Corporate Property Associates 18 Global (CPYA) 10-K 28 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Document Information
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001558235
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 0
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Class A
Document Information
Entity Common Stock Shares Outstanding		118,196,797
Class C
Document Information
Entity Common Stock Shares Outstanding		32,527,727

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,200,645	$ 1,210,776
Operating real estate — Land, buildings and improvements		512,485	503,149
Real estate under construction		235,751	152,106
Net investments in direct financing leases		42,054
Net investments in direct financing leases			41,745
In-place lease and other intangible assets		284,097	285,460
Investments in real estate		2,275,032	2,193,236
Accumulated depreciation and amortization		(328,312)	(280,608)
Assets held for sale, net		0	23,608
Net investments in real estate		1,946,720	1,936,236
Cash and cash equivalents		144,148	170,914
Accounts receivable and other assets, net		143,935	197,403
Total assets (a)	[1]	2,234,803	2,304,553
Liabilities and Equity
Non-recourse secured debt, net		1,201,913	1,237,427
Accounts payable, accrued expenses and other liabilities		147,098	132,065
Due to affiliates		11,376	16,827
Distributions payable		22,745	22,264
Total liabilities (a)	[1]	1,383,132	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		1,319,584	1,290,888
Distributions and accumulated losses		(470,326)	(411,464)
Accumulated other comprehensive loss		(56,535)	(50,593)
Total stockholders’ equity		792,872	828,977
Noncontrolling interests		58,799	66,993
Total equity		851,671	895,970
Total liabilities and equity		2,234,803	2,304,553
Class A common stock
Liabilities and Equity
Common stock		117	114
Class C common stock
Liabilities and Equity
Common stock		$ 32	$ 32
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Class A common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	117,179,578	114,589,333
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	32,238,513	31,641,265

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Lease revenues — net-leased	$ 119,100	$ 129,657	$ 117,975
Lease revenues — operating real estate	70,589	76,962	77,345
Other operating and interest income	7,750	10,097	10,314
Revenues	197,439	216,716	205,634
Operating Expenses
Depreciation and amortization	65,498	66,436	75,174
Property expenses	31,864	40,229	35,597
Operating real estate expenses	27,423	32,928	33,530
General and administrative	7,724	7,425	7,335
Operating expenses	132,509	147,018	151,636
Other Income and Expenses
Interest expense	(48,019)	(53,221)	(48,994)
Gain on sale of real estate, net	24,773	78,657	14,209
Other gains and (losses)	4,715	21,276	19,969
Equity in losses of equity method investment in real estate	(2,185)	(1,072)	(871)
Other Income and Expenses	(20,716)	45,640	(15,687)
Income before income taxes	44,214	115,338	38,311
(Provision for) benefit from income taxes	(210)	1,952	1,506
Net Income	44,004	117,290	39,817
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $8,132, $9,692, and $8,650, respectively)	(11,432)	(20,562)	(13,284)
Net Income Attributable to CPA:18 – Global	32,572	96,728	26,533
Class A
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 25,636	$ 75,816	$ 21,032
Basic and diluted weighted-average shares outstanding (shares)	116,469,007	113,401,265	109,942,186
Basic and diluted income (loss) per share (in dollars per share)	$ 0.22	$ 0.67	$ 0.19
Class C
Other Income and Expenses
Interest expense	$ (100)	$ (200)	$ (500)
Net Income Attributable to CPA:18 – Global	$ 6,936	$ 20,912	$ 5,501
Basic and diluted weighted-average shares outstanding (shares)	32,123,513	31,608,961	31,138,787
Basic and diluted income (loss) per share (in dollars per share)	$ 0.22	$ 0.66	$ 0.18

Consolidated Statement of Inc_2

Consolidated Statement of Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Distributions of available cash	$ 8,132	$ 9,692	$ 8,650

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 44,004	$ 117,290	$ 39,817
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(4,509)	(23,002)	39,925
Unrealized (loss) gain on derivative instruments	(2,079)	3,297	(6,669)
Other Comprehensive (Loss) Income	(6,588)	(19,705)	33,256
Comprehensive Income	37,416	97,585	73,073
Amounts Attributable to Noncontrolling Interests
Net income	(11,432)	(20,562)	(13,284)
Foreign currency translation adjustments	644	2,324	(4,764)
Unrealized loss on derivative instruments	2	0	0
Comprehensive income attributable to noncontrolling interests	(10,786)	(18,238)	(18,048)
Comprehensive Income Attributable to CPA:18 – Global	$ 26,630	$ 79,347	$ 55,025

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A	Class C	Total CPA 18 - Global Stockholders	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2016	$ 865,904			$ 799,899	$ 107	$ 30	$ 1,222,139	$ (360,673)	$ (61,704)	$ 66,005
Beginning equity balance, shares at Dec. 31, 2016					107,460,081	30,469,144
Statements of Equity
Shares issued, value	44,500			44,500	$ 4	$ 1	44,495
Shares issued, shares					4,219,140	1,356,090
Shares issued to affiliate, value	11,187			11,187	$ 1		11,186
Shares issued to affiliate, shares					1,387,460
Shares issued to directors, value	100			100	$ 0		100
Shares issued to directors, shares					12,658
Contributions from noncontrolling interests	3,409									3,409
Distributions to noncontrolling interests	(20,161)									(20,161)
Distributions declared	(85,865)			(85,865)				(85,865)
Net Income	39,817			26,533				26,533		13,284
Other comprehensive loss:
Foreign currency translation adjustments	39,925			35,161					35,161	4,764
Unrealized gain (loss) on derivative instruments	(6,669)			(6,669)					(6,669)
Repurchase of shares, value	(20,082)			(20,082)	$ (2)		(20,080)
Repurchase of shares, shares					(1,885,688)	(636,097)
Ending equity balance, value at Dec. 31, 2017	872,065			804,764	$ 110	$ 31	1,257,840	(420,005)	(33,212)	67,301
Ending equity balance, shares at Dec. 31, 2017					111,193,651	31,189,137
Statements of Equity
Shares issued, value	44,000			44,000	$ 4	$ 1	43,995
Shares issued, shares					3,969,258	1,229,712
Shares issued to affiliate, value	12,086			12,086	$ 1		12,085
Shares issued to affiliate, shares					1,422,629
Shares issued to directors, value	75			75	$ 0		75
Shares issued to directors, shares					8,753
Contributions from noncontrolling interests	5,966									5,966
Distributions to noncontrolling interests	(24,512)									(24,512)
Distributions declared	(88,187)			(88,187)				(88,187)
Net Income	117,290			96,728				96,728		20,562
Other comprehensive loss:
Foreign currency translation adjustments	(23,002)			(20,678)					(20,678)	(2,324)
Unrealized gain (loss) on derivative instruments	3,297			3,297					3,297
Repurchase of shares, value	(23,108)			(23,108)	$ (1)		(23,107)
Repurchase of shares, shares					(2,004,958)	(777,584)
Ending equity balance, value at Dec. 31, 2018	895,970			828,977	$ 114	$ 32	1,290,888	(411,464)	(50,593)	66,993
Ending equity balance, shares at Dec. 31, 2018		114,589,333	31,641,265		114,589,333	31,641,265
Statements of Equity
Shares issued, value	43,814			43,814	$ 4	$ 1	43,809
Shares issued, shares					3,822,104	1,171,368
Shares issued to affiliate, value	6,262			6,262	$ 1		6,261
Shares issued to affiliate, shares					714,598
Shares issued to directors, value	80			80	$ 0		80
Shares issued to directors, shares					9,164
Contributions from noncontrolling interests	2,838									2,838
Distributions to noncontrolling interests	(21,818)									(21,818)
Distributions declared	(90,326)			(90,326)				(90,326)
Net Income	44,004			32,572				32,572		11,432
Other comprehensive loss:
Foreign currency translation adjustments	(4,509)			(3,865)					(3,865)	(644)
Unrealized gain (loss) on derivative instruments	(2,079)			(2,077)					(2,077)	(2)
Repurchase of shares, value	(21,457)			(21,457)	$ (2)	$ (1)	(21,454)
Repurchase of shares, shares					(1,955,621)	(574,120)
Ending equity balance, value at Dec. 31, 2019	$ 851,671			$ 792,872	$ 117	$ 32	$ 1,319,584	$ (470,326)	$ (56,535)	$ 58,799
Ending equity balance, shares at Dec. 31, 2019		117,179,578	32,238,513		117,179,578	32,238,513

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class A
Statements of Equity
Distributions declared (in dollars per share)	$ 0.6252
Class C
Statements of Equity
Distributions declared (in dollars per share)	0.5499
Common Stock | Class A
Statements of Equity
Distributions declared (in dollars per share)	0.6252	$ 0.6252	$ 0.6252
Common Stock | Class C
Statements of Equity
Distributions declared (in dollars per share)	$ 0.5499	$ 0.5503	$ 0.5526

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows — Operating Activities
Net Income	$ 44,004	$ 117,290	$ 39,817
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	69,139	69,622	77,530
Gain on sale of real estate	(24,773)	(78,657)	(14,209)
Asset management fees and directors’ compensation paid in shares	5,850	12,162	11,393
Straight-line rent adjustments	(2,960)	(4,548)	(5,223)
Deferred income tax benefit	(2,310)	(3,690)	(3,624)
Equity in losses of equity method investment in real estate in excess of distributions received	2,185	1,072	871
Amortization of rent-related intangibles and deferred rental revenue	(1,068)	(712)	(575)
Realized and unrealized (gain) loss on foreign currency transactions, derivatives, and other	(694)	1,913	(17,799)
Loss on extinguishment of debt	133	1,283	0
Gain on insurance proceeds	0	(22,227)	0
Allowance for uncollectible accounts	0	5,727	4,164
Net change in other operating assets and liabilities	1,607	86	3,977
Change in deferred acquisition fees payable	(293)	(1,618)	(7,897)
Net Cash Provided by Operating Activities	90,820	97,703	88,425
Cash Flows — Investing Activities
Funding for build-to-suit and development projects	(108,139)	(172,379)	(103,770)
Proceeds from sale of real estate	50,846	125,841	59,510
Proceeds from repayment of notes receivable	35,954	2,546	0
Value added taxes refunded in connection with the acquisitions of real estate	9,627	5,501	12,639
Value added taxes paid in connection with acquisitions of real estate	(6,964)	(9,440)	(6,253)
Payment of deferred acquisition fees to an affiliate	(4,503)	(3,851)	(3,827)
Return of capital from equity investments	3,161	0	229
Capital expenditures on real estate	(2,989)	(10,450)	(12,512)
Proceeds from insurance settlements	1,084	53,195	3,895
Capital contributions to equity investment	(911)		(5,649)
Capital contributions to equity investment		18
Other investing activities, net	159	39	(93)
Acquisition of real estate	0	0	(7,395)
Net Cash Used in Investing Activities	(22,675)	(8,980)	(63,226)
Cash Flows — Financing Activities
Scheduled payments and prepayments of mortgage principal	(132,160)	(52,411)	(10,711)
Proceeds from mortgage financing	123,641	158,302	85,559
Distributions paid	(89,845)	(87,609)	(85,174)
Proceeds from issuance of shares	41,735	41,901	42,329
Repurchase of shares	(21,457)	(23,108)	(20,082)
Distributions to noncontrolling interests	(20,070)	(21,192)	(20,264)
Contributions from noncontrolling interests	2,922	1,520	2,632
Payment of deferred financing costs and mortgage deposits	(1,001)	(1,495)	(807)
Other financing activities, net	(9)	680	(45)
Repayment of notes payable to affiliate	0	0	(38,696)
Proceeds from notes payable to affiliate	0	0	11,196
Net Cash (Used in) Provided by Financing Activities	(96,244)	16,588	(34,063)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	659	(4,656)	5,306
Net (decrease) increase in cash and cash equivalents and restricted cash	(27,440)	100,655	(3,558)
Cash and cash equivalents and restricted cash, beginning of year	190,838	90,183	93,741
Cash and cash equivalents and restricted cash, end of year	$ 163,398	$ 190,838	$ 90,183

Organization

Organization	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), is a publicly owned, non-traded real estate investment trust (“REIT”), that invests primarily in a diversified portfolio of income-producing commercial real estate properties leased to companies, 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 individual students and tenants, respectively. Our last multi-family residential property was sold on January 29, 2019. After that date, we no longer earned 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 December 31, 2019 we owned 99.97% of general and limited partnership interests in the Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. As of December 31, 2019 , our net lease portfolio was comprised of full or partial ownership interests in 47 properties, substantially all of which were fully occupied and triple-net leased to 61 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 two student housing operating properties, totaling approximately 5.5 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 . Our reportable business segments and All Other category are the same as our reporting units ( Note 14 ). On December 20, 2019 , we executed a framework agreement with a third party (the “Framework Agreement”) to enter into 11 net lease agreements for our student housing properties located in Spain and Portugal for 25 years upon completion of construction. Effective as of the date of this Framework Agreement, the student housing operating property located in Barcelona, Spain that was placed into service during the third quarter of 2019 became a net lease property. Additionally, the remaining ten student housing projects under construction will become subject to net lease agreements upon their completion and are scheduled to do so throughout 2020 and 2021 ( Note 14 ). We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our initial public offering. In addition, from inception through December 31, 2019 , $183.9 million and $52.5 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan (“DRIP”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Gain/Loss on Sales — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases — We periodically assess whether there are any indicators that the value of our net investments in direct financing leases may be impaired. When determining a possible impairment, we take into consideration the collectability of direct financing lease receivables for which a reserve would be required if any losses are both probable and reasonably estimable. In addition, we determine whether there has been a permanent decline in the current estimate of the residual value of the property. If this review indicates a permanent decline in the fair value of the asset below its carrying value, we recognize an impairment charge. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event ( Note 6 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Note Receivable — We evaluate our note receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered VIEs unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. As of December 31, 2019 and December 31, 2018 , we considered 19 and 21 entities to be VIEs, respectively, of which we consolidated 18 and 20 , respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2019 2018 Real estate — Land, buildings and improvements $ 359,886 $ 362,536 Operating real estate — Land, buildings and improvements — 110,543 Real estate under construction 233,220 151,479 In-place lease intangible assets 101,198 103,234 Accumulated depreciation and amortization (78,598 ) (68,534 ) Total assets 642,648 704,975 Non-recourse secured debt, net $ 276,124 $ 341,922 Total liabilities 330,549 391,983 At both December 31, 2019 and 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 December 31, 2019 and 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. At times, the carrying value of our equity investment may fall below zero for certain investments. We intend to fund our share of the jointly owned investment’s future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund the operating deficits. As of December 31, 2019 and 2018 , our sole equity investment did not have a carrying value below zero. 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: December 31, 2019 2018 Percent Change British Pound Sterling $ 1.3204 $ 1.2800 3.2 % Euro 1.1234 1.1450 (1.9 )% Norwegian Krone 0.1139 0.1151 (1.0 )% 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 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 consolidated statements of income. Additionally, we previously presented Interest income from direct financing leases separately on the 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 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 consolidated statements of income. Lastly, we reclassified Acquisition and other expenses to be included in General and administrative in the consolidated statements of income, which did not have a material impact on our 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 (previously presented separately). Prior period balances have been reclassified to conform to the current period presentation. Restricted Cash — In connection with our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 144,148 $ 170,914 $ 71,068 Restricted cash (a) 19,250 19,924 19,115 Total cash and cash equivalents and restricted cash $ 163,398 $ 190,838 $ 90,183 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets. Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. Note Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance. Our note receivable is included in Accounts receivable and other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other operating and interest income in the consolidated financial statements. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Other Assets and Liabilities — We include our note receivable, prepaid expenses, deferred rental income, equity investment in real estate, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Accounts receivable and other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. Revenue Recognition — Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and other operating properties (including student housing operating and multi-family residential properties, which we sold our last multi-family residential property in January 2019). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and included in Property expenses in the consolidated financial statements and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations. Depreciation — We compute depreciat

