Corporate Property Associates 18 Global (CPYA) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001558235
Class A
Document Information
Entity Common Stock, Shares Outstanding		119,999,176
Class C
Document Information
Entity Common Stock, Shares Outstanding		32,142,646

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,407,220	$ 1,440,354
Operating real estate — Land, buildings and improvements		598,173	596,998
Real estate under construction		215,128	180,055
Net investments in direct financing leases		16,919	16,933
In-place lease and other intangible assets		288,284	293,075
Investments in real estate		2,525,724	2,527,415
Accumulated depreciation and amortization		(415,006)	(403,171)
Net investments in real estate		2,110,718	2,124,244
Cash and cash equivalents		59,788	62,346
Accounts receivable and other assets, net		144,265	172,328
Total assets	[1]	2,314,771	2,358,918
Liabilities and Equity
Non-recourse secured debt, net		1,330,282	1,310,378
Accounts payable, accrued expenses and other liabilities		140,400	155,259
Due to affiliates		8,421	31,283
Distributions payable		9,470	9,447
Total liabilities	[1]	1,488,573	1,506,367
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued		0	0
Additional paid-in capital		1,334,370	1,331,278
Distributions and accumulated losses		(523,818)	(514,859)
Accumulated other comprehensive loss		(37,399)	(19,930)
Total stockholders’ equity		773,304	796,640
Noncontrolling interests		52,894	55,911
Total equity		826,198	852,551
Total liabilities and equity		2,314,771	2,358,918
Class A common stock
Liabilities and Equity
Common stock		119	119
Class C common stock
Liabilities and Equity
Common stock		$ 32	$ 32
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Class A
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	119,506,430	119,059,188
Class C
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	32,015,750	32,096,796

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Lease revenues — net-leased	$ 28,723	$ 22,361
Lease revenues — operating real estate	19,347	17,943
Other operating and interest income	299	2,576
Revenues	48,369	42,880
Operating Expenses
Depreciation and amortization	16,996	14,530
Operating real estate expenses	7,147	6,724
Property expenses, excluding reimbursable tenant costs	4,695	5,084
Reimbursable tenant costs	3,543	3,128
General and administrative	1,895	1,897
Allowance for credit losses	0	4,865
Operating Expenses	34,276	36,228
Other Income and Expenses
Interest expense	(11,747)	(10,489)
Other gains and (losses)	(969)	(2,072)
Equity in losses of equity method investment in real estate	0	(54)
Other Income and Expenses	(12,716)	(12,615)
Income (loss) before income taxes	1,377	(5,963)
Benefit from income taxes	1,101	394
Net Income (Loss)	2,478	(5,569)
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $1,539 and $1,916, respectively)	(1,967)	(2,611)
Net Income (Loss) Attributable to CPA:18 – Global	511	(8,180)
Class A
Other Income and Expenses
Net Income (Loss) Attributable to CPA:18 – Global	$ 403	$ (6,398)
Basic and diluted weighted-average shares outstanding (shares)	119,516,815	117,968,262
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0	$ (0.05)
Class C
Other Income and Expenses
Interest expense		$ (100)
Net Income (Loss) Attributable to CPA:18 – Global	$ 108	$ (1,782)
Basic and diluted weighted-average shares outstanding (shares)	32,187,435	32,445,640
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0	$ (0.05)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Distributions of available cash	$ 1,539	$ 1,916

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 2,478	$ (5,569)
Other Comprehensive Loss
Foreign currency translation adjustments	(20,158)	(24,082)
Unrealized gain (loss) on derivative instruments	1,377	(1,823)
Other Comprehensive Loss	(18,781)	(25,905)
Comprehensive Loss	(16,303)	(31,474)
Amounts Attributable to Noncontrolling Interests
Net income	(1,967)	(2,611)
Foreign currency translation adjustments	1,314	2,525
Unrealized (gain) loss on derivative instruments	(2)	3
Comprehensive income attributable to noncontrolling interests	(655)	(83)
Comprehensive Loss Attributable to CPA:18 – Global	$ (16,958)	$ (31,557)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustments	Class A	Class C	Total CPA:18 – Global Stockholders	Total CPA:18 – Global StockholdersCumulative Effect, Period of Adoption, Adjustments	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Distributions and Accumulated LossesCumulative Effect, Period of Adoption, Adjustments	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2019	$ 851,671				$ 792,872		$ 117	$ 32	$ 1,319,584	$ (470,326)		$ (56,535)	$ 58,799
Beginning equity balance, value (ASU 2016-13) at Dec. 31, 2019		$ (6,903)				$ (6,903)					$ (6,903)
Beginning equity balance, shares at Dec. 31, 2019							117,179,578	32,238,513
Statements of Equity
Shares issued	10,939				10,939		$ 1		10,938
Shares issued, shares							966,298	290,887
Shares issued to affiliate	1,481				1,481				1,481
Shares issued to affiliate, shares							169,045
Contributions from noncontrolling interests	595												595
Distributions to noncontrolling interests	(3,355)												(3,355)
Distributions declared	(22,844)				(22,844)					(22,844)
Net (loss) income	(5,569)				(8,180)					(8,180)			2,611
Other comprehensive (loss) income:
Foreign currency translation adjustments	(24,082)				(21,557)							(21,557)	(2,525)
Unrealized gain on derivative instruments	(1,823)				(1,820)							(1,820)	(3)
Repurchase of shares	(8,177)				(8,177)		$ (1)		(8,176)
Repurchase of shares, shares							(687,491)	(265,789)
Ending equity balance, value at Mar. 31, 2020	791,933				735,811		$ 117	$ 32	1,323,827	(508,253)		(79,912)	56,122
Ending equity balance, shares at Mar. 31, 2020							117,627,430	32,263,611
Beginning equity balance, value at Dec. 31, 2020	852,551				796,640		$ 119	$ 32	1,331,278	(514,859)		(19,930)	55,911
Beginning equity balance, shares at Dec. 31, 2020			119,059,188	32,096,796			119,059,188	32,096,796
Statements of Equity
Shares issued	4,425				4,425				4,425
Shares issued, shares							384,998	132,641
Shares issued to affiliate	3,092				3,092				3,092
Shares issued to affiliate, shares							361,448
Distributions to noncontrolling interests	(3,672)												(3,672)
Distributions declared	(9,470)				(9,470)					(9,470)
Net (loss) income	2,478				511					511			1,967
Other comprehensive (loss) income:
Foreign currency translation adjustments	(20,158)				(18,844)							(18,844)	(1,314)
Unrealized gain on derivative instruments	1,377				1,375							1,375	2
Repurchase of shares	(4,425)				(4,425)				(4,425)
Repurchase of shares, shares							(299,204)	(213,687)
Ending equity balance, value at Mar. 31, 2021	$ 826,198				$ 773,304		$ 119	$ 32	$ 1,334,370	$ (523,818)		$ (37,399)	$ 52,894
Ending equity balance, shares at Mar. 31, 2021			119,506,430	32,015,750			119,506,430	32,015,750

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.0625
Class C
Statements of Equity
Distributions declared per share (in dollars per share)	0.0625
Common Stock | Class A
Statements of Equity
Distributions declared per share (in dollars per share)	$ 0.0625	$ 0.1563
Common Stock | Class C
Statements of Equity
Distributions declared per share (in dollars per share)		$ 0.1382

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 16,652	$ 22,808
Cash Flows — Investing Activities
Funding for development projects	(46,225)	(38,086)
Payment of deferred acquisition fees to an affiliate	(1,658)	(1,488)
Other investing activities, net	(1,538)	0
Value added taxes paid in connection with construction funding	(947)	(3,641)
Capital expenditures on real estate	(814)	(3,057)
Value added taxes refunded in connection with construction funding	747	325
Return of capital from equity investment	0	1,134
Capital contributions to equity investment	0	(345)
Net Cash Used in Investing Activities	(50,435)	(45,158)
Cash Flows — Financing Activities
Proceeds from mortgage financing	40,214	25,126
Repayment of notes payable to affiliate	(21,050)	0
Distributions paid	(9,447)	(22,745)
Proceeds from issuance of shares	4,427	10,426
Repurchase of shares	(4,425)	(8,177)
Distributions to noncontrolling interests	(3,672)	(3,355)
Scheduled payments and prepayments of mortgage principal	(3,194)	(7,529)
Other financing activities, net	(1,322)	(99)
Contributions from noncontrolling interests	0	595
Net Cash Provided by (Used in) Financing Activities	1,531	(5,758)
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(849)	(3,388)
Net decrease in cash and cash equivalents and restricted cash	(33,101)	(31,496)
Cash and cash equivalents and restricted cash, beginning of period	119,713	163,398
Cash and cash equivalents and restricted cash, end of period	$ 86,612	$ 131,902

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), is a publicly owned, non-traded REIT, that invests primarily in a diversified portfolio of income-producing commercial real estate properties net leased to companies, both domestically and internationally. In addition, our portfolio includes self-storage and student housing investments. We were formed in 2012 and are managed by W. P. Carey Inc. (“WPC”) through one of its subsidiaries (collectively our “Advisor”). As a REIT, we are not subject to U.S. federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, among other factors. We earn revenue primarily by leasing the properties we own to single corporate tenants, predominantly on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. We derive self-storage revenue from rents received from customers who rent storage space primarily under month-to-month leases for personal or business use. We earn student housing revenue primarily from leases of one year or less with individual students. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership (the “Operating Partnership”), and as of March 31, 2021 we owned 99.97% of general and limited partnership interests in the Operating Partnership. The remaining interest in the Operating Partnership is held by a subsidiary of WPC. As of March 31, 2021, 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 comprised of our investments in student housing properties. In addition, we have an All Other category that is comprised of our notes receivable investment. Our reportable business segments and All Other category are the same as our reporting units ( Note 12 ). We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our offering. In addition, from inception through March 31, 2021, $210.7 million and $60.4 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan (“DRIP”).

