Corporate Property Associates 18 Global (CPYA) 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Central Index Key	0001558235
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	Corporate Property Associates 18 Global Incorporated
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		118,621,016
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,549,043

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,158,497	$ 1,200,645
Operating real estate — Land, buildings and improvements		505,326	512,485
Real estate under construction		267,044	235,751
Net investments in direct financing leases		30,338	42,054
In-place lease and other intangible assets		276,196	284,097
Investments in real estate		2,237,401	2,275,032
Accumulated depreciation and amortization		(335,051)	(328,312)
Net investments in real estate		1,902,350	1,946,720
Cash and cash equivalents		104,939	144,148
Accounts receivable and other assets, net		142,255	143,935
Total assets	[1]	2,149,544	2,234,803
Liabilities and Equity
Non-recourse secured debt, net		1,183,382	1,201,913
Accounts payable, accrued expenses and other liabilities		141,899	147,098
Due to affiliates		9,486	11,376
Distributions payable		22,844	22,745
Total liabilities	[1]	1,357,611	1,383,132
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued		0	0
Additional paid-in capital		1,323,827	1,319,584
Distributions and accumulated losses		(508,253)	(470,326)
Accumulated other comprehensive loss		(79,912)	(56,535)
Total stockholders’ equity		735,811	792,872
Noncontrolling interests		56,122	58,799
Total equity		791,933	851,671
Total liabilities and equity		2,149,544	2,234,803
Class A common stock
Liabilities and Equity
Common stock		117	117
Class C common stock
Liabilities and Equity
Common stock		$ 32	$ 32
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Class A
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	117,627,430	117,179,578
Class C
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	32,263,611	32,238,513

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Lease revenues — net-leased	$ 22,361	$ 30,914
Lease revenues — operating real estate	17,943	17,265
Other operating and interest income	2,576	2,115
Revenues	42,880	50,294
Operating Expenses
Depreciation and amortization	14,530	15,372
Operating real estate expenses	6,724	6,466
Property expenses, excluding reimbursable tenant costs	5,084	4,651
Allowance for credit losses	4,865	0
Reimbursable tenant costs	3,128	4,024
General and administrative	1,897	1,759
Operating Expenses	36,228	32,272
Other Income and Expenses
Interest expense	(10,489)	(12,357)
Other gains and (losses)	(2,072)	172
Equity in losses of equity method investment in real estate	(54)	(648)
Gain on sale of real estate, net	0	15,408
Other Income and Expenses	(12,615)	2,575
(Loss) income before income taxes	(5,963)	20,597
Benefit from (provision for) income taxes	394	(924)
Net (Loss) Income	(5,569)	19,673
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,916 and $1,848, respectively)	(2,611)	(4,846)
Net (Loss) Income Attributable to CPA:18 – Global	(8,180)	14,827
Class A
Other Income and Expenses
Net (Loss) Income Attributable to CPA:18 – Global	$ (6,398)	$ 11,654
Basic and diluted weighted-average shares outstanding (shares)	117,968,262	115,497,094
Basic and diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.10
Class C
Other Income and Expenses
Interest expense		$ (100)
Net (Loss) Income Attributable to CPA:18 – Global	$ (1,782)	$ 3,173
Basic and diluted weighted-average shares outstanding (shares)	32,445,640	31,879,027
Basic and diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.10

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Distributions of available cash	$ 1,916	$ 1,848

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (5,569)	$ 19,673
Other Comprehensive Loss
Foreign currency translation adjustments	(24,082)	(4,242)
Unrealized loss on derivative instruments	(1,823)	(238)
Other Comprehensive Loss	(25,905)	(4,480)
Comprehensive (Loss) Income	(31,474)	15,193
Amounts Attributable to Noncontrolling Interests
Net income	(2,611)	(4,846)
Foreign currency translation adjustments	2,525	158
Unrealized loss on derivative instruments	3	0
Comprehensive income attributable to noncontrolling interests	(83)	(4,688)
Comprehensive (Loss) Income Attributable to CPA:18 – Global	$ (31,557)	$ 10,505

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustments	Class A	Class C	Total CPA:18 – Global Stockholders	Total CPA:18 – Global StockholdersCumulative Effect, Period of Adoption, Adjustments	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Distributions and Accumulated LossesCumulative Effect, Period of Adoption, Adjustments	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2018	$ 895,970				$ 828,977		$ 114	$ 32	$ 1,290,888	$ (411,464)		$ (50,593)	$ 66,993
Beginning equity balance, value (ASU 2016-02) at Dec. 31, 2018		$ (1,108)				$ (1,108)					$ (1,108)
Beginning equity balance, shares at Dec. 31, 2018							114,589,333	31,641,265
Statements of Equity
Shares issued, value	11,019				11,019		$ 1	$ 0	11,018
Shares issued, shares							965,197	297,063
Shares issued to affiliate, value	1,922				1,922		$ 0		1,922
Shares issued to affiliate, shares							220,238
Contributions from noncontrolling interests	2,520												2,520
Distributions to noncontrolling interests	(8,943)												(8,943)
Distributions declared	(22,416)				(22,416)					(22,416)
Net (Loss) Income	19,673				14,827					14,827			4,846
Other comprehensive (loss) income:
Foreign currency translation adjustments	(4,242)				(4,084)							(4,084)	(158)
Unrealized gain (loss) on derivative instruments	(238)				(238)							(238)
Repurchase of shares, value	(3,605)				(3,605)				(3,605)
Repurchase of shares, shares							(330,661)	(98,187)
Ending equity balance, value at Mar. 31, 2019	890,552				825,294		$ 115	$ 32	1,300,223	(420,161)		(54,915)	65,258
Ending equity balance, shares at Mar. 31, 2019							115,444,107	31,840,141
Beginning equity balance, value at Dec. 31, 2019	851,671				792,872		$ 117	$ 32	1,319,584	(470,326)		(56,535)	58,799
Beginning equity balance, value (ASU 2016-13) at Dec. 31, 2019		$ (6,903)				$ (6,903)					$ (6,903)
Beginning equity balance, shares at Dec. 31, 2019			117,179,578	32,238,513			117,179,578	32,238,513
Statements of Equity
Shares issued, value	10,939				10,939		$ 1	$ 0	10,938
Shares issued, shares							966,298	290,887
Shares issued to affiliate, value	1,481				1,481		$ 0		1,481
Shares issued to affiliate, shares							169,045
Contributions from noncontrolling interests	595												595
Distributions to noncontrolling interests	(3,355)												(3,355)
Distributions declared	(22,844)				(22,844)					(22,844)
Net (Loss) Income	(5,569)				(8,180)					(8,180)			2,611
Other comprehensive (loss) income:
Foreign currency translation adjustments	(24,082)				(21,557)							(21,557)	(2,525)
Unrealized gain (loss) on derivative instruments	(1,823)				(1,820)							(1,820)	(3)
Repurchase of shares, value	(8,177)				(8,177)		$ (1)	$ 0	(8,176)
Repurchase of shares, shares							(687,491)	(265,789)
Ending equity balance, value at Mar. 31, 2020	$ 791,933				$ 735,811		$ 117	$ 32	$ 1,323,827	$ (508,253)		$ (79,912)	$ 56,122
Ending equity balance, shares at Mar. 31, 2020			117,627,430	32,263,611			117,627,430	32,263,611

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1563
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	0.1382
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	0.1563	$ 0.1563
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.1382	$ 0.1373

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 22,808	$ 21,859
Cash Flows — Investing Activities
Funding for development projects	(38,086)	(32,408)
Value added taxes paid in connection with construction funding	(3,641)	(2,926)
Capital expenditures on real estate	(3,057)	(750)
Payment of deferred acquisition fees to an affiliate	(1,488)	(2,252)
Return of capital from equity investments	1,134	0
Capital contributions to equity investment	(345)	0
Value added taxes refunded in connection with construction funding	325	1,006
Proceeds from sale of real estate	0	16,404
Net Cash Used in Investing Activities	(45,158)	(20,926)
Cash Flows — Financing Activities
Proceeds from mortgage financing	25,126	7,582
Distributions paid	(22,745)	(22,264)
Proceeds from issuance of shares	10,426	10,487
Repurchase of shares	(8,177)	(3,605)
Scheduled payments and prepayments of mortgage principal	(7,529)	(16,423)
Distributions to noncontrolling interests	(3,355)	(7,112)
Contributions from noncontrolling interests	595	2,520
Other financing activities, net	(99)	(716)
Net Cash Used in Financing Activities	(5,758)	(29,531)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(3,388)	(441)
Net decrease in cash and cash equivalents and restricted cash	(31,496)	(29,039)
Cash and cash equivalents and restricted cash, beginning of period	163,398	190,838
Cash and cash equivalents and restricted cash, end of period	$ 131,902	$ 161,799

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), is a publicly owned, non-traded REIT, that invests primarily in a diversified portfolio of income-producing commercial real estate properties leased to companies, 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 revenue primarily from leases of one year or less with individual students. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership (the “Operating Partnership”), and as of March 31, 2020 we owned 99.97% of general and limited partnership interests in the Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. As of March 31, 2020 , 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 65 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 primarily comprised of our investments in 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 12 ). We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our initial public offering. In addition, from inception through March 31, 2020 , $192.3 million and $55.1 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan (“DRIP”).