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Transactions with Our Advisor We have an advisory agreement with our Advisor whereby our Advisor performs certain services for us under a fee arrangement, including the identification, evaluation, negotiation, purchase, 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 or extend pursuant to its terms. We may terminate the advisory agreement upon 60 days written notice without cause or penalty. Jointly Owned Investments and Other Transactions with our Affiliates As of December 31, 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. 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): Years Ended December 31, 2019 2018 2017 Amounts Included in the Consolidated Statements of Income Asset management fees $ 11,539 $ 12,087 $ 11,293 Available Cash Distributions 8,132 9,692 8,650 Personnel and overhead reimbursements 3,161 3,121 3,170 Disposition fees 1,117 — — Interest expense on deferred acquisition fees, and external joint venture loans, and accretion of interest on annual distribution and shareholder servicing fee (a) 492 100 1,034 $ 24,441 $ 25,000 $ 24,147 Acquisition Fees Capitalized Current acquisition fees $ 695 $ 9,370 $ 3,757 Capitalized personnel and overhead reimbursements 665 1,063 640 Deferred acquisition fees 555 7,496 3,006 $ 1,915 $ 17,929 $ 7,403 ___________ (a) For the years ended December 31, 2019 and 2018 , interest on the annual distribution and shareholder servicing fee is excluded because, effective as of the third quarter of 2017, it is paid directly to selected dealers rather than through Carey Financial LLC (“Carey Financial”), a subsidiary of WPC, as discussed further below. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2019 2018 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,951 $ 5,070 Deferred acquisition fees, including accrued interest 4,456 8,720 Asset management fees payable 961 972 Current acquisition fees 8 2,065 $ 11,376 $ 16,827 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of December 31, 2019 and 2018 , loans due to our joint venture partners including accrued interest, were $4.6 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 both the years ended December 31, 2019 and 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 $8.67 as of September 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. For the years ended December 31, 2018 , and 2017 , all asset management fees paid to our Advisor were in shares of our Class A common stock. As of December 31, 2019 , our Advisor owned 5,753,883 shares, or 3.9% , of our outstanding Class A common stock. Asset management fees are included in Property expenses in the consolidated financial statements. Annual Distribution and Shareholder Servicing Fee Through June 30, 2017, Carey Financial, the wholly-owned subsidiary of our Advisor, was entitled to receive an annual distribution and shareholder servicing fee from us in connection with our Class C common stock, which it may have re-allowed to selected dealers. Beginning with the payment for the third quarter of 2017 (paid during October 2017), the annual distribution and shareholder servicing fees are paid directly to selected dealers rather than through Carey Financial. The amount of the annual distribution and shareholder servicing fee is 1.0% of the most recently published NAV of our Class C common stock, which was $8.67 as of September 30, 2019. The annual distribution and shareholder servicing fee accrues daily and is payable quarterly in arrears. We will no longer incur the annual distribution and shareholder servicing fee beginning on the date at which, in the aggregate, underwriting compensation from all sources reaches 10.0% of the gross proceeds from our initial public offering, which it had not yet reached as of December 31, 2019 . As of December 31, 2019 and 2018 , we recorded a liability of $1.9 million and $3.8 million , respectively, within Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0% , respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the years ended December 31, 2019 and 2018 . Unpaid installments of deferred acquisition fees are included in Due to affiliates in the consolidated financial statements and bear interest at an annual rate of 2.0% . The cumulative total acquisition costs, including acquisition fees paid to the advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. In addition, our Advisor may be entitled to receive a disposition fee equal to the lesser of (i) 50.0% of the competitive real estate commission (as defined in the advisory agreement) or (ii) 3.0% of the contract sales price of the investment being sold. These fees are paid at the discretion of our board of directors. During the year ended December 31, 2019 , a total of $1.1 million of disposition fees were approved and paid in connection with certain 2018 and 2019 dispositions, and are included in Gain on sale of real estate, net in the 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 December 31, 2019 included Carey Watermark Investors Incorporated, Carey Watermark Investors 2 Incorporated, and Carey European Housing Student 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 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 or other transactions. 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 consolidated financial statements.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	12 Months Ended
	Dec. 31, 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, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2019 2018 Land $ 196,693 $ 195,275 Buildings and improvements 1,003,952 1,015,501 Less: Accumulated depreciation (135,922 ) (112,061 ) $ 1,064,723 $ 1,098,715 The carrying value of our Real Estate — Land, buildings and improvements decreased by $11.0 million from December 31, 2018 to December 31, 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 $29.5 million , $31.0 million , and $28.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Dispositions of Real Estate 2019 — During the year ended December 31, 2019 , we sold the 11 properties in our United Kingdom trade counter 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 December 31, 2019 ( Note 13 ). 2018 — During the year ended December 31, 2018 , we sold an office building located in Utrecht, the Netherlands. 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 consolidated statements of income for the year ended December 31, 2019 are as follows (in thousands): December 31, 2019 Lease revenues — net-leased Lease income — fixed $ 99,771 Lease income — variable (a) 15,468 Total operating lease income (b) $ 115,239 Lease revenues — operating real estate Lease income — fixed $ 67,969 Lease income — variable (c) 2,626 Total operating lease income $ 70,595 _________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $3.9 million of interest income from direct financing leases that is included in Lease revenues — net-leased in the 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 as of December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2020 $ 96,642 2021 97,057 2022 97,588 2023 91,057 2024 80,281 Thereafter 498,628 Total $ 961,253 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 as of 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 year ended December 31, 2019 , total lease cost for operating leases totaled $1.1 million . Additionally, we recognized reimbursable ground rent totaling approximately $0.4 million , which is included in Lease revenues — net-leased in the 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 Consolidated Balance Sheets December 31, 2019 Operating ROU assets — land leases In-place lease and other intangible assets $ 35,069 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 8,116 Weighted-average remaining lease term — operating leases (a) 43.4 years Weighted-average discount rate — operating leases (a) 6.8 % Number of land lease arrangements 8 Lease term range 6 – 983 years ___________ (a) Excludes a $7.3 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. Cash paid for operating lease liabilities included in the Net cash provided by operating activities for the year ended 2019 was $0.8 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 consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2020 $ 651 2021 651 2022 651 2023 651 2024 651 Thereafter 22,179 Total lease payments 25,434 Less: amount of lease payments representing interest (17,318 ) Present value of future lease payments/lease obligations $ 8,116 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 (our last multi-family residential property was sold on January 29, 2019), is summarized as follows (in thousands): December 31, 2019 2018 Land $ 78,240 $ 77,984 Buildings and improvements 434,245 425,165 Less: Accumulated depreciation (57,237 ) (41,969 ) $ 455,248 $ 461,180 The carrying value of our Operating real estate — land, buildings and improvements increased by $2.9 million from December 31, 2018 to December 31, 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 for the years ended December 31, 2019 , 2018 , and 2017 was $15.2 million , $16.9 million , and $17.4 million , respectively. Dispositions of Operating Real Estate 2019 — During the year ended December 31, 2019 , we sold our last multi-family residential property, which was previously classified as held for sale at December 31, 2018 ( Note 13 ). 2018 — During the year ended December 31, 2018 , we sold five domestic multi-family residential properties. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2019 2018 Beginning balance $ 152,106 $ 134,366 Capitalized funds 112,595 189,286 Placed into service (34,944 ) (139,253 ) Capitalized interest 7,139 5,355 Foreign currency translation adjustments (1,145 ) (5,129 ) Disposition (a) — (32,519 ) Ending balance $ 235,751 $ 152,106 _________ (a) On December 17, 2018, we transferred our right to collect for tenant default damages related to the joint venture for a university complex development site located in Accra, Ghana (as discussed further below). Capitalized Funds During 2019 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 year ended December 31, 2019 , total capitalized funds primarily related to our student housing development projects, which were comprised principally of initial funding of $11.1 million and construction draws of $101.5 million . Capitalized funds include accrued costs of $9.0 million , which is a non-cash investing activity. Capitalized Funds During 2018 We entered into the following student housing development project investments during the year ended December 31, 2018 (amounts based on the exchange rate of the euro on the date of acquisition as applicable): Location Date of Acquisition Ownership Percentage Purchase Price (a) Estimated Completion Date Estimated Total Investment (a) (b) Barcelona, Spain (c) (d) 3/8/2018 98.7 % $ 10,469 Completed Q3 2019 $ 28,473 Coimbra, Portugal (c) (d) 6/11/2018 98.5 % 9,338 Q1 2021 26,326 San Sebastian, Spain (c) 6/14/2018 100.0 % 13,126 Q3 2020 36,733 Barcelona, Spain (c) 6/25/2018 100.0 % 13,089 Q3 2020 31,686 Valencia, Spain (c) (d) 7/30/2018 98.7 % 7,113 Q3 2021 26,991 Austin, Texas (c) (e) 9/20/2018 90.0 % 13,666 Q3 2020 70,181 Granada, Spain (c) (d) 9/21/2018 98.5 % 4,262 Q3 2021 23,416 Seville, Spain (c) (f) 11/20/2018 75.0 % 13,137 Q1 2021 32,510 Bilbao, Spain (c) 12/14/2018 100.0 % 10,694 Q3 2021 51,624 Porto, Portugal (c) (d) 12/18/2018 98.5 % 6,185 Q3 2020 23,651 $ 101,079 $ 351,591 _________ (a) Based on the exchange rate of the euro at the date of acquisition for international investments. (b) Amounts represent our expected total investment in the respective development projects. (c) As there is insufficient equity at risk, the investment is considered to be a VIE ( Note 2 ). (d) Since we are responsible for substantially all of the economics but have disproportionate voting rights, the investment is considered to be a VIE ( Note 2 ). (e) We assumed 90% interest in an existing $4.5 million loan on this property ( Note 9 ). Additionally, the seller retained the remaining interest on this investment, which was accounted for as a $2.3 million non-cash financing activity. (f) As part of the transaction, the seller retained a 23.5% interest on this investment, which was accounted for as a $2.2 million non-cash financing activity. During the year ended December 31, 2018 , total capitalized funds primarily related to our student housing development projects, which were comprised principally of initial funding of $103.3 million and construction draws of $86.0 million . Capitalized funds include accrued costs of $1.1 million , which is a non-cash investing activity. Capitalized Interest Capitalized interest includes interest incurred during construction, as well as amortization of the mortgage discount and deferred financing costs, which totaled $7.1 million , $5.4 million , and $4.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and is a non-cash investing activity. Placed into Service On July 2, 2019 , upon substantial completion, we placed into service the student housing property located in Barcelona, Spain. As a result, we reclassified $31.4 million from Real estate under construction to Operating real estate — Land, buildings and improvements on our consolidated financial statements. Subsequent to the completion of this project, on December 20, 2019, we entered into the Framework Agreement with a third party to net-lease this property ( Note 14 ). As such, we reclassified $30.8 million from Operating real estate — Land, buildings and improvements to Real estate — Land, buildings and improvements ( Note 14 ). Amounts based on the exchange rate of the euro at the date of reclassification. During the year ended December 31, 2018 , upon substantial completion, we placed into service two student housing properties located in the United Kingdom and the remaining portion of a net-leased hotel (placed into service in 2017) totaling $139.3 million , which is a non-cash investing activity. Of that total, $113.1 million was reclassified to Operating real estate — land, buildings and improvements and $26.2 million was reclassified to Real estate — land, buildings and improvements. Ending Balance At both December 31, 2019 and 2018 , we had 12 open student housing development projects, respectively, with aggregate unfunded commitments totaling approximately $279.9 million and $348.5 million , respectively, excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. Ghana Settlement During 2018 On February 19, 2016, we entered into a joint venture development project with a third party for a university complex development site located in Accra, Ghana (“Ghana Joint Venture”). At the time of the investment, the Ghana Joint Venture, which we consolidated, entered into an agreement for third party financing in an amount up to $41.0 million from the Overseas Private Investment Corporation, a developmental finance institution of the U.S. Government. The transaction, including the funding of this loan, was subject to the tenant obtaining a letter of credit, which did not occur and caused the tenant to default under its concession agreement with the Ghana Joint Venture’s subsidiary (“Ghana Special Purpose Vehicle (“SPV”)). The concession agreement effectively functioned as a ground lease and gave us the right to construct the university complex. As a result, the Ghana SPV terminated the concession agreement in May 2018 and no longer pursued the completion of this project. On December 17, 2018, our Ghana Joint Venture entered into a settlement agreement with its insurer relating to payment of a claim under its political risk insurance policy. We received payment of $45.6 million , net of transaction costs, on December 27, 2018 , resulting in a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit related to the reversal of deferred tax liabilities and amounts attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively) and is included in Other gains and (losses) in the consolidated financial statements. The Ghana SPV no longer has rights to the tenant default damages as part of the overall settlement, other than a $4.3 million security deposit from the tenant that is currently included in Accounts receivable and other assets, net as well as Accounts payable, accrued expenses and other liabilities. Additionally, while there is some uncertainty of collectability of our value added tax (“VAT”) receivable of $2.7 million to be refunded from the Ghanaian government, we continue to believe the full recovery of the VAT refund is probable and we will continuously monitor and assess the probability of collectability of this receivable. Assets and Liabilities Held for Sale Below is a summary of our properties held for sale (in thousands): Years Ended December 31, 2019 2018 Operating real estate — Land, buildings and improvements $ — $ 26,277 In-place lease intangible assets — 1,090 Accumulated depreciation and amortization — (3,759 ) Assets held for sale, net $ — $ 23,608 Non-recourse mortgages, net, attributable to Assets held for sale $ — $ 24,250 At December 31, 2018 , we had one multi-family residential property classified as Assets held for sale with a carrying value of $23.6 million , which was encumbered at that date by a non-recourse mortgage loan of $24.3 million . This property was sold in January 2019 and the debt was transferred to the buyer upon sale ( Note 13 ). 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 of the self-storage development project located in Vaughan, Canada. In conjunction with this disposal, we recognized equity income of $0.2 million during the year ended December 31, 2019 , which is included in Equity in losses of equity method investment in real estate in our consolidated financial statements. Placed into Service During 2018 During the year ended December 31, 2018 , the joint venture completed distinct phases of the overall development at two Canadian self-storage facilities (one of which commenced operations in 2017) and, as a result, placed a total of $19.5 million of the total amounts of these projects into service. Ending Balance At December 31, 2019 and 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 consolidated financial statements. At December 31, 2019 and 2018 , the joint venture had total third-party recourse debt of $32.2 million and $28.7 million , respectively. As a result of the disposition on August 15, 2019 , we no longer have unfunded commitments related to our equity investment as of December 31, 2019 . The unfunded commitments for the development projects as of December 31, 2018 totaled approximately $13.8 million , related to our equity investment. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. This liability was $3.2 million and $3.0 million as of December 31, 2019 and 2018 , respectively. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Financing Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Accounts receivable and other assets, net in the consolidated financial statements) and our Net investments in direct financing leases. Operating leases are not included in finance receivables. See Note 2 and Note 4 for information on ROU operating lease assets recognized on our consolidated balance sheets. Notes Receivable As of December 31, 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 (“Cipriani”) with a maturity date of July 2024 . The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. Interest-only payments at a rate of 10% per annum are due through its maturity date. At both December 31, 2019 and 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 . Interest income from our notes receivable was $4.1 million for the year ended December 31, 2019 , and $7.2 million for both the years ended December 31, 2018 and 2017 , respectively, and is included in Other operating and interest income in our consolidated statements of income. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2019 2018 Lease payments receivable $ 55,278 $ 58,353 Unguaranteed residual value 39,401 39,402 94,679 97,755 Less: unearned income (52,625 ) (56,010 ) $ 42,054 $ 41,745 Interest income from direct financing leases was $3.9 million , for the year ended December 31, 2019 , and $3.7 million for both the years ended December 31, 2018 and 2017 , and is included in Lease revenues — net-leased in our 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 rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of December 31, 2019 were as follows (in thousands): Years Ending December 31, Total 2020 $ 3,473 2021 3,541 2022 3,617 2023 3,696 2024 3,784 Thereafter 37,167 Total $ 55,278 Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage 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 $ 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. At both December 31, 2019 and 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 years ended December 31, 2019 or 2018 . We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. 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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2019 2018 2019 2018 1-3 4 4 $ 45,457 $ 45,456 4 1 2 24,597 60,243 5 — — — — 0 $ 70,054 $ 105,699

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 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 consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Goodwill is included in our Net Lease segment, which is also the reporting unit for goodwill impairment testing, and is included in Accounts receivable and other assets, net in the consolidated financial statements. As a result of foreign currency translation and other adjustments, goodwill increased from $ 26.1 million as of December 31, 2017 to $26.4 million as of December 31, 2018 . Goodwill decreased from $26.4 million as of December 31, 2018 to $26.0 million as of December 31, 2019 , reflecting the impact of foreign currency translation adjustments. We performed our annual test for impairment during the fourth quarter of 2019 for goodwill and no impairment was indicated. Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2019 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 $ 238,771 $ (131,012 ) $ 107,759 $ 252,316 $ (120,936 ) $ 131,380 Above-market rent 7 – 30 10,257 (4,141 ) 6,116 11,178 (3,923 ) 7,255 Below-market ground lease (a) N/A — — — 21,966 (1,719 ) 20,247 249,028 (135,153 ) 113,875 285,460 (126,578 ) 158,882 Indefinite-Lived Intangible Assets Goodwill 26,024 — 26,024 26,354 — 26,354 Total intangible assets $ 275,052 $ (135,153 ) $ 139,899 $ 311,814 $ (126,578 ) $ 185,236 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,974 ) $ 6,627 $ (8,347 ) $ (15,309 ) $ 5,651 $ (9,658 ) Above-market ground lease (a) N/A — — — (105 ) 6 (99 ) Total intangible liabilities $ (14,974 ) $ 6,627 $ (8,347 ) $ (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 consolidated balance sheets. Net amortization of intangibles, including the effect of foreign currency translation, was $20.4 million , $18.4 million , and $29.3 million for the years ended December 31, 2019 , 2018 , and 2017 , 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 above-market ground lease and below-market ground lease intangibles was included in Property expenses, excluding reimbursable tenant costs, prior to the reclassification of above-market ground lease and below-market ground lease intangibles to ROU assets in the first quarter of 2019, as described above and in Note 2 . Based on the intangible assets and liabilities recorded as of December 31, 2019 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization Net 2020 $ (411 ) $ 14,654 $ 14,243 2021 (405 ) 14,567 14,162 2022 (390 ) 14,376 13,986 2023 (486 ) 12,206 11,720 2024 (526 ) 9,729 9,203 Thereafter (13 ) 42,227 42,214 $ (2,231 ) $ 107,759 $ 105,528

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the 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 years ended December 31, 2019 and 2018 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2019 2018 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,201,913 $ 1,239,004 $ 1,237,427 $ 1,257,032 Notes receivable (c) 3 28,000 30,300 63,954 66,154 ___________ (a) As of December 31, 2019 and 2018 , the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.8 million and $6.9 million , respectively. As of December 31, 2019 and 2018 , the carrying value of Non-recourse secured debt, net includes unamortized premium, net of $2.1 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 December 31, 2019 and 2018 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other investments due to changes in interest rates or other market factors. We own international investments, primarily in Europe, and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts. The primary risks related to our use of derivative instruments include: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment, as well as the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2019 and 2018 , no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2019 2018 2019 2018 Foreign currency collars Accounts receivable and other assets, net $ 1,444 $ 750 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 861 2,011 — — Interest rate caps Accounts receivable and other assets, net 116 — — — Interest rate swaps Accounts receivable and other assets, net 53 808 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,991 ) (529 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (622 ) 2,474 3,569 (1,991 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (48 ) — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (115 ) — — (48 ) (115 ) $ 2,474 $ 3,569 $ (2,039 ) $ (1,266 ) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 2017 Interest rate swaps $ (2,288 ) $ 487 $ 619 Foreign currency collars 1,343 3,186 (4,535 ) Foreign currency forward contracts (1,096 ) (401 ) (2,769 ) Interest rate caps (38 ) 25 16 Derivatives in Net Investment Hedging Relationship (a) Foreign currency forward contracts 23 20 (39 ) Foreign currency collars 19 90 (179 ) Total $ (2,037 ) $ 3,407 $ (6,887 ) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 1,450 $ 1,058 $ 1,223 Foreign currency collars Other gains and (losses) 257 (232 ) 160 Interest rate swaps Interest expense (136 ) (254 ) (663 ) Interest rate caps Interest expense (13 ) (50 ) (56 ) Total $ 1,558 $ 522 $ 664 Amounts reported in Other comprehensive income related to our interest derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of December 31, 2019 , we estimated that an additional $0.8 million and an additional $1.3 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency collars Other gains and (losses) $ 206 $ (95 ) $ (259 ) Interest rate swaps Interest expense (14 ) (82 ) (32 ) Foreign currency forward contracts Other gains and (losses) (4 ) — — Derivatives in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 7 (81 ) (8 ) Interest rate swaps Interest expense (1 ) 19 26 Total $ 194 $ (239 ) $ (273 ) 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 December 31, 2019 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2019 (a) Interest rate swaps 9 92,339 USD $ (1,938 ) Interest rate caps 2 59,000 GBP 116 Interest rate cap 1 5,700 USD — Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 9,303 EUR (48 ) $ (1,870 ) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies at December 31, 2019 , as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. Foreign Currency Contracts We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the Norwegian krone. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other gains and (losses) in the consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency forward contracts and foreign currency collars have maturities of 74 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of December 31, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 24 19,012 EUR $ 1,025 Foreign currency forward contracts 7 2,776 EUR 842 Foreign currency collars 18 35,490 NOK 300 Foreign currency forward contract 1 759 NOK 19 Designated as Net Investment Hedging Instruments Foreign currency collars 2 9,350 NOK 119 $ 2,305 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2019 . At December 31, 2019 , our total credit exposure was $2.1 million and the maximum exposure to any single counterparty was $1.4 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 December 31, 2019 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $2.1 million and $1.3 million as of December 31, 2019 and December 31, 2018 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of December 31, 2019 or 2018 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.2 million and $1.4 million , respectively.

