Corporate Property Associates 18 Global (CPYA) 10-K 25 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	The registrant incorporates by reference its definitive Proxy Statement with respect to its 2021 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of its fiscal year, into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001558235
Class A
Cover
Entity Common Stock Shares Outstanding		119,570,668
Class C
Cover
Entity Common Stock Shares Outstanding		32,229,437

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,440,354	$ 1,200,645
Operating real estate — Land, buildings and improvements		596,998	512,485
Real estate under construction		180,055	235,751
Net investments in direct financing leases		16,933	42,054
In-place lease intangible assets		293,075	284,097
Investments in real estate		2,527,415	2,275,032
Accumulated depreciation and amortization		(403,171)	(328,312)
Net investments in real estate		2,124,244	1,946,720
Cash and cash equivalents		62,346	144,148
Accounts receivable and other assets, net		172,328	143,935
Total assets	[1]	2,358,918	2,234,803
Liabilities and Equity
Non-recourse secured debt, net		1,310,378	1,201,913
Accounts payable, accrued expenses and other liabilities		155,259	147,098
Due to affiliates		31,283	11,376
Distributions payable		9,447	22,745
Total liabilities	[1]	1,506,367	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		1,331,278	1,319,584
Distributions and accumulated losses		(514,859)	(470,326)
Accumulated other comprehensive loss		(19,930)	(56,535)
Total stockholders’ equity		796,640	792,872
Noncontrolling interests		55,911	58,799
Total equity		852,551	851,671
Total liabilities and equity		2,358,918	2,234,803
Class A common stock
Liabilities and Equity
Common stock		119	117
Class C common stock
Liabilities and Equity
Common stock		$ 32	$ 32
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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 common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	119,059,188	117,179,578
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	32,096,796	32,238,513

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Lease revenues — net-leased	$ 102,316	$ 119,100	$ 129,657
Lease revenues — operating real estate	70,182	70,589	76,962
Other operating and interest income	4,569	7,750	10,097
Revenues	177,067	197,439	216,716
Operating Expenses
Depreciation and amortization	63,809	65,498	66,436
Operating real estate expenses	27,847	27,423	32,928
Property expenses, excluding reimbursable tenant costs	18,690	18,660	26,244
Reimbursable tenant costs	12,159	13,204	13,985
General and administrative	7,630	7,724	7,425
Allowance for credit losses	(2,874)	0	0
Asset management fees	127,261	132,509	147,018
Other Income and Expenses
Interest expense	(43,343)	(48,019)	(53,221)
Equity in earnings (losses) of equity method investment in real estate	12,313	(2,185)	(1,072)
Gain on sale of real estate, net	2,390	24,773	78,657
Other gains and (losses)	1,904	4,715	21,276
Other Income and Expenses	(26,736)	(20,716)	45,640
Income before income taxes	23,070	44,214	115,338
(Provision for) benefit from income taxes	(769)	(210)	1,952
Net Income	22,301	44,004	117,290
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $7,225, $8,132, and $9,692, respectively)	(9,958)	(11,432)	(20,562)
Net Income Attributable to CPA:18 – Global	12,343	32,572	96,728
Class A
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 9,737	$ 25,636	$ 75,816
Basic and diluted weighted-average shares outstanding (shares)	118,567,905	116,469,007	113,401,265
Basic and diluted income (loss) per share (in dollars per share)	$ 0.08	$ 0.22	$ 0.67
Class C
Other Income and Expenses
Interest expense	$ (100)	$ (100)	$ (200)
Net Income Attributable to CPA:18 – Global	$ 2,606	$ 6,936	$ 20,912
Basic and diluted weighted-average shares outstanding (shares)	32,402,493	32,123,513	31,608,961
Basic and diluted income (loss) per share (in dollars per share)	$ 0.08	$ 0.22	$ 0.66

Consolidated Statements of In_2

Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Available Cash Distributions	$ 7,225	$ 8,132	$ 9,692

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 22,301	$ 44,004	$ 117,290
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	43,772	(4,509)	(23,002)
Unrealized (loss) gain on derivative instruments	(3,519)	(2,079)	3,297
Net current-period Other comprehensive income	40,253	(6,588)	(19,705)
Comprehensive Income	62,554	37,416	97,585
Amounts Attributable to Noncontrolling Interests
Net income	(9,958)	(11,432)	(20,562)
Foreign currency translation adjustments	(3,666)	644	2,324
Unrealized loss on derivative instruments	18	2	0
Comprehensive income attributable to noncontrolling interests	(13,606)	(10,786)	(18,238)
Comprehensive Income Attributable to CPA:18 – Global	$ 48,948	$ 26,630	$ 79,347

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A	Class C	Total CPA 18 - Global Stockholders	Total CPA 18 - Global StockholdersCumulative Effect, Period of Adoption, Adjustment	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Distributions and Accumulated LossesCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2017	$ 872,065				$ 804,764		$ 110	$ 31	$ 1,257,840	$ (420,005)		$ (33,212)	$ 67,301
Beginning equity balance, shares at Dec. 31, 2017							111,193,651	31,189,137
Statements of Equity
Shares issued	44,000				44,000		$ 4	$ 1	43,995
Shares issued, shares							3,969,258	1,229,712
Shares issued to affiliate	12,086				12,086		$ 1		12,085
Shares issued to affiliate, shares							1,422,629
Shares issued to directors	75				75				75
Shares issued to directors, shares							8,753
Contributions from noncontrolling interests	5,966												5,966
Distributions to noncontrolling interests	(24,512)												(24,512)
Distributions declared	(88,187)				(88,187)					(88,187)
Net income (loss)	117,290				96,728					96,728			20,562
Other comprehensive loss:
Foreign currency translation adjustments	(23,002)				(20,678)							(20,678)	(2,324)
Unrealized (loss) gain on derivative instruments	3,297				3,297							3,297
Repurchase of shares	(23,108)				(23,108)		$ (1)		(23,107)
Repurchase of shares, shares							(2,004,958)	(777,584)
Ending equity balance, value at Dec. 31, 2018	$ 895,970	$ (1,108)			828,977	$ (1,108)	$ 114	$ 32	1,290,888	(411,464)	$ (1,108)	(50,593)	66,993
Ending equity balance, shares at Dec. 31, 2018							114,589,333	31,641,265
Other comprehensive loss:
Accounting Standards Update	us-gaap:AccountingStandardsUpdate201602Member
Shares issued	$ 43,814				43,814		$ 4	$ 1	43,809
Shares issued, shares							3,822,104	1,171,368
Shares issued to affiliate	6,262				6,262		$ 1		6,261
Shares issued to affiliate, shares							714,598
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,164
Contributions from noncontrolling interests	2,838												2,838
Distributions to noncontrolling interests	(21,818)												(21,818)
Distributions declared	(90,326)				(90,326)					(90,326)
Net income (loss)	44,004				32,572					32,572			11,432
Foreign currency translation adjustments	(4,509)				(3,865)							(3,865)	(644)
Unrealized (loss) gain on derivative instruments	(2,079)				(2,077)							(2,077)	(2)
Repurchase of shares	(21,457)				(21,457)		$ (2)	$ (1)	(21,454)
Repurchase of shares, shares							(1,955,621)	(574,120)
Ending equity balance, value at Dec. 31, 2019	$ 851,671	$ (6,903)			792,872	$ (6,903)	$ 117	$ 32	1,319,584	(470,326)	$ (6,903)	(56,535)	58,799
Ending equity balance, shares at Dec. 31, 2019			117,179,578	32,238,513			117,179,578	32,238,513
Other comprehensive loss:
Accounting Standards Update	us-gaap:AccountingStandardsUpdate201613Member
Shares issued	$ 30,173				30,173		$ 3	$ 1	30,169
Shares issued, shares							2,702,908	775,285
Shares issued to affiliate	9,812				9,812		$ 1		9,811
Shares issued to affiliate, shares							1,152,029
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,650
Contributions from noncontrolling interests	4,609												4,609
Distributions to noncontrolling interests	(20,802)												(20,802)
Acquisition of noncontrolling interest in real estate	(4,343)				(4,042)				(4,042)				(301)
Distributions declared	(49,973)				(49,973)					(49,973)
Net income (loss)	22,301				12,343					12,343			9,958
Foreign currency translation adjustments	43,772				40,106							40,106	3,666
Unrealized (loss) gain on derivative instruments	(3,519)				(3,501)							(3,501)	(18)
Repurchase of shares	(24,327)				(24,327)		$ (2)	$ (1)	(24,324)
Repurchase of shares, shares							(1,984,977)	(917,002)
Ending equity balance, value at Dec. 31, 2020	$ 852,551				$ 796,640		$ 119	$ 32	$ 1,331,278	$ (514,859)		$ (19,930)	$ 55,911
Ending equity balance, shares at Dec. 31, 2020			119,059,188	32,096,796			119,059,188	32,096,796

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class A
Statements of Equity
Distributions declared (in dollars per share)	$ 0.0625
Class C
Statements of Equity
Distributions declared (in dollars per share)	$ 0.0625
Common Stock | Class A
Statements of Equity
Distributions declared (in dollars per share)		$ 0.3438	$ 0.6252	$ 0.6252
Common Stock | Class C
Statements of Equity
Distributions declared (in dollars per share)		$ 0.2895	$ 0.5499	$ 0.5503

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows — Operating Activities
Net Income	$ 22,301	$ 44,004	$ 117,290
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	66,601	69,139	69,622
Asset management fees and directors’ compensation paid in shares	10,493	5,850	12,162
Straight-line rent adjustments	4,780	(2,960)	(4,548)
Equity in (earnings) losses of equity method investment in real estate in excess of distributions received	(4,426)	2,185	1,072
Realized and unrealized (gain) loss on foreign currency transactions, derivatives, and other	(3,465)	(694)	1,913
Allowance for credit losses	(2,874)	0	0
Deferred income tax benefit	(2,472)	(2,310)	(3,690)
Gain on sale of real estate	(2,390)	(24,773)	(78,657)
Amortization of rent-related intangibles and deferred rental revenue	(508)	(1,068)	(712)
Loss on extinguishment of debt	28	133	1,283
Gain on insurance proceeds	0	0	(22,227)
Allowance for uncollectible accounts	0	0	5,727
Net change in other operating assets and liabilities	1,923	1,607	86
Change in deferred acquisition fees payable	0	(293)	(1,618)
Net Cash Provided by Operating Activities	89,991	90,820	97,703
Cash Flows — Investing Activities
Funding for development projects	(157,097)	(108,139)	(172,379)
Proceeds from sale of equity investment in real estate	22,760	0	0
Value added taxes paid in connection with construction funding	(9,133)	(6,964)	(9,440)
Capital expenditures on real estate	(7,006)	(2,989)	(10,450)
Proceeds from sale of real estate	6,101	50,846	125,841
Value added taxes refunded in connection with constructing funding	4,674	9,627	5,501
Payment of deferred acquisition fees to an affiliate	(2,619)	(4,503)	(3,851)
Other investing activities, net	(1,317)	159	39
Return of capital from equity investment	1,135	3,161	0
Capital contributions to equity investment	(1,104)	(911)
Capital contributions to equity investment			18
Proceeds from repayment of notes receivable	0	35,954	2,546
Proceeds from insurance settlements	0	1,084	53,195
Net Cash Used in Investing Activities	(143,606)	(22,675)	(8,980)
Cash Flows — Financing Activities
Proceeds from mortgage financing	96,525	123,641	158,302
Distributions paid	(63,271)	(89,845)	(87,609)
Proceeds from issuance of shares	28,230	41,735	41,901
Scheduled payments and prepayments of mortgage principal	(26,679)	(132,160)	(52,411)
Repurchase of shares	(24,327)	(21,457)	(23,108)
Proceeds from notes payable to affiliate	21,048	0	0
Distributions to noncontrolling interests	(20,802)	(20,070)	(21,192)
Contributions from noncontrolling interests	4,356	2,922	1,520
Acquisition of noncontrolling interest in real estate	(4,343)	0	0
Payment of deferred financing costs and mortgage deposits	(2,436)	(1,001)	(1,495)
Other financing activities, net	(781)	(9)	680
Net Cash Provided by (Used in) Financing Activities	7,520	(96,244)	16,588
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	2,410	659	(4,656)
Net (decrease) increase in cash and cash equivalents and restricted cash	(43,685)	(27,440)	100,655
Cash and cash equivalents and restricted cash, beginning of year	163,398	190,838	90,183
Cash and cash equivalents and restricted cash, end of year	$ 119,713	$ 163,398	$ 190,838

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), is a publicly owned, non-traded real estate investment trust (“REIT”), that invests primarily in a diversified portfolio of income-producing commercial real estate properties 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. Our last multi-family residential property was sold on January 29, 2019. After that date, we no longer earned revenue from multi-family residential tenants. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership (“the Operating Partnership”), and as of December 31, 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 December 31, 2020, our net lease portfolio was comprised of full or partial ownership interests in 50 properties, substantially all of which were fully occupied and triple-net leased to 65 tenants totaling 10.1 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 65 self-storage properties, seven student housing development projects (six of which will become subject to net lease agreements upon their completion) and three student housing operating properties, totaling approximately 5.3 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, until January 2019, multi-family residential properties. In addition, we have an All Other category that includes our notes receivable investments, one of which was repaid during the second quarter of 2019. Our reportable business segments and All Other category are the same as our reporting units ( Note 14 ). On December 20, 2019, we executed a framework agreement with a third party (the “Framework Agreement”) to enter into 11 net lease agreements for our student housing properties located in Spain and Portugal for 25 years upon completion of construction. As of the December 31, 2020, we have placed into service five student housing properties, and the remaining six student housing projects under construction will become subject to net lease agreements upon their completion and are scheduled to do so throughout 2021 and 2022. 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 December 31, 2020, $207.4 million and $59.2 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • market rents and growth factors rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, we apply a selected capitalization rate and deduct estimated costs of sale. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Gain/Loss on Sales — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases/Notes Receivable — This policy was superseded by ASU 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Recently Adopted Accounting Pronouncements. Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases and note receivable may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease and note receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. For direct financing lease receivables, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value, we recognized an impairment charge. For notes receivable, we determined the estimated fair value of these financial instruments using a discounted cash flow model that estimated the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates took into account interest rate risk and the value of the underlying collateral, which included the quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event ( Note 6 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If, however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. As of December 31, 2020, we considered 15 entities to be VIEs, all of which we consolidate, as we are considered the primary beneficiary. As of December 31, 2019, we considered 19 entities to be VIEs, of which we consolidated 18. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2020 2019 Real estate — Land, buildings and improvements $ 427,129 $ 359,886 Real estate under construction 179,162 233,220 In-place lease intangible assets 106,703 101,198 Accumulated depreciation and amortization (98,433) (78,598) Total assets 729,611 642,648 Non-recourse secured debt, net $ 331,113 $ 276,124 Total liabilities 390,882 330,549 During the year ended December 31, 2020, we disposed of a previously owned unconsolidated VIE, which we accounted for under the equity method of accounting ( Note 4 ). We did not consolidate this entity because we were not the primary beneficiary and the nature of our involvement in the activities of the entity allowed us to exercise significant influence on, but did not give us power over, decisions that significantly affect the economic performance of the entity. The net carrying amount for this investment was $14.9 million as of December 31, 2019, and our maximum exposure to loss in this entity was limited to our investment. Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. Note Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance. Our note receivable is included in Accounts receivable and other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other operating and interest income in the consolidated financial statements. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Other Assets and Liabilities — We include our note receivable, prepaid expenses, deferred rental income, equity investment in real estate, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Accounts receivable and other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest. Revenue Recognition — Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and other operating properties (including student housing operating and multi-family residential properties; we sold our last multi-family residential property in January 2019). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). 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 year ended December 31, 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 $9.2 million of rent that was not collected due to the adverse impact of COVID-19, which reduced lease revenues in our consolidated statements of income for the year ended December 31, 2020. We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations. Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life of the asset. Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from this translation as a component of Other comprehensive income (loss) in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (loss) (within Other gains and (losses) in the statements of income). The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity. Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. We recognized net realized losses of $0.2 million and $0.6 million, for the years ended December 31, 2020 and 2019, respectively, and net realized gains of $4.7 million for the year ended December 31, 2018. Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Transactions with Our Advisor We have an advisory agreement with our Advisor whereby our Advisor performs certain services for us under a fee arrangement, including the identification, evaluation, negotiation, purchase, 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. As of December 31, 2020, the advisory agreement has been renewed through December 31, 2021. 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%, which is the rate that WPC can borrow funds under its senior credit facility. The line of credit was due to mature on January 16, 2021. On December 16, 2020, the line of credit agreement was amended to increase the borrowing capacity to $50.0 million with a scheduled maturity date of March 31, 2022. As of December 31, 2020 , we have drawn $21.0 million on the line of credit. Subsequent to December 31, 2020, we repaid the outstanding balance on the unsecured revolving line of credit with WPC, including accrued interest through the payment date ( Note 16 ). Jointly Owned Investments As of December 31, 2020 and 2019, we owned interests ranging from 50% to 99% in 18 and 19 jointly owned investments, respectively, with the remaining interests held by WPC (four investments) or by third parties. Since no other parties hold any rights that supersede our control, we consolidate all of these joint ventures (our sole equity investment, which we accounted for under the equity method of accounting, was sold during the year ended December 31, 2020 ( Note 4 )). On December 29, 2020, we acquired the 1.3% remaining shares in a jointly owned net lease student housing property located in Barcelona, Spain, from the joint venture partner, for total consideration of $4.5 million. 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): Years Ended December 31, 2020 2019 2018 Amounts Included in the Consolidated Statements of Income Asset management fees $ 11,914 $ 11,539 $ 12,087 Available Cash Distributions 7,225 8,132 9,692 Personnel and overhead reimbursements 2,648 3,161 3,121 Interest expense on deferred acquisition fees and external joint venture loans 468 492 100 Disposition fees — 1,117 — $ 22,255 $ 24,441 $ 25,000 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 140 $ 665 $ 1,063 Current acquisition fees 110 695 9,370 Deferred acquisition fees 88 555 7,496 $ 338 $ 1,915 $ 17,929 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2020 2019 Due to Affiliates Loan from WPC, including accrued interest $ 21,144 $ — External joint venture loans, accounts payable, and other (a) 6,940 5,951 Acquisition fees, including accrued interest 1,871 4,464 Asset management fees payable 1,328 961 $ 31,283 $ 11,376 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of December 31, 2020 and 2019, loans due to our joint venture partners, including accrued interest, were $5.3 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 per Class A share, which was $8.55 as of September 30, 2020. For the year ended December 31, 2018, all asset management fees paid to our Advisor were in shares of our Class A common stock. 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 December 31, 2020, our Advisor owned 6,905,911 shares of our outstanding Class A common stock, or 4.6% of our total Class A and Class C shares outstanding. Asset management fees are included in Property expenses, excluding reimbursable tenant costs in the consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0%, respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the years ended December 31, 2020 and 2019. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the consolidated financial statements and bear interest at an annual rate of 2.0%. The cumulative total acquisition costs, including acquisition fees paid to the Advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. 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. 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. During the year ended December 31, 2019, a total of $1.1 million of disposition fees were approved and paid in connection with certain 2018 and 2019 dispositions, and are included in Gain on sale of real estate, net in the consolidated financial statements. Personnel and Overhead Reimbursements Under the terms of the advisory agreement, our Advisor allocates a portion of its personnel and overhead expenses to us and the other entities that are managed by WPC and its affiliates, which as of December 31, 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, 2019 and 2018. 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 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 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 accrues 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 consolidated balance sheets. During the year ended December 31, 2020, we recognized less than $0.1 million in interest income from this loan, which is included in Other gains and (losses) in the consolidated financial statements.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	12 Months Ended
	Dec. 31, 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): December 31, 2020 (a) 2019 Land $ 235,243 $ 196,693 Buildings and improvements 1,205,111 1,003,952 Less: Accumulated depreciation (172,319) (135,922) $ 1,268,035 $ 1,064,723 _________ (a) Amounts include four recently completed student housing properties located in Spain and Portugal (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 $55.5 million from December 31, 2019 to December 31, 2020, reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). During the year ended December 31, 2020, in connection with a lease modification, we reclassified one property with an aggregate carrying value of $21.3 million from Net investments in direct financing leases to Real estate — Land, buildings and improvements as the classification of the underlying lease was determined to be an operating lease ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our real estate was $30.5 million, $29.5 million, and $31.0 million for the years ended December 31, 2020, 2019, and 2018, respectively. Dispositions of Real Estate 2020 — During the year ended December 31, 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 December 31, 2020 ( Note 13 ). Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage, student housing (not subject to net lease agreements), and multi-family residential properties (our last multi-family residential property was sold on January 29, 2019), is summarized as follows (in thousands): December 31, 2020 (a) 2019 Land $ 89,148 $ 78,240 Buildings and improvements 507,850 434,245 Less: Accumulated depreciation (73,569) (57,237) $ 523,429 $ 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 increased by $3.6 million from December 31, 2019 to December 31, 2020, reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our operating real estate for the years ended December 31, 2020, 2019, and 2018 was $16.0 million, $15.2 million, and $16.9 million, respectively. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2020 2019 Beginning balance $ 235,751 $ 152,106 Placed into service (236,923) (34,944) Capitalized funds 153,539 112,595 Foreign currency translation adjustments 19,415 (1,145) Capitalized interest 8,273 7,139 Ending balance $ 180,055 $ 235,751 Placed into Service During 2020 During the year ended December 31, 2020, we completed and placed into service the following student housing properties (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 $ 78,927 Barcelona, Spain (c) Real estate — Land, buildings and improvements 8/4/2020 33,429 San Sebastian, Spain (c) Real estate — Land, buildings and improvements 8/20/2020 38,532 Porto, Portugal (d) Real estate — Land, buildings and improvements 10/30/2020 28,809 Malaga, Spain (d) Real estate — Land, buildings and improvements 12/10/2020 50,975 $ 230,672 ___________ (a) Amounts include 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 euro on the date the assets were placed into service. (c) Upon completion, these properties became subject to individual net lease agreements with minimum fixed rents. (d) Upon completion, these properties became subject to an individual net lease agreement with variable rent based on gross revenues, which will convert to minimum fixed rent in the second year of operation. In addition, during the year ended December 31, 2020, we placed into service approximately $6.3 million in capital investment projects at three of our net lease properties (non-cash investing activity). Placed into Service During 2019 On July 2, 2019, upon substantial completion, we placed into service the student housing property located in Barcelona, Spain. As a result, we reclassified $31.4 million from Real estate under construction to Operating real estate — Land, buildings and improvements on our consolidated financial statements. Subsequent to the completion of this project, on December 20, 2019, we entered into the Framework Agreement with a third party to net lease this property. As such, we reclassified $30.8 million from Operating real estate — Land, buildings and improvements to Real estate — Land, buildings and improvements. Amounts based on the exchange rate of the euro at the date of reclassification. Capitalized Funds During 2020 During the year ended December 31, 2020, total capitalized funds primarily related to construction draws for student housing development projects, and includes $20.5 million of accrued costs, which is a non-cash investing activity. Capitalized Funds During 2019 On February 8, 2019, we entered into a student housing development project located in Pamplona, Spain at a total cost of $11.1 million (amount is based on the exchange rate of the euro on the date of acquisition). This property is under construction and is currently projected to be completed in September 2021, at which point, our total investment is expected to be approximately $29.7 million. During the year ended December 31, 2019, total capitalized funds primarily related to our student housing development projects, which were comprised principally of initial funding of $11.1 million and construction draws of $101.5 million. Capitalized funds include accrued costs of $9.0 million, which is a non-cash investing activity. Capitalized Interest Capitalized interest includes interest incurred during construction, as well as amortization of the mortgage discount and deferred financing costs, which totaled $8.3 million, $7.1 million, and $5.4 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is a non-cash investing activity. Ending Balance As of December 31, 2020 and 2019, we had seven and 12 open student housing development projects, respectively, and aggregate unfunded commitments totaling approximately $174.9 million and $279.9 million, respectively, excluding capitalized interest, accrued costs, and capitalized acquisition fees for our Advisor. Leases Operating Lease Income Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the consolidated statements of income for the year ended December 31, 2020 are as follows (in thousands): Years Ended December 31, 2020 2019 Lease revenues — net-leased Lease income — fixed (a) $ 84,047 $ 99,771 Lease income — variable (b) 15,096 15,468 Total operating lease income (c) $ 99,143 $ 115,239 Lease revenues — operating real estate Lease income — fixed $ 67,964 $ 67,969 Lease income — variable (d) 2,218 2,620 Total operating lease income $ 70,182 $ 70,589 _________ (a) The year ended December 31, 2020 includes a $7.0 million write-off of 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. For the year ended December 31, 2020, approximately $8.5 million of rent for these properties was not collected, and thus not recognized ( Note 2 ). (b) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (c) Excludes interest income from direct financing leases of $3.2 million and $3.9 million for the years ended December 31, 2020, and 2019, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the consolidated statements of income. (d) Primarily comprised of late fees and administrative fees revenues. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases as of December 31, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 107,801 2022 111,273 2023 104,413 2024 93,227 2025 87,738 Thereafter 630,400 Total $ 1,134,852 See Note 5 for scheduled future lease payments to be received under non-cancelable direct financing leases. Lease Cost During the years ended December 31, 2020, and 2019, total lease cost for operating leases totaled $1.0 million and $1.1 million, respectively. Additionally, we recognized reimbursable ground rent totaling approximately $0.4 million and $0.4 million, respectively, which is included in Lease revenues — net-leased in the consolidated statements of income. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Years Ended December 31, Location on Consolidated Balance Sheets 2020 2019 Operating ROU assets — land leases In-place lease and other intangible assets $ 37,339 $ 35,069 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 8,084 $ 8,116 Weighted-average remaining lease term — operating leases (a) 42.2 years 43.4 years Weighted-average discount rate — operating leases (a) 6.8 % 6.8 % Number of land lease arrangements 8 8 Lease term range 5 – 982 years 6 – 983 years ___________ (a) Excludes ROU land lease asset totaling $7.5 million and $7.3 million as of December 31, 2020, and 2019, related to the student housing development project located in Swansea, United Kingdom, as it has no future obligation during the 983-year lease term. Cash paid for operating lease liabilities included in the Net cash provided by operating activities for the years ended December 31, 2020, and 2019, was $0.4 million and $0.8 million, respectively. There are no land finance leases for which we are the lessee, therefore there are no related ROU assets or lease liabilities. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2020 is as follows (in thousands): Years Ending December 31, Total 2021 $ 647 2022 647 2023 647 2024 647 2025 642 Thereafter 21,211 Total lease payments 24,441 Less: amount of lease payments representing interest (16,357) Present value of future lease payments/lease obligations $ 8,084 Ghana Settlement Update In relation to the litigation with our former joint venture partner, the arbitrator issued a final decision and awarded the joint venture partner a settlement of $2.6 million during the year ended December 31, 2020. As of December 31, 2020, all amounts payable to the joint venture partner have been paid. In addition, during the year ended December 31, 2020, the collectibility of the value added tax (“VAT”) receivable to be refunded by the Ghanaian government was no longer deemed probable. As such, we recorded a $2.8 million loss to write-off the VAT receivable during the year ended December 31, 2020, which is included within Other gains and (losses) on our consolidated statements of income. 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 held an interest in an unconsolidated investment in our Self Storage segment that related to a joint venture for three self-storage facilities in Canada. This entity was jointly owned with a third party, which was also the general partner of the joint venture. On April 15, 2019, the joint-venture agreement was amended and our ownership and economic interest in the joint venture increased from 90% to 100%. We did not consolidate this entity because we were not the primary beneficiary due to shared decision making with the general partner and the nature of our involvement in the activities, which allowed us to exercise significant influence, but did not give us power over decisions that significantly affect the economic performance of the entity. On December 23, 2020, we disposed of our sole equity method investment which was comprised of the three self-storage facilities located in Canada for total proceeds of $62.3 million. In conjunction with this disposal, we recognized a gain on sale of $12.9 million (inclusive of tax of $1.8 million) during the year ended December 31, 2020, which is included in Equity in earnings (losses) of equity method investment in real estate in our consolidated financial statements. Upon closing of the sale, loans totaling $31.8 million encumbering these properties were repaid. Amounts are based on the exchange rate of the Canadian dollar on the date of the transaction. On August 15, 2019, we closed on the disposition of the self-storage development project located in Vaughan, Canada. In conjunction with this disposal, we recognized a gain on sale of $0.2 million during the year ended December 31, 2019, which is included in Equity in earnings (losses) of equity method investment in real estate in our consolidated financial statements. Ending Balance As of December 31, 2020, we no longer have any equity method investments. As of December 31, 2019, our total equity investment balance for these self-storage properties was $14.9 million, which is included in Accounts receivable and other assets, net in the consolidated financial statements. At December 31, 2019 the joint venture had total third-party recourse debt of $32.2 million. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. This liability was $3.3 million and $3.2 million as of December 31, 2020 and 2019, respectively. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Financing Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Accounts receivable and other assets, net in the consolidated financial statements) and our Net investments in direct financing leases (net of allowance for credit losses). Operating leases are not included in finance receivables. See Note 2 and Note 4 for information on ROU operating lease assets recognized on our consolidated balance sheets. Notes Receivable As of December 31, 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 (“Cipriani”) with a maturity date of July 2024. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. Interest-only payments at a rate of 10% per annum are due through its maturity date. As of both December 31, 2020 and 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, and since that date we have not recognized interest income. We are currently evaluating our rights and options in connection with the senior loan default. On April 9, 2019, we received full repayment totaling $36.0 million on the Mills Fleet Farm Group LLC mezzanine loan (“Mills Fleet”). Interest income recognized from our notes receivable was $1.4 million, $4.1 million, and $7.2 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in Other operating and interest income in our consolidated statements of income. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2020 (a) 2019 Unguaranteed residual value $ 15,559 $ 39,401 Lease payments receivable 14,325 55,278 29,884 94,679 Less: unearned income (12,466) (52,625) Less: allowance for credit losses (b) (485) — $ 16,933 $ 42,054 ___________ (a) During the year ended December 31, 2020, as part of a lease modification we reclassified one property from Net investments in direct financing leases to Real estate — Land, buildings and improvements (as discussed further below). (b) Upon our adoption of ASU 2016-13 on January 1, 2020, we applied changes in loss reserves through a cumulative-effect adjustment to retained earnings totaling $6.9 million (of which, $6.4 million related to the reclassified property discussed above), which is reflected within our consolidated statement of equity ( Note 2 ), as well as an additional allowance for credit loss of $4.9 million due to changes in expected economic conditions relating to a net investment in direct financing lease , which is reflected in our consolidated statements of income. During the fourth quarter of 2020, the tenant emerged from a pre-packaged bankruptcy which led to a reversal of $7.8 million of the original reserve for this property, and is included in Allowance for credit losses in our consolidated statements of income. Additionally, the underlying lease of the net investment in direct financing lease was modified and reclassified to an operating lease, with the net carrying value being reclassified to Real estate — Land, buildings and improvements. Interest income from direct financing leases was $3.2 million, $3.9 million, and, $3.7 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in Lease revenues — net-leased in our consolidated statements of income. During the year ended December 31, 2020, we reclassified one property with an aggregate carrying value of $21.3 million from Net investments in direct financing leases to Real estate — Land, buildings and improvements as the classification of the underlying lease was determined to be an operating lease in connection with a lease modification ( Note 4 ). Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of December 31, 2020 were as follows (in thousands): Years Ending December 31, Total 2021 $ 1,390 2022 1,423 2023 1,458 2024 1,495 2025 1,529 Thereafter 7,030 Total $ 14,325 See Note 4 for scheduled lease payments to be received under non-cancelable operating leases. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. Due to changes in expected economic conditions, we recorded an allowance for credit losses (as noted above). As of both December 31, 2020 and 2019, we had no significant finance receivable balances that were past due. Additionally, other than the reclassification of a net investment direct financing lease to an operating lease noted further above, there were no material modifications of finance receivables during the years ended December 31, 2020 or 2019. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2020 2019 2020 2019 1-3 3 4 $ 16,933 $ 45,457 4 1 1 28,000 24,597 5 — — — — 0 $ 44,933 $ 70,054