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position, results of operations, and cash flows. Our interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2020, which are included in the 2020 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our condensed consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2020 Annual Report. As of March 31, 2021 and December 31, 2020, we considered 14 and 15 entities to be VIEs, respectively, all of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2021 December 31, 2020 Real estate — Land, buildings and improvements $ 369,246 $ 427,129 Operating real estate — Land, buildings and improvements 78,927 78,927 Real estate under construction 213,971 179,162 In-place lease intangible assets 103,922 106,703 Accumulated depreciation and amortization (100,146) (98,433) Total assets 695,362 729,611 Non-recourse secured debt, net $ 339,203 $ 331,113 Total liabilities 391,887 390,882 Foreign Currencies We are subject to fluctuations in exchange rates between foreign currencies and the U.S. dollar (primarily the euro and the Norwegian krone and, to a lesser extent, the British pound sterling). The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: March 31, 2021 December 31, 2020 Percent Change British Pound Sterling $ 1.3760 $ 1.3649 0.8 % Euro 1.1725 1.2271 (4.4) % Norwegian Krone 0.1173 0.1172 0.1 % Revenue Recognition Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings, guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. During the three months ended March 31, 2021, we did not recognize $3.5 million of uncollected rent within lease revenues due to the adverse impact of the COVID-19 pandemic. During the three months ended March 31, 2020, we wrote off $7.0 million in straight-line rent receivables based on our assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 59,788 $ 62,346 Restricted cash (a) 26,824 57,367 Total cash and cash equivalents and restricted cash $ 86,612 $ 119,713 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets. The amount as of December 31, 2020 included $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 released from escrow in February 2021. Deferred Income Taxes Our deferred tax liabilities were $47.7 million and $50.2 million at March 31, 2021 and December 31, 2020, respectively, and are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Our deferred tax assets, net of valuation allowances, was $2.3 million and $2.4 million at March 31, 2021 and December 31, 2020, respectively, and are included in Accounts receivable and other assets, net in the condensed consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
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, as discussed in detail in the 2020 Annual Report. We have an unsecured revolving line of credit with WPC with a borrowing capacity of $50.0 million and a scheduled maturity date of March 31, 2022. The line of credit bears an interest rate equal to London Interbank Offered Rate (“LIBOR”) plus 1.05%, which is the rate that WPC can borrow funds under its senior credit facility (including an annual facility fee of 0.20%). I n February 2021, we repaid in full the $21.1 million outstanding balance on the line of credit, including accrued interest, which was the amount outstanding at December 31, 2020. As of March 31, 2021, we have no amounts drawn on the line of credit. In May 2021, we borrowed a net amount of $15.0 million on the line of credit with WPC ( Note 13 ). Jointly Owned Investments As of both March 31, 2021 and December 31, 2020, we owned interests ranging from 50% to 99% in 18 jointly owned investments, 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. 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, as discussed in the 2020 Annual Report (in thousands): Three Months Ended March 31, 2021 2020 Amounts Included in the Condensed Consolidated Statements of Operations Asset management fees $ 3,138 $ 3,002 Available Cash Distributions 1,539 1,916 Personnel and overhead reimbursements 630 725 Interest expense on deferred acquisition fees and external joint-venture loans 257 123 $ 5,564 $ 5,766 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 20 $ 70 Current acquisition fees — 110 Deferred acquisition fees — 88 $ 20 $ 268 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2021 December 31, 2020 Due to Affiliates External joint-venture loans, accounts payable, and other (a) $ 7,087 $ 6,940 Asset management fees payable 1,129 1,328 Acquisition fees, including accrued interest 205 1,871 Loan from WPC, including accrued interest — 21,144 $ 8,421 $ 31,283 ___________ (a) Includes loans from our joint-venture partners to the jointly owned investments that we consolidate. As of March 31, 2021 and December 31, 2020, loans due to our joint-venture partners, including accrued interest, were $5.4 million and $5.3 million, respectively. Asset Management Fees For any portion of asset management fees our Advisor receives in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share (“NAV”) per Class A share, which was $8.91 as of December 31, 2020. From January 1, 2020 through March 31, 2020, at our option our Advisor received 50% of the asset management fees in shares of our Class A common stock and 50% in cash. Effective April 1, 2020, at our option our Advisor receives all of its asset management fees in shares of our Class A common stock. As of March 31, 2021, our Advisor owned 7,267,360 shares of our Class A common stock, or 4.8% of our total Class A and Class C shares outstanding. Asset management fees are included in Property expenses, excluding reimbursable tenant costs in the condensed consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The preferred return was achieved as of the periods ended March 31, 2021 and December 31, 2020. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the condensed consolidated financial statements and bear interest at an annual rate of 2.0%. Effective January 1, 2020, the Advisor has waived its right to disposition fees with respect to sales and dispositions of single investments and portfolios of investments. The Advisor may still be entitled to disposition fees in connection with a transaction or series of transactions related to a merger, liquidation, or other event, at the discretion of our board of directors. Personnel and Overhead Reimbursements Under the 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 2021 and 2020. Our Advisor allocates overhead expenses to us based upon the percentage of the Advisor’s full-time employee equivalents that are attributable to us, to be reviewed annually by us and the Advisor. In general, personnel and overhead reimbursements are included in General and administrative expenses in the condensed consolidated financial statements. Available Cash Distributions WPC’s interest in the Operating Partnership entitles it to receive distributions of up to 10.0% of the available cash generated by the Operating Partnership (the “Available Cash Distribution”), which is defined as cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. Available Cash Distributions are included in Net income attributable to noncontrolling interests in the condensed consolidated financial statements. Loan with Affiliate In August 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 (based on the exchange rate of the British pound sterling on the date of the loan). Interest accrues at a fixed annual rate of 8.0% and is payable on the loan’s scheduled maturity date of December 31, 2021. The loan is collateralized by Crown’s equity interests in three jointly owned student housing investments located in the United Kingdom. The loan is included in Accounts receivable and other assets, net in the condensed consolidated balance sheets. During the three months ended March 31, 2021, we recognized less than $0.1 million in interest income from this loan, which is included in Other gains and (losses) in our condensed consolidated statements of operations.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, and Real Estate Under Construction	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate, Operating Real Estate, and Real Estate Under Construction	Real Estate, Operating Real Estate, and Real Estate Under Construction Real Estate — Land, Buildings and Improvements Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Land $ 232,064 $ 235,243 Buildings and improvements 1,175,156 1,205,111 Less: Accumulated depreciation (177,803) (172,319) $ 1,229,417 $ 1,268,035 The carrying value of our Real Estate — Land, buildings and improvements decreased by $30.5 million from December 31, 2020 to March 31, 2021, reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our real estate was $8.9 million and $7.1 million for the three months ended March 31, 2021 and 2020, respectively. Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage and student housing properties (not subject to net lease agreements), is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Land $ 89,218 $ 89,148 Buildings and improvements 508,955 507,850 Less: Accumulated depreciation (77,956) (73,569) $ 520,217 $ 523,429 The carrying value of our Operating real estate — land, buildings and improvements increased by $0.9 million from December 31, 2020 to March 31, 2021, reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our operating real estate was $4.3 million and $3.8 million for the three months ended March 31, 2021 and 2020, respectively. Leases Operating Lease Income Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease revenues — net-leased Lease income — fixed (a) $ 23,972 $ 17,622 Lease income — variable (b) 4,381 3,785 Total operating lease income (c) $ 28,353 $ 21,407 Lease revenues — operating real estate Lease income — fixed $ 18,808 $ 17,302 Lease income — variable (d) 539 641 Total operating lease income $ 19,347 $ 17,943 ___________ (a) For the three months ended March 31, 2021, we did not recognize $3.5 million of uncollected rent (primarily relating to certain net lease hotels impacted by the COVID-19 pandemic). Amount for the three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables based on our assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels ( Note 2 ). (b) Includes (i) rent increases based on changes in the Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (c) Excludes interest income from direct financing leases of $0.4 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the condensed consolidated statements of operations. (d) Primarily comprised of late fees and administrative fees revenues. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2021 Beginning balance $ 180,055 Capitalized funds 39,901 Foreign currency translation adjustments (6,333) Capitalized interest 1,505 Ending balance $ 215,128 Capitalized Funds During the three months ended March 31, 2021, total capitalized funds primarily related to construction draws for our student housing development projects, and includes $16.7 million of accrued costs, 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 $1.5 million during the three months ended March 31, 2021, and is a non-cash investing activity. Ending Balance As of March 31, 2021, we had seven ongoing student housing development projects, and aggregate unfunded commitments of approximately $126.2 million, excluding capitalized interest, accrued costs, and capitalized acquisition fees. Equity Investment in Real Estate On December 23, 2020 we sold our 100% 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. As of both March 31, 2021 and December 31, 2020, we no longer have any equity method investments.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Accounts receivable and other assets, net in the condensed consolidated financial statements) and our Net investments in direct financing leases (net of allowance for credit losses). Operating leases are not included in finance receivables. Notes Receivable As of March 31, 2021, our notes receivable was comprised of a $28.0 million mezzanine tranche of 10-year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York, with a maturity date of July 2024. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. Interest-only payments at a rate of 10% per annum are due through its maturity date. As of both March 31, 2021 and December 31, 2020, the balance for this note receivable remained $28.0 million. On July 28, 2020, we were notified that the borrower had defaulted on the mortgage loan senior to our mezzanine tranche, and since that date through March 31, 2021 we have received $1.9 million from the borrower, which is recognized as a liability within Accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. We are currently evaluating our rights and options in connection with the senior loan default and therefore have not recognized these amounts within interest income. Interest income recognized from our notes receivable was $0.7 million for the three months ended March 31, 2020, and is included in Other operating and interest income in our condensed consolidated statements of operations. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Lease payments receivable $ 13,982 $ 14,325 Unguaranteed residual value 15,559 15,559 29,541 29,884 Less: unearned income (12,137) (12,466) Less: allowance for credit losses (485) (485) $ 16,919 $ 16,933 Interest income from direct financing leases was $0.4 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively, and is included in Lease revenues — net-leased in our condensed consolidated statements of operations. During the three months ended March 31, 2020, we recorded an allowance for credit losses of $4.9 million due to changes in expected economic conditions for a net investment in a direct financing lease, which was included in Allowance for credit losses in our condensed consolidated statements of operations. This allowance for credit losses was fully reversed during the fourth quarter of 2020 when the tenant emerged from bankruptcy and the investment was reclassified as an operating lease, and is therefore not reflected in the table above. We did not record an additional allowance for credit losses during the three months ended March 31, 2021. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. As of both March 31, 2021 and December 31, 2020, we had no significant finance receivable balances that were past due; however, we have an allowance for credit losses. Additionally, there were no material modifications of finance receivables during the three months ended March 31, 2021. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 1 – 3 3 3 $ 16,919 $ 16,933 4 1 1 28,000 28,000 5 — — — — 0 $ 44,919 $ 44,933

