Corporate Property Associates 18 Global (CPYA) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-54970
Entity Registrant Name	CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED
Entity Incorporation, State	MD
Entity Tax Identification Number	90-0885534
Entity Address, Street	50 Rockefeller Plaza
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	492-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001558235
Class A
Document Information
Entity Common Stock, Shares Outstanding		119,152,778
Class C
Document Information
Entity Common Stock, Shares Outstanding		32,236,778

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,285,128	$ 1,200,645
Operating real estate — Land, buildings and improvements		589,142	512,485
Real estate under construction		216,383	235,751
Net investments in direct financing leases		30,446	42,054
In-place lease and other intangible assets		284,780	284,097
Investments in real estate		2,405,879	2,275,032
Accumulated depreciation and amortization		(373,881)	(328,312)
Net investments in real estate		2,031,998	1,946,720
Cash and cash equivalents		48,535	144,148
Accounts receivable and other assets, net		143,496	143,935
Total assets	[1]	2,224,029	2,234,803
Liabilities and Equity
Non-recourse secured debt, net		1,241,910	1,201,913
Accounts payable, accrued expenses and other liabilities		148,073	147,098
Due to affiliates		9,078	11,376
Distributions payable		8,869	22,745
Total liabilities	[1]	1,407,930	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		1,333,723	1,319,584
Distributions and accumulated losses		(523,819)	(470,326)
Accumulated other comprehensive loss		(48,807)	(56,535)
Total stockholders’ equity		761,247	792,872
Noncontrolling interests		54,852	58,799
Total equity		816,099	851,671
Total liabilities and equity		2,224,029	2,234,803
Class A common stock
Liabilities and Equity
Common stock		118	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	Sep. 30, 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)	118,632,806	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)	32,318,704	32,238,513

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Lease revenues — net-leased	$ 25,805	$ 29,596	$ 74,333	$ 90,619
Lease revenues — operating real estate	16,976	17,405	51,427	51,967
Other operating and interest income	401	2,090	4,230	5,826
Revenues	43,182	49,091	129,990	148,412
Operating Expenses
Depreciation and amortization	15,565	18,163	44,755	50,715
Operating real estate expenses	7,291	7,370	20,555	20,451
Property expenses, excluding reimbursable tenant costs	4,337	4,751	13,379	14,298
Reimbursable tenant costs	2,261	3,242	8,857	10,496
General and administrative	2,024	2,211	5,877	6,070
Allowance for credit losses	0	0	4,865	0
Operating Expenses	31,478	35,737	98,288	102,030
Other Income and Expenses
Interest expense	(10,815)	(11,739)	(31,658)	(36,140)
Gain on sale of real estate, net	3,285	8,548	3,285	24,606
Other gains and (losses)	1,068	258	60	1,732
Equity in losses of equity method investment in real estate	(173)	(337)	(386)	(1,588)
Other Income and Expenses	(6,635)	(3,270)	(28,699)	(11,390)
Income before income taxes	5,069	10,084	3,003	34,992
(Provision for) benefit from income taxes	(420)	380	(1,584)	323
Net Income	4,649	10,464	1,419	35,315
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,168, $1,619, $5,113, and $5,572, respectively)	(1,346)	(1,505)	(7,487)	(8,451)
Net Income (Loss) Attributable to CPA:18 – Global	3,303	8,959	(6,068)	26,864
Class A
Other Income and Expenses
Net Income (Loss) Attributable to CPA:18 – Global	$ 2,607	$ 7,048	$ (4,719)	$ 21,145
Basic and diluted weighted-average shares outstanding (shares)	118,715,886	116,843,927	118,389,942	116,188,858
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ 0.06	$ (0.04)	$ 0.18
Class C
Other Income and Expenses
Interest expense	$ (100)	$ (100)		$ (100)
Net Income (Loss) Attributable to CPA:18 – Global	$ 696	$ 1,911	$ (1,349)	$ 5,719
Basic and diluted weighted-average shares outstanding (shares)	32,442,454	32,226,626	32,460,383	32,056,045
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ 0.06	$ (0.04)	$ 0.18

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Distributions of available cash	$ 1,168	$ 1,619	$ 5,113	$ 5,572

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 4,649	$ 10,464	$ 1,419	$ 35,315
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	23,387	(21,817)	11,611	(22,401)
Unrealized (loss) gain on derivative instruments	(401)	670	(3,168)	(1,539)
Other Comprehensive Income (Loss)	22,986	(21,147)	8,443	(23,940)
Comprehensive Income (Loss)	27,635	(10,683)	9,862	11,375
Amounts Attributable to Noncontrolling Interests
Net income	(1,346)	(1,505)	(7,487)	(8,451)
Foreign currency translation adjustments	(1,862)	2,196	(733)	2,023
Unrealized loss on derivative instruments	15	0	18	0
Comprehensive (income) loss attributable to noncontrolling interests	(3,193)	691	(8,202)	(6,428)
Comprehensive Income (Loss) Attributable to CPA:18 – Global	$ 24,442	$ (9,992)	$ 1,660	$ 4,947

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	32,925				32,925		$ 3	$ 1	32,921
Shares issued, shares							2,886,630	884,732
Shares issued to affiliate	4,817				4,817		$ 1		4,816
Shares issued to affiliate, shares							549,408
Shares issued to directors	80				80				80
Contributions from noncontrolling interests	2,511												2,511
Distributions to noncontrolling interests	(17,237)												(17,237)
Distributions declared	(67,582)				(67,582)					(67,582)
Net income	35,315				26,864					26,864			8,451
Other comprehensive (loss) income:
Foreign currency translation adjustments	(22,401)				(20,378)							(20,378)	(2,023)
Unrealized loss on derivative instruments	(1,539)				(1,539)							(1,539)
Repurchase of shares	(16,600)				(16,600)		$ (2)	$ (1)	(16,597)
Repurchase of shares, shares							(1,528,999)	(420,205)
Ending equity balance, value at Sep. 30, 2019	845,151				786,456		$ 116	$ 32	1,312,108	(453,290)		(72,510)	58,695
Ending equity balance, shares at Sep. 30, 2019							116,505,536	32,105,792
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
Ending equity balance, value at Dec. 31, 2019	$ 851,671				792,872		$ 117	$ 32	1,319,584	(470,326)		(56,535)	58,799
Ending equity balance, value (ASU 2016-13) at Dec. 31, 2019		$ (6,903)				$ (6,903)					$ (6,903)
Ending equity balance, shares at Dec. 31, 2019			117,179,578	32,238,513			117,179,578	32,238,513
Other comprehensive (loss) income:
Accounting Standards Update	us-gaap:AccountingStandardsUpdate201613Member
Beginning equity balance, value at Jun. 30, 2019	$ 876,973				813,889		$ 115	$ 32	1,306,923	(439,622)		(53,559)	63,084
Beginning equity balance, shares at Jun. 30, 2019							116,033,328	32,002,614
Statements of Equity
Shares issued	10,955				10,955		$ 1		10,954
Shares issued, shares							961,464	293,499
Shares issued to affiliate	1,455				1,455				1,455
Shares issued to affiliate, shares							164,461
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,164
Distributions to noncontrolling interests	(3,698)												(3,698)
Distributions declared	(22,627)				(22,627)					(22,627)
Net income	10,464				8,959					8,959			1,505
Other comprehensive (loss) income:
Foreign currency translation adjustments	(21,817)				(19,621)							(19,621)	(2,196)
Unrealized loss on derivative instruments	670				670							670
Repurchase of shares	(7,304)				(7,304)		$ 0		(7,304)
Repurchase of shares, shares							(662,881)	(190,321)
Ending equity balance, value at Sep. 30, 2019	845,151				786,456		$ 116	$ 32	1,312,108	(453,290)		(72,510)	58,695
Ending equity balance, shares at Sep. 30, 2019							116,505,536	32,105,792
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, shares at Dec. 31, 2019			117,179,578	32,238,513			117,179,578	32,238,513
Statements of Equity
Shares issued	26,032				26,032		$ 2	$ 1	26,029
Shares issued, shares							2,308,185	677,715
Shares issued to affiliate	6,779				6,779		$ 1		6,778
Shares issued to affiliate, shares							793,211
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,650
Contributions from noncontrolling interests	699												699
Distributions to noncontrolling interests	(12,848)												(12,848)
Distributions declared	(40,522)				(40,522)					(40,522)
Net income	1,419				(6,068)					(6,068)			7,487
Other comprehensive (loss) income:
Foreign currency translation adjustments	11,611				10,878							10,878	733
Unrealized loss on derivative instruments	(3,168)				(3,150)							(3,150)	(18)
Repurchase of shares	(18,751)				(18,751)		$ (2)	$ (1)	(18,748)
Repurchase of shares, shares							(1,657,818)	(597,524)
Ending equity balance, value at Sep. 30, 2020	$ 816,099				761,247		$ 118	$ 32	1,333,723	(523,819)		(48,807)	54,852
Ending equity balance, shares at Sep. 30, 2020			118,632,806	32,318,704			118,632,806	32,318,704
Other comprehensive (loss) income:
Accounting Standards Update	us-gaap:AccountingStandardsUpdate201613Member
Beginning equity balance, value at Jun. 30, 2020	$ 802,516				742,976		$ 118	$ 32	1,331,025	(518,253)		(69,946)	59,540
Beginning equity balance, shares at Jun. 30, 2020							118,259,860	32,369,603
Statements of Equity
Shares issued	4,159				4,159		$ 0		4,159
Shares issued, shares							404,276	97,327
Shares issued to affiliate	2,795				2,795		$ 0		2,795
Shares issued to affiliate, shares							335,514
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,650
Contributions from noncontrolling interests	103												103
Distributions to noncontrolling interests	(7,984)												(7,984)
Distributions declared	(8,869)				(8,869)					(8,869)
Net income	4,649				3,303					3,303			1,346
Other comprehensive (loss) income:
Foreign currency translation adjustments	23,387				21,525							21,525	1,862
Unrealized loss on derivative instruments	(401)				(386)							(386)	(15)
Repurchase of shares	(4,336)				(4,336)		$ 0		(4,336)
Repurchase of shares, shares							(376,494)	(148,226)
Ending equity balance, value at Sep. 30, 2020	$ 816,099				$ 761,247		$ 118	$ 32	$ 1,333,723	$ (523,819)		$ (48,807)	$ 54,852
Ending equity balance, shares at Sep. 30, 2020			118,632,806	32,318,704			118,632,806	32,318,704