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2020
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In-place lease and above-market rent intangibles are included in In-place lease and other intangible assets in the consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Goodwill is included in our Net Lease segment, which is also the reporting unit for goodwill impairment testing, and is included in Accounts receivable and other assets, net in the consolidated financial statements. As a result of foreign currency translation adjustments, goodwill decreased from $26.4 million as of December 31, 2018 to $26.0 million as of December 31, 2019. Goodwill increased from $26.0 million as of December 31, 2019 to $27.3 million as of December 31, 2020, reflecting the impact of foreign currency translation adjustments. We performed our annual test for impairment during the fourth quarter of 2020 for goodwill and no impairment was indicated. Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2020 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 $ 244,963 $ (151,613) $ 93,350 $ 238,771 $ (131,012) $ 107,759 Above-market rent 7 – 30 10,773 (5,670) 5,103 10,257 (4,141) 6,116 255,736 (157,283) 98,453 249,028 (135,153) 113,875 Indefinite-Lived Intangible Assets Goodwill 27,259 — 27,259 26,024 — 26,024 Total intangible assets $ 282,995 $ (157,283) $ 125,712 $ 275,052 $ (135,153) $ 139,899 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,776) $ 7,755 $ (7,021) $ (14,974) $ 6,627 $ (8,347) Total intangible liabilities $ (14,776) $ 7,755 $ (7,021) $ (14,974) $ 6,627 $ (8,347) Net amortization of intangibles, including the effect of foreign currency translation, was $17.3 million, $20.4 million, and $18.4 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to rental income; amortization of in-place lease intangibles is included in Depreciation and amortization on our consolidated statements of income. Based on the intangible assets and liabilities recorded as of December 31, 2020, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net (Increase) Decrease in Rental Income Increase to Amortization Net 2021 $ (376) $ 14,841 $ 14,465 2022 (361) 14,635 14,274 2023 (472) 12,288 11,816 2024 (517) 9,759 9,242 2025 (535) 8,958 8,423 Thereafter 343 32,869 33,212 $ (1,918) $ 93,350 $ 91,432

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars, and previously included foreign currency forward contracts ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 31, 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 consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2020 2019 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,310,378 $ 1,329,482 $ 1,201,913 $ 1,239,004 Notes receivable (c) 3 28,000 28,000 28,000 30,300 ___________ (a) As of December 31, 2020 and 2019, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.9 million and $5.8 million, respectively, and unamortized premium, net of $2.5 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 December 31, 2020 and 2019.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other investments due to changes in interest rates or other market factors. We own international investments, primarily in Europe, and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts. The primary risks related to our use of derivative instruments include: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment, as well as the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2020 and 2019, no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2020 2019 2020 2019 Foreign currency collars Accounts receivable and other assets, net $ 440 $ 1,444 $ — $ — Interest rate caps Accounts receivable and other assets, net 21 116 — — Foreign currency forward contracts Accounts receivable and other assets, net — 861 — — Interest rate swaps Accounts receivable and other assets, net — 53 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,350) (1,991) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (198) — 461 2,474 (3,548) (1,991) Derivatives in Not Cash Flow Hedging Relationships Interest rate swap Accounts payable, accrued expenses and other liabilities — — (28) (48) — — (28) (48) $ 461 $ 2,474 $ (3,576) $ (2,039) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 Interest rate swaps $ (1,412) $ (2,288) $ 487 Foreign currency collars (1,019) 1,343 3,186 Foreign currency forward contracts (861) (1,096) (401) Interest rate caps (227) (38) 25 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 113 19 90 Foreign currency forward contracts — 23 20 Total $ (3,406) $ (2,037) $ 3,407 ___________ (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 (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2020 2019 2018 Interest rate swaps Interest expense $ (1,997) $ (136) $ (254) Foreign currency forward contracts Other gains and (losses) 889 1,450 1,058 Foreign currency collars Other gains and (losses) 633 257 (232) Interest rate caps Interest expense (82) (13) (50) Total $ (557) $ 1,558 $ 522 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 December 31, 2020, we estimated that an additional $1.5 million and less than $0.1 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2020 2019 2018 Foreign currency collars Other gains and (losses) $ (229) $ 206 $ (95) Interest rate swaps Interest expense 23 — — Foreign currency forward contracts Other gains and (losses) (15) (4) — Interest rate swaps Other gains and (losses) — (14) (82) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 1,997 (1) 19 Foreign currency collars Other gains and (losses) — 7 (81) Total $ 1,776 $ 194 $ (239) Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse secured debt and, as a result, we have entered into, and may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of December 31, 2020 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2020 (a) Interest rate swaps 9 93,480 USD $ (3,350) Interest rate caps 3 34,484 EUR 14 Interest rate caps 2 59,000 GBP 7 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,822 EUR (28) $ (3,357) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies at December 31, 2020, as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. Foreign Currency Contracts We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the Norwegian krone. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other gains and (losses) in the consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. 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 collars have maturities of 62 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of December 31, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 14 10,050 EUR $ 133 Foreign currency collars 11 16,500 NOK 109 $ 242 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2020. At December 31, 2020, our total credit exposure was $0.2 million and the maximum exposure to any single counterparty was $0.1 million. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of December 31, 2020, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $3.7 million and $2.1 million as of December 31, 2020 and 2019, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of December 31, 2020 or 2019, we could have been required to settle our obligations under these agreements at their aggregate termination value of $3.8 million and $2.2 million, respectively.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Non-Recourse Secured Debt, Net	Non-Recourse Secured Debt, Net Non-recourse secured debt, net is collateralized by the assignment of real estate properties. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . As of December 31, 2020, the weighted-average interest rates for our fixed-rate and variable-rate non-recourse secured debt were 3.8% and 3.2%, respectively, with maturity dates ranging from 2021 to 2039. Financing Activity During 2020 During the year ended December 31, 2020, we obtained the following construction loans and non-recourse facility loan in connection with certain student housing properties (dollars in thousands based on the exchange rate of the euro as of the date of the transaction): Property Location(s) Date Acquired Interest Rate Rate Type (a) Maturity Date Initial Drawdowns Loan Amount Barcelona, Spain (b) 3/13/2020 2.1% Variable 12/31/2023 $ 16,805 $ 22,541 Seville, Spain 7/31/2020 3.5% Variable 11/30/2023 11,102 26,065 Coimbra, Portugal 10/16/2020 2.7% Fixed 4/16/2025 7,224 18,903 San Sebastian, Spain 12/30/2020 3.0% Variable 12/31/2023 24,562 24,562 $ 92,071 ___________ (a) For the variable rate loans, we entered into interest rate caps for 75% of the maximum loan amounts, respectively. (b) Loan is comprised of four tranches. Interest rate represents the weighted average interest rate of the four tranches as of the date of the transaction. Financing Activity During 2019 On November 8, 2019, we obtained a non-recourse mortgage loan of $75.6 million , relating to the two student housing operating properties located in the United Kingdom. The loan bears a variable interest rate (3.0% at the date of financing), i n which interest only payments are due through the scheduled maturity date of November 2022. At closing, we repaid the $44.7 million and $30.2 million construction loans previously encumbering these properties. Amounts are based on the exchange rate of the British pound sterling at the date of closing. On March 4, 2019, we obtained a construction loan of $51.7 million for a student housing development project located in Austin, Texas. The loan bears a variable interest rate on outstanding drawn balances (3.9% at December 31, 2019), and is scheduled to mature in March 2023. We have the option to extend this loan one year from the original maturity date to March 2024. As of December 31, 2019, we had drawn $25.1 million on the construction loan. Interest Paid Interest paid totaled $39.4 million, $43.4 million, and $50.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2020, during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2021 $ 175,074 2022 206,666 2023 304,149 2024 209,539 2025 319,973 Thereafter through 2039 99,347 Total principal payments 1,314,748 Unamortized deferred financing costs (6,915) Unamortized premium, net 2,545 Total $ 1,310,378 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2020. The carrying value of our Non-recourse secured debt, net, increased by $37.9 million in the aggregate from December 31, 2019 to December 31, 2020, reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Covenants Our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. As of December 31, 2020, we were in breach of a tenant payment covenant on two of our non-recourse mortgage loans (principal balance of $68.4 million as of December 31, 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 declared a cash trap for one of the loans, and has the right to do so for the other. As the tenant is not currently making rental payments, no surplus cash is available to transfer to the reserve account with the lender.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2020, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial statements of income or results of operations. See Note 4 for unfunded construction commitments.