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2019 , which are included in the 2019 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our condensed consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2019 Annual Report. As of both March 31, 2020 and December 31, 2019 , we considered 19 entities to be VIEs, 18 of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2020 December 31, 2019 Real estate — Land, buildings and improvements $ 343,342 $ 359,886 Real estate under construction 267,044 233,220 In-place lease intangible assets 98,588 101,198 Accumulated depreciation and amortization (79,634 ) (78,598 ) Total assets 661,082 642,648 Non-recourse secured debt, net $ 287,069 $ 276,124 Total liabilities 342,183 330,549 As of both March 31, 2020 and December 31, 2019 , we had one unconsolidated VIE, which we account for under the equity method of accounting. We do not consolidate this entity because we are not the primary beneficiary and the nature of our involvement in the activities of the entity allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of the entity. As of March 31, 2020 and December 31, 2019 , the net carrying amount of this equity investment was $13.2 million and $14.9 million , respectively, and our maximum exposure to loss in this entity is limited to our investment. Foreign Currencies We are subject to fluctuations in exchange rates between foreign currencies and the U.S. dollar (primarily the euro and the Norwegian krone and, to a lesser extent, the British pound sterling). The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: March 31, 2020 December 31, 2019 Percent Change British Pound Sterling $ 1.2360 $ 1.3204 (6.4 )% Euro 1.0956 1.1234 (2.5 )% Norwegian Krone 0.0952 0.1139 (16.4 )% Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. We currently present Reimbursable tenant costs on its own line item in the condensed consolidated statements of operations. Previously, this line item was included within Property expenses (which is now presented as Property expenses, excluding reimbursable tenant costs). Revenue Recognition Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings, guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. During the three months ended March 31, 2020 , we wrote off $7.0 million in straight-line rent receivables based on our current assessment of less than 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 104,939 $ 144,148 Restricted cash (a) 26,963 19,250 Total cash and cash equivalents and restricted cash $ 131,902 $ 163,398 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets. Deferred Income Taxes Our deferred tax liabilities were $42.9 million and $48.6 million at March 31, 2020 and December 31, 2019 , respectively, and are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Our deferred tax assets, net of valuation allowances, were $1.5 million and $1.4 million at March 31, 2020 and December 31, 2019 , respectively, and are included in Accounts receivable and other assets, net in the condensed consolidated financial statements. Recent Accounting Pronouncements Pronouncements Adopted through March 31, 2020 In June 2016, the Financial Accounting Standards Board (“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 adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method, which requires applying changes in reserves through a cumulative-effect adjustment to retained earnings. Upon adoption, we recorded a net decrease in retained earnings of $6.9 million , which is reflected within our consolidated statement of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases on our condensed consolidated balance sheets, was measured using a probability of default method based on the lessees’ respective credit ratings and the expected value of the underlying collateral upon its repossession. Included in our model are factors that incorporate forward-looking information. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Transactions with Our Advisor We have an advisory agreement with our Advisor whereby our Advisor performs certain services for us under a fee arrangement, including the identification, evaluation, negotiation, purchase, day-to-day management, and disposition of real estate and related assets and mortgage loans. We also reimburse our Advisor for general and administrative duties performed on our behalf. The advisory agreement has a term of one year and may be renewed for successive one -year periods. We may terminate the advisory agreement upon 60 days written notice without cause or penalty. Jointly Owned Investments and Other Transactions with our Affiliates As of March 31, 2020 , 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): Three Months Ended March 31, 2020 2019 Amounts Included in the Condensed Consolidated Statements of Operations Asset management fees $ 3,002 $ 2,868 Available Cash Distributions 1,916 1,848 Personnel and overhead reimbursements 725 798 Interest expense on deferred acquisition fees and external joint venture loans 123 127 Disposition fees — 1,117 $ 5,766 $ 6,758 Acquisition Fees Capitalized Current acquisition fees $ 110 $ 695 Deferred acquisition fees 88 555 Capitalized personnel and overhead reimbursements 70 89 $ 268 $ 1,339 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2020 December 31, 2019 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,360 $ 5,951 Deferred acquisition fees, including accrued interest 3,007 4,456 Asset management fees payable 1,001 961 Current acquisition fees 118 8 $ 9,486 $ 11,376 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of March 31, 2020 and December 31, 2019 , loans due to our joint venture partners, including accrued interest, were $4.5 million and $4.6 million , respectively. 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. For any portion of fees our Advisor receives 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 $8.94 as of December 31, 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. Effective April 1, 2020, our Advisor elected to receive all of the asset management fees in shares of our Class A common stock. As of March 31, 2020 , our Advisor owned 5,922,928 shares, or 4.0% , of our outstanding Class A common stock. Asset management fees are included in Property expenses in the condensed consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0% , respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the periods ended March 31, 2020 and December 31, 2019 . The preferred return will continue to be assessed on a cumulative basis for the remainder of the fiscal year. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the condensed consolidated financial statements and bear interest at an annual rate of 2.0% . The cumulative total acquisition costs, including acquisition fees paid to the advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. In addition, prior to January 1, 2020, our Advisor was 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 were paid at the discretion of our board of directors. Effective January 1, 2020, the Advisor has waived its right to disposition fees with respect to sales and dispositions of single investments and portfolios of investments. The Advisor may still be entitled to disposition fees in connection with a transaction or series of transactions related to a merger, liquidation, or other event, at the discretion of our board of directors. Personnel and Overhead Reimbursements Under the terms of the advisory agreement, our Advisor allocates a portion of its personnel and overhead expenses to us and the other entities that are managed by WPC and its affiliates, which as of March 31, 2020 included Carey Watermark Investors Incorporated, Carey Watermark Investors 2 Incorporated, and Carey European Student Housing Fund I L.P. (collectively with us, the “Managed Programs”). 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 2020 and 2019. Our Advisor allocates overhead expenses to us based upon the percentage that our full-time employee equivalents comprised of the Advisor’s total full-time employee equivalents. Costs related to our Advisor’s legal transactions group are based on a schedule of expenses relating to services performed for different types of transactions, such as financing, lease amendments, and dispositions, among other categories, and includes 0.25% of the total investment cost of an acquisition. In general, personnel and overhead reimbursements are included in General and administrative expenses in the condensed consolidated financial statements. However, we capitalize certain 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 condensed consolidated financial statements.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate Real Estate — Land, Buildings and Improvements Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2020 December 31, 2019 Land $ 185,556 $ 196,693 Buildings and improvements 972,941 1,003,952 Less: Accumulated depreciation (138,269 ) (135,922 ) $ 1,020,228 $ 1,064,723 The carrying value of our Real Estate — Land, buildings and improvements decreased by $41.9 million from December 31, 2019 to March 31, 2020 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our real estate was $7.1 million and $7.5 million for the three months ended March 31, 2020 and 2019 , respectively. Leases Operating Lease Income Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended March 31, 2020 2019 Lease revenues — net-leased Lease income — fixed (a) $ 17,622 $ 25,387 Lease income — variable (b) 3,785 4,561 Total operating lease income (c) $ 21,407 $ 29,948 Lease revenues — operating real estate Lease income — fixed $ 17,302 $ 16,641 Lease income — variable (d) 641 624 Total operating lease income $ 17,943 $ 17,265 ___________ (a) Amount for the three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables based on our current assessment of less than 75% likelihood of collecting all remaining contractual rent on certain net lease hotels ( Note 2 ). (b) Includes (i) rent increases based on changes in the Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (c) Excludes $1.0 million of interest income for both the three months ended March 31, 2020 and 2019 , from direct financing leases that is included in Lease revenues — net-leased in the condensed consolidated statements of operations. (d) Primarily comprised of late fees and administrative fees revenues. Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage and student housing properties, is summarized as follows (in thousands): March 31, 2020 December 31, 2019 Land $ 77,704 $ 78,240 Buildings and improvements 427,622 434,245 Less: Accumulated depreciation (60,743 ) (57,237 ) $ 444,583 $ 455,248 The carrying value of our Operating real estate — land, buildings and improvements decreased by $7.2 million from December 31, 2019 to March 31, 2020 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our operating real estate was $3.8 million for both the three months ended March 31, 2020 and 2019 . Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2020 Beginning balance $ 235,751 Capitalized funds 38,569 Foreign currency translation adjustments (5,217 ) Placed into service (4,062 ) Capitalized interest 2,003 Ending balance $ 267,044 Capitalized Funds During the three months ended March 31, 2020 , total capitalized funds primarily related to construction draws for our student housing development projects, and includes accrued costs of $2.5 million , which is a non-cash investing activity. Capitalized Interest Capitalized interest includes interest incurred during construction as well as amortization of the mortgage discount and deferred financing costs, which totaled $2.0 million during the three months ended March 31, 2020 , which is a non-cash investing activity. Ending Balance As of March 31, 2020 , we had 12 open development projects, with aggregate unfunded commitments of approximately $237.0 million , excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. Ghana Settlement Update During the three months ended March 31, 2020 , the collectibility of the value added tax (“VAT”) receivable to be refunded by the Ghanaian government was no longer deemed probable. As such, we recorded a $2.8 million loss to write-off the VAT receivable during the three months ended March 31, 2020 , which is included within Other gains and (losses) on our condensed consolidated statements of operations. 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. Our ownership and economic interest in the joint venture is 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. As of March 31, 2020 and December 31, 2019 , our total equity investment balance for these self-storage properties was $13.2 million and $14.9 million , respectively, which is included in Accounts receivable and other assets, net in the condensed consolidated financial statements. As of March 31, 2020 and December 31, 2019 , the joint venture had total third-party recourse debt of $29.3 million and $32.2 million , respectively.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Accounts receivable and other assets, net in the condensed consolidated financial statements) and our Net investments in direct financing leases (net of allowance for credit losses). Operating leases are not included in finance receivables. Notes Receivable As of March 31, 2020 , our notes receivable consisted of a $28.0 million mezzanine tranche of 10 -year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York with a maturity date of July 2024. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. Interest-only payments at a rate of 10% per annum are due through its maturity date. As of both March 31, 2020 and December 31, 2019 , the balance for this note receivable remained $28.0 million . Interest income from our notes receivable was $0.7 million and $1.8 million for three months ended March 31, 2020 and 2019 , respectively, and is included in Other operating and interest income in our condensed consolidated statements of operations. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2020 December 31, 2019 Lease payments receivable $ 54,419 $ 55,278 Unguaranteed residual value 39,401 39,401 93,820 94,679 Less: unearned income (51,714 ) (52,625 ) Less: allowance for credit losses (a) (11,768 ) — $ 30,338 $ 42,054 ___________ (a) Upon our adoption of ASU 2016-13 on January 1, 2020, we applied changes in loss reserves through a cumulative-effect adjustment to retained earnings totaling $6.9 million ( Note 2 ). In addition, during the three months ended March 31, 2020 , due to changes in expected economic conditions, we recorded an allowance for credit losses of $4.9 million , which was included in Allowance for credit losses in our condensed consolidated statements of operations. Interest income from direct financing leases was $1.0 million for both the three months ended March 31, 2020 and 2019 , and is included in Lease revenues — net-leased in our condensed consolidated statements of operations. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. As of both March 31, 2020 and December 31, 2019 , we had no significant finance receivable balances that were past due, but as noted above, we established an allowance for credit losses during the first quarter of 2020. Additionally, there were no modifications of finance receivables during the three months ended March 31, 2020 . We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 1 – 3 4 4 $ 44,964 $ 45,457 4 1 1 13,374 24,597 5 — — — — 0 $ 58,338 $ 70,054