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - Common Stock - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.0625	$ 0.1563	$ 0.2813	$ 0.4689
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.0450	$ 0.1376	$ 0.2270	$ 0.4125

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 64,637	$ 71,662
Cash Flows — Investing Activities
Funding for development projects	(124,091)	(83,044)
Value added taxes paid in connection with construction funding	(7,288)	(5,499)
Proceeds from sale of real estate	6,101	51,297
Capital expenditures on real estate	(5,834)	(2,206)
Value added taxes refunded in connection with construction funding	3,064	8,819
Payment of deferred acquisition fees to an affiliate	(2,619)	(3,628)
Other investing activities, net	(1,317)	159
Return of capital from equity investment	1,135	3,159
Capital contributions to equity investment	(840)	(547)
Proceeds from repayment of notes receivable	0	35,954
Proceeds from insurance settlements	0	1,084
Net Cash (Used in) Provided by Investing Activities	(131,689)	5,548
Cash Flows — Financing Activities
Distributions paid	(54,398)	(67,218)
Proceeds from mortgage financing	53,464	36,445
Proceeds from issuance of shares	24,525	31,365
Repurchase of shares	(18,751)	(16,600)
Scheduled payments and prepayments of mortgage principal	(15,197)	(49,799)
Distributions to noncontrolling interests	(12,848)	(15,406)
Payment of financing costs	(1,938)	(374)
Contributions from noncontrolling interests	699	2,511
Other financing activities, net	(60)	235
Net Cash Used in Financing Activities	(24,504)	(78,841)
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	(290)	(2,140)
Net decrease in cash and cash equivalents and restricted cash	(91,846)	(3,771)
Cash and cash equivalents and restricted cash, beginning of period	163,398	190,838
Cash and cash equivalents and restricted cash, end of period	$ 71,552	$ 187,067

Organization

Organization	9 Months Ended
	Sep. 30, 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 net 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 September 30, 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 September 30, 2020, our net lease portfolio was comprised of full or partial ownership interests in 48 properties, substantially all of which were fully-occupied and triple-net leased to 64 tenants totaling 9.7 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 68 self-storage properties, nine student housing development projects (eight of which will become subject to net lease agreements upon their completion) and three student housing operating properties, totaling approximately 5.7 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 13 ). We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our offering. In addition, from inception through September 30, 2020, $204.0 million and $58.4 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan (“DRIP”).

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 September 30, 2020, we considered 17 entities to be VIEs, 16 of which we consolidated as we are considered the primary beneficiary. As of December 31, 2019, we considered 19 entities to be VIEs, 18 of which we consolidated. The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): September 30, 2020 December 31, 2019 Real estate — Land, buildings and improvements $ 359,973 $ 359,886 Real estate under construction 215,808 233,220 In-place lease intangible assets 102,991 101,198 Accumulated depreciation and amortization (90,779) (78,598) Total assets 691,136 642,648 Non-recourse secured debt, net $ 302,309 $ 276,124 Total liabilities 355,168 330,549 As of both September 30, 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 September 30, 2020 and December 31, 2019, the net carrying amount of this equity investment was $13.9 million and $14.9 million, respectively, and our maximum exposure to loss in this entity is limited to our investment. COVID-19 The global COVID-19 pandemic has created significant uncertainty and economic disruption, both in the near-term and likely 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 the third-party managers of our operating properties regarding the impact of COVID-19 on their business operations, liquidity, prospects, and financial position. For the three and nine months ended September 30, 2020, approximately $3.6 million and $6.6 million, respectively, of rent was not collected due to the adverse impact of COVID-19, which reduced lease revenues in our condensed consolidated statements of operations for those periods. Foreign Currencies We are subject to fluctuations in exchange rates between foreign currencies and the U.S. dollar (primarily the euro and the Norwegian krone and, to a lesser extent, the British pound sterling). The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: September 30, 2020 December 31, 2019 Percent Change British Pound Sterling $ 1.2833 $ 1.3204 (2.8) % Euro 1.1708 1.1234 4.2 % Norwegian Krone 0.1055 0.1139 (7.4) % Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Beginning with the first quarter of 2020, we 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 nine months ended September 30, 2020, we wrote off $7.0 million in straight-line rent receivables based on our current assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Additionally, we did not recognize $3.6 million and $6.6 million of rent that was not collected during the three and nine months ended September 30, 2020, respectively (as discussed in the COVID-19 section above). Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): September 30, 2020 December 31, 2019 Cash and cash equivalents $ 48,535 $ 144,148 Restricted cash (a) 23,017 19,250 Total cash and cash equivalents and restricted cash $ 71,552 $ 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 $46.8 million and $48.6 million at September 30, 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, was $1.5 million and $1.4 million at September 30, 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 as of September 30, 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 Topic 842 . We adopted ASU 2016-13 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 ( Note 5 ). 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

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 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, development, 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. On July 16, 2020, we entered into a $25.0 million unsecured revolving line of credit with WPC. The line of credit bears an interest rate equal to LIBOR plus 1.05%, and is currently scheduled to mature on January 16, 2021. As of September 30, 2020, we have not drawn on the line of credit. Jointly Owned Investments As of September 30, 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. Other Transactions with our Affiliates The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Amounts Included in the Condensed Consolidated Statements of Operations Asset management fees $ 2,978 $ 2,929 $ 8,858 $ 8,656 Available Cash Distributions 1,168 1,619 5,113 5,572 Personnel and overhead reimbursements 696 1,080 2,027 2,661 Interest expense on deferred acquisition fees and external joint venture loans 116 128 371 383 Disposition fees — — — 1,117 $ 4,958 $ 5,756 $ 16,369 $ 18,389 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 26 $ 2 $ 96 $ 91 Current acquisition fees — — 110 695 Deferred acquisition fees — — 88 555 $ 26 $ 2 $ 294 $ 1,341 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): September 30, 2020 December 31, 2019 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,873 $ 5,951 Acquisition fees, including accrued interest 1,900 4,464 Asset management fees payable 1,305 961 $ 9,078 $ 11,376 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of September 30, 2020 and December 31, 2019, loans due to our joint venture partners, including accrued interest, were $5.1 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, at our board of directors’ election in consultation with our Advisor. 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 $8.41 as of June 30, 2020. Effective January 1, 2019, our Advisor agreed 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 agreed to receive all of its asset management fees in shares of our Class A common stock. As of September 30, 2020, our Advisor owned 6,547,095 shares, or 4.3%, of our outstanding Class A common stock. Asset management fees are included in Property expenses, excluding reimbursable tenant costs in the condensed consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0%, respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the periods ended September 30, 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 September 30, 2020 included Carey European Student Housing Fund I L.P (WPC’s advisory agreements with Carey Watermark Investors Incorporated and Carey Watermark Investors 2 Incorporated were terminated on April 13, 2020). 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 professional fees, and office 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. In general, personnel and overhead reimbursements are included in General and administrative expenses in the condensed consolidated financial statements. 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. Loan with Affiliate On August 10, 2020 , we entered into a facility agreement with one of our joint venture student housing partners, Crown Students Limited Liability Partnership (“Crown”), to provide a loan of $1.5 million (amount based on the exchange rate of the British pound sterling on the date of the loan). Interest will accrue at a fixed rate of 8.0% per annum and is payable on the loan’s scheduled maturity date of December 31, 2021. The loan is collateralized by Crown’s equity interests in three jointly owned student housing investments located in the United Kingdom. The loan is included in Accounts receivable and other assets, net in the condensed consolidated balance sheet. During the three months ended September 30, 2020, we recognized less than $0.1 million in interest income from this loan, which is included in Other gains and (losses) in our condensed consolidated statements of operations.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	9 Months Ended
	Sep. 30, 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): September 30, 2020 (a) December 31, 2019 Land $ 212,957 $ 196,693 Buildings and improvements 1,072,171 1,003,952 Less: Accumulated depreciation (158,199) (135,922) $ 1,126,929 $ 1,064,723 ___________ (a) Amounts include two recently completed student housing properties located in Spain (subject to net lease agreements), as further described in the “Real Estate Under Construction” section below. The carrying value of our Real Estate — Land, buildings and improvements increased by $7.1 million from December 31, 2019 to September 30, 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 $7.7 million and $7.1 million for the three months ended September 30, 2020 and 2019, respectively, and $22.1 million and $22.0 million for the nine months ended September 30, 2020 and 2019, respectively. Dispositions of Real Estate During the nine months ended September 30, 2020, one of our properties was sold through eminent domain. As a result, the carrying value of our real estate properties decreased by $2.5 million from December 31, 2019 to September 30, 2020. Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage and student housing properties (not subject to net lease agreements), is summarized as follows (in thousands): September 30, 2020 (a) December 31, 2019 Land $ 88,629 $ 78,240 Buildings and improvements 500,513 434,245 Less: Accumulated depreciation (68,841) (57,237) $ 520,301 $ 455,248 ___________ (a) Amounts include the recently completed student housing operating property located in Austin, Texas, as further described in the “Real Estate Under Construction” section below. The carrying value of our Operating real estate — land, buildings and improvements decreased by $3.2 million from December 31, 2019 to September 30, 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 $4.1 million and $4.0 million for the three months ended September 30, 2020 and 2019, respectively, and $11.7 million and $11.6 million, for both the nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Lease revenues — net-leased Lease income — fixed (a) $ 22,184 $ 24,797 $ 61,267 $ 75,598 Lease income — variable (b) 3,187 3,859 11,064 12,177 Total operating lease income (c) $ 25,371 $ 28,656 $ 72,331 $ 87,775 Lease revenues — operating real estate Lease income — fixed $ 16,454 $ 16,758 $ 49,770 $ 50,038 Lease income — variable (d) 522 647 1,657 1,929 Total operating lease income $ 16,976 $ 17,405 $ 51,427 $ 51,967 ___________ (a) The nine months ended September 30, 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. For the three and nine months ended September 30, 2020, approximately $3.1 million and $5.7 million, respectivel y, of rent for these properties was not collected, and thus not recognized ( 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 interest income from direct financing leases of $0.4 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $2.0 million and $2.8 million for the nine months ended September 30, 2020 and 2019, respectively ( Note 5 ). Interest income from direct financing leases 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): Nine Months Ended September 30, 2020 Beginning balance $ 235,751 Placed into service (156,984) Capitalized funds 121,279 Foreign currency translation adjustments 9,902 Capitalized interest 6,435 Ending balance $ 216,383 Placed into Service During the nine months ended September 30, 2020, we completed and placed into service the following student housing properties (dollars in thousands): Property Location(s) Reclassified to Date of Completion Total Capitalized Costs (a) (b) Austin, Texas Operating real estate — Land, buildings and improvements 8/4/2020 $ 78,780 Barcelona, Spain (c) Real estate — Land, buildings and improvements 8/4/2020 33,425 San Sebastian, Spain (c) Real estate — Land, buildings and improvements 8/20/2020 38,528 $ 150,733 ___________ (a) Amount includes capitalized interest and acquisition fees payable to our Advisor ( Note 3 ). (b) Amounts related to our international student housing properties are denominated in a foreign currency. For these properties, amounts reflect the applicable exchange rate on the date that the assets were placed into service. (c) Upon completion, these properties became subject to individual net lease agreements with minimum fixed rents. In addition, during the nine months ended September 30, 2020, we placed into service approximately $6.3 million in capital investment projects at three of our net lease properties (non-cash investing activity). Capitalized Funds During the nine months ended September 30, 2020, total capitalized funds primarily related to construction draws for our student housing development projects, and includes accrued costs of $20.0 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 $6.4 million during the nine months ended September 30, 2020, and is a non-cash investing activity. Ending Balance As of September 30, 2020, we had nine ongoing student housing development projects, and aggregate unfunded commitments of approximately $200.9 million, excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. Ghana Settlement Update In relation to the ongoing litigation with our former joint venture partner, the arbitrator issued a final decision and awarded the joint venture partner $2.6 million in damages during the nine months ended September 30, 2020. As of September 30, 2020, all amounts payable to the joint venture partner have been paid. In addition, during the nine months ended September 30, 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 nine months ended September 30, 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 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 September 30, 2020 and December 31, 2019, our total equity investment balance for these self-storage properties was $13.9 million and $14.9 million, respectively, which is included in Accounts receivable and other assets, net in the condensed consolidated financial statements. As of September 30, 2020 and December 31, 2019, the joint venture had total third-party recourse debt of $30.8 million and $32.2 million, respectively.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2020 and December 31, 2019, the balance for this note receivable remained $28.0 million. On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche. We are currently evaluating our rights and options in connection with the senior loan default. We did not recognize interest income for the three months ended September 30, 2020. We recognized interest income of $1.4 million for the nine months ended September 30, 2020, and $0.7 million and $3.4 million for the three and nine months ended September 30, 2019, respectively. Interest income from our notes receivables are 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): September 30, 2020 December 31, 2019 Lease payments receivable $ 52,683 $ 55,278 Unguaranteed residual value 39,401 39,401 92,084 94,679 Less: unearned income (49,870) (52,625) Less: allowance for credit losses (a) (11,768) — $ 30,446 $ 42,054 ___________ (a) Upon our adoption of ASU 2016-13 Note 2 ). In addition, during the nine months ended September 30, 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 $0.4 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $2.0 million and $2.8 million for the nine months ended September 30, 2020 and 2019, respectively, 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. Due to changes in expected economic conditions, we recorded an allowance for credit losses (as noted above). As of December 31, 2019, we had no significant finance receivable balances that were past due. Additionally, there were no material modifications of finance receivables during the nine months ended September 30, 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 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 1 – 3 3 4 $ 16,947 $ 45,457 4 1 1 28,000 24,597 5 1 — 13,499 — 0 $ 58,446 $ 70,054