Earnings Per Share and Equity

Earnings Per Share and Equity	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Earnings Per Share and Equity Basic and Diluted Earnings Per Share The following table presents earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2020 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 118,567,905 $ 9,737 $ 0.08 Class C common stock 32,402,493 2,606 0.08 Net income attributable to CPA:18 – Global $ 12,343 Year Ended December 31, 2019 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,469,007 $ 25,636 $ 0.22 Class C common stock 32,123,513 6,936 0.22 Net income attributable to CPA:18 – Global $ 32,572 Year Ended December 31, 2018 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 113,401,265 $ 75,816 $ 0.67 Class C common stock 31,608,961 20,912 0.66 Net income attributable to CPA:18 – Global $ 96,728 The allocation of Net income attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. The Class C common stock allocation includes interest expense related to the accretion of interest on the annual distribution and shareholder servicing fee liability which was less than $0.1 million for the year ended December 31, 2020, and totaled $0.1 million, and $0.2 million for the years ended December 31, 2019, and 2018, respectively. As of December 31, 2020, we have no further obligation with respect to the distribution and shareholder servicing fee as the total underwriting compensation paid in respect to the offering reached the Financial Industry Regulatory Authority (“FINRA”) limit of 10.0% of the gross offering proceeds. As a result, interest expense related to the accretion of the distribution and shareholder servicing fee will no longer impact the Class C common stock. Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our distributions per share are summarized as follows: Years Ended December 31, 2020 2019 2018 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.1490 $ 0.1241 $ 0.1251 $ 0.1101 $ 0.2405 $ 0.2119 Return of capital 0.1463 0.1218 0.3662 0.3220 — — Capital gain 0.1423 0.1185 0.1339 0.1178 0.3847 0.3388 Total distributions paid $ 0.4376 $ 0.3644 $ 0.6252 $ 0.5499 $ 0.6252 $ 0.5507 Distributions are declared at the discretion of our board of directors and are not guaranteed. During the fourth quarter of 2020, our board of directors declared quarterly distributions of $0.0625 per share for both our Class A common stock and Class C common stock, which were paid on January 15, 2021 to stockholders of record on December 31, 2020, in the amount of $9.4 million. During the year ended December 31, 2020, our board of directors declared distributions in the aggregate amount of $40.6 million per share for our Class A common stock and $9.4 million per share for our Class C common stock, which equates to $0.3438 and $0.2895 per share, respectively. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2018 $ (1,082) $ (32,130) $ (33,212) Other comprehensive loss before reclassifications 3,819 (23,002) (19,183) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (826) — (826) Interest expense 304 — 304 Net current-period Other comprehensive loss 3,297 (23,002) (19,705) Net current-period Other comprehensive loss attributable to noncontrolling interests — 2,324 2,324 Balance at December 31, 2018 2,215 (52,808) (50,593) Other comprehensive loss before reclassifications (521) (4,509) (5,030) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,707) — (1,707) Interest expense 149 — 149 Net current-period Other comprehensive loss (2,079) (4,509) (6,588) Net current-period Other comprehensive loss attributable to noncontrolling interests 2 644 646 Balance at December 31, 2019 138 (56,673) (56,535) Other comprehensive loss before reclassifications (4,076) 43,772 39,696 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,522) — (1,522) Interest expense 2,079 — 2,079 Net current-period Other comprehensive income (3,519) 43,772 40,253 Net current-period Other comprehensive income attributable to noncontrolling interests 18 (3,666) (3,648) Balance at December 31, 2020 $ (3,363) $ (16,567) $ (19,930) See Note 8 for additional information on our derivative activity recognized within Other comprehensive income (loss) for the periods presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, the only provision of income taxes in the consolidated financial statements relates to our TRSs. We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Federal Current $ 80 $ 60 $ 130 Deferred 1 — 5 81 60 135 State and Local Current 126 85 292 126 85 292 Foreign Current 3,033 2,375 1,315 Deferred (2,471) (2,310) (3,694) 562 65 (2,379) Total Provision for (Benefit from) Income Taxes $ 769 $ 210 $ (1,952) We account for uncertain tax positions in accordance with Accounting Standards Codification 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. During the year ended December 31, 2020, our unrecognized tax benefits increased by $0.8 million from $1.3 million as of December 31, 2019 to $2.1 million as of December 31, 2020, reflecting additions based on tax positions related to the current period. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2020 and 2019, we had accrued interest related to uncertain tax positions of $0.2 million and $0.1 million, respectively. Tax authorities in relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2013 through 2019 remain open to adjustment in major tax jurisdictions. Income Taxes Paid Income taxes paid were $1.5 million, $1.7 million, and $2.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. Deferred Income Taxes Our deferred tax assets before valuation allowances were $24.2 million and $19.0 million as of December 31, 2020 and 2019, respectively. Our deferred tax liabilities were $50.2 million and $48.6 million as of December 31, 2020 and 2019, respectively. We determined that $21.8 million and $17.6 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount as of December 31, 2020 and 2019, respectively. Our deferred tax asset, net of valuation allowance, is recorded in Accounts receivable and other assets, net on our consolidated balance sheets. Our deferred tax liabilities are recorded in Accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Our deferred tax assets and liabilities are primarily the result of temporary differences related to: • basis differences between tax and GAAP for real estate assets. For income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP; • timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 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 consolidated balance sheets. 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 $2.4 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 includes a $2.9 million gain attributable to noncontrolling interests). The buyer assumed the related non-recourse mortgage loan outstanding on this property totaling $24.2 million. Real Estate — Land, Buildings and Improvements During the year ended December 31, 2019, we sold the 11 properties in our United Kingdom trade counter portfolio (the “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). 2018 Operating Real Estate — Land, Buildings and Improvements During the year ended December 31, 2018, we sold five domestic multi-family residential properties for total proceeds of $95.5 million, net of selling costs, and recognized an aggregate gain on sale of $58.2 million (which includes an $8.3 million gain attributable to noncontrolling interests). Four of these properties had outstanding mortgage loans totaling $93.4 million, which were assumed by the buyer as part of the sale, and the mortgage loan of $25.3 million relating to the remaining property was repaid prior to the disposition. For three of these properties, we sold our 97% interest to one of our joint venture partners. As of December 31, 2018, we had one remaining domestic multi-family residential property classified as Assets held for sale, net with a carrying value of $23.6 million and a non-recourse mortgage loan of $24.3 million. This property was sold in January 2019 as noted above. Real Estate — Land, Buildings and Improvements During the year ended December 31, 2018, we sold an office building located in Utrecht, the Netherlands for total proceeds of $29.7 million, net of selling costs. As a result, we recognized an aggregate gain on sale of $20.5 million, inclusive of a tax benefit of $2.0 million (amounts based on the exchange rate of the euro at the date of sale). The property had an outstanding mortgage loan of $29.2 million, which was assumed by the buyer. As a result of a settlement agreement with our political risk insurer related to a development project in Accra, Ghana, we transferred our right to collect for tenant default damages to the insurer and received $45.6 million, net of transaction costs. As a result, we recognized a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit and a gain attributable to noncontrolling interests of $3.5 million and $2.3 million, respectively).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating leases or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Other Operating Properties segment is primarily comprised of our investments in student housing operating properties, and multi-family residential properties (our last multi-family residential property was sold in January 2019). In addition, we have an All Other category that includes our notes receivable investments, one of which was repaid during the second quarter of 2019. The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2020 2019 2018 Net Lease Revenues (a) $ 104,611 $ 122,038 $ 130,124 Operating expenses (b) (63,583) (69,959) (76,255) Interest expense (28,388) (34,105) (36,128) Gain on sale of real estate, net 2,390 9,932 20,547 Other gains and (losses) (c) (3,231) 1,203 22,597 Benefit from income taxes 52 1,019 1,513 Net income attributable to noncontrolling interests (2,868) (759) (2,716) Net income attributable to CPA:18 – Global $ 8,983 $ 29,369 $ 59,682 Self Storage Revenues $ 61,426 $ 60,767 $ 57,920 Operating expenses (36,407) (35,604) (35,235) Interest expense (13,447) (13,802) (13,256) Other gains and (losses) (d) 12,329 (942) (1,298) Provision for income taxes (110) (115) (85) Net income attributable to CPA:18 – Global $ 23,791 $ 10,304 $ 8,046 Other Operating Properties Revenues $ 9,604 $ 10,550 $ 21,434 Operating expenses (7,749) (7,713) (16,030) Interest expense (1,424) 133 (3,529) Gain on sale of real estate, net — 14,841 58,110 Other gains and (losses) 19 (182) (870) Benefit from income taxes 241 87 178 Net loss (income) attributable to noncontrolling interests 135 (2,541) (8,154) Net income attributable to CPA:18 – Global $ 826 $ 15,175 $ 51,139 All Other Revenues (e) $ 1,426 $ 4,076 $ 7,238 Operating expenses (45) — (4) Other gains and (losses) 60 — — Net income attributable to CPA:18 – Global $ 1,441 $ 4,076 $ 7,234 Corporate Unallocated Corporate Overhead (f) $ (15,473) $ (18,220) $ (19,681) Net income attributable to noncontrolling interests – Available Cash Distributions $ (7,225) $ (8,132) $ (9,692) Total Company Revenues $ 177,067 $ 197,439 $ 216,716 Operating expenses (127,261) (132,509) (147,018) Interest expense (43,343) (48,019) (53,221) Gain on sale of real estate, net 2,390 24,773 78,657 Other gains and (losses) (c) (d) 14,217 2,530 20,204 (Provision for) benefit from income taxes (769) (210) 1,952 Net income attributable to noncontrolling interests (9,958) (11,432) (20,562) Net income attributable to CPA:18 – Global $ 12,343 $ 32,572 $ 96,728 Total Assets at December 31, 2020 2019 Net Lease $ 1,688,259 $ 1,517,659 Self Storage 345,936 369,883 Other Operating Properties 258,017 213,692 Corporate 38,697 105,407 All Other 28,009 28,162 Total Company $ 2,358,918 $ 2,234,803 __________ (a) For the year ended December 31, 2020, approximately $9.2 million of rent was not collected due to the COVID-19 pandemic, which reduced lease revenues. Additionally, the year ended December 31, 2020 includes a $7.0 million write-off of straight-line rent receivables ( Note 2 ). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our consolidated financial statements. (b) The year ended December 31, 2020 includes an allowance for credit losses reversal of $2.9 million, in accordance with ASU 2016-13 ( Note 2 and N ote 5 ). During the year ended December 31, 2018, we recorded bad debt expense of $5.2 million, which is included in Property expenses, excluding reimbursable tenant costs in the consolidated statements of income as a result of financial difficulties and uncertainty regarding future rent collection from one of our tenants. (c) The year ended December 31, 2020 includes a $2.8 million loss to write-off the VAT receivable related to our previous investment in Ghana as collectibility was no longer deemed probable ( Note 4 ). The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture, as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017. (d) Includes Equity in earnings (losses) of equity method investment in real estate. The year ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million), relating to the disposition of our equity method investment in real estate ( Note 4 ). (e) On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (f) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $11.9 million, $11.5 million, and $12.1 million for the years ended December 31, 2020, 2019, and 2018, respectively ( Note 3 ). Our portfolio is comprised of domestic and international investments. Our previous sole equity investment in real estate, which was included within our Self Storage business segment, was entirely international. During the year ended December 31, 2020, we disposed of our equity investment in real estate, which had a carrying value of $14.9 million as of December 31, 2019. The following tables present the geographic information (in thousands): Years Ended December 31, 2020 2019 2018 Revenues Texas $ 22,685 $ 20,941 $ 24,681 Florida 22,469 22,876 29,136 All Other Domestic 70,410 72,513 81,059 Total Domestic 115,564 116,330 134,876 Total International (a) (b) 61,503 81,109 81,840 Total Company $ 177,067 $ 197,439 $ 216,716 ___________ (a) All years include operations in Norway, Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, and Slovakia. The years ended December 31, 2020 and 2019 include operations in Spain. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2020, 2019, and 2018. (b) The year ended December 31, 2020 includes the impact of the COVID-19 pandemic on certain net lease hotels located in Germany and Mauritius, as well as student housing operating properties located in the United Kingdom. Years Ended December 31, 2020 2019 Long-lived assets (a) Texas $ 259,719 $ 246,421 All Other Domestic 609,926 639,049 Total Domestic 869,645 885,470 Spain 261,476 158,613 Norway 196,946 197,091 All Other International (b) 796,177 705,546 Total International 1,254,599 1,061,250 Total Company $ 2,124,244 $ 1,946,720 ___________ (a) Consists of Net investments in real estate. (b) Comprised of investments in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Portugal. We sold our sole investment in Canada during the year ended December 31, 2020 ( Note 4 ).

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (Dollars in thousands, except per share amounts): Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues (a) $ 42,880 $ 43,928 $ 43,182 $ 47,077 Expenses (b) 36,228 30,582 31,478 28,973 Net (loss) income (c) (5,569) 2,339 4,649 20,882 Net income attributable to noncontrolling interests (2,611) (3,530) (1,346) (2,471) Net (loss) income attributable to CPA:18 – Global (8,180) (1,191) 3,303 18,411 Class A Common Stock Basic and diluted (loss) earnings per share (d) $ (0.05) $ (0.01) $ 0.02 $ 0.12 Class C Common Stock Basic and diluted (loss) earnings per share (d) $ (0.05) $ (0.01) $ 0.02 $ 0.12 Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 50,294 $ 49,027 $ 49,091 $ 49,027 Expenses 32,272 34,021 35,737 30,479 Net income (e) 19,673 5,178 10,464 8,689 Net income attributable to noncontrolling interests (e) (4,846) (2,100) (1,505) (2,981) Net income attributable to CPA:18 – Global 14,827 3,078 8,959 5,708 Class A Common Stock Basic and diluted earnings per share (d) $ 0.10 $ 0.02 $ 0.06 $ 0.04 Class C Common Stock Basic and diluted earnings per share (d) $ 0.10 $ 0.02 $ 0.06 $ 0.04 __________ (a) The three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables based on our current assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Additionally, we did not recognize $3.0 million, $3.6 million, and $2.6 million of lease revenues during the three months ended June 30, 2020, September 30, 2020, December 31, 2020, respectively ( Note 2 ). (b) The three months ended March 31, 2020 includes an allowance for credit losses of $4.9 million, in accordance with ASU 2016-13 ( Note 5 ). The three months ended December 31, 2020 includes a reversal of allowance for credit losses of $7.8 million ( Note 5 ). (c) The three months ended March 31, 2020 includes a $2.8 million loss to write-off the VAT receivable related to our previous investment in Ghana as collectibility was no longer deemed probable ( Note 4 ). The three months ended September 30, 2020 includes a net gain on sale of real estate $3.3 million ( Note 13 ). The three months ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million) relating to the sale of our equity investment in real estate ( Note 4 ), and a $0.9 million net loss resulting from a post-closing adjustment relating to the property sold through eminent domain during the three months ended September 30, 2020. (d) The sum of the quarterly Income per share does not agree to the annual earnings per share for 2020 and 2019 due to the issuances of our common stock that occurred during such periods. During the three months ended December 31, 2020, we ceased incurring the distribution and shareholder servicing fee ( Note 11 ), as such the computation of basic and diluted earnings per share are the same for both Class A and Class C common stock. (e) Amount for the three months ended March 31, 2019 includes gains on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests) and $1.2 million relating to the dispositions of our last multi-family residential property, and a retail building included in our Truffle portfolio. Amount for the three months ended June 30, 2019 includes a gain on sale of $0.7 million relating to the dispositions of two additional properties located in our Truffle portfolio. Amount for the three months ended September 30, 2019 includes a gain on sale of $8.4 million relating to the remaining eight properties in our Truffle portfolio ( Note 13

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On February 16, 2021, we repaid $21.1 million on the unsecured revolving line of credit with WPC, which includes the amount outstanding as of December 31, 2020 as well as accrued interest through the date of payment ( Note 3

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2020, 2019, and 2018 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2020 Valuation reserve for deferred tax assets $ 17,556 $ 5,181 $ (960) $ 21,777 Year Ended December 31, 2019 Valuation reserve for deferred tax assets $ 9,213 $ 8,879 $ (536) $ 17,556 Allowance for uncollectible accounts (a) 9,781 — (9,781) — Year Ended December 31, 2018 Valuation reserve for deferred tax assets $ 13,593 $ 3,090 $ (7,470) $ 9,213 Allowance for uncollectible accounts (a) 4,399 5,383 (1) 9,781 ___________ (a) In accordance with the adoption of ASU 2016-02 during the first quarter of 2019, any amounts deemed uncollectible are now recorded within lease revenues.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,741 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 15,541 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 6,496 — 10,828 — (1,143) — 9,685 9,685 2,008 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 6,312 — 10,576 — (1,195) — 9,381 9,381 1,837 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 6,189 2,264 10,676 — (1,450) 2,019 9,471 11,490 2,027 2006 Dec. 2013 34 yrs. Retail facility in Zadar, Croatia 7,415 4,320 10,536 799 (1,581) 3,852 10,222 14,074 2,182 2007 Dec. 2013 33 yrs. Retail facility in Split, Croatia 919 — 3,161 — (365) — 2,796 2,796 730 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 2,770 1,163 3,393 4,111 (535) 1,163 6,969 8,132 1,814 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,207 13,748 52,135 — — 13,748 52,135 65,883 13,222 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,136 1,044 3,361 — — 1,044 3,361 4,405 696 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 43,131 14,362 59,219 — (21,409) 10,183 41,989 52,172 7,222 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 58,446 — 112,676 — (12,149) — 100,527 100,527 17,100 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA 4,390 448 5,841 — — 448 5,841 6,289 1,419 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 6,631 2,251 3,390 672 47 2,251 4,109 6,360 987 2001 May 2014 40 yrs. Industrial facility in Surprise, AZ 2,054 298 2,347 1,700 — 298 4,047 4,345 848 1998 May 2014 35 yrs. Industrial facility in Temple, GA 5,940 381 6,469 — — 381 6,469 6,850 1,468 2007 May 2014 33 yrs. Land in Houston, TX 1,062 1,675 — — — 1,675 — 1,675 — N/A May 2014 N/A Land in Chicago, IL 1,546 3,036 — — — 3,036 — 3,036 — N/A May 2014 N/A Warehouse facility in Jonesville, SC 27,637 2,995 14,644 19,389 — 2,995 34,033 37,028 8,205 1997 Jun. 2014 28 yrs. Office facility in Warstein, Germany 10,816 281 15,671 — (523) 272 15,157 15,429 2,482 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 5,758 1,141 5,997 4,690 — 1,141 10,687 11,828 1,681 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 41,917 8,276 80,475 — (20,190) 6,442 62,119 68,561 9,703 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,597 1,189 11,279 — — 1,189 11,279 12,468 1,862 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 27,165 3,990 30,320 646 — 3,990 30,966 34,956 5,017 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,486 512 1,283 2 — 512 1,285 1,797 366 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 699 509 340 2 — 509 342 851 168 1990 Nov. 2014 20 yrs. Industrial facility in Dallas, TX 248 128 204 2 — 128 206 334 83 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,076 360 1,120 1 — 360 1,121 1,481 290 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,090 809 671 1 — 809 672 1,481 254 2008 Nov. 2014 30 yrs. Industrial and warehouse facility in Byron Center, MI 6,994 625 1,005 9,515 — 625 10,520 11,145 1,425 2015 Nov. 2014 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Rotterdam, Netherlands 39,506 2,247 27,150 — (3,493) 1,604 24,300 25,904 3,711 1960 Dec. 2014 40 yrs. Office facility in Rotterdam, Netherlands — 2,246 27,136 — 2,504 2,814 29,072 31,886 4,454 1960 Dec. 2014 40 yrs. Hotel in Albion, Mauritius 18,407 4,047 54,927 243 447 4,081 55,583 59,664 10,151 2007 Dec. 2014 40 yrs. Office facility in Eindhoven, Netherlands 58,296 8,736 14,493 78,413 9,478 14,141 96,979 111,120 8,992 2017 Mar. 2015 40 yrs. Office facility in Plano, TX 21,860 3,180 26,926 — — 3,180 26,926 30,106 4,008 2001 Apr. 2015 40 yrs. Hotel in Munich, Germany 51,203 8,497 41,883 42,982 1,330 11,012 83,680 94,692 6,884 2017 May 2015 40 yrs. Warehouse facility in Plymouth, MN 10,455 2,537 9,731 1,019 — 2,537 10,750 13,287 2,321 1975 May 2015 32 yrs. Retail facility in Oslo, Norway 58,393 61,607 34,183 854 (11,083) 54,428 31,133 85,561 7,670 1971 May 2015 30 yrs. Hotel in Hamburg, Germany 18,477 5,719 1,530 21,248 2,113 6,370 24,240 30,610 2,124 2017 Jun. 2015 40 yrs. Office facility in Jacksonville, FL 10,533 1,688 10,081 — — 1,687 10,082 11,769 1,572 2001 Jul. 2015 40 yrs. Office facility in Warrenville, IL 22,462 2,222 25,449 1,239 — 2,222 26,688 28,910 4,139 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,599 1,937 31,093 5,048 — 1,937 36,141 38,078 4,889 2015 Oct. 2015 40 yrs. Industrial facility in Michalovce, Slovakia 14,249 1,055 10,808 13,978 2,291 1,502 26,630 28,132 3,315 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany 16,154 — 25,717 1,175 3,384 — 30,276 30,276 4,340 1965 Dec. 2015 35 yrs. Industrial facility in Menomonee Falls, WI 13,041 1,680 19,600 — — 1,680 19,600 21,280 73 1974 Dec. 2015 28 yrs. Warehouse facility in Iowa City, IA 6,159 913 5,785 — — 913 5,785 6,698 901 2001 Mar. 2017 40 yrs. Residential facility in Malaga, Spain — 3,293 4,044 43,638 656 4,444 47,187 51,631 105 2020 Oct. 2017 40 yrs. Residential facility in Barcelona, Spain 14,978 7,453 3,574 20,083 3,289 9,313 25,086 34,399 1,144 2019 Mar. 2018 40 yrs. Residential facility in San Sebastian, Spain 23,690 4,891 8,235 25,012 1,363 5,895 33,606 39,501 417 2020 Jun. 2018 40 yrs. Residential facility in Barcelona, Spain 23,820 9,492 3,597 20,435 1,441 11,561 23,404 34,965 320 2020 Jun. 2018 40 yrs. Residential facility in Porto, Portugal — 5,229 956 22,624 1,409 5,637 24,581 30,218 152 2020 Dec. 2018 35 yrs. $ 867,150 $ 233,689 $ 912,508 $ 339,521 $ (45,364) $ 235,243 $ 1,205,111 $ 1,440,354 $ 172,319 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Industrial facility in Columbus, GA $ 2,552 $ 488 $ 2,947 $ — $ 270 $ 3,705 1965 Apr. 2014 Industrial facility in Houston, TX 1,150 — 1,573 — 238 1,811 1973 May 2014 Warehouse facility in Chicago, IL 5,816 — 8,564 1,381 1,472 11,417 1942 May 2014 $ 9,518 $ 488 $ 13,084 $ 1,381 $ 1,980 $ 16,933 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Operating Real Estate – Residential Facilities Cardiff, UK $ 30,584 $ 222 $ 14,136 $ — $ 31,418 $ 1,924 $ 231 $ 45,831 $ 1,638 $ 47,700 $ 3,108 2018 Jun. 2015 40 yrs. Portsmouth, UK 48,973 8,096 3,416 — 59,324 3,080 8,435 63,101 2,380 73,916 4,409 2018 Dec. 2015 40 yrs. Austin, TX 51,140 10,623 3,043 — 65,259 — 10,624 66,981 1,320 78,925 762 2020 Sep. 2018 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 6,561 3,306 7,190 — 143 (18) 3,306 7,229 86 10,621 1,499 2005 Jan. 2014 38 yrs. St. Petersburg, FL 7,030 3,258 7,128 — 167 4 3,258 7,252 47 10,557 1,412 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,665 340 3,428 — 369 4 340 3,679 122 4,141 1,038 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,688 1,356 3,699 — 335 13 1,356 3,987 60 5,403 961 1991 Jul. 2014 32 yrs. Miami, FL 2,968 1,915 1,894 — 203 7 1,915 2,029 75 4,019 483 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,740 669 8,899 — 77 4 669 8,941 39 9,649 1,562 2006 Aug. 2014 40 yrs. Columbia, SC 2,989 1,065 2,742 — 237 15 1,065 2,874 120 4,059 820 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,448 2,263 2,704 — 110 4 2,263 2,754 64 5,081 663 2004 Oct. 2014 32 yrs. Pompano Beach, FL 2,967 700 3,436 — 816 2 700 4,177 77 4,954 1,111 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,476 1,596 5,963 — 254 — 1,596 6,151 66 7,813 1,203 1989 Nov. 2014 37 yrs. Dickinson, TX 6,331 1,680 7,165 — 188 2 1,680 7,240 115 9,035 1,572 2001 Dec. 2014 35 yrs. Humble, TX 4,956 341 6,582 — 38 3 341 6,587 36 6,964 1,160 2009 Dec. 2014 39 yrs. Temecula, CA 6,394 449 8,574 — 27 (6) 449 8,568 27 9,044 1,533 2006 Dec. 2014 37 yrs. Cumming, GA 2,807 300 3,531 — 117 — 300 3,578 70 3,948 987 1994 Dec. 2014 27 yrs. Naples, FL 10,516 3,073 10,677 — 1,475 19 3,073 12,005 166 15,244 2,990 1974 Jan. 2015 31 yrs. Valrico, FL 5,897 695 7,558 — 306 (200) 695 7,636 28 8,359 1,158 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,894 1,796 4,782 — 190 2 1,796 4,871 103 6,770 1,006 1999 Feb. 2015 24 yrs. Sebastian, FL 1,897 474 2,031 — 298 — 474 2,262 67 2,803 792 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,925 522 4,809 — 234 — 522 5,035 8 5,565 851 2010 Feb. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Panama City Beach, FL 2,607 706 2,864 — 61 5 706 2,892 38 3,636 610 1997 Mar. 2015 36 yrs. Hesperia, CA 5,966 779 5,504 — 129 — 779 5,567 66 6,412 1,553 2004 Apr. 2015 27 yrs. Hesperia, CA 2,454 335 1,999 — 98 — 335 2,088 9 2,432 610 2007 Apr. 2015 28 yrs. Hesperia, CA 3,593 384 3,042 — 216 — 384 3,215 43 3,642 1,124 1985 Apr. 2015 20 yrs. Highland, CA 4,529 1,056 3,366 — 52 — 1,056 3,400 18 4,474 697 2003 Apr. 2015 36 yrs. Lancaster, CA 4,499 217 4,355 — 86 — 217 4,390 51 4,658 968 1989 Apr. 2015 31 yrs. Rialto, CA 6,603 1,905 3,642 — 65 — 1,905 3,676 31 5,612 872 2007 Apr. 2015 30 yrs. Thousand Palms, CA 6,311 1,115 5,802 — 111 2 1,115 5,884 31 7,030 1,364 2007 Apr. 2015 31 yrs. Louisville, KY 6,589 2,973 6,056 — 171 — 2,973 6,156 71 9,200 1,490 1998 Apr. 2015 32 yrs. Lilburn, GA 2,330 1,499 1,658 — 114 — 1,499 1,718 54 3,271 780 1998 Apr. 2015 18 yrs. Stockbridge GA 1,618 170 1,996 — 210 — 170 2,159 47 2,376 638 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,625 811 2,723 — 82 — 811 2,790 15 3,616 754 1977 May 2015 24 yrs. Las Vegas, NV 6,353 450 8,381 — 163 — 450 8,488 56 8,994 1,408 1996 May 2015 38 yrs. Panama City Beach, FL 6,136 347 8,233 5 78 1 347 8,272 45 8,664 1,236 2008 May 2015 40 yrs. Sarasota, FL 5,161 835 6,193 — 149 — 835 6,309 33 7,177 1,036 2003 Jun. 2015 40 yrs. Sarasota, FL 3,773 465 4,576 — 96 — 465 4,633 39 5,137 741 2001 Jun. 2015 39 yrs. St. Peters, MO 2,296 199 2,888 — 182 — 199 2,986 84 3,269 552 1991 Jun. 2015 35 yrs. Leesburg, FL 2,387 731 2,480 — 108 — 731 2,552 36 3,319 749 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,094 2,179 7,367 — 186 — 2,179 7,481 72 9,732 1,537 2000 Jul. 2015 34 yrs. Houston, TX 4,588 1,067 4,965 — 606 — 1,067 5,552 19 6,638 1,355 1971 Aug. 2015 27 yrs. Ithaca, NY 2,271 454 2,211 — 36 — 454 2,239 8 2,701 555 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,332 783 2,417 — 337 — 783 2,740 14 3,537 966 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,202 664 2,762 1 604 — 664 3,328 39 4,031 1,049 1987 Sep. 2015 17 yrs. Hudson, FL 3,227 364 4,188 — 28 — 364 4,191 25 4,580 642 2008 Sep. 2015 40 yrs. Kissimmee, FL — 407 8,027 — 83 — 407 8,086 24 8,517 1,111 2015 Oct. 2015 40 yrs. El Paso, TX 3,694 1,275 3,339 — 229 — 1,275 3,554 14 4,843 609 1983 Oct. 2015 35 yrs. El Paso, TX 2,535 921 2,764 — 1 — 921 2,764 1 3,686 516 1980 Oct. 2015 35 yrs. El Paso, TX 3,601 594 4,154 — 29 — 594 4,154 29 4,777 690 1980 Oct. 2015 35 yrs. El Paso, TX 3,618 594 3,867 — 152 — 594 3,981 38 4,613 692 1986 Oct. 2015 35 yrs. El Paso, TX 1,424 337 2,024 — 110 — 337 2,124 10 2,471 352 1985 Oct. 2015 35 yrs. El Paso, TX 3,707 782 3,825 — 32 — 782 3,836 21 4,639 837 1980 Oct. 2015 35 yrs. Fernandina Beach, FL 7,238 1,785 7,133 — 205 — 1,785 7,256 82 9,123 1,196 1986 Oct. 2015 25 yrs. Kissimmee, FL 3,432 1,371 3,020 3 148 — 1,371 3,140 31 4,542 787 1981 Oct. 2015 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2020 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Houston, TX 2,747 817 3,438 — 80 — 817 3,475 43 4,335 704 1998 Oct. 2015 30 yrs. Houston, TX 2,946 708 3,778 — 170 — 708 3,848 100 4,656 802 2001 Nov. 2015 30 yrs. Greensboro, NC 4,032 716 4,108 — 1,268 89 716 5,432 33 6,181 1,333 1953 Dec. 2015 20 yrs. Portland, OR 6,342 897 8,831 — 155 (6) 897 8,922 58 9,877 1,164 2000 Dec. 2015 40 yrs. Kissimmee, FL 3,770 1,094 4,298 — 63 — 1,094 4,336 25 5,455 858 2000 Jan. 2016 32 yrs. Avondale, LA 3,415 808 4,245 — 4 (11) 808 4,234 4 5,046 636 2008 Jan. 2016 40 yrs. Gilroy, California 5,673 2,704 7,451 — 76 — 2,704 7,485 42 10,231 1,399 1999 Feb. 2016 35 yrs. Washington, D.C. 6,771 3,185 8,177 — 27 — 3,185 8,203 1 11,389 1,161 1962 Apr. 2016 34 yrs. Milford, MA 5,456 751 6,290 — 2 — 751 6,290 2 7,043 946 2003 Apr. 2016 37 yrs. Millsboro, DE 5,700 807 5,152 — 19 — 807 5,160 11 5,978 809 2001 Apr. 2016 35 yrs. New Castle, DE 4,565 994 5,673 — 30 — 994 5,681 22 6,697 754 2005 Apr. 2016 38 yrs. Rehoboth, DE 8,470 1,229 9,945 — 12 — 1,229 9,952 5 11,186 1,455 1999 Apr. 2016 38 yrs. Chicago, IL 1,878 796 2,112 — 97 — 796 2,170 39 3,005 392 1990 Nov. 2016 25 yrs. $ 411,404 $ 88,799 $ 334,706 $ 9 $ 168,545 $ 4,939 $ 89,148 $ 499,557 $ 8,293 $ 596,998 $ 73,569 ___________ (a) Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on development project transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. (b) The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates, (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (iii) reclassifications from net investments in direct financing leases to real estate subject to operating leases, and (iv) allowance for credit losses. (c) Excludes (i) gross lease intangible assets of $255.7 million and the related accumulated amortization of $157.3 million, (ii) gross lease intangible liabilities of $14.8 million and the related accumulated amortization of $7.8 million, and (iii) real estate under construction of $180.1 million. (d) A reconciliation of real estate and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2020 2019 2018 Beginning balance $ 1,200,645 $ 1,210,776 $ 1,263,172 Reclassification from real estate under construction 157,996 58 26,192 Foreign currency translation adjustment 62,373 (11,893) (42,168) Reclassification from Net investments in direct financing leases 21,280 — — Dispositions (3,391) (29,974) (36,595) Capital improvements 1,451 892 175 Reclassification from operating real estate — 30,786 — Ending balance $ 1,440,354 $ 1,200,645 $ 1,210,776 Reconciliation of Accumulated Depreciation Years Ended December 31, 2020 2019 2018 Beginning balance $ 135,922 $ 112,061 $ 87,886 Depreciation expense 30,449 29,339 29,787 Foreign currency translation adjustment 6,889 (924) (3,089) Dispositions (941) (4,554) (2,523) Ending balance $ 172,319 $ 135,922 $ 112,061 Reconciliation of Operating Real Estate Years Ended December 31, 2020 2019 2018 Beginning balance $ 512,485 $ 503,149 $ 566,489 Reclassification from real estate under construction 78,927 34,886 113,061 Foreign currency translation adjustment 3,966 3,014 (2,518) Capital improvements 1,620 2,270 5,343 Reclassification to real estate — (30,786) — Dispositions — (48) (152,948) Reclassification to held for sale — — (26,278) Ending balance $ 596,998 $ 512,485 $ 503,149 Reconciliation of Accumulated Years Ended December 31, 2020 2019 2018 Beginning balance $ 57,237 $ 41,969 $ 43,786 Depreciation expense 16,013 15,163 16,864 Foreign currency translation adjustment 319 127 (2) Dispositions — (22) (16,009) Reclassification to held for sale — — (2,670) Ending balance $ 73,569 $ 57,237 $ 41,969

