%
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				$ 0
Affiliated Entity | Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares) | shares	5,588,693		5,588,693
Advisor owned percentage of common stock			3.80%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amounts Included in the Condensed Consolidated Statements of Income
Asset management fees	$ 2,929	$ 3,117	$ 8,656	$ 9,142
Available Cash Distributions	1,619	1,710	5,572	6,445
Personnel and overhead reimbursements	1,080	870	2,661	2,303
Interest expense on deferred acquisition fees and external joint venture loans	128	100	383	58
Disposition fees	0	0	1,117	0
Operating expenses	5,756	5,797	18,389	17,948
Acquisition Fees Capitalized
Capitalized personnel and overhead reimbursements	2	313	91	684
Current acquisition fees	0	3,085	695	6,185
Deferred acquisition fees	0	2,468	555	4,948
Transaction fees incurred	$ 2	$ 5,866	$ 1,341	$ 11,817

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Due to Affiliates
External joint venture loans, accounts payable, and other	$ 5,826	$ 5,070
Deferred acquisition fees, including accrued interest	5,344	8,720
Asset management fees payable	969	972
Current acquisition fees	27	2,065
Due to affiliates	$ 12,166	$ 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 ($)	Sep. 30, 2021USD ($)	Sep. 30, 2019USD ($)contractproperty	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)contractproperty	Sep. 30, 2018USD ($)	Apr. 15, 2019	Apr. 14, 2019	Dec. 31, 2018USD ($)property
Real Estate Properties
Decrease due to exchange rate fluctuation			$ 21,817	$ 2,659	$ 22,401	$ 13,664
Number of properties | property			46		46
Interest income from direct financing lease			$ 900	900	$ 2,800	2,700
Total lease cost			300		800
Lease revenues — net-leased			29,596	32,382	90,619	98,271
Operating ROU assets — land leases			33,827		33,827
Operating lease payments					600
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			17,405	20,167	51,967	58,711
Capitalized funds					76,928
Capitalized interest					5,162
Placed into service					34,433
Assets held for sale, net			0		0				$ 23,608
Equity in losses of equity method investment in real estate			(337)	(148)	(1,588)	(707)
Land | Reimbursable ground rent
Real Estate Properties
Lease revenues — net-leased			100		300
Lease revenues- net-leased
Real Estate Properties
Interest income from direct financing lease			900		2,800
Noncash investing
Real Estate Properties
Accrued liabilities			2,600		2,600
Assets held for sale, not included in discontinued operations | Assets held for sale, net
Real Estate Properties
Number of properties | property									1
Assets held for sale, net			0		0				$ 23,608
Assets held for sale, not included in discontinued operations | Non-recourse secured debt, net
Real Estate Properties
Assets held for sale, net			$ 0		0				24,250
Student Housing
Real Estate Properties
Placed into service					$ 3,100
Properties placed into service, count | property					2
Truffle Portfolio | Assets held for sale, not included in discontinued operations
Real Estate Properties
Disposal of real estate					$ 26,000
Truffle Portfolio | Assets held for sale, not included in discontinued operations | Land
Real Estate Properties
Number of lease contracts | contract			2		2
Student Housing Development in Swansea, United Kingdom | Land
Real Estate Properties
Operating ROU assets — land leases			$ 6,800		$ 6,800
Operating lease remaining term					983 years
Development Property in Vaughn, Canada
Real Estate Properties
Equity in losses of equity method investment in real estate			200
Real Estate
Real Estate Properties
Decrease due to exchange rate fluctuation					$ 31,900
Depreciation expense			7,100	7,800	22,000	23,600
Real Estate | Student Housing In Pamplona, Spain
Real Estate Properties
Investment purchase price	$ 11,100
Real Estate | Student Housing In Pamplona, Spain | Forecasted
Real Estate Properties
Investment purchase price		$ 29,700
Operating Real Estate
Real Estate Properties
Decrease due to exchange rate fluctuation					5,500
Depreciation expense			4,000	$ 4,300	$ 11,600	$ 13,100
Operating Real Estate | Student Housing in Barcelona, Spain
Real Estate Properties
Placed into service			31,300
Build To Suit Projects
Real Estate Properties
Number of BTS projects | property					12
Unfunded commitment			293,300		$ 293,300
Build To Suit Projects | Initial Funding
Real Estate Properties
Investment purchase price					11,100
Capitalized funds					65,800
Equity method investments
Real Estate Properties
Equity investment in real estate			14,900		14,900				18,800
Equity method investment, liabilities			$ 31,700		$ 31,700				$ 28,700
Equity method investments | Self Storage
Real Estate Properties
Number of properties | property			3		3
Equity method investments ownership (percent)							100.00%	90.00%