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 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 $25.2 million as of September 30, 2020. Intangible assets and liabilities are summarized as follows (in thousands): September 30, 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 $ 238,781 $ (142,076) $ 96,705 $ 238,771 $ (131,012) $ 107,759 Above-market rent 7 – 30 10,387 (4,765) 5,622 10,257 (4,141) 6,116 249,168 (146,841) 102,327 249,028 (135,153) 113,875 Indefinite-Lived Intangible Assets Goodwill 25,187 — 25,187 26,024 — 26,024 Total intangible assets $ 274,355 $ (146,841) $ 127,514 $ 275,052 $ (135,153) $ 139,899 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,698) $ 7,396 $ (7,302) $ (14,974) $ 6,627 $ (8,347) Total intangible liabilities $ (14,698) $ 7,396 $ (7,302) $ (14,974) $ 6,627 $ (8,347) Net amortization of intangibles, including the effect of foreign currency translation, was $3.6 million and $7.0 million for the three months ended September 30, 2020 and 2019, respectively, and $10.6 million and $16.8 million for the nine months ended September 30, 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 on our condensed consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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): September 30, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,241,910 $ 1,263,309 $ 1,201,913 $ 1,239,004 Notes receivable (c) 3 28,000 30,300 28,000 30,300 ___________ (a) As of September 30, 2020 and December 31, 2019, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.5 million and $5.8 million, respectively, and unamortized premium, net of $2.2 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 September 30, 2020 and December 31, 2019.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Foreign currency collars Accounts receivable and other assets, net $ 975 $ 1,444 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 119 861 — — Interest rate caps Accounts receivable and other assets, net 33 116 — — Interest rate swaps Accounts receivable and other assets, net — 53 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,880) (1,991) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (23) — 1,127 2,474 (3,903) (1,991) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (31) (48) — — (31) (48) Total derivatives $ 1,127 $ 2,474 $ (3,934) $ (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 Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2020 2019 2020 2019 Foreign currency collars $ (810) $ 1,313 $ (310) $ 2,034 Interest rate swaps 708 (537) (1,942) (2,952) Foreign currency forward contracts (249) (108) (742) (626) Interest rate caps (50) 2 (174) 5 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars (16) 71 113 53 Foreign currency forward contracts — 8 — 23 Total $ (417) $ 749 $ (3,055) $ (1,463) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss). Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest rate swaps Interest expense $ (881) $ (35) $ (1,494) $ 14 Foreign currency forward contracts Other gains and (losses) 228 362 770 1,046 Foreign currency collars Other gains and (losses) 189 48 543 98 Interest rate caps Interest expense (22) (4) (59) (10) Total $ (486) $ 371 $ (240) $ 1,148 Amounts reported in Other comprehensive income (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 income (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 September 30, 2020, we estimated that an additional $1.7 million and $0.5 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Foreign currency collars Other gains and (losses) $ (109) $ 166 $ (118) $ 279 Foreign currency forward contracts Other gains and (losses) (23) — (16) — Interest rate swap Interest expense 5 (2) 16 6 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 881 — 1,494 12 Foreign currency collars Other gains and (losses) — — — 7 Total $ 754 $ 164 $ 1,376 $ 304 Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse secured debt and, as a result, we have entered into, and may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of September 30, 2020 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at September 30, 2020 (a) Interest rate swaps 9 93,816 USD $ (3,880) Interest rate caps 2 59,000 GBP 18 Interest rate caps 2 19,307 EUR 15 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,943 EUR (31) $ (3,878) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies as of September 30, 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 September 30, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 15 12,050 EUR $ 663 Foreign currency collars 12 19,700 NOK 289 Foreign currency forward contract 1 470 EUR 119 $ 1,071 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of September 30, 2020. At September 30, 2020, our total credit exposure was $0.8 million and the maximum exposure to any single counterparty was $0.5 million.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	9 Months Ended
	Sep. 30, 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 September 30, 2020, the weighted-average interest rates for our fixed-rate and variable-rate non-recourse secured debt were 3.9% and 3.2%, 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 interest only payments due on outstanding draws through its scheduled maturity date of December 2023. As part of obtaining the loan, initial drawdowns of $16.8 million were made with a weighted average variable interest rate of 2.1%. On July 31, 2020, we obtained a construction loan of $26.1 million (amount based on the exchange rate of the euro at the date of the loan) for a student housing development project located in Seville, Spain. The loan bears a variable interest rate on outstanding draws equal to the Euro Interbank Offered Rate plus 3.5% and is scheduled to mature in November 2023. Initial drawdowns of $11.1 million were made during the quarter as part of obtaining the construction loan. 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) $ 52,398 2021 164,764 2022 193,937 2023 236,305 2024 202,002 Thereafter through 2039 396,840 Total principal payments 1,246,246 Unamortized deferred financing costs (6,518) Unamortized premium, net 2,182 Total $ 1,241,910 Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2020. The carrying value of our Non-recourse secured debt, net increased by $1.5 million in the aggregate from December 31, 2019 to September 30, 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. As of September 30, 2020, we were in breach of a tenant payment covenant on two of our non-recourse mortgage loans (principal balance of $67.8 million as of September 30, 2020) encumbered by properties leased to a tenant in the hotel industry. As a result of the breach, the lender has the right to declare a “cash trap” in which any surplus cash in our rent account would be transferred to a reserve account with the lender. We have notified the lender that the tenant occupying the encumbered properties is under financial distress due to the COVID-19 pandemic and is currently not making rental payments. As of the date of this Report, the lender has not declared a cash trap, but has the right to do so until we cure the breach. As of September 30, 2020, we were in breach of a debt service covenant on one of our non-recourse mortgage loans. As a result of the breach, the lender has the right to accelerate the payment of the loan principal, which was $13.3 million as of September 30, 2020. We have notified the lender that the tenant has filed for bankruptcy and is currently not making rental payments. As of the date of this Report, the lender has not declared any accelerated payment, but has the right to do so until we cure the breach.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 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 exp ected 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.