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2020 (dollars in thousands) Interest Rate Final Maturity Date Fair Value Carrying Amount Description Financing agreement — Cipriani 10.0 % Jul. 2024 $ 28,000 $ 28,000 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2020 2019 2018 Beginning balance $ 28,000 $ 63,954 $ 66,500 Collection of principal (a) — (35,954) (2,546) Ending balance $ 28,000 $ 28,000 $ 63,954 __________ (a) On April 9, 2019, we received full repayment totaling $36.0 million on the Mills Fleet mezzanine loan ( Note 5 ).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. Each business combination is then accounted for by applying the acquisition method. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • market rents and growth factors rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e. assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e. free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairments	Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, we apply a selected capitalization rate and deduct estimated costs of sale. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We base the fair value on the contract and the estimated cost to sell on information provided by brokers and legal counsel. We then compare the asset’s fair value (less estimated cost to sell) to its carrying value, and if the fair value, less estimated cost to sell, is less than the property’s carrying value, we reduce the carrying value to the fair value, less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Gain/Loss on Sales — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases/Notes Receivable — This policy was superseded by ASU 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Recently Adopted Accounting Pronouncements. Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases and note receivable may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease and note receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. For direct financing lease receivables, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value, we recognized an impairment charge. For notes receivable, we determined the estimated fair value of these financial instruments using a discounted cash flow model that estimated the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates took into account interest rate risk and the value of the underlying collateral, which included the quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. Equity Investment in Real Estate — We evaluate our equity investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreement. For our equity investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event ( Note 6
Basis of Consolidation	Basis of Consolidation —
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.
Real Estate	Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize improvements and significant renovations that extend the useful life of the properties, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g. real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period.
Notes Receivable	Note Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance. Our note receivable is included in Accounts receivable and other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other operating and interest income in the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Other Assets And Liabilities	Other Assets and Liabilities — We include our note receivable, prepaid expenses, deferred rental income, equity investment in real estate, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Accounts receivable and other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.
Deferred Acquisition Fees Payable to Affiliates	Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital).
Share Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Noncontrolling Interests	Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net income attributable to noncontrolling interest.
Revenue Recognition	Revenue Recognition — Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and other operating properties (including student housing operating and multi-family residential properties; we sold our last multi-family residential property in January 2019). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). 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 year ended December 31, 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 $9.2 million of rent that was not collected due to the adverse impact of COVID-19, which reduced lease revenues in our consolidated statements of income for the year ended December 31, 2020. We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Leases We adopted guidance under Accounting Standards Codification (“ASC”) 842, Leases for our interim and annual periods beginning January 1, 2019. As a Lessee : Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the CPI or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Interest Capitalization in Connection with Real Estate Under Construction	Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life of the asset.
Foreign Currency Transactions and Translations Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from this translation as a component of Other comprehensive income (loss) in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (loss) (within Other gains and (losses) in the statements of income). The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive income (loss) until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive income (loss) into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities primarily within North America and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). These operations are subject to corporate federal, state, local, and foreign income taxes, as applicable. Our financial statements are prepared on a consolidated basis including TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 12 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit) ( Note 12 ).
Income Per Share	Income Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income per basic and diluted share of common stock is calculated by dividing Net income attributable to CPA:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net income attributable to CPA:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2020, 2019, and 2018, respectively.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Lessor	As a Lessor : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred, if the reimbursements are deemed collectible.
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 consolidated statements of income. Previously, this line item was included within Property expenses (which is now presented as Property expenses, excluding reimbursable tenant costs). In connection with our adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), effective January 1, 2019, reimbursable tenant costs (revenues), which were previously included in Other operating income, are now included within Lease revenues — net-leased in the consolidated statements of income. Additionally, we previously presented Interest income from direct financing leases separately on the consolidated statements of income. We now present this item within Lease revenues — net-leased. In addition, we previously presented Other operating income and Other interest income separately on the consolidated statements of income. We currently present these items as Other operating and interest income as a result of the reclassifications related to the adoption of ASU 2016-02 previously discussed. Additionally, non-lease operating real estate income is now included in Other operating and interest income, which was previously included in Lease revenues — operating real estate in the consolidated statements of income. Lastly, we reclassified Acquisition and other expenses to be included in General and administrative in the consolidated statements of income, which did not have a material impact on our consolidated financial statements.
Restricted Cash	Restricted Cash Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements Pronouncements Adopted as of December 31, 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including loans/notes receivable and net investments in direct financing leases. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842 . We adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $6.9 million, which is reflected within our consolidated statement of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases on our 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 . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The adoption of this standard did not have a material impact on our consolidated financial statements.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars, and previously included foreign currency forward contracts ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets (in thousands): December 31, 2020 2019 Real estate — Land, buildings and improvements $ 427,129 $ 359,886 Real estate under construction 179,162 233,220 In-place lease intangible assets 106,703 101,198 Accumulated depreciation and amortization (98,433) (78,598) Total assets 729,611 642,648 Non-recourse secured debt, net $ 331,113 $ 276,124 Total liabilities 390,882 330,549
Foreign Currency Exchange Rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: December 31, 2020 2019 Percent Change British Pound Sterling $ 1.3649 $ 1.3204 3.4 % Euro 1.2271 1.1234 9.2 % Norwegian Krone 0.1172 0.1139 2.9 %
Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2020 2019 2018 Cash and cash equivalents $ 62,346 $ 144,148 $ 170,914 Restricted cash (a) 57,367 19,250 19,924 Total cash and cash equivalents and restricted cash $ 119,713 $ 163,398 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets. The amount as of December 31, 2020 includes $30.4 million of net proceeds held in escrow relating to the disposition of our equity method investment in real estate ( Note 4 ). These funds were transferred from a restricted cash account to us in February 2021.
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2020 2019 2018 Cash and cash equivalents $ 62,346 $ 144,148 $ 170,914 Restricted cash (a) 57,367 19,250 19,924 Total cash and cash equivalents and restricted cash $ 119,713 $ 163,398 $ 190,838 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets. The amount as of December 31, 2020 includes $30.4 million of net proceeds held in escrow relating to the disposition of our equity method investment in real estate ( Note 4 ). These funds were transferred from a restricted cash account to us in February 2021.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements (in thousands): Years Ended December 31, 2020 2019 2018 Amounts Included in the Consolidated Statements of Income Asset management fees $ 11,914 $ 11,539 $ 12,087 Available Cash Distributions 7,225 8,132 9,692 Personnel and overhead reimbursements 2,648 3,161 3,121 Interest expense on deferred acquisition fees and external joint venture loans 468 492 100 Disposition fees — 1,117 — $ 22,255 $ 24,441 $ 25,000 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 140 $ 665 $ 1,063 Current acquisition fees 110 695 9,370 Deferred acquisition fees 88 555 7,496 $ 338 $ 1,915 $ 17,929 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2020 2019 Due to Affiliates Loan from WPC, including accrued interest $ 21,144 $ — External joint venture loans, accounts payable, and other (a) 6,940 5,951 Acquisition fees, including accrued interest 1,871 4,464 Asset management fees payable 1,328 961 $ 31,283 $ 11,376 ___________ (a) Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of December 31, 2020 and 2019, loans due to our joint venture partners, including accrued interest, were $5.3 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)	12 Months Ended
	Dec. 31, 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): December 31, 2020 (a) 2019 Land $ 235,243 $ 196,693 Buildings and improvements 1,205,111 1,003,952 Less: Accumulated depreciation (172,319) (135,922) $ 1,268,035 $ 1,064,723 _________ (a) Amounts include four recently completed student housing properties located in Spain and Portugal (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, student housing (not subject to net lease agreements), and multi-family residential properties (our last multi-family residential property was sold on January 29, 2019), is summarized as follows (in thousands): December 31, 2020 (a) 2019 Land $ 89,148 $ 78,240 Buildings and improvements 507,850 434,245 Less: Accumulated depreciation (73,569) (57,237) $ 523,429 $ 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.
Real Estate Under Construction	The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2020 2019 Beginning balance $ 235,751 $ 152,106 Placed into service (236,923) (34,944) Capitalized funds 153,539 112,595 Foreign currency translation adjustments 19,415 (1,145) Capitalized interest 8,273 7,139 Ending balance $ 180,055 $ 235,751 During the year ended December 31, 2020, we completed and placed into service the following student housing properties (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 $ 78,927 Barcelona, Spain (c) Real estate — Land, buildings and improvements 8/4/2020 33,429 San Sebastian, Spain (c) Real estate — Land, buildings and improvements 8/20/2020 38,532 Porto, Portugal (d) Real estate — Land, buildings and improvements 10/30/2020 28,809 Malaga, Spain (d) Real estate — Land, buildings and improvements 12/10/2020 50,975 $ 230,672 ___________ (a) Amounts include 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 euro on the date the assets were placed into service. (c) Upon completion, these properties became subject to individual net lease agreements with minimum fixed rents. (d) Upon completion, these properties became subject to an individual net lease agreement with variable rent based on gross revenues, which will convert to minimum fixed rent in the second year of operation.
Operating Lease Income	Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the consolidated statements of income for the year ended December 31, 2020 are as follows (in thousands): Years Ended December 31, 2020 2019 Lease revenues — net-leased Lease income — fixed (a) $ 84,047 $ 99,771 Lease income — variable (b) 15,096 15,468 Total operating lease income (c) $ 99,143 $ 115,239 Lease revenues — operating real estate Lease income — fixed $ 67,964 $ 67,969 Lease income — variable (d) 2,218 2,620 Total operating lease income $ 70,182 $ 70,589 _________ (a) The year ended December 31, 2020 includes a $7.0 million write-off of 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. For the year ended December 31, 2020, approximately $8.5 million of rent for these properties was not collected, and thus not recognized ( Note 2 ). (b) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (c) Excludes interest income from direct financing leases of $3.2 million and $3.9 million for the years ended December 31, 2020, and 2019, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the consolidated statements of income. (d) Primarily comprised of late fees and administrative fees revenues.
Schedule of Future Minimum Rents	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases as of December 31, 2020 are as follows (in thousands): Years Ending December 31, Total 2021 $ 107,801 2022 111,273 2023 104,413 2024 93,227 2025 87,738 Thereafter 630,400 Total $ 1,134,852
Supplemental Balance Sheet	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Years Ended December 31, Location on Consolidated Balance Sheets 2020 2019 Operating ROU assets — land leases In-place lease and other intangible assets $ 37,339 $ 35,069 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 8,084 $ 8,116 Weighted-average remaining lease term — operating leases (a) 42.2 years 43.4 years Weighted-average discount rate — operating leases (a) 6.8 % 6.8 % Number of land lease arrangements 8 8 Lease term range 5 – 982 years 6 – 983 years ___________ (a) Excludes ROU land lease asset totaling $7.5 million and $7.3 million as of December 31, 2020, and 2019, related to the student housing development project located in Swansea, United Kingdom, as it has no future obligation during the 983-year lease term.
Undiscounted Cash Flows	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2020 is as follows (in thousands): Years Ending December 31, Total 2021 $ 647 2022 647 2023 647 2024 647 2025 642 Thereafter 21,211 Total lease payments 24,441 Less: amount of lease payments representing interest (16,357) Present value of future lease payments/lease obligations $ 8,084

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Capital Leases Net Investment In Direct Financing Leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2020 (a) 2019 Unguaranteed residual value $ 15,559 $ 39,401 Lease payments receivable 14,325 55,278 29,884 94,679 Less: unearned income (12,466) (52,625) Less: allowance for credit losses (b) (485) — $ 16,933 $ 42,054 ___________ (a) During the year ended December 31, 2020, as part of a lease modification we reclassified one property from Net investments in direct financing leases to Real estate — Land, buildings and improvements (as discussed further below). (b) Upon our adoption of ASU 2016-13 on January 1, 2020, we applied changes in loss reserves through a cumulative-effect adjustment to retained earnings totaling $6.9 million (of which, $6.4 million related to the reclassified property discussed above), which is reflected within our consolidated statement of equity ( Note 2 ), as well as an additional allowance for credit loss of $4.9 million due to changes in expected economic conditions relating to a net investment in direct financing lease , which is reflected in our consolidated statements of income. During the fourth quarter of 2020, the tenant emerged from a pre-packaged bankruptcy which led to a reversal of $7.8 million of the original reserve for this property, and is included in Allowance for credit losses in our consolidated statements of income. Additionally, the underlying lease of the net investment in direct financing lease was modified and reclassified to an operating lease, with the net carrying value being reclassified to Real estate — Land, buildings and improvements.
Schedule of Future Lease Payments to be Received	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of December 31, 2020 were as follows (in thousands): Years Ending December 31, Total 2021 $ 1,390 2022 1,423 2023 1,458 2024 1,495 2025 1,529 Thereafter 7,030 Total $ 14,325
Financing Receivable Credit Quality Indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2020 2019 2020 2019 1-3 3 4 $ 16,933 $ 45,457 4 1 1 28,000 24,597 5 — — — — 0 $ 44,933 $ 70,054

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible Assets And Liabilities [Abstract]
Schedule Of Intangible Assets and Liabilities	Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2020 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 $ 244,963 $ (151,613) $ 93,350 $ 238,771 $ (131,012) $ 107,759 Above-market rent 7 – 30 10,773 (5,670) 5,103 10,257 (4,141) 6,116 255,736 (157,283) 98,453 249,028 (135,153) 113,875 Indefinite-Lived Intangible Assets Goodwill 27,259 — 27,259 26,024 — 26,024 Total intangible assets $ 282,995 $ (157,283) $ 125,712 $ 275,052 $ (135,153) $ 139,899 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,776) $ 7,755 $ (7,021) $ (14,974) $ 6,627 $ (8,347) Total intangible liabilities $ (14,776) $ 7,755 $ (7,021) $ (14,974) $ 6,627 $ (8,347)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets and liabilities recorded as of December 31, 2020, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net (Increase) Decrease in Rental Income Increase to Amortization Net 2021 $ (376) $ 14,841 $ 14,465 2022 (361) 14,635 14,274 2023 (472) 12,288 11,816 2024 (517) 9,759 9,242 2025 (535) 8,958 8,423 Thereafter 343 32,869 33,212 $ (1,918) $ 93,350 $ 91,432

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule Of Other Financial Instruments In Carrying Values And Fair Values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2020 2019 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,310,378 $ 1,329,482 $ 1,201,913 $ 1,239,004 Notes receivable (c) 3 28,000 28,000 28,000 30,300 ___________ (a) As of December 31, 2020 and 2019, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.9 million and $5.8 million, respectively, and unamortized premium, net of $2.5 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)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2020 2019 2020 2019 Foreign currency collars Accounts receivable and other assets, net $ 440 $ 1,444 $ — $ — Interest rate caps Accounts receivable and other assets, net 21 116 — — Foreign currency forward contracts Accounts receivable and other assets, net — 861 — — Interest rate swaps Accounts receivable and other assets, net — 53 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (3,350) (1,991) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (198) — 461 2,474 (3,548) (1,991) Derivatives in Not Cash Flow Hedging Relationships Interest rate swap Accounts payable, accrued expenses and other liabilities — — (28) (48) — — (28) (48) $ 461 $ 2,474 $ (3,576) $ (2,039)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 Interest rate swaps $ (1,412) $ (2,288) $ 487 Foreign currency collars (1,019) 1,343 3,186 Foreign currency forward contracts (861) (1,096) (401) Interest rate caps (227) (38) 25 Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars 113 19 90 Foreign currency forward contracts — 23 20 Total $ (3,406) $ (2,037) $ 3,407 ___________ (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 (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2020 2019 2018 Interest rate swaps Interest expense $ (1,997) $ (136) $ (254) Foreign currency forward contracts Other gains and (losses) 889 1,450 1,058 Foreign currency collars Other gains and (losses) 633 257 (232) Interest rate caps Interest expense (82) (13) (50) Total $ (557) $ 1,558 $ 522
Derivative Instruments, Gain (Loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2020 2019 2018 Foreign currency collars Other gains and (losses) $ (229) $ 206 $ (95) Interest rate swaps Interest expense 23 — — Foreign currency forward contracts Other gains and (losses) (15) (4) — Interest rate swaps Other gains and (losses) — (14) (82) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 1,997 (1) 19 Foreign currency collars Other gains and (losses) — 7 (81) Total $ 1,776 $ 194 $ (239)
Schedule of Derivative Instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of December 31, 2020 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2020 (a) Interest rate swaps 9 93,480 USD $ (3,350) Interest rate caps 3 34,484 EUR 14 Interest rate caps 2 59,000 GBP 7 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,822 EUR (28) $ (3,357) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies at December 31, 2020, as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of December 31, 2020 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 14 10,050 EUR $ 133 Foreign currency collars 11 16,500 NOK 109 $ 242