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In-place lease and above-market rent intangibles are included in In-place lease and other intangible assets in the condensed consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Goodwill is included in our Net Lease segment and included in Accounts receivable and other assets, net in the condensed consolidated financial statements. As a result of foreign currency translation adjustments, goodwill decreased from $26.0 million as of December 31, 2019 to $23.2 million as of March 31, 2020 . Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2020 December 31, 2019 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 6 – 23 $ 232,546 $ (131,852 ) $ 100,694 $ 238,771 $ (131,012 ) $ 107,759 Above-market rent 7 – 30 9,929 (4,187 ) 5,742 10,257 (4,141 ) 6,116 242,475 (136,039 ) 106,436 249,028 (135,153 ) 113,875 Indefinite-Lived Intangible Assets Goodwill 23,179 — 23,179 26,024 — 26,024 Total intangible assets $ 265,654 $ (136,039 ) $ 129,615 $ 275,052 $ (135,153 ) $ 139,899 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,930 ) $ 6,875 $ (8,055 ) $ (14,974 ) $ 6,627 $ (8,347 ) Total intangible liabilities $ (14,930 ) $ 6,875 $ (8,055 ) $ (14,974 ) $ 6,627 $ (8,347 ) Net amortization of intangibles, including the effect of foreign currency translation, was $3.5 million and $3.9 million for the three months ended March 31, 2020 and 2019 , respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income; and amortization of in-place lease intangibles is included in Depreciation and amortization expense.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the condensed consolidated financial statements, are comprised of foreign currency forward contracts, interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the three months ended March 31, 2020 and 2019 . Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our condensed consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,183,382 $ 1,196,712 $ 1,201,913 $ 1,239,004 Notes receivable (c) 3 28,000 30,300 28,000 30,300 ___________ (a) As of March 31, 2020 and December 31, 2019 , the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.2 million and $5.8 million , respectively, and unamortized premium, net of $1.3 million and $2.1 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 March 31, 2020 and December 31, 2019 .

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
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 There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2019 Annual Report. As of both March 31, 2020 and December 31, 2019 , no cash collateral had been posted or received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Foreign currency collars Accounts receivable and other assets, net $ 2,518 $ 1,444 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 654 861 — — Interest rate caps Accounts receivable and other assets, net 37 116 — — Interest rate swaps Accounts receivable and other assets, net — 53 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (4,555 ) (1,991 ) 3,209 2,474 (4,555 ) (1,991 ) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (37 ) (48 ) — — (37 ) (48 ) Total derivatives $ 3,209 $ 2,474 $ (4,592 ) $ (2,039 ) The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Loss Recognized on Derivatives in Other Comprehensive Loss Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 Interest rate swaps $ (2,617 ) $ (887 ) Foreign currency collars 1,140 805 Foreign currency forward contracts (207 ) (157 ) Interest rate caps (139 ) 1 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 149 1 Total $ (1,674 ) $ (237 ) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss . Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2020 2019 Foreign currency forward contracts Other gains and (losses) $ 278 $ 346 Interest rate swaps Interest expense (179 ) 27 Foreign currency collars Other gains and (losses) 119 11 Interest rate caps Interest expense (17 ) (3 ) Total $ 201 $ 381 Amounts reported in Other comprehensive loss related to our interest derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive loss related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of March 31, 2020 , we estimated that an additional $1.9 million and $1.6 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2020 2019 Foreign currency collars Other gains and (losses) $ 81 $ 118 Interest rate swap Interest expense 8 — Foreign currency forward contracts Other gains and (losses) 7 — Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 179 (1 ) Foreign currency collars Other gains and (losses) — 7 Total $ 275 $ 124 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 March 31, 2020 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2020 (a) Interest rate swaps 9 92,008 USD $ (4,555 ) Interest rate cap 1 12,975 EUR 20 Interest rate caps 2 59,000 GBP 17 Interest rate cap 1 5,700 USD — Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 9,183 EUR (37 ) $ (4,555 ) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies as of March 31, 2020 , 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 condensed consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency forward contracts and collars. A foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future. By entering into forward contracts and holding them to maturity, we are locked into a future currency exchange rate for the term of the contract. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency forward contracts and foreign currency collars have maturities of 72 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of March 31, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 20 17,152 EUR $ 1,665 Foreign currency collars 16 30,660 NOK 801 Foreign currency forward contracts 5 2,006 EUR 654 Designated as Net Investment Hedging Instruments Foreign currency collar 1 2,500 NOK 52 $ 3,172 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2020 . At March 31, 2020 , our total credit exposure was $2.4 million and the maximum exposure to any single counterparty was $1.2 million . Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of March 31, 2020 , we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $4.7 million and $2.1 million as of March 31, 2020 and December 31, 2019 , respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of March 31, 2020 or December 31, 2019 , we could have been required to settle our obligations under these agreements at their aggregate termination value of $5.0 million and $2.2 million , respectively.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	3 Months Ended
	Mar. 31, 2020
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. As of March 31, 2020 , the weighted-average interest rates for our fixed-rate and variable-rate non-recourse secured debt were 4.0% and 3.7% , respectively, with maturity dates ranging from 2020 to 2039 . Financing Activity During 2020 On March 13, 2020 , we obtained a construction loan of $22.5 million (amount based on the exchange rate of the euro at the date of the loan) for a student housing development project in Barcelona, Spain. The loan is comprised of four tranches with a weighted average variable interest rate of 2.1% as of March 31, 2020 . Interest only payments are due on outstanding draws through its scheduled maturity date of December 2023 . A total of $16.8 million was drawn on the loan as of March 31, 2020 . Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2020, each of the next four calendar years following December 31, 2020 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2020 (remainder) $ 59,686 2021 151,979 2022 189,208 2023 203,916 2024 198,335 Thereafter through 2039 385,187 Total principal payments 1,188,311 Unamortized deferred financing costs (6,244 ) Unamortized premium, net 1,315 Total $ 1,183,382 Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2020 . The carrying value of our Non-recourse secured debt, net decreased by $35.7 million in the aggregate from December 31, 2019 to March 31, 2020 , reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Covenants Our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. We were in compliance with all of these covenants at March 31, 2020 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2020 , we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our condensed consolidated financial statements of operations or results of operations. See Note 4 for unfunded construction commitments.