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2021
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities In-place lease and above-market rent intangibles are included in In-place lease and other intangible assets in the condensed consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Goodwill is included in our Net Lease segment and included in Accounts receivable and other assets, net in the condensed consolidated financial statements. As a result of foreign currency translation adjustments, goodwill decreased from $27.3 million as of December 31, 2020 to $26.9 million as of March 31, 2021. Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2021 December 31, 2020 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 $ 241,788 $ (153,555) $ 88,233 $ 244,963 $ (151,613) $ 93,350 Above-market rent 7 – 30 10,521 (5,692) 4,829 10,773 (5,670) 5,103 252,309 (159,247) 93,062 255,736 (157,283) 98,453 Indefinite-Lived Intangible Assets Goodwill 26,869 — 26,869 27,259 — 27,259 Total intangible assets $ 279,178 $ (159,247) $ 119,931 $ 282,995 $ (157,283) $ 125,712 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,707) $ 7,972 $ (6,735) $ (14,776) $ 7,755 $ (7,021) Total intangible liabilities $ (14,707) $ 7,972 $ (6,735) $ (14,776) $ 7,755 $ (7,021) Net amortization of intangibles, including the effect of foreign currency translation, was $3.6 million and $3.5 million for the three months ended March 31, 2021 and 2020. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to rental income; and amortization of in-place lease intangibles is included in Depreciation and amortization on our condensed consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the condensed consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the three months ended March 31, 2021 and 2020. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our condensed consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,330,282 $ 1,346,871 $ 1,310,378 $ 1,329,482 Notes receivable (c) 3 28,000 28,000 28,000 28,000 ___________ (a) As of March 31, 2021 and December 31, 2020, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $7.2 million and $6.9 million, respectively, and unamortized premium, net of $2.8 million and $2.5 million, respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse secured debt, net using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values as of both March 31, 2021 and December 31, 2020.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other investments due to changes in interest rates or other market factors. We own international investments, primarily in Europe, and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2020 Annual Report. At both March 31, 2021 and December 31, 2020, no cash collateral had been posted or received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Foreign currency collars Accounts receivable and other assets, net $ 692 $ 440 $ — $ — Interest rate caps Accounts receivable and other assets, net 43 21 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2,394) (3,350) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (5) (198) 735 461 (2,399) (3,548) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (21) (28) — — (21) (28) Total derivatives $ 735 $ 461 $ (2,420) $ (3,576) The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 Interest rate swaps $ 956 $ (2,617) Foreign currency collars 445 1,140 Interest rate caps (24) (139) Foreign currency forward contracts — (207) Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars — 149 Total $ 1,377 $ (1,674) ___________ (a) The changes in fair value and the settlement of these contracts were reported in the foreign currency translation adjustment section of Other comprehensive loss. Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Interest rate swaps Interest expense $ (499) $ (179) Interest rate caps Interest expense (28) (17) Foreign currency collars Other gains and (losses) 1 119 Foreign currency forward contracts Other gains and (losses) — 278 Total $ (526) $ 201 Amounts reported in Other comprehensive loss related to our interest derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive loss related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of March 31, 2021, we estimated that an additional $1.2 million and $0.4 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Foreign currency collars Other gains and (losses) $ 45 $ 81 Interest rate swap Interest expense 6 8 Foreign currency forward contracts Other gains and (losses) — 7 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 499 179 Total $ 550 $ 275 Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse secured debt and, as a result, we have entered into, and may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of March 31, 2021 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2021 (a) Interest rate swaps 9 93,139 USD $ (2,394) Interest rate caps 4 54,852 EUR 37 Interest rate caps 2 59,000 GBP 6 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,702 EUR (21) $ (2,372) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies as of March 31, 2021, as applicable. (b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt. Foreign Currency Contracts We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the Norwegian krone. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other gains and (losses) in the condensed consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency 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 March 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 12 8,750 EUR $ 599 Foreign currency collars 9 14,000 NOK 88 $ 687 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2021. At March 31, 2021, our total credit exposure was $0.6 million and the maximum exposure to any single counterparty was $0.4 million. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of March 31, 2021, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $2.6 million and $3.7 million as of March 31, 2021 and December 31, 2020, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of March 31, 2021 or December 31, 2020, we could have been required to settle our obligations under these agreements at their aggregate termination value of $2.6 million and $3.8 million, respectively.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Non-Recourse Secured Debt, Net	Non-Recourse Secured Debt, Net Non-recourse secured debt, net is collateralized by the assignment of real estate properties. As of March 31, 2021, the weighted-average interest rate for our total non-recourse secured debt was 3.6% (fixed-rate and variable-rate non-recourse secured debt were 3.8% and 3.1%, respectively), with maturity dates ranging from May 2021 to April 2039. In May 2021, we repaid $39.7 million of non-recourse mortgage loans at maturity ( Note 1 3 ). Financing Activity During 2021 During the three months ended March 31, 2021, we obtained a non-recourse mortgage loan of $27.3 million in connection with a net lease student housing property in Malaga, Spain. The loan bears a variable interest rate equal to Euro Interbank Offering Rate (“EURIBOR”) plus 2.5% and is scheduled to mature on December 31, 2023. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2021, each of the next four calendar years following December 31, 2021, and thereafter are as follows (in thousands): Years Ending December 31, Total 2021 (remainder) $ 169,581 2022 204,996 2023 328,395 2024 206,128 2025 326,787 Thereafter through 2039 98,785 Total principal payments 1,334,672 Unamortized deferred financing costs (7,225) Unamortized premium, net 2,835 Total $ 1,330,282 Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2021. The carrying value of our Non-recourse secured debt, net decreased by $17.2 million in the aggregate from December 31, 2020 to March 31, 2021, 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. Our compliance with such covenants depends on many factors that could be impacted by current or future economic conditions, including the adverse impact of the COVID-19 pandemic. Other than the breaches discussed below, we were in compliance with our covenants at March 31, 2021. As of March 31, 2021, we were in breach of a tenant payment covenant on two of our non-recourse mortgage loans (principal balance of $65.3 million as of that date) encumbering 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 March 31, 2021, the lender has declared a cash trap on both of these loans. As the tenant is not currently making rental payments, no surplus cash is available to transfer to the reserve account with the lender. As of March 31, 2021, we were in breach of a loan-to-value covenant on one of our non-recourse mortgage loans (principal balance of $55.9 million as of that date) encumbering one of our net-leased properties. 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. To remedy this default, we are required to repay $1.1 million of the principal of the mortgage (based on the exchange rate of the euro as of March 31, 2021). As of the date of this Report, the required amount has not been paid (we are currently in negotiations with the lender) and the lender has not declared a cash trap but has the right to do so until we cure the breach.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2021, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not exp ected to have a material adverse effect on our condensed consolidated financial statements of operations or results of operations. See Note 4 for unfunded construction commitments.