Earnings (Loss) Per Share and E

Earnings (Loss) Per Share and Equity	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share and Equity	Earnings (Loss) Per Share and Equity Basic and Diluted Earnings (Loss) Per Share The following table presents earnings (loss) per share (in thousands, except share and per share amounts): Three Months Ended September 30, 2020 2019 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 118,715,886 $ 2,607 $ 0.02 116,843,927 $ 7,048 $ 0.06 Class C common stock 32,442,454 696 0.02 32,226,626 1,911 0.06 Net income attributable to CPA:18 – Global $ 3,303 $ 8,959 Nine Months Ended September 30, 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 118,389,942 $ (4,719) $ (0.04) 116,188,858 $ 21,145 $ 0.18 Class C common stock 32,460,383 (1,349) (0.04) 32,056,045 5,719 0.18 Net (loss) income attributable to CPA:18 – Global $ (6,068) $ 26,864 The allocation of Net income (loss) attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. The Class C common stock allocation includes interest expense related to the accretion of interest on the annual distribution and shareholder servicing fee liability of less than $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and the nine months ended September 30, 2020. For the nine months ended September 30, 2019, this amount totaled $0.1 million. Distributions For the three months ended September 30, 2020, our board of directors declared quarterly distributions of $0.0625 per share for our Class A common stock and $0.0450 per share for our Class C common stock, which were paid on October 15, 2020 to stockholders of record on September 30, 2020, in the amount of $8.9 million. During the nine months ended September 30, 2020, we declared distributions totaling $0.2813 and $0.2270 per share for our Class A and Class C common stock, respectively. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (2,629) $ (67,317) $ (69,946) Other comprehensive income before reclassifications (887) 23,387 22,500 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 903 — 903 Other gains and (losses) (417) — (417) Net current-period other comprehensive income (401) 23,387 22,986 Net current-period other comprehensive income attributable to noncontrolling interests — (1,847) (1,847) Ending balance $ (3,030) $ (45,777) $ (48,807) Three Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 6 $ (53,565) $ (53,559) Other comprehensive loss before reclassifications 1,041 (21,817) (20,776) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (410) — (410) Interest expense 39 — 39 Net current-period other comprehensive loss 670 (21,817) (21,147) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,196 2,196 Ending balance $ 676 $ (73,186) $ (72,510) Nine Months Ended September 30, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 138 $ (56,673) $ (56,535) Other comprehensive income before reclassifications (3,408) 11,611 8,203 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 1,553 — 1,553 Other gains and (losses) (1,313) — (1,313) Net current-period other comprehensive income (3,168) 11,611 8,443 Net current-period other comprehensive income attributable to noncontrolling interests — (715) (715) Ending balance $ (3,030) $ (45,777) $ (48,807) Nine Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 2,215 $ (52,808) $ (50,593) Other comprehensive loss before reclassifications (391) (22,401) (22,792) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,144) — (1,144) Interest expense (4) — (4) Net current-period other comprehensive loss (1,539) (22,401) (23,940) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,023 2,023 Ending balance $ 676 $ (73,186) $ (72,510) See Note 8 for additional information on our derivative activity recognized within Other comprehensive income (loss) for the periods presented.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We may decide to dispose of a property due to vacancy, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our condensed consolidated balance sheet. 2020 — Real Estate — Land, Buildings and Improvements On July 22, 2020, our warehouse facility located in Freetown, Massachusetts was sold through eminent domain. As a result, we received condemnation proceeds of $6.1 million, net of closing costs, and recognized a gain on sale of real estate of $3.3 million. We repaid the $3.2 million non-recourse mortgage loan previously encumbering the property using the condemnation proceeds. 2019 — Operating Real Estate — Land, Buildings and Improvements On January 29, 2019, we sold the 97% interest that we held in our last multi-family residential property, located in Fort Walton Beach, Florida, to one of our joint venture partners for total proceeds of $13.1 million, net of closing costs, and recognized a gain on sale of $15.4 million (which included a $2.9 million gain attributable to noncontrolling interests). The buyer assumed the related non-recourse mortgage loan outstanding on this property totaling $24.2 million. 2019 — Real Estate — Land, Buildings and Improvements During the nine months ended September 30, 2019, we sold the 11 properties in our United Kingdom trade counter (“Truffle”) portfolio, for total proceeds of $39.3 million, net of closing costs, and recognized an aggregate gain on sale of $10.3 million. At closing, we repaid the non-recourse mortgage loan totaling $22.7 million encumbering these properties (amounts are based on the exchange rate of the British pound sterling at the date of sale).

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net Lease Revenues (a) $ 25,943 $ 30,743 $ 76,548 $ 92,466 Operating expenses (b) (14,925) (19,026) (50,948) (54,975) Interest expense (7,013) (8,374) (20,614) (25,804) Other gains and (losses) (444) 473 (3,660) 1,019 Gain on sale of real estate, net 3,285 8,384 3,285 9,931 (Provision for) benefit from income taxes (163) 183 (865) 1,189 Net income attributable to noncontrolling interests (259) (35) (2,485) (289) Net income attributable to CPA:18 – Global $ 6,424 $ 12,348 $ 1,261 $ 23,537 Self Storage Revenues $ 15,430 $ 15,428 $ 45,456 $ 45,434 Operating expenses (9,299) (9,205) (27,474) (26,822) Interest expense (3,356) (3,493) (10,086) (10,369) Other gains and (losses) (c) (169) (59) (378) (1,334) Provision for income taxes (28) (44) (76) (88) Net income attributable to CPA:18 – Global $ 2,578 $ 2,627 $ 7,442 $ 6,821 Other Operating Properties Revenues $ 1,809 $ 2,210 $ 6,566 $ 7,139 Operating expenses (2,178) (2,299) (4,987) (5,477) Interest expense (410) 187 (854) 233 Other gains and (losses) 2 19 21 (25) Gain on sale of real estate, net — 164 — 14,678 Benefit from income taxes 1 395 53 16 Net loss (income) attributable to noncontrolling interests 81 149 111 (2,590) Net (loss) income attributable to CPA:18 – Global $ (695) $ 825 $ 910 $ 13,974 All Other Revenues $ — $ 710 $ 1,420 $ 3,365 Operating expenses (38) — (38) (1) Other gains and (losses) 65 — 65 — Net income attributable to CPA:18 – Global $ 27 $ 710 $ 1,447 $ 3,364 Corporate Unallocated Corporate Overhead (d) $ (3,863) $ (5,932) $ (12,015) $ (15,260) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,168) $ (1,619) $ (5,113) $ (5,572) Total Company Revenues (a) $ 43,182 $ 49,091 $ 129,990 $ 148,412 Operating expenses (b) (31,478) (35,737) (98,288) (102,030) Interest expense (10,815) (11,739) (31,658) (36,140) Other gains and (losses) (c) 895 (79) (326) 144 Gain on sale of real estate, net 3,285 8,548 3,285 24,606 (Provision for) benefit from income taxes (420) 380 (1,584) 323 Net income attributable to noncontrolling interests (1,346) (1,505) (7,487) (8,451) Net income (loss) attributable to CPA:18 – Global $ 3,303 $ 8,959 $ (6,068) $ 26,864 Total Assets September 30, 2020 December 31, 2019 Net Lease $ 1,574,155 $ 1,517,659 Self Storage 362,441 369,883 Other Operating Properties 236,409 213,692 All Other 28,000 28,162 Corporate 23,024 105,407 Total Company $ 2,224,029 $ 2,234,803 __________ (a) The three months ended September 30, 2020 and 2019 includes straight-line rent amortization of $0.2 million and $0.7 million, respectively, and $1.2 million and $2.4 million for the nine months ended September 30, 2020 and 2019, respectively. The nine months ended September 30, 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. For the three and nine months ended September 30, 2020, approximately $3.6 million and $6.6 million of rent was not collected, respectively, which reduced lease revenues ( Note 2) . (b) The nine months ended September 30, 2020 includes an allowance for credit losses of $4.9 million, in accordance with ASU 2016-13 ( Note 5 ). (c) Includes Equity in losses of equity method investment in real estate. (d) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $3.0 million and $2.9 million for the three months ended September 30, 2020 and 2019, respectively, and $8.9 million and $8.7 million for the nine months ended September 30, 2020 and 2019, respectively ( Note 3 ).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 16, 2020, we obtained a construction loan of $18.9 million (based on the exchange rate of the euro at the date of the transaction) for a student housing development project located in Coimbra, Portugal. The loan bears a fixed interest rate of 2.73% and is scheduled to mature in April 2025. As part of obtaining the loan, we made an initial drawdown of $7.2 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 ConsolidationOur 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.
Reclassification	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Beginning with the first quarter of 2020, we 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).
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Adopted as of September 30, 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 Topic 842 . We adopted ASU 2016-13 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 ( Note 5 ). 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
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 on our condensed consolidated statements of operations.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the condensed consolidated financial statements, are comprised of foreign currency forward contracts, interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ).