(Loss) Earnings Per Share and E

(Loss) Earnings Per Share and Equity	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
(Loss) Earnings Per Share and Equity	Earnings Per Share and Equity Basic and Diluted (Loss) Earnings Per Share The following table presents (loss) earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Basic and Diluted Weighted-Average Allocation of Net Loss Basic and Diluted Loss Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 117,968,262 $ (6,398 ) $ (0.05 ) 115,497,094 $ 11,654 $ 0.10 Class C common stock 32,445,640 (1,782 ) (0.05 ) 31,879,027 3,173 0.10 Net (loss) income attributable to CPA:18 – Global $ (8,180 ) $ 14,827 The allocation of Net (loss) 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 of less than $0.1 million for both the three months ended March 31, 2020 and March 31, 2019 , respectively ( Note 3 ). Distributions For the three months ended March 31, 2020 , our board of directors declared quarterly distributions of $0.1563 per share for our Class A common stock a nd $0.1382 per share for our Class C common stock, which were paid on April 15, 2020 to stockholders of record on March 31, 2020 , in the amount of $22.8 million . Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 138 $ (56,673 ) $ (56,535 ) Other comprehensive loss before reclassifications (1,622 ) (24,082 ) (25,704 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (397 ) — (397 ) Interest expense 196 — 196 Net current-period other comprehensive loss (1,823 ) (24,082 ) (25,905 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,528 2,528 Ending balance $ (1,685 ) $ (78,227 ) $ (79,912 ) Three Months Ended March 31, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 2,215 $ (52,808 ) $ (50,593 ) Other comprehensive loss before reclassifications 143 (4,242 ) (4,099 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (357 ) — (357 ) Interest expense (24 ) — (24 ) Net current-period other comprehensive loss (238 ) (4,242 ) (4,480 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 158 158 Ending balance $ 1,977 $ (56,892 ) $ (54,915 ) See Note 8 for additional information on our derivative activity recognized within Other comprehensive loss for the periods presented.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
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 primarily comprised of our investments in 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): Three Months Ended March 31, 2020 2019 Net Lease Revenues (a) $ 24,067 $ 30,992 Operating expenses (b) (20,602 ) (17,311 ) Interest expense (6,858 ) (8,736 ) Other gains and (losses) (3,440 ) 43 Gain on sale of real estate, net — 897 Benefit from (provision for) income taxes 639 (360 ) Net income attributable to noncontrolling interests (700 ) (209 ) Net (loss) income attributable to CPA:18 – Global $ (6,894 ) $ 5,316 Self Storage Revenues $ 15,356 $ 14,839 Operating expenses (9,095 ) (8,745 ) Interest expense (3,356 ) (3,426 ) Other gains and (losses) (c) (54 ) (668 ) Provision for income taxes (31 ) (33 ) Net income attributable to CPA:18 – Global $ 2,820 $ 1,967 Other Operating Properties Revenues $ 2,747 $ 2,622 Operating expenses (1,485 ) (1,634 ) Interest expense (252 ) (120 ) Other gains and (losses) 15 (39 ) Gain on sale of real estate, net — 14,514 Benefit from (provision for) income taxes 14 (23 ) Net loss (income) attributable to noncontrolling interests 5 (2,789 ) Net income attributable to CPA:18 – Global $ 1,044 $ 12,531 All Other (d) Revenues $ 710 $ 1,833 Operating expenses — (1 ) Net income attributable to CPA:18 – Global $ 710 $ 1,832 Corporate Unallocated Corporate Overhead (e) $ (3,944 ) $ (4,971 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,916 ) $ (1,848 ) Total Company Revenues $ 42,880 $ 50,294 Operating expenses (b) (36,228 ) (32,272 ) Interest expense (10,489 ) (12,357 ) Other gains and (losses) (c) (2,126 ) (476 ) Gain on sale of real estate, net — 15,408 Benefit from (provision for) income taxes 394 (924 ) Net income attributable to noncontrolling interests (2,611 ) (4,846 ) Net (loss) income attributable to CPA:18 – Global $ (8,180 ) $ 14,827 Total Assets March 31, 2020 December 31, 2019 Net Lease $ 1,463,826 $ 1,517,659 Self Storage 365,907 369,883 Other Operating Properties 215,628 213,692 Corporate 76,018 105,407 All Other 28,165 28,162 Total Company $ 2,149,544 $ 2,234,803 __________ (a) The three months ended March 31, 2020 and 2019 includes straight-line rent amortization of $0.7 million and $0.9 million , respectively. The three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables ( Note 2 ). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our condensed consolidated financial statements. (b) The three months ended March 31, 2020 includes an allowance for credit loss of $4.9 million in connection with our adoption of ASU 2016-13 ( Note 2 ). (c) Includes Equity in losses of equity method investment in real estate. (d) Included in the all other category are our notes receivable investments, one of which was repaid during the second quarter of 2019. (e) 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 $3.0 million and $2.9 million for the three months ended March 31, 2020 and 2019 , respectively ( Note 3 ).