Earnings (Loss) Per Share and E

Earnings (Loss) Per Share and Equity	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share and Equity	Earnings (Loss) Per Share and Equity Basic and Diluted Earnings (Loss) Per Share The following table presents earnings (loss) per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Loss Basic and Diluted Loss Per Share Class A common stock 119,516,815 $ 403 $ — 117,968,262 $ (6,398) $ (0.05) Class C common stock 32,187,435 108 — 32,445,640 (1,782) (0.05) Net income (loss) attributable to CPA:18 – Global $ 511 $ (8,180) The allocation of Net income (loss) attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. The Class C common stock allocation included less than $0.1 million of interest expense during the three months ended March 31, 2020, related to the accretion of interest on the annual distribution and shareholder servicing fee liability. As of March 31, 2021, 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% of the gross offering proceeds. As a result, interest expense related to the accretion of the distribution and shareholder servicing fee no longer impacts the Class C common stock. Distributions For the three months ended March 31, 2021, our board of directors declared quarterly distributions of $0.0625 per share for both our Class A and Class C common stock, which were paid on April 15, 2021 to stockholders of record on March 31, 2021, in the amount of $9.5 million. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (3,363) $ (16,567) $ (19,930) Other comprehensive loss before reclassifications 851 (20,158) (19,307) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 527 — 527 Other gains and (losses) (1) — (1) Net current-period other comprehensive loss 1,377 (20,158) (18,781) Net current-period other comprehensive loss attributable to noncontrolling interests (2) 1,314 1,312 Ending balance $ (1,988) $ (35,411) $ (37,399) Three Months Ended March 31, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 138 $ (56,673) $ (56,535) Other comprehensive loss before reclassifications (1,622) (24,082) (25,704) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (397) — (397) Interest expense 196 — 196 Net current-period other comprehensive loss (1,823) (24,082) (25,905) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,528 2,528 Ending balance $ (1,685) $ (78,227) $ (79,912) See Note 8 for additional information on our derivative activity recognized within Other comprehensive loss for the periods presented.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating leases or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Other Operating Properties segment is comprised of our investments in student housing operating properties. In addition, we have an All Other category that is comprised of our notes receivable investment. The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended March 31, 2021 2020 Net Lease Revenues (a) $ 28,802 $ 24,067 Operating expenses (b) (17,793) (20,602) Interest expense (7,877) (6,858) Other gains and (losses) 243 (3,440) Benefit from income taxes 1,210 639 Net income attributable to noncontrolling interests (473) (700) Net income (loss) attributable to CPA:18 – Global $ 4,112 $ (6,894) Self Storage Revenues $ 16,268 $ 15,356 Operating expenses (9,092) (9,095) Interest expense (3,266) (3,356) Other gains and (losses) (c) (56) (54) Provision for income taxes (66) (31) Net income attributable to CPA:18 – Global $ 3,788 $ 2,820 Other Operating Properties Revenues $ 3,299 $ 2,747 Operating expenses (2,510) (1,485) Interest expense (570) (252) Other gains and (losses) (3) 15 Benefit from income taxes 35 14 Net loss attributable to noncontrolling interests 45 5 Net income attributable to CPA:18 – Global $ 296 $ 1,044 All Other Revenues (d) $ — $ 710 Net income attributable to CPA:18 – Global $ — $ 710 Corporate Unallocated Corporate Overhead (e) $ (6,146) $ (3,944) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,539) $ (1,916) Total Company Revenues (a) (d) $ 48,369 $ 42,880 Operating expenses (b) (34,276) (36,228) Interest expense (11,747) (10,489) Other gains and (losses) (c) (e) (969) (2,126) Benefit from income taxes 1,101 394 Net income attributable to noncontrolling interests (1,967) (2,611) Net income (loss) attributable to CPA:18 – Global $ 511 $ (8,180) Total Assets March 31, 2021 December 31, 2020 Net Lease $ 1,672,120 $ 1,688,259 Self Storage 347,143 345,936 Other Operating Properties 255,906 258,017 All Other 28,000 28,009 Corporate 11,602 38,697 Total Company $ 2,314,771 $ 2,358,918 __________ (a) The three months ended March 31, 2021 and 2020 include straight-line rent amortization of $1.1 million and $0.7 million, respectively. The three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables ( Note 2 ). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our condensed consolidated financial statements. For the three months ended March 31, 2021, we did not recognize $3.5 million of uncollected rent within lease revenues ( Note 2) . (b) The three months ended March 31, 2020 includes an allowance for credit loss of $4.9 million ( Note 5 ). (c) Includes Equity in losses of equity method investment in real estate for the three months ended March 31, 2020. In December 2020, we sold our sole equity method investment. (d) On July 28, 2020, we were notified that the borrower had defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (e) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $3.1 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively ( Note 3 ).

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Financing Obtained On April 6, 2021, we obtained a construction loan totaling $56.6 million for a student housing development project in Swansea, United Kingdom, which we currently expect to be completed in the third quarter of 2022. The loan bears a variable interest rate equal to LIBOR plus 6.35%, and is scheduled to mature on October 6, 2023, with a one-year extension option. As of the date of this Report, we have drawn $6.9 million on the construction loan. Amounts are based on the exchange rate of the British pound sterling on the date of the transactions. On April 30, 2021, we obtained a non-recourse mortgage loan of $18.1 million (based on the exchange rate of the euro on the date of the transaction) in connection with a net lease student housing property in Porto, Portugal. The loan bears a fixed interest rate of 2.8% and is scheduled to mature on April 30, 2025. Borrowing under Line of Credit with WPC In May 2021, we borrowed a net amount of $15.0 million under the unsecured revolving line of credit with WPC ( Note 3 ), to partially fund the non-recourse mortgage loan repayments disclosed below. Mortgage Loan Repayments On May 3, 2021, we repaid a $5.7 million non-recourse mortgage loan at maturity encumbering one self-storage property. On May 4, 2021, we repaid a $34.0 million non-recourse mortgage loan at maturity encumbering seven self-storage properties.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of ConsolidationOur condensed consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity.
Revenue Recognition	Revenue RecognitionLease 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.
Intangible Assets and Liabilities	Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to rental income; and amortization of in-place lease intangibles is included in Depreciation and amortization on our condensed consolidated statements of operations.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Accounts receivable and other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the condensed consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of variable interest entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2021 December 31, 2020 Real estate — Land, buildings and improvements $ 369,246 $ 427,129 Operating real estate — Land, buildings and improvements 78,927 78,927 Real estate under construction 213,971 179,162 In-place lease intangible assets 103,922 106,703 Accumulated depreciation and amortization (100,146) (98,433) Total assets 695,362 729,611 Non-recourse secured debt, net $ 339,203 $ 331,113 Total liabilities 391,887 390,882
Schedule of foreign currency exchange rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: March 31, 2021 December 31, 2020 Percent Change British Pound Sterling $ 1.3760 $ 1.3649 0.8 % Euro 1.1725 1.2271 (4.4) % Norwegian Krone 0.1173 0.1172 0.1 %
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 59,788 $ 62,346 Restricted cash (a) 26,824 57,367 Total cash and cash equivalents and restricted cash $ 86,612 $ 119,713 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets. The amount as of December 31, 2020 included $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 released from escrow in February 2021.
Schedule of restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2021 December 31, 2020 Cash and cash equivalents $ 59,788 $ 62,346 Restricted cash (a) 26,824 57,367 Total cash and cash equivalents and restricted cash $ 86,612 $ 119,713 __________ (a) Restricted cash is included within Accounts receivable and other assets, net on our condensed consolidated balance sheets. The amount as of December 31, 2020 included $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 released from escrow in February 2021.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2021
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, as discussed in the 2020 Annual Report (in thousands): Three Months Ended March 31, 2021 2020 Amounts Included in the Condensed Consolidated Statements of Operations Asset management fees $ 3,138 $ 3,002 Available Cash Distributions 1,539 1,916 Personnel and overhead reimbursements 630 725 Interest expense on deferred acquisition fees and external joint-venture loans 257 123 $ 5,564 $ 5,766 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 20 $ 70 Current acquisition fees — 110 Deferred acquisition fees — 88 $ 20 $ 268 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2021 December 31, 2020 Due to Affiliates External joint-venture loans, accounts payable, and other (a) $ 7,087 $ 6,940 Asset management fees payable 1,129 1,328 Acquisition fees, including accrued interest 205 1,871 Loan from WPC, including accrued interest — 21,144 $ 8,421 $ 31,283 ___________ (a) Includes loans from our joint-venture partners to the jointly owned investments that we consolidate. As of March 31, 2021 and December 31, 2020, loans due to our joint-venture partners, including accrued interest, were $5.4 million and $5.3 million, respectively.