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 December 31, 2019 Real estate — Land, buildings and improvements $ 359,973 $ 359,886 Real estate under construction 215,808 233,220 In-place lease intangible assets 102,991 101,198 Accumulated depreciation and amortization (90,779) (78,598) Total assets 691,136 642,648 Non-recourse secured debt, net $ 302,309 $ 276,124 Total liabilities 355,168 330,549
Schedule of foreign currency exchange rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: September 30, 2020 December 31, 2019 Percent Change British Pound Sterling $ 1.2833 $ 1.3204 (2.8) % Euro 1.1708 1.1234 4.2 % Norwegian Krone 0.1055 0.1139 (7.4) %
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): September 30, 2020 December 31, 2019 Cash and cash equivalents $ 48,535 $ 144,148 Restricted cash (a) 23,017 19,250 Total cash and cash equivalents and restricted cash $ 71,552 $ 163,398 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets.
Schedule of restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): September 30, 2020 December 31, 2019 Cash and cash equivalents $ 48,535 $ 144,148 Restricted cash (a) 23,017 19,250 Total cash and cash equivalents and restricted cash $ 71,552 $ 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Amounts Included in the Condensed Consolidated Statements of Operations Asset management fees $ 2,978 $ 2,929 $ 8,858 $ 8,656 Available Cash Distributions 1,168 1,619 5,113 5,572 Personnel and overhead reimbursements 696 1,080 2,027 2,661 Interest expense on deferred acquisition fees and external joint venture loans 116 128 371 383 Disposition fees — — — 1,117 $ 4,958 $ 5,756 $ 16,369 $ 18,389 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 26 $ 2 $ 96 $ 91 Current acquisition fees — — 110 695 Deferred acquisition fees — — 88 555 $ 26 $ 2 $ 294 $ 1,341 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): September 30, 2020 December 31, 2019 Due to Affiliates External joint venture loans, accounts payable, and other (a) $ 5,873 $ 5,951 Acquisition fees, including accrued interest 1,900 4,464 Asset management fees payable 1,305 961 $ 9,078 $ 11,376 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of September 30, 2020 and December 31, 2019, loans due to our joint venture partners, including accrued interest, were $5.1 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)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of real estate properties	Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): September 30, 2020 (a) December 31, 2019 Land $ 212,957 $ 196,693 Buildings and improvements 1,072,171 1,003,952 Less: Accumulated depreciation (158,199) (135,922) $ 1,126,929 $ 1,064,723 ___________ (a) Amounts include two recently completed student housing properties located in Spain (subject to net lease agreements), as further described in the “Real Estate Under Construction” section below. Operating real estate, which consists of our self-storage and student housing properties (not subject to net lease agreements), is summarized as follows (in thousands): September 30, 2020 (a) December 31, 2019 Land $ 88,629 $ 78,240 Buildings and improvements 500,513 434,245 Less: Accumulated depreciation (68,841) (57,237) $ 520,301 $ 455,248 ___________ (a) Amounts include the recently completed student housing operating property located in Austin, Texas, as further described in the “Real Estate Under Construction” section below. During the nine months ended September 30, 2020, we completed and placed into service the following student housing properties (dollars in thousands): Property Location(s) Reclassified to Date of Completion Total Capitalized Costs (a) (b) Austin, Texas Operating real estate — Land, buildings and improvements 8/4/2020 $ 78,780 Barcelona, Spain (c) Real estate — Land, buildings and improvements 8/4/2020 33,425 San Sebastian, Spain (c) Real estate — Land, buildings and improvements 8/20/2020 38,528 $ 150,733 ___________ (a) Amount includes capitalized interest and acquisition fees payable to our Advisor ( Note 3 ). (b) Amounts related to our international student housing properties are denominated in a foreign currency. For these properties, amounts reflect the applicable exchange rate on the date that the assets were placed into service.
Schedule of 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Lease revenues — net-leased Lease income — fixed (a) $ 22,184 $ 24,797 $ 61,267 $ 75,598 Lease income — variable (b) 3,187 3,859 11,064 12,177 Total operating lease income (c) $ 25,371 $ 28,656 $ 72,331 $ 87,775 Lease revenues — operating real estate Lease income — fixed $ 16,454 $ 16,758 $ 49,770 $ 50,038 Lease income — variable (d) 522 647 1,657 1,929 Total operating lease income $ 16,976 $ 17,405 $ 51,427 $ 51,967 ___________ (a) The nine months ended September 30, 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. For the three and nine months ended September 30, 2020, approximately $3.1 million and $5.7 million, respectivel y, of rent for these properties was not collected, and thus not recognized ( 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 interest income from direct financing leases of $0.4 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $2.0 million and $2.8 million for the nine months ended September 30, 2020 and 2019, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the condensed consolidated statements of operations.
Schedule of real estate under construction	The following table provides the activity of our Real estate under construction (in thousands): Nine Months Ended September 30, 2020 Beginning balance $ 235,751 Placed into service (156,984) Capitalized funds 121,279 Foreign currency translation adjustments 9,902 Capitalized interest 6,435 Ending balance $ 216,383

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of net investments in direct financing leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): September 30, 2020 December 31, 2019 Lease payments receivable $ 52,683 $ 55,278 Unguaranteed residual value 39,401 39,401 92,084 94,679 Less: unearned income (49,870) (52,625) Less: allowance for credit losses (a) (11,768) — $ 30,446 $ 42,054 ___________ (a) Upon our adoption of ASU 2016-13 Note 2 ). In addition, during the nine months ended September 30, 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.
Schedule of financing receivable credit quality indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 1 – 3 3 4 $ 16,947 $ 45,457 4 1 1 28,000 24,597 5 1 — 13,499 — 0 $ 58,446 $ 70,054

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Intangible Assets And Liabilities [Abstract]
Schedule of intangible assets and liabilities	Intangible assets and liabilities are summarized as follows (in thousands): September 30, 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 $ 238,781 $ (142,076) $ 96,705 $ 238,771 $ (131,012) $ 107,759 Above-market rent 7 – 30 10,387 (4,765) 5,622 10,257 (4,141) 6,116 249,168 (146,841) 102,327 249,028 (135,153) 113,875 Indefinite-Lived Intangible Assets Goodwill 25,187 — 25,187 26,024 — 26,024 Total intangible assets $ 274,355 $ (146,841) $ 127,514 $ 275,052 $ (135,153) $ 139,899 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,698) $ 7,396 $ (7,302) $ (14,974) $ 6,627 $ (8,347) Total intangible liabilities $ (14,698) $ 7,396 $ (7,302) $ (14,974) $ 6,627 $ (8,347)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,241,910 $ 1,263,309 $ 1,201,913 $ 1,239,004 Notes receivable (c) 3 28,000 30,300 28,000 30,300 ___________ (a) As of September 30, 2020 and December 31, 2019, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.5 million and $5.8 million, respectively, and unamortized premium, net of $2.2 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)	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Foreign currency collars Accounts receivable and other assets, net $ 975 $ 1,444 $ — $ — Foreign currency forward contracts Accounts receivable and other assets, net 119 861 — — Interest rate caps Accounts receivable and other assets, net 33 116 — — Interest rate swaps Accounts receivable and other assets, net — 53 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,880) (1,991) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (23) — 1,127 2,474 (3,903) (1,991) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (31) (48) — — (31) (48) Total derivatives $ 1,127 $ 2,474 $ (3,934) $ (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 Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2020 2019 2020 2019 Foreign currency collars $ (810) $ 1,313 $ (310) $ 2,034 Interest rate swaps 708 (537) (1,942) (2,952) Foreign currency forward contracts (249) (108) (742) (626) Interest rate caps (50) 2 (174) 5 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars (16) 71 113 53 Foreign currency forward contracts — 8 — 23 Total $ (417) $ 749 $ (3,055) $ (1,463) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss). Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest rate swaps Interest expense $ (881) $ (35) $ (1,494) $ 14 Foreign currency forward contracts Other gains and (losses) 228 362 770 1,046 Foreign currency collars Other gains and (losses) 189 48 543 98 Interest rate caps Interest expense (22) (4) (59) (10) Total $ (486) $ 371 $ (240) $ 1,148
Schedule of 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Foreign currency collars Other gains and (losses) $ (109) $ 166 $ (118) $ 279 Foreign currency forward contracts Other gains and (losses) (23) — (16) — Interest rate swap Interest expense 5 (2) 16 6 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 881 — 1,494 12 Foreign currency collars Other gains and (losses) — — — 7 Total $ 754 $ 164 $ 1,376 $ 304
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of September 30, 2020 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at September 30, 2020 (a) Interest rate swaps 9 93,816 USD $ (3,880) Interest rate caps 2 59,000 GBP 18 Interest rate caps 2 19,307 EUR 15 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,943 EUR (31) $ (3,878) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies as of September 30, 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. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of September 30, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 15 12,050 EUR $ 663 Foreign currency collars 12 19,700 NOK 289 Foreign currency forward contract 1 470 EUR 119 $ 1,071

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	9 Months Ended
	Sep. 30, 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) $ 52,398 2021 164,764 2022 193,937 2023 236,305 2024 202,002 Thereafter through 2039 396,840 Total principal payments 1,246,246 Unamortized deferred financing costs (6,518) Unamortized premium, net 2,182 Total $ 1,241,910