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	Sep. 30, 2019	Dec. 31, 2018
Investments in real estate:
Net investments in real estate	$ 1,884,510	$ 1,936,236
Real Estate
Investments in real estate:
Land	184,653	195,275
Buildings and improvements	961,139	1,015,501
Less: Accumulated depreciation	(126,212)	(112,061)
Net investments in real estate	1,019,580	1,098,715
Operating Real Estate
Investments in real estate:
Land	77,662	77,984
Buildings and improvements	455,948	425,165
Less: Accumulated depreciation	(53,403)	(41,969)
Net investments in real estate	$ 480,207	$ 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) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lease revenues — net-leased
Operating Leases, Lease Income
Lease income — fixed	$ 24,797	$ 75,598
Lease income — variable	3,859	12,177
Total operating lease income	28,656	87,775
Lease revenues — operating real estate
Operating Leases, Lease Income
Lease income — fixed	16,758	50,038
Lease income — variable	648	1,932
Total operating lease income	$ 17,406	$ 51,970

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 to be Received (Details) $ in Thousands	Sep. 30, 2019USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2019 (remainder)	$ 23,500
2020	93,270
2021	93,328
2022	93,868
2023	87,271
Thereafter	533,773
Total	$ 925,010

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 to be Received - 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 - Other Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)lease
Property, Plant and Equipment
Operating ROU assets — land leases	$ 33,827
Operating lease liabilities — land leases	$ 7,915
Weighted-average remaining lease term — operating leases	43 years 5 months 22 days
Weighted-average discount rate — operating leases (percent)	6.80%
Number of land lease arrangements | lease	8
Minimum
Property, Plant and Equipment
Operating lease remaining term	6 years
Maximum
Property, Plant and Equipment
Operating lease remaining term	983 years

Real Estate, Operating Real E_9

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Undiscounted Cash Flows (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Lease Liabilities, Payments Due
2019 (remainder)	$ 71
2020	639
2021	639
2022	639
2023	639
Thereafter	22,520
Total lease payments	25,147
Less: amount of lease payments representing interest	(17,232)
Present value of future lease payments/lease obligations	$ 7,915

Real Estate, Operating Real _10

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Real Estate Under Construction
Beginning balance	$ 152,106
Capitalized funds	76,928
Placed into service	(34,433)
Foreign currency translation adjustments	(6,770)
Capitalized interest	5,162
Ending balance	$ 192,993

Real Estate, Operating Real _11

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	Sep. 30, 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 and other 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 secured debt, 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	$ 24,250

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	Apr. 09, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable
Proceeds from repayment of notes receivable				$ 35,954,000	$ 2,546,000
Interest income from direct financing lease		$ 900,000	$ 900,000	2,800,000	$ 2,700,000
Cipriani
Accounts, Notes, Loans and Financing Receivable
Notes receivable, principal amount		$ 28,000,000		$ 28,000,000
Accounts receivable, term				10 years
Stated interest rate (percent)		10.00%		10.00%
Notes receivable		$ 28,000,000		$ 28,000,000		$ 28,000,000
Cipriani | Third Party
Accounts, Notes, Loans and Financing Receivable
Senior notes		$ 60,000,000		$ 60,000,000
Property Leased to Mills Fleet Farm Group LLC
Accounts, Notes, Loans and Financing Receivable
Proceeds from repayment of notes receivable	$ 36,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Lease payments receivable	$ 56,030
Unguaranteed residual value	39,402
Gross investments in direct financing leases	95,432
Less: unearned income	(53,500)
Net investment in direct financing leases	$ 41,932
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 - Scheduled

Finance Receivables - Scheduled Future Lease Payments to be Received (Details) $ in Thousands	Sep. 30, 2019USD ($)
Direct Financing Lease Future Lease Future Lease Payments
2019 (remainder)	$ 858
2020	3,466
2021	3,533
2022	3,610
2023	3,688
Thereafter	40,875
Total undiscounted cash flows	$ 56,030