Non-Recourse Secured Debt, net

Non-Recourse Secured Debt, net	12 Months Ended
	Dec. 31, 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. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . As of December 31, 2019 , the weighted-average interest rates for our fixed-rate and variable-rate non-recourse secured debt were 3.9% and 3.8% , respectively, with maturity dates ranging from 2020 to 2039 . Financing Activity During 2019 On November 8, 2019 , we obtained a non-recourse mortgage loan of $75.6 million , relating to the two student housing operating properties located in the United Kingdom. The loan bears a variable interest rate ( 3.0% at the date of financing), i n which interest only payments are due through the scheduled maturity date of November 2022 . At closing, we repaid the $44.7 million and $30.2 million construction loans previously encumbering these properties. Amounts are based on the exchange rate of the British pound sterling at the date of closing. 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 ( 3.9% at December 31, 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 December 31, 2019 , we had drawn $25.1 million on the construction loan. Financing Activity During 2018 On October 5, 2018, we obtained a construction loan of $15.0 million for a student housing development project located in Barcelona, Spain (which was placed into service during the year ended December 31, 2019 ( Note 4 )). The loan bears an annual fixed interest rate of 2.5% , with a maturity date of April 2032 . We had drawn a total of $6.5 million on the construction loan as of December 31, 2018 . On November 22, 2018, we entered into an additional $2.1 million loan agreement for this student housing development property. The loan bears an annual fixed interest rate of 2.5% , with a maturity date of May 2022 , and will be repaid as the VAT is reclaimed from the taxation authorities. We had drawn a total of $1.4 million on this loan as of December 31, 2018 . Amounts are based on the exchange rate of the euro at the date of the loan and respective drawdowns, where applicable. On September 20, 2018, in conjunction with our investment in a student housing development project located in Austin, Texas ( Note 4 ), we assumed a 90.0% interest in an existing $4.5 million non-recourse mortgage loan that bears an annual variable interest rate (which was 5.5% as of the date we assumed the loan). Upon the acquisition of the construction loan in 2019 as noted above, this loan was repaid in full. On May 9, 2018, we obtained a $34.0 million non-recourse mortgage loan encumbering seven self-storage properties located in Southern California. The properties were encumbered by a $16.4 million non-recourse mortgage loan, which was paid in full on the same date using a portion of the proceeds from the term loan. The term loan bears an annual fixed interest rate of 4.5% , with a maturity date of May 2021 . We have two options to extend the maturity date, each by an additional year. The principal balance is due at maturity and interest is payable monthly. On February 13, 2018, we obtained a construction loan of $48.8 million for a student housing development project located in Portsmouth, United Kingdom (which was placed into service during the year ended December 31, 2018 ( Note 4 )). The loan bears a variable interest rate ( 6.0% on the date of the loan) on outstanding drawn balances. We had drawn a total of $43.7 million on the construction loan as of December 31, 2018 . This loan was refinanced in November 2019 as noted above. Amounts are based on the exchange rate of the British pound sterling at the date of the loan and respective drawdowns, where applicable. During the year ended December 31, 2018 , we had additional drawdowns totaling $20.5 million (based on the exchange rate of the British pound sterling at the date of each drawdown) on a construction loan related to a student housing development project located in Cardiff, United Kingdom, which was placed into service during the year ended December 31, 2018 ( Note 4 ). The loan bore an annual interest rate of 7.5% plus the London Interbank Offered Rate (“LIBOR”) for outstanding drawn balances. This loan was refinanced in November 2019 as noted above. Additionally, we drew down a total of $52.4 million (based on the exchange rate of the euro at the date of drawdown) on the non-recourse mortgage loan for a completed build-to-suit hotel in Munich, Germany. The loan bears an annual interest rate of 2.8% and matures in June 2023 . Interest Paid Interest paid totaled $43.4 million , $50.7 million , and $45.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2019 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2020 $ 67,331 2021 161,612 2022 195,342 2023 180,540 2024 200,114 Thereafter through 2039 400,699 Total principal payments 1,205,638 Unamortized deferred financing costs (5,841 ) Unamortized premium, net 2,116 Total $ 1,201,913 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2019 . The carrying value of our Non-recourse secured debt, net, decreased by $6.3 million in the aggregate from December 31, 2018 to December 31, 2019 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2019 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our 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	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Earnings Per Share and Equity Basic and Diluted Earnings Per Share The following table presents earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,469,007 $ 25,636 $ 0.22 Class C common stock 32,123,513 6,936 0.22 Net income attributable to CPA:18 – Global $ 32,572 Year Ended December 31, 2018 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 113,401,265 $ 75,816 $ 0.67 Class C common stock 31,608,961 20,912 0.66 Net income attributable to CPA:18 – Global $ 96,728 Year Ended December 31, 2017 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 109,942,186 $ 21,032 $ 0.19 Class C common stock 31,138,787 5,501 0.18 Net income attributable to CPA:18 – Global $ 26,533 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 the accretion of interest on the annual distribution and shareholder servicing fee liability which totaled $0.1 million , $0.2 million , and $0.5 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively ( Note 3 ). Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our distributions per share are summarized as follows: Years Ended December 31, 2019 2018 2017 Class A Class C Class A Class C Class A Class C Return of capital $ 0.3662 $ 0.3220 $ — $ — $ 0.3254 $ 0.2875 Capital gain 0.1339 0.1178 0.3847 0.3388 0.0817 0.0722 Ordinary income 0.1251 0.1101 0.2405 0.2119 0.2181 0.1927 Total distributions paid $ 0.6252 $ 0.5499 $ 0.6252 $ 0.5507 $ 0.6252 $ 0.5524 Distributions are declared at the discretion of our board of directors and are not guaranteed. During the fourth quarter of 2019 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock and $0.1374 per share for our Class C common stock, which were paid on January 15, 2020 to stockholders of record on December 31, 2019 , in the amount of $22.7 million . During the year ended December 31, 2019 , our board of directors declared distributions in the aggregate amount of $72.7 million per share for our Class A common stock and $17.6 million per share for our Class C common stock, which equates to $0.6252 and $0.5499 per share, respectively. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2017 $ 5,587 $ (67,291 ) $ (61,704 ) Other comprehensive income before reclassifications (6,005 ) 39,925 33,920 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,383 ) — (1,383 ) Interest expense 719 — 719 Net current-period Other comprehensive income (6,669 ) 39,925 33,256 Net current-period Other comprehensive income attributable to noncontrolling interests — (4,764 ) (4,764 ) Balance at December 31, 2017 (1,082 ) (32,130 ) (33,212 ) Other comprehensive loss before reclassifications 3,819 (23,002 ) (19,183 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (826 ) — (826 ) Interest expense 304 — 304 Net current-period Other comprehensive loss 3,297 (23,002 ) (19,705 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 2,324 2,324 Balance at December 31, 2018 2,215 (52,808 ) (50,593 ) Other comprehensive loss before reclassifications (521 ) (4,509 ) (5,030 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,707 ) — (1,707 ) Interest expense 149 — 149 Net current-period Other comprehensive loss (2,079 ) (4,509 ) (6,588 ) Net current-period Other comprehensive loss attributable to noncontrolling interests 2 644 646 Balance at December 31, 2019 $ 138 $ (56,673 ) $ (56,535 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive income for the periods presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, the only provision of income taxes in the consolidated financial statements relates to our TRSs. The Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, lowered the U.S. corporate income tax rate from 35% to 21%. There was no material impact to the deferred taxes on our domestic TRSs. We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2019 2018 2017 Federal Current $ 60 $ 130 $ 234 Deferred — 5 20 60 135 254 State and Local Current 85 292 355 85 292 355 Foreign Current 2,375 1,315 1,535 Deferred (2,310 ) (3,694 ) (3,650 ) 65 (2,379 ) (2,115 ) Total Provision (Benefit) $ 210 $ (1,952 ) $ (1,506 ) We account for uncertain tax positions in accordance with Accounting Standards Codification 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. During the year ended December 31, 2019 , our unrecognized tax benefits increased by $0.6 million from $0.7 million as of December 31, 2018 to $1.3 million as of December 31, 2019 , reflecting additions based on tax positions related to prior periods. If recognized, these benefits would have a favorable impact on our effective income tax rate in future periods. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2019 , we had accrued interest related to uncertain tax positions of $0.1 million , and had no such liability as of December 31, 2018 . Tax authorities in relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2013 through 2018 remain open to adjustment in major tax jurisdictions. Income Taxes Paid Income taxes paid were $1.7 million , $2.6 million , and $1.1 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Deferred Income Taxes Our deferred tax assets before valuation allowances were $19.0 million and $10.8 million as of December 31, 2019 and 2018 , respectively. Our deferred tax liabilities were $48.6 million and $48.0 million as of December 31, 2019 and 2018 , respectively. We determined that $17.6 million and $9.2 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount as of December 31, 2019 and 2018 , respectively. Our deferred tax asset, net of valuation allowance, is recorded in Accounts receivable and other assets, net on our consolidated balance sheet. Our deferred tax liabilities are recorded in Accounts payable, accrued expenses and other liabilities in our consolidated balance sheet. Our deferred tax assets and liabilities are primarily the result of temporary differences related to: • basis differences between tax and GAAP for real estate assets. For income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP; • timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income. As of December 31, 2019 and 2018 , we had net operating losses in foreign jurisdictions of approximately $41.5 million and $41.9 million , respectively. Our net operating losses will begin to expire in 2020 in certain foreign jurisdictions. The utilization of net operating losses may be subject to certain limitations under the tax laws of the relevant jurisdiction.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We have an active capital recycling program, with a goal of extending the average lease term of our portfolio through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of our net-leased and operating assets. We may decide to dispose of a property due to vacancy, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. 2019 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 year ended December 31, 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). 2018 Our disposition activity for the year ended December 31, 2018 included the following, none of which qualified for classification as discontinued operations: Operating Real Estate — Land, Buildings and Improvements During the year ended December 31, 2018 , we sold five domestic multi-family residential properties for total proceeds of $95.5 million , net of selling costs, and recognized an aggregate gain on sale of $58.2 million (which includes an $8.3 million gain attributable to noncontrolling interests). Four of these properties had outstanding mortgage loans totaling $93.4 million , which were assumed by the buyer as part of the sale, and the mortgage loan of $25.3 million relating to the remaining property was repaid prior to the disposition. For three of these properties, we sold our 97% interest to one of our joint venture partners. As of December 31, 2018 , we had one remaining domestic multi-family residential property classified as Assets held for sale, net with a carrying value of $23.6 million and a non-recourse mortgage loan of $24.3 million . This property was sold in January 2019 as noted above. Real Estate — Land, Buildings and Improvements During the year ended December 31, 2018 , we sold an office building located in Utrecht, the Netherlands for total proceeds of $29.7 million , net of selling costs. As a result, we recognized an aggregate gain on sale of $20.5 million , inclusive of a tax benefit of $2.0 million (amounts based on the exchange rate of the euro at the date of sale). The property had an outstanding mortgage loan of $29.2 million , which was assumed by the buyer. As a result of a settlement agreement with our political risk insurer related to a development project in Accra, Ghana, we transferred our right to collect for tenant default damages to the insurer and received $45.6 million , net of transaction costs. As a result we recognized a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit and a gain attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 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, one of which was repaid during the second quarter of 2019 . The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2019 2018 2017 Net Lease (a) Revenues (b) $ 122,038 $ 130,124 $ 118,476 Operating expenses (b) (c) (69,959 ) (76,255 ) (70,867 ) Interest expense (34,105 ) (36,128 ) (30,877 ) Gain on sale of real estate, net 9,932 20,547 — Other gains and (losses) (d) 1,203 22,597 1,575 Benefit from income taxes 1,019 1,513 2,635 Net income attributable to noncontrolling interests (759 ) (2,716 ) (1,072 ) Net income attributable to CPA:18 – Global $ 29,369 $ 59,682 $ 19,870 Self Storage Revenues $ 60,767 $ 57,920 $ 55,075 Operating expenses (35,604 ) (35,235 ) (44,357 ) Interest expense (13,802 ) (13,256 ) (12,357 ) Other gains and (losses) (e) (942 ) (1,298 ) (1,125 ) Provision for income taxes (115 ) (85 ) (114 ) Net income (loss) attributable to CPA:18 – Global $ 10,304 $ 8,046 $ (2,878 ) Other Operating Properties (a) Revenues $ 10,550 $ 21,434 $ 24,915 Operating expenses (7,713 ) (16,030 ) (17,666 ) Interest expense 133 (3,529 ) (4,727 ) Gain on sale of real estate, net 14,841 58,110 14,209 Other gains and (losses) (182 ) (870 ) (22 ) Benefit from (provision for) income taxes 87 178 (132 ) Net income attributable to noncontrolling interests (2,541 ) (8,154 ) (3,562 ) Net income attributable to CPA:18 – Global $ 15,175 $ 51,139 $ 13,015 All Other (f) Revenues $ 4,076 $ 7,238 $ 7,168 Operating expenses — (4 ) (12 ) Net income attributable to CPA:18 – Global $ 4,076 $ 7,234 $ 7,156 Corporate Unallocated Corporate Overhead (g) $ (18,220 ) $ (19,681 ) $ (1,980 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (8,132 ) $ (9,692 ) $ (8,650 ) Total Company Revenues $ 197,439 $ 216,716 $ 205,634 Operating expenses (132,509 ) (147,018 ) (151,636 ) Interest expense (48,019 ) (53,221 ) (48,994 ) Gain on sale of real estate, net 24,773 78,657 14,209 Other gains and (losses) (e) 2,530 20,204 19,098 (Provision for) Benefit from income taxes (210 ) 1,952 1,506 Net income attributable to noncontrolling interests (11,432 ) (20,562 ) (13,284 ) Net income attributable to CPA:18 – Global $ 32,572 $ 96,728 $ 26,533 Total Assets at December 31, 2019 2018 Net Lease (a) $ 1,517,659 $ 1,461,385 Self Storage 369,883 386,682 Other Operating Properties (a) 213,692 313,925 Corporate 105,407 78,099 All Other 28,162 64,462 Total Company $ 2,234,803 $ 2,304,553 __________ (a) On December 20, 2019 , we executed a Framework Agreement with a third party to enter into 11 net lease agreements for our student housing properties located in Spain and Portugal for 25 years upon completion of construction. As a result of this transaction, we reclassified $30.8 million relating to the student housing property placed into service during the third quarter of 2019 from our Other Operating Properties business segment to our Net Lease business segment ( Note 4 ). Additionally, we reclassified $160.6 million relating to the remaining ten student housing projects under construction and are scheduled for completion throughout 2020 and 2021 . (b) For the years ended December 31, 2018 , and 2017 we recorded bad debt expense of $5.2 million and $2.9 million , respectively, which is included in Property expenses in the 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 were 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 year ended December 31, 2019 , under which, the tenant was current on rent. (c) As a result of the financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $1.2 million for the year ended December 31, 2017 . During the year ended December 31, 2019 and 2018 , the tenant was current on rent under the amended lease. (d) The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million ) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture ( Note 4 ), as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017. (e) Includes Equity in losses of equity method investment in real estate. (f) Included in the all other category are our notes receivable investments, one of which was repaid during the second quarter of 2019 ( Note 5 ). (g) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $11.5 million , $12.1 million , and $11.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively ( Note 3 ). Our portfolio is comprised of domestic and international investments. Equity investments in real estate, which is included within our Self Storage business segment, are entirely international and totaled $14.9 million and $18.8 million as of December 31, 2019 and 2018 , respectively. The following tables present the geographic information (in thousands): Years Ended December 31, 2019 2018 2017 Revenues Florida $ 22,876 $ 29,136 $ 29,263 Texas 20,941 24,681 25,166 All Other Domestic 72,513 81,059 81,830 Total Domestic 116,330 134,876 136,259 Total International (a) 81,109 81,840 69,375 Total Company $ 197,439 $ 216,716 $ 205,634 ___________ (a) All years include operations in Norway, Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. The year ended December 31, 2019 , includes operations in Spain. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2019 , 2018 , and 2017 . Years Ended December 31, 2019 2018 Long-lived assets (a) Texas $ 246,421 $ 215,330 Florida 140,631 167,944 All Other Domestic 498,418 515,965 Total Domestic 885,470 899,239 Norway 197,091 204,902 All Other International (b) 864,159 832,095 Total International 1,061,250 1,036,997 Total Company $ 1,946,720 $ 1,936,236 ___________ (a) Consists of Net investments in real estate. (b) Both years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, Canada, Spain, and Portugal.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 50,294 $ 49,027 $ 49,091 $ 49,027 Expenses 32,272 34,021 35,737 30,479 Net income (a) 19,673 5,178 10,464 8,689 Net income attributable to noncontrolling interests (a) (4,846 ) (2,100 ) (1,505 ) (2,981 ) Net income attributable to CPA:18 – Global 14,827 3,078 8,959 5,708 Class A Common Stock Basic and diluted income per share (b) $ 0.10 $ 0.02 $ 0.06 $ 0.04 Class C Common Stock Basic and diluted income per share (b) $ 0.10 $ 0.02 $ 0.06 $ 0.04 Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 54,435 $ 55,403 $ 55,157 $ 51,721 Expenses 37,270 37,119 37,348 35,281 Net income (c) (d) (e) 12,318 2,981 55,487 46,504 Net income attributable to noncontrolling interests (d) (e) (1,991 ) (3,315 ) (10,003 ) (5,253 ) Net income (loss) attributable to CPA:18 – Global 10,327 (334 ) 45,484 41,251 Class A Common Stock Basic and diluted earnings per share (b) $ 0.07 $ — $ 0.31 $ 0.29 Class C Common Stock Basic and diluted earnings per share (b) $ 0.07 $ — $ 0.31 $ 0.28 __________ (a) Amount for the three months ended March 31, 2019 includes gains on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests) and $1.2 million relating to the dispositions of our last multi-family residential property, and a retail building included in our Truffle portfolio. Amount for the three months ended June 30, 2019 includes a gain on sale of $0.7 million relating to the dispositions of two additional properties located in our Truffle portfolio. Amount for the three months ended September 30, 2019 includes a gain on sale of $8.4 million relating to the remaining eight properties in our Truffle portfolio ( Note 13 ). (b) The sum of the quarterly Income per share does not agree to the annual earnings per share for 2019 and 2018 due to the issuances of our common stock that occurred during such periods. (c) Amounts for the three months ended March 31, 2018, June 30, 2018, and December 31, 2018 include gains on insurance proceeds for $4.4 million , $0.9 million , and $0.3 million , respectively, recognized for a property that was damaged by a tornado in 2017 . (d) Amount for the three months ended September 30, 2018 includes gain on sale of $52.2 million recognized on the disposition of four domestic multi-family residential properties, inclusive of the gains on sale of $8.1 million attributable to noncontrolling interests ( Note 13 ). (e) Amount for the three months ended December 31, 2018 includes a gain on sale of real estate relating to the dispositions of an office building located in Utrecht, the Netherlands and a domestic multi-family residential property located in San Antonio, Texas of $20.5 million (inclusive of a tax benefit of $2.0 million ) and $5.2 million (which includes $0.2 million gain attributable to noncontrolling interests), respectively. Additionally, there was a $16.6 million (inclusive of a tax benefit and gain attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively) gain on insurance proceeds for the settlement with our insurer relating to an investment located in Accra, Ghana ( Note 13 ).

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2019 , 2018 , and 2017 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2019 Valuation reserve for deferred tax assets $ 9,213 $ 8,879 $ (536 ) $ 17,556 Allowance for uncollectible accounts (a) 9,781 — (9,781 ) — Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 13,593 $ 3,090 $ (7,470 ) $ 9,213 Allowance for uncollectible accounts 4,399 5,383 (1 ) 9,781 Year Ended December 31, 2017 Valuation reserve for deferred tax assets $ 12,817 $ 3,566 $ (2,790 ) $ 13,593 Allowance for uncollectible accounts 4 4,398 (3 ) 4,399 ___________ (a) In accordance with the adoption of ASU 2016-02 during the first quarter of 2019, any amounts deemed uncollectible are now recorded within lease revenues ( Note 2 ).