Earnings (Loss) Per Share and_2

Earnings (Loss) Per Share and Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	The following table presents earnings (loss) per share (in thousands, except share and per share amounts): Three Months Ended September 30, 2020 2019 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 118,715,886 $ 2,607 $ 0.02 116,843,927 $ 7,048 $ 0.06 Class C common stock 32,442,454 696 0.02 32,226,626 1,911 0.06 Net income attributable to CPA:18 – Global $ 3,303 $ 8,959 Nine Months Ended September 30, 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 118,389,942 $ (4,719) $ (0.04) 116,188,858 $ 21,145 $ 0.18 Class C common stock 32,460,383 (1,349) (0.04) 32,056,045 5,719 0.18 Net (loss) income attributable to CPA:18 – Global $ (6,068) $ 26,864
Reclassification out of accumulated other comprehensive income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended September 30, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (2,629) $ (67,317) $ (69,946) Other comprehensive income before reclassifications (887) 23,387 22,500 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 903 — 903 Other gains and (losses) (417) — (417) Net current-period other comprehensive income (401) 23,387 22,986 Net current-period other comprehensive income attributable to noncontrolling interests — (1,847) (1,847) Ending balance $ (3,030) $ (45,777) $ (48,807) Three Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 6 $ (53,565) $ (53,559) Other comprehensive loss before reclassifications 1,041 (21,817) (20,776) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (410) — (410) Interest expense 39 — 39 Net current-period other comprehensive loss 670 (21,817) (21,147) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,196 2,196 Ending balance $ 676 $ (73,186) $ (72,510) Nine Months Ended September 30, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 138 $ (56,673) $ (56,535) Other comprehensive income before reclassifications (3,408) 11,611 8,203 Amounts reclassified from accumulated other comprehensive loss to: Interest expense 1,553 — 1,553 Other gains and (losses) (1,313) — (1,313) Net current-period other comprehensive income (3,168) 11,611 8,443 Net current-period other comprehensive income attributable to noncontrolling interests — (715) (715) Ending balance $ (3,030) $ (45,777) $ (48,807) Nine Months Ended September 30, 2019 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 2,215 $ (52,808) $ (50,593) Other comprehensive loss before reclassifications (391) (22,401) (22,792) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,144) — (1,144) Interest expense (4) — (4) Net current-period other comprehensive loss (1,539) (22,401) (23,940) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,023 2,023 Ending balance $ 676 $ (73,186) $ (72,510)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Reconciliation of revenue from segments to consolidated	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net Lease Revenues (a) $ 25,943 $ 30,743 $ 76,548 $ 92,466 Operating expenses (b) (14,925) (19,026) (50,948) (54,975) Interest expense (7,013) (8,374) (20,614) (25,804) Other gains and (losses) (444) 473 (3,660) 1,019 Gain on sale of real estate, net 3,285 8,384 3,285 9,931 (Provision for) benefit from income taxes (163) 183 (865) 1,189 Net income attributable to noncontrolling interests (259) (35) (2,485) (289) Net income attributable to CPA:18 – Global $ 6,424 $ 12,348 $ 1,261 $ 23,537 Self Storage Revenues $ 15,430 $ 15,428 $ 45,456 $ 45,434 Operating expenses (9,299) (9,205) (27,474) (26,822) Interest expense (3,356) (3,493) (10,086) (10,369) Other gains and (losses) (c) (169) (59) (378) (1,334) Provision for income taxes (28) (44) (76) (88) Net income attributable to CPA:18 – Global $ 2,578 $ 2,627 $ 7,442 $ 6,821 Other Operating Properties Revenues $ 1,809 $ 2,210 $ 6,566 $ 7,139 Operating expenses (2,178) (2,299) (4,987) (5,477) Interest expense (410) 187 (854) 233 Other gains and (losses) 2 19 21 (25) Gain on sale of real estate, net — 164 — 14,678 Benefit from income taxes 1 395 53 16 Net loss (income) attributable to noncontrolling interests 81 149 111 (2,590) Net (loss) income attributable to CPA:18 – Global $ (695) $ 825 $ 910 $ 13,974 All Other Revenues $ — $ 710 $ 1,420 $ 3,365 Operating expenses (38) — (38) (1) Other gains and (losses) 65 — 65 — Net income attributable to CPA:18 – Global $ 27 $ 710 $ 1,447 $ 3,364 Corporate Unallocated Corporate Overhead (d) $ (3,863) $ (5,932) $ (12,015) $ (15,260) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,168) $ (1,619) $ (5,113) $ (5,572) Total Company Revenues (a) $ 43,182 $ 49,091 $ 129,990 $ 148,412 Operating expenses (b) (31,478) (35,737) (98,288) (102,030) Interest expense (10,815) (11,739) (31,658) (36,140) Other gains and (losses) (c) 895 (79) (326) 144 Gain on sale of real estate, net 3,285 8,548 3,285 24,606 (Provision for) benefit from income taxes (420) 380 (1,584) 323 Net income attributable to noncontrolling interests (1,346) (1,505) (7,487) (8,451) Net income (loss) attributable to CPA:18 – Global $ 3,303 $ 8,959 $ (6,068) $ 26,864 The three months ended September 30, 2020 and 2019 includes straight-line rent amortization of $0.2 million and $0.7 million, respectively, and $1.2 million and $2.4 million for the nine months ended September 30, 2020 and 2019, respectively. The nine months ended September 30, 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. For the three and nine months ended September 30, 2020, approximately $3.6 million and $6.6 million of rent was not collected, respectively, which reduced lease revenues ( Note 2) . (b) The nine months ended September 30, 2020 includes an allowance for credit losses of $4.9 million, in accordance with ASU 2016-13 ( Note 5 ). (c) Includes Equity in losses of equity method investment in real estate. (d) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $3.0 million and $2.9 million for the three months ended September 30, 2020 and 2019, respectively, and $8.9 million and $8.7 million for the nine months ended September 30, 2020 and 2019, respectively ( Note 3 ).
Reconciliation of assets from segment to consolidated	Total Assets September 30, 2020 December 31, 2019 Net Lease $ 1,574,155 $ 1,517,659 Self Storage 362,441 369,883 Other Operating Properties 236,409 213,692 All Other 28,000 28,162 Corporate 23,024 105,407 Total Company $ 2,224,029 $ 2,234,803

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	9 Months Ended	39 Months Ended	105 Months Ended
	Sep. 30, 2020ft²segmenttenant	Apr. 02, 2015USD ($)	Sep. 30, 2020USD ($)ft²segmenttenant
Public Offering
Capital interest ownership in operating partnership (percent)	99.97%		99.97%
Additional Disclosures
Number of properties (property)	48		48
Number of tenants | tenant	64		64
Area of real estate property (sqft) | ft²	9.7		9.7
Number of reportable segments	3
Proceeds from issuance of shares | $		$ 1,200
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 204
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 58.4
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.7		5.7
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties (property)	68		68
Operating Real Estate | Other Operating Properties | Nine Student Housing Developments
Additional Disclosures
Number of properties (property)	9		9
Operating Real Estate | Other Operating Properties | Nine Student Housing Developments | Net lease agreement
Additional Disclosures
Number of properties (property)	8		8
Operating Real Estate | Other Operating Properties | Three Student Housing Operating Properties
Additional Disclosures
Number of properties (property)	3		3

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)segmentvariable_interest_entity	Sep. 30, 2020USD ($)segmentvariable_interest_entity	Dec. 31, 2019USD ($)variable_interest_entity	Dec. 31, 2018	Jan. 01, 2020USD ($)
Variable Interest Entity
Variable interest entities, count | variable_interest_entity	17	17	19
Variable interest entities consolidated, count | variable_interest_entity	16	16	18
Number of properties (property) | segment	48	48
Variable interest entities unconsolidated, count | variable_interest_entity	1	1	1
Uncollected rent receivable	$ 3,600	$ 6,600
Deferred tax liabilities	46,800	46,800	$ 48,600
Deferred tax assets, net of valuation	1,500	1,500	1,400
Adjustments to retained earnings	523,819	$ 523,819	$ 470,326
Accounting Standards Update		us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
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	13,900	$ 13,900	$ 14,900
Lease revenues — net-leased
Variable Interest Entity
Uncollected rent receivable	$ 3,100	5,700
Accounts receivable written off during the period		$ 7,000

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Assets
Real estate — Land, buildings and improvements		$ 1,285,128	$ 1,200,645
Real estate under construction		216,383	235,751
In-place lease intangible assets		284,780	284,097
Accumulated depreciation and amortization		(373,881)	(328,312)
Total assets	[1]	2,224,029	2,234,803
Liabilities
Non-recourse secured debt, net		1,241,910	1,201,913
Total liabilities	[1]	1,407,930	1,383,132
VIE
Assets
Real estate — Land, buildings and improvements		359,973	359,886
Real estate under construction		215,808	233,220
In-place lease intangible assets		102,991	101,198
Accumulated depreciation and amortization		(90,779)	(78,598)
Total assets		691,136	642,648
Liabilities
Non-recourse secured debt, net		302,309	276,124
Total liabilities		$ 355,168	$ 330,549
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Foreign

Basis of Presentation - Foreign Currencies (Details)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
British Pound Sterling
Real Estate Properties
Foreign currency exchange rate	1.2833	1.3204
Increase (decrease) in foreign currency exchange rate	(2.80%)
Euro
Real Estate Properties
Foreign currency exchange rate	1.1708	1.1234
Increase (decrease) in foreign currency exchange rate	4.20%
Norwegian Krone
Real Estate Properties
Foreign currency exchange rate	0.1055	0.1139
Increase (decrease) in foreign currency exchange rate	(7.40%)

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 48,535	$ 144,148
Restricted cash	23,017	19,250
Total cash and cash equivalents and restricted cash	$ 71,552	$ 163,398	$ 187,067	$ 190,838

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Aug. 10, 2020USD ($)property	Jul. 16, 2020USD ($)	Sep. 30, 2020USD ($)segmentinstallment_paymentshares	Sep. 30, 2020USD ($)segmentinstallment_paymentshares	Dec. 31, 2019USD ($)	Jun. 30, 2020$ / shares	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			$ 5,100,000	$ 5,100,000	$ 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 | installment_payment			3	3
Personnel and overhead reimbursement (as a percentage)			1.00%	1.00%	1.00%
Distributions of available cash (as a percentage)			10.00%	10.00%
Number of properties (property) | segment			48	48
Interest income (expense), net			$ 100,000
Current
Due to Related Party
Acquisition fees (as a percentage)				2.50%
Deferred
Due to Related Party
Acquisition fees (as a percentage)				2.00%
Interest rate on deferred acquisition fee			2.00%	2.00%
Class A common stock
Related Party Transaction
Net asset value (usd per share) | $ / shares						$ 8.41
Percentage of asset management fees payable in shares (percent)							50.00%
Real estate commission
Due to Related Party
Subordinated disposition fees (as a percentage)					50.00%
Contract sales price of investment
Due to Related Party
Subordinated disposition fees (as a percentage)					3.00%
Average invested asset
Due to Related Party
Percentage of operating expense reimbursement				2.00%
Adjusted net income
Due to Related Party
Percentage of operating expense reimbursement				25.00%
Minimum
Related Party Transaction
Ownership Interest In joint venture (as a percentage)			50.00%	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%	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%
Affiliated Entity | Student Housing Located in The United Kingdom | Crown
Due to Related Party
Number of properties (property) | property	3
Affiliated Entity | Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares) | shares			6,547,095	6,547,095
Advisor owned percentage of common stock (as a percentage)				4.30%
Affiliated Entity | Crown
Due to Related Party
Payments for advance to affiliate	$ 1,500,000
Interest payments rate (percentage)	8.00%
Line of Credit | Affiliated Entity
Related Party Transaction
Unsecured line of credit		$ 25,000,000
Interest rate equal to the LIBOR plus (percentage)		1.05%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amounts Included in the Condensed Consolidated Statements of Operations
Asset management fees	$ 2,978	$ 2,929	$ 8,858	$ 8,656
Available Cash Distributions	1,168	1,619	5,113	5,572
Personnel and overhead reimbursements	696	1,080	2,027	2,661
Interest expense on deferred acquisition fees and external joint venture loans	116	128	371	383
Disposition fees	0	0	0	1,117
Operating expenses	4,958	5,756	16,369	18,389
Acquisition Fees Capitalized
Capitalized personnel and overhead reimbursements	26	2	96	91
Current acquisition fees	0	0	110	695
Deferred acquisition fees	0	0	88	555
Transaction fees incurred	$ 26	$ 2	$ 294	$ 1,341