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The global spread of COVID-19 has created significant uncertainty and economic disruption, both in the near-term and potentially longer-term. The extent to which this pandemic could affect our financial condition, liquidity, and results of operations is difficult to predict and depends on evolving factors, including: duration, scope, government actions, and other social responses. Our advisor is closely monitoring the impact of COVID-19 on all aspects of our business, including how it will impact our portfolio and tenant credit health (including our tenants’ ability to pay rent) as well as our liquidity, capital allocation, and balance sheet management. Our advisor continues to actively engage in discussions with our tenants and with the third-party managers of our operating properties regarding the impact of COVID-19 on business operations, liquidity, prospects, and financial position. The extent to which the COVID-19 pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of Consolidation Our condensed consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Adopted through March 31, 2020 In June 2016, the Financial Accounting Standards Board (“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 adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method, which requires applying changes in reserves through a cumulative-effect adjustment to retained earnings. Upon adoption, we recorded a net decrease in retained earnings of $6.9 million , which is reflected within our consolidated statement of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases on our condensed consolidated balance sheets, was measured using a probability of default method based on the lessees’ respective credit ratings and the expected value of the underlying collateral upon its repossession. Included in our model are factors that incorporate forward-looking information. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Intangible Assets and Liabilities	Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Rental income; and amortization of in-place lease intangibles is included in Depreciation and amortization expense.
Fair Value Measurements	Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the condensed consolidated financial statements, are comprised of foreign currency forward contracts, interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2020 December 31, 2019 Real estate — Land, buildings and improvements $ 343,342 $ 359,886 Real estate under construction 267,044 233,220 In-place lease intangible assets 98,588 101,198 Accumulated depreciation and amortization (79,634 ) (78,598 ) Total assets 661,082 642,648 Non-recourse secured debt, net $ 287,069 $ 276,124 Total liabilities 342,183 330,549
Foreign Currency Exchange Rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: March 31, 2020 December 31, 2019 Percent Change British Pound Sterling $ 1.2360 $ 1.3204 (6.4 )% Euro 1.0956 1.1234 (2.5 )% Norwegian Krone 0.0952 0.1139 (16.4 )%
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 104,939 $ 144,148 Restricted cash (a) 26,963 19,250 Total cash and cash equivalents and restricted cash $ 131,902 $ 163,398 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets.
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 104,939 $ 144,148 Restricted cash (a) 26,963 19,250 Total cash and cash equivalents and restricted cash $ 131,902 $ 163,398 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements (in thousands): Three Months Ended March 31, 2020 2019 Amounts Included in the Condensed Consolidated Statements of Operations Asset management fees $ 3,002 $ 2,868 Available Cash Distributions 1,916 1,848 Personnel and overhead reimbursements 725 798 Interest expense on deferred acquisition fees and external joint venture loans 123 127 Disposition fees — 1,117 $ 5,766 $ 6,758 Acquisition Fees Capitalized Current acquisition fees $ 110 $ 695 Deferred acquisition fees 88 555 Capitalized personnel and overhead reimbursements 70 89 $ 268 $ 1,339 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2020 December 31, 2019 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,360 $ 5,951 Deferred acquisition fees, including accrued interest 3,007 4,456 Asset management fees payable 1,001 961 Current acquisition fees 118 8 $ 9,486 $ 11,376 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of March 31, 2020 and December 31, 2019 , loans due to our joint venture partners, including accrued interest, were $4.5 million and $4.6 million , respectively.

Real Estate, Operating Real E_2

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	Operating real estate, which consists of our self-storage and student housing properties, is summarized as follows (in thousands): March 31, 2020 December 31, 2019 Land $ 77,704 $ 78,240 Buildings and improvements 427,622 434,245 Less: Accumulated depreciation (60,743 ) (57,237 ) $ 444,583 $ 455,248 Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2020 December 31, 2019 Land $ 185,556 $ 196,693 Buildings and improvements 972,941 1,003,952 Less: Accumulated depreciation (138,269 ) (135,922 ) $ 1,020,228 $ 1,064,723
Operating Lease Income	Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended March 31, 2020 2019 Lease revenues — net-leased Lease income — fixed (a) $ 17,622 $ 25,387 Lease income — variable (b) 3,785 4,561 Total operating lease income (c) $ 21,407 $ 29,948 Lease revenues — operating real estate Lease income — fixed $ 17,302 $ 16,641 Lease income — variable (d) 641 624 Total operating lease income $ 17,943 $ 17,265 ___________ (a) Amount for the three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables based on our current assessment of less than 75% likelihood of collecting all remaining contractual rent on certain net lease hotels ( Note 2 ). (b) Includes (i) rent increases based on changes in the Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (c) Excludes $1.0 million of interest income for both the three months ended March 31, 2020 and 2019 , from direct financing leases that is included in Lease revenues — net-leased in the condensed consolidated statements of operations. (d) Primarily comprised of late fees and administrative fees revenues.
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2020 Beginning balance $ 235,751 Capitalized funds 38,569 Foreign currency translation adjustments (5,217 ) Placed into service (4,062 ) Capitalized interest 2,003 Ending balance $ 267,044

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Net Investments in Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2020 December 31, 2019 Lease payments receivable $ 54,419 $ 55,278 Unguaranteed residual value 39,401 39,401 93,820 94,679 Less: unearned income (51,714 ) (52,625 ) Less: allowance for credit losses (a) (11,768 ) — $ 30,338 $ 42,054
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 1 – 3 4 4 $ 44,964 $ 45,457 4 1 1 13,374 24,597 5 — — — — 0 $ 58,338 $ 70,054

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Intangible Assets And Liabilities [Abstract]
Schedule of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2020 December 31, 2019 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 6 – 23 $ 232,546 $ (131,852 ) $ 100,694 $ 238,771 $ (131,012 ) $ 107,759 Above-market rent 7 – 30 9,929 (4,187 ) 5,742 10,257 (4,141 ) 6,116 242,475 (136,039 ) 106,436 249,028 (135,153 ) 113,875 Indefinite-Lived Intangible Assets Goodwill 23,179 — 23,179 26,024 — 26,024 Total intangible assets $ 265,654 $ (136,039 ) $ 129,615 $ 275,052 $ (135,153 ) $ 139,899 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,930 ) $ 6,875 $ (8,055 ) $ (14,974 ) $ 6,627 $ (8,347 ) Total intangible liabilities $ (14,930 ) $ 6,875 $ (8,055 ) $ (14,974 ) $ 6,627 $ (8,347 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Other Financial Instruments In Carrying Values And Fair Values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,183,382 $ 1,196,712 $ 1,201,913 $ 1,239,004 Notes receivable (c) 3 28,000 30,300 28,000 30,300 ___________ (a) As of March 31, 2020 and December 31, 2019 , the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.2 million and $5.8 million , respectively, and unamortized premium, net of $1.3 million and $2.1 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)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Foreign currency collars Accounts receivable and other assets, net $ 2,518 $ 1,444 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 654 861 — — Interest rate caps Accounts receivable and other assets, net 37 116 — — Interest rate swaps Accounts receivable and other assets, net — 53 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (4,555 ) (1,991 ) 3,209 2,474 (4,555 ) (1,991 ) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (37 ) (48 ) — — (37 ) (48 ) Total derivatives $ 3,209 $ 2,474 $ (4,592 ) $ (2,039 )
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Loss Recognized on Derivatives in Other Comprehensive Loss Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 Interest rate swaps $ (2,617 ) $ (887 ) Foreign currency collars 1,140 805 Foreign currency forward contracts (207 ) (157 ) Interest rate caps (139 ) 1 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 149 1 Total $ (1,674 ) $ (237 ) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive loss . Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2020 2019 Foreign currency forward contracts Other gains and (losses) $ 278 $ 346 Interest rate swaps Interest expense (179 ) 27 Foreign currency collars Other gains and (losses) 119 11 Interest rate caps Interest expense (17 ) (3 ) Total $ 201 $ 381
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2020 2019 Foreign currency collars Other gains and (losses) $ 81 $ 118 Interest rate swap Interest expense 8 — Foreign currency forward contracts Other gains and (losses) 7 — Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 179 (1 ) Foreign currency collars Other gains and (losses) — 7 Total $ 275 $ 124
Schedule of Derivative Instruments	The following table presents the foreign currency derivative contracts we had outstanding and their designations as of March 31, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 20 17,152 EUR $ 1,665 Foreign currency collars 16 30,660 NOK 801 Foreign currency forward contracts 5 2,006 EUR 654 Designated as Net Investment Hedging Instruments Foreign currency collar 1 2,500 NOK 52 $ 3,172 The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of March 31, 2020 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2020 (a) Interest rate swaps 9 92,008 USD $ (4,555 ) Interest rate cap 1 12,975 EUR 20 Interest rate caps 2 59,000 GBP 17 Interest rate cap 1 5,700 USD — Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 9,183 EUR (37 ) $ (4,555 ) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies as of March 31, 2020 , 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.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt Maturities	Scheduled debt principal payments during the remainder of 2020, each of the next four calendar years following December 31, 2020 , and thereafter are as follows (in thousands): Years Ending December 31, Total 2020 (remainder) $ 59,686 2021 151,979 2022 189,208 2023 203,916 2024 198,335 Thereafter through 2039 385,187 Total principal payments 1,188,311 Unamortized deferred financing costs (6,244 ) Unamortized premium, net 1,315 Total $ 1,183,382