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,719 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 13,427 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 5,808 — 10,828 — (1,962 ) — 8,866 8,866 1,576 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 5,750 — 10,576 — (1,988 ) — 8,588 8,588 1,442 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 5,640 2,264 10,676 — (2,422 ) 1,848 8,670 10,518 1,591 2006 Dec. 2013 34 yrs. Retail facility in Zadar, Croatia 6,339 4,320 10,536 748 (2,775 ) 3,526 9,303 12,829 1,700 2007 Dec. 2013 33 yrs. Retail facility in Split, Croatia 2,578 — 3,161 — (601 ) — 2,560 2,560 573 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 2,852 1,163 3,393 1,585 (535 ) 1,163 4,443 5,606 1,418 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,193 13,748 52,135 — — 13,748 52,135 65,883 11,307 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,229 1,044 3,361 — — 1,044 3,361 4,405 616 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 41,175 14,362 59,219 — (22,881 ) 9,896 40,804 50,700 5,989 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 55,239 — 112,676 — (20,644 ) — 92,032 92,032 13,331 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA 4,475 448 5,841 — — 448 5,841 6,289 1,207 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 6,756 2,251 3,390 672 47 2,251 4,109 6,360 834 2001 May 2014 40 yrs. Industrial facility in Surprise, AZ 2,109 298 2,347 1,700 — 298 4,047 4,345 714 1998 May 2014 35 yrs. Industrial facility in Temple, GA 6,097 381 6,469 — — 381 6,469 6,850 1,246 2007 May 2014 33 yrs. Land in Houston, TX 1,101 1,675 — — — 1,675 — 1,675 — N/A May 2014 N/A Land in Chicago, IL 1,581 3,036 — — — 3,036 — 3,036 — N/A May 2014 N/A Warehouse facility in Jonesville, SC 27,987 2,995 14,644 19,389 — 2,995 34,033 37,028 6,902 1997 Jun. 2014 28 yrs. Office facility in Warstein, Germany 10,440 281 15,671 — (1,827 ) 249 13,876 14,125 1,908 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 5,925 1,141 5,997 4,690 — 1,141 10,687 11,828 1,214 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 40,687 8,276 80,475 — (22,125 ) 6,260 60,366 66,626 7,901 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,678 1,189 11,279 — — 1,189 11,279 12,468 1,559 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 27,563 3,990 30,320 — — 3,990 30,320 34,310 4,186 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,522 512 1,283 2 — 512 1,285 1,797 320 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 716 509 340 2 — 509 342 851 156 1990 Nov. 2014 20 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Industrial facility in Dallas, TX 255 128 204 2 — 128 206 334 70 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,103 360 1,120 1 — 360 1,121 1,481 243 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,117 809 671 1 — 809 672 1,481 212 2008 Nov. 2014 30 yrs. Industrial and warehouse facility in Byron Center, MI 7,126 625 1,005 9,515 — 625 10,520 11,145 1,162 2015 Nov. 2014 40 yrs. Office facility in Rotterdam, Netherlands 36,507 2,247 27,150 — (5,682 ) 1,468 22,247 23,715 2,834 1960 Dec. 2014 40 yrs. Office facility in Rotterdam, Netherlands — 2,246 27,136 — (191 ) 2,576 26,615 29,191 3,401 1960 Dec. 2014 40 yrs. Hotel in Albion, Mauritius 26,951 4,047 54,927 243 (4,595 ) 3,736 50,886 54,622 7,826 2007 Dec. 2014 40 yrs. Office facility in Eindhoven, Netherlands 53,222 8,736 14,493 73,764 1,095 9,335 88,753 98,088 5,828 2017 Mar. 2015 40 yrs. Warehouse facility in Freetown, MA 3,196 1,149 2,219 — — 1,149 2,219 3,368 909 2002 Apr. 2015 28 yrs. Office facility in Plano, TX 21,853 3,180 26,926 — — 3,180 26,926 30,106 3,303 2001 Apr. 2015 40 yrs. Hotel in Munich, Germany 46,519 8,497 41,883 42,982 (6,672 ) 10,081 76,609 86,690 4,387 2017 May 2015 40 yrs. Warehouse facility in Plymouth, MN 10,445 2,537 9,731 1,019 — 2,537 10,750 13,287 1,900 1975 May 2015 32 yrs. Retail facility in Oslo, Norway 56,699 61,607 34,183 270 (13,553 ) 52,892 29,615 82,507 6,089 1971 May 2015 30 yrs. Hotel in Hamburg, Germany 16,878 5,719 1,530 21,248 (474 ) 5,831 22,192 28,023 1,389 2017 Jun. 2015 40 yrs. Office facility in Jacksonville, FL 10,574 1,688 10,081 — — 1,688 10,081 11,769 1,285 2001 Jul. 2015 40 yrs. Office facility in Warrenville, IL 22,572 2,222 25,449 1,239 — 2,222 26,688 28,910 3,324 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,579 1,937 31,093 5,048 — 1,937 36,141 38,078 3,954 2015 Oct. 2015 40 yrs. Industrial facility in Michalovce, Slovakia 13,279 1,055 10,808 13,611 (64 ) 1,375 24,035 25,410 2,396 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany 17,466 — 25,717 1,175 826 — 27,718 27,718 3,180 1965 Dec. 2015 35 yrs. Warehouse facility in Iowa City, IA 6,144 913 5,785 — — 913 5,785 6,698 663 2001 Mar. 2017 28 yrs. Residential facility in Barcelona, Spain 13,951 7,453 3,574 19,833 381 8,477 22,764 31,241 450 2019 Mar. 2018 40 yrs. $ 795,595 $ 210,253 $ 878,295 $ 218,739 $ (106,642 ) $ 196,693 $ 1,003,952 $ 1,200,645 $ 135,922 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial facility in Columbus, GA $ 2,601 $ 488 $ 2,947 $ — $ 875 $ 4,310 1965 Apr. 2014 Industrial facility in Houston, TX 1,171 — 1,573 — 210 1,783 1973 May 2014 Warehouse facility in Chicago, IL 5,915 — 8,564 1,381 1,418 11,363 1942 May 2014 Industrial facility in Menomonee Falls, WI 13,339 1,680 22,104 — 814 24,598 1974 Dec. 2015 $ 23,026 $ 2,168 $ 35,188 $ 1,381 $ 3,317 $ 42,054 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Operating Real Estate – Residential Facilities Cardiff, UK $ 29,397 $ 222 $ 14,136 $ — $ 31,417 $ 381 $ 222 $ 44,350 $ 1,584 $ 46,156 $ 1,671 2018 Jun. 2015 40 yrs. Portsmouth, UK 47,065 8,096 3,416 — 59,294 669 8,160 61,012 2,303 71,475 2,406 2018 Dec. 2015 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 6,666 3,306 7,190 — 129 (18 ) 3,306 7,224 77 10,607 1,275 2005 Jan. 2014 38 yrs. St. Petersburg, FL 7,142 3,258 7,128 — 165 4 3,258 7,252 45 10,555 1,197 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,706 340 3,428 — 285 4 340 3,625 92 4,057 858 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,744 1,356 3,699 — 303 13 1,356 3,967 48 5,371 796 1991 Jul. 2014 32 yrs. Miami, FL 3,013 1,915 1,894 — 124 7 1,915 1,996 29 3,940 396 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,842 669 8,899 — 77 4 669 8,941 39 9,649 1,313 2006 Aug. 2014 40 yrs. Columbia, SC 3,035 1,065 2,742 — 229 15 1,065 2,874 112 4,051 685 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,500 2,263 2,704 — 110 4 2,263 2,754 64 5,081 550 2004 Oct. 2014 32 yrs. Pompano Beach, FL 3,002 700 3,436 — 768 2 700 4,133 73 4,906 911 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,543 1,596 5,963 — 126 — 1,596 6,023 66 7,685 997 1989 Nov. 2014 37 yrs. Dickinson, TX 6,414 1,680 7,165 — 166 2 1,680 7,219 114 9,013 1,303 2001 Dec. 2014 35 yrs. Humble, TX 5,020 341 6,582 — 26 3 341 6,586 25 6,952 965 2009 Dec. 2014 39 yrs. Temecula, CA 6,478 449 8,574 — 22 (6 ) 449 8,568 22 9,039 1,277 2006 Dec. 2014 37 yrs. Cumming, GA 2,842 300 3,531 — 101 — 300 3,577 55 3,932 813 1994 Dec. 2014 27 yrs. Naples, FL 10,646 3,073 10,677 — 1,455 19 3,073 12,005 146 15,224 2,460 1974 Jan. 2015 31 yrs. Valrico, FL 5,969 695 7,558 — 308 (200 ) 695 7,637 29 8,361 941 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,887 1,796 4,782 — 132 2 1,796 4,851 65 6,712 825 1999 Feb. 2015 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Sebastian, FL 1,917 474 2,031 — 286 — 474 2,251 66 2,791 647 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,919 522 4,809 — 234 — 522 5,035 8 5,565 698 2010 Feb. 2015 40 yrs. Panama City Beach, FL 2,603 706 2,864 — 39 5 706 2,877 31 3,614 504 1997 Mar. 2015 36 yrs. Hesperia, CA 5,943 779 5,504 — 119 — 779 5,566 57 6,402 1,277 2004 Apr. 2015 27 yrs. Hesperia, CA 2,444 335 1,999 — 98 — 335 2,088 9 2,432 496 2007 Apr. 2015 28 yrs. Hesperia, CA 3,579 384 3,042 — 108 — 384 3,107 43 3,534 923 1985 Apr. 2015 20 yrs. Highland, CA 4,512 1,056 3,366 — 44 — 1,056 3,400 10 4,466 573 2003 Apr. 2015 36 yrs. Lancaster, CA 4,482 217 4,355 — 77 — 217 4,390 42 4,649 795 1989 Apr. 2015 31 yrs. Rialto, CA 6,578 1,905 3,642 — 65 — 1,905 3,676 31 5,612 718 2007 Apr. 2015 30 yrs. Thousand Palms, CA 6,286 1,115 5,802 — 103 2 1,115 5,876 31 7,022 1,124 2007 Apr. 2015 31 yrs. Louisville, KY 6,585 2,973 6,056 — 139 — 2,973 6,129 66 9,168 1,221 1998 Apr. 2015 32 yrs. Lilburn, GA 2,328 1,499 1,658 — 106 — 1,499 1,714 50 3,263 651 1998 Apr. 2015 18 yrs. Stockbridge GA 1,616 170 1,996 — 204 — 170 2,153 47 2,370 520 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,623 811 2,723 — 73 — 811 2,781 15 3,607 630 1977 May 2015 24 yrs. Las Vegas, NV 6,349 450 8,381 — 99 — 450 8,431 49 8,930 1,152 1996 May 2015 38 yrs. Panama City Beach, FL 6,127 347 8,233 5 60 1 347 8,254 45 8,646 1,012 2008 May 2015 40 yrs. Sarasota, FL 5,153 835 6,193 — 141 — 835 6,310 24 7,169 842 2003 Jun. 2015 40 yrs. Sarasota, FL 3,767 465 4,576 — 89 — 465 4,633 32 5,130 605 2001 Jun. 2015 39 yrs. St. Peters, MO 2,293 199 2,888 — 172 — 199 2,986 74 3,259 440 1991 Jun. 2015 35 yrs. Leesburg, FL 2,383 731 2,480 — 72 — 731 2,530 22 3,283 607 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,082 2,179 7,367 — 159 — 2,179 7,481 45 9,705 1,242 2000 Jul. 2015 34 yrs. Houston, TX 4,582 1,067 4,965 — 558 — 1,067 5,513 10 6,590 1,092 1971 Aug. 2015 27 yrs. Ithaca, NY 2,266 454 2,211 — 30 — 454 2,240 1 2,695 449 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,330 783 2,417 — 302 — 783 2,705 14 3,502 759 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,201 664 2,762 1 585 — 664 3,314 34 4,012 840 1987 Sep. 2015 17 yrs. Hudson, FL 3,222 364 4,188 — 20 — 364 4,192 16 4,572 518 2008 Sep. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2019 (in thousands) Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Kissimmee, FL — 407 8,027 — 81 — 407 8,087 21 8,515 895 2015 Oct. 2015 40 yrs. El Paso, TX 3,689 1,275 3,339 — 124 — 1,275 3,450 13 4,738 482 1983 Oct. 2015 35 yrs. El Paso, TX 2,532 921 2,764 — 1 — 921 2,764 1 3,686 417 1980 Oct. 2015 35 yrs. El Paso, TX 3,597 594 4,154 — 16 — 594 4,154 16 4,764 555 1980 Oct. 2015 35 yrs. El Paso, TX 3,614 594 3,867 — 121 — 594 3,966 22 4,582 554 1986 Oct. 2015 35 yrs. El Paso, TX 1,423 337 2,024 — 44 — 337 2,058 10 2,405 281 1985 Oct. 2015 35 yrs. El Paso, TX 3,703 782 3,825 — 32 — 782 3,836 21 4,639 674 1980 Oct. 2015 35 yrs. Fernandina Beach, FL 7,228 1,785 7,133 — 124 — 1,785 7,220 37 9,042 959 1986 Oct. 2015 25 yrs. Kissimmee, FL 3,427 1,371 3,020 3 110 — 1,371 3,102 31 4,504 632 1981 Oct. 2015 24 yrs. Houston, TX 2,744 817 3,438 — 80 — 817 3,473 45 4,335 565 1998 Oct. 2015 30 yrs. Houston, TX 2,943 708 3,778 — 119 — 708 3,829 68 4,605 639 2001 Nov. 2015 30 yrs. Greensboro, NC 4,029 716 4,108 — 1,262 — 716 5,339 31 6,086 1,050 1953 Dec. 2015 20 yrs. Portland, OR 6,338 897 8,831 — 119 — 897 8,914 36 9,847 934 2000 Dec. 2015 40 yrs. Kissimmee, FL 3,840 1,094 4,298 — 41 — 1,094 4,318 21 5,433 682 2000 Jan. 2016 32 yrs. Avondale, LA 3,412 808 4,245 — 4 (11 ) 808 4,234 4 5,046 508 2008 Jan. 2016 40 yrs. Gilroy, California 5,779 2,704 7,451 — 76 — 2,704 7,485 42 10,231 1,107 1999 Feb. 2016 35 yrs. Washington, D.C. 6,913 3,185 8,177 — 26 — 3,185 8,203 — 11,388 914 1962 Apr. 2016 34 yrs. Milford, MA 5,530 751 6,290 — 1 — 751 6,290 1 7,042 746 2003 Apr. 2016 37 yrs. Millsboro, DE 5,695 807 5,152 — 11 — 807 5,160 3 5,970 637 2001 Apr. 2016 35 yrs. New Castle, DE 4,658 994 5,673 — 30 — 994 5,681 22 6,697 593 2005 Apr. 2016 38 yrs. Rehoboth, DE 8,584 1,229 9,945 — 11 — 1,229 9,953 3 11,185 1,147 1999 Apr. 2016 38 yrs. Chicago, IL 1,905 796 2,112 — 83 — 796 2,158 37 2,991 292 1990 Nov. 2016 25 yrs. $ 358,664 $ 78,176 $ 331,663 $ 9 $ 101,735 $ 902 $ 78,240 $ 427,900 $ 6,345 $ 512,485 $ 57,237 ___________ (a) Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on development project transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. (b) The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates and (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received. (c) Excludes (i) gross lease intangible assets of $249.0 million and the related accumulated amortization of $135.2 million , (ii) gross lease intangible liabilities of $15.0 million and the related accumulated amortization of $6.6 million , and (iii) real estate under construction of $235.8 million . (d) A reconciliation of real estate and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2019 2018 2017 Beginning balance $ 1,210,776 $ 1,263,172 $ 990,810 Reclassification from operating real estate 30,786 — — Dispositions (29,974 ) (36,595 ) — Foreign currency translation adjustment (11,893 ) (42,168 ) 67,356 Capital improvements 892 175 7,774 Reclassification from real estate under construction 58 26,192 197,232 Ending balance $ 1,200,645 $ 1,210,776 $ 1,263,172 Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases Years Ended December 31, 2019 2018 2017 Beginning balance $ 112,061 $ 87,886 $ 55,980 Depreciation expense 29,339 29,787 28,243 Dispositions (4,554 ) (2,523 ) — Foreign currency translation adjustment (924 ) (3,089 ) 3,663 Ending balance $ 135,922 $ 112,061 $ 87,886 Reconciliation of Operating Real Estate Years Ended December 31, 2019 2018 2017 Beginning balance $ 503,149 $ 566,489 $ 606,558 Reclassification from real estate under construction 34,886 113,061 2,926 Reclassification to real estate (30,786 ) — — Foreign currency translation adjustment 3,014 (2,518 ) 3,210 Capital improvements 2,270 5,343 4,189 Dispositions (48 ) (152,948 ) (50,394 ) Reclassification to held for sale — (26,278 ) — Ending balance $ 512,485 $ 503,149 $ 566,489 Reconciliation of Accumulated Depreciation for Operating Real Estate Years Ended December 31, 2019 2018 2017 Beginning balance $ 41,969 $ 43,786 $ 26,937 Depreciation expense 15,163 16,864 17,419 Foreign currency translation adjustment 127 (2 ) 32 Dispositions (22 ) (16,009 ) (602 ) Reclassification to held for sale — (2,670 ) — Ending balance $ 57,237 $ 41,969 $ 43,786 As of December 31, 2019 , the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $2.1 billion .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2019 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount (a) Description Financing agreement — Cipriani 10.0 % Jul. 2024 $ 30,300 $ 28,000 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2019 2018 2017 Balance $ 63,954 $ 66,500 $ 66,500 Collection of principal (a) (35,954 ) (2,546 ) — Ending balance $ 28,000 $ 63,954 $ 66,500 __________ (a) On April 9, 2019 , we received full repayment totaling $36.0 million on the Mills Fleet mezzanine loan ( Note 5 ).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) primarily by reference to portfolio appraisals, which determines their values on a property level by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated current market rental rates, applying a selected capitalization rate, and deducting estimated costs of sale. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; • leasing commissions and tenant improvement allowances; • market rents and growth factors of these rents; and • a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, industry standards, and based on our experience. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. Estimates of market rent are generally determined by us relying in part upon a third-party appraisal obtained in connection with the property acquisition and can include estimates of market rent increase factors, which are generally provided in the appraisal or by local real estate brokers. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party appraisals. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairments	Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases or direct financing leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Gain/Loss on Sales — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases — We periodically assess whether there are any indicators that the value of our net investments in direct financing leases may be impaired. When determining a possible impairment, we take into consideration the collectability of direct financing lease receivables for which a reserve would be required if any losses are both probable and reasonably estimable. In addition, we determine whether there has been a permanent decline in the current estimate of the residual value of the property. If this review indicates a permanent decline in the fair value of the asset below its carrying value, we recognize an impairment charge. When we enter into a contract to sell the real estate assets that are recorded as direct financing leases, we evaluate whether we believe it is probable that the disposition will occur. If we determine that the disposition is probable, we will classify the net investment as held for sale and write down the net investment to its fair value if the fair value is less than the carrying value. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event ( Note 6 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Note Receivable — We evaluate our note receivable on a periodic basis to determine if there are any indicators that the value may be impaired. We determined the estimated fair value of these financial instruments using a discounted cash flow model that estimates the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
Basis of Consolidation	Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered VIEs unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.
Reclassification	Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation. 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 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 consolidated statements of income. Additionally, we previously presented Interest income from direct financing leases separately on the 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 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 consolidated statements of income. Lastly, we reclassified Acquisition and other expenses to be included in General and administrative in the consolidated statements of income, which did not have a material impact on our 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 (previously presented separately). Prior period balances have been reclassified to conform to the current period presentation.
Restricted Cash	Restricted Cash — In connection with our adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , as described below, we revised our consolidated statements of cash flows to include restricted cash when reconciling the beginning-of-period and end-of-period cash amounts shown on the statement of cash flows. As a result, we retrospectively revised prior periods presented to conform to the current period presentation. Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes.
Real Estate	Real Estate and Operating Real Estate — We carry land, buildings, and personal property at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period.
Note Receivable	Note Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance. Our note receivable is included in Accounts receivable and other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other operating and interest income in the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Other Assets And Liabilities	Other Assets and Liabilities — We include our note receivable, prepaid expenses, deferred rental income, equity investment in real estate, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Accounts receivable and other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.
Deferred Acquisition Fees Payable to Affiliates	Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital).
Share Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Noncontrolling Interests	Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest.
Revenue Recognition	Revenue Recognition — Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and other operating properties (including student housing operating and multi-family residential properties, which we sold our last multi-family residential property in January 2019). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and included in Property expenses in the consolidated financial statements and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Interest Capitalization in Connection with Real Estate Under Construction	Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years ) and furniture, fixtures, and equipment (generally up to seven years ). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life of the asset.
Foreign Currency Transactions and Translations Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted-average exchange rate during the year. We report the gains and losses resulting from this translation as a component of Other comprehensive (loss) income in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of short-term subordinated intercompany debt with scheduled principal payments, are included in the determination of net income (loss). Intercompany foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity. Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness 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 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 (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income into earnings when the hedged net investment is either sold or substantially liquidated.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities primarily within North America and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). These operations are subject to corporate federal, state, local, and foreign income taxes, as applicable. Our financial statements are prepared on a consolidated basis including TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 12 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit) ( Note 12 ).
Income Per Share	Income Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income per basic and diluted share of common stock is calculated by dividing Net income attributable to CPA:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net income attributable to CPA:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2019 , 2018 , and 2017 , respectively.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Adopted as of December 31, 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 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 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 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 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 consolidated financial statements as a result of these changes was not material. Pronouncements to be Adopted after December 31, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including loans receivable and net investments in direct financing leases. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842. We will adopt ASU 2016-13 for our interim and annual periods beginning January 1, 2020 using the modified retrospective method, which requires applying changes in reserves through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The adoption of this standard is not expected to have a material impact on our 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;
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2019 2018 Real estate — Land, buildings and improvements $ 359,886 $ 362,536 Operating real estate — Land, buildings and improvements — 110,543 Real estate under construction 233,220 151,479 In-place lease intangible assets 101,198 103,234 Accumulated depreciation and amortization (78,598 ) (68,534 ) Total assets 642,648 704,975 Non-recourse secured debt, net $ 276,124 $ 341,922 Total liabilities 330,549 391,983
Foreign Currency Exchange Rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: December 31, 2019 2018 Percent Change British Pound Sterling $ 1.3204 $ 1.2800 3.2 % Euro 1.1234 1.1450 (1.9 )% Norwegian Krone 0.1139 0.1151 (1.0 )%
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 144,148 $ 170,914 $ 71,068 Restricted cash (a) 19,250 19,924 19,115 Total cash and cash equivalents and restricted cash $ 163,398 $ 190,838 $ 90,183 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets.
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 144,148 $ 170,914 $ 71,068 Restricted cash (a) 19,250 19,924 19,115 Total cash and cash equivalents and restricted cash $ 163,398 $ 190,838 $ 90,183 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 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): Years Ended December 31, 2019 2018 2017 Amounts Included in the Consolidated Statements of Income Asset management fees $ 11,539 $ 12,087 $ 11,293 Available Cash Distributions 8,132 9,692 8,650 Personnel and overhead reimbursements 3,161 3,121 3,170 Disposition fees 1,117 — — Interest expense on deferred acquisition fees, and external joint venture loans, and accretion of interest on annual distribution and shareholder servicing fee (a) 492 100 1,034 $ 24,441 $ 25,000 $ 24,147 Acquisition Fees Capitalized Current acquisition fees $ 695 $ 9,370 $ 3,757 Capitalized personnel and overhead reimbursements 665 1,063 640 Deferred acquisition fees 555 7,496 3,006 $ 1,915 $ 17,929 $ 7,403 ___________ (a) For the years ended December 31, 2019 and 2018 , interest on the annual distribution and shareholder servicing fee is excluded because, effective as of the third quarter of 2017, it is paid directly to selected dealers rather than through Carey Financial LLC (“Carey Financial”), a subsidiary of WPC, as discussed further below. The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2019 2018 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,951 $ 5,070 Deferred acquisition fees, including accrued interest 4,456 8,720 Asset management fees payable 961 972 Current acquisition fees 8 2,065 $ 11,376 $ 16,827 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of December 31, 2019 and 2018 , loans due to our joint venture partners including accrued interest, were $4.6 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)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	Real estate, which consists of land and buildings leased to others, and which are subject to operating leases, is summarized as follows (in thousands): December 31, 2019 2018 Land $ 196,693 $ 195,275 Buildings and improvements 1,003,952 1,015,501 Less: Accumulated depreciation (135,922 ) (112,061 ) $ 1,064,723 $ 1,098,715 Operating real estate, which consists of our self-storage, student housing, and multi-family residential properties (our last multi-family residential property was sold on January 29, 2019), is summarized as follows (in thousands): December 31, 2019 2018 Land $ 78,240 $ 77,984 Buildings and improvements 434,245 425,165 Less: Accumulated depreciation (57,237 ) (41,969 ) $ 455,248 $ 461,180
Operating Lease Income	Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the consolidated statements of income for the year ended December 31, 2019 are as follows (in thousands): December 31, 2019 Lease revenues — net-leased Lease income — fixed $ 99,771 Lease income — variable (a) 15,468 Total operating lease income (b) $ 115,239 Lease revenues — operating real estate Lease income — fixed $ 67,969 Lease income — variable (c) 2,626 Total operating lease income $ 70,595 _________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes $3.9 million of interest income from direct financing leases that is included in Lease revenues — net-leased in the 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 as of December 31, 2019 are as follows (in thousands): Years Ending December 31, Total 2020 $ 96,642 2021 97,057 2022 97,588 2023 91,057 2024 80,281 Thereafter 498,628 Total $ 961,253
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 as of 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 Consolidated Balance Sheets December 31, 2019 Operating ROU assets — land leases In-place lease and other intangible assets $ 35,069 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 8,116 Weighted-average remaining lease term — operating leases (a) 43.4 years Weighted-average discount rate — operating leases (a) 6.8 % Number of land lease arrangements 8 Lease term range 6 – 983 years ___________ (a) Excludes a $7.3 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.
Undiscounted Cash Flows	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2019 is as follows (in thousands): Years Ending December 31, Total 2020 $ 651 2021 651 2022 651 2023 651 2024 651 Thereafter 22,179 Total lease payments 25,434 Less: amount of lease payments representing interest (17,318 ) Present value of future lease payments/lease obligations $ 8,116
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2019 2018 Beginning balance $ 152,106 $ 134,366 Capitalized funds 112,595 189,286 Placed into service (34,944 ) (139,253 ) Capitalized interest 7,139 5,355 Foreign currency translation adjustments (1,145 ) (5,129 ) Disposition (a) — (32,519 ) Ending balance $ 235,751 $ 152,106 _________ (a) On December 17, 2018, we transferred our right to collect for tenant default damages related to the joint venture for a university complex development site located in Accra, Ghana (as discussed further below). We entered into the following student housing development project investments during the year ended December 31, 2018 (amounts based on the exchange rate of the euro on the date of acquisition as applicable): Location Date of Acquisition Ownership Percentage Purchase Price (a) Estimated Completion Date Estimated Total Investment (a) (b) Barcelona, Spain (c) (d) 3/8/2018 98.7 % $ 10,469 Completed Q3 2019 $ 28,473 Coimbra, Portugal (c) (d) 6/11/2018 98.5 % 9,338 Q1 2021 26,326 San Sebastian, Spain (c) 6/14/2018 100.0 % 13,126 Q3 2020 36,733 Barcelona, Spain (c) 6/25/2018 100.0 % 13,089 Q3 2020 31,686 Valencia, Spain (c) (d) 7/30/2018 98.7 % 7,113 Q3 2021 26,991 Austin, Texas (c) (e) 9/20/2018 90.0 % 13,666 Q3 2020 70,181 Granada, Spain (c) (d) 9/21/2018 98.5 % 4,262 Q3 2021 23,416 Seville, Spain (c) (f) 11/20/2018 75.0 % 13,137 Q1 2021 32,510 Bilbao, Spain (c) 12/14/2018 100.0 % 10,694 Q3 2021 51,624 Porto, Portugal (c) (d) 12/18/2018 98.5 % 6,185 Q3 2020 23,651 $ 101,079 $ 351,591 _________ (a) Based on the exchange rate of the euro at the date of acquisition for international investments. (b) Amounts represent our expected total investment in the respective development projects. (c) As there is insufficient equity at risk, the investment is considered to be a VIE ( Note 2 ). (d) Since we are responsible for substantially all of the economics but have disproportionate voting rights, the investment is considered to be a VIE ( Note 2 ). (e) We assumed 90% interest in an existing $4.5 million loan on this property ( Note 9 ). Additionally, the seller retained the remaining interest on this investment, which was accounted for as a $2.3 million non-cash financing activity. (f) As part of the transaction, the seller retained a 23.5% interest on this investment, which was accounted for as a $2.2 million non-cash financing activity
Summary of Properties Held for Sale	Below is a summary of our properties held for sale (in thousands): Years Ended December 31, 2019 2018 Operating real estate — Land, buildings and improvements $ — $ 26,277 In-place lease intangible assets — 1,090 Accumulated depreciation and amortization — (3,759 ) Assets held for sale, net $ — $ 23,608 Non-recourse mortgages, net, attributable to Assets held for sale $ — $ 24,250

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2019 2018 Lease payments receivable $ 55,278 $ 58,353 Unguaranteed residual value 39,401 39,402 94,679 97,755 Less: unearned income (52,625 ) (56,010 ) $ 42,054 $ 41,745
Future Lease Payments	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of December 31, 2019 were as follows (in thousands): Years Ending December 31, Total 2020 $ 3,473 2021 3,541 2022 3,617 2023 3,696 2024 3,784 Thereafter 37,167 Total $ 55,278
Future Lease Payments - 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 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 $ 58,353
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2019 2018 2019 2018 1-3 4 4 $ 45,457 $ 45,456 4 1 2 24,597 60,243 5 — — — — 0 $ 70,054 $ 105,699

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Intangible Assets And Liabilities [Abstract]
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2019 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 $ 238,771 $ (131,012 ) $ 107,759 $ 252,316 $ (120,936 ) $ 131,380 Above-market rent 7 – 30 10,257 (4,141 ) 6,116 11,178 (3,923 ) 7,255 Below-market ground lease (a) N/A — — — 21,966 (1,719 ) 20,247 249,028 (135,153 ) 113,875 285,460 (126,578 ) 158,882 Indefinite-Lived Intangible Assets Goodwill 26,024 — 26,024 26,354 — 26,354 Total intangible assets $ 275,052 $ (135,153 ) $ 139,899 $ 311,814 $ (126,578 ) $ 185,236 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,974 ) $ 6,627 $ (8,347 ) $ (15,309 ) $ 5,651 $ (9,658 ) Above-market ground lease (a) N/A — — — (105 ) 6 (99 ) Total intangible liabilities $ (14,974 ) $ 6,627 $ (8,347 ) $ (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 consolidated balance sheets.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets and liabilities recorded as of December 31, 2019 , scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net Increase in Rental Income Increase to Amortization Net 2020 $ (411 ) $ 14,654 $ 14,243 2021 (405 ) 14,567 14,162 2022 (390 ) 14,376 13,986 2023 (486 ) 12,206 11,720 2024 (526 ) 9,729 9,203 Thereafter (13 ) 42,227 42,214 $ (2,231 ) $ 107,759 $ 105,528

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule Of Other Financial Instruments In Carrying Values And Fair Values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2019 2018 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,201,913 $ 1,239,004 $ 1,237,427 $ 1,257,032 Notes receivable (c) 3 28,000 30,300 63,954 66,154 ___________ (a) As of December 31, 2019 and 2018 , the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.8 million and $6.9 million , respectively. As of December 31, 2019 and 2018 , the carrying value of Non-recourse secured debt, net includes unamortized premium, net of $2.1 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)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2019 2018 2019 2018 Foreign currency collars Accounts receivable and other assets, net $ 1,444 $ 750 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 861 2,011 — — Interest rate caps Accounts receivable and other assets, net 116 — — — Interest rate swaps Accounts receivable and other assets, net 53 808 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,991 ) (529 ) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (622 ) 2,474 3,569 (1,991 ) (1,151 ) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (48 ) — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (115 ) — — (48 ) (115 ) $ 2,474 $ 3,569 $ (2,039 ) $ (1,266 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2019 2018 2017 Interest rate swaps $ (2,288 ) $ 487 $ 619 Foreign currency collars 1,343 3,186 (4,535 ) Foreign currency forward contracts (1,096 ) (401 ) (2,769 ) Interest rate caps (38 ) 25 16 Derivatives in Net Investment Hedging Relationship (a) Foreign currency forward contracts 23 20 (39 ) Foreign currency collars 19 90 (179 ) Total $ (2,037 ) $ 3,407 $ (6,887 ) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income . Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency forward contracts Other gains and (losses) $ 1,450 $ 1,058 $ 1,223 Foreign currency collars Other gains and (losses) 257 (232 ) 160 Interest rate swaps Interest expense (136 ) (254 ) (663 ) Interest rate caps Interest expense (13 ) (50 ) (56 ) Total $ 1,558 $ 522 $ 664
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2019 2018 2017 Foreign currency collars Other gains and (losses) $ 206 $ (95 ) $ (259 ) Interest rate swaps Interest expense (14 ) (82 ) (32 ) Foreign currency forward contracts Other gains and (losses) (4 ) — — Derivatives in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) 7 (81 ) (8 ) Interest rate swaps Interest expense (1 ) 19 26 Total $ 194 $ (239 ) $ (273 )
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of December 31, 2019 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2019 (a) Interest rate swaps 9 92,339 USD $ (1,938 ) Interest rate caps 2 59,000 GBP 116 Interest rate cap 1 5,700 USD — Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 9,303 EUR (48 ) $ (1,870 ) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies at December 31, 2019 , as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of December 31, 2019 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 24 19,012 EUR $ 1,025 Foreign currency forward contracts 7 2,776 EUR 842 Foreign currency collars 18 35,490 NOK 300 Foreign currency forward contract 1 759 NOK 19 Designated as Net Investment Hedging Instruments Foreign currency collars 2 9,350 NOK 119 $ 2,305

Non-Recourse Secured Debt, net

Non-Recourse Secured Debt, net (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments as of December 31, 2019 , during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2020 $ 67,331 2021 161,612 2022 195,342 2023 180,540 2024 200,114 Thereafter through 2039 400,699 Total principal payments 1,205,638 Unamortized deferred financing costs (5,841 ) Unamortized premium, net 2,116 Total $ 1,201,913