Finance Receivables - Schedul_2

Finance Receivables - Scheduled Future Lease Payments to be Received - 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	Sep. 30, 2019USD ($)tenant	Dec. 31, 2018USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 69,932	$ 105,699
Internally Assigned Grade 1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	4	4
Carrying Value	$ 45,422	$ 45,456
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	2
Carrying Value	$ 24,510	$ 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 Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 25,225		$ 25,225		$ 26,354
Net amortization of intangibles	$ 7,000	$ 4,400	$ 16,800	$ 14,300

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 253,088	$ 285,460
Less: accumulated amortization	(137,117)	(126,578)
Finite-lived intangible assets, net	115,971	158,882
Goodwill	25,225	26,354
Total intangible assets, gross	278,313	311,814
Total intangible assets, net	141,196	185,236
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,928)	(15,414)
Finite Lived Intangible Liabilities Accumulated Amortization	6,304	5,657
Finite Lived Intangible Liabilities Net	(8,624)	(9,757)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,928)	(15,309)
Finite Lived Intangible Liabilities Accumulated Amortization	6,304	5,651
Finite Lived Intangible Liabilities Net	$ (8,624)	(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		(105)
Finite Lived Intangible Liabilities Accumulated Amortization		6
Finite Lived Intangible Liabilities Net		(99)
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 243,032	252,316
Less: accumulated amortization	(133,245)	(120,936)
Finite-lived intangible assets, net	$ 109,787	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
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 10,056	11,178
Less: accumulated amortization	(3,872)	(3,923)
Finite-lived intangible assets, net	$ 6,184	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
Below-market ground lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross		21,966
Less: accumulated amortization		(1,719)
Finite-lived intangible assets, net		$ 20,247

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Deferred financing costs	$ 5,443	$ 6,900
Unamortized premium	$ 2,337	$ 1,300

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,175,801	$ 1,237,427
Notes receivable	28,000	63,954
Fair Value
Liabilities
Non-recourse secured debt, net	1,216,072	1,257,032
Notes receivable	$ 30,200	$ 66,154

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	9 Months Ended
	Sep. 30, 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	2,700,000	1,300,000
Termination value of assets	2,800,000	$ 1,400,000
Individual Counterparty
Derivative
Total credit exposure	1,900,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	(700,000)
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ 1,800,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value
Derivative asset fair value	$ 3,585	$ 3,569
Derivative liability, fair value	(2,708)	(1,266)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	3,519	3,569
Derivative liability, fair value	(2,655)	(1,151)
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	2,134	750
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency forward contracts
Derivatives, Fair Value
Derivative asset fair value	1,332	2,011
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate swap(s)
Derivatives, Fair Value
Derivative asset fair value	53	808
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value		(622)
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swap(s)
Derivatives, Fair Value
Derivative liability, fair value	(2,655)	(529)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	66	0
Derivative liability, fair value	(53)	(115)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	66
Derivative liability, fair value		$ (115)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swap(s)
Derivatives, Fair Value
Derivative liability, fair value	$ (53)

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	$ 749	$ 775	$ (1,463)	$ 3,488
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	1,313	431	2,034	1,852
Derivatives in Cash Flow Hedging Relationships | Interest rate swap(s)
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	(537)	523	(2,952)	2,043
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	(108)	(186)	(626)	(388)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	2	4	5	24
Derivatives in Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	71	3	53	(43)
Derivatives in Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income	$ 8	$ 0	$ 23	$ 0

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income	$ 371	$ 136	$ 1,148	$ 217
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income	362	285	1,046	744
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income	48	(72)	98	(252)
Interest rate swap(s) | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income	(35)	(70)	14	(229)
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income	$ (4)	$ (7)	$ (10)	$ (46)

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 164	$ 33	$ 304	$ (119)
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	166	0	279	(95)
Derivatives Not Designated as Hedging Instruments | Interest rate swap(s) | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(2)	16	6	(31)
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	0	0	7	(15)
Derivatives Designated as Hedging Instruments | Interest rate swap(s) | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 0	$ 17	$ 12	$ 22