(Loss) Earnings Per Share and_2

(Loss) Earnings Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Share	The following table presents (loss) earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Basic and Diluted Weighted-Average Allocation of Net Loss Basic and Diluted Loss Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 117,968,262 $ (6,398 ) $ (0.05 ) 115,497,094 $ 11,654 $ 0.10 Class C common stock 32,445,640 (1,782 ) (0.05 ) 31,879,027 3,173 0.10 Net (loss) income attributable to CPA:18 – Global $ (8,180 ) $ 14,827
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 138 $ (56,673 ) $ (56,535 ) Other comprehensive loss before reclassifications (1,622 ) (24,082 ) (25,704 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (397 ) — (397 ) Interest expense 196 — 196 Net current-period other comprehensive loss (1,823 ) (24,082 ) (25,905 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,528 2,528 Ending balance $ (1,685 ) $ (78,227 ) $ (79,912 ) Three Months Ended March 31, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 2,215 $ (52,808 ) $ (50,593 ) Other comprehensive loss before reclassifications 143 (4,242 ) (4,099 ) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (357 ) — (357 ) Interest expense (24 ) — (24 ) Net current-period other comprehensive loss (238 ) (4,242 ) (4,480 ) Net current-period other comprehensive loss attributable to noncontrolling interests — 158 158 Ending balance $ 1,977 $ (56,892 ) $ (54,915 )

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	(a) The three months ended March 31, 2020 and 2019 includes straight-line rent amortization of $0.7 million and $0.9 million , respectively. The three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables ( Note 2 ). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our condensed consolidated financial statements. (b) The three months ended March 31, 2020 includes an allowance for credit loss of $4.9 million in connection with our adoption of ASU 2016-13 ( Note 2 ). (c) Includes Equity in losses of equity method investment in real estate. (d) Included in the all other category are our notes receivable investments, one of which was repaid during the second quarter of 2019. (e) 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 $3.0 million and $2.9 million for the three months ended March 31, 2020 and 2019 , respectively ( Note 3 ). The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended March 31, 2020 2019 Net Lease Revenues (a) $ 24,067 $ 30,992 Operating expenses (b) (20,602 ) (17,311 ) Interest expense (6,858 ) (8,736 ) Other gains and (losses) (3,440 ) 43 Gain on sale of real estate, net — 897 Benefit from (provision for) income taxes 639 (360 ) Net income attributable to noncontrolling interests (700 ) (209 ) Net (loss) income attributable to CPA:18 – Global $ (6,894 ) $ 5,316 Self Storage Revenues $ 15,356 $ 14,839 Operating expenses (9,095 ) (8,745 ) Interest expense (3,356 ) (3,426 ) Other gains and (losses) (c) (54 ) (668 ) Provision for income taxes (31 ) (33 ) Net income attributable to CPA:18 – Global $ 2,820 $ 1,967 Other Operating Properties Revenues $ 2,747 $ 2,622 Operating expenses (1,485 ) (1,634 ) Interest expense (252 ) (120 ) Other gains and (losses) 15 (39 ) Gain on sale of real estate, net — 14,514 Benefit from (provision for) income taxes 14 (23 ) Net loss (income) attributable to noncontrolling interests 5 (2,789 ) Net income attributable to CPA:18 – Global $ 1,044 $ 12,531 All Other (d) Revenues $ 710 $ 1,833 Operating expenses — (1 ) Net income attributable to CPA:18 – Global $ 710 $ 1,832 Corporate Unallocated Corporate Overhead (e) $ (3,944 ) $ (4,971 ) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,916 ) $ (1,848 ) Total Company Revenues $ 42,880 $ 50,294 Operating expenses (b) (36,228 ) (32,272 ) Interest expense (10,489 ) (12,357 ) Other gains and (losses) (c) (2,126 ) (476 ) Gain on sale of real estate, net — 15,408 Benefit from (provision for) income taxes 394 (924 ) Net income attributable to noncontrolling interests (2,611 ) (4,846 ) Net (loss) income attributable to CPA:18 – Global $ (8,180 ) $ 14,827
Reconciliation of Assets from Segment to Consolidated	Total Assets March 31, 2020 December 31, 2019 Net Lease $ 1,463,826 $ 1,517,659 Self Storage 365,907 369,883 Other Operating Properties 215,628 213,692 Corporate 76,018 105,407 All Other 28,165 28,162 Total Company $ 2,149,544 $ 2,234,803

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	3 Months Ended	39 Months Ended	99 Months Ended
	Mar. 31, 2020ft²segmentpropertytenant	Apr. 02, 2015USD ($)	Mar. 31, 2020USD ($)ft²propertytenant
Public Offering
Capital interest ownership in operating partnership (percent)	99.97%		99.97%
Additional Disclosures
Number of properties	47		47
Number of tenants | tenant	65		65
Area of real estate property (sqft) | ft²	9.6		9.6
Number of reportable segments | segment	3
Proceeds from issuance of shares | $		$ 1,200
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 192.3
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 55.1
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.5		5.5
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties	68		68
Operating Real Estate | Other Operating Properties | Twelve Student Housing Developments
Additional Disclosures
Number of properties	12		12
Operating Real Estate | Other Operating Properties | Three Student Housing Operating Properties
Additional Disclosures
Number of properties	2		2

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)vie	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)vie
Variable Interest Entity
Variable interest entities, count | vie	19		19
Variable interest entities consolidated, count | vie	18		18
Variable interest entities unconsolidated, count | vie	1		1
Accounts receivable written off during the period	$ 2,800
Deferred tax liabilities	42,900		$ 48,600
Deferred tax assets, net of valuation	1,500		1,400
Adjustments to retained earnings	508,253		470,326
Cumulative Effect, Period of Adoption, Adjustments
Variable Interest Entity
Adjustments to retained earnings		$ (6,900)
Equity method investments
Variable Interest Entity
Equity investment in real estate	13,200		$ 14,900
Lease revenues — net-leased
Variable Interest Entity
Accounts receivable written off during the period	$ 7,000

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Assets
Real estate — Land, buildings and improvements		$ 1,158,497	$ 1,200,645
Real estate under construction		267,044	235,751
In-place lease intangible assets		276,196	284,097
Accumulated depreciation and amortization		(335,051)	(328,312)
Total assets	[1]	2,149,544	2,234,803
Liabilities
Non-recourse secured debt, net		1,183,382	1,201,913
Total liabilities	[1]	1,357,611	1,383,132
VIE
Assets
Real estate — Land, buildings and improvements		343,342	359,886
Real estate under construction		267,044	233,220
In-place lease intangible assets		98,588	101,198
Accumulated depreciation and amortization		(79,634)	(78,598)
Total assets		661,082	642,648
Liabilities
Non-recourse secured debt, net		287,069	276,124
Total liabilities		$ 342,183	$ 330,549
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Foreign

Basis of Presentation - Foreign Currencies (Details)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
British Pound Sterling
Real Estate Properties
Foreign currency exchange rate	1.2360	1.3204
Increase (decrease) in foreign currency exchange rate	(6.40%)
Euro
Real Estate Properties
Foreign currency exchange rate	1.0956	1.1234
Increase (decrease) in foreign currency exchange rate	(2.50%)
Norwegian Krone
Real Estate Properties
Foreign currency exchange rate	0.0952	0.1139
Increase (decrease) in foreign currency exchange rate	(16.40%)

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 104,939	$ 144,148
Restricted cash	26,963	19,250
Total cash and cash equivalents and restricted cash	$ 131,902	$ 163,398	$ 161,799	$ 190,838