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Income Loss Per Share	The following table presents earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,469,007 $ 25,636 $ 0.22 Class C common stock 32,123,513 6,936 0.22 Net income attributable to CPA:18 – Global $ 32,572 Year Ended December 31, 2018 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 113,401,265 $ 75,816 $ 0.67 Class C common stock 31,608,961 20,912 0.66 Net income attributable to CPA:18 – Global $ 96,728 Year Ended December 31, 2017 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 109,942,186 $ 21,032 $ 0.19 Class C common stock 31,138,787 5,501 0.18 Net income attributable to CPA:18 – Global $ 26,533
Schedule Of Distributions Paid Per Share For Tax	Years Ended December 31, 2019 2018 2017 Class A Class C Class A Class C Class A Class C Return of capital $ 0.3662 $ 0.3220 $ — $ — $ 0.3254 $ 0.2875 Capital gain 0.1339 0.1178 0.3847 0.3388 0.0817 0.0722 Ordinary income 0.1251 0.1101 0.2405 0.2119 0.2181 0.1927 Total distributions paid $ 0.6252 $ 0.5499 $ 0.6252 $ 0.5507 $ 0.6252 $ 0.5524
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2017 $ 5,587 $ (67,291 ) $ (61,704 ) Other comprehensive income before reclassifications (6,005 ) 39,925 33,920 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,383 ) — (1,383 ) Interest expense 719 — 719 Net current-period Other comprehensive income (6,669 ) 39,925 33,256 Net current-period Other comprehensive income attributable to noncontrolling interests — (4,764 ) (4,764 ) Balance at December 31, 2017 (1,082 ) (32,130 ) (33,212 ) Other comprehensive loss before reclassifications 3,819 (23,002 ) (19,183 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (826 ) — (826 ) Interest expense 304 — 304 Net current-period Other comprehensive loss 3,297 (23,002 ) (19,705 ) Net current-period Other comprehensive loss attributable to noncontrolling interests — 2,324 2,324 Balance at December 31, 2018 2,215 (52,808 ) (50,593 ) Other comprehensive loss before reclassifications (521 ) (4,509 ) (5,030 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,707 ) — (1,707 ) Interest expense 149 — 149 Net current-period Other comprehensive loss (2,079 ) (4,509 ) (6,588 ) Net current-period Other comprehensive loss attributable to noncontrolling interests 2 644 646 Balance at December 31, 2019 $ 138 $ (56,673 ) $ (56,535 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2019 2018 2017 Federal Current $ 60 $ 130 $ 234 Deferred — 5 20 60 135 254 State and Local Current 85 292 355 85 292 355 Foreign Current 2,375 1,315 1,535 Deferred (2,310 ) (3,694 ) (3,650 ) 65 (2,379 ) (2,115 ) Total Provision (Benefit) $ 210 $ (1,952 ) $ (1,506 )

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2019 2018 2017 Net Lease (a) Revenues (b) $ 122,038 $ 130,124 $ 118,476 Operating expenses (b) (c) (69,959 ) (76,255 ) (70,867 ) Interest expense (34,105 ) (36,128 ) (30,877 ) Gain on sale of real estate, net 9,932 20,547 — Other gains and (losses) (d) 1,203 22,597 1,575 Benefit from income taxes 1,019 1,513 2,635 Net income attributable to noncontrolling interests (759 ) (2,716 ) (1,072 ) Net income attributable to CPA:18 – Global $ 29,369 $ 59,682 $ 19,870 Self Storage Revenues $ 60,767 $ 57,920 $ 55,075 Operating expenses (35,604 ) (35,235 ) (44,357 ) Interest expense (13,802 ) (13,256 ) (12,357 ) Other gains and (losses) (e) (942 ) (1,298 ) (1,125 ) Provision for income taxes (115 ) (85 ) (114 ) Net income (loss) attributable to CPA:18 – Global $ 10,304 $ 8,046 $ (2,878 ) Other Operating Properties (a) Revenues $ 10,550 $ 21,434 $ 24,915 Operating expenses (7,713 ) (16,030 ) (17,666 ) Interest expense 133 (3,529 ) (4,727 ) Gain on sale of real estate, net 14,841 58,110 14,209 Other gains and (losses) (182 ) (870 ) (22 ) Benefit from (provision for) income taxes 87 178 (132 ) Net income attributable to noncontrolling interests (2,541 ) (8,154 ) (3,562 ) Net income attributable to CPA:18 – Global $ 15,175 $ 51,139 $ 13,015 All Other (f) Revenues $ 4,076 $ 7,238 $ 7,168 Operating expenses — (4 ) (12 ) Net income attributable to CPA:18 – Global $ 4,076 $ 7,234 $ 7,156 Corporate Unallocated Corporate Overhead (g) $ (18,220 ) $ (19,681 ) $ (1,980 ) Net income attributable to noncontrolling interests – Available Cash Distributions $ (8,132 ) $ (9,692 ) $ (8,650 ) Total Company Revenues $ 197,439 $ 216,716 $ 205,634 Operating expenses (132,509 ) (147,018 ) (151,636 ) Interest expense (48,019 ) (53,221 ) (48,994 ) Gain on sale of real estate, net 24,773 78,657 14,209 Other gains and (losses) (e) 2,530 20,204 19,098 (Provision for) Benefit from income taxes (210 ) 1,952 1,506 Net income attributable to noncontrolling interests (11,432 ) (20,562 ) (13,284 ) Net income attributable to CPA:18 – Global $ 32,572 $ 96,728 $ 26,533 (a) On December 20, 2019 , we executed a Framework Agreement with a third party to enter into 11 net lease agreements for our student housing properties located in Spain and Portugal for 25 years upon completion of construction. As a result of this transaction, we reclassified $30.8 million relating to the student housing property placed into service during the third quarter of 2019 from our Other Operating Properties business segment to our Net Lease business segment ( Note 4 ). Additionally, we reclassified $160.6 million relating to the remaining ten student housing projects under construction and are scheduled for completion throughout 2020 and 2021 . (b) For the years ended December 31, 2018 , and 2017 we recorded bad debt expense of $5.2 million and $2.9 million , respectively, which is included in Property expenses in the 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 were 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 year ended December 31, 2019 , under which, the tenant was current on rent. (c) As a result of the financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $1.2 million for the year ended December 31, 2017 . During the year ended December 31, 2019 and 2018 , the tenant was current on rent under the amended lease. (d) The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million ) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture ( Note 4 ), as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017. (e) Includes Equity in losses of equity method investment in real estate. (f) Included in the all other category are our notes receivable investments, one of which was repaid during the second quarter of 2019 ( Note 5 ). (g) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $11.5 million , $12.1 million , and $11.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively ( Note 3 ).
Reconciliation of Assets from Segment to Consolidated	Total Assets at December 31, 2019 2018 Net Lease (a) $ 1,517,659 $ 1,461,385 Self Storage 369,883 386,682 Other Operating Properties (a) 213,692 313,925 Corporate 105,407 78,099 All Other 28,162 64,462 Total Company $ 2,234,803 $ 2,304,553
Schedule of Segment Reporting Information	Our portfolio is comprised of domestic and international investments. Equity investments in real estate, which is included within our Self Storage business segment, are entirely international and totaled $14.9 million and $18.8 million as of December 31, 2019 and 2018 , respectively. The following tables present the geographic information (in thousands): Years Ended December 31, 2019 2018 2017 Revenues Florida $ 22,876 $ 29,136 $ 29,263 Texas 20,941 24,681 25,166 All Other Domestic 72,513 81,059 81,830 Total Domestic 116,330 134,876 136,259 Total International (a) 81,109 81,840 69,375 Total Company $ 197,439 $ 216,716 $ 205,634 ___________ (a) All years include operations in Norway, Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. The year ended December 31, 2019 , includes operations in Spain. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2019 , 2018 , and 2017 . Years Ended December 31, 2019 2018 Long-lived assets (a) Texas $ 246,421 $ 215,330 Florida 140,631 167,944 All Other Domestic 498,418 515,965 Total Domestic 885,470 899,239 Norway 197,091 204,902 All Other International (b) 864,159 832,095 Total International 1,061,250 1,036,997 Total Company $ 1,946,720 $ 1,936,236 ___________ (a) Consists of Net investments in real estate. (b) Both years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, Canada, Spain, and Portugal.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 50,294 $ 49,027 $ 49,091 $ 49,027 Expenses 32,272 34,021 35,737 30,479 Net income (a) 19,673 5,178 10,464 8,689 Net income attributable to noncontrolling interests (a) (4,846 ) (2,100 ) (1,505 ) (2,981 ) Net income attributable to CPA:18 – Global 14,827 3,078 8,959 5,708 Class A Common Stock Basic and diluted income per share (b) $ 0.10 $ 0.02 $ 0.06 $ 0.04 Class C Common Stock Basic and diluted income per share (b) $ 0.10 $ 0.02 $ 0.06 $ 0.04 Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 54,435 $ 55,403 $ 55,157 $ 51,721 Expenses 37,270 37,119 37,348 35,281 Net income (c) (d) (e) 12,318 2,981 55,487 46,504 Net income attributable to noncontrolling interests (d) (e) (1,991 ) (3,315 ) (10,003 ) (5,253 ) Net income (loss) attributable to CPA:18 – Global 10,327 (334 ) 45,484 41,251 Class A Common Stock Basic and diluted earnings per share (b) $ 0.07 $ — $ 0.31 $ 0.29 Class C Common Stock Basic and diluted earnings per share (b) $ 0.07 $ — $ 0.31 $ 0.28 __________ (a) Amount for the three months ended March 31, 2019 includes gains on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests) and $1.2 million relating to the dispositions of our last multi-family residential property, and a retail building included in our Truffle portfolio. Amount for the three months ended June 30, 2019 includes a gain on sale of $0.7 million relating to the dispositions of two additional properties located in our Truffle portfolio. Amount for the three months ended September 30, 2019 includes a gain on sale of $8.4 million relating to the remaining eight properties in our Truffle portfolio ( Note 13 ). (b) The sum of the quarterly Income per share does not agree to the annual earnings per share for 2019 and 2018 due to the issuances of our common stock that occurred during such periods. (c) Amounts for the three months ended March 31, 2018, June 30, 2018, and December 31, 2018 include gains on insurance proceeds for $4.4 million , $0.9 million , and $0.3 million , respectively, recognized for a property that was damaged by a tornado in 2017 . (d) Amount for the three months ended September 30, 2018 includes gain on sale of $52.2 million recognized on the disposition of four domestic multi-family residential properties, inclusive of the gains on sale of $8.1 million attributable to noncontrolling interests ( Note 13 ). (e) Amount for the three months ended December 31, 2018 includes a gain on sale of real estate relating to the dispositions of an office building located in Utrecht, the Netherlands and a domestic multi-family residential property located in San Antonio, Texas of $20.5 million (inclusive of a tax benefit of $2.0 million ) and $5.2 million (which includes $0.2 million gain attributable to noncontrolling interests), respectively. Additionally, there was a $16.6 million (inclusive of a tax benefit and gain attributable to noncontrolling interests of $3.5 million and $2.3 million , respectively) gain on insurance proceeds for the settlement with our insurer relating to an investment located in Accra, Ghana ( Note 13 ).

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	12 Months Ended	39 Months Ended	96 Months Ended
	Dec. 31, 2019ft²segmentpropertytenant	Apr. 02, 2015USD ($)	Dec. 31, 2019USD ($)ft²propertytenant	Dec. 20, 2019property
Additional Disclosures
Capital interest ownership in operating partnership	99.97%		99.97%
Number of properties (property)	47		47
Number of tenants | tenant	61		61
Area of real estate property (sq ft) | ft²	9.6		9.6
Number of reportable segments | segment	3
Public Offering
Proceeds from issuance of shares | $		$ 1,200
Class A
Public Offering
Distributions reinvested through the DRIP | $			$ 183.9
Class C
Public Offering
Distributions reinvested through the DRIP | $			$ 52.5
Operating Real Estate
Additional Disclosures
Area of real estate property (sq ft) | ft²	5.5		5.5
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties (property)	68		68
Multi-Family | Operating Real Estate | Twelve student housing developments
Additional Disclosures
Number of properties (property)	12		12
Multi-Family | Operating Real Estate | Two student housing operating properties
Additional Disclosures
Number of properties (property)	2		2
Student Housing
Additional Disclosures
Number of properties (property)				11
Lease term (years)				25 years
Student Housing | Asset under construction
Additional Disclosures
Number of properties (property)	10		10

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)vie	Dec. 31, 2018USD ($)vie	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)
Summary of Significant Accounting Policies
Variable interest entity count | vie	19	21
Consolidated variable interest entities, count | vie	18	20
Number of unconsolidated VIE's | vie	1	1
Preferred return (percent)	5.00%
Gain (loss) on foreign currency transactions and other	$ (600)	$ 4,700	$ (2,600)
Right of use asset	35,069
Operating lease liability	$ 8,116
ASU 2016-02
Summary of Significant Accounting Policies
Cumulative-effect adjustment for the adoption of new accounting pronouncements				$ (1,108)
Right of use asset				36,700
Operating lease liability				9,500
Adjustments to below market intangible assets, above the market intangible liabilities, prepaid rent and deferred rent				$ 27,200
Building and building improvements | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)	40 years
Furniture and fixtures | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)	7 years
Equity method investment
Summary of Significant Accounting Policies
Equity investment in real estate	$ 14,900	$ 18,800

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate — Land, buildings and improvements		$ 1,200,645	$ 1,210,776
Operating real estate — Land, buildings and improvements		512,485	503,149
Real estate under construction		235,751	152,106	$ 134,366
In-place lease and other intangible assets		284,097	285,460
Accumulated depreciation and amortization		(328,312)	(280,608)
Total assets (a)	[1]	2,234,803	2,304,553
Liabilities
Non-recourse secured debt, net		1,201,913	1,237,427
Total liabilities (a)	[1]	1,383,132	1,408,583
VIE
Assets
Real estate — Land, buildings and improvements		359,886	362,536
Operating real estate — Land, buildings and improvements		0	110,543
Real estate under construction		233,220	151,479
In-place lease and other intangible assets		101,198	103,234
Accumulated depreciation and amortization		(78,598)	(68,534)
Total assets (a)		642,648	704,975
Liabilities
Non-recourse secured debt, net		276,124	341,922
Total liabilities (a)		$ 330,549	$ 391,983
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Foreign Currencies (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
GBP
Real Estate Properties
Foreign currency exchange rate	1.3204	1.2800
Increase (decrease) in foreign currency exchange rate (percent)	3.20%
EUR
Real Estate Properties
Foreign currency exchange rate	1.1234	1.1450
Increase (decrease) in foreign currency exchange rate (percent)	(1.90%)
NOK
Real Estate Properties
Foreign currency exchange rate	0.1139	0.1151
Increase (decrease) in foreign currency exchange rate (percent)	(1.00%)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 144,148	$ 170,914	$ 71,068
Restricted cash	19,250	19,924	19,115
Total cash and cash equivalents and restricted cash	$ 163,398	$ 190,838	$ 90,183	$ 93,741

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	12 Months Ended
	Dec. 31, 2019USD ($)paymentshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Sep. 30, 2019$ / shares	Jan. 01, 2019	Jul. 31, 2016USD ($)
Due to Related Party
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	$ 4,600,000	$ 3,500,000
Maximum line of credit approved by directors						$ 50,000,000
Percentage of asset management fees payable in cash (percent)					50.00%
Underwriting compensation limit (percent)	10.00%
Preferred return (percent)	5.00%
Number of annual installment payments for acquisition and disposition fees | payment	3
Disposition fees	$ 1,117,000	0	$ 0
Personnel and overhead reimbursement (percent)	1.00%
Legal fee reimbursement rate (percent)	0.25%
Distributions of available cash (percent)	10.00%
Current
Due to Related Party
Acquisition fees rate (percent)	2.50%
Deferred
Due to Related Party
Acquisition fees rate (percent)	2.00%
Interest rate on deferred acquisition fee (percent)	2.00%
Accounts payable, accrued expenses and other liabilities
Due to Related Party
Shareholder servicing fee liability	$ 1,900,000	$ 3,800,000
Class A common stock
Due to Related Party
Net asset value (usd per share) | $ / shares				$ 8.67
Percentage of asset management fees payable in shares (percent)					50.00%
Number of shares held by advisor (shares) | shares	117,179,578	114,589,333
Class C common stock
Due to Related Party
Net asset value (usd per share) | $ / shares				$ 8.67
Number of shares held by advisor (shares) | shares	32,238,513	31,641,265
Shareholder servicing fee (percent)	1.00%
Real estate commission
Due to Related Party
Percentage of subordinated disposition fees (percent)	50.00%
Contract sales price of investment
Due to Related Party
Percentage of subordinated disposition fees (percent)	3.00%
Average invested asset
Due to Related Party
Percentage of operating expense reimbursement (percent)	2.00%
Adjusted net income
Due to Related Party
Percentage of operating expense reimbursement (percent)	25.00%
W.P. Carey | Related Party
Due to Related Party
Loan from WPC, including accrued interest	$ 0	$ 0
Advisor | Related Party | Class A common stock
Due to Related Party
Number of shares held by advisor (shares) | shares	5,753,883
Advisor owned percentage of common stock	3.90%
Minimum
Due to Related Party
Ownership interest in jointly-owned investment (percent)	50.00%
Minimum | Average market value of investment
Due to Related Party
Percentage of asset management fees (percent)	0.50%
Maximum
Due to Related Party
Ownership interest in jointly-owned investment (percent)	100.00%
Acquisition fees rate (percent)	6.00%
Maximum | Average equity value of investment
Due to Related Party
Percentage of asset management fees (percent)	1.50%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amounts Included in the Consolidated Statements of Income
Asset management fees	$ 11,539	$ 12,087	$ 11,293
Available Cash Distributions	8,132	9,692	8,650
Personnel and overhead reimbursements	3,161	3,121	3,170
Disposition fees	1,117	0	0
Interest expense on deferred acquisition fees, and external joint venture loans, and accretion of interest on annual distribution and shareholder servicing fee (a)	492	100	1,034
Operating expenses	24,441	25,000	24,147
Acquisition Fees Capitalized
Current acquisition fees	695	9,370	3,757
Capitalized personnel and overhead reimbursements	665	1,063	640
Deferred acquisition fees	555	7,496	3,006
Transaction fees incurred	$ 1,915	$ 17,929	$ 7,403

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Due to Affiliates
External joint venture loans, accounts payable, and other	$ 5,951	$ 5,070
Deferred acquisition fees, including accrued interest	4,456	8,720
Asset management fees payable	961	972
Current acquisition fees	8	2,065
Due to affiliate	$ 11,376	$ 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

Jul. 02, 2019USD ($)

Feb. 08, 2019USD ($)

Dec. 27, 2018USD ($)

Nov. 20, 2018USD ($)

Sep. 20, 2018USD ($)

Mar. 08, 2018USD ($)

Sep. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)property

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)

Sep. 30, 2021USD ($)

Dec. 20, 2019USD ($)property

Jun. 30, 2019property

Apr. 15, 2019

Apr. 14, 2019

Feb. 19, 2016USD ($)

Real Estate Properties

Effect of exchange rate fluctuation

$ (4,509)

$ (23,002)

$ 39,925

Direct financing lease interest income

3,900

3,700

3,700

Operating lease cost

1,100

Lease revenues — net-leased

119,100

129,657

117,975

Right of use asset

35,069

Operating lease payments

800

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

Capitalized funds

112,595

189,286

Capitalized interest

7,139

5,355

4,600

Placed into service

34,944

139,253

Reclassification from operating real estate — Land, buildings and improvements

(512,485)

(503,149)

Reclassification to real estate — Land, buildings and improvements

1,200,645

1,210,776

Non-recourse mortgages

1,201,913

1,237,427

Proceeds from insurance settlements

$ 1,084

53,195

3,895

Number of properties (property) | property

47

Assets held for sale, net

$ 0

23,608

Income from equity method investment

(2,185)

(1,072)

(871)

Asset retirement obligation

3,200

$ 3,000

Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate Properties

Number of properties sold | property

3

Ownership interest in jointly-owned investment (percent)

97.00%

Operating real estate — land, buildings and improvement

Real Estate Properties

Placed into service

$ 113,100

Real estate — land, buildings and improvements

Real Estate Properties

Placed into service

$ 26,200

Assets held for sale, net | Disposal Group, Held-for-sale, Not Discontinued Operations

Real Estate Properties

Number of properties (property) | property

1

Assets held for sale, net

0

$ 23,608

Non-recourse mortgages, net, attributable to Assets held for sale | Disposal Group, Held-for-sale, Not Discontinued Operations

Real Estate Properties

Assets held for sale, net

0

24,250

Student Housing

Real Estate Properties

Placed into service

$ 139,300

Number of properties placed into service (property) | property

2

Number of properties (property) | property

11

Reclassification

Real Estate Properties

Reclassification from operating real estate — Land, buildings and improvements

$ 30,800

Reclassification to real estate — Land, buildings and improvements

$ 30,800

Reimbursable ground rent | Land

Real Estate Properties

Lease revenues — net-leased

400

Noncash

Real Estate Properties

Accrued development cost

9,000

$ 1,100

Student Housing Development In Swansea, United Kingdom | Land

Real Estate Properties

Right of use asset

$ 7,300

Operating lease term

983 years

Truffle Portfolio | Discontinued Operations, Disposed of by Sale

Real Estate Properties

Number of properties sold | property

11

Real estate property

$ 26,000

Truffle Portfolio | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate Properties

Number of properties (property) | property

8

2

Student Housing in Austin, Texas

Real Estate Properties

Ownership interest in jointly-owned investment (percent)

90.00%

Notes assumed

$ 4,500

University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations

Real Estate Properties

Proceeds from insurance settlements

$ 45,600

Gain from insurance proceeds

16,600

Gain on sales of real estate, tax benefit

(3,500)

Income attributable to non-controlling interest

$ 2,300

Security deposit

4,300

Value added taxes receivable

2,700

Development Property In Vaughn, Canada

Real Estate Properties

Income from equity method investment

200

Real Estate

Real Estate Properties

Effect of exchange rate fluctuation

(11,000)

Depreciation

29,500

31,000

28,300

Investment purchase price

101,079

Real Estate | Forecast

Real Estate Properties

Investment purchase price

$ 351,591

Real Estate | Student Housing in Austin, Texas

Real Estate Properties

Investment purchase price

13,666

Real Estate | Student Housing in Austin, Texas | Original Seller

Real Estate Properties

Non cash portion of acquisition

$ 2,300

Real Estate | Student Housing in Austin, Texas | Forecast

Real Estate Properties

Investment purchase price

$ 70,181

Real Estate | Student Housing in Seville, Spain

Real Estate Properties

Investment purchase price

$ 13,137

Ownership interest in jointly-owned investment (percent)

75.00%

Real Estate | Student Housing in Seville, Spain | Original Seller

Real Estate Properties

Investment purchase price

$ 2,200

Ownership interest in jointly-owned investment (percent)

23.50%

Real Estate | Student Housing in Seville, Spain | Forecast

Real Estate Properties

Investment purchase price

$ 32,510

Real Estate | Student Housing in Barcelona, Spain

Real Estate Properties

Investment purchase price

$ 10,469

$ 28,473

Ownership interest in jointly-owned investment (percent)