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	During the year ended December 31, 2020, we obtained the following construction loans and non-recourse facility loan in connection with certain student housing properties (dollars in thousands based on the exchange rate of the euro as of the date of the transaction): Property Location(s) Date Acquired Interest Rate Rate Type (a) Maturity Date Initial Drawdowns Loan Amount Barcelona, Spain (b) 3/13/2020 2.1% Variable 12/31/2023 $ 16,805 $ 22,541 Seville, Spain 7/31/2020 3.5% Variable 11/30/2023 11,102 26,065 Coimbra, Portugal 10/16/2020 2.7% Fixed 4/16/2025 7,224 18,903 San Sebastian, Spain 12/30/2020 3.0% Variable 12/31/2023 24,562 24,562 $ 92,071 ___________ (a) For the variable rate loans, we entered into interest rate caps for 75% of the maximum loan amounts, respectively. (b) Loan is comprised of four tranches. Interest rate represents the weighted average interest rate of the four tranches as of the date of the transaction.
Schedule of Debt Maturities	Scheduled debt principal payments as of December 31, 2020, during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2021 $ 175,074 2022 206,666 2023 304,149 2024 209,539 2025 319,973 Thereafter through 2039 99,347 Total principal payments 1,314,748 Unamortized deferred financing costs (6,915) Unamortized premium, net 2,545 Total $ 1,310,378

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Income Loss Per Share	The following table presents earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2020 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 118,567,905 $ 9,737 $ 0.08 Class C common stock 32,402,493 2,606 0.08 Net income attributable to CPA:18 – Global $ 12,343 Year Ended December 31, 2019 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,469,007 $ 25,636 $ 0.22 Class C common stock 32,123,513 6,936 0.22 Net income attributable to CPA:18 – Global $ 32,572 Year Ended December 31, 2018 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 113,401,265 $ 75,816 $ 0.67 Class C common stock 31,608,961 20,912 0.66 Net income attributable to CPA:18 – Global $ 96,728
Schedule Of Distributions Paid Per Share For Tax	Years Ended December 31, 2020 2019 2018 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.1490 $ 0.1241 $ 0.1251 $ 0.1101 $ 0.2405 $ 0.2119 Return of capital 0.1463 0.1218 0.3662 0.3220 — — Capital gain 0.1423 0.1185 0.1339 0.1178 0.3847 0.3388 Total distributions paid $ 0.4376 $ 0.3644 $ 0.6252 $ 0.5499 $ 0.6252 $ 0.5507
Reclassification out of Accumulated Other Comprehensive Income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2018 $ (1,082) $ (32,130) $ (33,212) Other comprehensive loss before reclassifications 3,819 (23,002) (19,183) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (826) — (826) Interest expense 304 — 304 Net current-period Other comprehensive loss 3,297 (23,002) (19,705) Net current-period Other comprehensive loss attributable to noncontrolling interests — 2,324 2,324 Balance at December 31, 2018 2,215 (52,808) (50,593) Other comprehensive loss before reclassifications (521) (4,509) (5,030) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,707) — (1,707) Interest expense 149 — 149 Net current-period Other comprehensive loss (2,079) (4,509) (6,588) Net current-period Other comprehensive loss attributable to noncontrolling interests 2 644 646 Balance at December 31, 2019 138 (56,673) (56,535) Other comprehensive loss before reclassifications (4,076) 43,772 39,696 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,522) — (1,522) Interest expense 2,079 — 2,079 Net current-period Other comprehensive income (3,519) 43,772 40,253 Net current-period Other comprehensive income attributable to noncontrolling interests 18 (3,666) (3,648) Balance at December 31, 2020 $ (3,363) $ (16,567) $ (19,930)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Federal Current $ 80 $ 60 $ 130 Deferred 1 — 5 81 60 135 State and Local Current 126 85 292 126 85 292 Foreign Current 3,033 2,375 1,315 Deferred (2,471) (2,310) (3,694) 562 65 (2,379) Total Provision for (Benefit from) Income Taxes $ 769 $ 210 $ (1,952)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2020 2019 2018 Net Lease Revenues (a) $ 104,611 $ 122,038 $ 130,124 Operating expenses (b) (63,583) (69,959) (76,255) Interest expense (28,388) (34,105) (36,128) Gain on sale of real estate, net 2,390 9,932 20,547 Other gains and (losses) (c) (3,231) 1,203 22,597 Benefit from income taxes 52 1,019 1,513 Net income attributable to noncontrolling interests (2,868) (759) (2,716) Net income attributable to CPA:18 – Global $ 8,983 $ 29,369 $ 59,682 Self Storage Revenues $ 61,426 $ 60,767 $ 57,920 Operating expenses (36,407) (35,604) (35,235) Interest expense (13,447) (13,802) (13,256) Other gains and (losses) (d) 12,329 (942) (1,298) Provision for income taxes (110) (115) (85) Net income attributable to CPA:18 – Global $ 23,791 $ 10,304 $ 8,046 Other Operating Properties Revenues $ 9,604 $ 10,550 $ 21,434 Operating expenses (7,749) (7,713) (16,030) Interest expense (1,424) 133 (3,529) Gain on sale of real estate, net — 14,841 58,110 Other gains and (losses) 19 (182) (870) Benefit from income taxes 241 87 178 Net loss (income) attributable to noncontrolling interests 135 (2,541) (8,154) Net income attributable to CPA:18 – Global $ 826 $ 15,175 $ 51,139 All Other Revenues (e) $ 1,426 $ 4,076 $ 7,238 Operating expenses (45) — (4) Other gains and (losses) 60 — — Net income attributable to CPA:18 – Global $ 1,441 $ 4,076 $ 7,234 Corporate Unallocated Corporate Overhead (f) $ (15,473) $ (18,220) $ (19,681) Net income attributable to noncontrolling interests – Available Cash Distributions $ (7,225) $ (8,132) $ (9,692) Total Company Revenues $ 177,067 $ 197,439 $ 216,716 Operating expenses (127,261) (132,509) (147,018) Interest expense (43,343) (48,019) (53,221) Gain on sale of real estate, net 2,390 24,773 78,657 Other gains and (losses) (c) (d) 14,217 2,530 20,204 (Provision for) benefit from income taxes (769) (210) 1,952 Net income attributable to noncontrolling interests (9,958) (11,432) (20,562) Net income attributable to CPA:18 – Global $ 12,343 $ 32,572 $ 96,728 (a) For the year ended December 31, 2020, approximately $9.2 million of rent was not collected due to the COVID-19 pandemic, which reduced lease revenues. Additionally, the year ended December 31, 2020 includes a $7.0 million write-off of straight-line rent receivables ( Note 2 ). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our consolidated financial statements. (b) The year ended December 31, 2020 includes an allowance for credit losses reversal of $2.9 million, in accordance with ASU 2016-13 ( Note 2 and N ote 5 ). During the year ended December 31, 2018, we recorded bad debt expense of $5.2 million, which is included in Property expenses, excluding reimbursable tenant costs in the consolidated statements of income as a result of financial difficulties and uncertainty regarding future rent collection from one of our tenants. (c) The year ended December 31, 2020 includes a $2.8 million loss to write-off the VAT receivable related to our previous investment in Ghana as collectibility was no longer deemed probable ( Note 4 ). The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture, as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017. (d) Includes Equity in earnings (losses) of equity method investment in real estate. The year ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million), relating to the disposition of our equity method investment in real estate ( Note 4 ). (e) On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (f) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $11.9 million, $11.5 million, and $12.1 million for the years ended December 31, 2020, 2019, and 2018, respectively ( Note 3 ).
Reconciliation of Assets from Segment to Consolidated	Total Assets at December 31, 2020 2019 Net Lease $ 1,688,259 $ 1,517,659 Self Storage 345,936 369,883 Other Operating Properties 258,017 213,692 Corporate 38,697 105,407 All Other 28,009 28,162 Total Company $ 2,358,918 $ 2,234,803
Schedule of Segment Reporting Information	Our portfolio is comprised of domestic and international investments. Our previous sole equity investment in real estate, which was included within our Self Storage business segment, was entirely international. During the year ended December 31, 2020, we disposed of our equity investment in real estate, which had a carrying value of $14.9 million as of December 31, 2019. The following tables present the geographic information (in thousands): Years Ended December 31, 2020 2019 2018 Revenues Texas $ 22,685 $ 20,941 $ 24,681 Florida 22,469 22,876 29,136 All Other Domestic 70,410 72,513 81,059 Total Domestic 115,564 116,330 134,876 Total International (a) (b) 61,503 81,109 81,840 Total Company $ 177,067 $ 197,439 $ 216,716 ___________ (a) All years include operations in Norway, Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, and Slovakia. The years ended December 31, 2020 and 2019 include operations in Spain. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2020, 2019, and 2018. (b) The year ended December 31, 2020 includes the impact of the COVID-19 pandemic on certain net lease hotels located in Germany and Mauritius, as well as student housing operating properties located in the United Kingdom. Years Ended December 31, 2020 2019 Long-lived assets (a) Texas $ 259,719 $ 246,421 All Other Domestic 609,926 639,049 Total Domestic 869,645 885,470 Spain 261,476 158,613 Norway 196,946 197,091 All Other International (b) 796,177 705,546 Total International 1,254,599 1,061,250 Total Company $ 2,124,244 $ 1,946,720 ___________ (a) Consists of Net investments in real estate. (b) Comprised of investments in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Portugal. We sold our sole investment in Canada during the year ended December 31, 2020 ( Note 4 ).

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(Dollars in thousands, except per share amounts): Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues (a) $ 42,880 $ 43,928 $ 43,182 $ 47,077 Expenses (b) 36,228 30,582 31,478 28,973 Net (loss) income (c) (5,569) 2,339 4,649 20,882 Net income attributable to noncontrolling interests (2,611) (3,530) (1,346) (2,471) Net (loss) income attributable to CPA:18 – Global (8,180) (1,191) 3,303 18,411 Class A Common Stock Basic and diluted (loss) earnings per share (d) $ (0.05) $ (0.01) $ 0.02 $ 0.12 Class C Common Stock Basic and diluted (loss) earnings per share (d) $ (0.05) $ (0.01) $ 0.02 $ 0.12 Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 50,294 $ 49,027 $ 49,091 $ 49,027 Expenses 32,272 34,021 35,737 30,479 Net income (e) 19,673 5,178 10,464 8,689 Net income attributable to noncontrolling interests (e) (4,846) (2,100) (1,505) (2,981) Net income attributable to CPA:18 – Global 14,827 3,078 8,959 5,708 Class A Common Stock Basic and diluted earnings per share (d) $ 0.10 $ 0.02 $ 0.06 $ 0.04 Class C Common Stock Basic and diluted earnings per share (d) $ 0.10 $ 0.02 $ 0.06 $ 0.04 __________ (a) The three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables based on our current assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Additionally, we did not recognize $3.0 million, $3.6 million, and $2.6 million of lease revenues during the three months ended June 30, 2020, September 30, 2020, December 31, 2020, respectively ( Note 2 ). (b) The three months ended March 31, 2020 includes an allowance for credit losses of $4.9 million, in accordance with ASU 2016-13 ( Note 5 ). The three months ended December 31, 2020 includes a reversal of allowance for credit losses of $7.8 million ( Note 5 ). (c) The three months ended March 31, 2020 includes a $2.8 million loss to write-off the VAT receivable related to our previous investment in Ghana as collectibility was no longer deemed probable ( Note 4 ). The three months ended September 30, 2020 includes a net gain on sale of real estate $3.3 million ( Note 13 ). The three months ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million) relating to the sale of our equity investment in real estate ( Note 4 ), and a $0.9 million net loss resulting from a post-closing adjustment relating to the property sold through eminent domain during the three months ended September 30, 2020. (d) The sum of the quarterly Income per share does not agree to the annual earnings per share for 2020 and 2019 due to the issuances of our common stock that occurred during such periods. During the three months ended December 31, 2020, we ceased incurring the distribution and shareholder servicing fee ( Note 11 ), as such the computation of basic and diluted earnings per share are the same for both Class A and Class C common stock. (e) Amount for the three months ended March 31, 2019 includes gains on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests) and $1.2 million relating to the dispositions of our last multi-family residential property, and a retail building included in our Truffle portfolio. Amount for the three months ended June 30, 2019 includes a gain on sale of $0.7 million relating to the dispositions of two additional properties located in our Truffle portfolio. Amount for the three months ended September 30, 2019 includes a gain on sale of $8.4 million relating to the remaining eight properties in our Truffle portfolio ( Note 13

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	12 Months Ended	39 Months Ended	108 Months Ended
	Dec. 31, 2020ft²propertytenantsegment	Apr. 02, 2015USD ($)	Dec. 31, 2020USD ($)ft²propertytenant	Dec. 20, 2019property
Additional Disclosures
Capital interest ownership in operating partnership	99.97%		99.97%
Number of properties (property)	50		50
Number of tenants | tenant	65		65
Area of real estate property (sqft) | ft²	10.1		10.1
Number of reportable segments | segment	3
Public Offering
Proceeds from issuance of shares | $		$ 1,200
Class A
Public Offering
Distributions reinvested through the DRIP | $			$ 207.4
Class C
Public Offering
Distributions reinvested through the DRIP | $			$ 59.2
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.3		5.3
Self Storage | Operating Real Estate
Additional Disclosures
Number of properties (property)	65		65
Other Operating Properties
Additional Disclosures
Lease term (years)				25 years
Other Operating Properties | One multi-family residential property
Additional Disclosures
Number of properties (property)				11
Other Operating Properties | Operating Real Estate | Seven student housing developments
Additional Disclosures
Number of properties (property)	7		7
Other Operating Properties | Operating Real Estate | Six student housing developments | Net Lease Agreement
Additional Disclosures
Number of properties (property)	6		6
Properties placed into service (property)	5
Other Operating Properties | Operating Real Estate | Three student housing operating properties
Additional Disclosures
Number of properties (property)	3		3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)variable_interest_entity	Dec. 31, 2019USD ($)variable_interest_entity	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)
Summary of Significant Accounting Policies
Variable interest entity count | variable_interest_entity		15	19
Consolidated variable interest entities, count | variable_interest_entity		15	18
Preferred return (percent)		5.00%
Uncollected rent receivable		$ 9,200
Gain (loss) on foreign currency transactions and other		(200)	$ (600)	$ 4,700
Adjustments to retained earnings		514,859	470,326
Cumulative Effect, Period of Adoption, Adjustment
Summary of Significant Accounting Policies
Adjustments to retained earnings					$ (6,900)
Lease revenues- net-leased
Summary of Significant Accounting Policies
Allowance for accounts receivable written off	$ 7,000	7,000
Uncollected rent receivable		$ 8,500
Building and building improvements | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)		40 years
Furniture and fixtures | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)		7 years
Equity method investment
Summary of Significant Accounting Policies
Equity investment in real estate			$ 14,900

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Real estate — Land, buildings and improvements		$ 1,440,354	$ 1,200,645
Real estate under construction		180,055	235,751	$ 152,106
In-place lease intangible assets		293,075	284,097
Total assets	[1]	2,358,918	2,234,803
Liabilities
Non-recourse secured debt, net		1,310,378	1,201,913
Total liabilities	[1]	1,506,367	1,383,132
VIE
Assets
Real estate — Land, buildings and improvements		427,129	359,886
Real estate under construction		179,162	233,220
In-place lease intangible assets		106,703	101,198
Accumulated depreciation and amortization		(98,433)	(78,598)
Total assets		729,611	642,648
Liabilities
Non-recourse secured debt, net		331,113	276,124
Total liabilities		$ 390,882	$ 330,549
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Foreign Currencies (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
GBP
Real Estate Properties
Foreign currency exchange rate	1.3649	1.3204
Percent Change	3.40%
EUR
Real Estate Properties
Foreign currency exchange rate	1.2271	1.1234
Percent Change	9.20%
NOK
Real Estate Properties
Foreign currency exchange rate	0.1172	0.1139
Percent Change	2.90%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 62,346	$ 144,148	$ 170,914
Restricted cash	57,367	19,250	19,924
Total cash and cash equivalents and restricted cash	119,713	$ 163,398	$ 190,838	$ 90,183
Cash held in escrow	$ 30,400

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Dec. 29, 2020USD ($)	Aug. 10, 2020USD ($)property	Jul. 16, 2020USD ($)	Dec. 31, 2020USD ($)propertyinstallment_paymentshares	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 16, 2020USD ($)	Sep. 30, 2020$ / 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
Due to Affiliates
Percentage of asset management fees payable in shares (percent)									50.00%
Preferred return (percent)				5.00%
Number of annual installment payments for acquisition and disposition fees | installment_payment				3
Disposition fees				$ 0	$ 1,117,000	$ 0
Personnel and overhead reimbursement (percent)				1.00%	1.00%	1.00%
Distributions of available cash (percent)				10.00%
Loans payable to joint venture				$ 5,300,000	$ 4,600,000
Number of properties (property) | property				50
Interest income (expense), net				$ 100,000
Barcelona, Spain
Related Party Transaction
Ownership interest in jointly-owned investment (percent)	1.30%
Payments to Acquire Interest in Joint Venture	$ 4,500,000
Current
Due to Affiliates
Acquisition fees rate (percent)				2.50%
Deferred
Due to Affiliates
Acquisition fees rate (percent)				2.00%
Interest rate on deferred acquisition fee (percent)				2.00%
Class A common stock
Due to Affiliates
Net asset value (usd per share) | $ / shares								$ 8.55
Percentage of asset management fees payable in shares (percent)									50.00%
Minimum
Related Party Transaction
Ownership interest in jointly-owned investment (percent)				50.00%
Maximum
Related Party Transaction
Ownership interest in jointly-owned investment (percent)				99.00%
Due to Affiliates
Acquisition fees rate (percent)				6.00%
Average market value of investment | Minimum
Due to Affiliates
Percentage of asset management fees (percent)				0.50%
Average equity value of investment | Maximum
Due to Affiliates
Percentage of asset management fees (percent)				1.50%
Real estate commission
Due to Affiliates
Percentage of subordinated disposition fees (percent)					50.00%
Contract sales price of investment
Due to Affiliates
Percentage of subordinated disposition fees (percent)					3.00%
Average invested asset
Due to Affiliates
Percentage of operating expense reimbursement (percent)				2.00%
Adjusted net income
Due to Affiliates
Percentage of operating expense reimbursement (percent)				25.00%
Related Party
Due to Affiliates
Number of properties (property) | property				18	19
Related Party | W.P. Carey
Due to Affiliates
Number of properties (property) | property				4
Related Party | Student Housing Located in The United Kingdom | Crown
Due to Affiliates
Number of properties (property) | property		3
Related Party | Line of Credit
Related Party Transaction
Maximum line of credit approved by directors			$ 25,000,000				$ 50,000,000
Debt instrument variable rate spread			1.05%
Line of credit outstanding				$ 21,000,000
Advisor | Related Party
Due to Affiliates
Advisor owned percentage of common stock				4.60%
Advisor | Related Party | Class A common stock
Due to Affiliates
Number of shares held by advisor (shares) | shares				6,905,911
Crown | Related Party
Due to Affiliates
Payments for advance to affiliate		$ 1,500,000
Interest payments rate (percentage)		8.00%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts Included in the Consolidated Statements of Income
Asset management fees	$ 11,914	$ 11,539	$ 12,087
Available Cash Distributions	7,225	8,132	9,692
Personnel and overhead reimbursements	2,648	3,161	3,121
Interest expense on deferred acquisition fees and external joint venture loans	468	492	100
Disposition fees	0	1,117	0
Operating expenses	22,255	24,441	25,000
Acquisition Fees Capitalized
Capitalized personnel and overhead reimbursements	140	665	1,063
Current acquisition fees	110	695	9,370
Deferred acquisition fees	88	555	7,496
Transaction fees incurred	$ 338	$ 1,915	$ 17,929

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Due to Affiliates
Loan from WPC, including accrued interest	$ 21,144	$ 0
External joint venture loans, accounts payable, and other	6,940	5,951
Acquisition fees, including accrued interest	1,871	4,464
Asset management fees payable	1,328	961
Due to Related Parties	$ 31,283	$ 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	Dec. 23, 2020USD ($)property	Jul. 02, 2019USD ($)	Feb. 08, 2019USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 20, 2019USD ($)	Apr. 15, 2019
Real Estate Properties
Number of properties (property) | property					50		50
Effect of exchange rate fluctuation							$ 43,772	$ (4,509)	$ (23,002)
Net investments in direct financing leases					$ 16,933		16,933	42,054
Operating real estate — Land, buildings and improvements					596,998		596,998	512,485
Placed into service							236,923	34,944
Real estate property					1,440,354		1,440,354	1,200,645
Capitalized funds							153,539	112,595
Capitalized interest							8,273	7,139	5,400
Uncollected rent receivable							9,200
Interest income from direct financing lease							3,200	3,900	3,700
Lease cost							1,000	1,100
Reimbursable rent							400	400
Operating ROU assets — land leases					$ 37,339		$ 37,339	35,069
Lease term range (in years)					983 years		983 years
Operating lease payments							$ 400	800
Amount awarded to other party							2,600
Proceeds from sale of real estate							6,101	50,846	125,841
Repayment of debt							26,679	132,160	$ 52,411
Asset retirement obligation					$ 3,300		3,300	3,200
Lease revenues- net-leased
Real Estate Properties
Allowance for accounts receivable written off						$ 7,000	7,000
Uncollected rent receivable							8,500
Noncash
Real Estate Properties
Accrued development cost					$ 20,500		$ 20,500	9,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Number of properties (property) | property									1
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment
Real Estate Properties
Number of properties (property) | property					1		1
Real estate disposed							$ 2,500
Net Lease Property
Real Estate Properties
Number of properties (property) | property					3		3
Placed into service							$ 6,300
Adjustments
Real Estate Properties
Operating real estate — Land, buildings and improvements										$ (30,800)
Real estate property										$ 30,800
Student Housing In Pamplona, Spain
Real Estate Properties
Investment purchase price			$ 11,100
Student Housing in Swansea, United Kingdom
Real Estate Properties
Operating ROU assets — land leases					$ 7,500		7,500	7,300
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Allowance for accounts receivable written off						$ 2,800	$ 2,800
Adjustments
Real Estate Properties
Number of properties (property) | property					1		1
Net investments in direct financing leases					$ (21,300)		$ (21,300)
Operating real estate — Land, buildings and improvements					$ 21,300		21,300
Forecast | Student Housing In Pamplona, Spain
Real Estate Properties
Investment purchase price				$ 29,700
Real Estate
Real Estate Properties
Effect of exchange rate fluctuation							55,500
Depreciation							$ 30,500	29,500	$ 31,000
Real Estate | Student Housing Properties Located in Spain and Portugal
Real Estate Properties
Number of properties (property) | property					4		4
Operating Real Estate
Real Estate Properties
Effect of exchange rate fluctuation							$ 3,600
Depreciation							$ 16,000	15,200	$ 16,900
Operating Real Estate | Self Storage
Real Estate Properties
Number of properties (property) | property					65		65
Operating Real Estate | Barcelona, Spain
Real Estate Properties
Placed into service		$ 31,400
Build To Suit Projects
Real Estate Properties
Investment purchase price								11,100
Capitalized funds								$ 101,500
Number of construction projects during period | property							7	12
Unfunded commitment					$ 174,900		$ 174,900	$ 279,900
Equity method investment
Real Estate Properties
Equity investment in real estate								14,900
Equity method investment | Equity Method Investment, Nonconsolidated Investee, Other
Real Estate Properties
Equity method investment, liabilities								32,200
Equity method investment | Self Storage
Real Estate Properties
Number of properties (property) | property					3		3
Equity method investment | Self Storage | Joint Venture
Real Estate Properties
Equity method investments, ownership percentage					100.00%		100.00%				90.00%
Equity method investment | Self-Storage Facilities Located In Canada | Self Storage
Real Estate Properties
Number of properties (property) | property	3
Proceeds from sale of real estate	$ 62,300
Recognized gain on sale					$ 12,900		$ 12,900
Income from investment, tax					$ 1,800		$ 1,800
Repayment of debt	$ 31,800
Equity method investment | Development Property In Vaughn Canada
Real Estate Properties
Recognized gain on sale								$ 200