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	3 Months Ended
	Mar. 31, 2020USD ($)paymentshares	Dec. 31, 2019USD ($)$ / sharesshares	Jan. 01, 2019
Related Party Transaction
Advisory agreement, term	1 year
Advisory agreement additional renewal period. term	1 year
Advisory agreement, unpenalized cancellation period	60 days
Loans payable to joint venture | $	$ 4,500,000	$ 4,600,000
Percentage of asset management fees payable in cash (percent)			50.00%
Due to Related Party
Preferred return (as a percentage)	5.00%
Number of annual installment payments for acquisition and disposition fees | payment	3
Personnel and overhead reimbursement (as a percentage)	1.00%
Legal fee reimbursement rate	0.25%
Distributions of available cash (as a percentage)	10.00%
Current
Due to Related Party
Acquisition fees (as a percentage)	2.50%
Deferred
Due to Related Party
Acquisition fees (as a percentage)	2.00%
Interest rate on deferred acquisition fee	2.00%
Class A common stock
Related Party Transaction
Net asset value (usd per share) | $ / shares		$ 8.94
Percentage of asset management fees payable in shares (percent)			50.00%
Number of shares held by advisor (shares) | shares	117,627,430	117,179,578
Real estate commission
Due to Related Party
Subordinated disposition fees (as a percentage)	50.00%
Contract sales price of investment
Due to Related Party
Subordinated disposition fees (as a percentage)	3.00%
Average invested asset
Due to Related Party
Percentage of operating expense reimbursement	2.00%
Adjusted net income
Due to Related Party
Percentage of operating expense reimbursement	25.00%
Affiliated Entity | W.P. Carey
Related Party Transaction
Loan from related party | $		$ 0
Affiliated Entity | Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares) | shares	5,922,928
Advisor owned percentage of common stock	4.00%
Minimum
Related Party Transaction
Ownership Interest In joint venture (as a percentage)	50.00%
Minimum | Average market value of investment
Related Party Transaction
Asset management fees (as a percentage)	0.50%
Maximum
Related Party Transaction
Ownership Interest In joint venture (as a percentage)	100.00%
Due to Related Party
Acquisition fees (as a percentage)	6.00%
Maximum | Average equity value of investment
Related Party Transaction
Asset management fees (as a percentage)	1.50%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Amounts Included in the Condensed Consolidated Statements of Operations
Asset management fees	$ 3,002	$ 2,868
Available Cash Distributions	1,916	1,848
Personnel and overhead reimbursements	725	798
Interest expense on deferred acquisition fees and external joint venture loans	123	127
Disposition fees	0	1,117
Operating expenses	5,766	6,758
Acquisition Fees Capitalized
Current acquisition fees	110	695
Deferred acquisition fees	88	555
Capitalized personnel and overhead reimbursements	70	89
Transaction fees incurred	$ 268	$ 1,339

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Due to Affiliates
External joint venture loans, accounts payable, and other	$ 5,360	$ 5,951
Deferred acquisition fees, including accrued interest	3,007	4,456
Asset management fees payable	1,001	961
Current acquisition fees	118	8
Due to affiliates	$ 9,486	$ 11,376

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	3 Months Ended
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Apr. 15, 2019
Real Estate Properties
Decrease due to exchange rate fluctuation	$ 24,082	$ 4,242
Accounts receivable written off during the period	2,800
Interest income from direct financing lease	1,000	1,000
Capitalized interest	$ 2,003
Number of properties | property	47
Lease revenues- net-leased
Real Estate Properties
Accounts receivable written off during the period	$ 7,000
Noncash investing
Real Estate Properties
Accrued liabilities	2,500
Real Estate
Real Estate Properties
Decrease due to exchange rate fluctuation	41,900
Depreciation expense	7,100	7,500
Operating Real Estate
Real Estate Properties
Decrease due to exchange rate fluctuation	7,200
Depreciation expense	$ 3,800	$ 3,800
Build To Suit Projects
Real Estate Properties
Number of BTS projects | property	12
Unfunded commitment	$ 237,000
Equity method investments
Real Estate Properties
Equity investment in real estate	13,200		$ 14,900
Equity method investment, liabilities	$ 29,300		$ 32,200
Equity method investments | Self Storage
Real Estate Properties
Number of properties | property	3
Equity method investments ownership (percent)				100.00%

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments in real estate:
Net investments in real estate	$ 1,902,350	$ 1,946,720
Real Estate
Investments in real estate:
Land	185,556	196,693
Buildings and improvements	972,941	1,003,952
Less: Accumulated depreciation	(138,269)	(135,922)
Net investments in real estate	1,020,228	1,064,723
Operating Real Estate
Investments in real estate:
Land	77,704	78,240
Buildings and improvements	427,622	434,245
Less: Accumulated depreciation	(60,743)	(57,237)
Net investments in real estate	$ 444,583	$ 455,248

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease revenues — net-leased
Operating Leases, Lease Income
Lease income — fixed	$ 17,622	$ 25,387
Lease income — variable	3,785	4,561
Total operating lease income	21,407	29,948
Lease revenues — operating real estate
Operating Leases, Lease Income
Lease income — fixed	17,302	16,641
Lease income — variable	641	624
Total operating lease income	$ 17,943	$ 17,265

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Real Estate Under Construction
Beginning balance	$ 235,751
Capitalized funds	38,569
Foreign currency translation adjustments	(5,217)
Placed into service	(4,062)
Capitalized interest	2,003
Ending balance	$ 267,044

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Adjustments to retained earnings	$ 508,253,000			$ 470,326,000
Allowance for credit losses	4,900,000
Interest income from direct financing lease	1,000,000	$ 1,000,000
Cumulative Effect, Period of Adoption, Adjustments
Accounts, Notes, Loans and Financing Receivable
Adjustments to retained earnings			$ (6,900,000)
Cipriani
Accounts, Notes, Loans and Financing Receivable
Notes receivable, principal amount	$ 28,000,000
Accounts receivable, term	10 years
Stated interest rate (percent)	10.00%
Notes receivable	$ 28,000,000			$ 28,000,000
Interest income	700,000	$ 1,800,000
Cipriani | Third Party
Accounts, Notes, Loans and Financing Receivable
Senior notes	$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Lease payments receivable	$ 54,419	$ 55,278
Unguaranteed residual value	39,401	39,401
Gross investments in direct financing leases	93,820	94,679
Less: unearned income	(51,714)	(52,625)
Less: allowance for credit losses	(11,768)	0
Net investment in direct financing leases	$ 30,338	$ 42,054

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2020USD ($)tenant	Dec. 31, 2019USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 58,338	$ 70,054
Internally Assigned Grade 1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	4	4
Carrying Value	$ 44,964	$ 45,457
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 13,374	$ 24,597
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	0	0
Carrying Value	$ 0	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 23,179		$ 26,024
Net amortization of intangibles	$ 3,500	$ 3,900

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 242,475	$ 249,028
Less: accumulated amortization	(136,039)	(135,153)
Finite-lived intangible assets, net	106,436	113,875
Goodwill	23,179	26,024
Total intangible assets, gross	265,654	275,052
Total intangible assets, net	129,615	139,899
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,930)	(14,974)
Finite Lived Intangible Liabilities Accumulated Amortization	6,875	6,627
Finite Lived Intangible Liabilities Net	(8,055)	(8,347)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,930)	(14,974)
Finite Lived Intangible Liabilities Accumulated Amortization	6,875	6,627
Finite Lived Intangible Liabilities Net	$ (8,055)	(8,347)
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
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 232,546	238,771
Less: accumulated amortization	(131,852)	(131,012)
Finite-lived intangible assets, net	$ 100,694	107,759
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	6 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities
Finite-lived intangible asset, useful life	23 years
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 9,929	10,257
Less: accumulated amortization	(4,187)	(4,141)
Finite-lived intangible assets, net	$ 5,742	$ 6,116
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

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Deferred financing costs	$ 6,244	$ 5,800
Unamortized premium	$ 1,315	$ 2,100

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,183,382	$ 1,201,913
Assets
Notes receivable	28,000	28,000
Fair Value
Liabilities
Non-recourse secured debt, net	1,196,712	1,239,004
Assets
Notes receivable	$ 30,300	$ 30,300

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	72 months
Collateral received	$ 0
Total credit exposure	2,400,000
Derivative in net liability position	4,700,000	2,100,000
Termination value of assets	5,000,000	$ 2,200,000
Individual Counterparty
Derivative
Total credit exposure	1,200,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	(1,900,000)
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ 1,600,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative asset fair value	$ 3,209	$ 2,474
Derivative liability, fair value	(4,592)	(2,039)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	3,209	2,474
Derivative liability, fair value	(4,555)	(1,991)
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	2,518	1,444
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency forward contracts
Derivatives, Fair Value
Derivative asset fair value	654	861
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate caps
Derivatives, Fair Value
Derivative asset fair value	37	116
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate swap(s)
Derivatives, Fair Value
Derivative asset fair value	0	53
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swap(s)
Derivatives, Fair Value
Derivative liability, fair value	(4,555)	(1,991)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	0	0
Derivative liability, fair value	(37)	(48)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swap(s)
Derivatives, Fair Value
Derivative asset fair value	0
Derivative liability, fair value	$ (37)	$ (48)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Loss	$ (1,674)	$ (237)
Derivatives in Cash Flow Hedging Relationships | Interest rate swap(s)
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Loss	(2,617)	(887)
Derivatives in Cash Flow Hedging Relationships | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Loss	1,140	805
Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Loss	(207)	(157)
Derivatives in Cash Flow Hedging Relationships | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Loss	(139)	1
Derivatives in Net Investment Hedging | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Loss	$ 149	$ 1