98.70%

Real Estate | Student Housing In Pamplona, Spain

Real Estate Properties

Investment purchase price

$ 11,100

Real Estate | Student Housing In Pamplona, Spain | Forecast

Real Estate Properties

Investment purchase price

$ 29,700

Operating Real Estate

Real Estate Properties

Effect of exchange rate fluctuation

2,900

Depreciation

$ 15,200

$ 16,900

$ 17,400

Operating Real Estate | Multi-Family

Real Estate Properties

Number of properties sold | property

5

Operating Real Estate | Self Storage

Real Estate Properties

Number of properties (property) | property

68

Operating Real Estate | Student Housing in Barcelona, Spain

Real Estate Properties

Placed into service

$ 31,400

Build To Suit Projects

Real Estate Properties

Number of construction projects during period | property

12

12

Unfunded commitment

$ 279,900

$ 348,500

Build To Suit Projects | Equity method investment

Real Estate Properties

Unfunded commitment

13,800

Build To Suit Projects | Initial Funding

Real Estate Properties

Investment purchase price

11,100

103,300

Capitalized funds

101,500

86,000

Build To Suit Projects | University in Accra, Ghana | Initial Funding

Real Estate Properties

Non-recourse mortgages

$ 41,000

Equity method investment

Real Estate Properties

Equity investment in real estate

14,900

18,800

Equity method investment, non-recourse debt

$ 32,200

28,700

Equity method investment | Self Storage

Real Estate Properties

Number of properties (property) | property

3

Equity method investments, ownership percentage

100.00%

90.00%

Equity method investment | Self Storage Facilities in Canada | Self Storage

Real Estate Properties

Placed into service

$ 19,500

Number of properties (property) | property

2

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Net investments in real estate	$ 1,946,720	$ 1,936,236
Real Estate
Investments in real estate:
Land	196,693	195,275
Buildings and improvements	1,003,952	1,015,501
Less: Accumulated depreciation	(135,922)	(112,061)
Net investments in real estate	1,064,723	1,098,715
Operating Real Estate
Investments in real estate:
Land	78,240	77,984
Buildings and improvements	434,245	425,165
Less: Accumulated depreciation	(57,237)	(41,969)
Net investments in real estate	$ 455,248	$ 461,180

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Operating Lease Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lease revenues — net-leased
Operating Lease, Lease Income
Lease income — fixed	$ 99,771
Lease income — variable	15,468
Total operating lease income	115,239
Lease revenues — operating real estate
Operating Lease, Lease Income
Lease income — fixed	67,969
Lease income — variable	2,626
Total operating lease income	$ 70,595

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Schedule Future Lease Payments to be Received (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2020	$ 96,642
2021	97,057
2022	97,588
2023	91,057
2024	80,281
Thereafter	498,628
Total	$ 961,253

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 ($)
Sheduled Future Minimum Rents
2019	$ 101,618
2020	101,413
2021	101,261
2022	101,535
2023	94,502
Thereafter	590,636
Total	$ 1,090,965

Real Estate, Operating Real E_8

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)lease
Property, Plant and Equipment
Operating ROU assets — land leases	$ 35,069
Operating lease liabilities — land leases	$ 8,116
Weighted-average remaining lease term — operating leases	43 years 4 months 22 days
Weighted-average discount rate — operating leases (percent)	6.80%
Number of land lease arrangements | lease	8
Minimum
Property, Plant and Equipment
Lease term range	6 years
Maximum
Property, Plant and Equipment
Lease term range	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	Dec. 31, 2019USD ($)
Lessee, Operating Lease, Liability, Payment, Due
2020	$ 651
2021	651
2022	651
2023	651
2024	651
Thereafter	22,179
Total lease payments	25,434
Less: amount of lease payments representing interest	(17,318)
Present value of future lease payments/lease obligations	$ 8,116

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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Under Construction
Beginning balance	$ 152,106	$ 134,366
Capitalized funds	112,595	189,286
Placed into service	(34,944)	(139,253)
Capitalized interest	7,139	5,355	$ 4,600
Foreign currency translation adjustments	(1,145)	(5,129)
Disposition	0	(32,519)
Ending balance	$ 235,751	$ 152,106	$ 134,366

Real Estate, Operating Real _11

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

Dec. 18, 2018

Dec. 14, 2018

Nov. 20, 2018

Sep. 21, 2018

Sep. 20, 2018

Jul. 30, 2018

Jun. 25, 2018

Jun. 14, 2018

Jun. 11, 2018

Mar. 08, 2018

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2018

Sep. 30, 2021

Student Housing in Austin, Texas

Real Estate

Ownership interest in jointly-owned investment (percent)

90.00%

Real Estate

Real Estate

Investment Purchase Price

$ 101,079

Real Estate | Student Housing in Barcelona, Spain

Real Estate

Ownership interest in jointly-owned investment (percent)

98.70%

Investment Purchase Price

$ 10,469

$ 28,473

Real Estate | Student Housing in Coimbra, Portugal

Real Estate

Ownership interest in jointly-owned investment (percent)

98.50%

Investment Purchase Price

$ 9,338

Real Estate | Student Housing in San Sebastian, Spain

Real Estate

Ownership interest in jointly-owned investment (percent)

100.00%

Investment Purchase Price

$ 13,126

Real Estate | Student Housing in Barcelona Spain II

Real Estate

Ownership interest in jointly-owned investment (percent)

100.00%

Investment Purchase Price

$ 13,089

Real Estate | Student Housing in Valencia Spain

Real Estate

Ownership interest in jointly-owned investment (percent)

98.70%

Investment Purchase Price

$ 7,113

Real Estate | Student Housing in Austin, Texas

Real Estate

Investment Purchase Price

$ 13,666

Real Estate | Student Housing in Granada, Spain

Real Estate

Ownership interest in jointly-owned investment (percent)

98.50%

Investment Purchase Price

$ 4,262

Real Estate | Student Housing in Seville, Spain

Real Estate

Ownership interest in jointly-owned investment (percent)

75.00%

Investment Purchase Price

$ 13,137

Real Estate | Student Housing in Bilbao, Spain

Real Estate

Ownership interest in jointly-owned investment (percent)

100.00%

Investment Purchase Price

$ 10,694

Real Estate | Student Housing in Porto, Portugual

Real Estate

Ownership interest in jointly-owned investment (percent)

98.50%

Investment Purchase Price

$ 6,185

Real Estate | Forecast

Real Estate

Investment Purchase Price

$ 351,591

Real Estate | Forecast | Student Housing in Coimbra, Portugal

Real Estate

Investment Purchase Price

$ 26,326

Real Estate | Forecast | Student Housing in San Sebastian, Spain

Real Estate

Investment Purchase Price

$ 36,733

Real Estate | Forecast | Student Housing in Barcelona Spain II

Real Estate

Investment Purchase Price

31,686

Real Estate | Forecast | Student Housing in Valencia Spain

Real Estate

Investment Purchase Price

$ 26,991

Real Estate | Forecast | Student Housing in Austin, Texas

Real Estate

Investment Purchase Price

70,181

Real Estate | Forecast | Student Housing in Granada, Spain

Real Estate

Investment Purchase Price

23,416

Real Estate | Forecast | Student Housing in Seville, Spain

Real Estate

Investment Purchase Price

$ 32,510

Real Estate | Forecast | Student Housing in Bilbao, Spain

Real Estate

Investment Purchase Price

$ 51,624

Real Estate | Forecast | Student Housing in Porto, Portugual

Real Estate

Investment Purchase Price

$ 23,651

Real Estate, Operating Real _12

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Dispositions of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	$ 0	$ 23,608
Disposal Group, Held-for-sale, Not Discontinued Operations | Operating real estate — Land, buildings and improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	0	26,277
Disposal Group, Held-for-sale, Not Discontinued Operations | In-place lease intangible assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	0	1,090
Disposal Group, Held-for-sale, Not Discontinued Operations | Accumulated depreciation and amortization
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	0	3,759
Disposal Group, Held-for-sale, Not Discontinued Operations | Assets held for sale, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	0	23,608
Disposal Group, Held-for-sale, Not Discontinued Operations | Non-recourse mortgages, net, attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	$ 0	$ 24,250

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	Apr. 09, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance Receivables
Proceeds from repayment of notes receivable		$ 35,954,000	$ 2,546,000	$ 0
Interest income		4,100,000	7,200,000	7,200,000
Direct financing lease interest income		3,900,000	3,700,000	$ 3,700,000
Property Leased to Mills Fleet Farm Group LLC
Finance Receivables
Proceeds from repayment of notes receivable	$ 36,000,000
Cipriani
Finance Receivables
Notes receivable, principal amount		$ 28,000,000	$ 28,000,000
Accounts receivable, term		10 years
Interest rate on receivable (percent)		10.00%
Cipriani | Third Party
Finance Receivables
Senior notes		$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Lease payments receivable	$ 55,278
Unguaranteed residual value	39,401
Gross investments in direct financing leases	94,679
Less: unearned income	(52,625)
Net investments in direct financing leases	$ 42,054
Minimum 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 Minimum Rents (Details) $ in Thousands	Dec. 31, 2019USD ($)
Scheduled Future Minimum Rents
2020	$ 3,473
2021	3,541
2022	3,617
2023	3,696
2024	3,784
Thereafter	37,167
Total	$ 55,278

Finance Receivables - Schedul_2

Finance Receivables - Scheduled Future Minimum Rents - Before Adoption (Details) $ in Thousands	Dec. 31, 2019USD ($)
Future Minimum Payments
2020	$ 3,375
2021	3,455
2022	3,523
2023	3,599
2024	3,677
Thereafter	40,724
Total	$ 58,353

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2019USD ($)tenant	Dec. 31, 2018USD ($)tenant
Credit Quality Of Finance Receivables
Carrying value	$ 70,054	$ 105,699
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	4	4
Carrying value	$ 45,457	$ 45,456
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	2
Carrying value	$ 24,597	$ 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 26,024	$ 26,354	$ 26,100
Net amortization of intangibles	$ 20,400	$ 18,400	$ 29,300

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 249,028	$ 285,460
Accumulated Amortization	(135,153)	(126,578)
Net Carrying Amount	113,875	158,882
Indefinite-Lived Intangible Assets
Goodwill (Note 6)	26,024	26,354	$ 26,100
Total intangible assets, gross	275,052	311,814
Total intangible assets, net	139,899	185,236
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(14,974)	(15,414)
Accumulated Amortization	6,627	5,657
Net Carrying Amount	(8,347)	(9,757)
Below-market rent
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(14,974)	(15,309)
Accumulated Amortization	6,627	5,651
Net Carrying Amount	$ (8,347)	(9,658)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	6 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	30 years
Above-market ground lease
Finite-Lived Intangible Liabilities
Gross Carrying Amount		(105)
Accumulated Amortization		6
Net Carrying Amount		(99)
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 238,771	252,316
Accumulated Amortization	(131,012)	(120,936)
Net Carrying Amount	$ 107,759	131,380
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	5 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	23 years
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 10,257	11,178
Accumulated Amortization	(4,141)	(3,923)
Net Carrying Amount	$ 6,116	7,255
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	7 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	30 years
Below-market ground lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 0	21,966
Accumulated Amortization	0	(1,719)
Net Carrying Amount	$ 0	$ 20,247

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2019USD ($)
Scheduled Annual Net Amortization of Intangibles
2020	$ 14,243
2021	14,162
2022	13,986
2023	11,720
2024	9,203
Thereafter	42,214
Total	105,528
Net Increase in Rental Income
Scheduled Annual Net Amortization of Intangibles
2020	(411)
2021	(405)
2022	(390)
2023	(486)
2024	(526)
Thereafter	(13)
Total	(2,231)
Increase to Amortization
Scheduled Annual Net Amortization of Intangibles
2020	14,654
2021	14,567
2022	14,376
2023	12,206
2024	9,729
Thereafter	42,227
Total	$ 107,759

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value
Debt issuance costs	$ 5,841
Unamortized premium, net	2,116
Non-recourse mortgages, net, attributable to Assets held for sale
Fair Value
Debt issuance costs	5,800	$ 6,900
Bonds
Fair Value
Unamortized premium, net	$ (2,100)	$ (1,300)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,201,913	$ 1,237,427
Notes receivable	28,000	63,954
Fair Value
Liabilities
Non-recourse secured debt, net	1,239,004	1,257,032
Notes receivable	$ 30,300	$ 66,154

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative
Cash collateral obligation	$ 0	$ 0
Derivative, remaining maturity	74 months
Collateral received	$ 0
Total credit exposure	2,100,000
Derivative in net liability position	2,100,000	1,300,000
Termination value of assets	2,200,000	$ 1,400,000
Interest expense
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	(800,000)
Other income
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	1,300,000
Individual Counterparty
Derivative
Total credit exposure	$ 1,400,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value
Derivative asset fair value	$ 2,474	$ 3,569
Derivative liability, fair value	(2,039)	(1,266)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	2,474	3,569
Derivative liability, fair value	(1,991)	(1,151)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	1,444	750
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	0	(622)
Derivatives Designated as Hedging Instruments | Foreign currency forward contracts | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	861	2,011
Derivatives Designated as Hedging Instruments | Interest rate caps | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	116	0
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	53	808
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(1,991)	(529)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	0	0
Derivative liability, fair value	(48)	(115)
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	0	(115)
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ (48)	$ 0

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	$ (2,037)	$ 3,407	$ (6,887)
Cash Flow Hedging | Interest rate swaps
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(2,288)	487	619
Cash Flow Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	1,343	3,186	(4,535)
Cash Flow Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(1,096)	(401)	(2,769)
Cash Flow Hedging | Interest rate caps
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(38)	25	16
Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	19	90	(179)
Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	$ 23	$ 20	$ (39)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ 1,558	$ 522	$ 664
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	1,450	1,058	1,223
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	257	(232)	160
Interest rate swaps | 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	(136)	(254)	(663)
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	$ (13)	$ (50)	$ (56)

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 194	$ (239)	$ (273)
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	206	(95)	(259)
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(14)	(82)	(32)
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(4)	0	0
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	7	(81)	(8)
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (1)	$ 19	$ 26

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, $ in Thousands	Dec. 31, 2019USD ($)instrument	Dec. 31, 2019GBP (£)instrument	Dec. 31, 2019EUR (€)instrument
Interest rate swaps
Derivative
Fair value	$ (1,870)
Derivatives Designated as Hedging Instruments | Interest rate swaps | USD
Derivative
Number of Instruments | instrument	9	9	9
Notional Amount	$ 92,339
Fair value	$ (1,938)
Derivatives Designated as Hedging Instruments | Interest rate caps | USD
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount	$ 5,700
Fair value	$ 0
Derivatives Designated as Hedging Instruments | Interest rate caps | GBP
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | £		£ 59,000
Fair value	$ 116
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | EUR
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount | €			€ 9,303
Fair value	$ (48)

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) - Derivatives Designated as Hedging Instruments € in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2019USD ($)instrument	Dec. 31, 2019EUR (€)instrument	Dec. 31, 2019NOK (kr)instrument
Derivative
Fair value	$ 2,305
Cash Flow Hedging | Foreign currency collars | EUR
Derivative
Number of Instruments | instrument	24	24	24
Notional Amount | €		€ 19,012
Fair value	$ 1,025
Cash Flow Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	18	18	18
Notional Amount | kr			kr 35,490
Fair value	$ 300
Cash Flow Hedging | Foreign currency forward contracts | EUR
Derivative
Number of Instruments | instrument	7	7	7
Notional Amount | €		€ 2,776
Fair value	$ 842
Cash Flow Hedging | Foreign currency forward contracts | NOK
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount | kr			kr 759
Fair value	$ 19
Net Investment Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	2	2	2
Notional Amount | kr			kr 9,350
Fair value	$ 119

Non-Recourse Secured Debt, ne_2

Non-Recourse Secured Debt, net - Narratives (Details)	Nov. 08, 2019USD ($)property	Mar. 04, 2019USD ($)	Sep. 20, 2018USD ($)	May 09, 2018USD ($)propertyextension	Feb. 13, 2018USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 22, 2018USD ($)	Oct. 05, 2018USD ($)	Jul. 31, 2016USD ($)
Debt Instruments
Proceeds from mortgage financing						$ 123,641,000	$ 158,302,000	$ 85,559,000
Number of properties (property) | property						47
Scheduled payments and prepayments of mortgage principal						$ 132,160,000	52,411,000	10,711,000
Maximum borrowing capacity											$ 50,000,000
Non-recourse secured debt, net						1,201,913,000	1,237,427,000
Interest paid						43,400,000	50,700,000	45,800,000
Effect of exchange rate fluctuation						(4,509,000)	(23,002,000)	$ 39,925,000
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation						$ (6,300,000)
Student Housing in the United Kingdom
Debt Instruments
Proceeds from mortgage financing	$ 75,600,000
Number of properties (property) | property	2
Debt instrument variable rate spread (percent)	3.03%
Student Housing in Austin, Texas
Debt Instruments
Debt instrument stated interest rate (percent)			5.50%
Ownership interest in jointly-owned investment (percent)			90.00%
Notes assumed			$ 4,500,000
Self Storage Facility in Southern California
Debt Instruments
Proceeds from mortgage financing				$ 34,000,000
Number of properties (property) | property				7
Debt instrument stated interest rate (percent)				4.45625%
Non-recourse secured debt, net				$ 16,400,000
Number of extension options (options) | extension				2
Hotel in Munich, Germany
Debt Instruments
Proceeds from mortgage financing							$ 52,400,000
Debt instrument stated interest rate (percent)							2.775%
Construction Loans | Student Housing in Austin, Texas
Debt Instruments
Maximum borrowing capacity		$ 51,700,000
Debt instrument variable interest rate (percent)						3.90%
Option maturity extension period		1 year
Non-recourse secured debt, net						$ 25,100,000
Construction Loans | Student Housing in Barcelona, Spain
Debt Instruments
Maximum borrowing capacity										$ 15,000,000
Debt instrument stated interest rate (percent)									2.50%	2.50%
Non-recourse secured debt, net							$ 1,400,000		$ 2,100,000
Construction loan							6,500,000
Construction Loans | Student Housing in Portsmouth, United kingdom
Debt Instruments
Debt instrument variable rate spread (percent)					6.00%
Maximum borrowing capacity					$ 48,800,000
Construction loan							$ 43,700,000
Construction Loans | Cardiff Property
Debt Instruments
Debt instrument stated interest rate (percent)							7.50%
Construction loan							$ 20,500,000
Construction Loans | U.K Construction Loan One | Student Housing in the United Kingdom
Debt Instruments
Scheduled payments and prepayments of mortgage principal	$ 44,700,000
Construction Loans | U.K Construction Loan Two | Student Housing in the United Kingdom
Debt Instruments
Scheduled payments and prepayments of mortgage principal	$ 30,200,000
Minimum
Debt Instruments
Ownership interest in jointly-owned investment (percent)						50.00%
Maximum
Debt Instruments
Ownership interest in jointly-owned investment (percent)						100.00%
Fixed Interest Rate
Debt Instruments
Interest rate (percent)						3.90%
Variable Interest Rate
Debt Instruments
Interest rate (percent)						3.80%

Non-Recourse Secured Debt, ne_3

Non-Recourse Secured Debt, net - Schedule of Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Long-term Debt, Fiscal Year Maturity
2020	$ 67,331
2021	161,612
2022	195,342
2023	180,540
2024	200,114
Thereafter through 2039	400,699
Total principal payments	1,205,638
Unamortized deferred financing costs	(5,841)
Unamortized premium, net	2,116
Debt, net	$ 1,201,913

Earnings Per Share and Equity -

Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share
Interest expense		$ 48,019	$ 53,221	$ 48,994
Distributions Declared
Distributions payable	$ 22,745	22,745	22,264
Class C
Earnings Per Share
Interest expense		$ 100	$ 200	$ 500
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1374	$ 0.5499
Aggregate distribution declared		$ 17,600
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1563	$ 0.6252
Aggregate distribution declared		$ 72,700

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic
Net Income Attributable to CPA:18 – Global	$ 5,708	$ 8,959	$ 3,078	$ 14,827	$ 41,251	$ 45,484	$ (334)	$ 10,327	$ 32,572	$ 96,728	$ 26,533
Class A common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares									116,469,007	113,401,265	109,942,186
Net Income Attributable to CPA:18 – Global									$ 25,636	$ 75,816	$ 21,032
Basic and Diluted Earnings Per (in dollars per share)	$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.29	$ 0.31	$ 0	$ 0.07	$ 0.22	$ 0.67	$ 0.19
Class C common stock
Basic
Basic and Diluted Weighted-Average Shares Outstanding, shares									32,123,513	31,608,961	31,138,787
Net Income Attributable to CPA:18 – Global									$ 6,936	$ 20,912	$ 5,501
Basic and Diluted Earnings Per (in dollars per share)	$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.28	$ 0.31	$ 0	$ 0.07	$ 0.22	$ 0.66	$ 0.18

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class A
Distributions
Return of capital (usd per share)	$ 0.3662	$ 0	$ 0.3254
Capital gain (usd per share)	0.1339	0.3847	0.0817
Ordinary income (usd per share)	0.1251	0.2405	0.2181
Total distributions paid (usd per share)	0.6252	0.6252	0.6252
Class C
Distributions
Return of capital (usd per share)	0.3220	0	0.2875
Capital gain (usd per share)	0.1178	0.3388	0.0722
Ordinary income (usd per share)	0.1101	0.2119	0.1927
Total distributions paid (usd per share)	$ 0.5499	$ 0.5507	$ 0.5524

Earnings Per Share and Equity_4

Earnings Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	$ 895,970	$ 872,065	$ 865,904
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(4,715)	(21,276)	(19,969)
Interest expense	48,019	53,221	48,994
Other Comprehensive (Loss) Income	(6,588)	(19,705)	33,256
Ending equity balance, value	851,671	895,970	872,065
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(50,593)	(33,212)	(61,704)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(56,535)	(50,593)	(33,212)
Gains and Losses on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	2,215	(1,082)	5,587
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	138	2,215	(1,082)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning equity balance, value	(52,808)	(32,130)	(67,291)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(56,673)	(52,808)	(32,130)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(5,030)	(19,183)	33,920
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(6,588)	(19,705)	33,256
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)	(1,707)	(826)	(1,383)
Interest expense	149	304	719
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(521)	3,819	(6,005)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(2,079)	3,297	(6,669)
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)	(1,707)	(826)	(1,383)
Interest expense	149	304	719
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(4,509)	(23,002)	39,925
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive (Loss) Income	(4,509)	(23,002)	39,925
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
Interest expense	0	0	0
AOCI Attributable to Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	646	2,324	(4,764)
Gains and Losses on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	2	0	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period Other comprehensive (income) loss attributable to noncontrolling interests	$ 644	$ 2,324	$ (4,764)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Increase in unrecognized tax benefit	$ 600,000
Unrecognized tax benefit	1,300,000	$ 700,000
Accrued interest for uncertain tax positions	100,000	0
Income taxes paid	1,700,000	2,600,000	$ 1,100,000
Deferred tax assets, gross	19,000,000	10,800,000
Deferred tax liability, net	48,600,000	48,000,000
Deferred tax assets, valuation allowance	17,600,000	9,200,000
Operating loss carryforwards, foreign	$ 41,500,000	$ 41,900,000