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Due to Affiliates
External joint venture loans, accounts payable, and other	$ 5,873	$ 5,951
Acquisition fees, including accrued interest	1,900	4,464
Asset management fees payable	1,305	961
Due to Affiliates	$ 9,078	$ 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		9 Months Ended
	Sep. 30, 2020USD ($)segmentproperty	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)propertysegment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation	$ 23,387	$ (21,817)	$ 11,611	$ (22,401)
Uncollected rent receivable	3,600		6,600
Interest income from direct financing lease	$ 400	900	2,000	2,800
Placed into service			156,984
Capitalized interest			6,435
Amount awarded to other party			$ 2,600
Number of properties (property) | segment	48		48
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment
Real Estate Properties
Real estate disposed of			$ 2,500
Number of properties (property) | property	1		1
Value added taxes
Real Estate Properties
Accounts receivable written off during the period			$ 2,800
Net lease property
Real Estate Properties
Placed into service			$ 6,300
Number of properties (property) | property	3		3
Lease revenues- net-leased
Real Estate Properties
Accounts receivable written off during the period			$ 7,000
Uncollected rent receivable	$ 3,100		5,700
Noncash investing
Real Estate Properties
Accrued liabilities	20,000		20,000
Real Estate
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation			7,100
Depreciation expense	7,700	7,100	22,100	22,000
Operating Real Estate
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation			(3,200)
Depreciation expense	4,100	$ 4,000	$ 11,700	$ 11,600
Build To Suit Projects
Real Estate Properties
Number of BTS projects | property			9
Unfunded commitment	200,900		$ 200,900
Equity method investments
Real Estate Properties
Equity investment in real estate	13,900		13,900		$ 14,900
Equity method investments | Equity method investment
Real Estate Properties
Equity method investment, liabilities	$ 30,800		$ 30,800		$ 32,200
Equity method investments | Self Storage
Real Estate Properties
Number of properties (property) | property	3		3
Equity method investments | Self Storage | Joint Venture
Real Estate Properties
Equity method investments ownership (percent)	100.00%		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	Sep. 30, 2020	Dec. 31, 2019
Investments in real estate:
Net investments in real estate	$ 2,031,998	$ 1,946,720
Real Estate
Investments in real estate:
Land	212,957	196,693
Buildings and improvements	1,072,171	1,003,952
Less: Accumulated depreciation	(158,199)	(135,922)
Net investments in real estate	1,126,929	1,064,723
Operating Real Estate
Investments in real estate:
Land	88,629	78,240
Buildings and improvements	500,513	434,245
Less: Accumulated depreciation	(68,841)	(57,237)
Net investments in real estate	$ 520,301	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lease revenues — net-leased
Operating Leases, Lease Income
Lease income — fixed	$ 22,184	$ 24,797	$ 61,267	$ 75,598
Lease income — variable	3,187	3,859	11,064	12,177
Total operating lease income	25,371	28,656	72,331	87,775
Lease revenues — operating real estate
Operating Leases, Lease Income
Lease income — fixed	16,454	16,758	49,770	50,038
Lease income — variable	522	647	1,657	1,929
Total operating lease income	$ 16,976	$ 17,405	$ 51,427	$ 51,967

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	9 Months Ended
	Sep. 30, 2020USD ($)
Real Estate Under Construction
Beginning balance	$ 235,751
Placed into service	(156,984)
Capitalized funds	121,279
Foreign currency translation adjustments	9,902
Capitalized interest	6,435
Ending balance	$ 216,383

Real Estate, Operating Real E_7

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Placed Into Service (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Real Estate Properties
Total Capitalized Cost	$ 156,984
Land, Buildings and Improvements
Real Estate Properties
Total Capitalized Cost	150,733
Austin, Texas | Operating Real Estate | Land, Buildings and Improvements
Real Estate Properties
Total Capitalized Cost	78,780
Barcelona, Spain | Real Estate | Land, Buildings and Improvements
Real Estate Properties
Total Capitalized Cost	33,425
San Sebastian, Spain | Real Estate | Land, Buildings and Improvements
Real Estate Properties
Total Capitalized Cost	$ 38,528

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020
Accounts, Notes, Loans and Financing Receivable
Accounting Standards Update			us-gaap:AccountingStandardsUpdate201613Member		us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
Adjustments to retained earnings	$ 523,819,000		$ 523,819,000		$ 470,326,000
Allowance for credit losses			4,900,000
Interest income from direct financing lease	400,000	$ 900,000	2,000,000	$ 2,800,000
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		$ 28,000,000
Accounts receivable, term			10 years
Stated interest rate (percent)	10.00%		10.00%
Notes receivable	$ 28,000,000		$ 28,000,000		$ 28,000,000
Interest income	0	$ 700,000	1,400,000	$ 3,400,000
Cipriani | Third Party
Accounts, Notes, Loans and Financing Receivable
Senior notes	$ 60,000,000		$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Lease payments receivable	$ 52,683	$ 55,278
Unguaranteed residual value	39,401	39,401
Gross investments in direct financing leases	92,084	94,679
Less: unearned income	(49,870)	(52,625)
Less: allowance for credit losses	(11,768)	0
Net investment in direct financing leases	$ 30,446	$ 42,054

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Sep. 30, 2020USD ($)tenant	Dec. 31, 2019USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 58,446	$ 70,054
Internally Assigned Grade 1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	3	4
Carrying Value	$ 16,947	$ 45,457
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 28,000	$ 24,597
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	0
Carrying Value	$ 13,499	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 25,187		$ 25,187		$ 26,024
Net amortization of intangibles	$ 3,600	$ 7,000	$ 10,600	$ 16,800

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 249,168	$ 249,028
Less: accumulated amortization	(146,841)	(135,153)
Finite-lived intangible assets, net	102,327	113,875
Goodwill	25,187	26,024
Total intangible assets, gross	274,355	275,052
Total intangible assets, net	127,514	139,899
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,698)	(14,974)
Finite Lived Intangible Liabilities Accumulated Amortization	7,396	6,627
Finite Lived Intangible Liabilities Net	(7,302)	(8,347)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,698)	(14,974)
Finite Lived Intangible Liabilities Accumulated Amortization	7,396	6,627
Finite Lived Intangible Liabilities Net	$ (7,302)	(8,347)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	6 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 238,781	238,771
Less: accumulated amortization	(142,076)	(131,012)
Finite-lived intangible assets, net	$ 96,705	107,759
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	6 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	23 years
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 10,387	10,257
Less: accumulated amortization	(4,765)	(4,141)
Finite-lived intangible assets, net	$ 5,622	$ 6,116
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	7 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Deferred financing costs	$ 6,518	$ 5,800
Unamortized premium	$ 2,182	$ 2,100

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,241,910	$ 1,201,913
Assets
Notes receivable	28,000	28,000
Fair Value
Liabilities
Non-recourse secured debt, net	1,263,309	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 ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	72 months
Collateral received	$ 0
Total credit exposure	800,000
Derivative in net liability position	4,100,000	2,100,000
Termination value of assets	4,200,000	$ 2,200,000
Individual Counterparty
Derivative
Total credit exposure	500,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	(1,700,000)
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ 500,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative asset fair value	$ 1,127	$ 2,474
Derivative liability, fair value	(3,934)	(2,039)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	1,127	2,474
Derivative liability, fair value	(3,903)	(1,991)
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	975	1,444
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency forward contracts
Derivatives, Fair Value
Derivative asset fair value	119	861
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate caps
Derivatives, Fair Value
Derivative asset fair value	33	116
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate swaps
Derivatives, Fair Value
Derivative asset fair value	0	53
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value	(23)	0
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	(3,880)	(1,991)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative liability, fair value	(31)	(48)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	$ (31)	$ (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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	$ (417)	$ 749	$ (3,055)	$ (1,463)
Derivatives in Cash Flow Hedging Relationships  | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	(810)	1,313	(310)	2,034
Derivatives in Cash Flow Hedging Relationships  | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	708	(537)	(1,942)	(2,952)
Derivatives in Cash Flow Hedging Relationships  | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	(249)	(108)	(742)	(626)
Derivatives in Cash Flow Hedging Relationships  | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	(50)	2	(174)	5
Derivatives in Net Investment Hedging Relationship | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	(16)	71	113	53
Derivatives in Net Investment Hedging Relationship | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 0	$ 8	$ 0	$ 23

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships  - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	$ (486)	$ 371	$ (240)	$ 1,148
Interest rate swaps | Interest expense
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	(881)	(35)	(1,494)	14
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	228	362	770	1,046
Foreign currency collars | Other gains and (losses)
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	189	48	543	98
Interest rate caps | Interest expense
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	$ (22)	$ (4)	$ (59)	$ (10)

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 754	$ 164	$ 1,376	$ 304
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	(109)	166	(118)	279
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	(23)	0	(16)	0
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	5	(2)	16	6
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	0	0	7
Derivatives Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 881	$ 0	$ 1,494	$ 12

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, £ in Thousands, $ in Thousands	Sep. 30, 2020USD ($)derivative_instrument	Sep. 30, 2020GBP (£)derivative_instrument	Sep. 30, 2020EUR (€)derivative_instrument
Derivative
Fair value	$ (3,878)
Derivatives Designated as Hedging Instruments | Interest rate swaps | USD
Derivative
Number of Instruments | derivative_instrument	9	9	9
Notional Amount	$ 93,816
Fair value	$ (3,880)
Derivatives Designated as Hedging Instruments | Interest rate caps | GBP
Derivative
Number of Instruments | derivative_instrument	2	2	2
Notional Amount | £		£ 59,000
Fair value	$ 18
Derivatives Designated as Hedging Instruments | Interest rate caps | EUR
Derivative
Number of Instruments | derivative_instrument	2	2	2
Notional Amount | €			€ 19,307
Fair value	$ 15
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | EUR
Derivative
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | €			€ 8,943
Fair value	$ (31)

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands	Sep. 30, 2020USD ($)derivative_instrument	Sep. 30, 2020EUR (€)derivative_instrument	Sep. 30, 2020NOK (kr)derivative_instrument
Derivative
Fair value	$ 1,071
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative
Number of Instruments | derivative_instrument	15	15	15
Notional Amount | €		€ 12,050
Fair value	$ 663
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | NOK
Derivative
Number of Instruments | derivative_instrument	12	12	12
Notional Amount | kr			kr 19,700
Fair value	$ 289
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency forward contract | EUR
Derivative
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | €		€ 470
Fair value	$ 119