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	$ 201	$ 381
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	278	346
Interest rate swap(s) | Interest expense
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	(179)	27
Foreign currency collars | Other gains and (losses)
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	119	11
Interest rate caps | Interest expense
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	$ (17)	$ (3)

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 275	$ 124
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	81	118
Derivatives Not Designated as Hedging Instruments | Interest rate swap(s) | Interest expense
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	8	0
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	7	0
Derivatives Designated as Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	0	7
Derivatives Designated as Hedging Instruments | Interest rate swap(s) | Interest expense
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 179	$ (1)

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Mar. 31, 2020EUR (€)instrument	Mar. 31, 2020USD ($)instrument
Derivative
Fair value		$ (4,555)
Derivatives Designated as Hedging Instruments | Interest rate swap(s) | USD
Derivative
Number of Instruments | instrument	9	9
Notional Amount		$ 92,008
Fair value		$ (4,555)
Derivatives Designated as Hedging Instruments | Interest rate caps | USD
Derivative
Number of Instruments | instrument	1	1
Notional Amount		$ 5,700
Fair value		$ 0
Derivatives Designated as Hedging Instruments | Interest rate caps | EUR
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €	€ 12,975
Fair value		$ 20
Derivatives Designated as Hedging Instruments | Interest rate caps | GBP
Derivative
Number of Instruments | instrument	2	2
Notional Amount		$ 59,000
Fair value		$ 17
Derivatives Not Designated as Hedging Instruments | Interest rate swap(s) | EUR
Derivative
Number of Instruments | instrument	1	1
Notional Amount | €	€ 9,183
Fair value		$ (37)

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands	Mar. 31, 2020EUR (€)instrument	Mar. 31, 2020NOK (kr)instrument	Mar. 31, 2020USD ($)instrument
Derivative
Fair value			$ 3,172
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | EUR
Derivative
Number of Instruments | instrument	20	20	20
Notional Amount | €	€ 17,152
Fair value			$ 1,665
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	16	16	16
Notional Amount | kr		kr 30,660
Fair value			$ 801
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | EUR
Derivative
Number of Instruments | instrument	5	5	5
Notional Amount | €	€ 2,006
Fair value			$ 654
Derivatives Designated as Hedging Instruments | Derivatives in Net Investment Hedging | Foreign currency collars | NOK
Derivative
Number of Instruments | instrument	1	1	1
Notional Amount | kr		kr 2,500
Fair value			$ 52

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 13, 2020	Dec. 31, 2019
Debt Instruments
Non-recourse secured debt, net	$ 1,183,382			$ 1,201,913
Decrease due to exchange rate fluctuation	24,082	$ 4,242
Long-term debt
Debt Instruments
Decrease due to exchange rate fluctuation	$ 35,700
Construction Loans | Student Housing in Barcelona, Spain
Debt Instruments
Maximum line of credit approved by directors			$ 22,500
Weighted average variable interest rate (percent)	2.10%
Non-recourse secured debt, net	$ 16,800
Fixed Interest Rate
Debt Instruments
Weighted average interest rate (percent)	4.00%
Variable Interest Rate
Debt Instruments
Weighted average interest rate (percent)	3.70%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long-term Debt, Fiscal Year Maturity
2020 (remainder)	$ 59,686
2021	151,979
2022	189,208
2023	203,916
2024	198,335
Thereafter through 2039	385,187
Long term debt gross	1,188,311
Unamortized deferred financing costs	(6,244)	$ (5,800)
Unamortized premium, net	1,315	$ 2,100
Debt, net	$ 1,183,382

(Loss) Earnings Per Share and_3

(Loss) Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Distributions Declared
Interest expense	$ 10,489	$ 12,357
Distributions payable	$ 22,844		$ 22,745
Class C
Distributions Declared
Interest expense		$ 100
Distributions declared per share (in dollars per share)	$ 0.1382
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.1563

(Loss) Earnings Per Share and_4

(Loss) Earnings Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic and Diluted
Allocation of Net (Loss) Income	$ (8,180)	$ 14,827
Class A common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	117,968,262	115,497,094
Allocation of Net (Loss) Income	$ (6,398)	$ 11,654
Basic and diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.10
Class C common stock
Basic and Diluted
Weighted-Average Shares Outstanding (shares)	32,445,640	31,879,027
Allocation of Net (Loss) Income	$ (1,782)	$ 3,173
Basic and diluted (loss) earnings per share (in dollars per share)	$ (0.05)	$ 0.10

(Loss) Earnings Per Share and_5

(Loss) Earnings Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 851,671	$ 895,970
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	2,072	(172)
Interest expense	10,489	12,357
Other Comprehensive Loss	(25,905)	(4,480)
Ending equity balance, value	791,933	890,552
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(56,535)	(50,593)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(79,912)	(54,915)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	138	2,215
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(1,685)	1,977
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(56,673)	(52,808)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(78,227)	(56,892)
AOCI Including Portion Attributable to Noncontrolling Interest
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(25,704)	(4,099)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(25,905)	(4,480)
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)	(397)	(357)
Interest expense	196	(24)
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(1,622)	143
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(1,823)	(238)
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)	(397)	(357)
Interest expense	196	(24)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Other comprehensive income (loss) before reclassifications	(24,082)	(4,242)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other Comprehensive Loss	(24,082)	(4,242)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	0	0
Interest expense	0	0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	2,528	158
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	0	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	$ 2,528	$ 158

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Accounts receivable written off during the period	$ 2,800
Allowance for credit losses	4,900
Asset management fees	3,002	$ 2,868
Asset management fees
Segment Reporting Information
Asset management fees	3,000	2,900
Net Lease | Operating Segments
Segment Reporting Information
Straight line rent adjustment	700	$ 900
Lease revenues — net-leased
Segment Reporting Information
Accounts receivable written off during the period	$ 7,000

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information, Profit (Loss)
Revenues	$ 42,880	$ 50,294
Operating expenses (b)	(36,228)	(32,272)
Interest expense	(10,489)	(12,357)
Other gains and (losses)	(2,126)	(476)
Gain on sale of real estate, net	0	15,408
Benefit from (provisions for) income taxes	394	(924)
Net income attributable to noncontrolling interests	(2,611)	(4,846)
Net (Loss) Income Attributable to CPA:18 – Global	(8,180)	14,827
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	24,067	30,992
Operating expenses (b)	(20,602)	(17,311)
Interest expense	(6,858)	(8,736)
Other gains and (losses)	(3,440)	43
Gain on sale of real estate, net	0	897
Benefit from (provisions for) income taxes	639	(360)
Net income attributable to noncontrolling interests	(700)	(209)
Net (Loss) Income Attributable to CPA:18 – Global	(6,894)	5,316
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	15,356	14,839
Operating expenses (b)	(9,095)	(8,745)
Interest expense	(3,356)	(3,426)
Other gains and (losses)	(54)	(668)
Benefit from (provisions for) income taxes	(31)	(33)
Net (Loss) Income Attributable to CPA:18 – Global	2,820	1,967
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues	2,747	2,622
Operating expenses (b)	(1,485)	(1,634)
Interest expense	(252)	(120)
Other gains and (losses)	15	(39)
Gain on sale of real estate, net	0	14,514
Benefit from (provisions for) income taxes	14	(23)
Net income attributable to noncontrolling interests	5	(2,789)
Net (Loss) Income Attributable to CPA:18 – Global	1,044	12,531
All Other
Segment Reporting Information, Profit (Loss)
Revenues	710	1,833
Operating expenses (b)	0	(1)
Net (Loss) Income Attributable to CPA:18 – Global	710	1,832
Corporate
Segment Reporting Information, Profit (Loss)
Net income attributable to noncontrolling interests	(1,916)	(1,848)
Unallocated Corporate Income and Expenses	$ (3,944)	$ (4,971)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information, Additional Information
Assets	[1]	$ 2,149,544	$ 2,234,803
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets		1,463,826	1,517,659
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets		365,907	369,883
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Assets		215,628	213,692
Corporate
Segment Reporting Information, Additional Information
Assets		76,018	105,407
All Other
Segment Reporting Information, Additional Information
Assets		$ 28,165	$ 28,162
[1]	See Note 2 for details related to variable interest entities (“VIEs”).