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal
Current	$ 60	$ 130	$ 234
Deferred	0	5	20
Federal income taxes	60	135	254
State and Local
Current	85	292	355
State and local income taxes	85	292	355
Foreign
Current	2,375	1,315	1,535
Deferred	(2,310)	(3,694)	(3,650)
Foreign income taxes	65	(2,379)	(2,115)
Total Provision (Benefit)	$ 210	$ (1,952)	$ (1,506)

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Jan. 29, 2019USD ($)	Dec. 27, 2018USD ($)	Sep. 30, 2019USD ($)property	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate						$ 50,846	$ 125,841	$ 59,510
Assets held for sale, net					$ 23,608	0	23,608
Scheduled payments and prepayments of mortgage principal						$ 132,160	52,411	10,711
Number of properties (property) | property						47
Non-recourse mortgages					$ 1,237,427	$ 1,201,913	1,237,427
Proceeds from insurance settlements						1,084	$ 53,195	$ 3,895
Discontinued Operations, Disposed of by Sale | Muti-family home in Fort Walton Beach, FL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Ownership interest in jointly-owned investment (percent)	97.00%
Proceeds from sale of real estate	$ 13,100
Gain (loss) on sale of real estate, net	15,400
Income attributable to non-controlling interest	2,900
Discontinued Operations, Disposed of by Sale | Muti-family home in Fort Walton Beach, FL | Non-recourse mortgages, net, attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net	$ 24,200
Discontinued Operations, Disposed of by Sale | Truffle Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate						39,300
Gain (loss) on sale of real estate, net						$ 10,300
Number of properties sold | property						11
Scheduled payments and prepayments of mortgage principal						$ 22,700
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Ownership interest in jointly-owned investment (percent)					97.00%		97.00%
Number of properties sold | property							3
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Truffle Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain (loss) on sale of real estate, net			$ 8,400	$ 700
Number of properties (property) | property			8	2
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | University in Accra, Ghana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Income attributable to non-controlling interest		$ 2,300
Gain on sales of real estate, tax benefit		(3,500)
Gain from insurance proceeds		16,600
Proceeds from insurance settlements		$ 45,600
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Five Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate							$ 95,500
Gain (loss) on sale of real estate, net							58,200
Income attributable to non-controlling interest							$ 8,300
Number of properties sold | property							5
Number of properties (property) | property					4		4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Four Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Scheduled payments and prepayments of mortgage principal							$ 25,300
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Four Properties | Third Party
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Non-recourse mortgages					$ 93,400		93,400
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Property in Utrecht, The Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate							29,700
Gain (loss) on sale of real estate, net					20,500
Non-recourse mortgages					29,200		29,200
Gain on sales of real estate, tax benefit					(2,000)
Disposal Group, Held-for-sale, Not Discontinued Operations | Assets held for sale, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net					$ 23,608	0	$ 23,608
Number of properties (property) | property					1		1
Disposal Group, Held-for-sale, Not Discontinued Operations | Non-recourse mortgages, net, attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net					$ 24,250	$ 0	$ 24,250

Segment Reporting - Narratives

Segment Reporting - Narratives (Details)		Dec. 27, 2018USD ($)	Dec. 31, 2019USD ($)segmentproperty	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 20, 2019USD ($)property
Segment Reporting
Number of reportable segments | segment			3
Reclassification from operating real estate — Land, buildings and improvements			$ (512,485,000)	$ (503,149,000)
Reclassification to real estate — Land, buildings and improvements			1,200,645,000	1,210,776,000
Assets	[1]		$ 2,234,803,000	2,304,553,000
Number of properties (property) | property			47
Proceeds from insurance settlements			$ 1,084,000	53,195,000	$ 3,895,000
Asset management fees			11,539,000	12,087,000	11,293,000
Tornado
Segment Reporting
Proceeds from insurance settlements			5,600,000
Asset management
Segment Reporting
Asset management fees			11,500,000	12,100,000	11,300,000
Operating Segments | Other Operating Properties
Segment Reporting
Assets			213,692,000	313,925,000
Operating Segments | Net Lease
Segment Reporting
Assets			$ 1,517,659,000	1,461,385,000
Number of properties (property) | property			10
Operating Segments | Self Storage
Segment Reporting
Assets			$ 369,883,000	386,682,000
Operating Segments | Self Storage | International
Segment Reporting
Equity investment in real estate			14,900,000	18,800,000
Student Housing
Segment Reporting
Lease term (years)						25 years
Number of properties (property) | property						11
Reclassification
Segment Reporting
Reclassification from operating real estate — Land, buildings and improvements						$ 30,800,000
Reclassification to real estate — Land, buildings and improvements						$ 30,800,000
Reclassification | Operating Segments | Other Operating Properties
Segment Reporting
Assets			(160,590,000)
Reclassification | Operating Segments | Net Lease
Segment Reporting
Assets			$ 160.6
Croatia | Operating Segments | Net Lease
Segment Reporting
Allowance for doubtful accounts				$ 5,200,000	2,900,000
Property in Stavanger, Norway | Operating Segments | Net Lease
Segment Reporting
Allowance for doubtful accounts					$ 1,200,000
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Segment Reporting
Gain from insurance proceeds		$ 16,600,000
Gain on sales of real estate, tax benefit		(3,500,000)
Proceeds from insurance settlements		$ 45,600,000
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information, Profit (Loss)
Revenues	$ 49,027	$ 49,091	$ 49,027	$ 50,294	$ 51,721	$ 55,157	$ 55,403	$ 54,435	$ 197,439	$ 216,716	$ 205,634
Operating expenses	(30,479)	(35,737)	(34,021)	(32,272)	(35,281)	(37,348)	(37,119)	(37,270)	(132,509)	(147,018)	(151,636)
Interest expense									(48,019)	(53,221)	(48,994)
Gain on sale of real estate, net									24,773	78,657	14,209
Other gains and (losses)									2,530	20,204	19,098
(Provision for) benefit from income taxes									(210)	1,952	1,506
Net loss (income) attributable to noncontrolling interests	(2,981)	(1,505)	(2,100)	(4,846)	(5,253)	(10,003)	(3,315)	(1,991)	(11,432)	(20,562)	(13,284)
Net Income Attributable to CPA:18 – Global	$ 5,708	$ 8,959	$ 3,078	$ 14,827	$ 41,251	$ 45,484	$ (334)	$ 10,327	32,572	96,728	26,533
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues									122,038	130,124	118,476
Operating expenses									(69,959)	(76,255)	(70,867)
Interest expense									(34,105)	(36,128)	(30,877)
Gain on sale of real estate, net									9,932	20,547	0
Other gains and (losses)									1,203	22,597	1,575
(Provision for) benefit from income taxes									1,019	1,513	2,635
Net loss (income) attributable to noncontrolling interests									(759)	(2,716)	(1,072)
Net Income Attributable to CPA:18 – Global									29,369	59,682	19,870
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues									60,767	57,920	55,075
Operating expenses									(35,604)	(35,235)	(44,357)
Interest expense									(13,802)	(13,256)	(12,357)
Other gains and (losses)									(942)	(1,298)	(1,125)
(Provision for) benefit from income taxes									(115)	(85)	(114)
Net Income Attributable to CPA:18 – Global									10,304	8,046	(2,878)
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues									10,550	21,434	24,915
Operating expenses									(7,713)	(16,030)	(17,666)
Interest expense									133	(3,529)	(4,727)
Gain on sale of real estate, net									14,841	58,110	14,209
Other gains and (losses)									(182)	(870)	(22)
(Provision for) benefit from income taxes									87	178	(132)
Net loss (income) attributable to noncontrolling interests									(2,541)	(8,154)	(3,562)
Net Income Attributable to CPA:18 – Global									15,175	51,139	13,015
All Other
Segment Reporting Information, Profit (Loss)
Revenues									4,076	7,238	7,168
Operating expenses									0	(4)	(12)
Net Income Attributable to CPA:18 – Global									4,076	7,234	7,156
Corporate
Segment Reporting Information, Profit (Loss)
Net loss (income) attributable to noncontrolling interests									(8,132)	(9,692)	(8,650)
Unallocated Corporate Overhead									$ (18,220)	$ (19,681)	$ (1,980)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information, Additional Information
Assets	[1]	$ 2,234,803	$ 2,304,553
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets		1,517,659	1,461,385
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets		369,883	386,682
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Assets		213,692	313,925
Corporate
Segment Reporting Information, Additional Information
Assets		105,407	78,099
All Other
Segment Reporting Information, Additional Information
Assets		$ 28,162	$ 64,462
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Segment Reporting - Geography (

Segment Reporting - Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information, Profit (Loss)
Revenues	$ 49,027	$ 49,091	$ 49,027	$ 50,294	$ 51,721	$ 55,157	$ 55,403	$ 54,435	$ 197,439	$ 216,716	$ 205,634
Assets
Long-lived assets	1,946,720				1,936,236				1,946,720	1,936,236
Domestic
Segment Reporting Information, Profit (Loss)
Revenues									116,330	134,876	136,259
Assets
Long-lived assets	885,470				899,239				885,470	899,239
Florida
Segment Reporting Information, Profit (Loss)
Revenues									22,876	29,136	29,263
Assets
Long-lived assets	140,631				167,944				140,631	167,944
Texas
Segment Reporting Information, Profit (Loss)
Revenues									20,941	24,681	25,166
Assets
Long-lived assets	246,421				215,330				246,421	215,330
Other Domestic
Segment Reporting Information, Profit (Loss)
Revenues									72,513	81,059	81,830
Assets
Long-lived assets	498,418				515,965				498,418	515,965
International
Segment Reporting Information, Profit (Loss)
Revenues									81,109	81,840	$ 69,375
Assets
Long-lived assets	1,061,250				1,036,997				1,061,250	1,036,997
Norway
Assets
Long-lived assets	197,091				204,902				197,091	204,902
Other International
Assets
Long-lived assets	$ 864,159				$ 832,095				$ 864,159	$ 832,095

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, $ in Thousands	Jan. 29, 2019USD ($)	Dec. 27, 2018USD ($)	Dec. 31, 2019USD ($)property$ / shares	Sep. 30, 2019USD ($)property$ / shares	Jun. 30, 2019USD ($)property$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Sep. 30, 2018USD ($)property$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2019USD ($)property$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares
Revenues			$ 49,027	$ 49,091	$ 49,027	$ 50,294	$ 51,721	$ 55,157	$ 55,403	$ 54,435	$ 197,439	$ 216,716	$ 205,634
Expenses			30,479	35,737	34,021	32,272	35,281	37,348	37,119	37,270	132,509	147,018	151,636
Net Income			8,689	10,464	5,178	19,673	46,504	55,487	2,981	12,318	44,004	117,290	39,817
Net loss (income) attributable to noncontrolling interests			(2,981)	(1,505)	(2,100)	(4,846)	(5,253)	(10,003)	(3,315)	(1,991)	(11,432)	(20,562)	(13,284)
Net Income Attributable to CPA:18 – Global			$ 5,708	8,959	3,078	14,827	41,251	45,484	(334)	10,327	32,572	96,728	26,533
Gain on sale of real estate, net											$ 24,773	78,657	14,209
Number of properties (property) | property			47								47
Gain on insurance proceeds											$ 0	22,227	0
Discontinued Operations, Disposed of by Sale | Multi-Family
Gain (loss) on sale of real estate, net						$ 1,200
Tornado
Gain on insurance proceeds							300		$ 900	$ 4,400
Noncontrolling Interests
Net Income											11,432	20,562	13,284
Muti-family home in Fort Walton Beach, FL | Discontinued Operations, Disposed of by Sale
Gain (loss) on sale of real estate, net	$ 15,400
Income attributable to non-controlling interest	$ 2,900
Multi-Family Residential Property
Gain on sale of real estate, net								$ 52,200
Number of properties (property) | property								4
Multi-Family Residential Property | Noncontrolling Interests
Gain on sale of real estate, net								$ 8,100
Truffle Portfolio | Discontinued Operations, Disposed of by Sale
Gain (loss) on sale of real estate, net											10,300
Truffle Portfolio | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Gain (loss) on sale of real estate, net				$ 8,400	$ 700
Number of properties (property) | property				8	2
Property in Utrecht, The Netherlands | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Gain (loss) on sale of real estate, net							20,500
Gain on sales of real estate, tax benefit							(2,000)
Multi Family in San Antonio, Texas
Gain (loss) on sale of real estate, net							5,200
Income attributable to non-controlling interest							$ 200
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income attributable to non-controlling interest		$ 2,300
Gain on sales of real estate, tax benefit		(3,500)
Gain from insurance proceeds		$ 16,600
Class A common stock
Net Income Attributable to CPA:18 – Global											$ 25,636	$ 75,816	$ 21,032
Basic and diluted income (loss) per share (in dollars per share) | $ / shares			$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.29	$ 0.31	$ 0	$ 0.07	$ 0.22	$ 0.67	$ 0.19
Class C common stock
Net Income Attributable to CPA:18 – Global											$ 6,936	$ 20,912	$ 5,501
Basic and diluted income (loss) per share (in dollars per share) | $ / shares			$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.28	$ 0.31	$ 0	$ 0.07	$ 0.22	$ 0.66	$ 0.18

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Valuation reserve for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 9,213	$ 13,593	$ 12,817
Other Additions	8,879	3,090	3,566
Deductions	(536)	(7,470)	(2,790)
Balance at End of Year	17,556	9,213	13,593
Allowance for uncollectible accounts
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	9,781	4,399	4
Other Additions	0	5,383	4,398
Deductions	(9,781)	(1)	(3)
Balance at End of Year	$ 0	$ 9,781	$ 4,399

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	$ 249,028	$ 285,460
Accumulated amortization	135,153	126,578
Finite-lived intangible liabilities, gross	14,974	15,414
Finite-lived intangible liabilities accumulated amortization	6,627	5,657
Real estate under construction	235,751	152,106	$ 134,366
Assets held for sale, net	0	23,608
Federal income tax basis	2,100,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Assets held for sale, net
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Assets held for sale, net	0	$ 23,608
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible liabilities, gross	15,000
Finite-lived intangible liabilities accumulated amortization	6,600
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	249,000
Accumulated amortization	$ 135,200