Real Estate, Operating Real E_2

Real Estate, Operating Real Estate, and Real Estate Under Construction (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Land $ 232,064 $ 235,243 Buildings and improvements 1,175,156 1,205,111 Less: Accumulated depreciation (177,803) (172,319) $ 1,229,417 $ 1,268,035 Operating real estate, which consists of our self-storage and student housing properties (not subject to net lease agreements), is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Land $ 89,218 $ 89,148 Buildings and improvements 508,955 507,850 Less: Accumulated depreciation (77,956) (73,569) $ 520,217 $ 523,429
Schedule of operating lease income	Lease income related to operating leases recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of operations are as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease revenues — net-leased Lease income — fixed (a) $ 23,972 $ 17,622 Lease income — variable (b) 4,381 3,785 Total operating lease income (c) $ 28,353 $ 21,407 Lease revenues — operating real estate Lease income — fixed $ 18,808 $ 17,302 Lease income — variable (d) 539 641 Total operating lease income $ 19,347 $ 17,943 ___________ (a) For the three months ended March 31, 2021, we did not recognize $3.5 million of uncollected rent (primarily relating to certain net lease hotels impacted by the COVID-19 pandemic). Amount for the three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables based on our assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels ( Note 2 ). (b) Includes (i) rent increases based on changes in the Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (c) Excludes interest income from direct financing leases of $0.4 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the condensed consolidated statements of operations.
Schedule of real estate under construction	The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2021 Beginning balance $ 180,055 Capitalized funds 39,901 Foreign currency translation adjustments (6,333) Capitalized interest 1,505 Ending balance $ 215,128

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of net investments in direct financing leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2021 December 31, 2020 Lease payments receivable $ 13,982 $ 14,325 Unguaranteed residual value 15,559 15,559 29,541 29,884 Less: unearned income (12,137) (12,466) Less: allowance for credit losses (485) (485) $ 16,919 $ 16,933
Schedule of financing receivable credit quality indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 1 – 3 3 3 $ 16,919 $ 16,933 4 1 1 28,000 28,000 5 — — — — 0 $ 44,919 $ 44,933

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Intangible Assets And Liabilities [Abstract]
Schedule of intangible assets and liabilities	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2021 December 31, 2020 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 $ 241,788 $ (153,555) $ 88,233 $ 244,963 $ (151,613) $ 93,350 Above-market rent 7 – 30 10,521 (5,692) 4,829 10,773 (5,670) 5,103 252,309 (159,247) 93,062 255,736 (157,283) 98,453 Indefinite-Lived Intangible Assets Goodwill 26,869 — 26,869 27,259 — 27,259 Total intangible assets $ 279,178 $ (159,247) $ 119,931 $ 282,995 $ (157,283) $ 125,712 Finite-Lived Intangible Liabilities Below-market rent 6 – 30 $ (14,707) $ 7,972 $ (6,735) $ (14,776) $ 7,755 $ (7,021) Total intangible liabilities $ (14,707) $ 7,972 $ (6,735) $ (14,776) $ 7,755 $ (7,021)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of other financial instruments in carrying values and fair values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,330,282 $ 1,346,871 $ 1,310,378 $ 1,329,482 Notes receivable (c) 3 28,000 28,000 28,000 28,000 ___________ (a) As of March 31, 2021 and December 31, 2020, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $7.2 million and $6.9 million, respectively, and unamortized premium, net of $2.8 million and $2.5 million, respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse secured debt, net using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate.

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Foreign currency collars Accounts receivable and other assets, net $ 692 $ 440 $ — $ — Interest rate caps Accounts receivable and other assets, net 43 21 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (2,394) (3,350) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (5) (198) 735 461 (2,399) (3,548) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — (21) (28) — — (21) (28) Total derivatives $ 735 $ 461 $ (2,420) $ (3,576)
Schedule of derivative instruments, effect on other comprehensive income (loss)	The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 Interest rate swaps $ 956 $ (2,617) Foreign currency collars 445 1,140 Interest rate caps (24) (139) Foreign currency forward contracts — (207) Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars — 149 Total $ 1,377 $ (1,674) ___________ (a) The changes in fair value and the settlement of these contracts were reported in the foreign currency translation adjustment section of Other comprehensive loss. Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Interest rate swaps Interest expense $ (499) $ (179) Interest rate caps Interest expense (28) (17) Foreign currency collars Other gains and (losses) 1 119 Foreign currency forward contracts Other gains and (losses) — 278 Total $ (526) $ 201
Schedule of derivative instruments, gain (loss)	The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2021 2020 Foreign currency collars Other gains and (losses) $ 45 $ 81 Interest rate swap Interest expense 6 8 Foreign currency forward contracts Other gains and (losses) — 7 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 499 179 Total $ 550 $ 275
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of March 31, 2021 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2021 (a) Interest rate swaps 9 93,139 USD $ (2,394) Interest rate caps 4 54,852 EUR 37 Interest rate caps 2 59,000 GBP 6 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,702 EUR (21) $ (2,372) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies as of March 31, 2021, 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 March 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at Designated as Cash Flow Hedging Instruments Foreign currency collars 12 8,750 EUR $ 599 Foreign currency collars 9 14,000 NOK 88 $ 687

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt maturities	Scheduled debt principal payments during the remainder of 2021, each of the next four calendar years following December 31, 2021, and thereafter are as follows (in thousands): Years Ending December 31, Total 2021 (remainder) $ 169,581 2022 204,996 2023 328,395 2024 206,128 2025 326,787 Thereafter through 2039 98,785 Total principal payments 1,334,672 Unamortized deferred financing costs (7,225) Unamortized premium, net 2,835 Total $ 1,330,282