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments in real estate:
Net investments in real estate	$ 2,124,244	$ 1,946,720
Real Estate
Investments in real estate:
Land	235,243	196,693
Buildings and improvements	1,205,111	1,003,952
Less: Accumulated depreciation	(172,319)	(135,922)
Net investments in real estate	1,268,035	1,064,723
Operating Real Estate
Investments in real estate:
Land	89,148	78,240
Buildings and improvements	507,850	434,245
Less: Accumulated depreciation	(73,569)	(57,237)
Net investments in real estate	$ 523,429	$ 455,248

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Under Construction
Beginning balance	$ 235,751	$ 152,106
Placed into service	(236,923)	(34,944)
Capitalized funds	153,539	112,595
Foreign currency translation adjustments	19,415	(1,145)
Capitalized interest	8,273	7,139	$ 5,400
Ending balance	$ 180,055	$ 235,751	$ 152,106

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Placed Into Service (Details) - USD ($) $ in Thousands	Jul. 02, 2019	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties
Total Capitalized Cost		$ 236,923	$ 34,944
Barcelona, Spain | Operating Real Estate
Real Estate Properties
Total Capitalized Cost	$ 31,400
Land, Buildings and Improvements
Real Estate Properties
Total Capitalized Cost		230,672
Land, Buildings and Improvements | Student Housing in Austin, Texas | Operating Real Estate
Real Estate Properties
Total Capitalized Cost		78,927
Land, Buildings and Improvements | Barcelona, Spain | Real Estate
Real Estate Properties
Total Capitalized Cost		33,429
Land, Buildings and Improvements | San Sebastian, Spain | Real Estate
Real Estate Properties
Total Capitalized Cost		38,532
Land, Buildings and Improvements | Student Housing in Porto, Portugal | Real Estate
Real Estate Properties
Total Capitalized Cost		28,809
Land, Buildings and Improvements | Student Housing in Malaga, Spain | Real Estate
Real Estate Properties
Total Capitalized Cost		$ 50,975

Real Estate, Operating Real E_7

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Operating Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lease revenues- net-leased
Real Estate Properties
Lease income — fixed	$ 84,047	$ 99,771
Lease income — variable	15,096	15,468
Total operating lease income	99,143	115,239
Lease revenues — operating real estate
Real Estate Properties
Lease income — fixed	67,964	67,969
Lease income — variable	2,218	2,620
Total operating lease income	$ 70,182	$ 70,589

Real Estate, Operating Real E_8

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2020USD ($)
Sheduled Future Minimum Rents
2021	$ 107,801
2022	111,273
2023	104,413
2024	93,227
2025	87,738
Thereafter	630,400
Total	$ 1,134,852

Real Estate, Operating Real E_9

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Supplemental Balance Sheet Information Related to ROU Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Real Estate Properties
Operating ROU assets — land leases	$ 37,339	$ 35,069
Operating Lease, Right-of-Use Asset, Statement of Financial Position	cpa18:FiniteLivedIntangibleAssetAcquiredInPlaceLeasesAndOtherintangibleAssetsGross	cpa18:FiniteLivedIntangibleAssetAcquiredInPlaceLeasesAndOtherintangibleAssetsGross
Present value of future lease payments/lease obligations	$ 8,084	$ 8,116
Operating Lease, Liability, Current, Statement of Financial Position	cpa18:AccountsPayableAccruedExpensesAndOtherLiabilities	cpa18:AccountsPayableAccruedExpensesAndOtherLiabilities
Weighted-average remaining lease term — operating leases (in years)	42 years 2 months 12 days	43 years 4 months 24 days
Weighted-average discount rate — operating leases (percent)	6.80%	6.80%
Number of land lease arrangements | lease | property	8	8
Lease term range (in years)	983 years
Minimum
Real Estate Properties
Lease term range (in years)	5 years	6 years
Maximum
Real Estate Properties
Lease term range (in years)	982 years	983 years

Real Estate, Operating Real _10

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total
Year One	$ 647
Year Two	647
Year Three	647
Year Four	647
Year Five	642
Thereafter	21,211
Total lease payments	24,441
Less: amount of lease payments representing interest	(16,357)
Present value of future lease payments/lease obligations	$ 8,084	$ 8,116

Finance Receivables - Narrative

Finance Receivables - Narratives (Details)	Apr. 09, 2019USD ($)	Dec. 31, 2020USD ($)property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)
Finance Receivables
Proceeds from repayment of notes receivable				$ 0	$ 35,954,000	$ 2,546,000
Number of properties (property) | property		50		50
Adjustments to retained earnings		$ 514,859,000		$ 514,859,000	470,326,000
Reclassified property							$ (6,400,000)
Allowance for credit loss (reversal)		(7,800,000)	$ 4,900,000	0	0	5,727,000
Interest income from direct financing lease				3,200,000	3,900,000	3,700,000
Net investments in direct financing leases		16,933,000		16,933,000	42,054,000
Operating real estate — Land, buildings and improvements		$ 596,998,000		$ 596,998,000	512,485,000
Adjustments
Finance Receivables
Number of properties (property) | property		1		1
Net investments in direct financing leases		$ (21,300,000)		$ (21,300,000)
Operating real estate — Land, buildings and improvements		21,300,000		21,300,000
Cumulative Effect, Period of Adoption, Adjustment
Finance Receivables
Adjustments to retained earnings							$ (6,900,000)
Property Leased to Mills Fleet Farm Group LLC
Finance Receivables
Proceeds from repayment of notes receivable	$ 36,000,000
Cipriani
Finance Receivables
Notes receivable, principal amount		$ 28,000,000		$ 28,000,000
Accounts receivable, term				10 years
Interest rate on receivable (percent)		10.00%		10.00%
Notes receivable		$ 28,000,000		$ 28,000,000	28,000,000
Interest income				1,400,000	$ 4,100,000	$ 7,200,000
Cipriani | Third Party
Finance Receivables
Senior notes		$ 60,000,000		$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Net Investments in Direct Financing Leases
Unguaranteed residual value	$ 15,559	$ 39,401
Lease payments receivable	14,325	55,278
Gross investments in direct financing leases	29,884	94,679
Less: unearned income	(12,466)	(52,625)
Less: allowance for credit losses	(485)	0
Net investments in direct financing leases	$ 16,933	$ 42,054

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2020USD ($)
Scheduled Future Minimum Rents
2021	$ 1,390
2022	1,423
2023	1,458
2024	1,495
2025	1,529
Thereafter	7,030
Total	$ 14,325

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2020USD ($)tenant	Dec. 31, 2019USD ($)tenant
Credit Quality Of Finance Receivables
Carrying value	$ 44,933	$ 70,054
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	3	4
Carrying value	$ 16,933	$ 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	0	0
Carrying value	$ 0	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 27,259	$ 26,024	$ 26,400
Net amortization of intangibles	$ 17,300	$ 20,400	$ 18,400

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 255,736	$ 249,028
Accumulated Amortization	(157,283)	(135,153)
Net Carrying Amount	98,453	113,875
Indefinite-Lived Intangible Assets
Goodwill	27,259	26,024	$ 26,400
Total intangible assets, gross	282,995	275,052
Total intangible assets, net	125,712	139,899
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(14,776)	(14,974)
Accumulated Amortization	7,755	6,627
Net Carrying Amount	(7,021)	(8,347)
Below-market rent
Finite-Lived Intangible Liabilities
Gross Carrying Amount	(14,776)	(14,974)
Accumulated Amortization	7,755	6,627
Net Carrying Amount	$ (7,021)	(8,347)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	6 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 244,963	238,771
Accumulated Amortization	(151,613)	(131,012)
Net Carrying Amount	$ 93,350	107,759
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	6 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	23 years
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 10,773	10,257
Accumulated Amortization	(5,670)	(4,141)
Net Carrying Amount	$ 5,103	$ 6,116
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	7 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities [Line Items]
Finite-lived intangible asset, useful life	30 years

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2020USD ($)
Scheduled Annual Net Amortization of Intangibles
2021	$ 14,465
2022	14,274
2023	11,816
2024	9,242
2025	8,423
Thereafter	33,212
Total	91,432
Net (Increase) Decrease in Rental Income
Scheduled Annual Net Amortization of Intangibles
2021	376
2022	361
2023	472
2024	517
2025	535
Thereafter	(343)
Total	1,918
Increase to Amortization
Scheduled Annual Net Amortization of Intangibles
2021	14,841
2022	14,635
2023	12,288
2024	9,759
2025	8,958
Thereafter	32,869
Total	$ 93,350

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Debt issuance costs	$ 6,915	$ 5,800
Unamortized premium, net	$ 2,545	$ 2,100

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,310,378	$ 1,201,913
Assets
Notes receivable	28,000	28,000
Fair Value
Liabilities
Non-recourse secured debt, net	1,329,482	1,239,004
Assets
Notes receivable	$ 28,000	$ 30,300

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative
Cash collateral obligation	$ 0	$ 0
Derivative, remaining maturity	62 months
Collateral received	$ 0
Total credit exposure	200,000
Derivative in net liability position	3,700,000	2,100,000
Termination value of assets	3,800,000	$ 2,200,000
Interest expense
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	(1,500,000)
Other income
Derivative
Estimated amount of derivative loss to be reclassified to expense in the next 12 months	100,000
Individual Counterparty
Derivative
Total credit exposure	$ 100,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value
Derivative asset fair value	$ 461	$ 2,474
Derivative liability, fair value	(3,576)	(2,039)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	461	2,474
Derivative liability, fair value	(3,548)	(1,991)
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	440	1,444
Derivatives Designated as Hedging Instruments | Foreign currency collars | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(198)	0
Derivatives Designated as Hedging Instruments | Foreign currency forward contracts | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	0	861
Derivatives Designated as Hedging Instruments | Interest rate caps | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	21	116
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts receivable and other assets, net
Derivatives, Fair Value
Derivative asset fair value	0	53
Derivatives Designated as Hedging Instruments | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	(3,350)	(1,991)
Derivatives in Not Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative liability, fair value	(28)	(48)
Derivatives in Not Cash Flow Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ (28)	$ (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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	$ (3,406)	$ (2,037)	$ 3,407
Designated as Cash Flow Hedging Instruments | Interest rate swaps
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(1,412)	(2,288)	487
Designated as Cash Flow Hedging Instruments | Foreign currency collars
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(1,019)	1,343	3,186
Designated as Cash Flow Hedging Instruments | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(861)	(1,096)	(401)
Designated as Cash Flow Hedging Instruments | Interest rate caps
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	(227)	(38)	25
Derivatives in Net Investment Hedging Relationship | Foreign currency collars
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	113	19	90
Derivatives in Net Investment Hedging Relationship | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Derivative instrument gain (loss) recognized in OCI	$ 0	$ 23	$ 20

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Designated as Cash Flow Hedging Instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	$ (557)	$ 1,558	$ 522
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	(1,997)	(136)	(254)
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	889	1,450	1,058
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	633	257	(232)
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	$ (82)	$ (13)	$ (50)

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 1,776	$ 194	$ (239)
Derivatives in Not Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(229)	206	(95)
Derivatives in Not Cash Flow Hedging Relationships | Interest rate swaps | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	(14)	(82)
Derivatives in Not Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	23	0	0
Derivatives in Not Cash Flow Hedging Relationships | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(15)	(4)	0
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	7	(81)
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 1,997	$ (1)	$ 19

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2020USD ($)derivative_instrument	Dec. 31, 2020EUR (€)derivative_instrument	Dec. 31, 2020GBP (£)derivative_instrument
Derivative
Fair value	$ (3,357)
Interest rate swaps | USD | Derivatives Designated as Hedging Instruments
Derivative
Number of Instruments | derivative_instrument	9	9	9
Notional Amount	$ 93,480
Fair value	$ (3,350)
Interest rate caps | EUR | Derivatives Designated as Hedging Instruments
Derivative
Number of Instruments | derivative_instrument	3	3	3
Notional Amount | €		€ 34,484
Fair value	$ 14
Interest rate caps | EUR | Derivatives in Not Cash Flow Hedging Relationships
Derivative
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | €		€ 8,822
Fair value	$ (28)
Interest rate caps | GBP | Derivatives Designated as Hedging Instruments
Derivative
Number of Instruments | derivative_instrument	2	2	2
Notional Amount | £			£ 59,000
Fair value	$ 7

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) - Derivatives Designated as Hedging Instruments € in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2020USD ($)derivative_instrument	Dec. 31, 2020EUR (€)derivative_instrument	Dec. 31, 2020NOK (kr)derivative_instrument
Derivative
Fair value	$ 242
Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative
Number of Instruments | derivative_instrument	14	14	14
Notional Amount | €		€ 10,050
Fair value	$ 133
Designated as Cash Flow Hedging Instruments | Foreign currency collars | NOK
Derivative
Number of Instruments | derivative_instrument	11	11	11
Notional Amount | kr			kr 16,500
Fair value	$ 109

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details)	Nov. 08, 2019USD ($)property	Mar. 04, 2019USD ($)	Dec. 31, 2020USD ($)loanproperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instruments
Number of properties (property) | property			50
Repayments of principal			$ 26,679,000	$ 132,160,000	$ 52,411,000
Construction loan			(1,310,378,000)	(1,201,913,000)
Interest paid, net of amounts capitalized			39,400,000	43,400,000	50,700,000
Effect of exchange rate fluctuation			$ 43,772,000	$ (4,509,000)	$ (23,002,000)
Breached non recourse loans (loan) | loan			2
Breached non recourse loans, principal amount			$ 68,400,000
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation			37,900,000
Construction Loans
Debt Instruments
Maximum borrowing capacity			$ 92,071,000
Student Housing in the United Kingdom
Debt Instruments
Maximum borrowing capacity	$ 75,600,000
Number of properties (property) | property	2
Debt instrument variable rate spread	3.00%
Student Housing in the United Kingdom | Construction Loans | U.K Construction Loan One
Debt Instruments
Repayments of principal	$ 44,700,000
Student Housing in the United Kingdom | Construction Loans | U.K Construction Loan Two
Debt Instruments
Repayments of principal	$ 30,200,000
Student Housing in Austin, Texas | Construction Loans
Debt Instruments
Maximum borrowing capacity		$ 51,700,000
Debt instrument variable rate spread				3.90%
Option maturity extension period		1 year
Construction loan				$ (25,100,000)
Fixed Interest Rate
Debt Instruments
Interest rate (percent)			3.80%
Variable Interest Rate
Debt Instruments
Interest rate (percent)			3.20%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Financing Activity (Details) - USD ($)	Dec. 31, 2020	Dec. 30, 2020	Oct. 16, 2020	Jul. 31, 2020	Mar. 13, 2020	Dec. 31, 2019
Debt Instrument
Non-recourse mortgages	$ 1,310,378,000					$ 1,201,913,000
Construction Loans
Debt Instrument
Maximum borrowing capacity	$ 92,071,000
Percentage of debt hedged	75.00%
Barcelona, Spain | Construction Loans
Debt Instrument
Interest rate (percent)					2.10%
Non-recourse mortgages					$ 16,805,000
Maximum borrowing capacity					$ 22,541,000
Seville, Spain | Construction Loans
Debt Instrument
Interest rate (percent)				3.50%
Non-recourse mortgages				$ 11,102,000
Maximum borrowing capacity				$ 26,065,000
Coimbra, Portugal | Construction Loans
Debt Instrument
Interest rate (percent)			2.70%
Non-recourse mortgages			$ 7,224,000
Maximum borrowing capacity			$ 18,903,000
San Sebastian, Spain | Construction Loans
Debt Instrument
Interest rate (percent)		3.00%
Non-recourse mortgages		$ 24,562,000
Maximum borrowing capacity		$ 24,562,000

Non-Recourse Secured Debt, Ne_4

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total
2021	$ 175,074
2022	206,666
2023	304,149
2024	209,539
2025	319,973
Thereafter through 2039	99,347
Total principal payments	1,314,748
Unamortized deferred financing costs	(6,915)	$ (5,800)
Unamortized premium, net	2,545	$ 2,100
Total	$ 1,310,378

Earnings Per Share and Equity -

Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share
Interest expense		$ 43,343	$ 48,019	$ 53,221
Distributions Declared
Distributions payable	$ 9,447	9,447	22,745
Class C
Earnings Per Share
Interest expense		100	$ 100	$ 200
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.0625
Aggregate distribution declared		$ 9,400
Class C | Common Stock
Distributions Declared
Distributions declared per share (in dollars per share)		$ 0.2895	$ 0.5499	$ 0.5503
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.0625
Aggregate distribution declared		$ 40,600
Class A | Common Stock
Distributions Declared
Distributions declared per share (in dollars per share)		$ 0.3438	$ 0.6252	$ 0.6252

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic
Allocation of net (loss) income	$ 18,411	$ 3,303	$ (1,191)	$ (8,180)	$ 5,708	$ 8,959	$ 3,078	$ 14,827	$ 12,343	$ 32,572	$ 96,728
Class A common stock
Basic
Basic and diluted weighted-average shares outstanding (shares)									118,567,905	116,469,007	113,401,265
Allocation of net (loss) income									$ 9,737	$ 25,636	$ 75,816
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.12	$ 0.02	$ (0.01)	$ (0.05)	$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.08	$ 0.22	$ 0.67
Class C common stock
Basic
Basic and diluted weighted-average shares outstanding (shares)									32,402,493	32,123,513	31,608,961
Allocation of net (loss) income									$ 2,606	$ 6,936	$ 20,912
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.12	$ 0.02	$ (0.01)	$ (0.05)	$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.08	$ 0.22	$ 0.66

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class A
Distributions
Ordinary income (usd per share)	$ 0.1490	$ 0.1251	$ 0.2405
Return of capital (usd per share)	0.1463	0.3662	0
Capital gain (usd per share)	0.1423	0.1339	0.3847
Total distributions paid (usd per share)	0.4376	0.6252	0.6252
Class C
Distributions
Ordinary income (usd per share)	0.1241	0.1101	0.2119
Return of capital (usd per share)	0.1218	0.3220	0
Capital gain (usd per share)	0.1185	0.1178	0.3388
Total distributions paid (usd per share)	$ 0.3644	$ 0.5499	$ 0.5507

Earnings Per Share and Equity_4

Earnings Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 851,671	$ 895,970	$ 872,065
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(1,904)	(4,715)	(21,276)
Interest expense	43,343	48,019	53,221
Net current-period Other comprehensive income	40,253	(6,588)	(19,705)
Ending equity balance, value	852,551	851,671	895,970
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(56,535)	(50,593)	(33,212)
Other comprehensive loss before reclassifications	39,696	(5,030)	(19,183)
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period Other comprehensive income	40,253	(6,588)	(19,705)
Net current-period Other comprehensive income attributable to noncontrolling interests	(3,648)	646	2,324
Ending equity balance, value	(19,930)	(56,535)	(50,593)
Accumulated Other Comprehensive Loss | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(1,522)	(1,707)	(826)
Interest expense	2,079	149	304
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	138	2,215	(1,082)
Other comprehensive loss before reclassifications	(4,076)	(521)	3,819
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period Other comprehensive income	(3,519)	(2,079)	3,297
Net current-period Other comprehensive income attributable to noncontrolling interests	18	2	0
Ending equity balance, value	(3,363)	138	2,215
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(1,522)	(1,707)	(826)
Interest expense	2,079	149	304
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(56,673)	(52,808)	(32,130)
Other comprehensive loss before reclassifications	43,772	(4,509)	(23,002)
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period Other comprehensive income	43,772	(4,509)	(23,002)
Net current-period Other comprehensive income attributable to noncontrolling interests	(3,666)	644	2,324
Ending equity balance, value	(16,567)	(56,673)	(52,808)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	0	0	0
Interest expense	$ 0	$ 0	$ 0

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Increase in unrecognized tax benefit	$ 0.8
Unrecognized tax benefits	2.1	$ 1.3
Accrued interest for uncertain tax positions	0.2	0.1
Income taxes paid	1.5	1.7	$ 2.6
Deferred tax assets, gross	24.2	19
Deferred tax liability, net	50.2	48.6
Deferred tax assets, valuation allowance	21.8	17.6
Operating loss carryforwards, foreign	$ 42.7	$ 41.5
Maximum
Income Taxes
Open tax year	2013
Minimum
Income Taxes
Open tax year	2019

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal
Current	$ 80	$ 60	$ 130
Deferred	1	0	5
Federal income taxes	81	60	135
State and Local
Current	126	85	292
State and local income taxes	126	85	292
Foreign
Current	3,033	2,375	1,315
Deferred	(2,471)	(2,310)	(3,694)
Foreign income taxes	562	65	(2,379)
Total Provision for (Benefit from) Income Taxes	$ 769	$ 210	$ (1,952)