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)	Jul. 31, 2020USD ($)	Mar. 13, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instruments
Non-recourse secured debt, net	$ 1,241,910,000		$ 1,241,910,000				$ 1,201,913,000
Increase (decrease) due to exchange rate fluctuation	$ 23,387,000	$ (21,817,000)	$ 11,611,000	$ (22,401,000)
Breached non recourse loans (loan) | loan	2		2
Breached non recourse loans, principal amount	$ 67,800,000		$ 67,800,000
Breached non-recourse mortgage loan
Debt Instruments
Breached non recourse loans, principal amount	$ 13,300,000		13,300,000
Long-term debt
Debt Instruments
Increase (decrease) due to exchange rate fluctuation			$ 1,500,000
Construction Loans | Barcelona, Spain
Debt Instruments
Maximum line of credit approved by directors						$ 22,500,000
Non-recourse secured debt, net						$ 16,800,000
Weighted average variable interest rate (percent)						2.10%
Construction Loans | Seville, Spain
Debt Instruments
Maximum line of credit approved by directors					$ 26,100,000
Non-recourse secured debt, net					$ 11,100,000
Weighted average variable interest rate (percent)					3.50%
Fixed Interest Rate
Debt Instruments
Weighted average interest rate (percent)			3.90%
Variable Interest Rate
Debt Instruments
Weighted average interest rate (percent)			3.20%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt, Fiscal Year Maturity
2020 (remainder)	$ 52,398
2021	164,764
2022	193,937
2023	236,305
2024	202,002
Thereafter through 2039	396,840
Total principal payments	1,246,246
Unamortized deferred financing costs	(6,518)	$ (5,800)
Unamortized premium, net	2,182	$ 2,100
Total	$ 1,241,910

Earnings (Loss) Per Share and_3

Earnings (Loss) Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Distributions Declared
Interest expense	$ 10,815	$ 11,739	$ 31,658	$ 36,140
Distributions payable	8,869		$ 8,869		$ 22,745
Class C
Distributions Declared
Interest expense	$ 100	$ 100		$ 100
Common Stock | Class C
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.0450	$ 0.1376	$ 0.2270	$ 0.4125
Common Stock | Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.0625	$ 0.1563	$ 0.2813	$ 0.4689

Earnings (Loss) Per Share and_4

Earnings (Loss) Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic and Diluted
Allocation of net (loss) income	$ 3,303	$ 8,959	$ (6,068)	$ 26,864
Class A common stock
Basic and Diluted
Basic and diluted weighted-average shares outstanding (shares)	118,715,886	116,843,927	118,389,942	116,188,858
Allocation of net (loss) income	$ 2,607	$ 7,048	$ (4,719)	$ 21,145
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ 0.06	$ (0.04)	$ 0.18
Class C common stock
Basic and Diluted
Basic and diluted weighted-average shares outstanding (shares)	32,442,454	32,226,626	32,460,383	32,056,045
Allocation of net (loss) income	$ 696	$ 1,911	$ (1,349)	$ 5,719
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.02	$ 0.06	$ (0.04)	$ 0.18

Earnings (Loss) Per Share and_5

Earnings (Loss) Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 802,516	$ 876,973	$ 851,671	$ 895,970
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(1,068)	(258)	(60)	(1,732)
Interest expense	10,815	11,739	31,658	36,140
Net current-period other comprehensive income (loss)	22,986	(21,147)	8,443	(23,940)
Ending equity balance, value	816,099	845,151	816,099	845,151
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(69,946)	(53,559)	(56,535)	(50,593)
Other comprehensive income (loss) before reclassifications	22,500	(20,776)	8,203	(22,792)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive income (loss)	22,986	(21,147)		(23,940)
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	(1,847)	2,196	(715)	2,023
Ending equity balance, value	(48,807)	(72,510)	(48,807)	(72,510)
Accumulated Other Comprehensive Loss | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	(417)	(410)	(1,313)	(1,144)
Interest expense	903	39	1,553	(4)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(2,629)	6	138	2,215
Other comprehensive income (loss) before reclassifications	(887)	1,041	(3,408)	(391)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive income (loss)	(401)	670	(3,168)	(1,539)
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Ending equity balance, value	(3,030)	676	(3,030)	676
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)	(417)	(410)	(1,313)	(1,144)
Interest expense	903	39	1,553	(4)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(67,317)	(53,565)	(56,673)	(52,808)
Other comprehensive income (loss) before reclassifications	23,387	(21,817)	11,611	(22,401)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive income (loss)	23,387	(21,817)	11,611	(22,401)
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	(1,847)	2,196	(715)	2,023
Ending equity balance, value	(45,777)	(73,186)	(45,777)	(73,186)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive income (loss) to:
Other gains and (losses)	0	0	0	0
Interest expense	$ 0	$ 0	$ 0	$ 0

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Jul. 22, 2020USD ($)	Jan. 29, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate			$ 6,101	$ 51,297
Repayment of secured debt			$ 15,197	49,799
Disposed of by Sale | Fort Walton Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate		$ 13,100
Gain on sale of real estate, net		$ 15,400
Ownership interest		97.00%
Gain on sale of real state, net noncontrolling interest		$ 2,900
Disposed of by Sale | Non-recourse mortgages, net, including debt attributable to Assets held for sale | Fort Walton Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Mortgage loan		$ 24,200
Disposed of by Sale | Warehouse Facility Located in Freetown, Massachusetts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate	$ 6,100
Gain on sale of real estate, net	(3,300)
Disposed of by Sale | Warehouse Facility Located in Freetown, Massachusetts | Non-recourse mortgages, net, including debt attributable to Assets held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Repayment of secured debt	$ 3,200
Disposed of by Sale | Truffle Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate				39,300
Gain on sale of real estate, net				10,300
Repayment of secured debt				$ 22,700
Number of property sold | property				11

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting Information
Number of reportable segments | segment			3
Uncollected rent receivable	$ 3,600		$ 6,600
Allowance for credit losses			4,900
Asset management fees	2,978	$ 2,929	8,858	$ 8,656
Asset management fees
Segment Reporting Information
Asset management fees	3,000	2,900	8,900	8,700
Net Lease | Operating Segments
Segment Reporting Information
Straight line rent adjustment	200	$ 700	1,200	$ 2,400
Lease revenues — net-leased
Segment Reporting Information
Accounts receivable written off during the period			7,000
Uncollected rent receivable	$ 3,100		$ 5,700

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information, Profit (Loss)
Revenues	$ 43,182	$ 49,091	$ 129,990	$ 148,412
Operating expenses	(31,478)	(35,737)	(98,288)	(102,030)
Interest expense	(10,815)	(11,739)	(31,658)	(36,140)
Other gains and (losses)	895	(79)	(326)	144
Gain on sale of real estate, net	3,285	8,548	3,285	24,606
(Provision for) benefit from income taxes	(420)	380	(1,584)	323
Net income attributable to noncontrolling interests	(1,346)	(1,505)	(7,487)	(8,451)
Net Income (Loss) Attributable to CPA:18 – Global	3,303	8,959	(6,068)	26,864
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	25,943	30,743	76,548	92,466
Operating expenses	(14,925)	(19,026)	(50,948)	(54,975)
Interest expense	(7,013)	(8,374)	(20,614)	(25,804)
Other gains and (losses)	(444)	473	(3,660)	1,019
Gain on sale of real estate, net	3,285	8,384	3,285	9,931
(Provision for) benefit from income taxes	(163)	183	(865)	1,189
Net income attributable to noncontrolling interests	(259)	(35)	(2,485)	(289)
Net Income (Loss) Attributable to CPA:18 – Global	6,424	12,348	1,261	23,537
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	15,430	15,428	45,456	45,434
Operating expenses	(9,299)	(9,205)	(27,474)	(26,822)
Interest expense	(3,356)	(3,493)	(10,086)	(10,369)
Other gains and (losses)	(169)	(59)	(378)	(1,334)
(Provision for) benefit from income taxes	(28)	(44)	(76)	(88)
Net Income (Loss) Attributable to CPA:18 – Global	2,578	2,627	7,442	6,821
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues	1,809	2,210	6,566	7,139
Operating expenses	(2,178)	(2,299)	(4,987)	(5,477)
Interest expense	(410)	187	(854)	233
Other gains and (losses)	2	19	21	(25)
Gain on sale of real estate, net	0	164	0	14,678
(Provision for) benefit from income taxes	1	395	53	16
Net income attributable to noncontrolling interests	81	149	111	(2,590)
Net Income (Loss) Attributable to CPA:18 – Global	(695)	825	910	13,974
All Other
Segment Reporting Information, Profit (Loss)
Revenues	0	710	1,420	3,365
Operating expenses	(38)	0	(38)	(1)
Other gains and (losses)	65	0	65	0
Net Income (Loss) Attributable to CPA:18 – Global	27	710	1,447	3,364
Corporate
Segment Reporting Information, Profit (Loss)
Net income attributable to noncontrolling interests	(1,168)	(1,619)	(5,113)	(5,572)
Unallocated Corporate Income and Expenses	$ (3,863)	$ (5,932)	$ (12,015)	$ (15,260)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information, Additional Information
Assets	[1]	$ 2,224,029	$ 2,234,803
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets		1,574,155	1,517,659
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets		362,441	369,883
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Assets		236,409	213,692
All Other
Segment Reporting Information, Additional Information
Assets		28,000	28,162
Corporate
Segment Reporting Information, Additional Information
Assets		$ 23,024	$ 105,407
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 16, 2020	Sep. 30, 2020	Dec. 31, 2019
Subsequent Events
Non-recourse secured debt, net		$ 1,241,910,000	$ 1,201,913,000
Construction Loans | Subsequent Event | Coimbra, Portugal
Subsequent Events
Unsecured line of credit	$ 18,900,000
Stated interest rate (percent)	2.73%
Non-recourse secured debt, net	$ 7,200,000