Earnings (Loss) Per Share and_2

Earnings (Loss) Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	The following table presents earnings (loss) per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Loss Basic and Diluted Loss Per Share Class A common stock 119,516,815 $ 403 $ — 117,968,262 $ (6,398) $ (0.05) Class C common stock 32,187,435 108 — 32,445,640 (1,782) (0.05) Net income (loss) attributable to CPA:18 – Global $ 511 $ (8,180)
Reclassification out of accumulated other comprehensive income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (3,363) $ (16,567) $ (19,930) Other comprehensive loss before reclassifications 851 (20,158) (19,307) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 527 — 527 Other gains and (losses) (1) — (1) Net current-period other comprehensive loss 1,377 (20,158) (18,781) Net current-period other comprehensive loss attributable to noncontrolling interests (2) 1,314 1,312 Ending balance $ (1,988) $ (35,411) $ (37,399) Three Months Ended March 31, 2020 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 138 $ (56,673) $ (56,535) Other comprehensive loss before reclassifications (1,622) (24,082) (25,704) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (397) — (397) Interest expense 196 — 196 Net current-period other comprehensive loss (1,823) (24,082) (25,905) Net current-period other comprehensive loss attributable to noncontrolling interests — 2,528 2,528 Ending balance $ (1,685) $ (78,227) $ (79,912)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Net Lease Revenues (a) $ 28,802 $ 24,067 Operating expenses (b) (17,793) (20,602) Interest expense (7,877) (6,858) Other gains and (losses) 243 (3,440) Benefit from income taxes 1,210 639 Net income attributable to noncontrolling interests (473) (700) Net income (loss) attributable to CPA:18 – Global $ 4,112 $ (6,894) Self Storage Revenues $ 16,268 $ 15,356 Operating expenses (9,092) (9,095) Interest expense (3,266) (3,356) Other gains and (losses) (c) (56) (54) Provision for income taxes (66) (31) Net income attributable to CPA:18 – Global $ 3,788 $ 2,820 Other Operating Properties Revenues $ 3,299 $ 2,747 Operating expenses (2,510) (1,485) Interest expense (570) (252) Other gains and (losses) (3) 15 Benefit from income taxes 35 14 Net loss attributable to noncontrolling interests 45 5 Net income attributable to CPA:18 – Global $ 296 $ 1,044 All Other Revenues (d) $ — $ 710 Net income attributable to CPA:18 – Global $ — $ 710 Corporate Unallocated Corporate Overhead (e) $ (6,146) $ (3,944) Net income attributable to noncontrolling interests — Available Cash Distributions $ (1,539) $ (1,916) Total Company Revenues (a) (d) $ 48,369 $ 42,880 Operating expenses (b) (34,276) (36,228) Interest expense (11,747) (10,489) Other gains and (losses) (c) (e) (969) (2,126) Benefit from income taxes 1,101 394 Net income attributable to noncontrolling interests (1,967) (2,611) Net income (loss) attributable to CPA:18 – Global $ 511 $ (8,180) The three months ended March 31, 2021 and 2020 include straight-line rent amortization of $1.1 million and $0.7 million, respectively. The three months ended March 31, 2020 includes a $7.0 million write-off of straight-line rent receivables ( Note 2 ). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our condensed consolidated financial statements. For the three months ended March 31, 2021, we did not recognize $3.5 million of uncollected rent within lease revenues ( Note 2) . (b) The three months ended March 31, 2020 includes an allowance for credit loss of $4.9 million ( Note 5 ). (c) Includes Equity in losses of equity method investment in real estate for the three months ended March 31, 2020. In December 2020, we sold our sole equity method investment. (d) On July 28, 2020, we were notified that the borrower had defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (e) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $3.1 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively ( Note 3 ).
Reconciliation of assets from segment to consolidated	Total Assets March 31, 2021 December 31, 2020 Net Lease $ 1,672,120 $ 1,688,259 Self Storage 347,143 345,936 Other Operating Properties 255,906 258,017 All Other 28,000 28,009 Corporate 11,602 38,697 Total Company $ 2,314,771 $ 2,358,918

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	3 Months Ended	39 Months Ended	111 Months Ended
	Mar. 31, 2021ft²segmenttenant	Apr. 02, 2015USD ($)	Mar. 31, 2021USD ($)ft²segmenttenant
Public Offering
Capital interest ownership in operating partnership (percent)	99.97%		99.97%
Additional Disclosures
Number of properties (property)	50		50
Number of tenants (tenant) | tenant	65		65
Area of real estate property (sqft) | ft²	10.1		10.1
Number of reportable segments	3
Proceeds from issuance of shares | $		$ 1,200
Class A common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 210.7
Class C common stock
Additional Disclosures
Proceeds from dividend reinvestment plan | $			$ 60.4
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.3		5.3
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties (property)	65		65
Operating Real Estate | Other Operating Properties | Nine Student Housing Developments
Additional Disclosures
Number of properties (property)	7		7
Operating Real Estate | Other Operating Properties | Nine Student Housing Developments | Net lease agreement
Additional Disclosures
Number of properties (property)	6		6
Operating Real Estate | Other Operating Properties | Three Student Housing Operating Properties
Additional Disclosures
Number of properties (property)	3		3

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)variable_interest_entity	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)variable_interest_entity
Variable Interest Entity
Variable interest entities, count | variable_interest_entity	14		15
Uncollected rent receivable	$ 3.5
Deferred tax liabilities	47.7		$ 50.2
Deferred tax assets, net of valuation	$ 2.3		$ 2.4
Lease revenues — net-leased
Variable Interest Entity
Accounts receivable written off during the period		$ 7

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Assets
Real estate — Land, buildings and improvements		$ 1,407,220	$ 1,440,354
Operating real estate — Land, buildings and improvements		598,173	596,998
Real estate under construction		215,128	180,055
In-place lease intangible assets		288,284	293,075
Accumulated depreciation and amortization		(415,006)	(403,171)
Total assets	[1]	2,314,771	2,358,918
Liabilities
Non-recourse secured debt, net		1,330,282	1,310,378
Total liabilities	[1]	1,488,573	1,506,367
VIE
Assets
Real estate — Land, buildings and improvements		369,246	427,129
Operating real estate — Land, buildings and improvements		78,927	78,927
Real estate under construction		213,971	179,162
In-place lease intangible assets		103,922	106,703
Accumulated depreciation and amortization		(100,146)	(98,433)
Total assets		695,362	729,611
Liabilities
Non-recourse secured debt, net		339,203	331,113
Total liabilities		$ 391,887	$ 390,882
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Foreign

Basis of Presentation - Foreign Currencies (Details)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
British Pound Sterling
Real Estate Properties
Foreign currency exchange rate	1.3760	1.3649
Increase (decrease) in foreign currency exchange rate	0.80%
Euro
Real Estate Properties
Foreign currency exchange rate	1.1725	1.2271
Increase (decrease) in foreign currency exchange rate	(4.40%)
Norwegian Krone
Real Estate Properties
Foreign currency exchange rate	0.1173	0.1172
Increase (decrease) in foreign currency exchange rate	0.10%

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 59,788	$ 62,346
Restricted cash	26,824	57,367
Total cash and cash equivalents and restricted cash	$ 86,612	119,713	$ 131,902	$ 163,398
Cash held in escrow		$ 30,400

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Feb. 16, 2021USD ($)	Aug. 31, 2020USD ($)property	Mar. 31, 2021USD ($)propertysegmentshares	Mar. 31, 2020USD ($)	May 10, 2021USD ($)	Dec. 31, 2020USD ($)property$ / shares
Related Party Transaction
Repayment of debt			$ 21,050,000	$ 0
Line of credit outstanding			$ 0
Number of properties (property) | segment			50
Loans payable to joint venture			$ 5,400,000			$ 5,300,000
Percentage of asset management fees payable in cash (percent)				50.00%
Due to Related Party
Preferred return (as a percentage)			5.00%
Personnel and overhead reimbursement (as a percentage)			1.00%			1.00%
Distributions of available cash (as a percentage)			10.00%
Interest income (expense), net			$ 100,000
Deferred
Due to Related Party
Interest rate on deferred acquisition fee			2.00%
Class A common stock
Related Party Transaction
Net asset value (usd per share) | $ / shares						$ 8.91
Percentage of asset management fees payable in shares (percent)				50.00%
Minimum
Related Party Transaction
Ownership Interest In joint venture (as a percentage)			50.00%			50.00%
Maximum
Related Party Transaction
Ownership Interest In joint venture (as a percentage)			99.00%			99.00%
Affiliated Entity
Related Party Transaction
Number of properties (property) | property			18			18
Affiliated Entity | W.P. Carey
Related Party Transaction
Number of properties (property) | property			4
Affiliated Entity | Student Housing Located in The United Kingdom | Crown
Related Party Transaction
Number of properties (property) | property		3
Affiliated Entity | Advisor | Class A common stock
Related Party Transaction
Number of shares held by advisor (shares) | shares			7,267,360
Advisor owned percentage of common stock (as a percentage)			4.80%
Affiliated Entity | Crown
Due to Related Party
Payments for advance to affiliate		$ 1,500,000
Interest payments rate (percentage)		8.00%
Line of Credit | Affiliated Entity
Related Party Transaction
Unsecured line of credit			$ 50,000,000
Line of credit commitment fee (percentage)			0.20%
Repayment of debt	$ 21,100,000
Line of Credit | Affiliated Entity | Subsequent Event
Related Party Transaction
Line of credit outstanding					$ 15,000,000
Line of Credit | Affiliated Entity | LIBOR
Related Party Transaction
Variable interest rate (percentage)			1.05%

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amounts Included in the Condensed Consolidated Statements of Operations
Asset management fees	$ 3,138	$ 3,002
Available Cash Distributions	1,539	1,916
Personnel and overhead reimbursements	630	725
Interest expense on deferred acquisition fees and external joint-venture loans	257	123
Operating expenses	5,564	5,766
Acquisition Fees Capitalized
Capitalized personnel and overhead reimbursements	20	70
Current acquisition fees	0	110
Deferred acquisition fees	0	88
Transaction fees incurred	$ 20	$ 268