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Jul. 22, 2020USD ($)	Jan. 29, 2019USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate					$ 6,101	$ 50,846	$ 125,841
Repayments of principal					$ 26,679	132,160	52,411
Number of properties (property) | property					50
Non-recourse mortgages					$ 1,310,378	1,201,913
Proceeds from insurance settlements					$ 0	1,084	$ 53,195
Discontinued Operations, Disposed of by Sale | Fort Walton Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate		$ 13,100
Gain (loss) on sale of real estate, net				$ 15,400
Ownership interest		97.00%
Gain on sale of real state, net noncontrolling interest				$ 2,900
Discontinued Operations, Disposed of by Sale | Non Recourse Debt | Fort Walton Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Mortgage loan		$ 24,200
Discontinued Operations, Disposed of by Sale | Freetown, Massachusetts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate	$ 6,100
Gain (loss) on sale of real estate, net	2,400
Discontinued Operations, Disposed of by Sale | Freetown, Massachusetts | Non Recourse Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Repayments of principal	$ 3,200
Discontinued Operations, Disposed of by Sale | United Kingdom Trade Counter Portfolio (Truffle Portfolio)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate						39,300
Gain (loss) on sale of real estate, net						10,300
Repayments of principal						$ 22,700
Number of properties (property) | property						11
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain (loss) on sale of real estate, net			$ 3,300
Number of properties (property) | property							1
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Five Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate							$ 95,500
Gain (loss) on sale of real estate, net							58,200
Gain on sale of real state, net noncontrolling interest							$ 8,300
Number of properties (property) | property							5
Income attributable to non-controlling interest							$ 8,300
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Four Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Repayments of principal							$ 25,300
Number of properties (property) | property							4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Four Properties | Third Party
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Non-recourse mortgages							$ 93,400
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Three Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Number of properties (property) | property							3
Ownership interest in jointly-owned investment (percent)							97.00%
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Property in Utrecht, The Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate							$ 29,700
Gain (loss) on sale of real estate, net							20,500
Non-recourse mortgages							29,200
Gain on sales of real estate, tax benefit							2,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | University in Accra, Ghana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain on sales of real estate, tax benefit							3,500
Proceeds from insurance settlements							45,600
Gain from insurance proceeds							16,600
Income attributable to non-controlling interest							2,300
Disposal Group, Held-for-sale, Not Discontinued Operations | Non Recourse Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net							24,300
Disposal Group, Held-for-sale, Not Discontinued Operations | Assets Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Assets held for sale, net							$ 23,600

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting
Number of reportable segments | segment			3
Uncollected rent receivable			$ 9,200
Allowance for doubtful accounts written off			(2,874)	$ 0	$ 0
Proceeds from insurance settlements			0	1,084	53,195
Asset management fees			11,914	11,539	12,087
Lease revenues- net-leased
Segment Reporting
Uncollected rent receivable			8,500
Allowance for accounts receivable written off		$ 7,000	7,000
Equity method investment
Segment Reporting
Equity investment in real estate				14,900
Asset management fees
Segment Reporting
Asset management fees			11,900	$ 11,500	12,100
Tornado
Segment Reporting
Proceeds from insurance settlements					5,600
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Segment Reporting
Allowance for accounts receivable written off		$ 2,800	2,800
Gain from insurance proceeds					16,600
Gain on sales of real estate, tax benefit					3,500
Proceeds from insurance settlements					45,600
Self Storage [Member] | Self-Storage Facilities Located In Canada | Equity method investment
Segment Reporting
Recognized gain on sale	$ 12,900		12,900
Income from investment, tax	$ 1,800		$ 1,800
Operating Segments | Net Lease
Segment Reporting
Allowance for accounts receivable written off					$ 5,200

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information, Profit (Loss)
Revenues	$ 47,077	$ 43,182	$ 43,928	$ 42,880	$ 49,027	$ 49,091	$ 49,027	$ 50,294	$ 177,067	$ 197,439	$ 216,716
Operating expenses	(28,973)	(31,478)	(30,582)	(36,228)	(30,479)	(35,737)	(34,021)	(32,272)	(127,261)	(132,509)	(147,018)
Interest expense									(43,343)	(48,019)	(53,221)
Gain on sale of real estate, net									2,390	24,773	78,657
Other gains and (losses)									14,217	2,530	20,204
(Provision for) benefit from income taxes									(769)	(210)	1,952
Net loss (income) attributable to noncontrolling interests	(2,471)	(1,346)	(3,530)	(2,611)	(2,981)	(1,505)	(2,100)	(4,846)	(9,958)	(11,432)	(20,562)
Net Income Attributable to CPA:18 – Global	$ 18,411	$ 3,303	$ (1,191)	$ (8,180)	$ 5,708	$ 8,959	$ 3,078	$ 14,827	12,343	32,572	96,728
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues									104,611	122,038	130,124
Operating expenses									(63,583)	(69,959)	(76,255)
Interest expense									(28,388)	(34,105)	(36,128)
Gain on sale of real estate, net									2,390	9,932	20,547
Other gains and (losses)									(3,231)	1,203	22,597
(Provision for) benefit from income taxes									52	1,019	1,513
Net loss (income) attributable to noncontrolling interests									(2,868)	(759)	(2,716)
Net Income Attributable to CPA:18 – Global									8,983	29,369	59,682
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues									61,426	60,767	57,920
Operating expenses									(36,407)	(35,604)	(35,235)
Interest expense									(13,447)	(13,802)	(13,256)
Other gains and (losses)									12,329	(942)	(1,298)
(Provision for) benefit from income taxes									(110)	(115)	(85)
Net Income Attributable to CPA:18 – Global									23,791	10,304	8,046
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues									9,604	10,550	21,434
Operating expenses									(7,749)	(7,713)	(16,030)
Interest expense									(1,424)	133	(3,529)
Gain on sale of real estate, net									0	14,841	58,110
Other gains and (losses)									19	(182)	(870)
(Provision for) benefit from income taxes									241	87	178
Net loss (income) attributable to noncontrolling interests									135	(2,541)	(8,154)
Net Income Attributable to CPA:18 – Global									826	15,175	51,139
Corporate
Segment Reporting Information, Profit (Loss)
Net loss (income) attributable to noncontrolling interests									(7,225)	(8,132)	(9,692)
Unallocated Corporate Overhead									(15,473)	(18,220)	(19,681)
All Other
Segment Reporting Information, Profit (Loss)
Revenues									1,426	4,076	7,238
Operating expenses									(45)	0	(4)
Other gains and (losses)									60	0	0
Net Income Attributable to CPA:18 – Global									$ 1,441	$ 4,076	$ 7,234

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information, Additional Information
Total assets	[1]	$ 2,358,918	$ 2,234,803
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Total assets		1,688,259	1,517,659
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Total assets		345,936	369,883
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Total assets		258,017	213,692
Corporate
Segment Reporting Information, Additional Information
Total assets		38,697	105,407
All Other
Segment Reporting Information, Additional Information
Total assets		$ 28,009	$ 28,162
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Segment Reporting - Geography (

Segment Reporting - Geography (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information, Profit (Loss)
Revenues	$ 47,077	$ 43,182	$ 43,928	$ 42,880	$ 49,027	$ 49,091	$ 49,027	$ 50,294	$ 177,067	$ 197,439	$ 216,716
Assets
Long-lived assets	2,124,244				1,946,720				2,124,244	1,946,720
Total Domestic
Segment Reporting Information, Profit (Loss)
Revenues									115,564	116,330	134,876
Assets
Long-lived assets	869,645				885,470				869,645	885,470
Texas
Segment Reporting Information, Profit (Loss)
Revenues									22,685	20,941	24,681
Assets
Long-lived assets	259,719				246,421				259,719	246,421
Florida
Segment Reporting Information, Profit (Loss)
Revenues									22,469	22,876	29,136
All Other Domestic
Segment Reporting Information, Profit (Loss)
Revenues									70,410	72,513	81,059
Assets
Long-lived assets	609,926				639,049				609,926	639,049
Total International
Segment Reporting Information, Profit (Loss)
Revenues									61,503	81,109	$ 81,840
Assets
Long-lived assets	1,254,599				1,061,250				1,254,599	1,061,250
Spain
Assets
Long-lived assets	261,476				158,613				261,476	158,613
Norway
Assets
Long-lived assets	196,946				197,091				196,946	197,091
All Other International
Assets
Long-lived assets	$ 796,177				$ 705,546				$ 796,177	$ 705,546

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)property$ / shares	Sep. 30, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)property$ / shares	Jun. 30, 2019USD ($)property$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2020USD ($)property$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)property$ / shares	Dec. 23, 2020property
Statement
Revenues	$ 47,077	$ 43,182	$ 43,928	$ 42,880	$ 49,027	$ 49,091	$ 49,027	$ 50,294	$ 177,067	$ 197,439	$ 216,716
Expenses	28,973	31,478	30,582	36,228	30,479	35,737	34,021	32,272	127,261	132,509	147,018
Net Income	20,882	4,649	2,339	(5,569)	8,689	10,464	5,178	19,673	22,301	44,004	117,290
Net loss (income) attributable to noncontrolling interests	(2,471)	(1,346)	(3,530)	(2,611)	(2,981)	(1,505)	(2,100)	(4,846)	(9,958)	(11,432)	(20,562)
Allocation of net (loss) income	18,411	3,303	(1,191)	(8,180)	$ 5,708	$ 8,959	$ 3,078	$ 14,827	12,343	32,572	96,728
Unrecognized lease revenue	2,600	$ 3,600	$ 3,000
Allowance for credit loss (reversal)	$ (7,800)			4,900					$ 0	0	5,727
Number of properties (property) | property	50								50
Adjustments
Statement
Number of properties (property) | property	1								1
Equity method investment | Self Storage [Member]
Statement
Number of properties (property) | property	3								3
Lease revenues- net-leased
Statement
Allowance for accounts receivable written off				$ 7,000					$ 7,000
Class A common stock
Statement
Allocation of net (loss) income									$ 9,737	$ 25,636	$ 75,816
Basic and diluted earnings (loss) per share (in dollars per share) | $ / shares	$ 0.12	$ 0.02	$ (0.01)	$ (0.05)	$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.08	$ 0.22	$ 0.67
Class C common stock
Statement
Allocation of net (loss) income									$ 2,606	$ 6,936	$ 20,912
Basic and diluted earnings (loss) per share (in dollars per share) | $ / shares	$ 0.12	$ 0.02	$ (0.01)	$ (0.05)	$ 0.04	$ 0.06	$ 0.02	$ 0.10	$ 0.08	$ 0.22	$ 0.66
Self-Storage Facilities Located In Canada | Equity method investment | Self Storage [Member]
Statement
Recognized gain on sale	$ 12,900								$ 12,900
Income from investment, tax	1,800								1,800
Number of properties (property) | property												3
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Statement
Gain (loss) on sale of real estate, net		$ 3,300
Number of properties (property) | property											1
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Adjustments
Statement
Gain (loss) on sale of real estate, net	$ (900)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Truffle Portfolio
Statement
Gain (loss) on sale of real estate, net						$ 8,400	$ 700
Number of properties (property) | property						8	2
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | University in Accra, Ghana
Statement
Allowance for accounts receivable written off				$ 2,800					$ 2,800
Discontinued Operations, Disposed of by Sale | Fort Walton Beach, Florida
Statement
Gain (loss) on sale of real estate, net								$ 15,400
Gain on sale of real state, net noncontrolling interest								2,900
Discontinued Operations, Disposed of by Sale | Multi-Family Residential Property
Statement
Gain (loss) on sale of real estate, net								$ 1,200

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Feb. 16, 2021USD ($)
Subsequent Event
Subsequent Event
Repayments of related party debt	$ 21.1

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation reserve for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 17,556	$ 9,213	$ 13,593
Other Additions	5,181	8,879	3,090
Deductions	(960)	(536)	(7,470)
Balance at End of Year	21,777	17,556	9,213
Allowance for uncollectible account
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 0	9,781	4,399
Other Additions		0	5,383
Deductions		(9,781)	(1)
Balance at End of Year		$ 0	$ 9,781