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	Sep. 30, 2019USD ($)instrument	Sep. 30, 2019EUR (€)instrument
Derivative
Fair value	$ (2,655)
Interest rate swap(s) | USD
Derivative
Number of Instruments | instrument	10	10
Notional Amount	$ 98,268
Fair value	$ (2,602)
Interest rate swap(s) | Euro
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €		€ 9,424
Fair value	$ (53)
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	Sep. 30, 2019USD ($)instrument	Sep. 30, 2019NOK (kr)instrument	Sep. 30, 2019EUR (€)instrument
Derivative
Fair value	$ 3,532
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	27	27	27
Notional Amount | €			€ 19,322
Fair value	$ 1,507
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	19	19	19
Notional Amount | kr		kr 37,820
Fair value	$ 474
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Euro
Derivative
Number of Instruments | instrument	9	9	9
Notional Amount | €			€ 3,546
Fair value	$ 1,176
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | NOK
Derivative
Number of Instruments | instrument	3	3	3
Notional Amount | kr		kr 4,018
Fair value	$ 156
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	$ 153
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Euro
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount | €			€ 1,500
Fair value	$ 66

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details) - USD ($)	Mar. 04, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jul. 31, 2016
Debt Instruments
Maximum line of credit approved by directors							$ 50,000,000
Non-recourse secured debt, net		$ 1,175,801,000		$ 1,175,801,000		$ 1,237,427,000
Decrease due to exchange rate fluctuation		$ 21,817,000	$ 2,659,000	22,401,000	$ 13,664,000
Long-term debt
Debt Instruments
Decrease due to exchange rate fluctuation				$ 25,900,000
Construction Loans | Student Housing in Austin, Texas
Debt Instruments
Maximum line of credit approved by directors	$ 51,700,000
Stated interest rate (percent)		4.20%		4.20%
Non-recourse secured debt, net		$ 11,600,000		$ 11,600,000
Option extension period	1 year
Fixed Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate				4.00%
Fixed Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate				4.80%
Variable Interest Rate | Minimum
Debt Instruments
Mortgage loan on real estate, interest rate				4.00%
Variable Interest Rate | Maximum
Debt Instruments
Mortgage loan on real estate, interest rate				4.80%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity
2019 (remainder)	$ 78,526
2020	65,983
2021	158,230
2022	116,008
2023	165,024
Thereafter through 2039	595,136
Long term debt gross	1,178,907
Unamortized deferred financing costs	(5,443)	$ (6,900)
Unamortized premium, net	2,337	$ 1,300
Debt, net	$ 1,175,801

Earnings Per Share and Equity -

Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Distributions Declared
Interest expense	$ 11,739	$ 13,624	$ 36,140	$ 39,848
Distributions payable	22,628		22,628		$ 22,264
Class C
Distributions Declared
Interest expense	$ 100	$ 100	$ 100	$ 200
Distributions declared per share (in dollars per share)	$ 0.1376
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic and Diluted
Allocation of Net Income	$ 8,959	$ 45,484	$ 26,864	$ 55,477
Class A common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	116,843,927	113,800,898	116,188,858	112,981,455
Allocation of Net Income	$ 7,048	$ 35,630	$ 21,145	$ 43,497
Basic and diluted earnings per share (in dollars per share)	$ 0.06	$ 0.31	$ 0.18	$ 0.38
Class C common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	32,226,626	31,654,504	32,056,045	31,563,948
Allocation of Net Income	$ 1,911	$ 9,854	$ 5,719	$ 11,980
Basic and diluted earnings per share (in dollars per share)	$ 0.06	$ 0.31	$ 0.18	$ 0.38

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 876,973	$ 844,862	$ 895,970	$ 872,065
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(258)	801	(1,732)	(5,119)
Interest expense	11,739	13,624	36,140	39,848
Other Comprehensive Loss	(21,147)	(1,887)	(23,940)	(10,133)
Ending equity balance, value	845,151	876,296	845,151	876,296
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(53,559)	(40,749)	(50,593)	(33,212)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(72,510)	(42,376)	(72,510)	(42,376)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	6		2,215
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	676		676
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(53,565)	(42,426)	(52,808)	(32,130)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(73,186)	(44,825)	(73,186)	(44,825)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(20,776)	(1,751)	(22,792)	(9,916)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(21,147)	(1,887)	(23,940)	(10,133)
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)	(410)	(213)	(1,144)	(492)
Interest expense	39	77	(4)	275
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	1,041		(391)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	670		(1,539)
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)	(410)		(1,144)
Interest expense	39		(4)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(21,817)	(2,659)	(22,401)	(13,664)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(21,817)	(2,659)	(22,401)	(13,664)
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	0	0
Interest expense	0	0	0	0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	2,196	260	2,023	969
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	$ 2,196	260	$ 2,023	969
Gains and (Losses) on Derivative Instruments, Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications		908		3,748
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss		772		3,531
Gains and (Losses) on Derivative Instruments, 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)		(213)		(492)
Interest expense		77		275
Gains and (Losses) on Derivative Instruments, Parent
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value		1,677		(1,082)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value		2,449		2,449
Gains and (Losses) on Derivative Instruments, Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests		$ 0		$ 0