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Due to Affiliates
External joint venture loans, accounts payable, and other	$ 7,087	$ 6,940
Asset management fees payable	1,129	1,328
Acquisition fees, including accrued interest	205	1,871
Loan from WPC, including accrued interest	0	21,144
Due to Affiliates	$ 8,421	$ 31,283

Real Estate, Operating Real E_3

Real Estate, Operating Real Estate, and Real Estate Under Construction - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segmentproperty	Mar. 31, 2020USD ($)	Dec. 23, 2020property
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation	$ (20,158)	$ (24,082)
Uncollected rent receivable	3,500
Interest income from direct financing lease	400	1,000
Capitalized interest	$ 1,505
Number of properties (property) | segment	50
Lease revenues- net-leased
Real Estate Properties
Accounts receivable written off during the period		7,000
Noncash investing
Real Estate Properties
Accrued liabilities	$ 16,700
Real Estate
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation	(30,500)
Depreciation expense	8,900	7,100
Operating Real Estate
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation	900
Depreciation expense	$ 4,300	$ 3,800
Build To Suit Projects
Real Estate Properties
Number of BTS projects | property	7
Unfunded commitment	$ 126,200
Equity method investments | Self Storage | Self-Storage Facilities Located In Canada
Real Estate Properties
Equity method investments ownership (percent)			100.00%
Number of properties (property) | property			3

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, and Real Estate Under Construction - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in real estate:
Net investments in real estate	$ 2,110,718	$ 2,124,244
Real Estate
Investments in real estate:
Land	232,064	235,243
Buildings and improvements	1,175,156	1,205,111
Less: Accumulated depreciation	(177,803)	(172,319)
Net investments in real estate	1,229,417	1,268,035
Operating Real Estate
Investments in real estate:
Land	89,218	89,148
Buildings and improvements	508,955	507,850
Less: Accumulated depreciation	(77,956)	(73,569)
Net investments in real estate	$ 520,217	$ 523,429

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, and Real Estate Under Construction - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease revenues — net-leased
Operating Leases, Lease Income
Lease income — fixed	$ 23,972	$ 17,622
Lease income — variable	4,381	3,785
Total operating lease income	28,353	21,407
Lease revenues — operating real estate
Operating Leases, Lease Income
Lease income — fixed	18,808	17,302
Lease income — variable	539	641
Total operating lease income	$ 19,347	$ 17,943

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, and Real Estate Under Construction - Rollforward of Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Real Estate Under Construction
Beginning balance	$ 180,055
Capitalized funds	39,901
Foreign currency translation adjustments	(6,333)
Capitalized interest	1,505
Ending balance	$ 215,128

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	3 Months Ended		8 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Interest income from direct financing lease	$ 400,000	$ 1,000,000
Allowance for credit losses	0	4,900,000
Cipriani
Accounts, Notes, Loans and Financing Receivable
Notes receivable, principal amount	$ 28,000,000		$ 28,000,000
Accounts receivable, term	10 years
Stated interest rate (percent)	10.00%		10.00%
Notes receivable	$ 28,000,000		$ 28,000,000	$ 28,000,000
Collection of loans receivable			1,900,000
Interest income		$ 700,000
Cipriani | Third Party
Accounts, Notes, Loans and Financing Receivable
Senior notes	$ 60,000,000		$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Lease payments receivable	$ 13,982	$ 14,325
Unguaranteed residual value	15,559	15,559
Gross investments in direct financing leases	29,541	29,884
Less: unearned income	(12,137)	(12,466)
Less: allowance for credit losses	(485)	(485)
Net investment in direct financing leases	$ 16,919	$ 16,933

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2021USD ($)tenant	Dec. 31, 2020USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 44,919	$ 44,933
Internally Assigned Grade 1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	3	3
Carrying Value	$ 16,919	$ 16,933
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	1
Carrying Value	$ 28,000	$ 28,000
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	0	0
Carrying Value	$ 0	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 26,869		$ 27,259
Net amortization of intangibles	$ 3,600	$ 3,500

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 252,309	$ 255,736
Less: accumulated amortization	(159,247)	(157,283)
Finite-lived intangible assets, net	93,062	98,453
Goodwill	26,869	27,259
Total intangible assets, gross	279,178	282,995
Total intangible assets, net	119,931	125,712
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,707)	(14,776)
Finite Lived Intangible Liabilities Accumulated Amortization	7,972	7,755
Finite Lived Intangible Liabilities Net	(6,735)	(7,021)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,707)	(14,776)
Finite Lived Intangible Liabilities Accumulated Amortization	7,972	7,755
Finite Lived Intangible Liabilities Net	$ (6,735)	(7,021)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	6 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 241,788	244,963
Less: accumulated amortization	(153,555)	(151,613)
Finite-lived intangible assets, net	$ 88,233	93,350
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	6 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	23 years
Above-market rent
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 10,521	10,773
Less: accumulated amortization	(5,692)	(5,670)
Finite-lived intangible assets, net	$ 4,829	$ 5,103
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	7 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Deferred financing costs	$ 7,225	$ 6,900
Unamortized premium	$ 2,835	$ 2,500

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,330,282	$ 1,310,378
Assets
Notes receivable	28,000	28,000
Fair Value
Liabilities
Non-recourse secured debt, net	1,346,871	1,329,482
Assets
Notes receivable	$ 28,000	$ 28,000

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	62 months
Collateral received	$ 0
Total credit exposure	600,000
Derivative in net liability position	2,600,000	3,700,000
Termination value of assets	2,600,000	$ 3,800,000
Individual Counterparty
Derivative
Total credit exposure	400,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	1,200,000
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ 400,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value
Derivative asset fair value	$ 735	$ 461
Derivative liability, fair value	(2,420)	(3,576)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	735	461
Derivative liability, fair value	(2,399)	(3,548)
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	692	440
Derivatives Designated as Hedging Instruments | Accounts receivable and other assets, net | Interest rate caps
Derivatives, Fair Value
Derivative asset fair value	43	21
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value	(5)	(198)
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	(2,394)	(3,350)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative liability, fair value	(21)	(28)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	$ (21)	$ (28)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss)
Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss	$ 1,377	$ (1,674)
Derivatives in Cash Flow Hedging Relationships  | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss	956	(2,617)
Derivatives in Cash Flow Hedging Relationships  | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss	445	1,140
Derivatives in Cash Flow Hedging Relationships  | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss	(24)	(139)
Derivatives in Cash Flow Hedging Relationships  | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss	0	(207)
Derivatives in Net Investment Hedging Relationship | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Income (Loss) Recognized on Derivatives in Other Comprehensive Loss	$ 0	$ 149

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships  - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	$ (526)	$ 201
Interest rate swaps | Interest expense
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	(499)	(179)
Foreign currency collars | Other gains and (losses)
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	1	119
Interest rate caps | Interest expense
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	(28)	(17)
Foreign currency forward contracts | Other gains and (losses)
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Loss into Income	$ 0	$ 278

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 550	$ 275
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	6	8
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	45	81
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	0	7
Derivatives Designated as Hedging Instruments | Interest rate swaps | Interest expense | Derivatives in Cash Flow Hedging Relationships
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 499	$ 179

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	Mar. 31, 2021USD ($)derivative_instrument	Mar. 31, 2021EUR (€)derivative_instrument	Mar. 31, 2021GBP (£)derivative_instrument
Derivative
Fair value	$ (2,372)
Derivatives Designated as Hedging Instruments | Interest rate swaps | USD
Derivative
Number of Instruments | derivative_instrument	9	9	9
Notional Amount	$ 93,139
Fair value	$ (2,394)
Derivatives Designated as Hedging Instruments | Interest rate caps | EUR
Derivative
Number of Instruments | derivative_instrument	4	4	4
Notional Amount | €		€ 54,852
Fair value	$ 37
Derivatives Designated as Hedging Instruments | Interest rate caps | GBP
Derivative
Number of Instruments | derivative_instrument	2	2	2
Notional Amount | £			£ 59,000
Fair value	$ 6
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | EUR
Derivative
Number of Instruments | derivative_instrument	1	1	1
Notional Amount | €		€ 8,702
Fair value	$ (21)

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands	Mar. 31, 2021USD ($)derivative_instrument	Mar. 31, 2021EUR (€)derivative_instrument	Mar. 31, 2021NOK (kr)derivative_instrument
Derivative
Fair value	$ 687
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative
Number of Instruments | derivative_instrument	12	12	12
Notional Amount | €		€ 8,750
Fair value	$ 599
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | NOK
Derivative
Number of Instruments | derivative_instrument	9	9	9
Notional Amount | kr			kr 14,000
Fair value	$ 88