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Under Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 867,150
Initial Cost to Company
Land	233,689
Buildings	912,508
Cost Capitalized Subsequent to Acquisition	339,521
Increase (Decrease) in Net Investments	(45,364)
Gross Amount at which Carried at Close of Period
Land	235,243
Buildings	1,205,111
Total	1,440,354	$ 1,200,645	$ 1,210,776	$ 1,263,172
Accumulated Depreciation	172,319	135,922	112,061	87,886
Real Estate Under Operating Leases | Office facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	72,741
Initial Cost to Company
Land	29,215
Buildings	67,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,215
Buildings	67,993
Total	97,208
Accumulated Depreciation	$ 15,541
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,496
Initial Cost to Company
Land	0
Buildings	10,828
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,143)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	9,685
Total	9,685
Accumulated Depreciation	$ 2,008
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,312
Initial Cost to Company
Land	0
Buildings	10,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,195)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	9,381
Total	9,381
Accumulated Depreciation	$ 1,837
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,189
Initial Cost to Company
Land	2,264
Buildings	10,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,450)
Gross Amount at which Carried at Close of Period
Land	2,019
Buildings	9,471
Total	11,490
Accumulated Depreciation	$ 2,027
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zadar, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,415
Initial Cost to Company
Land	4,320
Buildings	10,536
Cost Capitalized Subsequent to Acquisition	799
Increase (Decrease) in Net Investments	(1,581)
Gross Amount at which Carried at Close of Period
Land	3,852
Buildings	10,222
Total	14,074
Accumulated Depreciation	$ 2,182
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Real Estate Under Operating Leases | Retail facility in Split, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 919
Initial Cost to Company
Land	0
Buildings	3,161
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(365)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,796
Total	2,796
Accumulated Depreciation	$ 730
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Real Estate Under Operating Leases | Industrial facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,770
Initial Cost to Company
Land	1,163
Buildings	3,393
Cost Capitalized Subsequent to Acquisition	4,111
Increase (Decrease) in Net Investments	(535)
Gross Amount at which Carried at Close of Period
Land	1,163
Buildings	6,969
Total	8,132
Accumulated Depreciation	$ 1,814
Life on which Depreciation in Latest Statement of  Income is Computed	21 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,207
Initial Cost to Company
Land	13,748
Buildings	52,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	13,748
Buildings	52,135
Total	65,883
Accumulated Depreciation	$ 13,222
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Real Estate Under Operating Leases | Office facility in Norcross, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,136
Initial Cost to Company
Land	1,044
Buildings	3,361
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,044
Buildings	3,361
Total	4,405
Accumulated Depreciation	$ 696
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 43,131
Initial Cost to Company
Land	14,362
Buildings	59,219
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(21,409)
Gross Amount at which Carried at Close of Period
Land	10,183
Buildings	41,989
Total	52,172
Accumulated Depreciation	$ 7,222
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,446
Initial Cost to Company
Land	0
Buildings	112,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(12,149)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	100,527
Total	100,527
Accumulated Depreciation	$ 17,100
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,390
Initial Cost to Company
Land	448
Buildings	5,841
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	448
Buildings	5,841
Total	6,289
Accumulated Depreciation	$ 1,419
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,631
Initial Cost to Company
Land	2,251
Buildings	3,390
Cost Capitalized Subsequent to Acquisition	672
Increase (Decrease) in Net Investments	47
Gross Amount at which Carried at Close of Period
Land	2,251
Buildings	4,109
Total	6,360
Accumulated Depreciation	$ 987
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Surprise, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,054
Initial Cost to Company
Land	298
Buildings	2,347
Cost Capitalized Subsequent to Acquisition	1,700
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	298
Buildings	4,047
Total	4,345
Accumulated Depreciation	$ 848
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Temple, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,940
Initial Cost to Company
Land	381
Buildings	6,469
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	381
Buildings	6,469
Total	6,850
Accumulated Depreciation	$ 1,468
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Real Estate Under Operating Leases | Land in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,062
Initial Cost to Company
Land	1,675
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,675
Buildings	0
Total	1,675
Accumulated Depreciation	0
Real Estate Under Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,546
Initial Cost to Company
Land	3,036
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,036
Buildings	0
Total	3,036
Accumulated Depreciation	0
Real Estate Under Operating Leases | Warehouse facility in Jonesville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,637
Initial Cost to Company
Land	2,995
Buildings	14,644
Cost Capitalized Subsequent to Acquisition	19,389
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,995
Buildings	34,033
Total	37,028
Accumulated Depreciation	$ 8,205
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Warstein, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,816
Initial Cost to Company
Land	281
Buildings	15,671
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(523)
Gross Amount at which Carried at Close of Period
Land	272
Buildings	15,157
Total	15,429
Accumulated Depreciation	$ 2,482
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Albany, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,758
Initial Cost to Company
Land	1,141
Buildings	5,997
Cost Capitalized Subsequent to Acquisition	4,690
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,141
Buildings	10,687
Total	11,828
Accumulated Depreciation	$ 1,681
Life on which Depreciation in Latest Statement of  Income is Computed	14 years
Real Estate Under Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 41,917
Initial Cost to Company
Land	8,276
Buildings	80,475
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(20,190)
Gross Amount at which Carried at Close of Period
Land	6,442
Buildings	62,119
Total	68,561
Accumulated Depreciation	$ 9,703
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,597
Initial Cost to Company
Land	1,189
Buildings	11,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,189
Buildings	11,279
Total	12,468
Accumulated Depreciation	$ 1,862
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 27,165
Initial Cost to Company
Land	3,990
Buildings	30,320
Cost Capitalized Subsequent to Acquisition	646
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,990
Buildings	30,966
Total	34,956
Accumulated Depreciation	$ 5,017
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,486
Initial Cost to Company
Land	512
Buildings	1,283
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	512
Buildings	1,285
Total	1,797
Accumulated Depreciation	$ 366
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 699
Initial Cost to Company
Land	509
Buildings	340
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	509
Buildings	342
Total	851
Accumulated Depreciation	$ 168
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 248
Initial Cost to Company
Land	128
Buildings	204
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	128
Buildings	206
Total	334
Accumulated Depreciation	$ 83
Life on which Depreciation in Latest Statement of  Income is Computed	21 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,076
Initial Cost to Company
Land	360
Buildings	1,120
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	360
Buildings	1,121
Total	1,481
Accumulated Depreciation	$ 290
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,090
Initial Cost to Company
Land	809
Buildings	671
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809
Buildings	672
Total	1,481
Accumulated Depreciation	$ 254
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Under Operating Leases | Industrial and warehouse facility in Byron Center, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,994
Initial Cost to Company
Land	625
Buildings	1,005
Cost Capitalized Subsequent to Acquisition	9,515
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	625
Buildings	10,520
Total	11,145
Accumulated Depreciation	$ 1,425
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 39,506
Initial Cost to Company
Land	2,247
Buildings	27,150
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(3,493)
Gross Amount at which Carried at Close of Period
Land	1,604
Buildings	24,300
Total	25,904
Accumulated Depreciation	$ 3,711
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,246
Buildings	27,136
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	2,504
Gross Amount at which Carried at Close of Period
Land	2,814
Buildings	29,072
Total	31,886
Accumulated Depreciation	$ 4,454
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Albion, Mauritius
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,407
Initial Cost to Company
Land	4,047
Buildings	54,927
Cost Capitalized Subsequent to Acquisition	243
Increase (Decrease) in Net Investments	447
Gross Amount at which Carried at Close of Period
Land	4,081
Buildings	55,583
Total	59,664
Accumulated Depreciation	$ 10,151
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eindhoven, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,296
Initial Cost to Company
Land	8,736
Buildings	14,493
Cost Capitalized Subsequent to Acquisition	78,413
Increase (Decrease) in Net Investments	9,478
Gross Amount at which Carried at Close of Period
Land	14,141
Buildings	96,979
Total	111,120
Accumulated Depreciation	$ 8,992
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plano, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,860
Initial Cost to Company
Land	3,180
Buildings	26,926
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	26,926
Total	30,106
Accumulated Depreciation	$ 4,008
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Munich, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 51,203
Initial Cost to Company
Land	8,497
Buildings	41,883
Cost Capitalized Subsequent to Acquisition	42,982
Increase (Decrease) in Net Investments	1,330
Gross Amount at which Carried at Close of Period
Land	11,012
Buildings	83,680
Total	94,692
Accumulated Depreciation	$ 6,884
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,455
Initial Cost to Company
Land	2,537
Buildings	9,731
Cost Capitalized Subsequent to Acquisition	1,019
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,537
Buildings	10,750
Total	13,287
Accumulated Depreciation	$ 2,321
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Real Estate Under Operating Leases | Retail facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 58,393
Initial Cost to Company
Land	61,607
Buildings	34,183
Cost Capitalized Subsequent to Acquisition	854
Increase (Decrease) in Net Investments	(11,083)
Gross Amount at which Carried at Close of Period
Land	54,428
Buildings	31,133
Total	85,561
Accumulated Depreciation	$ 7,670
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Under Operating Leases | Hotel in Hamburg, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,477
Initial Cost to Company
Land	5,719
Buildings	1,530
Cost Capitalized Subsequent to Acquisition	21,248
Increase (Decrease) in Net Investments	2,113
Gross Amount at which Carried at Close of Period
Land	6,370
Buildings	24,240
Total	30,610
Accumulated Depreciation	$ 2,124
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,533
Initial Cost to Company
Land	1,688
Buildings	10,081
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,687
Buildings	10,082
Total	11,769
Accumulated Depreciation	$ 1,572
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,462
Initial Cost to Company
Land	2,222
Buildings	25,449
Cost Capitalized Subsequent to Acquisition	1,239
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	26,688
Total	28,910
Accumulated Depreciation	$ 4,139
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Coralville, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,599
Initial Cost to Company
Land	1,937
Buildings	31,093
Cost Capitalized Subsequent to Acquisition	5,048
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,937
Buildings	36,141
Total	38,078
Accumulated Depreciation	$ 4,889
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Michalovce, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,249
Initial Cost to Company
Land	1,055
Buildings	10,808
Cost Capitalized Subsequent to Acquisition	13,978
Increase (Decrease) in Net Investments	2,291
Gross Amount at which Carried at Close of Period
Land	1,502
Buildings	26,630
Total	28,132
Accumulated Depreciation	$ 3,315
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Stuttgart, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 16,154
Initial Cost to Company
Land	0
Buildings	25,717
Cost Capitalized Subsequent to Acquisition	1,175
Increase (Decrease) in Net Investments	3,384
Gross Amount at which Carried at Close of Period
Land	0
Buildings	30,276
Total	30,276
Accumulated Depreciation	$ 4,340
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Menomonee Falls, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,041
Initial Cost to Company
Land	1,680
Buildings	19,600
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	19,600
Total	21,280
Accumulated Depreciation	$ 73
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Real Estate Under Operating Leases | Warehouse facility in Iowa City, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,159
Initial Cost to Company
Land	913
Buildings	5,785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	913
Buildings	5,785
Total	6,698
Accumulated Depreciation	$ 901
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Residential facility in Malaga, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	3,293
Buildings	4,044
Cost Capitalized Subsequent to Acquisition	43,638
Increase (Decrease) in Net Investments	656
Gross Amount at which Carried at Close of Period
Land	4,444
Buildings	47,187
Total	51,631
Accumulated Depreciation	$ 105
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Residential facility in Barcelona, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,978
Initial Cost to Company
Land	7,453
Buildings	3,574
Cost Capitalized Subsequent to Acquisition	20,083
Increase (Decrease) in Net Investments	3,289
Gross Amount at which Carried at Close of Period
Land	9,313
Buildings	25,086
Total	34,399
Accumulated Depreciation	$ 1,144
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Residential facility in San Sebastian, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,690
Initial Cost to Company
Land	4,891
Buildings	8,235
Cost Capitalized Subsequent to Acquisition	25,012
Increase (Decrease) in Net Investments	1,363
Gross Amount at which Carried at Close of Period
Land	5,895
Buildings	33,606
Total	39,501
Accumulated Depreciation	$ 417
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Residential facility in Barcelona, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 23,820
Initial Cost to Company
Land	9,492
Buildings	3,597
Cost Capitalized Subsequent to Acquisition	20,435
Increase (Decrease) in Net Investments	1,441
Gross Amount at which Carried at Close of Period
Land	11,561
Buildings	23,404
Total	34,965
Accumulated Depreciation	$ 320
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Residential facility in Porto, Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,229
Buildings	956
Cost Capitalized Subsequent to Acquisition	22,624
Increase (Decrease) in Net Investments	1,409
Gross Amount at which Carried at Close of Period
Land	5,637
Buildings	24,581
Total	30,218
Accumulated Depreciation	$ 152
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,518
Initial Cost to Company
Land	488
Buildings	13,084
Cost Capitalized Subsequent to Acquisition	1,381
Increase (Decrease) in Net Investments	1,980
Gross Amount at which Carried at Close of Period
Total	16,933
Direct Financing Method | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	2,552
Initial Cost to Company
Land	488
Buildings	2,947
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	270
Gross Amount at which Carried at Close of Period
Total	3,705
Direct Financing Method | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,150
Initial Cost to Company
Land	0
Buildings	1,573
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	238
Gross Amount at which Carried at Close of Period
Total	1,811
Direct Financing Method | Warehouse facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,816
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	1,381
Increase (Decrease) in Net Investments	1,472
Gross Amount at which Carried at Close of Period
Total	11,417
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	411,404
Initial Cost to Company
Land	88,799
Buildings	334,706
Personal Property	9
Cost Capitalized Subsequent to Acquisition	168,545
Increase (Decrease) in Net Investments	4,939
Gross Amount at which Carried at Close of Period
Land	89,148
Buildings	499,557
Personal Property	8,293
Total	596,998	512,485	503,149	566,489
Accumulated Depreciation	73,569	$ 57,237	$ 41,969	$ 43,786
Operating Real Estate | Cardiff, UK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	30,584
Initial Cost to Company
Land	222
Buildings	14,136
Personal Property	0
Cost Capitalized Subsequent to Acquisition	31,418
Increase (Decrease) in Net Investments	1,924
Gross Amount at which Carried at Close of Period
Land	231
Buildings	45,831
Personal Property	1,638
Total	47,700
Accumulated Depreciation	$ 3,108
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Portsmouth, UK
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 48,973
Initial Cost to Company
Land	8,096
Buildings	3,416
Personal Property	0
Cost Capitalized Subsequent to Acquisition	59,324
Increase (Decrease) in Net Investments	3,080
Gross Amount at which Carried at Close of Period
Land	8,435
Buildings	63,101
Personal Property	2,380
Total	73,916
Accumulated Depreciation	$ 4,409
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 51,140
Initial Cost to Company
Land	10,623
Buildings	3,043
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65,259
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	10,624
Buildings	66,981
Personal Property	1,320
Total	78,925
Accumulated Depreciation	$ 762
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,561
Initial Cost to Company
Land	3,306
Buildings	7,190
Personal Property	0
Cost Capitalized Subsequent to Acquisition	143
Increase (Decrease) in Net Investments	(18)
Gross Amount at which Carried at Close of Period
Land	3,306
Buildings	7,229
Personal Property	86
Total	10,621
Accumulated Depreciation	$ 1,499
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,030
Initial Cost to Company
Land	3,258
Buildings	7,128
Personal Property	0
Cost Capitalized Subsequent to Acquisition	167
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	7,252
Personal Property	47
Total	10,557
Accumulated Depreciation	$ 1,412
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,665
Initial Cost to Company
Land	340
Buildings	3,428
Personal Property	0
Cost Capitalized Subsequent to Acquisition	369
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,679
Personal Property	122
Total	4,141
Accumulated Depreciation	$ 1,038
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,688
Initial Cost to Company
Land	1,356
Buildings	3,699
Personal Property	0
Cost Capitalized Subsequent to Acquisition	335
Increase (Decrease) in Net Investments	13
Gross Amount at which Carried at Close of Period
Land	1,356
Buildings	3,987
Personal Property	60
Total	5,403
Accumulated Depreciation	$ 961
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,968
Initial Cost to Company
Land	1,915
Buildings	1,894
Personal Property	0
Cost Capitalized Subsequent to Acquisition	203
Increase (Decrease) in Net Investments	7
Gross Amount at which Carried at Close of Period
Land	1,915
Buildings	2,029
Personal Property	75
Total	4,019
Accumulated Depreciation	$ 483
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Operating Real Estate | Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,740
Initial Cost to Company
Land	669
Buildings	8,899
Personal Property	0
Cost Capitalized Subsequent to Acquisition	77
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	669
Buildings	8,941
Personal Property	39
Total	9,649
Accumulated Depreciation	$ 1,562
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,989
Initial Cost to Company
Land	1,065
Buildings	2,742
Personal Property	0
Cost Capitalized Subsequent to Acquisition	237
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	1,065
Buildings	2,874
Personal Property	120
Total	4,059
Accumulated Depreciation	$ 820
Operating Real Estate | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,448
Initial Cost to Company
Land	2,263
Buildings	2,704
Personal Property	0
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	2,263
Buildings	2,754
Personal Property	64
Total	5,081
Accumulated Depreciation	$ 663
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Pompano Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,967
Initial Cost to Company
Land	700
Buildings	3,436
Personal Property	0
Cost Capitalized Subsequent to Acquisition	816
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	700
Buildings	4,177
Personal Property	77
Total	4,954
Accumulated Depreciation	$ 1,111
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Operating Real Estate | Jensen Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,476
Initial Cost to Company
Land	1,596
Buildings	5,963
Personal Property	0
Cost Capitalized Subsequent to Acquisition	254
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,596
Buildings	6,151
Personal Property	66
Total	7,813
Accumulated Depreciation	$ 1,203
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | Dickinson, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,331
Initial Cost to Company
Land	1,680
Buildings	7,165
Personal Property	0
Cost Capitalized Subsequent to Acquisition	188
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	7,240
Personal Property	115
Total	9,035
Accumulated Depreciation	$ 1,572
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Humble, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,956
Initial Cost to Company
Land	341
Buildings	6,582
Personal Property	0
Cost Capitalized Subsequent to Acquisition	38
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	341
Buildings	6,587
Personal Property	36
Total	6,964
Accumulated Depreciation	$ 1,160
Life on which Depreciation in Latest Statement of  Income is Computed	39 years
Operating Real Estate | Temecula, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,394
Initial Cost to Company
Land	449
Buildings	8,574
Personal Property	0
Cost Capitalized Subsequent to Acquisition	27
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	449
Buildings	8,568
Personal Property	27
Total	9,044
Accumulated Depreciation	$ 1,533
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | Cumming, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,807
Initial Cost to Company
Land	300
Buildings	3,531
Personal Property	0
Cost Capitalized Subsequent to Acquisition	117
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	300
Buildings	3,578
Personal Property	70
Total	3,948
Accumulated Depreciation	$ 987
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Naples, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,516
Initial Cost to Company
Land	3,073
Buildings	10,677
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,475
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	3,073
Buildings	12,005
Personal Property	166
Total	15,244
Accumulated Depreciation	$ 2,990
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Operating Real Estate | Valrico, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,897
Initial Cost to Company
Land	695
Buildings	7,558
Personal Property	0
Cost Capitalized Subsequent to Acquisition	306
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	695
Buildings	7,636
Personal Property	28
Total	8,359
Accumulated Depreciation	$ 1,158
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Tallahassee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,894
Initial Cost to Company
Land	1,796
Buildings	4,782
Personal Property	0
Cost Capitalized Subsequent to Acquisition	190
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,796
Buildings	4,871
Personal Property	103
Total	6,770
Accumulated Depreciation	$ 1,006
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Operating Real Estate | Sebastian, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,897
Initial Cost to Company
Land	474
Buildings	2,031
Personal Property	0
Cost Capitalized Subsequent to Acquisition	298
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	474
Buildings	2,262
Personal Property	67
Total	2,803
Accumulated Depreciation	$ 792
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Operating Real Estate | Lady Lake, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,925
Initial Cost to Company
Land	522
Buildings	4,809
Personal Property	0
Cost Capitalized Subsequent to Acquisition	234
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	5,035
Personal Property	8
Total	5,565
Accumulated Depreciation	$ 851
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,607
Initial Cost to Company
Land	706
Buildings	2,864
Personal Property	0
Cost Capitalized Subsequent to Acquisition	61
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	706
Buildings	2,892
Personal Property	38
Total	3,636
Accumulated Depreciation	$ 610
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,966
Initial Cost to Company
Land	779
Buildings	5,504
Personal Property	0
Cost Capitalized Subsequent to Acquisition	129
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	779
Buildings	5,567
Personal Property	66
Total	6,412
Accumulated Depreciation	$ 1,553
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,454
Initial Cost to Company
Land	335
Buildings	1,999
Personal Property	0
Cost Capitalized Subsequent to Acquisition	98
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	335
Buildings	2,088
Personal Property	9
Total	2,432
Accumulated Depreciation	$ 610
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,593
Initial Cost to Company
Land	384
Buildings	3,042
Personal Property	0
Cost Capitalized Subsequent to Acquisition	216
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	384
Buildings	3,215
Personal Property	43
Total	3,642
Accumulated Depreciation	$ 1,124
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Operating Real Estate | Highland, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,529
Initial Cost to Company
Land	1,056
Buildings	3,366
Personal Property	0
Cost Capitalized Subsequent to Acquisition	52
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,056
Buildings	3,400
Personal Property	18
Total	4,474
Accumulated Depreciation	$ 697
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Operating Real Estate | Lancaster, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,499
Initial Cost to Company
Land	217
Buildings	4,355
Personal Property	0
Cost Capitalized Subsequent to Acquisition	86
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	217
Buildings	4,390
Personal Property	51
Total	4,658
Accumulated Depreciation	$ 968
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Operating Real Estate | Rialto, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,603
Initial Cost to Company
Land	1,905
Buildings	3,642
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	3,676
Personal Property	31
Total	5,612
Accumulated Depreciation	$ 872
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,311
Initial Cost to Company
Land	1,115
Buildings	5,802
Personal Property	0
Cost Capitalized Subsequent to Acquisition	111
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,115
Buildings	5,884
Personal Property	31
Total	7,030
Accumulated Depreciation	$ 1,364
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Operating Real Estate | Louisville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,589
Initial Cost to Company
Land	2,973
Buildings	6,056
Personal Property	0
Cost Capitalized Subsequent to Acquisition	171
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,973
Buildings	6,156
Personal Property	71
Total	9,200
Accumulated Depreciation	$ 1,490
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,330
Initial Cost to Company
Land	1,499
Buildings	1,658
Personal Property	0
Cost Capitalized Subsequent to Acquisition	114
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	1,718
Personal Property	54
Total	3,271
Accumulated Depreciation	$ 780
Life on which Depreciation in Latest Statement of  Income is Computed	18 years
Operating Real Estate | Stockbridge GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,618
Initial Cost to Company
Land	170
Buildings	1,996
Personal Property	0
Cost Capitalized Subsequent to Acquisition	210
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	2,159
Personal Property	47
Total	2,376
Accumulated Depreciation	$ 638
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Operating Real Estate | Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,625
Initial Cost to Company
Land	811
Buildings	2,723
Personal Property	0
Cost Capitalized Subsequent to Acquisition	82
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	811
Buildings	2,790
Personal Property	15
Total	3,616
Accumulated Depreciation	$ 754
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,353
Initial Cost to Company
Land	450
Buildings	8,381
Personal Property	0
Cost Capitalized Subsequent to Acquisition	163
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	450
Buildings	8,488
Personal Property	56
Total	8,994
Accumulated Depreciation	$ 1,408
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,136
Initial Cost to Company
Land	347
Buildings	8,233
Personal Property	5
Cost Capitalized Subsequent to Acquisition	78
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	347
Buildings	8,272
Personal Property	45
Total	8,664
Accumulated Depreciation	$ 1,236
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,161
Initial Cost to Company
Land	835
Buildings	6,193
Personal Property	0
Cost Capitalized Subsequent to Acquisition	149
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	835
Buildings	6,309
Personal Property	33
Total	7,177
Accumulated Depreciation	$ 1,036
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,773
Initial Cost to Company
Land	465
Buildings	4,576
Personal Property	0
Cost Capitalized Subsequent to Acquisition	96
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	465
Buildings	4,633
Personal Property	39
Total	5,137
Accumulated Depreciation	$ 741
Life on which Depreciation in Latest Statement of  Income is Computed	39 years
Operating Real Estate | St. Peters, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,296
Initial Cost to Company
Land	199
Buildings	2,888
Personal Property	0
Cost Capitalized Subsequent to Acquisition	182
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	199
Buildings	2,986
Personal Property	84
Total	3,269
Accumulated Depreciation	$ 552
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Leesburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,387
Initial Cost to Company
Land	731
Buildings	2,480
Personal Property	0
Cost Capitalized Subsequent to Acquisition	108
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	731
Buildings	2,552
Personal Property	36
Total	3,319
Accumulated Depreciation	$ 749
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Operating Real Estate | Palm Bay, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,094
Initial Cost to Company
Land	2,179
Buildings	7,367
Personal Property	0
Cost Capitalized Subsequent to Acquisition	186
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,179
Buildings	7,481
Personal Property	72
Total	9,732
Accumulated Depreciation	$ 1,537
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,588
Initial Cost to Company
Land	1,067
Buildings	4,965
Personal Property	0
Cost Capitalized Subsequent to Acquisition	606
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,067
Buildings	5,552
Personal Property	19
Total	6,638
Accumulated Depreciation	$ 1,355
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Ithaca, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,271
Initial Cost to Company
Land	454
Buildings	2,211
Personal Property	0
Cost Capitalized Subsequent to Acquisition	36
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	2,239
Personal Property	8
Total	2,701
Accumulated Depreciation	$ 555
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,332
Initial Cost to Company
Land	783
Buildings	2,417
Personal Property	0
Cost Capitalized Subsequent to Acquisition	337
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	783
Buildings	2,740
Personal Property	14
Total	3,537
Accumulated Depreciation	$ 966
Life on which Depreciation in Latest Statement of  Income is Computed	14 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,202
Initial Cost to Company
Land	664
Buildings	2,762
Personal Property	1
Cost Capitalized Subsequent to Acquisition	604
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	664
Buildings	3,328
Personal Property	39
Total	4,031
Accumulated Depreciation	$ 1,049
Life on which Depreciation in Latest Statement of  Income is Computed	17 years
Operating Real Estate | Hudson, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,227
Initial Cost to Company
Land	364
Buildings	4,188
Personal Property	0
Cost Capitalized Subsequent to Acquisition	28
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	364
Buildings	4,191
Personal Property	25
Total	4,580
Accumulated Depreciation	$ 642
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	407
Buildings	8,027
Personal Property	0
Cost Capitalized Subsequent to Acquisition	83
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	407
Buildings	8,086
Personal Property	24
Total	8,517
Accumulated Depreciation	$ 1,111
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,694
Initial Cost to Company
Land	1,275
Buildings	3,339
Personal Property	0
Cost Capitalized Subsequent to Acquisition	229
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,275
Buildings	3,554
Personal Property	14
Total	4,843
Accumulated Depreciation	$ 609
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,535
Initial Cost to Company
Land	921
Buildings	2,764
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	921
Buildings	2,764
Personal Property	1
Total	3,686
Accumulated Depreciation	$ 516
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,601
Initial Cost to Company
Land	594
Buildings	4,154
Personal Property	0
Cost Capitalized Subsequent to Acquisition	29
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	4,154
Personal Property	29
Total	4,777
Accumulated Depreciation	$ 690
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,618
Initial Cost to Company
Land	594
Buildings	3,867
Personal Property	0
Cost Capitalized Subsequent to Acquisition	152
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,981
Personal Property	38
Total	4,613
Accumulated Depreciation	$ 692
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,424
Initial Cost to Company
Land	337
Buildings	2,024
Personal Property	0
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	337
Buildings	2,124
Personal Property	10
Total	2,471
Accumulated Depreciation	$ 352
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,707
Initial Cost to Company
Land	782
Buildings	3,825
Personal Property	0
Cost Capitalized Subsequent to Acquisition	32
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	782
Buildings	3,836
Personal Property	21
Total	4,639
Accumulated Depreciation	$ 837
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Fernandina Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,238
Initial Cost to Company
Land	1,785
Buildings	7,133
Personal Property	0
Cost Capitalized Subsequent to Acquisition	205
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,785
Buildings	7,256
Personal Property	82
Total	9,123
Accumulated Depreciation	$ 1,196
Life on which Depreciation in Latest Statement of  Income is Computed	25 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,432
Initial Cost to Company
Land	1,371
Buildings	3,020
Personal Property	3
Cost Capitalized Subsequent to Acquisition	148
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,371
Buildings	3,140
Personal Property	31
Total	4,542
Accumulated Depreciation	$ 787
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,747
Initial Cost to Company
Land	817
Buildings	3,438
Personal Property	0
Cost Capitalized Subsequent to Acquisition	80
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	817
Buildings	3,475
Personal Property	43
Total	4,335
Accumulated Depreciation	$ 704
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,946
Initial Cost to Company
Land	708
Buildings	3,778
Personal Property	0
Cost Capitalized Subsequent to Acquisition	170
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	708
Buildings	3,848
Personal Property	100
Total	4,656
Accumulated Depreciation	$ 802
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Greensboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,032
Initial Cost to Company
Land	716
Buildings	4,108
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,268
Increase (Decrease) in Net Investments	89
Gross Amount at which Carried at Close of Period
Land	716
Buildings	5,432
Personal Property	33
Total	6,181
Accumulated Depreciation	$ 1,333
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Operating Real Estate | Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,342
Initial Cost to Company
Land	897
Buildings	8,831
Personal Property	0
Cost Capitalized Subsequent to Acquisition	155
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	897
Buildings	8,922
Personal Property	58
Total	9,877
Accumulated Depreciation	$ 1,164
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,770
Initial Cost to Company
Land	1,094
Buildings	4,298
Personal Property	0
Cost Capitalized Subsequent to Acquisition	63
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,094
Buildings	4,336
Personal Property	25
Total	5,455
Accumulated Depreciation	$ 858
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Avondale, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,415
Initial Cost to Company
Land	808
Buildings	4,245
Personal Property	0
Cost Capitalized Subsequent to Acquisition	4
Increase (Decrease) in Net Investments	(11)
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,234
Personal Property	4
Total	5,046
Accumulated Depreciation	$ 636
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Gilroy, California
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,673
Initial Cost to Company
Land	2,704
Buildings	7,451
Personal Property	0
Cost Capitalized Subsequent to Acquisition	76
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,704
Buildings	7,485
Personal Property	42
Total	10,231
Accumulated Depreciation	$ 1,399
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Washington, D.C.
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,771
Initial Cost to Company
Land	3,185
Buildings	8,177
Personal Property	0
Cost Capitalized Subsequent to Acquisition	27
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,185
Buildings	8,203
Personal Property	1
Total	11,389
Accumulated Depreciation	$ 1,161
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Operating Real Estate | Milford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,456
Initial Cost to Company
Land	751
Buildings	6,290
Personal Property	0
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	751
Buildings	6,290
Personal Property	2
Total	7,043
Accumulated Depreciation	$ 946
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | Millsboro, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,700
Initial Cost to Company
Land	807
Buildings	5,152
Personal Property	0
Cost Capitalized Subsequent to Acquisition	19
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	807
Buildings	5,160
Personal Property	11
Total	5,978
Accumulated Depreciation	$ 809
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | New Castle, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,565
Initial Cost to Company
Land	994
Buildings	5,673
Personal Property	0
Cost Capitalized Subsequent to Acquisition	30
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994
Buildings	5,681
Personal Property	22
Total	6,697
Accumulated Depreciation	$ 754
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | Rehoboth, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,470
Initial Cost to Company
Land	1,229
Buildings	9,945
Personal Property	0
Cost Capitalized Subsequent to Acquisition	12
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,229
Buildings	9,952
Personal Property	5
Total	11,186
Accumulated Depreciation	$ 1,455
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,878
Initial Cost to Company
Land	796
Buildings	2,112
Personal Property	0
Cost Capitalized Subsequent to Acquisition	97
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	796
Buildings	2,170
Personal Property	39
Total	3,005
Accumulated Depreciation	$ 392
Life on which Depreciation in Latest Statement of  Income is Computed	25 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	$ 255,736	$ 249,028
Accumulated amortization	157,283	135,153
Finite-lived intangible liabilities, gross	14,776	14,974
Finite-lived intangible liabilities accumulated amortization	7,755	6,627
Real estate under construction	180,055	$ 235,751	$ 152,106
Federal income tax basis	2,400,000
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible liabilities, gross	14,800
Finite-lived intangible liabilities accumulated amortization	7,800
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	255,700
Accumulated amortization	$ 157,300

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Under Operating Leases
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 1,200,645	$ 1,210,776	$ 1,263,172
Reclassification from real estate under construction	157,996	58	26,192
Foreign currency translation adjustment	62,373	(11,893)	(42,168)
Reclassification from Net investments in direct financing leases	21,280	0	0
Dispositions	(3,391)	(29,974)	(36,595)
Improvements	1,451	892	175
Reclassification from operating real estate	0	30,786	0
Ending balance	1,440,354	1,200,645	1,210,776
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	135,922	112,061	87,886
Depreciation expense	30,449	29,339	29,787
Foreign currency translation adjustment	6,889	(924)	(3,089)
Dispositions	(941)	(4,554)	(2,523)
Ending balance	172,319	135,922	112,061
Operating Real Estate
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	512,485	503,149	566,489
Reclassification from real estate under construction	78,927	34,886	113,061
Foreign currency translation adjustment	3,966	3,014	(2,518)
Dispositions	0	(48)	(152,948)
Improvements	1,620	2,270	5,343
Reclassification from operating real estate	0	(30,786)	0
Reclassification to held for sale	0	0	(26,278)
Ending balance	596,998	512,485	503,149
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	57,237	41,969	43,786
Depreciation expense	16,013	15,163	16,864
Foreign currency translation adjustment	319	127	(2)
Dispositions	0	(22)	(16,009)
Reclassification to held for sale	0	0	(2,670)
Ending balance	$ 73,569	$ 57,237	$ 41,969

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Narratives (Details) - USD ($) $ in Thousands	Apr. 09, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable		$ 0	$ 35,954	$ 2,546
Property Leased to Mills Fleet Farm Group LLC
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable	$ 36,000

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate
Carrying Amount	$ 28,000	$ 28,000	$ 63,954	$ 66,500
Financing agreement — Cipriani
Mortgage Loans on Real Estate
Interest rate (percent)	10.00%
Fair Value	$ 28,000
Carrying Amount	$ 28,000

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Mortgage Loans on Real Estate
Beginning balance	$ 28,000	$ 63,954	$ 66,500
Collection of principal	0	(35,954)	(2,546)
Ending balance	$ 28,000	$ 28,000	$ 63,954