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Jan. 29, 2019USD ($)	Sep. 30, 2019USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate		$ 51,297	$ 82,533
Assets held for sale, net		0		$ 23,608
Repayment of secured debt		49,799	$ 50,627
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 | Truffle Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate		39,300
Gain on sale of real estate, net		$ 10,300
Number of properties sold | property		11
Repayment of secured debt		$ 22,700

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting Information
Number of reportable segments | segment			3
Asset management Fees to Affiliates	$ 2,929	$ 3,117	$ 8,656	$ 9,142
Asset management fees
Segment Reporting Information
Asset management Fees to Affiliates	2,900	3,100	8,700	9,100
Net Lease | Operating Segments
Segment Reporting Information
Straight line rent adjustment	$ 700	1,100	$ 2,400	3,600
Bad debt expense		$ 1,100		$ 3,200

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information, Profit (Loss)
Revenues	$ 49,091	$ 55,157	$ 148,412	$ 164,995
Operating expenses	(35,737)	(37,348)	(102,030)	(111,737)
Interest expense	(11,739)	(13,624)	(36,140)	(39,848)
Gain on sale of real estate, net	8,548	52,193	24,606	52,193
Other gains and (losses)	(79)	(949)	144	4,412
Benefit from (provisions for) income taxes	380	58	323	771
Net income attributable to noncontrolling interests	(1,505)	(10,003)	(8,451)	(15,309)
Net Income Attributable to CPA:18 – Global	8,959	45,484	26,864	55,477
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	30,743	32,525	92,466	98,816
Operating expenses	(19,026)	(18,822)	(54,975)	(57,248)
Interest expense	(8,374)	(9,365)	(25,804)	(27,225)
Gain on sale of real estate, net	8,384	0	9,931	0
Other gains and (losses)	473	291	1,019	6,197
Benefit from (provisions for) income taxes	183	69	1,189	302
Net income attributable to noncontrolling interests	(35)	(249)	(289)	(828)
Net Income Attributable to CPA:18 – Global	12,348	4,449	23,537	20,014
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	15,428	14,801	45,434	43,172
Operating expenses	(9,205)	(8,745)	(26,822)	(26,856)
Interest expense	(3,493)	(3,402)	(10,369)	(9,784)
Other gains and (losses)	(59)	(176)	(1,334)	(921)
Benefit from (provisions for) income taxes	(44)	(24)	(88)	(79)
Net Income Attributable to CPA:18 – Global	2,627	2,454	6,821	5,532
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues	2,210	6,010	7,139	17,611
Operating expenses	(2,299)	(4,677)	(5,477)	(13,033)
Interest expense	187	(783)	233	(2,611)
Gain on sale of real estate, net	164	52,193	14,678	52,193
Other gains and (losses)	19	(1,078)	(25)	(926)
Benefit from (provisions for) income taxes	395	64	16	124
Net income attributable to noncontrolling interests	149	(8,044)	(2,590)	(8,036)
Net Income Attributable to CPA:18 – Global	825	43,685	13,974	45,322
All Other
Segment Reporting Information, Profit (Loss)
Revenues	710	1,821	3,365	5,396
Operating expenses	0	(1)	(1)	(3)
Net Income Attributable to CPA:18 – Global	710	1,820	3,364	5,393
Corporate
Segment Reporting Information, Profit (Loss)
Net income attributable to noncontrolling interests	(1,619)	(1,710)	(5,572)	(6,445)
Unallocated Corporate Income and Expenses	$ (5,932)	$ (5,214)	$ (15,260)	$ (14,339)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information, Additional Information
Assets	[1]	$ 2,196,365	$ 2,304,553
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets		1,317,343	1,461,385
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets		373,396	386,682
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Assets		356,399	313,925
Corporate
Segment Reporting Information, Additional Information
Assets		120,969	78,099
All Other
Segment Reporting Information, Additional Information
Assets		$ 28,258	$ 64,462
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

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)