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details) $ in Thousands	May 10, 2021USD ($)	Mar. 31, 2021USD ($)loanpropertysegment	Mar. 31, 2020USD ($)
Debt Instruments
Weighted average interest rate (percent)		3.60%
Repayment of secured debt		$ 3,194	$ 7,529
Increase (decrease) due to exchange rate fluctuation		$ (20,158)	$ (24,082)
Number of properties (property) | segment		50
Tenant Payment Covenant
Debt Instruments
Breached non recourse loans (loan) | loan		2
Breached non recourse loans, principal amount		$ 65,300
Loan To Value Covenant
Debt Instruments
Breached non recourse loans (loan) | loan		1
Breached non recourse loans, principal amount		$ 55,900
Default principal repayment amount		$ 1,100
Tenant Occupancy Covenant
Debt Instruments
Breached non recourse loans (loan) | segment		1
Breached non recourse loans, principal amount		$ 6,900
Number of properties (property) | property		2
Long-term debt
Debt Instruments
Increase (decrease) due to exchange rate fluctuation		$ (17,200)
Student Housing property In Malaga, Spain
Debt Instruments
Maximum line of credit approved by directors		$ 27,300
Student Housing property In Malaga, Spain | EURIBOR
Debt Instruments
Variable interest rate (percentage)		2.50%
Mortgages | Subsequent Event
Debt Instruments
Repayment of secured debt	$ 39,700
Fixed Interest Rate
Debt Instruments
Weighted average interest rate (percent)		3.80%
Variable Interest Rate
Debt Instruments
Weighted average interest rate (percent)		3.10%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity
2021 (remainder)	$ 169,581
2022	204,996
2023	328,395
2024	206,128
2025	326,787
Thereafter through 2039	98,785
Total principal payments	1,334,672
Unamortized deferred financing costs	(7,225)	$ (6,900)
Unamortized premium, net	2,835	$ 2,500
Total	$ 1,330,282

Earnings (Loss) Per Share and_3

Earnings (Loss) Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Distributions Declared
Interest expense	$ 11,747	$ 10,489
Distributions payable	$ 9,470		$ 9,447
Class C
Distributions Declared
Interest expense		$ 100
Distributions declared per share (in dollars per share)	$ 0.0625
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	$ 0.0625

Earnings (Loss) Per Share and_4

Earnings (Loss) Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic and Diluted
Allocation of net (loss) income	$ 511	$ (8,180)
Class A common stock
Basic and Diluted
Basic and diluted weighted-average shares outstanding (shares)	119,516,815	117,968,262
Allocation of net (loss) income	$ 403	$ (6,398)
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0	$ (0.05)
Class C common stock
Basic and Diluted
Basic and diluted weighted-average shares outstanding (shares)	32,187,435	32,445,640
Allocation of net (loss) income	$ 108	$ (1,782)
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0	$ (0.05)

Earnings (Loss) Per Share and_5

Earnings (Loss) Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 852,551	$ 851,671
Other comprehensive income (loss) before reclassifications	(19,307)	(25,704)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss	(18,781)	(25,905)
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	1,312	2,528
Ending equity balance, value	826,198	791,933
Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amounts reclassified	527	196
Other gains and (losses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amounts reclassified	(1)	(397)
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(19,930)	(56,535)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Ending equity balance, value	(37,399)	(79,912)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(3,363)	138
Other comprehensive income (loss) before reclassifications	851	(1,622)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss	1,377	(1,823)
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	(2)	0
Ending equity balance, value	(1,988)	(1,685)
Gains and Losses on Derivative Instruments | Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amounts reclassified	527	196
Gains and Losses on Derivative Instruments | Other gains and (losses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amounts reclassified	(1)	(397)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(16,567)	(56,673)
Other comprehensive income (loss) before reclassifications	(20,158)	(24,082)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current-period other comprehensive loss	(20,158)	(24,082)
Net current-period other comprehensive loss (income) attributable to noncontrolling interests	1,314	2,528
Ending equity balance, value	(35,411)	(78,227)
Foreign Currency Translation Adjustments | Interest expense
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amounts reclassified	0	0
Foreign Currency Translation Adjustments | Other gains and (losses)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amounts reclassified	$ 0	$ 0

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Uncollected rent receivable	$ 3,500
Allowance for credit losses	0	$ 4,900
Asset management fees	3,138	3,002
Asset management fees
Segment Reporting Information
Asset management fees	3,100	3,000
Net Lease | Operating Segments
Segment Reporting Information
Straight line rent adjustment	$ 1,100	700
Lease revenues — net-leased
Segment Reporting Information
Accounts receivable written off during the period		$ 7,000

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information, Profit (Loss)
Revenues	$ 48,369	$ 42,880
Operating expenses	(34,276)	(36,228)
Interest expense	(11,747)	(10,489)
Other gains and (losses)	(969)	(2,126)
Benefit from income taxes	1,101	394
Net income attributable to noncontrolling interests	(1,967)	(2,611)
Net Income (Loss) Attributable to CPA:18 – Global	511	(8,180)
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	28,802	24,067
Operating expenses	(17,793)	(20,602)
Interest expense	(7,877)	(6,858)
Other gains and (losses)	243	(3,440)
Benefit from income taxes	1,210	639
Net income attributable to noncontrolling interests	(473)	(700)
Net Income (Loss) Attributable to CPA:18 – Global	4,112	(6,894)
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	16,268	15,356
Operating expenses	(9,092)	(9,095)
Interest expense	(3,266)	(3,356)
Other gains and (losses)	(56)	(54)
Benefit from income taxes	(66)	(31)
Net Income (Loss) Attributable to CPA:18 – Global	3,788	2,820
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues	3,299	2,747
Operating expenses	(2,510)	(1,485)
Interest expense	(570)	(252)
Other gains and (losses)	(3)	15
Benefit from income taxes	35	14
Net income attributable to noncontrolling interests	45	5
Net Income (Loss) Attributable to CPA:18 – Global	296	1,044
All Other
Segment Reporting Information, Profit (Loss)
Revenues	0	710
Net Income (Loss) Attributable to CPA:18 – Global	0	710
Corporate
Segment Reporting Information, Profit (Loss)
Net income attributable to noncontrolling interests	(1,539)	(1,916)
Unallocated Corporate Overhead	$ (6,146)	$ (3,944)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information, Additional Information
Assets	[1]	$ 2,314,771	$ 2,358,918
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets		1,672,120	1,688,259
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets		347,143	345,936
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Assets		255,906	258,017
All Other
Segment Reporting Information, Additional Information
Assets		28,000	28,009
Corporate
Segment Reporting Information, Additional Information
Assets		$ 11,602	$ 38,697
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details)	May 10, 2021USD ($)	May 04, 2021USD ($)segment	May 03, 2021USD ($)segment	Apr. 06, 2021USD ($)	Mar. 31, 2021USD ($)segmentproperty	Mar. 31, 2020USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2020USD ($)property
Subsequent Events
Non-recourse secured debt, net					$ 1,330,282,000			$ 1,310,378,000
Line of credit outstanding					0
Repayment of secured debt					$ 3,194,000	$ 7,529,000
Number of properties (property) | segment					50
Affiliated Entity
Subsequent Events
Number of properties (property) | property					18			18
Affiliated Entity | Line of Credit
Subsequent Events
Unsecured line of credit					$ 50,000,000
LIBOR | Affiliated Entity | Line of Credit
Subsequent Events
Variable interest rate (percentage)					1.05%
Subsequent Event | Affiliated Entity | Line of Credit
Subsequent Events
Line of credit outstanding	$ 15,000,000
Construction Loans | Subsequent Event | Student Housing Development Swansea, United Kingdom
Subsequent Events
Unsecured line of credit				$ 56,600,000
Debt instrument, extension period				1 year
Non-recourse secured debt, net	6,900,000
Construction Loans | Subsequent Event | Student Housing Development Swansea, United Kingdom | LIBOR
Subsequent Events
Variable interest rate (percentage)				6.35%
Construction Loans | Subsequent Event | Student Housing Property in Porto, Portugal
Subsequent Events
Unsecured line of credit							$ 18,100,000
Stated interest rate (percent)							2.80%
Mortgages | Subsequent Event
Subsequent Events
Repayment of secured debt	$ 39,700,000
Mortgages | Subsequent Event | one Self-Storage Property
Subsequent Events
Repayment of secured debt			$ 5,700,000
Number of properties (property) | segment			1
Mortgages | Subsequent Event | Seven Self Storage Properties
Subsequent Events
Repayment of secured debt		$ 34,000,000
Number of properties (property) | segment		7

Uncategorized Items - cpa18-202

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]