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Under Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 795,595
Initial Cost to Company
Land	210,253
Buildings	878,295
Cost Capitalized Subsequent to Acquisition	218,739
Increase (Decrease) in Net Investments	(106,642)
Gross Amount at which Carried at Close of Period
Land	196,693
Buildings	1,003,952
Total	1,200,645	$ 1,210,776	$ 1,263,172	$ 990,810
Accumulated Depreciation	135,922	112,061	87,886	55,980
Real Estate Under Operating Leases | Office facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	72,719
Initial Cost to Company
Land	29,215
Buildings	67,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,215
Buildings	67,993
Total	97,208
Accumulated Depreciation	$ 13,427
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,808
Initial Cost to Company
Land	0
Buildings	10,828
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,962)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,866
Total	8,866
Accumulated Depreciation	$ 1,576
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,750
Initial Cost to Company
Land	0
Buildings	10,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,988)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,588
Total	8,588
Accumulated Depreciation	$ 1,442
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,640
Initial Cost to Company
Land	2,264
Buildings	10,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,422)
Gross Amount at which Carried at Close of Period
Land	1,848
Buildings	8,670
Total	10,518
Accumulated Depreciation	$ 1,591
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zadar, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,339
Initial Cost to Company
Land	4,320
Buildings	10,536
Cost Capitalized Subsequent to Acquisition	748
Increase (Decrease) in Net Investments	(2,775)
Gross Amount at which Carried at Close of Period
Land	3,526
Buildings	9,303
Total	12,829
Accumulated Depreciation	$ 1,700
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Retail facility in Split, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,578
Initial Cost to Company
Land	0
Buildings	3,161
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(601)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,560
Total	2,560
Accumulated Depreciation	$ 573
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Real Estate Under Operating Leases | Industrial facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,852
Initial Cost to Company
Land	1,163
Buildings	3,393
Cost Capitalized Subsequent to Acquisition	1,585
Increase (Decrease) in Net Investments	(535)
Gross Amount at which Carried at Close of Period
Land	1,163
Buildings	4,443
Total	5,606
Accumulated Depreciation	$ 1,418
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,193
Initial Cost to Company
Land	13,748
Buildings	52,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	13,748
Buildings	52,135
Total	65,883
Accumulated Depreciation	$ 11,307
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Real Estate Under Operating Leases | Office facility in Norcross, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,229
Initial Cost to Company
Land	1,044
Buildings	3,361
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,044
Buildings	3,361
Total	4,405
Accumulated Depreciation	$ 616
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 41,175
Initial Cost to Company
Land	14,362
Buildings	59,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(22,881)
Gross Amount at which Carried at Close of Period
Land	9,896
Buildings	40,804
Total	50,700
Accumulated Depreciation	$ 5,989
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 55,239
Initial Cost to Company
Land	0
Buildings	112,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(20,644)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	92,032
Total	92,032
Accumulated Depreciation	$ 13,331
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,475
Initial Cost to Company
Land	448
Buildings	5,841
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	448
Buildings	5,841
Total	6,289
Accumulated Depreciation	$ 1,207
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,756
Initial Cost to Company
Land	2,251
Buildings	3,390
Cost Capitalized Subsequent to Acquisition	672
Increase (Decrease) in Net Investments	47
Gross Amount at which Carried at Close of Period
Land	2,251
Buildings	4,109
Total	6,360
Accumulated Depreciation	$ 834
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Surprise, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,109
Initial Cost to Company
Land	298
Buildings	2,347
Cost Capitalized Subsequent to Acquisition	1,700
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	298
Buildings	4,047
Total	4,345
Accumulated Depreciation	$ 714
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Temple, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,097
Initial Cost to Company
Land	381
Buildings	6,469
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	381
Buildings	6,469
Total	6,850
Accumulated Depreciation	$ 1,246
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Real Estate Under Operating Leases | Land in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,101
Initial Cost to Company
Land	1,675
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,675
Buildings	0
Total	1,675
Accumulated Depreciation	0
Real Estate Under Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,581
Initial Cost to Company
Land	3,036
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,036
Buildings	0
Total	3,036
Accumulated Depreciation	0
Real Estate Under Operating Leases | Warehouse facility in Jonesville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,987
Initial Cost to Company
Land	2,995
Buildings	14,644
Cost Capitalized Subsequent to Acquisition	19,389
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,995
Buildings	34,033
Total	37,028
Accumulated Depreciation	$ 6,902
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Warstein, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,440
Initial Cost to Company
Land	281
Buildings	15,671
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,827)
Gross Amount at which Carried at Close of Period
Land	249
Buildings	13,876
Total	14,125
Accumulated Depreciation	$ 1,908
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Albany, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,925
Initial Cost to Company
Land	1,141
Buildings	5,997
Cost Capitalized Subsequent to Acquisition	4,690
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,141
Buildings	10,687
Total	11,828
Accumulated Depreciation	$ 1,214
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Real Estate Under Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,687
Initial Cost to Company
Land	8,276
Buildings	80,475
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(22,125)
Gross Amount at which Carried at Close of Period
Land	6,260
Buildings	60,366
Total	66,626
Accumulated Depreciation	$ 7,901
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,678
Initial Cost to Company
Land	1,189
Buildings	11,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,189
Buildings	11,279
Total	12,468
Accumulated Depreciation	$ 1,559
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,563
Initial Cost to Company
Land	3,990
Buildings	30,320
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,990
Buildings	30,320
Total	34,310
Accumulated Depreciation	$ 4,186
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,522
Initial Cost to Company
Land	512
Buildings	1,283
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	512
Buildings	1,285
Total	1,797
Accumulated Depreciation	$ 320
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 716
Initial Cost to Company
Land	509
Buildings	340
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	509
Buildings	342
Total	851
Accumulated Depreciation	$ 156
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 255
Initial Cost to Company
Land	128
Buildings	204
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	128
Buildings	206
Total	334
Accumulated Depreciation	$ 70
Life on which Depreciation in Latest Statement of Income is Computed	21 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,103
Initial Cost to Company
Land	360
Buildings	1,120
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	360
Buildings	1,121
Total	1,481
Accumulated Depreciation	$ 243
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,117
Initial Cost to Company
Land	809
Buildings	671
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809
Buildings	672
Total	1,481
Accumulated Depreciation	$ 212
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Industrial and warehouse facility in Byron Center, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,126
Initial Cost to Company
Land	625
Buildings	1,005
Cost Capitalized Subsequent to Acquisition	9,515
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	625
Buildings	10,520
Total	11,145
Accumulated Depreciation	$ 1,162
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 36,507
Initial Cost to Company
Land	2,247
Buildings	27,150
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,682)
Gross Amount at which Carried at Close of Period
Land	1,468
Buildings	22,247
Total	23,715
Accumulated Depreciation	$ 2,834
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,246
Buildings	27,136
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(191)
Gross Amount at which Carried at Close of Period
Land	2,576
Buildings	26,615
Total	29,191
Accumulated Depreciation	$ 3,401
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Albion, Mauritius
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 26,951
Initial Cost to Company
Land	4,047
Buildings	54,927
Cost Capitalized Subsequent to Acquisition	243
Increase (Decrease) in Net Investments	(4,595)
Gross Amount at which Carried at Close of Period
Land	3,736
Buildings	50,886
Total	54,622
Accumulated Depreciation	$ 7,826
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eindhoven, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 53,222
Initial Cost to Company
Land	8,736
Buildings	14,493
Cost Capitalized Subsequent to Acquisition	73,764
Increase (Decrease) in Net Investments	1,095
Gross Amount at which Carried at Close of Period
Land	9,335
Buildings	88,753
Total	98,088
Accumulated Depreciation	$ 5,828
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Freetown, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,196
Initial Cost to Company
Land	1,149
Buildings	2,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,149
Buildings	2,219
Total	3,368
Accumulated Depreciation	$ 909
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Plano, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,853
Initial Cost to Company
Land	3,180
Buildings	26,926
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	26,926
Total	30,106
Accumulated Depreciation	$ 3,303
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Munich, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 46,519
Initial Cost to Company
Land	8,497
Buildings	41,883
Cost Capitalized Subsequent to Acquisition	42,982
Increase (Decrease) in Net Investments	(6,672)
Gross Amount at which Carried at Close of Period
Land	10,081
Buildings	76,609
Total	86,690
Accumulated Depreciation	$ 4,387
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,445
Initial Cost to Company
Land	2,537
Buildings	9,731
Cost Capitalized Subsequent to Acquisition	1,019
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,537
Buildings	10,750
Total	13,287
Accumulated Depreciation	$ 1,900
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Real Estate Under Operating Leases | Retail facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 56,699
Initial Cost to Company
Land	61,607
Buildings	34,183
Cost Capitalized Subsequent to Acquisition	270
Increase (Decrease) in Net Investments	(13,553)
Gross Amount at which Carried at Close of Period
Land	52,892
Buildings	29,615
Total	82,507
Accumulated Depreciation	$ 6,089
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Real Estate Under Operating Leases | Hotel in Hamburg, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,878
Initial Cost to Company
Land	5,719
Buildings	1,530
Cost Capitalized Subsequent to Acquisition	21,248
Increase (Decrease) in Net Investments	(474)
Gross Amount at which Carried at Close of Period
Land	5,831
Buildings	22,192
Total	28,023
Accumulated Depreciation	$ 1,389
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,574
Initial Cost to Company
Land	1,688
Buildings	10,081
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,688
Buildings	10,081
Total	11,769
Accumulated Depreciation	$ 1,285
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,572
Initial Cost to Company
Land	2,222
Buildings	25,449
Cost Capitalized Subsequent to Acquisition	1,239
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	26,688
Total	28,910
Accumulated Depreciation	$ 3,324
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Coralville, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,579
Initial Cost to Company
Land	1,937
Buildings	31,093
Cost Capitalized Subsequent to Acquisition	5,048
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,937
Buildings	36,141
Total	38,078
Accumulated Depreciation	$ 3,954
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Michalovce, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,279
Initial Cost to Company
Land	1,055
Buildings	10,808
Cost Capitalized Subsequent to Acquisition	13,611
Increase (Decrease) in Net Investments	(64)
Gross Amount at which Carried at Close of Period
Land	1,375
Buildings	24,035
Total	25,410
Accumulated Depreciation	$ 2,396
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Stuttgart, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,466
Initial Cost to Company
Land	0
Buildings	25,717
Cost Capitalized Subsequent to Acquisition	1,175
Increase (Decrease) in Net Investments	826
Gross Amount at which Carried at Close of Period
Land	0
Buildings	27,718
Total	27,718
Accumulated Depreciation	$ 3,180
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Real Estate Under Operating Leases | Warehouse facility in Iowa City, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,144
Initial Cost to Company
Land	913
Buildings	5,785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	913
Buildings	5,785
Total	6,698
Accumulated Depreciation	$ 663
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Real Estate Under Operating Leases | Residential facility in Barcelona, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,951
Initial Cost to Company
Land	7,453
Buildings	3,574
Cost Capitalized Subsequent to Acquisition	19,833
Increase (Decrease) in Net Investments	381
Gross Amount at which Carried at Close of Period
Land	8,477
Buildings	22,764
Total	31,241
Accumulated Depreciation	$ 450
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,026
Initial Cost to Company
Land	2,168
Buildings	35,188
Cost Capitalized Subsequent to Acquisition	1,381
Increase (Decrease) in Net Investments	3,317
Gross Amount at which Carried at Close of Period
Total	42,054
Direct Financing Method | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,601
Initial Cost to Company
Land	488
Buildings	2,947
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	875
Gross Amount at which Carried at Close of Period
Total	4,310
Direct Financing Method | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,171
Initial Cost to Company
Land	0
Buildings	1,573
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	210
Gross Amount at which Carried at Close of Period
Total	1,783
Direct Financing Method | Warehouse facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,915
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	1,381
Increase (Decrease) in Net Investments	1,418
Gross Amount at which Carried at Close of Period
Total	11,363
Direct Financing Method | Industrial facility in Menomonee Falls, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	13,339
Initial Cost to Company
Land	1,680
Buildings	22,104
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	814
Gross Amount at which Carried at Close of Period
Total	24,598
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	358,664
Initial Cost to Company
Land	78,176
Buildings	331,663
Personal Property	9
Cost Capitalized Subsequent to Acquisition	101,735
Increase (Decrease) in Net Investments	902
Gross Amount at which Carried at Close of Period
Land	78,240
Buildings	427,900
Personal Property	6,345
Total	512,485	503,149	566,489	606,558
Accumulated Depreciation	57,237	$ 41,969	$ 43,786	$ 26,937
Operating Real Estate | Cardiff, UK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	29,397
Initial Cost to Company
Land	222
Buildings	14,136
Personal Property	0
Cost Capitalized Subsequent to Acquisition	31,417
Increase (Decrease) in Net Investments	381
Gross Amount at which Carried at Close of Period
Land	222
Buildings	44,350
Personal Property	1,584
Total	46,156
Accumulated Depreciation	$ 1,671
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Portsmouth, UK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,065
Initial Cost to Company
Land	8,096
Buildings	3,416
Personal Property	0
Cost Capitalized Subsequent to Acquisition	59,294
Increase (Decrease) in Net Investments	669
Gross Amount at which Carried at Close of Period
Land	8,160
Buildings	61,012
Personal Property	2,303
Total	71,475
Accumulated Depreciation	$ 2,406
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,666
Initial Cost to Company
Land	3,306
Buildings	7,190
Personal Property	0
Cost Capitalized Subsequent to Acquisition	129
Increase (Decrease) in Net Investments	(18)
Gross Amount at which Carried at Close of Period
Land	3,306
Buildings	7,224
Personal Property	77
Total	10,607
Accumulated Depreciation	$ 1,275
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,142
Initial Cost to Company
Land	3,258
Buildings	7,128
Personal Property	0
Cost Capitalized Subsequent to Acquisition	165
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	7,252
Personal Property	45
Total	10,555
Accumulated Depreciation	$ 1,197
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,706
Initial Cost to Company
Land	340
Buildings	3,428
Personal Property	0
Cost Capitalized Subsequent to Acquisition	285
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,625
Personal Property	92
Total	4,057
Accumulated Depreciation	$ 858
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,744
Initial Cost to Company
Land	1,356
Buildings	3,699
Personal Property	0
Cost Capitalized Subsequent to Acquisition	303
Increase (Decrease) in Net Investments	13
Gross Amount at which Carried at Close of Period
Land	1,356
Buildings	3,967
Personal Property	48
Total	5,371
Accumulated Depreciation	$ 796
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,013
Initial Cost to Company
Land	1,915
Buildings	1,894
Personal Property	0
Cost Capitalized Subsequent to Acquisition	124
Increase (Decrease) in Net Investments	7
Gross Amount at which Carried at Close of Period
Land	1,915
Buildings	1,996
Personal Property	29
Total	3,940
Accumulated Depreciation	$ 396
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Operating Real Estate | Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,842
Initial Cost to Company
Land	669
Buildings	8,899
Personal Property	0
Cost Capitalized Subsequent to Acquisition	77
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	669
Buildings	8,941
Personal Property	39
Total	9,649
Accumulated Depreciation	$ 1,313
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,035
Initial Cost to Company
Land	1,065
Buildings	2,742
Personal Property	0
Cost Capitalized Subsequent to Acquisition	229
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	1,065
Buildings	2,874
Personal Property	112
Total	4,051
Accumulated Depreciation	$ 685
Operating Real Estate | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,500
Initial Cost to Company
Land	2,263
Buildings	2,704
Personal Property	0
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	2,263
Buildings	2,754
Personal Property	64
Total	5,081
Accumulated Depreciation	$ 550
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Pompano Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,002
Initial Cost to Company
Land	700
Buildings	3,436
Personal Property	0
Cost Capitalized Subsequent to Acquisition	768
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	700
Buildings	4,133
Personal Property	73
Total	4,906
Accumulated Depreciation	$ 911
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Jensen Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,543
Initial Cost to Company
Land	1,596
Buildings	5,963
Personal Property	0
Cost Capitalized Subsequent to Acquisition	126
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,596
Buildings	6,023
Personal Property	66
Total	7,685
Accumulated Depreciation	$ 997
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Dickinson, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,414
Initial Cost to Company
Land	1,680
Buildings	7,165
Personal Property	0
Cost Capitalized Subsequent to Acquisition	166
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	7,219
Personal Property	114
Total	9,013
Accumulated Depreciation	$ 1,303
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Humble, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,020
Initial Cost to Company
Land	341
Buildings	6,582
Personal Property	0
Cost Capitalized Subsequent to Acquisition	26
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	341
Buildings	6,586
Personal Property	25
Total	6,952
Accumulated Depreciation	$ 965
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | Temecula, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,478
Initial Cost to Company
Land	449
Buildings	8,574
Personal Property	0
Cost Capitalized Subsequent to Acquisition	22
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	449
Buildings	8,568
Personal Property	22
Total	9,039
Accumulated Depreciation	$ 1,277
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Cumming, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,842
Initial Cost to Company
Land	300
Buildings	3,531
Personal Property	0
Cost Capitalized Subsequent to Acquisition	101
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	300
Buildings	3,577
Personal Property	55
Total	3,932
Accumulated Depreciation	$ 813
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Naples, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,646
Initial Cost to Company
Land	3,073
Buildings	10,677
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,455
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	3,073
Buildings	12,005
Personal Property	146
Total	15,224
Accumulated Depreciation	$ 2,460
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Valrico, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,969
Initial Cost to Company
Land	695
Buildings	7,558
Personal Property	0
Cost Capitalized Subsequent to Acquisition	308
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	695
Buildings	7,637
Personal Property	29
Total	8,361
Accumulated Depreciation	$ 941
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Tallahassee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,887
Initial Cost to Company
Land	1,796
Buildings	4,782
Personal Property	0
Cost Capitalized Subsequent to Acquisition	132
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,796
Buildings	4,851
Personal Property	65
Total	6,712
Accumulated Depreciation	$ 825
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Sebastian, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,917
Initial Cost to Company
Land	474
Buildings	2,031
Personal Property	0
Cost Capitalized Subsequent to Acquisition	286
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	474
Buildings	2,251
Personal Property	66
Total	2,791
Accumulated Depreciation	$ 647
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Lady Lake, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,919
Initial Cost to Company
Land	522
Buildings	4,809
Personal Property	0
Cost Capitalized Subsequent to Acquisition	234
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	5,035
Personal Property	8
Total	5,565
Accumulated Depreciation	$ 698
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,603
Initial Cost to Company
Land	706
Buildings	2,864
Personal Property	0
Cost Capitalized Subsequent to Acquisition	39
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	706
Buildings	2,877
Personal Property	31
Total	3,614
Accumulated Depreciation	$ 504
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,943
Initial Cost to Company
Land	779
Buildings	5,504
Personal Property	0
Cost Capitalized Subsequent to Acquisition	119
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	779
Buildings	5,566
Personal Property	57
Total	6,402
Accumulated Depreciation	$ 1,277
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,444
Initial Cost to Company
Land	335
Buildings	1,999
Personal Property	0
Cost Capitalized Subsequent to Acquisition	98
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	335
Buildings	2,088
Personal Property	9
Total	2,432
Accumulated Depreciation	$ 496
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,579
Initial Cost to Company
Land	384
Buildings	3,042
Personal Property	0
Cost Capitalized Subsequent to Acquisition	108
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	384
Buildings	3,107
Personal Property	43
Total	3,534
Accumulated Depreciation	$ 923
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Highland, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,512
Initial Cost to Company
Land	1,056
Buildings	3,366
Personal Property	0
Cost Capitalized Subsequent to Acquisition	44
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,056
Buildings	3,400
Personal Property	10
Total	4,466
Accumulated Depreciation	$ 573
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Operating Real Estate | Lancaster, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,482
Initial Cost to Company
Land	217
Buildings	4,355
Personal Property	0
Cost Capitalized Subsequent to Acquisition	77
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	217
Buildings	4,390
Personal Property	42
Total	4,649
Accumulated Depreciation	$ 795
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Rialto, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,578
Initial Cost to Company
Land	1,905
Buildings	3,642
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	3,676
Personal Property	31
Total	5,612
Accumulated Depreciation	$ 718
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,286
Initial Cost to Company
Land	1,115
Buildings	5,802
Personal Property	0
Cost Capitalized Subsequent to Acquisition	103
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,115
Buildings	5,876
Personal Property	31
Total	7,022
Accumulated Depreciation	$ 1,124
Life on which Depreciation in Latest Statement of Income is Computed	31 years
Operating Real Estate | Louisville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,585
Initial Cost to Company
Land	2,973
Buildings	6,056
Personal Property	0
Cost Capitalized Subsequent to Acquisition	139
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,973
Buildings	6,129
Personal Property	66
Total	9,168
Accumulated Depreciation	$ 1,221
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,328
Initial Cost to Company
Land	1,499
Buildings	1,658
Personal Property	0
Cost Capitalized Subsequent to Acquisition	106
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	1,714
Personal Property	50
Total	3,263
Accumulated Depreciation	$ 651
Life on which Depreciation in Latest Statement of Income is Computed	18 years
Operating Real Estate | Stockbridge GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,616
Initial Cost to Company
Land	170
Buildings	1,996
Personal Property	0
Cost Capitalized Subsequent to Acquisition	204
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	2,153
Personal Property	47
Total	2,370
Accumulated Depreciation	$ 520
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,623
Initial Cost to Company
Land	811
Buildings	2,723
Personal Property	0
Cost Capitalized Subsequent to Acquisition	73
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	811
Buildings	2,781
Personal Property	15
Total	3,607
Accumulated Depreciation	$ 630
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,349
Initial Cost to Company
Land	450
Buildings	8,381
Personal Property	0
Cost Capitalized Subsequent to Acquisition	99
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	450
Buildings	8,431
Personal Property	49
Total	8,930
Accumulated Depreciation	$ 1,152
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,127
Initial Cost to Company
Land	347
Buildings	8,233
Personal Property	5
Cost Capitalized Subsequent to Acquisition	60
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	347
Buildings	8,254
Personal Property	45
Total	8,646
Accumulated Depreciation	$ 1,012
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,153
Initial Cost to Company
Land	835
Buildings	6,193
Personal Property	0
Cost Capitalized Subsequent to Acquisition	141
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	835
Buildings	6,310
Personal Property	24
Total	7,169
Accumulated Depreciation	$ 842
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,767
Initial Cost to Company
Land	465
Buildings	4,576
Personal Property	0
Cost Capitalized Subsequent to Acquisition	89
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	465
Buildings	4,633
Personal Property	32
Total	5,130
Accumulated Depreciation	$ 605
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Operating Real Estate | St. Peters, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,293
Initial Cost to Company
Land	199
Buildings	2,888
Personal Property	0
Cost Capitalized Subsequent to Acquisition	172
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	199
Buildings	2,986
Personal Property	74
Total	3,259
Accumulated Depreciation	$ 440
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Leesburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,383
Initial Cost to Company
Land	731
Buildings	2,480
Personal Property	0
Cost Capitalized Subsequent to Acquisition	72
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	731
Buildings	2,530
Personal Property	22
Total	3,283
Accumulated Depreciation	$ 607
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Operating Real Estate | Palm Bay, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,082
Initial Cost to Company
Land	2,179
Buildings	7,367
Personal Property	0
Cost Capitalized Subsequent to Acquisition	159
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,179
Buildings	7,481
Personal Property	45
Total	9,705
Accumulated Depreciation	$ 1,242
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,582
Initial Cost to Company
Land	1,067
Buildings	4,965
Personal Property	0
Cost Capitalized Subsequent to Acquisition	558
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,067
Buildings	5,513
Personal Property	10
Total	6,590
Accumulated Depreciation	$ 1,092
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Operating Real Estate | Ithaca, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,266
Initial Cost to Company
Land	454
Buildings	2,211
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	2,240
Personal Property	1
Total	2,695
Accumulated Depreciation	$ 449
Life on which Depreciation in Latest Statement of Income is Computed	26 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,330
Initial Cost to Company
Land	783
Buildings	2,417
Personal Property	0
Cost Capitalized Subsequent to Acquisition	302
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	783
Buildings	2,705
Personal Property	14
Total	3,502
Accumulated Depreciation	$ 759
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,201
Initial Cost to Company
Land	664
Buildings	2,762
Personal Property	1
Cost Capitalized Subsequent to Acquisition	585
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	664
Buildings	3,314
Personal Property	34
Total	4,012
Accumulated Depreciation	$ 840
Life on which Depreciation in Latest Statement of Income is Computed	17 years
Operating Real Estate | Hudson, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,222
Initial Cost to Company
Land	364
Buildings	4,188
Personal Property	0
Cost Capitalized Subsequent to Acquisition	20
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	364
Buildings	4,192
Personal Property	16
Total	4,572
Accumulated Depreciation	$ 518
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	407
Buildings	8,027
Personal Property	0
Cost Capitalized Subsequent to Acquisition	81
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	407
Buildings	8,087
Personal Property	21
Total	8,515
Accumulated Depreciation	$ 895
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,689
Initial Cost to Company
Land	1,275
Buildings	3,339
Personal Property	0
Cost Capitalized Subsequent to Acquisition	124
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,275
Buildings	3,450
Personal Property	13
Total	4,738
Accumulated Depreciation	$ 482
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,532
Initial Cost to Company
Land	921
Buildings	2,764
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	921
Buildings	2,764
Personal Property	1
Total	3,686
Accumulated Depreciation	$ 417
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,597
Initial Cost to Company
Land	594
Buildings	4,154
Personal Property	0
Cost Capitalized Subsequent to Acquisition	16
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	4,154
Personal Property	16
Total	4,764
Accumulated Depreciation	$ 555
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,614
Initial Cost to Company
Land	594
Buildings	3,867
Personal Property	0
Cost Capitalized Subsequent to Acquisition	121
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,966
Personal Property	22
Total	4,582
Accumulated Depreciation	$ 554
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,423
Initial Cost to Company
Land	337
Buildings	2,024
Personal Property	0
Cost Capitalized Subsequent to Acquisition	44
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	337
Buildings	2,058
Personal Property	10
Total	2,405
Accumulated Depreciation	$ 281
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,703
Initial Cost to Company
Land	782
Buildings	3,825
Personal Property	0
Cost Capitalized Subsequent to Acquisition	32
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	782
Buildings	3,836
Personal Property	21
Total	4,639
Accumulated Depreciation	$ 674
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Fernandina Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,228
Initial Cost to Company
Land	1,785
Buildings	7,133
Personal Property	0
Cost Capitalized Subsequent to Acquisition	124
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,785
Buildings	7,220
Personal Property	37
Total	9,042
Accumulated Depreciation	$ 959
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,427
Initial Cost to Company
Land	1,371
Buildings	3,020
Personal Property	3
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,371
Buildings	3,102
Personal Property	31
Total	4,504
Accumulated Depreciation	$ 632
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,744
Initial Cost to Company
Land	817
Buildings	3,438
Personal Property	0
Cost Capitalized Subsequent to Acquisition	80
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	817
Buildings	3,473
Personal Property	45
Total	4,335
Accumulated Depreciation	$ 565
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,943
Initial Cost to Company
Land	708
Buildings	3,778
Personal Property	0
Cost Capitalized Subsequent to Acquisition	119
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	708
Buildings	3,829
Personal Property	68
Total	4,605
Accumulated Depreciation	$ 639
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Operating Real Estate | Greensboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,029
Initial Cost to Company
Land	716
Buildings	4,108
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,262
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	716
Buildings	5,339
Personal Property	31
Total	6,086
Accumulated Depreciation	$ 1,050
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Operating Real Estate | Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,338
Initial Cost to Company
Land	897
Buildings	8,831
Personal Property	0
Cost Capitalized Subsequent to Acquisition	119
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	897
Buildings	8,914
Personal Property	36
Total	9,847
Accumulated Depreciation	$ 934
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,840
Initial Cost to Company
Land	1,094
Buildings	4,298
Personal Property	0
Cost Capitalized Subsequent to Acquisition	41
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,094
Buildings	4,318
Personal Property	21
Total	5,433
Accumulated Depreciation	$ 682
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Operating Real Estate | Avondale, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,412
Initial Cost to Company
Land	808
Buildings	4,245
Personal Property	0
Cost Capitalized Subsequent to Acquisition	4
Increase (Decrease) in Net Investments	(11)
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,234
Personal Property	4
Total	5,046
Accumulated Depreciation	$ 508
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Operating Real Estate | Gilroy, California
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,779
Initial Cost to Company
Land	2,704
Buildings	7,451
Personal Property	0
Cost Capitalized Subsequent to Acquisition	76
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,704
Buildings	7,485
Personal Property	42
Total	10,231
Accumulated Depreciation	$ 1,107
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | Washington, D.C.
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,913
Initial Cost to Company
Land	3,185
Buildings	8,177
Personal Property	0
Cost Capitalized Subsequent to Acquisition	26
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,185
Buildings	8,203
Personal Property	0
Total	11,388
Accumulated Depreciation	$ 914
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Operating Real Estate | Milford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,530
Initial Cost to Company
Land	751
Buildings	6,290
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	751
Buildings	6,290
Personal Property	1
Total	7,042
Accumulated Depreciation	$ 746
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Operating Real Estate | Millsboro, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,695
Initial Cost to Company
Land	807
Buildings	5,152
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	807
Buildings	5,160
Personal Property	3
Total	5,970
Accumulated Depreciation	$ 637
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Operating Real Estate | New Castle, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,658
Initial Cost to Company
Land	994
Buildings	5,673
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994
Buildings	5,681
Personal Property	22
Total	6,697
Accumulated Depreciation	$ 593
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Rehoboth, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,584
Initial Cost to Company
Land	1,229
Buildings	9,945
Personal Property	0
Cost Capitalized Subsequent to Acquisition	11
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,229
Buildings	9,953
Personal Property	3
Total	11,185
Accumulated Depreciation	$ 1,147
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,905
Initial Cost to Company
Land	796
Buildings	2,112
Personal Property	0
Cost Capitalized Subsequent to Acquisition	83
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	796
Buildings	2,158
Personal Property	37
Total	2,991
Accumulated Depreciation	$ 292
Life on which Depreciation in Latest Statement of Income is Computed	25 years

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Under Operating Leases
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 1,210,776	$ 1,263,172	$ 990,810
Reclassification From (to) other property types	30,786	0	0
Dispositions	(29,974)	(36,595)	0
Foreign currency translation adjustment	(11,893)	(42,168)	67,356
Capital improvements	892	175	7,774
Reclassification from real estate under construction	58	26,192	197,232
Ending balance	1,200,645	1,210,776	1,263,172
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	112,061	87,886	55,980
Depreciation expense	29,339	29,787	28,243
Dispositions	(4,554)	(2,523)	0
Foreign currency translation adjustment	(924)	(3,089)	3,663
Ending balance	135,922	112,061	87,886
Operating Real Estate
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	503,149	566,489	606,558
Reclassification From (to) other property types	(30,786)	0	0
Dispositions	(48)	(152,948)	(50,394)
Foreign currency translation adjustment	3,014	(2,518)	3,210
Capital improvements	2,270	5,343	4,189
Reclassification from real estate under construction	34,886	113,061	2,926
Reclassification to held for sale	0	(26,278)	0
Ending balance	512,485	503,149	566,489
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	41,969	43,786	26,937
Depreciation expense	15,163	16,864	17,419
Dispositions	(22)	(16,009)	(602)
Foreign currency translation adjustment	127	(2)	32
Reclassification to held for sale	0	(2,670)	0
Ending balance	$ 57,237	$ 41,969	$ 43,786

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Narratives (Details) - USD ($) $ in Thousands	Apr. 09, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable		$ 35,954	$ 2,546	$ 0
Property Leased to Mills Fleet Farm Group LLC
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable	$ 36,000

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate
Carrying Amount	$ 28,000	$ 63,954	$ 66,500	$ 66,500
Financing agreement — Cipriani
Mortgage Loans on Real Estate
Interest Rate	10.00%
Fair Value	$ 30,300
Carrying Amount	$ 28,000

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Mortgage Loans on Real Estate
Balance	$ 63,954	$ 66,500	$ 66,500
Collection of principal	(35,954)	(2,546)	0
Ending balance	$ 28,000	$ 63,954	$ 66,500

Uncategorized Items - cpa18-201

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